Rggistsred Charity Number 313996 Haberdashers, Aske's Charity Annual report and consolidated flnanclal statements For the year ended 31 August 2025
HABERDASHERS, ASKE'S CHARITY CONTENTS TRUSTEES. REPORT CHARITABLE OBJECT AND MAIN ACTivrriES TRUSTEES, REVIEW OF THE YEAR THE HABERDASHERS, COMPANY THE HABERDASHERS, FAMILY OF SCHOOLS HISTORY AND STRUCTURE OF THE ASKE'S CHARITY THE ELSTREE SCHOOLS HA8ERDASHERS' ACADEMIES TRUST SOUTH FINANCIAL PERFORMANCE, POLICIES AND PLANS INDEPENDENT AUDITORS, REPORT 17 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES 23 FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF FINANCIAL ACTivrriES BALANCE SHEETS CONSOLIDATED CASH FLOW STATEMENT 20 NOTES TO THE ACCOUNTS LEGAL AND ADMINISTRATIVE INFORMATION 67
HABERDASHERS, ASKE'S CHARITY CHARITABLE OBJECT AND MAIN ACTIVITIES OUR CHARITABLE OBJECT The object of Thè Haberdashers. Aske's Charity I'the Charity") is 'to promote in Greater London and the neighbourhood thereof the edlatIOn, including social and physical training, of boys and girls and in particular but without prejudice to the generality of the foregoing lo conducl and maintain schools in or near to Greater London for boys and girls., MAIN ACTNITIE8 The main activities of the Charity in pursuit of this charitable object are currently the operation of ts¥o independent schools at Elstree in North London and the support by the provislon of charitable funding, of a multi-academy trust in South London. Through its actNlties, the Charity is involved in educating around 9,000 puplls at Independent and maintained schools in Greater London. The schools managed or supported by the Charity are part of divèrse family of Haberdashers. UK schools. This family has the Haberdashers, Company al its hub, with its rnemb&r xhools sustaining and enhanclng the Haberdashers, reputation for eXllen in eduGation. The indep8ndent schools at Elstree are Haberclashers. Boys, School and Haberdashers, Girts, School and are together known as 'lhe Haberdashers, Elstree Schools. or "the Elslree SGhools" These schools are opérated by the Charity. The mulli4cademy trust In South East London 18 consltuted 8eparately as the Haberdasher8' Aske's Fed8ration Trust and trades a8 HaberdasheryJ' Academles Trust South I'HATS"). The Hab8rdashers' Company is the sponsor of HATS, and the Charfty providés HATS with charitabla grants, funded by the investment fund hekl within the Charity's perm8nent endowment. The Haberdashers, Company a180 provides HATS with govomance sUPPOrt, The Trustees have considered the Charity Commisslon'8 general guldance on public banefit and more spectffic guidance for charities whose alms include advancement of education and wh08e activibes involve Charging school fee8. in reviewlng the 81ms and objeetives for the Charity.
