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Registered Charity Number 313996

Haberdashers’ Aske’s Charity

Trustees’ report and accounts for the year ended 31 August 2023

HABERDASHERS’ ASKE’S CHARITY

Legal and administrative details	1
Trustees’ report	5
Independent auditors’ report	18
Consolidated statement of financial activities	21
Consolidated and charity balance sheets	22
Consolidated cash flow statement	23
Notes to the accounts	25

HABERDASHERS’ ASKE’S CHARITY

LEGAL AND ADMINISTRATIVE DETAILS

REGISTERED CHARITY NUMBER 313996

TRUSTEES AND GOVERNORS

The Haberdashers’ Aske’s Charity has two corporate trustees: The Aske Corporation and Haberdashers’ Aske’s Elstree Schools Limited (“HAESL”) (Company number 9216357).

The members of the Aske Corporation are the Master and Four Wardens of the Worshipful Company of Haberdashers (“The Haberdashers’ Company”), a City of London Livery Company. The Haberdashers’ Company is also the sole member of HAESL.

PRINCIPAL OFFICE OF THE TRUSTEES AND CHARITY

The Aske Corporation

Haberdashers’ Hall, 18 West Smithfield, London, EC1A 9HQ

Haberdashers’ Aske’s Elstree Schools Limited

Haberdashers’ Hall, 18 West Smithfield, London, EC1A 9HQ

OFFICERS OF THE HABERDASHERS’ COMPANY

Clerk Brigadier H A Watson MBE

Director of Finance & Information E D Bayley (to 31 October 2023) Director of Finance H V M Sadleir (from 31 October 2023)

Director for Schools and Estates

A Gonzalez

PRINCIPAL ADVISERS TO THE CHARITY

Bankers

C Hoare & Co, 37 Fleet Street, London, EC4P 4DQ Allied Irish (GB), 26 Finsbury Square, London, EC2A 1DS

Independent auditors

Saffery LLP, 71 Queen Victoria Street, London, EC4V 4BE

Solicitors

Stone King LLP, Boundary House, 91 Charterhouse Street, London, EC1M 6HR

THE SCHOOLS AT ELSTREE (“The Schools”)

Haberdashers’ Boys’ School, Butterfly Lane, Elstree, Herts, WD6 3AF

Haberdashers’ Girls’ School, Aldenham Road, Elstree, Herts, WD6 3BT

Website: www.habsboys.org.uk Website: www.habsgirls.org.uk

HABERDASHERS’ ASKE’S CHARITY

LEGAL AND ADMINISTRATIVE DETAILS

KEY MANAGEMENT PERSONNEL

The key management personnel of the Schools are the Executive Principal, the Heads, the Chief Operating Officer (listed below), the Deputy Heads plus members of the Extended Leadership Teams (Assistant Heads, Directors and Section Leaders).

G Lock Executive Principal, Haberdashers’ Elstree Schools ( appointed 1 September 2023) H Bagworth-Mann Headmistress, Haberdashers’ Girls’ School (appointed 1 September 2023) R Sykes Headmaster, Haberdashers’ Boys’ School (appointed 1 September 2023) R Dunn Chief Operating Officer, Haberdashers’ Elstree Schools (appointed 1 September 2022)

DIRECTORS OF HABERDASHERS’ ASKE’S ELSTREE SCHOOLS LIMITED (“HAESL”) AND SCHOOLS’ GOVERNORS

S C Cartmell OBE (Chairman) * H Afolami * S Ajitsaria

R I Ashraf (Rahmani) ( appointed 12 December 2023 )

D P Chambers (appointed 13 September 2022) C S Clapper

*# T P Dolan J M Gladwin * # H Gough * # J D Gregory * P Jain A J Joseph (resigned 19 September 2023)

N P Kukadia

C L Martinsen A Mather (appointed 1 September 2022) H M Muminoglu ( resigned 19 March 2024) J D Myers
R I Ohrenstein

N P Patani (appointed 1 October 2023) * H L Rosethorn * A J Smith-Bingham (resigned 31 December 2022) B E Stubley A J L Thomas (appointed 13 September 2022)

S C Wetherell (resigned 31 August 2023)
appointed by the Haberdashers’ Company

Member of the Court of Assistants of the Haberdashers’ Company

CLERK TO THE GOVERNORS

T Monod

HABERDASHERS’ ASKE’S CHARITY

LEGAL AND ADMINISTRATIVE DETAILS

CONNECTED CHARITY - HABERDASHERS’ ASKE’S FEDERATION TRUST

Haberdashers’ Aske’s Federation Trust (trading as Haberdashers’ Academies Trust South) is a connected charity exempt from registration and a company limited by guarantee, number 2535091. The Trust provides primary and secondary education at its nine schools.

HABERDASHERS’ ASKE’S FEDERATION

Pepys Road London SE14 5SF Chief Executive: Jan Shadick Federation Finance Director: Paul Atkinson Website: www.habstrustsouth.org.uk Haberdashers’ Hatcham College Pepys Road London SE14 5SF Principal: Katie Scott Haberdashers’ Knights Academy Launcelot Road Downham Kent BR1 5EB Principal: Dr Tesca Bennett Haberdashers’ Crayford Academy Iron Mill Lane Crayford Bexley DA1 4RS Principal: Steve Wheatley Haberdashers’ Borough Academy 94B Southwark Bridge Road London SE1 0EX Principal: Tom Howells

MEMBERS OF THE TRUST

N R Scarles (Chairman) # R G F Glover

S Lough A Gonzalez
Members of the Court of Assistants of the Haberdashers’ Company

HABERDASHERS’ ASKE’S CHARITY

LEGAL AND ADMINISTRATIVE DETAILS

The Members of the Haberdashers’ Aske’s Federation Trust comprise the Worshipful Company of Haberdashers and up to four further Members appointed by the Worshipful Company of Haberdashers. Any number of additional persons can, through special resolution, be appointed as Members, with the consent of the Worship Company of Haberdashers.

The governance of the Trust is defined in its Memorandum and Articles of Association together with the funding agreement with the Department of Education.

The Board of the Trust must include no fewer than three directors. There is no maximum number of directors. The Board comprises:

Up to nine directors nominated and appointed by the Members;
The Chief Executive Officer of the Trust, appointed by the Members;
Up to two appointed directors proposed by Temple Grove Schools Trust Limited; and
Any number of co-opted directors appointed by the Member nominated and appointed directors.

The total number of directors who are also employees of the Trust cannot exceed one third of the total number of directors.

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

On behalf of the charity, the Estate Trustee presents the report and accounts for the year ended 31 August 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Legal and administrative information set out on pages 1 to 4 forms part of this report.

The Haberdashers’ Aske’s Charity is involved in educating more than 7,000 pupils at independent and maintained schools in Greater London. The schools managed or supported by this Charity are part of a diverse family of UK schools having the Haberdashers’ Company at its hub and sustaining the Haberdashers’ reputation for excellence in education.

History

Robert Aske provided funds for almshouses and a small school at Hoxton in London on the site of Aske’s Hospital, established by Act of Parliament in 1690. By 1875, there were two schools at Hoxton and two at Hatcham. The schools formerly at Hoxton are now independent schools at Elstree, known as The Haberdashers’ Boys’ School and Haberdashers’ Girls’ School (“the Elstree Schools”). The schools at Hatcham merged as a City Technology College in 1991, then converted to an Academy on 1 September 2005, joining with the newly created Haberdashers’ Knights Academy to form the Haberdashers’ Aske’s Federation Trust, which has since expanded to include Haberdashers’ Crayford Academy and Haberdashers’ Borough Academy. There are also five primary schools within the Federation Trust: Haberdashers’ Crayford Primary, Haberdashers’ Hatcham Free School, Haberdashers’ Hatcham Primary, Haberdashers’ Knights Primary and Haberdashers’ Slade Green Primary.

The Elstree Schools remain within the Haberdashers’ Aske’s Charity (“the Charity”), which is constituted by Scheme of the Charity Commission dated 2 August 1991, as modified by a further Scheme dated 10 February 1998.

The Haberdashers’ Aske’s Federation is constituted separately as the Haberdashers’ Aske’s Federation Trust and trades as Haberdashers’ Academies Trust South. Further details are given later in this report.

Structure, Governance and Management

Estate Trustee

The 1690 Act created a corporation ‘The Aske Corporation’ to be the Trustee of the Charity, called ‘The Governors of the Possessions and Revenues of the Hospital at Hoxton of the Foundation of Robert Aske, Esquire’.

In 2016 the Haberdashers’ Aske’s Charity Act 2016 clarified the status of the Aske Corporation as Trustee, confirmed the Haberdashers’ Company as Corporators and confirmed that the Corporation should be deemed a charitable company within the meaning of section 193 of the Charities Act 2011.The Master and Four Wardens of the Haberdashers’ Company are the members of that corporation and the Haberdashers’ Company takes on the corporation’s duties and responsibilities as Estate Trustee and is sole trustee of the land, buildings and investments of the Charity. The Estate Trustee is responsible for the preparation and submission of these financial statements.

Schools’ Trustee - Haberdashers’ Aske’s Elstree Schools Limited (“HAESL”)

HAESL, a company limited by guarantee, was by Deed of Appointment on 5[th] July 2016 appointed as the Schools’ Trustee of the Charity from 1[st] September 2016.

The Elstree Schools’ Governors (“the Governors”), which are required under the governing Scheme of the Charity, are listed on page 2. When complete, there are twenty-one Directors of HAESL, eleven of whom are appointed by the Haberdashers’ Company.

The Governors play an important strategic role in the life of the Elstree Schools and are responsible for determining their aims and overall conduct. The Governors set and review policies, strategies and

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

procedures to ensure the best possible education for present and future pupils and have responsibility for the financial control and day-to-day operations.

None of the Trustees, the Directors of HAESL, or any member of the governing body of the Haberdashers’ Company, the Court of Assistants, receives any remuneration from the Charity.

Organisational Management

The day-to-day running of the Elstree Schools is delegated to the Executive Principal, the Heads and the Chief Operating Officer, who in turn are supported by the Executive Committee and the Senior Leadership Teams, as key personnel.

The remuneration of the Executive Principal, the Heads and Chief Operating Officer is set by the Remuneration & Nominations Committee, a sub-committee of the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the Schools’ success. The remainder of the Executive Committee and Senior Leadership Teams of the two Schools are remunerated in accordance with pay scales which are agreed by the Remuneration & Nominations Committee.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the Schools remain sensitive to the broader issues of pay and employment conditions elsewhere.

Delivery of the Schools’ visions which support the fulfilment of the charitable purpose is primarily dependent on the key management personnel and staff costs are the largest single element of our charitable expenditure.

Trustees’ responsibilities

The Estate Trustee is responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom generally accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of the resources of the Charity for that period. In preparing these financial statements the Trustee is required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

Both Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the Charity and which enable the Trustees to ascertain its financial position and to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Charity’s constitution. The Trustees are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Estate Trustee’s responsibilities are primarily undertaken by the Haberdashers’ Education Committee and activities are managed on a day-to-day basis by the Clerk and Haberdashers’ Company staff. Members of the Education Committee are selected by the Haberdashers’ Company to provide a wide range of expertise, particularly in the areas of governance and management. The Education Committee is advised on financial matters by the Haberdashers’ Company Finance Committee and on estate matters by the

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

Haberdashers’ Company Property Committee. Training for members of the Education Committee includes an induction process for new members, provision of appropriate reading material and training days.

