2024-08-31-accounts

Registered Charity Number 313996 Haberdashers, Aske's Charity Trustees, report and accounts for the year ended 31 August 2024

CONTENTS Legal and administratlve detalls Trustees, report Indépendent audltors. report 18 Consolldated statement of flnanclal actlvltles 21 Consolldated and charlty balance sheets 22 Consolldated cash flow statement 23 Notes to the accounts 25

HABERDASHERS, ASKE, LEGAL AND ADMINISTRATIVE DETAILS REGISTERED CHARITY NUMBER 313996 TRUSTEES AND GOVERNORS The Haberdashers, Aske's Charity has bNO corporate trustees: The Aske Corporation and Haberdashers. Aske's Elstree Schools Limited {"HAESL") (Company number 92163571. 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 Tho Aske Corporation Haberdashers, Hall, 18 West Smithfield, London, EC1A 9HQ Haberdashers, A8ke'8 Elstree Schools Llmlted Haberdashers, Hall, 18 West Smithfield, London, EC1A 9HQ OFFICERS OF THE HABERDASHERS. COMPANY Clerk Brigadier H A Watson MBE Director of Finance & Information Director of Finance E D B8yley (to 31 October 20231 H V M Sadleir (from 31 October 2023) Director ft)r Schools & Estates A Gonzaiez PRINCIPAL ADVISERS TO THE CHARITY Bankers C Hoare & Co, 37 Fleet Street, London. EC4P 4DQ Independent auditors Saffery LLP, 71 Queen Victoria Street, London, EC4V 4BE Sollcltor8 Stone King LLP, Boundary House, 91 Charterhouse Street, London, EC1 M 6HR THE SCHOOLS AT ELSTREE {"The Schoo18"1 Haberdashers, Boys, School, Butterfly Lane, Elstree, Herts, WD6 3AF Haberdashers, Girls, School, Aldenham Road, Elstree, Herts, IIllD6 3BT Website: www.habselstree.org.uk

LEGAL AND ADMINISTRATIVE DETAILS KEY MANAGEMENT PERSONNEL The key management personnel of the Schools are the Executive Principal, the Heads, the Chief Financial Officer (listed below), the Deputy Heads plus members of the Extended Leadership Teams (Assistsnt Heads, Directors and Section Leaders). G Lock Executive Principal, Haberdashers, Elstree Schools (appointed I September 2023) H Bagworth-mann Headmistress, Haberdashers, Girls, School (appointed 1 September 2023) R Sykes Headmaster, Haberdashers, Boys, School (appointed I September 2023) E Karfoot Chief Financial Officer, Haberdashers, Elstree Schools (appointed l May 2024) DIRECTORS OF HABERDASHERS, ASKE'S ELSTREE SCHOOLS LIMITED ("HAESL") AND SCHOOLS, GOVERNORS S C Cartmell OBE (Chairman) H Afolami S Ajitsaria K Arogundade R l Ashraf (Rahmani) (appointed 12 December 2023) D P Chambers C S Clapper A C Davison (appointed 26 June 2024) T P Dolan T A Ellis (appointed 26 June 2024) J M Gladwin (resigned 7 November 2024) H Gough (resigned 31 August 2024) J D Gregory H G Hanbury (appointed 21 January 2025) P Jain A J Joseph (resigned 19 September 2023) N P Kukadia C L Martinsen A Mather H M Muminoglu (resigned 19 March 2024) J D Myers R l Ohrenstein (resigned 25 March 2025) N P Patani (appointed l October 2023) H L Rosethorn E M Samarasinghe (appointed T November 2024) B E Stubley A J L Thomas 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 Federatlon Flnance Director.. Claire Hersey Website.. vwthi.habstrustsouth.org.uk Haberdashers, Hatcham College Pepys Road London SE14 5SF Principal: Katie Scott Haberdashers, Knights Academy Launcelot Road Downham Kent BR15E8 Principal: Dr Tesca Bennett Haberdashers, Crayford Academy Iron Mill Lane Crayford Bexley DA14RS Principal.. Steve l+Vheatley Haberdashers, Borough Acadery 94B Southwark Bridge Road London SE1 OEX Principal., Tom Howells MEMBERS OF THE TRUST Sally Dyson (Chair of Trust9es) James Penney Simon Lough Arabella Gonzalez The Worshipful Company of Haberdashers Members of the Court of Assistants of the Haberdashers, Company Trustees of Haberdashers, Aske's Federation Trust

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 Worshipful 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 ￿0 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 thlrd of the total number of d1￿ctOrS.

TRUSTEES, REPORT Year endad 31 August 2024 On behalf ofthe Charity, the Estates Trustee presents the report and accounts forthe year ended 31 August 2024. 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 around 9,000 pupils at independent and maintained schools in Greater London. The schools managed or supported by the Charity are part of 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 stte of Aske's Hospital, established by Act of Parliament in 1690. By 1875, there were schools at Hoxton and two at Hatcham. The schools formerly at Hoxton are now independent schools at E15t￿e, known as 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 further secondary schools, 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 a Scheme of the Charity Commission dated 2 August 1991, as varied by a further Scheme dated 10 February 1998, and amended by resolution dated 5 July 2016 passed pursuant to Section 280 of the Charities Act 2011. The Haberdashers, Aske's Federation is constituted separately as the Haberdashers, Aske's Federation Trust, and which trades as Haberdashers, Academies Trust South. Further details are given later in this report. Structura, Governance and Management E8tate8 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,. The Charfty's Scheme establishes the Aske Corporation as its Estates Trustee. The Estates Trustee is the trustee of the land, buildings and investments of the Charity- The Haberdashers, Aske's Charity Act 2016 clarified the status of the Aske Corporation, confimiing that the Corporation should be deemed a charitable company within the meaning of Section 193 of the Charities act 2011, with the Master and Wardens of the Worshipful Company of Haberdashers as Corporators, responsible for the control of the Corporation and tts propety. The Estates Trustee is responsible for the preparation and submission of these financial statements. Schools, Trustee - Habordashers, Aske's Elstree Schools Limlted I'HAESL") HAESL, a company limited by guarantee, was by Deed of Appointment on 5 July 2016 appointed as the Schools, Trustee of the Charity from 1 September 2016. The Elstree School Governors are the Directors of HAESL and are listed on page 2. The Govemors play an irnportant strategic role in the life of the E1st￿e Schools and are responsible for determining their aims and overall conduct. The Governors set and review policies, strategies and

TRUSTEES, REPORT Year ended 31 August 2024 procedures to ensure the best possible education for present and future pupils and have ￿SpOnsIbl11ty 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 Financial Officer, who in turn are supported by the Senior Leadership Teams, as key personnel. The remuneration of the Executive Principal, the Heads and Chief Financial 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 performan￿ and of rewarding them fairly and responsibly for their individual contributions to the Schools, succes5. The remainder of the Senior Leadership Teams of the two Schools are remunerated in accordance with senior leadership 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 supportthe fulfilment ofthe charitable purpose is primarily dependent on the key management personnel and staff costs are the largest single element of the Schools, charitable expenditure. Trustees. responsibilities The Estates 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 yearwhich give a true and fair view of the state ofaffairs of the Charity and ofthe incoming sources and application of the resources of the Charity for that period. In preparing these financial ststements the Trustee is required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP IFRS 1021., 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 consts'tution. The Trustees are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps ft)r the prevention and detection of fraud and other irregularities. The E5tate5 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 stsff. 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. Training for members of the Education Committee includes an induction process for new members, provision of appropriate reading material and training days. The Education Committee is advised on financial matters by the Finance Committee, on