HABERDASHERS, ASKE'S CHARITY TRUSTEES, REVIEW OF THE YEAR On behall of the Tnjstees, we are proud lo present this full revision of the annual report of the Aske's Charity. The Haberdashers, A5ke's Charity is a very effective expression of the activities of the Worshipful Company of Haberdashers in the sphere of children's education.. rt operates, on the one hand, a group of pStigIous, thriving independent schools at Elstree in North London and undertakes, on the other, programme of granl-making to the schools and pupils of a mutti-academy trust in South East London. Today, betsveen them, the independent schools at Elstree and the multi-academy trust educate around 9,000 pupils. Moreover, childn, teaohers and governors from the school groups, which are united by their shared history and their links to the Haberdashers, Company, iegularly participate together in events at Haberdashers, Hall. Day-to4ay, the Charity'5 key activity is the operation of the Elstree Schools. We were therefore underslandabty delighted that the Schools, already reeognised as among the most prestlgious and successful independent schools in the country, We recipients of the overall 'lndependent School of the Year 2025. at the Independent Schools of the Year Awards. Success in this main award, as well as in a separate award for'outslanding Educab'onal Partnership5°, is a great credit to the achievements and hard work of the pupils, teachers, parents, carers and govemors al Elstree. Some of the Schools, other aChernents- includlng exGèll8nt sets of academic results- ar8 detailed later in this report. The awarding pan81 al the Independent Schools of the Year Awards noted that the Elstree Schools had malned true to their vision. de8Plte the challenges of the moment. The independenl schools sector Is certainly faclng a range of significant challenges, from the imposition of VAT on fees, wider ¢on¢em$ about affordabllity and rfslng costs, to an increasingly competitive admission9 market. In this context, the Elstree Schools are worklng lo build greater scale and lo support their pupil pipeline. The first steps in the grovrth of the group have been taken, with prestigious local preparatory gchools, Lochinver House and St Martin's School Northwood, lolnlng the Elslree Schoo18 from September 2025 and Apnl 2026 respectively. We are extremely pleased to welcome LoGhinver and St Martin's lo the Elstree Schools group. At thls juncture. these trAo s¢hool$ remain legally independent wf(hin separate charilles. and the Trustees are assessing the future legal $lru¢ture for the Elslree SGhoo18 group (including the new 8chool8180 that it 18 best placed to grow and thrfve. Just as there are challenges facing the Independent sector, 80 there are for the slate education 88ctor, with a widening attainment gap for disadvantaged puplls post-pandemic, a surg8 in pupils with complex special educational needs and budgetary conslrainls belng key themes. The Hab8rdashers' Company is th8 spjnsor for HATS 8nd the Charity h8s been able to provide over £1 m in grants and scholarships to the mulli-academy trust in the year. while members of the Company provide governance support to HATS. Thè Charity's grants facilitate, among other prforilies, the provision of enrichment opportunities, careers support, leadership courses, help for pupil and stsff wellbeing. and additional SENO support. The funding comes from the returns on the investments held within the permanent endowment. meaning that Robert Aske, original legacy continues to support pupils and schools in London almost 350 years after his death. The Charity's own flnancial position strengthened during the year. with total reserves increasing from £122.4m lo £126,7m. Further details are contained later in this report on the components of the Charity's financial performance. One of the critical factors has been the relatively benign investrnent environmen( with the Charity earning investment income of £1.7m and there being further unrealised gains on ils investments of £3.1 m. These benign conditions are not certain to continue, however, and recent events In Iran and the midd East may well prove destabilising to the worfd economy. Nonelhele5S. the Charity's Slgnificanl financial resources provide somethlng of a bulwark against uncertainty. be that caused by the wider market, the specific pressures on the Independent schools sector or the emerging demograph challenges faced across education in England. The Trustees are greatly honoured to fulfil their role for the Haberdashers, Aske's Charty and to continue its mission to support education in Greater London. The 8fforts and suC$S of the children, teachers, parents, rarers and 9ovemors who constitute and support our diverse and vibrant school communities are a great reward for our work in overseeing the Charity. 'Once a Haberdasher, always a Haberdashel is a favourite rnotto among our schoolchildren, and the long and rich history ofthe Haberdashers, Aske's Charity is a testament lo thi5 both n¢ and, we hope. for many, many years yet.