Appointment of Elstree School Governors

The provisions of the Articles of Association of HAESL governs the appointment of Elstree School Governors as follows:

“Eleven governors are appointed by the Haberdashers’ Company. These nominated governors may be, but need not be, members of the Haberdashers’ Company. The HAESL directors (acting through the eleven nominated governors) appoint a further ten governors, at least two of whom must live or work or have a connection with the areas served by the Elstree Schools, at least two of whom must have special expertise in education, and at least two of whom must be former pupils.”

Within the appointment criteria, the Haberdashers’ Company and HAESL seek to provide a wide range of experience and professional expertise. The Schools have seven cross-school Governor committees that include relevant executives that focus on: Finance; Estates, Infrastructure & Sustainability; Teaching and Learning; Innovation; People; Remuneration & Nomination; Risk, Compliance & Safeguarding.

Support from the Clerk to the Schools’ Governors includes a dedicated intranet, Governors’ handbook and induction and training opportunities for new and continuing Governors.

Aims and Objectives

The object of the Charity, as set out in the 1991 Scheme, is ‘to promote in Greater London and the neighbourhood thereof the education, including social and physical training, of boys and girls and in particular but without prejudice to the generality of the foregoing to conduct and maintain schools in or near to Greater London for boys and girls.’

The main activities of the Charity in pursuit of this object are supporting (by the provision of governance and charitable funding) a federated group of academies in south east London and operating two independent schools at Elstree.

The Estates Trustee and School Governors have taken into account the Charity Commission’s general guidance on public benefit and more specific guidance for charities whose aims include advancement of education and whose activities involve charging fees, in reviewing aims and objectives for the Charity. The object is supported by the following statements of aims and ethos issued by the Schools and by the Trustees.

Haberdashers’ Boys’ School and Haberdashers’ Girls’ School

A Tradition of Philanthropy

The founder of the Haberdashers’ Schools at Elstree, Robert Aske, bequeathed a substantial legacy in 1690 to set up a hospital and home for twenty elderly men and a school for twenty poor boys of Hoxton, just north of the City of London. The Aske Schools in Elstree are proud of these philanthropic origins, using their fee-paying status to honour Robert Aske’s memory through partnerships with other schools, outreach work with the wider community, and subsidised or free places for children which would otherwise be beyond the means of their parents.

The Haberdashers’ Schools in Elstree have a range of community partnerships with other schools and relationships with charities and voluntary organisations; they also contribute locally, nationally and globally in a variety of ways. The Schools appointed a Director of Partnerships in September 2020, demonstrating the importance that the Schools place on their relationships with, and support for, the world beyond their gates.

Financial Assistance (Bursaries)

In 2022/23 the Schools provided significant financial support to 155 (2021/22: 162) students in the form of bursaries:

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

Boys’ School

£2.10m, 6.4% of gross fees with 107 bursary holders, of which 59 received a free place.

Girls’ School

£0.86m. 3.6% of gross fees with 48 bursary holders, of which 25 received a free place.

Elstree Schools combined

£2.96m (2021/22: £2.87m), 5.2% of gross fees. The support provided to 155 students represents 15.6% of all senior school students.

In addition to fee remission, a further £312k of financial support was provided to bursary holders, which includes assistance for transport, music tuition, lunches and educational trips and visits in the same percentage that is applied to tuition fee remission to enable bursary students to participate fully in school life.

There is discreet pastoral monitoring and support for bursary students to ensure that they benefit as fully as possible from the Schools’ support and to forestall any potential feelings of difference or isolation.

Financial Assistance (Hardship)

During the year, the Schools continued to provide short term support totalling £19k to five students whose families were experiencing financial hardship mainly due to the aftermaths of the Covid pandemic.

Partnership activities

The Partnerships Programme at Haberdashers’ Elstree Schools aims to build educational opportunity for our community and for the communities around us.

We do this by delivering unrivalled opportunities for shared discovery, adventure and progress through long-term, sustainable, capacity-building partnerships which place us at the core of our communities. We work with a network of seven local state partner schools to deliver work in these strands, all within 4 miles/15 minutes’ drive of the Elstree Schools.

We were the recipients of the Herts Civic Award 2023 for work on behalf of the residents of the borough. All our partnerships work is informed by five aims:

1. Be mutually beneficial

The gains for everyone from our partnerships work are clear: not only for the partner schools and organisations we work with, but also for the Elstree Schools’ students, staff and parents.

2. Be long-term and sustainable

Partnerships are built to last, by being co-designed, co-run and co-evaluated with our partner schools and organisations.

3. Build capacity

The professionals and young people involved in partnerships activities get better and better at a given skill – swimming, languages, robotics, etc. – over time.

4. Build community

Partnerships place us at the heart of our community, both geographically through our local partnerships, and historically through our partnerships with the Haberdashers’ Company.

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

5. Widen access and address disadvantage

Through free places and pastoral support, as well as through regular partnerships activities, the opportunities the Elstree Schools offer are distributed more widely and more equitably.

The work of the programme is split into three strands:

Broadening Horizons: Providing a rich and varied diet of weekly academic and co-curricular sessions for students from local partner schools, led by dedicated Elstree Schools students and staff.

Embracing Communities: Raising the number and value of free places given to under-served children in our local community and supporting them brilliantly on their journey through the Elstree Schools.

Raising Ambitions: Building educational capacity in our communities through local, national and global teacher development networks.

Activities in 2022-23

20 hours per week of academic and co-curricular sessions for students from local state schools, led by dedicated Elstree Schools’ students and staff.
19 members of Elstree Schools’ staff devoted at least one hour to the programme every week.
Around 200 Elstree Schools’ students devoted at least one hour to the programme every week.
In total, over 21,000 hours spent working in partnership with 4 local partner state schools and other educational organisations.
72 free places at the Elstree Schools’ Summer School targeted for disadvantaged children each year, with many staff involved in supporting roles here too.
Continuing support for the Refugee Learning Hub we ran throughout 2021-22, to which 64 members of staff devoted at least one hour per week.
Around 80 applicants from partner schools supported through the university application, exam, and interview process, with some becoming the first in the history of their schools to get into Oxbridge.

Activities in 2023-24

Seven official partner schools, with collaboration enshrined in a Memorandum of Understanding signed by both the Elstree Schools and the partner schools.
Partnerships deliver 48 hours sessions every week, designed to support the delivery of a rich curriculum, with a focus on increasing the capacity of disadvantaged students.
Partnerships sessions include, but are not limited to: maths, reading skills, science, swimming, creative writing, modern languages, art, drama, debating, outdoor education, computing and robotics.
56 members of Elstree Schools’ staff work on the partnerships team – working alongside link teachers at partner schools to plan and deliver sessions – every week.
350 Elstree Schools’ students work on the partnerships team – leading and mentoring partner school students – every week.
1400 partner school students come to the Elstree Schools to learn – or have representatives of the Elstree Schools come to them – every week.
Over the course of 2023-24, we will have spent over 60,000 individual hours working in partnership and have run the equivalent of 345.6 school days’ worth of sessions.
Closer links with the Haberdashers’ family of schools, including a joint classics course, shared professional learning sessions for teachers, and the Springboard project for underrepresented groups.
Expanded communications capacity, working on communications with all stakeholders. Highlights -
include the first Elstree Schools’ Impact Report Habs Impact Report 2021 23 by habselstreeschools - Issuu and video: Haberdashers Giving Campaign - Partnerships (youtube.com)

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

Plans for 2024-25

Continue to build and deliver local school partnerships as above, aiming for a similar number of partnership hours: 60,000 across the year.
Continue to build and formalise the structure for school collaboration by building a formal ISSP (Independent State Schools Partnerships).
Work with donors and potential donors to develop the bursary and partnership offering, developing a clear applications pathway for students from partner schools.
Partnerships expand from schools to working in the community as a whole with the development of a community hub, delivering another 10,000 hours of partnerships work.
Global partnerships will see the Elstree Schools beginning to work with state schools in highperforming systems, with the aim of improving the global perspectives of Elstree Schools’ students and staff.

Review of activities and achievements

The Elstree Schools

The Elstree Schools
	Haberdashers’ Boys’	Haberdashers’ Girls’

Affiliations	HMC – Headmasters’ & Headmistresses’ Conference IAPS – Independent Association of Prep Schools IBSC – International Boys’ Schools Coalition	GSA – Girls’ School Association GBGSA – Governing Bodies of Girls’ Schools Association
Independent Schools Inspectorate (“ISI”) Inspection date (reports on ISI and Schools websites)	Focused Compliance Inspection (“FCI”), combined with Educational Quality Inspection (“EQI”) - January 2022 Material Change Inspection – October 2022	FCI, combined with EQI - March 2022
Pupils at September 2022	1,464	1,173
2023 GCSE grades A*/9/8 & A/7	91.3%	86.1%
2023 A Levels grades A* toB	94.6%	94.0%

In the Spring term 2022, the Schools were inspected by the ISI, and met all compliance requirements and the quality of the pupils’ academic and other achievement were considered excellent.

A Material Change application was submitted to the Department of Education (“DfE”) in April 2022 with regards to the significant changes in student numbers in Reception classes starting in September 2022 and a change in location of Pre-Prep students, from the start of the Spring term in January 2023. A Material Inspection took place on 6 October 2022, focussing on the school’s compliance with the Education (Independent School Standards) Regulations 2014 (“ISSRs”) and the requirements of the Early Years Statutory Framework. The school met all standards and the inspector recommended the material change request. The school was advised the next inspection should take place in Spring 2025.

The two Schools at Elstree and their Junior, Pre-Prep and Prep departments are amongst the most successful independent schools in the country. Pupils drawn from diverse social and faith backgrounds, who are the ultimate beneficiaries of the Charity, achieve remarkable examination results every year. The vast majority go on to the university of their choice (primarily Russell Group), including substantial numbers to Oxford and Cambridge and to the country’s leading medical schools. The Schools are equally proud of the broader personal development which runs alongside the academic parts of the curriculum and ensures that both within and without the school environment, pupils and former pupils are fully equipped to take a full part and often a leading part in their local and wider communities. Demand for places at both Schools remains high and all places are filled.

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

No attempt is made here to catalogue individual achievements but the sheer range and scale of endeavours in which boys, girls and staff participate beyond the curriculum are as impressive as the long list of individual and team achievements at local and national level.

The Elstree Schools – strategic review

A strategic review was undertaken by the Governing Body and the Schools launched its Strategy 2020-30 in September 2019 with 10 key strategic imperatives for the Schools. During the year, significant progress was made on each of the 10 imperatives. Further details on the plan are provided on pages 16-17.

The Haberdashers’ Company

The Company has adopted the following aims for its own role as Trustee of several schools’ foundations and for its Education Committee:

Vision

To be seen as offering sustained commitment to excellence in education through excellence in governance, Trusteeship and sponsorship.