TRUSTEES, REPORT Year ended 31 August 2024 estate matters by the Propety Committee and on audit and risk matters, including the provision of assurance on the Charity's report and accounts, by the Audit and Risk Committee. Appointment of Elstree School Governors The provisions of the Articles of Association of HAESL govem the appointment of the 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 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 which relevant executives attend that focus on.. Finance. Estates, Infrastructure & Sustainability,. Teaching and Learning,. Innovation; Human Resources; Remuneration & Nominations., and Risk, Compliance & Safeguarding. Support from the Clerk to the Schools, Governors includes a dedicated Governor portal, Governors, handbook and induction and training opportunities for new and continuing Governors. Alm8 and Objectlves The object of the Charlty, 88 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 pur8Uit 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 Govemors have taken into account the Charity Commission's genera guidance on public benefit and more specrfic guidance for charities whose aims include advancement of education and whose activities involve charging fees, in reviewing aims and objectives ft)r the Charity- The object is supported by the following statements of aims and ethos issued by the Schools and by the Trustees. Haberdashers. Boy8. School and Haberdashers, Glrls, School A Tradltlon of Phllanthropy The founder of the Haberdashers, Schools at Elstree, Robert Aske, bequeathed a substantial legacy in 1690 to set up a hospital and home for ￿enty elderly men and a school for twenty poor boys of Hoxton, just north of the City of London. The 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 othetwise 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 2023124 the Schools provided significant financial support to 157 (2022123.. 155) students in the form of bursaries..

TRUSTEES, REPORT Year ended 31 August 2024 Boys, School £2.39m, 6.8 % of gross fees with 102 bursary holders, of which 56 received a free place. Glrfs, School £1.09m. 40/0 of gross fees with 55 bursary holders, of which 25 received a free place. Elstree Schools combined £3.48m (2022123.. £2.96m), 60h of gross fees. The support provided to 157 students represents 7.9 % of all senior school students. In addition to fee remission, a further £216k 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 fvlly as possible from the Schools, support and to forestall any potential feelings of difference or isolation. Flnanclal Asslstance (Hard6hlp) During the year, the Schools continued to provide short term support totalling £52k (2022123: £19k) to five students whose families were experiencing financial hardship. Partnershlp Activiti08 The alms of the Partnernhips Programme Partnerships is one of six strands of the Schools, 2030 strategy, and is fundamental to developing students who are courageous, curious, ambitious, and above all able to make a profound impact in their community. This work is led by the students, with hundreds building unique learning opportunities every week, both for others and ft)r themselves. Partnerships aims to build mutually beneficial connections be￿een the Habs community and the local community in order to.. 1. Address educational disadvantage in the local area; 2. Enable Habs pupils to have a profound and sustained impact in their community; 3. Broaden Habs pupils, education, including their human and social education. How Partnershlps work8: The Schools have five local partner schools, with whom we work closely every week. These partner schools are primary schools in the local area, many with high levels of disadvantage. In partnership with these schools, the Schools run fifty-two educational sessions every week, covering a broad range of curricular and co-curricular subjects. Sessions a￿ co-designed with partner schools to: a) Support and enhance the partner schools, curricular and co-curricular offer., b) Support and enhance the development of Habs students, leadership and Gommunication skills, and social and cultural education. Each session is led by or supported by a group of specially trained Habs students. In 2024-25, 371 Habs students in Years 10-13 take part in partnerships activities every week. Each student will work with a group of students from a partner school ft)r at least ￿e1ve sessions, and sometimes up to thirty-six. A community partnerships programme is in development, to be rolled out in 2025-26. This will involve around 200 more students every week, as well as parents and alumni. The Schoo15 were delighted to win the 2023 Herts Civic Award, as well as being shortlisted for the 2024 TES Awards and Pearson Teaching Awards.

HABERDASHERS, ASKE'S CHARITY TRUSTEES, REPORT Year ended 31 August 2024 A profound impact in both the local community and the Habs communlty The Schools, mission is to enable their students to have a profound impact in the world. The partnerships work takes this instruction literally= every single week, as part of a programme which trains, guides and supports them, the Schools seek to put their students into the wider world and to enable them to have a profound impact. The following are from a recent survey of partner school staff.. To what extent do you value the partnerships work Habs does? 9.2110 To what extent have your children made progress through our work together? 9.2110 To what extent do your students look forward to sessions? 9.4110 "Students of all backgrounds learn about the world around them and how everyone is different, to value such differences and appreciate them. IHabs and Cowley Hill studentsl get new experiences and resilien to changing situations and opportunities. Specialist teaching e.g. French, swimming, outdoor education this expertise enriches our curriculum offer." Louise Thom8s, Headteacher of Cowley Hill "We see really positive engagement from our children, sessions are enjoyable and they look fonbvard to them. HABS children get to experience a wider social community and socio-economic backgrounds. How Wood pupils experience specialist instruction which is invaluable In terms of applying key skills.. Cynthia Rowe. Headteacher of How Wood "We got involved to widen the children's experiences and ignite new passions. We believe in bringing leaming to life, and we work with Habs to make that happen. The afterschool clubs they run are particularly popular and have a huge waiting list." Davinia Leggett, Headt8acher of Fair Field 2024-25 Partner8hlp8 In numbers and in medla 52 hours per week of co-curricular and academic curriculum and enrichment sessions 371 Habs students involved every week 56 Habs staff involved every week 1,400 Partner school students involved every week 69,000 individual hours spent working in partnership 2023 Civic Award - Haberdashers, School Partnershi Pro Habs Im act Re 2021-23 b habselstreeschools - Issuu ramme outube.com 2025-26 Plans for next year will see an ambitious extension of the Partnerships Programme. Vvhile the Schools currently work exclusively in and with the five partnerschools, the next phase of work will see Habs building a community hub to serve the young people in its community outside of school hours, premises and curriculum, offering wider educational opportunities to children, teenagers, and their parents and families. To deliver this work the Schools are building a coalition of partner schools, civic institutions and local leaders and residents to attempt to transform the wider educational outcomes and life chances of children in the Borehamwood and Elstree area.

TRUSTEES, REPORT Year ended 31 August 2024 Revlew of actlvities and achievoments The Elstree Schools Haberdashers, Bo HMC - Headmasters, & Headmistresses, Conference IAPS - Independent Association of Prep Schools I BSC - International Boys, Schools Coalition Focused Compliance Inspection ("FCI"), combined with Educational Quality Inspection ('EQl")- January 2022 Material Change Inspection - October 2022 1,466 92.30/0 Haberdashers, Girls, HMC- He8dmasters' & Headmistresses, Conferen GSA- Girls, School Association IAPS - Independent Association of Prep Schools Affiliations Independent Schools Inspectorate ("ISI') Inspection date (reports on ISI and Schools web51tesl FCI, combined with EQI - March 2022 Pu ils at Se tember 2024 2024 GCSE grades A'1918 &A17 2024 A Levels grades A. toB 1,141 89.50/0 93.3% 96.2¥0 In the Spring temi 2022, the Schools were inspected by the ISI and met all compliance requirements. The quality of the pupils, academic and other achievements was 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 change in location of Pre-Prep students, from the start of the Spring term in January 2023. A Material Change 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 nexl 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 Choi￿ (primarily Russell Group), including substantial numbers to Oxford and Cambridge and to the country's leading medical schools. In line with growing trends. five students joined prestigious Degree Apprenticeship courses. 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. No attempt is made here to catalogue individual achievements butthe sheer range and scale of endeavours in which boys, girls and staff participate beyond the curriculum are as impressive as the long listof individual and team achievements at local and national level. Particular highlights in 2023-24 included a range of superb musical performances, the highlight being a joint gala concert at St John's Smith Square, as well as strong results in the senior national Lacrosse Tournament and national Water Polo tournaments. The Elstree Schools - strateglc revlew A strategic review was undertaken by the Governing Body and the Schools launched its Strategy 2020-30 in September 2019 with ten key strategic imperatives for the Schools. Further details on the plan are provided on pages 16-17. 10

TRUSTEES, REPORT Year ended 31 August 2024 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.. Vislon To be seen as offering sustained commitmentto excellen￿ in education through excellence in governan￿, trusteeship and sponsorship. Mlsslon 8tatemont 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.. Open minded l intellectual curiosity Good citizenship Cultural diverslty Rounded Innovative Co-operative Attributable to schools.. Aspirational I stretching Accessible Academic equality of opportunity Ethical Humane Exciting Supportive of Christian values The TruBtees The Aske Corporation supports the schools by nominating able and committed governors, through the serVI￿S 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 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 2024, sponsorships, grants and scholarships of £985,000 (2023.. £947,000) were paid out to the schools. The links be￿een 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 17 October 2023 (Crayford Academy), 28 February 2024 (Knights Academy), 20 March 2024 (Borough Academy), 17 April 2024 (Hatcham College) and 1 May 2024 (Elstree Schools). Haberdashern, Aske'8 Foderatlon Trust The Trust, which trades a5 Haberdashers, Academies Trust South, is a separate charity governed by articles of association as a company limited by guarantee, forwhich 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 and buildings occupied by Haberdashers. Hatcham College and Haberdashers, Hatcham Free School. which is leased to the Trust at a peppercorn rent. The additional information on the Haberdashers, Aske's Federation Trust in this report reflects the continuing strength of the connection be￿een 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 811 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

TRUSTEES. REPORT Year ended 31 August 2024 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 Trust's 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 are 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 t68ching is at the heart of this approach. The Trust is a learning organisation, not only ft)r students, but also for every member of staff. It is only appropriate within a school setting thatthe 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 subsidlary fund8 Some pupils and activities at the Schools receive financial support from The Haberdashers, Educational Foundation <"HEF"), a linked charity within The Haberdashers, Foundation, registered charity number 275067, of which the Haberdashers, Company is Trustee. The Haberdashers, Foundation 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 trom The Haberdashers, Aske's Elstree Schools, Foundation, registered charity number 1107027. In October 2020, the Objects of this Foundation. which previously focused on supporting pupils from Haberdashers, Boys, School, were amended to include the advancement of pupils at Haberdashers, Girls, School, representing the closer relationship behveen the schools and demonstrating equality Df importance as well as commitment to a shared vision. Subsldiary company One non-charitable subsidiary company is controlled by HAESL: Haberdashers, Elstree Schools Trading Limited (ft)rmerly 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. Rlsk management Each year, the Estates 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 princip21 risks as being the potential loss of reputation, declining School rolls, failure in safeguarding of students and cyber risk. 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. Appropriate IT security and data protection policies. Vetting procedures as required by law for the protection of the vulnerable. 12

TRUSTEES, REPORT Year ended 31 August 2024 Investment powers, policy and perfornianco The Charity's non-property 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. Imth 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 retsined within the pemanent endowment fund. Transfers to the trust for application are guided (but not determined) by a withdrawal rate of 3.50/0 of invested capital. The Charity's main permanent endowment fund is invested in the Haberdashers Charities Investment Pool (Total Return), 'The TRP fund,. The pemianent endowment fund investment is a holding in the Haberdashers, Charities I nvestrnent 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 Capitsl 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 for 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 {a trading name of Schroder & Co 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 monito￿d 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 2024, the value of endowment fund investment assets was £7.9m more than the indexed base value (2023: £11.4 million more). 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 2024, the value of CIP endowment fund investment assets was £352,000 more than the indexed base value (2023.. £194,000). The TRP fund returned 6.4'h in the yearended 31 August 2024 (2023.. loss of -1.30kl. The CIP fund returned 13.80/0 in the year ended 31 August 2024 {2023.' 0.10h)- The long-term total return objective for both funds is 4.5¥0 above CPIH (Consumer Prices Index including owner occupiers, housing costs), which amounted to 3.10/0 forthe year ended 31 August 2024 (2023: 6.30/0)- Details ofthe movement on unapplied totsl return can be seen at note 9 to the accounts. In the year the trustees withdrew £4.5m from the TRP fund (13.60/0 of the invested capital, and above the typical withdrawal rate of 3.5 % ). Of this, £3.5m is eamarked for investment in capital projects by the Schools and is held at the year-end within the Aske's Income Fund. 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 actsvity 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. 13

TRUSTEES, REPORT Yaar ended 31 August 2024 Financial revlew The Charity's consolidated net incoming resources for the year, before actuarial gains and losses, amounted to £3,086,000 (2023: net outgoing £264,000). Net gains on investments were £3,432,000 (2023.. net losses £625,000), with the investment result being due to strong general market performance during the year. Consolidated funds increased by £3,066,000 to £122,443,000. The subsidiary company, Haberdashers, Elstree Schools Trading Limited produced a surplus of £253,000 (2023.. surplus £160,000). The continuing financial health of the Charity is consistent with the sound governan￿ and management which underpin the continuing success of the independent schools, four academies, five primaries, and their near 9,000 pupils. Reserves At 31 August 2024, the Charity had total reserves of £122,443,000 (2023: £119,377,000) represented by unrestricted funds of £20,360,000 (2023.. unrestricted funds of £14,695,000), restricted funds of £957,000 {2023'. £636,000) and endowed funds of £101,126,000 (2023.. £104,046,000). Further details on the make- up of these reserves are provided below. The Trustee considers that the level of unapplied total return in the endowment fund is sufficient to cover unexpected short-temi needs for which a reserve might otherwise be maintained, so is content for the Schools to maintain no unrestricted general fvnd reserve. At the year end, there is £4.9m held within the Aske's Income Fund (the unrestricted Foundation income fund). Of this, £3.5m is eamiarked for capital projects by the Schools" the remainder is for expenditure by the Charity, principally on grants. Unrestricted Funds Fund Fund represents Balance at 31 August 2024 £'ooo Schools and Govemors, general funds Working capital held by the Schools, and for use by the Schools 16,784 Pension fund The surplus on the Schools, defined benefrt pension scheme as calculated in accordance with FRS 102 is not recognlsed on the Charity's balance sheet (see note 18) Non-charitable trading funds Working capital held by the Charity's trading subsidiary Total Schools. funds 16,784 Foundation income fund Funds held by the Charity for expenditure on its general purposes 3,576 Total unrestricted funds 14

HABERDASHERS, ASKE'S CHARITY TRUSTEES, REPORT Year ended 31 August 2024 Restricted Funds Fund Fund restricted to Balance at 31 August 2024 £'ooo 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 515 12 430 Total restricted funds 957 Endowed Funds Fund Fund represents Balance at 31 August 2024 £'ooo Aske's permanent endowment Base value of the endowment - invested to generate a return that the Charity can use to support its general purposes 1,578 Investment return generated by the endowment - used to support the Charity's activities (see page 12 for details of the Trustee's pay out policy in relation to this fund) 27,316 Carying value of the Schools, land and buildings 105,433 Building fund. Total fund8 belonglng to the A8ke's pormanent endowment 99,327 Other endowed funds Endowment funds invested to generate income to support the provision of bursaries by the Charity 1,799 Total endowed funds 101126 '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°/o and is repayable on 4 August 2051. Golng 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 imp051tion of value added tax on independent school fees and the likely future 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. 15

HABERDASHERS, ASKE'S CHARITY TRUSTEES, REPORT Year ended 31 August 2024 Future plans A ten-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 Fomi. A reputation for being warm and fun, leading the national conversation on pastoral care and inclusion. Digitslly 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, Academies Trust South Schools, providing transformational educational opportunities, preparing young people for a global worfd. In June 2022, the following six Strategic Aims were endorsed by the Schools to develop, guide and support the vision for the delivery of the 2020-30 Strategy: Leaming: 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 ensu￿ that they understand the importance of protecting and developing their own wellbeing, spirituality and independence. Exploring.. The depth and breadth of our co4urricular programme wlll be unmatched, offering superb opportunities for each studentto excel academically while also pursuing their personal interests and talents. Students will be capable of being both team players and leaders, developing their ￿SI11enCe, 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 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 Wil￿ 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 respecL 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