Mission statement

To discharge properly the role of Trustee
To provide highest quality governance
To develop the influence of the Haberdashers’ Company in the field of education
To enable the Haberdasher Schools to take an independent view on students’ educational needs
To 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 of opportunity
Rounded	Ethical
Innovative	Humane
Co-operative	Exciting
	Supportive of Christian values

The Trustees

The Aske Corporation supports the schools by nominating able and committed governors, through the services of its Education Committee and staff of The Haberdashers’ Company and by providing grant support for the schools and for individual pupils. As Estates Governor, the Trustee makes available to the schools the sites at Elstree and Hatcham, the latter being leased at peppercorn rent to the Haberdashers’ Aske’s Federation Trust.

The Trustee aims to maximise annual unrestricted grants to the schools within the withdrawal rate set under its total return investment policy. In the year ended 31 August 2023, sponsorships, grants and scholarships of £947,000 (2022: £704,000) were paid out to the schools.

The links between the Haberdashers’ Company and the schools involve many visits by the Master and members and staff of the Company to the schools during the year. Annual official visits by the Company as Trustee of the Charity are known as Deputations and these took place on 22 February 2023 (Knights Academy), 8 March 2023 (Hatcham College), 22 March 2023 (Borough Academy), 3 and 4 May 2023 (Elstree Girls’ School and Elstree Boys’ School). The deputation to Crayford Academy took place on 17 October 2023.

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

Haberdashers’ Aske’s Federation Trust

The Trust, which trades as Haberdashers’ Academies Trust South, is a separate charity governed by articles of association as a company limited by guarantee, for which details are listed on page 3. In common with all academy trusts, the Trust has exempt charity status. The Haberdashers’ Aske’s Charity owns the land occupied by Haberdashers’ Hatcham College, which is leased to the Trust at a peppercorn rent.

The articles of association of the Trust (revised 16 September 2013) identify the Haberdashers’ Company as Sponsor and give the Sponsor power to appoint a majority of the Trust Board, technically putting the Company in a position to exercise a controlling influence. However, the financial statements of the Trust are not consolidated in these accounts because the Haberdashers’ Aske’s Charity itself does not have the power to govern the Trust nor the ability to benefit from its activities. In addition, taking into account the whole membership of the governing body of the Trust, the purpose and intention of appointing members and governors is to maintain close links with the Haberdashers’ Company and to give the governing body access to the range of expertise available in the Company’s membership, rather than to exercise a controlling influence.

The additional information on the Haberdashers’ Aske’s Federation Trust in this report reflects the continuing strength of the connection between the Charity and the Federation.

The Trust values are of aspiration and achievement, personal responsibility, self-discipline and mutual respect. It is the mission to ensure that all young people educated within the Federation fulfil their potential and leave school fully equipped with the qualifications, skills and personal attributes to be successful in whatever they wish to do. Young people only have one chance at an education and so the Trust ensures that this is of the very highest standard. In order to ensure that these high standards are maintained, staff and students from across the Federation are committed to the delivery of the values, aims and ethos.

The aim is to ensure that every child educated within the Trust’s nine schools is happy and safe at school and is able to learn successfully in a supportive environment. The staff is committed to helping each student to achieve their full potential personally, academically and socially, and to equipping them with the skills, qualifications and love of learning that they will need to be successful in the world they will join as adults. Excellent teaching is at the heart of this approach. The Trust is a learning organisation, not only for students, but also for every member of staff. It is only appropriate within a school setting that the staff should model the importance placed upon learning and so the staff attend many professional development sessions and are committed to the continued development of their skills and knowledge.

Connected and subsidiary funds

Some pupils and activities at the Schools receive financial support from the Haberdashers’ Educational Foundation (“HEF”), registered charity number 1093108, of which the Haberdashers’ Company is Trustee. The HEF is regarded as a connected charity and details of grants received by the schools from the HEF are shown in the notes to the accounts.

In addition, some pupils of the Elstree Schools receive assistance from The Haberdashers’ Aske’s Elstree Schools’ Foundation, registered charity number 1107027. In October 2020, the Objects of this Foundation, which previously focussed on supporting pupils from Haberdashers’ Boys’ School, were amended to include the advancement of pupils at Haberdashers’ Girls’ School, representing the closer relationship between the schools and demonstrating equality of importance as well as commitment to a shared vision.

Subsidiary company

One non-charitable subsidiary company is controlled by HAESL: Haberdashers Elstree Schools Trading Limited (formerly The Haberdashers’ Aske’s Schools’ Coach Company Limited), registration number 3073480. This entity paused operations from April 2021 to December 2021 after the coach operations had been transferred to the Elstree Schools, to be directly managed by them. The company resumed operations in January 2022, with its primary activity being commercial lettings for the Elstree Schools.

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

Risk management

Each year, the Estate Trustee examines the major risks faced by the Charity, and the School Trustee examines those relating to the Schools, for which the Schools’ Governors prepare and review a separate assessment. Systems are in place to monitor and control these risks and to mitigate any impact that they may have on the Charity and its Schools in the future.

The Trustees assess the principal risks as being potential loss of reputation, declining School rolls and failure in safeguarding of students. It is recognised that systems can provide reasonable but not absolute assurance that major risks have been managed adequately. Key controls applied in the Charity include:

An established organisational structure with clear lines for reporting.
Terms of reference and regular training for governing bodies and their executive committees.
Comprehensive strategic planning, budgeting and management reporting.
Formal written policies, including safeguarding, which are reviewed each year.
Monitoring of financial, investment and professional performance.
Vetting procedures as required by law for the protection of the vulnerable.

Investment powers, policy and performance

The Charity’s investments are managed on a total return basis. Under the total return approach, all investment returns are received into the permanent endowment fund, whether in the form of income or realised or unrealised gains. With full regard to the overriding duty to maintain a fair balance between the interests of current and all future beneficiaries, the Trustee then makes transfers out of the accumulated unapplied total return in the endowment fund to a ‘trust for application’ to meet grants and other costs formerly paid out of net income. The remaining unapplied total return is retained within the permanent endowment fund. Transfers to the trust for application are guided (but not determined) by a withdrawal rate of 3.5% of invested capital.

The Charity’s main permanent endowment fund is invested in the Haberdashers Charities Investment Pool (Total Return), ‘The TRP fund’. The permanent endowment fund investment is a holding in the Haberdashers’ Charities Investment Pool (Total Return), a common investment fund and registered charity with the Haberdashers’ Company as Trustee. The investment objective is to maximise total return within tolerable levels of volatility. The investments in the TRP fund are managed by Partners Capital LLP.

Two smaller permanent endowment funds (Bursaries Appeal Fund and Simon Stuart Fund) are invested in the Haberdashers Charities Investment Pool, ‘The CIP fund’. There are consequently two base dates for the total return approach, one of the TRP fund and one for the CIP fund. The smaller fund investments are a holding in the Haberdashers’ Charities Investment Pool, a common investment fund and registered charity with the Haberdashers’ Company as Trustee. The investment objective is to maximise total return within tolerable levels of volatility. The investments in the CIP fund are managed by Cazenove Capital Management Limited.

The base date for the TRP fund is 31 March 1976, at which point the value of the endowment was £1.58 million and the status of the Elstree Schools was changing from direct grant grammar to independent. Preservation of real value of the endowment fund is monitored by indexing the base value to the greater of RPI or CPI, as a proxy for the rate at which costs increase at the Schools. At 31 August 2023, the value of endowment fund investment assets was £11.4 million more than the indexed base value (2022: £14.6 million more, restated).

The base date for the CIP fund is 30 June 2009, at which point the endowments were valued at £872,000. Preservation of real value of the endowment fund is monitored by indexing the base value to the greater of RPI or CPI, as a proxy for the rate at which costs increase at the Schools. At 31 August 2023, the value of CIP endowment fund investment assets was £194,000 more than the indexed base value (2022: £337,000).

The TRP fund returned -1.3% in the year ended 31 August 2023 (2022: 6.3%). The CIP fund returned 0.1% in the year ended 31 August 2023 (2022: -3.0%). The long-term total return objective for both funds is 4.5% above CPIH, which amounted to 10.8% for the year ended 31 August 2023 (2022: 13.6%). UK inflation

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

peaked in October 2022 at a 41 year high of 11.1%. Details of the movement on unapplied total return can be seen at note 9 to the accounts.

Fundraising

The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on any fundraising activities. The Haberdashers’ Aske’s Charity does not carry out any fundraising activity in order to raise funds from the general public, nor does it work directly with commercial sponsors or engage professional fundraisers. The Trustees are not aware of any complaints made in respect of fundraising during the year.

Financial review

The Charity’s consolidated net outgoing resources for the year, before actuarial gains and losses, amounted to £264,000 (2022: net incoming £5,103,000). Net losses on investments were £625,000 (2022: net gains £2,516,000), primarily arising from a challenging year for the performance of the investments held within the TRP fund. Consolidated funds increased by £328,000 to £119,377,000.

The subsidiary company, Haberdashers’ Elstree Schools Trading Limited, became a general commercial entity in January 2022. It produced a surplus of £160,000 (2022: surplus £72,000).

The continuing financial health of the Charity is consistent with the sound governance and management which underpin the continuing success of the two independent schools, four academies, more than 7,000 pupils and communities in Greater London which it supports.

Reserves

At 31 August 2023, the Charity had total reserves of £119,377,000 (2022: £119,049,000) represented by unrestricted funds of £14,695,000 (2022: unrestricted funds of £14,476,000), restricted funds of £636,000 (2022: £442,000) and endowed funds of £104,046,000 (2022: £104,131,000). Further details on the makeup of these reserves is provided below.

The Trustee considers that the level of unapplied total return in the endowment fund is sufficient to cover unexpected short-term needs for which a reserve might otherwise be maintained, so is content for the Schools to maintain no unrestricted general fund reserve.

Unrestricted Funds

Fund Fund represents Schools and Governors’ general funds Working capital held by the Schools Pension fund Net deficit on the Schools’ defined benefit pension scheme as calculated in accordance with FRS 102; the Schools contribute towards the deficit in accordance with an agreed recovery plan (see note 18) Non-charitable trading funds Working capital held by the Charity’s trading subsidiary Total Schools’ funds Foundation income fund Funds held by the Charity for expenditure on its general purposes Total unrestricted funds	Balance at 31 August 2023 £’000 14,600 - 1
	14,601 94
	14,695

Fund
Fund represents
Schools and Governors’
general funds
Working capital held by the Schools
Pension fund
Net deficit on the Schools’ defined benefit pension scheme as
calculated in accordance with FRS 102; the Schools contribute
towards the deficit in accordance with an agreed recovery plan
(see note 18)
Non-charitable
trading
funds
Working capital held by the Charity’s trading subsidiary
Total Schools’ funds
Foundation income fund
Funds held by the Charity for expenditure on its general
purposes
Total unrestricted funds

Balance at
31 August
2023
£’000
14,600
-
1

14,601
94

14,695

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

Restricted Funds

Restricted Funds
Fund Fund restricted to Schools restricted fund Provision of bursaries, scholarships and prize funds Simon Stuart endowment Provision of bursaries for the Boys’ School Bursaries Appeal Fund Provision of bursaries for both schools Total restricted funds Endowed Funds Fund Fund represents Aske’s permanent endowment Base value of the endowment - invested to generate a return that the Charity can use to support its general purposes Investment return generated by the endowment - used to support the Charity’s activities (see page 13 for details of the Trustee’s pay out policy in relation to this fund) Carrying value of the Schools’ land and buildings Building fund Total funds belonging to the Aske’s permanent endowment Other endowed funds Endowment funds invested to generate income to support the provision of bursaries by the Charity Total endowed funds*	Balance at 31 August 2023 £’000 421 2 213 636
	Balance at 31 August 2023 £’000 1,578 29,943 105,728 (35,000)
	102,249 1,797
	104,046

*Building fund - to support the Schools’ plans to continue to invest in facilities, the Charity issued £35m of loan notes in August 2021. The cash received from the loan issue will fund several major building projects at the Elstree Schools. An example of this is the project to build a new Pre-Prep school on the Elstree Schools’ site. The note has a fixed interest rate of 2.82% and is repayable on 4 August 2051.