TRUSTEES, REPORT Year ended 31 August 2024 To support the ambition, a new Executive Committee ('ExCo'l, chaired by the Executive Principal, was formed at the start of September 2023 to provide strategic leadership at an Elstree-wide level. New Heads were appointed for the Boys, School and Girls, School to drive the day-to-day educational performance of the schools whilst working with the Executive Principal and Exco to support the broader strategy. Exco established a series of prioritised projects and programmes ('Workstreams') for delivery in 2023124 under the six Strategic Aims, which included.. Governance and Leadership., 2020-30 Strategy. Nexus,. Innovation,. Digitsl., Academic Matters., Pastoral Strategy,. Co-curricular Strategy. Foundation & Partnerships,. People,. Estate Master Plan (Phase 2)., Environment., Financel Commercial. Pupil Recruitment", Compliance. In terms of progress, the key highlights for 2023124 were: the establishment and evolution ofa new Executive leadership group, including the successful induction of new Heads., the evolution of the leadership structure following the departure of the Chief Operating Officer and the creation of a Chief Financial Officer role in April 2024. the successful delivery of the Schools, first A Level results following the introduction of Cf>educational teaching {Nexus) for A Level in the sixth form, with greater alignment of processes, including academic monitoring, and the successful completion of the first cohort to take the Habs Diploma. the establishment of a new Innovation Centre and the appointment of a Director of Innovation. the delivery, over summer 2024, of the One Domain project, bringing the schools together on a single digital domain, with significant enhancements to our wi-fi provision. the delivery of cost savings though tighter controls, including on recruitment, printing and catering. the development of the Partnerships programme, including the signing of memoranda of understanding with five local partner schools, and plans to further develop this programme, supported by philanthropic donations secured by the Foundation. the establishment of a Staff Forum to engage with staff, and the recognition of two teaching trade unions through a Voluntary Recognition Agreement. engagement with staff through a formal consultation with ￿gard to teachers, pension provision, followed by the closure of TPS to newjoiners, whowill instead join the direct contribution scheme which the Schools already offer. development of our first sustainability Strategy, supported by a successful COP day for students and stsff in June. launch of a new joint website and a restructure of the admissions teams to create a central resource to better support student recruitment. continued campus masterplans to improve the teaching and leaming envlronments across the Schools. 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 thelr 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 for issue by the Trustee5 on 28 March 2025. For and on behalf of the Trustees Alderman Sir William Russell Master of the Haberdashers, Company (Member of the Aske Corporation) 17

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Oplnion 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 2024 which comprise the consolidated statement of financi81 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 I￿land (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 2024 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, Basls for opinion We conducted our audit in accordance wlth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audito¢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 ￿qUirementS 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. Conclusion8 relatlng to golng 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 fvrfelve 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 sects'ons of this report. Other Inforniatlon The trustees are responsible for the other infomiation. 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 notcover the other information and, except to the extent othe￿iSe 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 misststed. 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 material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. 18

HABERDASHERS, ASKE'S CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Matters on whlch 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 ￿qUIre 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. Responsibllltles of tru8tee8 As explained More fully in the Trustees, Responsibilities Statement set out on page 6, the trusteas 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 ststements, the trustees are responsible for assessing the group and the parent charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going con￿rn 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. Audltors, respon8lbllitie8 for the audlt of tho financial statements We have been appointed as auditors underthe Charities Act 2011 and report in accordance wlth regulations made under that Act. Our objectives are to obtain reasonable 8ssurance aboutwhether 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 pa￿nt 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. 19

HABERDASHER 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 Complian￿ 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 non4ompliance 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 whetherjudgements made in making accounts'ng 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 wlth laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. A150, 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 rnisrepresentations, or through coIIu5ion. A further description of our responsibilities is available on the Financial Reporting Council's website at. .frc.or .ukl itorsres onsibilities. This description forms part of our auditorfs 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 responsibilty 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. LLf Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date: 28 March 2025 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 20

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Year endad 31 August 2024 Unrestricted Funds Aske's Re6trictèd Endowment Income Funds Funds £'ooo £'ooo £'ooo Total 2024 £'ooo Total 2023 £'ooo Schools £'ooo Note Income and endowments from: Donations Charitable activities: School fees Other educational income Other trading activities.. Trading income Other income: FRS 102 interest receivable Investments.. Investment income 715 715 283 56,117 8,357 56,117 8,357 52,199 5,989 571 571 655 16 511 253 50 816 916 65,610 253 765 66,630 80,058 Expendlture on: Raising funds.. Loan interest and related fees Fees in advan￿ discount Investment management Trading cost of subsidiaries Charitable activities: Schools 1,136 236 1,136 236 1,146 214 91 91 58 60,525 1,294 675 3,019 65,513 58,278 61,988 1,294 675 3,019 66,976 59,697 Net galnsl(1088es) on Investment8 1,301 231 1,900 3,432 (625) Net incomel{expendlture) 4,923 (1,041) 321 (1,117) 3,086 (264) Transfers between funds (2,720) 4,523 (1,803) other recognlsed (108s88)Igain8: Actuarial (losses)Igains on defined benefit scheme 18 (20) (20) 592 Net movement in fund8 2,183 3,482 321 (2,920) 3,066 328 Total funds brought forward 14,601 94 636 104,046 119,377 119,049 Total funds carrled forward 16,784 3,576 957 101,126 122,443 119,377 The net incoming resources arose from continuing activities. The notes on pages 25 to 48 form part of these financial ststements. 21

BALANCE SHEETS As at 31 August 2024 Group Charity 2024 £'ooo Note 2024 £'ooo 2023 £'ooo 2023 £'ooo Fixed assets: Tangible assets Investments 113,690 73,538 113,963 53,836 113,690 73,538 113,963 53,836 187,228 167,799 187,228 167,799 Current as88ts: Stocks Debtors Investments Cash at bank and in hand 13 1,281 8,000 1,762 13 1,403 8,000 1,608 10 1,896 11,287 3,103 2,126 11,287 2,854 16,286 11,056 16,267 11,024 Liabilities: Creditors.. amounts falling due within one year (22,902) (16,111) (22,883) (16,080) Net curront (Ilabllltl08)lassets (6,616) (5,055) (6,616) (5,056) Total a888ts less current Ilabllltles 180,612 162,744 180,612 162,743 Credltors: amounts falllng due In more than one year 12 (58,169) (43,367) (58,169) {43,367) 122,443 119,377 122,443 119,376 Defined benefit pension scheme liability 18 Total net assets 122,443 119,377 122,443 119,376 Funds: Endowment funds Restricted funds Unrestricted funds.. General funds Non-charitable trading funds Pension scheme fund 101,126 957 104,046 636 101,126 957 104,046 636 20,360 14,694 20,360 14,694 Total Funds 122,443 119,377 122,443 119,376 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 28 March 2025. Signed on behalf of the Trustee Alderman Sir William Russell Master of the Haberdashers, Company (Member of the Aske Corporation) 22

HABERDASHERS, ASKE'S CHARITY CONSOLIDATED CASH FLOW STATEMENT Year ended 31 August 2024 2024 £'ooo 2024 £'ooo 2023 2023 £'ooo £'ooo Restate￿ Restateir Net cash provided by operating actlvlties: Cash flows from investing activities: Investment income received Purchase of tangible fixed assets Purchase of investments Pension interest receivable Drawn from investments (Increase)Idecrease in cash held for investment 4,695 6,190 816 (5,093) (1,186) 54 5,092 (20,230) 916 (7,989) (1,205) 15 2,678 Net cash provlded byllused In) Investlng activltles: (20,547) (5,585) Cash flo￿ from financing actlvltlos: Increasel{decreasel in fees in advance Repayment of borrowing 21,405 (9251 (1,755) (920) 20,480 (2,675) Change in cash and cash equlvalents In the roportlng perlod 4,628 (2,070) Cash and cash equivalents at the beginning of the porting period 9,762 11,832 Cash and cash equlvalonts at the end of tho roportlng perlod 14,390 9,762 Restatement of prior year figures". The movement on fees in advance was previously included in operating cashflows. As there has been material increase in the amount of fees in advance received by the Schools during the year, these have been reclassified to cashflows from financing 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, 23

CONSOLIDATED CASHFLOW STATEMENT Year ended 31 August 2024 NET CASH PROVIDED BY OPERATING ACTIVITIES 2024 £'ooo 2023 £'ooo Restat Net incomel(expenditure) for the reporting period Adjustments for.. (Gains)Ilosses on investments Investment income Depreciation Loss on disposal of fixed asset Pension scheme adjustment Decreasel{increase) in stocks Increase in creditors (excluding fees in advance and loans) (Increase) in debtors 3,086 (264) (3,432} (816) 5,023 343 (20) 13 1,113 625 (916) 5,409 455 592 (2) 419 1615) (128) Net cash provided by operating activities 4,695 6,190 See cash flow ststement for details on the prior year restatement, ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 £'ooo 2023 £'ooo Cash in hand Investments (current assets) 3,103 11,287 1,762 8,000 Total cash and cash equivalents 14,390 9,762 ANALYSIS OF CHANGES IN NET DEBT At1 September 2023 £'ooo Restate At31 August 2024 £'ooo Cash flows £'ooo Cash in hand Investments (current assets) Investment cash (fixed assets) Loans falling due within one year Loans falling due after more than one year Liability for fees in advance 1,762 8,000 11,425 (970) (36,972) (12,043) 1,341 3,287 20,230 (2) 927 121,405) 3,103 11,287 31,655 (972) (36,045) (33,448) Net debt (28,798) 4,378 (24,420) ' The position of net debt as at 1 September2023 differs from the closing position presented in the accounts for the year ended 31 August 2023 due to the inclusion of the liability for fees in advance among the items of net debt. This change has been made due to the material increase in the amount of fees in advan received by the Schools. 24

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 ACCOUNTING POLICIES Basls of preparation The financial 5t8tements 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 ststements 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 financlal ststements are rounded to the nearest £'OOQ. 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. The Trustees have revlewed 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 imposition of value added tax on independent school fees and the likely future 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. Group account8 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). Further information on the subsidiary is disclosed at note 17. Funds structure A statement listing all funds is at note 6. The funds are categorised as follows.. Pemianent endowmentfund.. 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 Govemors. Restricted funds.. these funds were donated or created for specific purposes and may only be used for those purposes. Designated funds.. these are unrestricted ftjnds set aside for particular purposes by the Trustees but they are not subject to any formal restriction. Unrestricted general funds.. these funds a￿ not subject to any restriction other than the objects of the Charity and are applied in furtherance of the objects. 25

NOTES TO THE ACCOUNTS Year endad 31 August 2024 Income recognition All income is recognised when the Charity is legally entitled to the income and there is reasonable assurance of ￿ceIpt. 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 rf 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. Govemance costs ￿ late 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 requirement5 and audit fees. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which It was incurred. Pen8lon schemes The Schools contribute to two defined benefit pension schernes.. the Teachers, Pension Scheme ("TPS"), which is for academic staff, and the Non-Teaching Staff Scheme ("NTSS"), which is for support staff. The Schools also contribute 120/0 of salary to a group personal pension plan for support staff who are not members of the NTSS. The TPS is an unfunded defined benefit scheme and contributions are calculated to spread the cost of pensions over employees, working lives with the Schools in such a way that the pension cost is substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary based on quadrennial valuations using a prospective unit credit method. The TPS is an unfunded multi-employer scheme with no underlying assets to assign be￿een employers. Consequently. the TPS is treated as a defined contribution scheme foraccounting purposes and the contributions are recognised in the period to which they relate. The NTSS is a funded defined benefit scheme. which is closed to new members. The scheme assets are held separately from those of the Schools in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate af return on a high-quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to net incomellexpenditurel are the current service costs and the costs of benefit changes, settlements and curtailments. They are included as part of stsff costs as incurred. Interest on the net defined benefit liabilitylasset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefi't obligations. The difference be￿een the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses. 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 Trustee has agreed a refund from 26

NOTES TO THE ACCOUNTS Year ended 31 August 2024 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. The group personal pension plan is a defined contribution pension scheme. Employer contributions are recognised in expenditure when payable. Tangible flxed 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 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 infomiation is no longer available and no reliable values can be attributed. If it were possible to base a provision ft)r depreciation on historical cost of pre-1945 buildings, it is probable that the amount would not be material. An estimate of expenditure on buildings belween 1945 and 1983 was capitslised In 1999 under the transitional provisions of Financial Reporting Standard 15. It is now treated as deemed historic cost. Expenditure on bulldings since 1983 has been capitalised at historical c08t. 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 Leasehold buildings Equipment and furnishings Motor vehicles All weather sports pitch up to 50 years over the life of the lease 3 to 10 years 4 years 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 impairrnent reviews. Flxed asset Investments (a) Quoted securlties 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 re￿nt valuations from their respective managers. Stock Stock of consumables is carried at the lower of cost or net realisable value. Flnanclal Instruments The Charity has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. 27

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 Financial instruments are recognised in the balance sheet of the Charity when it becomes paty to the contractual provisions of the instrument. (a) Financial a8sots Basic financial assets, which include trade and other debtors and cash and bank balan￿s, 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 transaction, where the transaction is measured at the present value of the future re￿Ipts 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 asset's original effective interest rate. The impairment loss is recognised in the Statement of Financial Activities. If there is a decrease in the impairment loss arislng from an event occurring after the impaiment was recognised the impalrment 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 nomally 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 paty who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (b) Flnanclal liabilltle8 Basic financial liablllties, 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 dlscounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade credltors 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 yearf 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 subsequentty 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 reali5e the asset and settle the liability simultaneously. 28

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 Crltlcal accountlng 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 conSide￿d to be relevant. Actual results may differ from these estimates. 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 asseuliability Recognition of legacy income INVESTMENT INCOME 2024 £'ooo 2023 £'ooo Interest from bank deposits Income from investment propety Distributions from Haberdashers, Charities Investment Pool 742 26 48 724 150 42 816 916 TUITION 2024 £'ooo 2023 £'ooo Gross Fees Less: Scholarships Bursaries staff fee remission 61,685 57,010 (1,187) {3,530) (1,176) {1,136) 12,982) (1,035) 55,792 325 51.857 342 Add back.. Bursaries paid out of restricted income 56,117 52,199 Numbers of pupils benefiting from.. Scholarships Bursaries 300 157 332 160 OTHER EDUCATIONAL INCOME other educational income includes registration and music fees, school meals and coach fares. 29

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 TOTAL RESOURCES EXPENDED Other dlrect costs £'ooo Staff Costs £'ooo Deprec- iation £'ooo Total 2024 £'ooo Total 2023 £'ooo Ralslng funds: Loan interest and related fees Investment management Fees in advance discount Trading costs of subsidiary 1,136 1,136 1,146 236 91 236 91 214 58 1,463 1,463 1,419 Charitable expenditure: Teaching costs School welfare School premises costs Public relations and marketing Grants payable (see note 14) Support costs Governance costs 24,681 245 1,422 6,259 2,914 6,483 707 986 7,889 176 1,312 171 3,239 36 32,252 3,330 11,144 743 986 16,864 194 26,216 2,943 12,179 591 1,046 15,103 200 8,625 18 350 34,991 25,414 5,108 65,513 58,278 Total resources ?XPondod 34,991 26,877 5,108 66,976 59,697 Support costs include administration and grounds staff, establishment costs, professional fees, travel and equipment rentals as well as coach seNices provided by the Schools. 2024 £'ooo 2023 £'ooo Charitable expenditure Includes: Remuneration of Charity's auditors for.. audit services to the Charity audit services to the Schools audit services to the pension scheme tax services 29 36 25 26 42 18 Rentsls under operating leases- Equipment Motor vehicles Payment to the Trustee for service charges 907 29 32 340 20 30