Going concern

The Trustees have reviewed the Charity’s financial position including specific consideration of the Charity’s cashflows, operations and future plans. The Trustees have reviewed the funding facilities available to the Schools, including the £35m Private Placement which is repayable in 2051, together with the ongoing demand for school places and the Charity’s future projected cash flows. This has included consideration of the effects of the potential imposition of value added tax on independent school fees and the possible impact this will have on pupil numbers.

Having considered these factors, the Trustees have a reasonable expectation that the Charity has adequate resource to continue operating for at least 12 months from the date of approval of the accounts. Therefore, the Trustees continue to adopt the going concern basis of accounting in preparing the annual report and accounts.

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

Future plans

A 10-year strategic plan launched in September 2019 sets out the fundamental principles on which the Elstree Schools will progress, based on what the Schools currently are, what they seek to provide and their shared values:

A leading, innovative pair of single sex schools on one campus.
Collaboration at all ages, offering a leading provision of co-educational teaching in the Sixth Form.
• A reputation for being warm and fun, leading the national conversation on pastoral care and inclusion.
Digitally advanced teaching methods, preparing students for the data-driven world.
High levels of academic excellence.
An unmatched and comprehensive co-curricular programme.
Pupil bodies with a wide diversity of social and faith backgrounds that reflect the catchment area.
A carbon neutral campus with students who have a deep understanding of sustainability which is at the heart of their decisions.
Meaningful and reciprocal partnerships in the local community and wider world.
A leading bursary programme providing access to children from all backgrounds.
Strong reciprocal partnerships with the local community and the Haberdashers’ Aske’s Federation Trust Schools, providing transformational educational opportunities, preparing young people for a global world.

In June 2022, the following six Strategic Aims were endorsed to develop, guide and support the vision for the delivery of the 2020-30 Strategy:

Learning: We will provide the most exciting, challenging and innovative experiences – bringing a sense of magic and wonder to learning. We will prepare students intellectually, emotionally, socially and technologically to carve out the futures they want. They will become lifelong learners, capable of endlessly adapting to an ever-changing world. Caring: Every student will be valued for who they are as a unique individual. They will know that Habs always offers kindness and encouragement and that we will proactively nurture and support them. We will also ensure that they understand the importance of protecting and developing their own wellbeing, spirituality and independence. Exploring: The depth and breadth of our co-curricular programme will be unmatched, offering superb opportunities for each student to excel academically while also pursuing their personal interests and talents. Students will be capable of being both team players and leaders, developing their resilience, self-awareness and confidence they need to take risks and cope with the outcomes. Partnerships: We will ‘open our gates’ and expand our horizons, engaging more deeply with a wider range of communities, institutions and individuals – locally, nationally and globally. This will deliver mutual opportunities for discovery, adventure and progress. Talent: Our reputation will draw the brightest students to us. We will also become an inspirational, diverse and inclusive ‘destination employer’, attracting world-class teaching and professional services staff. We will retain this talent through excellent personal and professional development opportunities, a strong sense of belonging, mutual support and respect. Campus: We will be a responsible ‘custodian’ of our historic campus to create an outstanding learning and working environment for students and staff. We will reimagine education by being a responsible custodian our of campus; supporting and developing existing buildings and facilities; investing in state of-the-art, environmentally sustainable facilities which can flawlessly support the delivery of our other aims. 16

HABERDASHERS’ ASKE’S CHARITY

TRUSTEES’ REPORT Year ended 31 August 2023

To support the ambition, the Professional Services Senior Leadership team was strengthened with two newly created roles: Director of People, Dr Becky McKenzie-Young, who joined in August 2022, and Director of Commercial and Enterprise, Nicole Brown, who was promoted to the role in August 2023. Elizabeth Karfoot joined as Director of Finance in March 2023.

A new Executive Committee (‘ExCo’), chaired by the Executive Principal, was formed at the start of September 2023 academic year to provide strategic executive leadership at an Elstree-wide level with a focus on the prioritisation, resourcing and delivery of strategic programmes and imperatives. ExCo established a series of prioritised projects and programmes (‘Workstreams’) under the six Strategic Aims.

The 15 short-term workstreams for delivery in 2022/23 included: Costed, phased plan for 2030 plans; Nexus Phase I; HR development plan; Total reward plan; Estates masterplan (Phase I); Estates masterplan (Phase II); IT & Digital Strategy (Education - Phase I); Pedagogy Innovation Centre (Phase I); Rebranding & Marketing (Phase I); IT & Digital Strategy (Infrastructure & Systems); Pupil Recruitment Strategy, Partnerships & Outreach (Phase I); Foundation, Sustainability Strategy (Decarbonisation Plan); and Communications Strategy.

A key focus for 2022/23 was the delivery of an outstanding education at an operational level and the detailed planning and on-going execution of the revised 2020-2030 Strategy. Highlights include:

Launch of the Profound Impact strategy with a refined school vision, mission and purpose; two school films and a new pupil recruitment strategy.
Co-teaching in the Sixth Form across both years with greater alignment of processes, including academic monitoring.
Pedagogy Innovation Centre commitment – recruitment of a Director of Innovation (starting Easter 2024).
Continued Campus masterplans to improve the teaching and learning environments across the schools.
The development of the co-commercial strategy and its successful launch – summer programme with strong community engagement and revenue generation.

The Haberdashers’ Company and the Charity will continue to support the Haberdashers’ Aske’s Federation Trust and its aims, as set out in the Trust’s Directors’ Report, “to ensure that all the children and young people that come to its schools:

Are happy and safe at school and are able to learn successfully within a supportive environment
Are able to achieve their full potential personally, academically and socially
Develop and grow as independent, resourceful and resilient individuals
Are equipped with the skills, qualifications and the love of learning that they will need in order to be successful in the world which they will join as adults.”

The annual report was approved and authorised by issue on behalf of the Trustees on 27 March 2024.

For and on behalf of the Trustees

R E I Elliott

Master of the Haberdashers’ Company (Member of the Aske Corporation)

HABERDASHERS’ ASKE’S CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES

Opinion

We have audited the financial statements of Haberdashers’ Aske’s Charity (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 August 2023 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group and parent charity’s affairs as at 31 August 2023 and of the group’s and the parent charity’s incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are 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 the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

HABERDASHERS’ ASKE’S CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
the parent charity has not kept sufficient accounting records; or
the parent charity’s 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.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charity’s financial statements to material misstatement and how fraud might occur, including through discussions with informed management and representatives of the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charity by discussions with informed management and representatives of the trustees, and updating our understanding of the sector in which the group and parent charity operates.

Laws and regulations of direct significance in the context of the group and parent charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Further the charitable group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the charitable group’s operations. We identified the most significant laws and regulations to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

HABERDASHERS’ ASKE’S CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP Chartered Accountants Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Date: 27 March 2024

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

HABERDASHERS’ ASKE’S CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 August 2023

Unrestricted Funds Schools £’000 Aske’s Income £’000 1 - 52,199 - 5,556 84 655 - 16 - 704 162 59,131 246 1,146 - 214 - 1 - 58 - 52,802 1,395 - - 54,221 1,395 (36) (28) 4,874 (1,177) (5,093) 1,023 592 - 373 (154) 14,228 248	Unrestricted Funds Schools £’000 Aske’s Income £’000 1 - 52,199 - 5,556 84 655 - 16 - 704 162 59,131 246 1,146 - 214 - 1 - 58 - 52,802 1,395 - - 54,221 1,395 (36) (28) 4,874 (1,177) (5,093) 1,023 592 - 373 (154) 14,228 248	Restricted Funds £’000 Endowment Funds £’000 282 - - - 349 - - - - - 49 1 680 1 - - - - - - - - 441 3,640 - - 441 3,640 (28) (533) 211 (4,172) (17) 4,087 - - 194 (85) 442 104,131	Restricted Funds £’000 Endowment Funds £’000 282 - - - 349 - - - - - 49 1 680 1 - - - - - - - - 441 3,640 - - 441 3,640 (28) (533) 211 (4,172) (17) 4,087 - - 194 (85) 442 104,131	Total 2023 £’000 283 52,199 5,989 655 16 916 60,058 1,146 214 1 58 58,278 - 59,697 (625) (264) - 592 328 119,049

(36) 4,874 (5,093) 592 373 14,228
14,601	94	636	104,046	119,377

The net incoming resources arose from continuing activities.

The notes on pages 25 to 48 form part of these financial statements.

HABERDASHERS’ ASKE’S CHARITY

BALANCE SHEETS As at 31 August 2023

Note Fixed assets: Tangible assets 7 Investments 8 Current assets: Stocks Debtors 10 Investments Cash at bank and in hand Liabilities: Creditors: amounts falling due within one year 11 Net current (liabilities)/assets Total assets less current liabilities Creditors: amounts falling due in more than one year 12 Defined benefit pension scheme liability 18 Total net assets Funds: Endowment funds 6 Restricted funds 6 Unrestricted funds: General funds 6 Non-charitable trading funds 6 Pension scheme fund 6 Total Funds		Group 2023 £’000 2022 £’000 113,963 111,838 53,836 55,949 167,799 167,787 13 11 1,281 1,153 8,000 10,080 1,762 1,752 11,056 12,996 (16,111) (16,084) (5,055) (3,088) 162,744 164,699 (43,367) (45,650) 119,377 119,049 - - 119,377 119,049 104,046 104,131 636 442 14,694 14,475 1 1 - - 119,377 119,049	Charity 2023 £’000 2022 £’000 113,963 111,838 53,836 55,949 167,799 167,787 13 11 1,403 1,219 8,000 10,080 1,608 1,676 11,024 12,986 (16,080) (16,075) (5,056) (3,089) 162,743 164,698 (43,367) (45,650)	Charity 2023 £’000 2022 £’000 113,963 111,838 53,836 55,949 167,799 167,787 13 11 1,403 1,219 8,000 10,080 1,608 1,676 11,024 12,986 (16,080) (16,075) (5,056) (3,089) 162,743 164,698 (43,367) (45,650)
				167,787
				11 1,219 10,080 1,676
				12,986 (16,075)
				(3,089)
				164,698 (45,650)
			119,376 - 119,376 104,046 636 14,694 - - 119,376	119,048 -
				119,048
				104,131 442 14,475 - -
				119,048

The notes on pages 25 to 48 form part of these financial statements.