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 TOTAL RESOURCES EXPENDED (CONTINUED) Governance costs include travel expenses, event costs and gifts of £1,705 paid on behalf of Governors {2023.' £5,526), £16,215 for professional fees and other direct costs relating to governance matters12023'. £27,812) and £62,472 for consultancy services from the Clerk to the Governors (2023.. £61,585). 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. 2024 £'ooo 2023 £'ooo Staff costs comprise: Wages and Salaries Social security costs Pension contributions Other costs Payment of Trustees, staff under paymaster agreement 25,398 2,831 5,303 1,284 177 22,441 2,578 5,135 457 155 34,991 30.766 Under joint contracts of employment and a paymaster arrangement, salary costs for staff working for the Haberdashers, Company as Estates 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 {2023'. £Nil) were paid to Schools, Governors during the year. No remuneration or payment for seNices 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 Offi￿r, the Deputy Heads plus members of the Extended Leadership Teams (Assistant Heads, Directors and Section Leaders). 2024 £'ooo 2023 £'ooo Aggregate employee-benefits of key management personnel 3,538 3,321 The average numbers of employees in the year were.. 2024 No. 2023 No. Teaching staff Other stsff 333 237 322 217 570 539 31

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 TOTAL RESOURCES EXPENDED (continued) Numbers of higher-paid employees eaming in eX￿sS of £60,000 were: 2024 No. 2023 No. £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 £120,001 to £130,000 £130,001 to £140,000 £140,001 to £150,000 £150.001 to £160,000 £210,D01 to £220,000 £220,001 to £230,000 63 51 27 16 Payments made In addition to the bandlngs above.. 2024 2024 £'OOO Ele? No. 167 19 2023 2023 £'OOO Elee No. 26 Termination or redundancy payments Out of which are outstanding at y88r end 32

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 STATEMENT OF FUND MOVEMENTS AND TRANSFERS (a) Fund Movements Balance Other recognised galnlllossl £'ooo Balance Net 31 August transfers 2024 £'ooo £'ooo Incoma Expenditure £'ooo £'ooo £'ooo General fund8 - Charlty.. Schools general fund excluding building fund and pension Pension resèrvé. 14,600 65,213 (61,863) (34) 1,301 (20) (2,467) 16,784 14,600 85,267 253 (81,897) (1,294) 1,281 (2,467) 4,523 15,476 3,576 Aske Income Fund Total unrestricted funds - Charlty 14,694 65,520 (63,191) 1,281 2.056 20,360 Non-charitable tradlng fund8 Totsl unrestrlctsd funds - Group 343 (91) (253) 14,895 65,883 (63,282) 1,281 1.803 20,360 Restricted fund8 Schools restricted fund8 Simon Stuart Scholarshlp Bursaries Appeal Fund Total restrlcted fund8 418 515 (445) (1) (229) (675) 27 {2} (25) 515 12 430 11 220 218 248 836 765 231 957 Endowment funds Dr Margaret Bent endowment Simon Stuart endowment Bursaries Appeal endowment Aske's permanent endowmenf. 10 83 1.704 12 83 1,704 102.249 (3,019) 1,900 (1,803) 99,327 Total endowment fund8 104,046 (3.019) 1,900 (1,803) 101,128 Totsl Funds 119.377 66,630 (66,976) 3,412 122,443 The pension fund reflects 8 nil balance {2023: £Nil) on the Schools, defined benefit pension scheme as calculated in accordance with FRS 102. See note 18 for further details on the pension scheme. "The Aske's permanent endowment fund at 31 August 2024 consisted of £1,578,000 base value of endowment at 31 March 1976, £27,317,000 unapplied total return and £105,433,000 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. 33

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 STATEMENT OF FUND MOVEMENTS AND TRANSFERS (continued) (b) Fund Transfers Non. charitable Charitable Trading Unrestricted fund5 funds £'ooo £'ooo Permanent endowment fund £'ooo Restrlcted funds £'ooo New & replacement School buildings Unapplied totsl return for application Trading subsidiary gift aid to school (2,720) 4,523 253 2,720 (4,523) (253) (253> 2,056 1,803 A transfer of £2,720,000 was made from the Schools, General Fund to the Permanent Endowment Fund reflecting the investrnent in land and buildings during the year {2023.' £5,110,000). A further transfer of £1,023,000 was made from the investment in the Haberdashers, Charities Investment Pool (Total Return) ("the TRP.) during the year to fund grants and bursaries to the Haberdashers, Aske's Federation Trust and to the Elstree Schools (2023.. £1,046,000 transferred), while £3,500,000 was withdrawn from the TRP and is currently held within the Aske's Income Fund. These funds are belng held pending their use by the Schools for capital projects. TANGIBLE FIXED ASSETS Freehold Leasehold All weather Equlpment, land and land and sports bulldlngs bulldlngs pltches furnlshings £'ooo £'ooo £'ooo £'ooo Motor vehlcles £'ooo Group & Charity Total £'ooo Cost 1 September 2023 Additions Transfer from assets under construction Disposals 132,449 3,372 (553) 3,354 2,636 15,990 1,662 553 60 59 154,489 5,093 (1,066) (165) (1,231) 31 August 2024 134,202 3,354 2,636 18,040 119 158,351 Depreciation 1 September 2023 Charge for year Disposals 28,860 3,751 (839) 351 1,280 130 9,992 1,129 (49) 43 13 40,526 5,023 (888) 31 August 2024 31,772 351 1,410 11,072 56 44,661 Net book value 31 August 2024 102,430 3,003 1,226 6,968 63 113,690 31 August 2023 103,589 3,003 1,356 5,998 17 113,963 Included in freehold land and buildings above are assets in the course of construction with a net book value of £3,175,000 (2023.. £1,101,000). 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 2024 INVESTMENTS Charity and Group 2024 £'ooo 2023 £'ooo Haberdashers, Charities Investment Pools Listed investments Other unlisted investments Investment cash 39,067 2,815 41,030 1,214 167 11,425 31,655 73,538 53,836 Charity and Group Charities Investment Pool (Total Return) £'ooo Charltles Investment Pool £'ooo Totsl £'ooo Market value at 1 September 2023 Withdrawals in year Gain on revaluation 1,788 39,242 (4,523) 2,324 41,030 (4,523) 2,560 236 Market value at 31 August 2024 2,024 37,043 39,067 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 32.30k (2023: 28.70A) of the Pool units in issue. MOVEMENT ON UNAPPLIED TOTAL RETURN (a) Haberdashern, 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 Charty, endowment fund. Trust Unappllod for Total investment Return £'ooo £'ooo Total 2024 £'ooo Total 2023 £'ooo Trust for investment at 1 Septsmber 2023 1,578 29,943 31,521 33,039 Investrment retums: Realised and unrealised gain￿(loSses) Transfer to trust for application RePla￿rnent of capital 1,862 (4,523) 1,862 (4,523) (495) (1,046) 23 Trust for investment at 31 August 2024 1,578 27,282 28,860 31,521 35

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 MOVEMENT ON UNAPPLIED TOTAL RETURN (continued) (b) Haberdashers. Charitie8 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 re￿iVed since the base date. Trust Unapplled for Total investment Return £'ooo £'ooo Total 2024 £'ooo Totsl 2023 £'ooo Trust for investment at 1 September 2023 873 915 1,788 1,823 Investment returns.. Investment income Realised and unrealised gainsl(losses) Transfer to trust for application 48 236 48 236 42 (35) (42) Trust for Investment at 31 August 2024 873 1,199 2,072 1,788 10. DEBTORS AND PREPAYMENTS Group Charlty 2024 £'ooo 2024 £'ooo 2023 £'ooo 2023 £'ooo School fees other debtors Prepayments and accrued income Due from subsidiary company 103 382 1,411 34 532 715 103 297 1,411 315 34 473 713 183 1,896 1,281 2,126 1,403 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 2020121, another £500,000 was received in 2021122 and £200,000 in 202314. This has been recognised as incoming resources in the Statement of Financial Activities ("SOFA") and expended by way of a grant to the Haberdashers, Elstree Schools Foundation ("HESF'). The grant agreement specifies that HESF 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. 36

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 £'ooo Charlty 2023 £'ooo 2024 £'ooo 2023 £'ooo Bank overdraft Bank loan Fees in advance Accruals and deferred income Tax and social security Other creditors 57 970 5,762 4,287 628 4,407 57 970 5,762 4,280 628 4,383 972 11,434 5,939 672 3,885 972 11,434 5,932 672 3,874 22,902 16,111 22,883 16,080 At 31 August 2024, the Charity had deferred income of £3,840,20012023'. £1,958,000). This relates to school fees received ft)r serVI￿S to be provided in the following academlc year. 12. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR Group and Charlty 2024 2023 £'ooo £'ooo 35,000 35,000 1,045 1,972 22,014 8,281 110 114 Private placement Loan from Natwest Fees in advance other c￿dItorS 58,169 43,367 Maturity of debt.. Between 1 and 2 years Be￿￿een 2 and 5 years More th8n 5 years 8,370 13,799 36,000 3,142 4,128 36,097 58,169 43,367 The unsecured loan frorn Natwest is to fund building development at the Schools. Private lacement On 4 August 2021, a private placement for £35,000,000 was completed by the Charity for the Schools, use, primarily on capita5 projects. The loan is secured on the Schools, land and buildings. repayable in 30 years. The interest rate on this loan is fixed at 2.820/0 on the principal sum borrowed, repayable biannually. Natwest loan Elstree Girls, School - £g,000,000 drawn in 2015 and 2017, repayable in monthly instalments over 10 years. Balance of the loan as at 31 August 2024 was £2,017,000, ofwhich the amount repayable by 31 August 2025, £972,000, is shown as part of note 11. The interest rate on this loan is 2 % above base rate. De osits 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 afterthe balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2024 have been included within current liabilities. 37

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 12. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR (continued) Parents may enter a contract to pay the schools in advance forfixed contributions towards the tuition fees for future years. The money may be returned subject to specific conditions on the re￿Ipt of notice. 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Permanent Unrestricted Restrlcted endowment fund8 funds funds £'ooo £'ooo £'ooo Total Funds £'ooo Tangible fixed assets Haberdashers, Charities Investment Pools Other investments Investment cash Net current (liabilities)lassets Long term liabilities 8,257 6,948 105,433 32,119 113,690 39,067 2,815 31,637 (6,128) (23,169) 2,815 31,655 (6,615) {58,169) 18 938 (1,425) 135,000) 20,360 956 101,127 122,443 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 Estates Governor and trustee of the18nd, buildings and investments of the Charity. Details of transactions beTr￿een 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 has Invested in the Haberdashers, Total Return Pool, a common Investment fund and the Charitie5 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 £50.000 of grant funding from the Haberdashers, Educational Foundation {2023.' £53,000). The Haberdashers, Company is the Trustee of the Haberdashers, Educational Foundation. During the year the Charity committed to grants of £390,000 to the Haberdashers, Aske's Federation Trust, a connected charity, for sponsorship and music provision {2023.' £440,000). A further £99,000 was also awarded to former Federation students for university scholarships and bursaries12023'. £99,000). In addition, an award of £310,000 was made towards the costs of various posts, including the roles of director of an enrichment programme, director of strategy and innovation, director of inclusion (SEND and vulnerable pupils) and school improvement directors (2023.. £262,000). There was £50,000 provided in support for the wellbeing of pupils and staff (2023.. £100,000). Finally, there were furtheramounts totalling £235,000 (2023.. £145,000) for areas including enrichment, careers and leadership support. The Charity held £1,085,000 in creditors at the year-end in relation to these grants (2023- £1,140,000)- During the year the Schools received £250,000 from HESF towards the Bursary fund, £52,447 (2023.. £19,196) towards the Hardship fund and £83,383 in designated donations (2023.. £214,217). The Schools granted £200,000 to the Foundation (2023.. £nil). Note 10 provides further details. Details of transactions and balances be￿een the Charity's Schools and its subsidiary are set out in notes 10 and 17. 38

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 15. OPERATING LEASE COMMITMENTS At 31 August, the Charity was committed to total future minimum lease payments under non- cancellable operating leases as follows: Equlpment Equlpment 2024 2023 £'ooo £'ooo Payments due.. Vththin one year Between 1 and 5 years 957 1,720 346 36 2.677 382 16. CAPITAL COMMITMENTS Capital commitments for building projects and refurbishments at the Elstree Schools as at 31 August 2024 were £3,559,000 (2023: £nil). 39

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 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, registration number 3073480) forwhich the results are summarised below. Taxable profits are donated to the Charty by Gift Aid. 2024 £'ooo 2023 £'ooo Turnover Cost of sales Administration expenses 340 217 (91) (58) Operating profiV(loss) Other income Taxation Gift aid 249 159 (253) (160) ProfiV{loss) for the year Retained profiV{loss) brought fopward Retained profltl{loss) carried fopward Current assets Creditors falling due within one year 334 (334) 214 (213) Net assetsl(liabilities) Sharo capltal Year end Actlvitle• Haberdashers, Elstree Schools 31 August Trading Limited General commerclal entty attending the Haberdashers, Aske's Schools Turnover for Haberdashers, Elstree Schools Trading Limited includes £253,000 paid to the Schools (2023.. £161,000 to the Schools) which is treated as a transfer betrNeen funds in the consolidated accounts. 40

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 18. PENSION SCHEME (a) Defined benefit scheme- teaching staff The Elstree Schoo15 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 contribution5 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 28.680A from 1 April 2024. The Schools have triggered phased closure of the scheme with a proposed closure to new entrants from 1 November 2025. Current members are unaffected. The pension charge for the year includes contributions payable to the TPS of £4,314,825 (2023: £3,679,913> and at the year-end £533,322 (2023: £427,221) was accrued in respect of contributions to this scheme. A copy of the valuation report and supporting documentation Is on the Teachers, Pension website.. https:IlwvM.teacherspensions.co.uklmemberslfaqslvaluation.aspx. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer penslon scheme. The Schools have accounted for their contributions to the scheme as if it were a defined contribution scheme. (b) Non-tea¢hing staff scheme (NTSS) The Elstree Schools operate a defined benefit pension scheme ("the NTSS") for support stsff 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 2023 and the p￿liMInary results of this valuation were updated to 31 August 2024 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 2023 showed initial results of a surplus of £592,000, compared with a deficit of £483,000 in the previous valuation. Due to the improvement in the estimated surplus the Schools will no longer need to pay supplementary contributions to the NTSS. The trustees would like to amend the Scheme's factors going forward. The Schools meet the 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- Contributions paid to the NTSS in the year were £75,006 (2023.. £154,599). Present values of deflned beneflt obligatlon, fair value of assets and deflned benefit Ilability 2024 £'ooo 2023 £'ooo Present value of funded obligations Fair value of plan assets Effect of asset ceiling Net deflned benefit (assetllllability as recognised in the Balance Sheet 9,451 {10,584) 1,133 10.228 (10,953) 725 41