These financial statements were approved and authorised for issue on behalf of the Trustees on 27 March 2024.

Signed on behalf of the Trustee

R E I Elliott Master of the Haberdashers’ Company (Member of the Aske Corporation)

HABERDASHERS’ ASKE’S CHARITY

CONSOLIDATED CASH FLOW STATEMENT Year ended 31 August 2023

Net cash provided by / (used in) operating activities Cash flows from investing activities: Investment income received Purchase of tangible fixed assets Purchase of investments Proceeds from equalisation Drawn from Charities Investment Pool (Total Return) Decrease / (increase) in cash held for investment Net cash used in investing activities Cash flows from financing activities: Repayment of borrowing Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2023 £’000 916 (7,989) (1,205) 15 - 2,678 (920)	2023 £’000 2022 £’000 2022 £’000 _Restated Restated_ 4,435 8,053 290 (24,306) (6,253) - 1,445 (8,125) (5,585) (36,949) (923) (920) (923) (2,070) (29,819) 11,832 41,651 9,762 11,832

* Restatement of prior year figures:

The movement on cash held for investment was previously included in operating cashflows. It has been reclassified to cashflows from investing activities as that more appropriately reflects the nature of the cash flow. This is a presentational change only; it has no impact on the closing cash position reported for the prior year.

HABERDASHERS’ ASKE’S CHARITY

CONSOLIDATED CASHFLOW STATEMENT Year ended 31 August 2023

NET CASH PROVIDED BY OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period Adjustments for: Losses/(gains) on investments Investment income Depreciation Loss on disposal of fixed asset Pension scheme adjustment (Increase)/decrease in stocks (Decrease)/increase in creditors (Increase)/decrease in debtors Net cash provided by/(used in) operating activities	2023 £’000 2022 £’000 Restated* (264) 5,103 625 (2,516) (916) (290) 5,409 3,473 455 95 592 (50) (2) 9 (1,336) 1,387 (128) 842 4,435 8,053	2023 £’000 2022 £’000 Restated* (264) 5,103 625 (2,516) (916) (290) 5,409 3,473 455 95 592 (50) (2) 9 (1,336) 1,387 (128) 842 4,435 8,053
		8,053

See cash flow statement for details on the prior year restatement.

ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand Investments (current assets) Total cash and cash equivalents	2023 £’000 1,762 8,000 9,762	2022 £’000 1,752 10,080
		11,832

ANALYSIS OF CHANGES IN NET DEBT

ANALYSIS OF CHANGES IN NET DEBT
At 1 September 2022 £’000 Cash in hand 1,752 Investments (current assets) 10,080 Loans falling due within one year (948) Loans falling due after more than one year (37,914) Net debt (27,030)	Cash flows £’000 10 (2,080) (22) 942 (1,150)	At 31 August 2023 £’000 1,762 8,000 (970) (36,972)
		(28,180)

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The financial statements are prepared in accordance with the ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)’, Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the SORP (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) which has been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £’000.

The Charity constitutes a public benefit entity as defined by FRS102. The Charity is unincorporated. Its registered office is 18 West Smithfield, London, EC1A 9HQ.

Group accounts

The financial statements consolidate the results of the Charity and its wholly owned non-charitable subsidiary company (Haberdashers Elstree Schools Trading Limited) on a line-by-line basis. A separate Statement of Financial Activities (SOFA) for the Charity is not presented because this is not considered to be materially different from the consolidated statement of financial activities (SOFA).

The second wholly owned subsidiary, The Haberdashers’ Aske’s School Shop Limited, has not been consolidated as the Trustees consider that it is not material in relation to the results of the group. it was wound up and the company finally dissolved in June 2022.

Further information on both subsidiaries is disclosed at note 17.

Funds structure

A statement listing all funds is at note 6. The funds are categorised as follows:

Permanent endowment fund: Except to the extent permitted by the total return arrangements, this fund may not be expended and represents the land and buildings of the Charity, plus investment assets used to generate income for application by the Schools Governors.

Restricted funds: These funds were donated or created for specific purposes and may only be used for those purposes.

Designated funds: These are unrestricted funds set aside for particular purposes by the Trustees but they are not subject to any formal restriction.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

Unrestricted general funds: These funds are not subject to any restriction other than the objects of the Charity and are applied in furtherance of the objects.

Income recognition

All income is recognised when the Charity is legally entitled to the income and there is reasonable assurance of receipt.

School fees receivable are accounted for in the period in which the service is provided. School fees are stated net of bursaries, scholarships and fee remission for children of school staff.

Dividend income is taken into account when dividends fall due for payment.

Legacy income, in whole or part, is only considered probable when the amount can be measured reliably and the executor has notified their intention to make a distribution. Where the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed if material.

Expenditure recognition

Resources expended are recorded on an accruals basis and include support costs which may be allocated direct or apportioned on the basis of staff time.

Raising funds: Costs incurred in raising funds including managing the Charity’s investment assets and servicing loans are recorded under this heading.

Charitable activities: Expenditure incurred directly in meeting the objects of the Charity is recorded under this heading.

Governance costs relate to expenditure incurred in the general running of the Charity and include salaries and service charges for specific staff involved in compliance with constitutional and statutory requirements and audit fees.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Pension schemes

The schools contribute to the Teachers’ Pension Scheme at rates set by the Scheme Actuary and advised by the Scheme Administrator. The schools also contribute at age-related rates, from 3% to 10% of salary, to a group personal pension plan for non-teaching staff. These costs are charged to the statement of financial activities as incurred.

The accounting policy adopted in respect of the closed defined benefit non-teaching staff pension scheme is that the amount charged to the statement of financial activities in respect of pension costs and other post-retirement benefits is the estimated regular cost of providing the benefits accrued in the year, adjusted to reflect variations from that cost. Actuarial gains and losses arising from new valuations and from updating valuations to the balance sheet date are recognised in the statement of financial activities. Net interest on the defined benefit liability/asset is also recognised in the Statement of Financial Activities.

The assets of the scheme are held separately from the Charity in trustee-administered funds. Full actuarial valuations, by a professionally qualified actuary, are obtained at least every three years, and updated to reflect current conditions at the balance sheet date. The pension scheme assets are measured at fair value. The pension scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency. A pension scheme asset is recognised in the balance sheet only to the extent that the surplus may be recovered by reduced future contributions or to the extent that the Trustees have agreed a refund from the scheme at the balance sheet date. A pension liability is recognised to the extent that the group has a legal obligation to settle the liability.

Tangible fixed assets and depreciation

The Charity’s functional land and buildings at the schools are vested in the Aske Corporation as Estates Governor. New school buildings form part of the Estates and are assets of the permanent endowment fund. Funding of new buildings from schools’ funds is recorded as a transfer from

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

unrestricted funds to the permanent endowment fund and depreciation of school buildings is treated as expenditure from the permanent endowment fund. The Schools Governors are responsible for maintaining the buildings in fit and useful condition and these costs are written off as incurred.

Land and buildings dating from before 1945 are not capitalised or depreciated as historical cost information is no longer available and no reliable values can be attributed. If it were possible to base a provision for depreciation on historical cost of pre-1945 buildings, it is probable that the amount would not be material.

An estimate of expenditure on buildings between 1945 and 1983 was capitalised in 1999 under the transitional provisions of Financial Reporting Standard 15. It is now treated as deemed historic cost.

Expenditure on buildings since 1983 has been capitalised at historical cost.

Depreciation is provided on fixed assets other than freehold land at rates calculated to write off the excess of cost over estimated residual amount evenly over the estimated useful economic lives of each class of asset, subject to annual review. These rates are currently as follows:

Freehold buildings up to 50 years Leasehold buildings over the life of the lease Equipment and furnishings 3 to 10 years Motor vehicles 4 years All weather sports pitch 20 years

Depreciation is not provided on buildings where the estimated residual value is greater than its historical cost. This applies to Aldenham House, a listed building, with an estimated economic life in excess of 100 years and the staff flats at Borehamwood which are on 125-year leases. These buildings are subject to annual impairment reviews.

Fixed asset investments

(a) Quoted securities

Quoted securities comprise publicly quoted, listed securities including shares, bonds and units. Quoted securities are stated at market value at the balance sheet date. Investment shares disposals and purchases are recognised at the date of trade.

(b) Unquoted investments

The vast majority of private equity and property fund investments are held through funds managed by private equity and property groups. No readily identifiable market price is available for these unquoted funds. These funds are included at the most recent valuations from their respective managers.

Stock

Stock of consumables is carried at the lower of cost or net realisable value.

Financial instruments

The Charity has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.

Financial instruments are recognised in the balance sheet of the Charity when it becomes party to the contractual provisions of the instrument.

(a) Financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the Statement of Financial Activities.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Financial Activities.

Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Financial Activities.

Financial assets are derecognised when:

• the contractual rights to the cash flows from the asset expire or are settled, or

• substantially all the risks and rewards of the ownership of the asset are transferred to another party, or

• control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(b) Financial liabilities

Basic financial liabilities, which include trade and other creditors, bank loans, school fees in advance and confirmation deposits, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(c) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods where necessary.

The critical estimates and judgements made in preparing these accounts are explained in these accounting policies and relate particularly to:

Valuation of unlisted investments
Valuation of the pension asset/liability
Recognition of legacy income

2. INVESTMENT INCOME

INVESTMENT INCOME
Interest from bank deposits Income from investment property Distributions from Haberdashers’ Charities Investment Pool (Total Return)	2023 £’000 724 150 42 916	2022 £’000 103 143 44
		290

3. TUITION

TUITION
Gross Fees Less: Scholarships Bursaries Staff fee remission Add back: Bursaries paid out of restricted income Numbers of pupils benefiting from: Scholarships Bursaries	2023 £’000 57,010 (1,136) (2,982) (1,035) 51,857 342	2022 £’000 52,821 (1,089) (2,891) (1,068) 47,773 296
	52,199 332 160	48,069 329 167

4. OTHER EDUCATIONAL INCOME

Other educational income includes registration and music fees, school meals and coach fares.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

5. TOTAL RESOURCES EXPENDED

Raising funds: Loan interest and related fees Investment management Fees in advance discount Trading costs of subsidiary Charitable expenditure: Teaching costs School welfare School premises costs Public relations and marketing Grants paid (see note 14) Support costs Governance costs FRS102 pension scheme net interest costs (see note 18) Total resources expended	Staff Costs £’000 - - - - - 22,052 194 1,178 - - 7,331 11 - 30,766 30,766	Other direct costs £’000 1,146 1 214 58 1,419 4,164 2,749 7,362 591 1,046 6,003 189 - 22,104 23,523	Deprec- iation £’000 - - - - - - - 3,639 - - 1,769 - - 5,408 5,408	Total 2023 £’000 1,146 1 214 58 1,419 26,216 2,943 12,179 591 1,046 15,103 200 - 58,278 59,697	Total 2022 £’000 1,028 - 204 28 1,260 24,718 2,666 8,406 467 789 13,183 202 25 50,456 51,716

Support costs include administration and grounds staff, establishment costs, professional fees, travel and equipment rentals as well as coach services provided by the Schools.