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 PENSION SCHEME (contlnued) Reconciliatlon of opening and closing balances on the present value of funded obligatlons 2024 £'ooo 2023 £'ooo Liabilities at the start of the period Curtailments I changes l introductions Current Service cost Interest cost Contributions by plan participants Actuarial loss Benefits paid Liabllltle8 at the Ond of the perlod 10,228 11,657 695 67 488 527 (412) (932) {2,061) (6251 9,451 10,228 The English High Court ruling in Lloyds Banking Group Pension Trustees Limlted 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 be￿een 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. Reconclllatlon of opening and closlng balances on the falr value of plan a88et8 2024 £'ooo 2023 £'ooo Fair value of plan asset3 at the start of the period Interest income Asset loss Contributions by the employer Benefits paid Falr value of plan a8set8 at the end of the perlod 10,953 581 (174) 156 (932) 10,584 11,960 504 (1,047) 161 (625) 10,953 The actual return on plan assets over the period ended 31 August 2024 was £407,000 (2023.. negative £543,000). Analysls ol plan assets Value of assets 31 Augu8t 2024 £'ooo Value of assets 31 August 2023 £'ooo Equity (including property) Bonds Insured pensions Cash 2,484 1,088 6,748 264 2,650 1,272 6,646 385 Total assets 10,584 10.953 42

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 18. PENSION SCHEME (continued) 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. Deflned beneflt costs recognised in the Income statement 2024 £'ooo 2023 £'ooo Current Servi￿ cost Net interest receivable Curtailments I changes l introductions Total pension lincome)lexpense 67 (16) 695 (54) (20) 746 Defined beneflt8 costs Included In othor recognlsed galnsl(1088e8) 2024 £'ooo 2023 £'ooo Actuarial loss on plan assets Actuarial gainl(loss) on defined benefit obligation of wh￿h dug to experience of whiGh due to financial assumptions Effect of asset ceiling Total {loss)Igaln Included in other recognlsed galns (174) (1,047) 345 67 (258) 123 1,938 (422) 592 (20) 43

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 18. PENSION SCHEME (continued) Assumptlons 2024 Yo per annum 2023 %per annum Discount rate Inflation (RPI) Inflation (CPI) Salary growth Allowance for revaluation of deferred pensions subject to CPI max 5 % subject to CPI max 2.5 % Allowance for pensions in payment subject to RPI max 50 subject to RPI max 2.5% Based on the assumptlons, on the balance sheet date the average future life expectancies at age 65 are summarised below.. Llfe expectancy at ag8 66 yoarn Retiring today Male Female 2024 20.8 23.6 2023 21.9 24.7 Retiring in 20 years Male Female 22.4 25.3 24.1 27.0 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) Deflned Contrlbutlon Schomo 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 120/0 on condition that the employee contributes a minimum of 5Vo of salary. Contributions paid by the Elstree Schools in the year ended 31 August 2024 were £843,706 (2023.. £692,797). 44

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 19. GROUP STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Aske's Restrictsd Endowment Income Fund3 Funds £'ooo £'ooo £'aoo Total 2023 £'ooo Schools £'ooo Income and endowments from: Donations Charitable activities.. School fees Other educational income Other trading activities: Trading income Investments: Investment income 282 283 52,199 5,556 52,199 5,989 349 655 655 16 16 704 162 49 916 Expenditure on: Raising fund5'. Loan interest Fees in advance discount Investment management Tr8ding cost of subsidiaries Charitable activities.. Schools FRS102 pension scheme net interest cost 1,146 214 1,146 214 58 58 52,802 1,395 441 3,640 58,278 54,221 1,395 441 3,640 59,697 Net galn8 on Investm8nt8 (36) (28) (28) (533) (625) Net Incomo1(expendltur8) 4,874 (1,177) 211 (4,172) (264) Transfers between fund8 (5,093) 1,023 (17) 4,087 other recognlsed108ses: Actuarial gains on defined benefit scheme 592 592 Net movement in funds 373 (154) 194 (85) 328 Reconclliation of Funds: Total funds brought forward 14,228 248 442 104,131 119,049 Total funds Carried foMard 14,601 94 636 104,046 119,377 45

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Yearended 31 August 2024 20. STATEMENT OF FUND MOVEMENTS AND TRANSFERS FOR THE YEAR ENDED 31 AUGUST 2023 (a) Fund Movements Balance other recognised gainlloss £'ooo Balance 31 August 2023 £'ooo Net transfers £'ooo Income £'ooo Expendlturo £'ooo £'ooo General funds - Charity: Schools general fund excluding building fund and pension reserve Pension resepde 14,227 58,897 16 (53,394) (789) (36) 592 15,094) 181 14.600 14,227 248 58,913 (54,163) (1,395) 556 (28> (4,933) 1,023 14,800 Aske Income Fund Totsl unrnstrloted funds- Charlty 14,475 59,159 {55,558) 528 (3,910) 14,694 Non<haritable trading funds Total unrestrlcted fund8 - Group 218 (58) (180) 14,478 59,3n (55,616) 528 (4,070) 14,695 Re6tr1cted fund8 Schools restricted funds Simon Stuart Scholar8hlp Bursaries Appeal Fund Total restrlctsd funds 217 831 (437) 10 (2) (25) (17) 421 223 47 (4) (441) (28) (281 213 442 680 636 Endowment funds Dr Margaret Bent endowment Simon Stuart endowment Bursaries Appeal 8ndowment A8k8'8 pemianent endowfflent 10 83 1.704 85 1,737 (2) (33) 102,300 (3,640) (498) 4,087 102,249 Total 8ndo￿nent fund8 104.131 {3,6401 {5331 4,087 104,046 Total Funds 119,049 60.058 (59,697) {33) 119,377 46

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 20. STATEMENT OF FUND MOVEMENTS AND TRANSFERS (continued) YEAR ENDED 31 AUGUST 2023 Ib) Fund Transfers Non•charltable Trading Charitable funds Unrestricted £'ooo funds £'ooo Pemianent endow. ment funds £'ooo Restrlcted funds £'ooo New & replacement school buildings Unapplied total ￿tUrn 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 (5,110) 1,046 5,110 (1,046) (23) 23 17 160 (17) (160) (160) (3,910) (17) 4,087 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS YEAR ENDED 31 AUGUST 2023 Permanent Unrestrfcted Re6trlcted endowment funds funds fund8 £'ooo £'ooo £'ooo Total Funds £'ooo Tangible fixed assets Haberdashers, Charities Investment Pools Other investments Investment Cash Net current {liabilities)lassets Long term liabilities 8,235 6,501 105,728 34,529 113,963 41,030 1,331 11,354 (4,355) (8,367) 50 71 515 1,381 11,425 (5,055) {43,367) (1,215) (35,000) 14,699 636 104,042 119,377 47

HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS Year ended 31 August 2024 22. TOTAL RESOURCES EXPENDED FOR THE YEAR ENDED 31 AUGUST 2023 Other dirèct costs £'ooo Staff Costs £'ooo Deprec- iation 'ooo Total 2023 £'ooo Raising fund8: Loan interest and related fees Investment management Fees in advance discount Trading costs of subsidiary 1,146 1,146 214 58 214 58 1,419 1,419 Charltable expendlture: Teaching costs School welfare School premises costs Public relations and marketing Grants paid Support costs Governance costs 22,052 194 1,178 4,164 2,749 7,362 591 1,046 6,003 189 26,216 2,943 12,179 591 1,046 15,103 200 3,639 7,331 1,769 FRS102 pension scheme net inter88t costs 30,766 22,104 5,408 58,278 Total r080urco8 expended 30,766 23,523 5,408 59,697 48