	2023	2022
	£’000	£’000
Charitable expenditure includes:
Remuneration of Charity’s auditors for:
audit services to the Charity	26	15
audit services to the Schools	42	39
audit services to the pension scheme	18	25
tax services	2	9
Rentals under operating leases:
Equipment	340	412
Motor vehicles	9	9
Payment to the Trustee for service charges	20	14

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

5. TOTAL RESOURCES EXPENDED (CONTINUED)

Governance costs include travel expenses, event costs and gifts of £5,526 paid on behalf of Governors (2022: £4,642), £27,812 for professional fees and other direct costs relating to governance matters (2022: £15,671) and £61,585 for consultancy services from the Clerk to the Governors (2022: £60,945). Governance costs also include audit fees for services provided to the Schools and the Charity.

Service charges are paid by the charity to the Haberdashers’ Company and the Haberdashers Operating Company (a subsidiary of the Haberdashers’ Company) for office accommodation and facilities provided by and shared with those companies and with other connected charities. The service charges do not exceed the cost to those companies of providing the services.

Staff costs comprise: Wages and salaries Social security costs Pension contributions Other costs Payment of Trustees’ staff under paymaster agreement	2023 £’000 22,441 2,578 5,135 457 155 30,766	2022 £’000 21,567 2,526 4,378 258 118 28,847

Under joint contracts of employment and a paymaster arrangement, salary costs for staff working for the Haberdashers’ Company as Estate Trustee are paid by Haberdashers’ Operating Company and allocated to the various entities managed by the Haberdashers’ Company on the basis of time spent.

No reimbursed expenses (2022: £Nil) were paid to Schools’ Governors during the year. No remuneration or payment for services were paid to the Trustees or to any of the Schools’ Governors.

The day-to-day running of the Schools is delegated to the Executive Principal, the Heads, the Chief Operating Officer, the Deputy Heads plus members of the Extended Leadership Teams (Assistant Heads, Directors and Section Leaders).

Aggregate employee-benefits of key management personnel The average numbers of employees in the year were: Teaching staff Other staff	2023 £’000 3,321 2023 No. 322 217 539	2022 £’000 3,371 2022 No. 323 212 535

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

5. TOTAL RESOURCES EXPENDED (continued)

Numbers of higher-paid employees earning in excess of £60,000 were:

£60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £100,000 £100,001 to £110,000 £110,001 to £120,000 £140,001 to £150,000 £150,001 to £160,000 £190,001 to £200,000 £210,001 to £220,000 £220,001 to £230,000 Payments made in addition to the bandings above: 2023 £’000 2023 E/ee No. Termination or redundancy payments 26 3 Out of which are outstanding at year end 8 1	2023 No. 51 27 2 2 3 1 - 1 - - 2 2022 £’000 92 -	2022 No. 53 19 3 4 1 - 1 - 1 1 - 2022 E/ee No. 5 -

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

6. STATEMENT OF FUND MOVEMENTS AND TRANSFERS

(a) Fund Movements General funds – Charity: Schools general fund excluding building fund and pension Pension reserve Aske Income Fund Total unrestricted funds – Charity Non-charitable trading funds Total unrestricted funds – Group Restricted funds Schools restricted funds Simon Stuart Scholarship Bursaries Appeal Fund Total restricted funds Endowment funds Dr Margaret Bent endowment Simon Stuart endowment Bursaries Appeal endowment Aske’s permanent endowment Total endowment funds Total Funds*		Balance 1 September 2022 £’000 14,227 - 14,227 248 14,475 1 14,476 217 2 223 442 9 85 1,737 102,300 104,131 119,049		Income £’000 Expenditure £’000 58,897 (53,394) 16 (769) 58,913 (54,163) 246 (1,395) 59,159 (55,558) 218 (58) 59,377 (55,616) 631 (437) 2 - 47 (4) 680 (441) 1 - - - - - - (3,640) 1 (3,640) 60,058 (59,697)	Other recognised gain/(loss) £’000 (36) 592 556 (28) 528 - 528 - - (28) (28) - (2) (33) (498) (533) (33)	Net transfers £’000 (5,094) 161 (4,933) 1,023 (3,910) (160) (4,070) 10 (2) (25) (17) - - - 4,087 4,087 -		Balance 31 August 2023 £’000 14,600 -
								14,600 94
								14,694 1
								14,695
								421 2 213
								636
								10 83 1,704 102,249
								104,046
								119,377

The pension fund reflects a nil balance (2022: £Nil) on the Schools’ defined benefit pension scheme as calculated in accordance with FRS 102; the Schools contribute towards the deficit in accordance with an agreed recovery plan (see note 18).

**The Aske’s permanent endowment fund at 31 August 2023 consisted of £1,578,000 base value of endowment at 31 March 1976, £29,943,000 unapplied total return and £105,728,000 land and buildings less £35,000,000 being the funds required to repay the private placement loan in 2051; the loan was obtained to finance building projects at the Schools.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

6. STATEMENT OF FUND MOVEMENTS AND TRANSFERS (continued)

(b) Fund Transfers New & replacement school buildings Unapplied total return for application Replacement of capital expended prior to inception of the total return approach Transfer of Pool investment income Transfer to appeals and donations Trading subsidiary gift aid to school	Non- charitable Trading funds £’000 - - - - - (160) (160)	Charitable Unrestricted funds £’000 (5,110) 1,046 (23) - 17 160 (3,910)	Restricted funds £’000 - - - - (17) - (17)	Permanent endowment fund £’000 5,110 (1,046) 23 - - - 4,087

A transfer of £5,110,000 was made from the Schools’ General Fund to the Permanent Endowment Fund reflecting the investment in land and buildings during the year (2022: £21,415,000).

A further transfer of £1,046,000 was made from the investment in the Haberdashers’ Charities Investment Pool (Total Return) during the year to fund grants and bursaries to the Haberdashers’ Aske’s Federation Trust (2022: £1,445,000 transferred).

7. TANGIBLE FIXED ASSETS

Cost 1 September 2022 Additions Disposals 31 August 2023 Depreciation 1 September 2022 Charge for year Disposals 31 August 2023 Net book value 31 August 2023 31 August 2022	Freehold land and buildings £’000 126,819 6,082 (452) 132,449 25,221 3,639 - 28,860 103,589 101,598	Leasehold land and buildings £’000 All weather sports pitches £’000 Equipment and furnishings £’000 3,354 2,617 14,130 - 19 1,888 - - (28) 3,354 2,636 15,990 320 1,141 8,424 31 139 1,593 - - (25) 351 1,280 9,992 3,003 1,356 5,998 3,034 1,476 5,706	Motor Vehicles £’000 60 - - 60 36 7 - 43 17 24	Group & Charity Total £’000 146,980 7,989 (480) 154,489 35,142 5,409 (25) 40,526 113,963 111,838

Included in freehold land and buildings above are assets in the course of construction with a net book value of £1,101,000 (2022: £9,773,000). This relates to work on building projects at the Schools which remained in progress at the year end.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

8. INVESTMENTS

Charity and Group Haberdashers’ Charities Investment Pools Listed investments Other unlisted investments Investment cash	2023 £’000 41,030 1,214 167 11,425 53,836	2022 £’000 41,662 - 181 14,106 55,949

Charity and Group Market value at 1 September 2022 Loss on revaluation Market value at 31 August 2023	Charities Investment Pool £’000 1,823 (35) 1,788	Charities Investment Pool (Total Return) £’000 39,839 (597) 39,242	Total £’000 41,662 (632) 41,030

The Haberdashers’ Charities Investment Pools are common investment funds administered by the Haberdashers’ Company for the benefit of the Charity and connected charities. The units held by the Charity in the Haberdashers’ Charities Investment Pool (Total Return) represent 28.7% (2022: 28.0%) of the Pool units in issue.

9. MOVEMENT ON UNAPPLIED TOTAL RETURN

(a) Haberdashers’ Charities Investment Pool (Total Return)

Unapplied total return is calculated relative to the value of the trust for investment at 31 March 1976 (base value), that being the base date determined by the Trustees as appropriate for the Charity’s endowment fund.

Trust for investment at 1 September 2022 Investment returns: Realised and unrealised (losses)/gains Transfer to trust for application Replacement of capital expended prior to inception of the total return approach Trust for investment at 31 August 2023	Trust for investment £’000 Unapplied Total Return £’000 1,578 31,461 - (495) - (1,046) - 23 1,578 29,943	Total 2023 £’000 33,039 (495) (1,046) 23 31,521	Total 2022 £’000 32,212 2,249 (1,445) 23 33,039

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

9. MOVEMENT ON UNAPPLIED TOTAL RETURN (continued)

(b) Haberdashers’ Charities Investment Pool

Unapplied total return is calculated relative to the value of the trust for investment at 30 June 2009 (base value), that being the base date determined by the Trustees as appropriate for the Charity’s endowment fund. No new endowment gifts have been received since the base date.

Trust for investment at 1 September 2022 Investment returns: Investment income Realised and unrealised (losses)/gains Transfer to trust for application Trust for investment at 31 August 2023	Trust for investment £’000 Unapplied Total Return £’000 873 950 - 42 - (35) - (42) 873 915	Total 2023 £’000 1,823 42 (35) (42) 1,788	Total 2022 £’000 1,931 44 (108) (44) 1,823

10. DEBTORS AND PREPAYMENTS

School fees Other debtors Prepayments Due from subsidiary company	Group 2023 £’000 2022 £’000 34 59 532 159 715 935 - - 1,281 1,153	Charity 2023 £’000 2022 £’000 34 59 473 144 713 935 183 81 1,403 1,219

In August 2021, the Charity was notified of legacies with an estimated value of £1,400,000. An interim payment of £500,000 was received in 2020/21 and another £500,000 was received in 2021/22. This has been recognised as incoming resources in the Statement of Financial Activities (“SOFA”) and expended by way of a grant to the Haberdashers’ Aske’s Elstree Schools Foundation (“HAESF”). No additional amount was received in the year ended 31 August 2023. The grant agreement specifies that HAESF will receive any subsequent monies received in respect of the legacy with them only being used for charitable purposes of the Haberdashers’ Boys’ School and for the public benefit. The balance of the legacy has not been recognised as incoming resources in the SOFA as the criteria for recognition had not yet been met at the balance sheet date. The Charity expects to receive this income, however there remains some uncertainty over the precise value and timing of receipts.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank overdraft Bank loan Fees in advance Accruals and deferred income Tax and social security Other creditors	Group 2023 £’000 2022 £’000 57 - 970 948 5,762 6,173 4,287 5,210 628 621 4,407 3,132 16,111 16,084	Charity 2023 £’000 2022 £’000 57 - 970 948 5,762 6,173 4,280 5,206 628 621 4,383 3,127 16,080 16,075

At 31 August 2023, the Charity had deferred income of £1,958,000 (2022: £2,414,000). This relates to school fees received for services to be provided in the following academic year.

12. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

Private placement Loan from NatWest Fees in advance Other creditors Maturity of debt: Between 1 and 2 years Between 2 and 5 years More than 5 years		Group and Charity 2023 £’000 2022 £’000 35,000 35,000 1,972 2,914 6,281 7,625 114 111 43,367 45,650 3,142 3,563 4,128 5,841 36,097 36,246 43,367 45,650

The unsecured loan from NatWest is to fund building development at the Schools.

Private placement

On 4 August 2021, a private placement for £35,000,000 was completed by the Charity for the Schools’ use, primarily on capital projects. The loan is secured on the Schools’ land and buildings, repayable in 30 years.

The interest rate on this loan is fixed at 2.82% on the principal sum borrowed, repayable biannually.

NatWest loan

Elstree Girls’ School - £9,000,000 drawn in 2015 and 2017, repayable in monthly instalments over 10 years. Balance of the loan at 31 August 2023 was £2,942,429, of which the amount repayable by 31 August 2024, £970,378, is shown as part of note 10.

The interest rate on this loan is 2% above base rate.

Deposits and school fees in advance

Although under normal circumstances pupil fee deposits will be repaid over future years when the pupils complete their education at the schools, pupils can leave at earlier dates. The schools do not, therefore, have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2023 have been included within current liabilities.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

12. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR (continued)

Parents may enter into a contract to pay the schools in advance for fixed contributions towards the tuition fees for future years. The money may be returned subject to specific conditions on the receipt of notice.

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted funds £’000 Tangible fixed assets 8,235 Haberdashers’ Charities Investment Pools 6,501 Other investments 1,331 Investment cash 11,354 Net current (liabilities)/assets (4,355) Long term liabilities (8,367) 14,699	Restricted funds £’000 Permanent endowment funds £’000 - 105,728 - 34,529 50 - 71 - 515 (1,215) - (35,000) 636 104,042	Total Funds £’000 113,963 41,030 1,381 11,425 (5,055) (43,367) 119,377

14. RELATED PARTIES

The Aske Corporation is Trustee of the Haberdashers’ Aske’s Charity of which the Haberdashers' Company, a City Livery Company incorporated by royal charter, is the Corporator having responsibility as Estate Governor and sole trustee of the land, buildings and investments of the Charity. Details of transactions between the Charity, the Haberdashers’ Company and connected entities are set out below:

The Haberdashers’ Company and its subsidiary, The Haberdashers’ Operating Company, were reimbursed for certain expenses incurred in the year on behalf of the Foundation. Further details are set out in note 5.
The Charity’s has invested in the Haberdashers’ Total Return Pool, a common investment fund and the Charities Investment Pool both of which have the Haberdashers’ Company as Trustee. Notes 2 and 8 provide further details of relevant transactions and balances.
In the year, the Charity received £52,700 of grant funding from the Haberdashers’ Educational Foundation (2022: £53,495). The Haberdashers’ Company is the Trustee of the Haberdashers’ Educational Foundation.
During the year the Charity paid £440,000 to the Haberdashers’ Aske’s Federation Trust, a connected charity, for sponsorship and music provision (2022: £425,000). A further £99,000 was also paid to former Federation students for university scholarships and bursaries (2022: £97,500). In addition, a payment of £262,000 was made towards a deputy director, an IT post and strategy and a teaching post at the Aske’s Federation Trust (2022: £262,000), along with £100,000 towards mental health provision (2022: £100,000). There were further amounts totalling £145,000 (2022: £nil) for areas including enrichment, careers and leadership support and sports and music.
During the year the Schools received £250,000 from the Haberdashers’ Aske’s Elstree Schools Foundation towards the Bursary fund, £19,000 towards the Hardship fund and £14,000 of other restricted donations. In the prior year the Boys’ School granted £500,000 to the Foundation in relation to a legacy. Note 10 provides further details.

Details of transactions and balances between the Charity’s Schools and its subsidiary are set out in notes 10 and 17.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

15. OPERATING LEASE COMMITMENTS

At 31 August, the Charity was committed to total future minimum lease payments under noncancellable operating leases as follows:

cancellable operating leases as follows:
	Equipment	Equipment
	2023	2022
	£’000	£’000
Payments due:
Within one year	346	351
Between 1 and 5 years	36	425
	382	776

16. CAPITAL COMMITMENTS

Capital commitments for building projects and refurbishments at the Elstree Schools as at 31 August 2023 were £nil (2022: £1,276,000).

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

17. TRADING SUBSIDIARIES

The Charity owns the whole beneficial interest in the share capital of Haberdashers’ Elstree Schools Trading Limited (a non-charitable trading subsidiary) for which the results are summarised below. Taxable profits are donated to the Charity by Gift Aid. Haberdashers’ Aske’s School Shop Limited was wound up in the prior year.

Turnover Cost of sales Administration expenses Operating profit/(loss) Other income Taxation Gift aid Profit/(loss) for the year Retained profit/(loss) brought forward Retained profit/(loss) carried forward Current assets Creditors falling due within one year Net assets/(liabilities)	Haberdashers’ Elstree Schools Trading Limited 2023 £’000 2022 £’000 217 99 - (58) (27) 159 72 1 - - (1) (160) (71) - - 1 1 1 1 214 91 (213) (90) 1 1	Haberdashers’ Aske’s School Shop Limited 2023 £’000 2022 £’000 - - - - - (1) - (1) - 9 - - - - - 8 - (8) - - - - - - - -

The Haberdashers’ Elstree Schools Trading Limited, registration number 3073480, trades as a commercial entity with trading activities commencing in January 2022. Any profit is donated to the Haberdashers’ Aske’s Charity.

The Haberdashers’ Aske’s School Shop Limited, registration number 01601196, was wound up in the prior year.

		Share
		capital
	Year end	£	Activities
Haberdashers’ Elstree Schools	31 August	2	General commercial entity attending the
Trading Limited (Company			Haberdashers’ Aske’s Schools
number 3073480)

Turnover for Haberdashers’ Elstree Schools Trading Limited includes £161,000 paid to the Schools (2022: £71,000 to the Schools) which is treated as a transfer between funds in the consolidated accounts.

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

18. PENSION SCHEME

(a) Defined benefit scheme – teaching staff

The Elstree Schools participate in the Teachers' Pension Scheme (England and Wales) ("the TPS"), for its teaching staff.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers' Pensions Regulations 2010 and, from 1 April 2014, the Teachers' Pension Scheme Regulations 2014. Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department. The 2020 valuation has now been published and the employer contributions are due to rise by 5% to 28.68% from 1 April 2024.

The pension charge for the year includes contributions payable to the TPS of £3,679,913 (2022: £3,609,522) and at the year-end £427,221 (2022: £426,463) was accrued in respect of contributions to this scheme. The next valuation result is due to be implemented from 1 April 2023.

A copy of the valuation report and supporting documentation is on the Teachers' Pension website: https://www.teacherspensions.co.uk/members/faqs/valuation.aspx.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Schools have accounted for their contributions to the scheme as if it were a defined contribution scheme.

(b) Non-teaching staff scheme (NTSS)

The Elstree Schools operate a defined benefit pension scheme (“the NTSS”) for support staff at the Schools. The NTSS is a separate trustee administered fund, which holds assets to meet the long-term pension liabilities of the schools. A full actuarial valuation was carried out at 31 August 2020 and the preliminary results of this valuation were updated to 31 August 2023 by a qualified actuary, independent of the Schools. The major assumptions used by the actuary are set out later in this note.

The most recent actuarial valuation on 31 August 2020 showed a deficit of £483,000. The Schools have agreed with the pension scheme trustee that they will aim to eliminate the deficit over a period of five years from 1 September 2021 by the payment of annual contributions of £84,000 in respect of the deficit. In addition and in accordance with the actuarial valuation, the Schools have agreed with the pension scheme trustee that the employer will pay 23.4% of pensionable earnings in respect of the cost of accruing benefits plus a further £8,000 per year. The Schools will also meet expenses of the scheme, death in service premiums and levies to the Pension Protection Fund. Member contributions are payable in addition at the rate of 2.5% of pensionable pay. Additionally, the Trustees previously identified that changes made to the benefits of certain members in prior years were not made in accordance with the plan’s power of alteration. The assessment of the financial impact of this matter was completed in December 2023 and has led to an increase in the Scheme’s liabilities by £695,000, recognised as a ‘past service cost’ in these accounts and as a liability at 31 August 2023. The Scheme had subsequently settled its obligations by making back payments and paying for increases to annuities to enable future pension payments to be paid at the correct rate. The Schools have agreed with the Trustees that they will reimburse the Scheme for the effect of this increase over the period to 31 August 2026.

Contributions paid to the NTSS in the year were £154,599 (2022: £155,839).

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

18. PENSION SCHEME (continued)

Present values of defined benefit obligation, fair value of assets and defined benefit liability

Present value of funded obligations Fair value of plan assets Effect of asset ceiling Net defined benefit (asset)/liability as recognised in the Balance Sheet	2023 £’000 10,228 (10,953) 725 -	2022 £’000 11,657 (11,960) 303 -

Reconciliation of opening and closing balances on the present value of funded obligations

Liabilities at the start of the period Past service cost Current service cost Interest cost Contributions by plan participants Actuarial loss Benefits paid Liability at the end of the period	2023 £’000 11,657 695 67 488 7 (2,061) (625) 10,228	2022 £’000 16,067 - 81 268 7 (4,158) (608) 11,657

The English High Court ruling in Lloyds Banking Group Pension Trustees Limited vs Lloyd Bank plc and others was published on 26 October 2018, and held that UK pension schemes with Guaranteed Minimum Pensions (GMPs) accrued from 17 May 1990 must equalise for the different effects of these GMPs between men and women. The case also gave some guidance on related matters, including the methods for equalisation. The scheme is contracted in and so is unaffected by this legislation.

Reconciliation of opening and closing balances on the fair value of plan assets

Fair value of plan assets at the start of the period Interest income Asset loss Contributions by the employer Benefits paid Fair value of plan assets at the end of the period	2023 £’000 11,960 504 (1,047) 161 (625) 10,953	2022 £’000 14,524 243 (2,362) 163 (608) 11,960

The actual return on plan assets over the period ended 31 August 2023 was negative £543,000 (2022: negative £2,119,000).

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

18. PENSION SCHEME (continued)

Analysis of plan assets

Equity (including property) Bonds Insured pensions Cash Total assets	Value of assets 31 August 2023 £’000 Value of assets 31 August 2022 £’000 2,650 2,762 1,272 917 6,646 7,939 385 342 10,953 11,960

None of the fair values of the assets shown above include any direct investments in financial instruments belonging to the Schools or any property occupied by, or other assets used by, the Schools.

Defined benefit costs recognised in the income statement

Current service cost Net interest cost Past service cost Total pension expense	2023 £’000 67 (16) 695 746	2022 £’000 81 25 - 106

Defined benefits costs included in other recognised gains/(losses)

Actuarial loss on plan assets Actuarial gain/(loss) on defined benefit obligation of which due to experience of which due to financial assumptions Effect of asset ceiling Total gain included in other recognised gains	2023 £’000 (1,047) 123 1,938 (422) 592	2022 £’000 (2,362) (297) 4,455 (303) 1,493

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

18. PENSION SCHEME (continued)

Assumptions

ssumptions
	2023	2022
	% per	% per
	annum	annum
Discount rate	5.5	4.3
Inflation (RPI)	3.6	3.9
Inflation (CPI)	2.8	3.1
Salary growth	3.1	3.4
Allowance for revaluation of deferred pensions
subject to CPI max 5%	2.8	3.1
subject to CPI max 2.5%	2.5	2.5
Allowance for pensions in payment
subject to RPI max 5%	3.3	3.6
subject to RPI max 2.5%	2.1	2.3

The mortality assumptions adopted at 31 August 2023 imply the following life expectancies:

Based on the assumptions, on the balance sheet date the average future life expectancies at age 65 are summarised below:

ummarised below:	ummarised below:
Life expectancy at age 65 years		2023	2022
Retiring today	Male	21.9	22.7
	Female	24.7	253
Retiring in 20 years	Male	24.1	24.9
	Female	27.0	27.6

The provision in the accounts does not make allowance for beneficial Guaranteed Annuity Rates (“GARs”). The Scheme is invested in a Group Pension Contract which has GARs. This means that for members who joined before July 2001 reaching retirement age, their pension may be secured by the Scheme using the GARs which are better value than the annuity rates at that time.

(c) Defined Contribution Scheme

A Group Pension Plan is in place for support staff joining on or after 1 September 2003. The plan is administered by Aegon. The employer contributes at a fixed rate of 12% on condition that the employee contributes a minimum of 5% of salary. Contributions paid by the Elstree Schools in the year ended 31 August 2023 were £692,797 (2022: £592,343).

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

19. GROUP STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2022

Unrestricted Funds

Income and endowments from: Donations Charitable activities: School fees Other educational income Other trading activities: Trading income Investments: Investment income Expenditure on: Raising funds: Loan interest Fees in advance discount Trading cost of subsidiaries Charitable activities: Schools FRS102 pension scheme net interest cost Net gains on investments Net income/(expenditure) Transfers between funds Other recognised losses: Actuarial gains on defined benefit scheme Net movement in funds Reconciliation of Funds: Total funds brought forward (as previously stated) Prior year restatement Total funds brought forward (as restated) Total funds carried forward		Schools £’000 - 48,069 4,525 366 95 53,055 1,028 204 28 46,490 25 47,775 347 5,627 (20,926) 1,493 (13,806) (6,966) 35,000	Aske’s Income £’000 Restricted Funds £’000 Endowment Funds £’000 2 612 - - - - 182 257 - - - - 145 6 44 329 875 44 - - - - - - - - - 1,158 872 1,911 - - - 1,158 872 1,911 5 23 2,141 (824) 26 274 863 114 19,949 - - - 39 140 20,223 209 302 118,908 - - (35,000)	Aske’s Income £’000 Restricted Funds £’000 Endowment Funds £’000 2 612 - - - - 182 257 - - - - 145 6 44 329 875 44 - - - - - - - - - 1,158 872 1,911 - - - 1,158 872 1,911 5 23 2,141 (824) 26 274 863 114 19,949 - - - 39 140 20,223 209 302 118,908 - - (35,000)	Aske’s Income £’000 Restricted Funds £’000 Endowment Funds £’000 2 612 - - - - 182 257 - - - - 145 6 44 329 875 44 - - - - - - - - - 1,158 872 1,911 - - - 1,158 872 1,911 5 23 2,141 (824) 26 274 863 114 19,949 - - - 39 140 20,223 209 302 118,908 - - (35,000)	Total 2022 £’000 614 48,069 4,964 366 290 54,303 1,028 204 28 50,431 25 51,716 2,516 5,103 - 1,493 6,596 112,453 -
		28,034 14,228	209 248	302 442	83,908 104,131	112,453 119,049

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

20. STATEMENT OF FUND MOVEMENTS AND TRANSFERS FOR THE YEAR ENDED 31 AUGUST 2022

(a) Fund Movements

General funds – Charity: Schools general fund excluding building fund and pension reserve Pension reserve Aske Income Fund Total unrestricted funds – Charity Non-charitable trading funds Total unrestricted funds – Group Restricted funds Schools restricted funds Simon Stuart Scholarship Bursaries Appeal Fund Total restricted funds Endowment funds Dr Margaret Bent endowment Simon Stuart endowment Bursaries Appeal endowment Aske’s permanent endowment Total endowment funds Total Funds	Balance 1 September 2021 £’000 29,576 (1,543) 28,033 209 28,242 1 28,243 120 2 180 302 9 90 1,839 81,970 83,908 112,453	Income £’000 Expenditure £’000 52,955 (47,634) - (113) 52,955 (47,747) 330 (1,157) 53,285 (48,904) 99 (28) 53,384 (48,932) 869 (869) 2 - 48 (3) 919 (872) - - - - - - - (1,912) - (1,912) 54,303 (51,716)	Other recognised gain/loss £’000 347 1,493 1,840 4 1,844 - 1,844 - - 23 23 - (5) (102) 2,249 2,142 4,009	Net transfers £’000 (21,018) 163 (20,855) 863 (19,992) (71) (20,063) 97 (2) (25) 70 - - - 19,993 19,993 -		Balance 31 August 2022 £’000 14,226 - 14,226 249 14,475 1 14,476 217 2 223 442 9 85 1,737 102,300 104,131 119,049

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

20. STATEMENT OF FUND MOVEMENTS AND TRANSFERS (continued) YEAR ENDED 31 AUGUST 2022

(b) Fund Transfers

(b) Fund Transfers
	Non-charitable			Permanent
	Trading	Charitable		endow-
	funds	Unrestricted	Restricted	ment
	£’000	funds	funds	funds
		£’000	£’000	£’000
New & replacement school buildings	-	(21,415)	-	21,415
Unapplied total return for application	-	1,445	-	(1,445)
Transfers to school bursary funds	-	(88)	88	-
Loan repayments	-	(23)	-	23
Transfer of Pool investment income	-	-	44	(44)
Transfer to appeals and donations	-	18	(18)	-
Trading subsidiary gift aid to school	(71)	71	-	-
	(71)	(19,992)	114	19,949

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS YEAR ENDED 31 AUGUST 2022

Unrestricted funds £’000 Tangible fixed assets 7,576 Haberdashers’ Charities Investment Pools 6,600 Investment Cash 14,120 Net current assets/(liabilities) (3,170) Long term liabilities (10,650) 14,476	Restricted funds £’000 Permanent endowment funds £’000 - 104,262 - 35,062 167 - 275 (193) - (35,000) 442 104,131	Total Funds £’000 111,838 41,662 14,287 (3,088) (45,650) 119,049

HABERDASHERS’ ASKE’S CHARITY

NOTES TO THE ACCOUNTS Year ended 31 August 2023

22. TOTAL RESOURCES EXPENDED FOR THE YEAR ENDED 31 AUGUST 2022

Raising funds: Loan interest and related fees Fees in advance discount Trading costs of subsidiary Charitable expenditure: Teaching costs School welfare School premises costs Public relations and marketing Grants paid to Haberdashers’ Federation Trust Support costs Governance costs FRS102 pension scheme net interest costs Total resources expended	Staff Costs £’000 - - - - 21,637 180 1,385 - - 5,632 13 - 28,847 28,847	Other direct costs £’000 1,028 204 28 1,260 3,081 2,486 5,110 467 789 5,990 189 25 18,137 19,397 -	Deprec- iation ’000 - - - - - - 1,911 - - 1,561 - - 3,472 3,472	Total 2022 £’000 1,028 204 28 1,260 24,718 2,666 8,406 467 789 13,183 202 25 50,456 51,716

2023-08-31-accounts

Haberdashers’ Aske’s Charity

CONTENTS

LEGAL AND ADMINISTRATIVE DETAILS

REGISTERED CHARITY NUMBER 313996

TRUSTEES AND GOVERNORS

PRINCIPAL OFFICE OF THE TRUSTEES AND CHARITY

The Aske Corporation

Haberdashers’ Aske’s Elstree Schools Limited

OFFICERS OF THE HABERDASHERS’ COMPANY

PRINCIPAL ADVISERS TO THE CHARITY

Bankers

Independent auditors

Solicitors

THE SCHOOLS AT ELSTREE (“The Schools”)

LEGAL AND ADMINISTRATIVE DETAILS

KEY MANAGEMENT PERSONNEL

DIRECTORS OF HABERDASHERS’ ASKE’S ELSTREE SCHOOLS LIMITED (“HAESL”) AND SCHOOLS’ GOVERNORS

S C Cartmell OBE (Chairman) * H Afolami * S Ajitsaria

Member of the Court of Assistants of the Haberdashers’ Company

CONNECTED CHARITY - HABERDASHERS’ ASKE’S FEDERATION TRUST

HABERDASHERS’ ASKE’S FEDERATION

MEMBERS OF THE TRUST

N R Scarles (Chairman) # R G F Glover

Members of the Court of Assistants of the Haberdashers’ Company

HABERDASHERS’ ASKE’S CHARITY

LEGAL AND ADMINISTRATIVE DETAILS

TRUSTEES’ REPORT Year ended 31 August 2023

History

Structure, Governance and Management

Estate Trustee

Schools’ Trustee - Haberdashers’ Aske’s Elstree Schools Limited (“HAESL”)

TRUSTEES’ REPORT Year ended 31 August 2023

Organisational Management

Trustees’ responsibilities

TRUSTEES’ REPORT Year ended 31 August 2023

Appointment of Elstree School Governors

Aims and Objectives

Haberdashers’ Boys’ School and Haberdashers’ Girls’ School

A Tradition of Philanthropy

Financial Assistance (Bursaries)

TRUSTEES’ REPORT Year ended 31 August 2023

Boys’ School

Girls’ School

Elstree Schools combined

Financial Assistance (Hardship)

Partnership activities

1. Be mutually beneficial

2. Be long-term and sustainable

3. Build capacity

4. Build community

TRUSTEES’ REPORT Year ended 31 August 2023

5. Widen access and address disadvantage

Activities in 2022-23

Activities in 2023-24

TRUSTEES’ REPORT Year ended 31 August 2023

Plans for 2024-25

Review of activities and achievements

The Elstree Schools

TRUSTEES’ REPORT Year ended 31 August 2023

The Elstree Schools – strategic review

The Haberdashers’ Company

Vision

Mission statement

The Trustees

TRUSTEES’ REPORT Year ended 31 August 2023

Haberdashers’ Aske’s Federation Trust

Connected and subsidiary funds

Subsidiary company

TRUSTEES’ REPORT Year ended 31 August 2023

Risk management

Investment powers, policy and performance

TRUSTEES’ REPORT Year ended 31 August 2023

Fundraising

Financial review

Reserves

Unrestricted Funds

TRUSTEES’ REPORT Year ended 31 August 2023

Restricted Funds

Going concern