HABERDASHERS, ASKE'S CHARITY TRUSTEES, REVIEWOF THE YEAR On behalf of the Estates Twstee On behalf of the Schools Trustee CaroliM Davis Prime Warden of the Haberdashers, Company Member of the Aske Corporation Julian Gregory Chair of Governors HaÈerda8herg' Ask8's Elstree Schools Limited
HABERDASHERS. ASKE'S CHARITY THE HABERDASHERS, COMPANY A CITY OF LONDON LIVERY COMPANY WITH A FOCUS ON EMPOWERING YOUNG PEOPLE The Worshipful Company of Haberdashers {'Ihe Haberdashers, Company" or °the Company'l is a City of London Livery Company which was first incorporated by Royal Charter In 1448 and is now governed by Royal Charter of Elvzabeth I dated 1578. The aim of the Company is lo remain a flourlshlng livery company, predominantly lo oversee the promotion and furtherance of charitable and philanthropic activity, including by charitable giving and engaging its members in charitsble work, recognising ils role as a trustee of many ¢harf(ies and chantable bequests. The strategic purpose of the Company is to empower young people from every background to lulfll their potantial through the Haberdashers, schools and by supporb'ng their commun'e$. The narrative of the Company is as follt)WS'. Thé Company is a welcoming and inclusTrve livery company wlth a strong social purpose; Members give their b'me and skills as school governors. mentors and volunteers to support the wider Habefdashers, community of schools, charities and churches., The Company is proud of Its roots, tradib'ons and values that go back centurles., The Company is a modern organisatlon commltted to a vlbrant and dlver8e future. The Company has a clear priority.. educatlng young people, but has a wlder Influence, too. Its prtndpal activltles are.. For the schools, the Company delivets the Haberdashers, Advantage. This mean8 we work In partnership with oyr schools lo support pupils from every background so they can receive the best possible education and access a surte of enrichment activities that will broaden their horkons, b¢)ost their confKlence and develop thelr Ilfe skills, gNlng them the best chance to fulfil their potenbal. In phllanlhropy, the Company aims to b8 a trusted partner lo charitie5. principally in areas th8t underscore the work in education, thus enabling young people to thrNe, and $upports the need8 of the broader Haberdasher Gommunity. For the churches, the Company seeks lo be a role model patron and enable them to sep4e their communities, particularfy young people. The Company plays an active rolè in the life of the Clty of London.
HABERDASHERS, ASKE'S CHARITY THE HABERDASHERS, FAMILY OF SCHOOLS A THRIVING FAMILY OF SCHOOLS, EDUCATING 12,000STUDENTSACROSS FOURSCHOOL HUBS The Haberdashers, family of schools is structured in four hubs.. Haberdashers. Acad8mies Trust South, Haberdashers, Wesl Midlands Academies Trust. Haberdashers. Elstre8 S¢hools and Haberdashers, Monmouth School. who together educate 12,000 sludenls. Of these 12,000 students. around 9,000 are educated in Haberdashers. AeademSes Trust South and the Haberdasher5' Elstree Schools. The Company is Proud lo include schools of all types and size5 in very different aa$ of the county within our family of schools. From a brand-new 11-18 stale academy, likeHaberdashers' Borough Academy, opened in 2019 to serve the diverse and Pasl-moving populabon of Southwark in London, to 8 centuries-old slate grammar and boarding schcol. like Haberdashers, Adams in Shropshire, founded In 1656. The Company h8$ a tradition of school governan dating back to the 17th Century. Today at least 50% of govemors on Trust Boards are members of the Company. sitting across the $lxte8n schools in the Haberdashers, family including independent h0o1 boards, multi-academy trust boards and local goveming board8. The benefits of the latIOnshIpS are mutual, with successful and commttted gov&mors from schools gularly becoming mmbers of the Company. Trust and school l&aders setwe as governors for other schools and may become members of the Company. School alumnl may become APpntICe8 and eventU811y senior member5 ofthe Company. Chairs ofGovernors are members ofthe Company's Education Commlttee where they represent thelr school grijup in Company-18vel strategic decision making. HABERDASHERS, ADVANTAGE The Habeida8hers' Advantage programmo is a direc1-tsChOolS 8erles of events, actrvities and Support. The programme is based on th8 core principle olcommunity and the benefrts of mutual support and shared values. The Company uses its ability lo create connections. harness experts.se and open door8 for the benefit of students and staff. Over 3,500 Haberdasher students take part in a Haberdashers, Advantage event over the course of an academic year - including all Year 75 and half of Year 129. This prograrnme Is strongly supported by members of the Company, who give their time and opan up opportunlti8s that would be olhen¥i88 inaccessible to many students. There aro three Intsrlinked strands of the Haberd88hèrs' Advantsge programme. The Worklng Together prograrnme is about professional eollaboration, the Character and Futures programmes are student-fa¢ing. Working Together brings together staff, school leaders and governors lo connectwith each other, sh¢Mase school achievements, leam from inspiring exlemal speakers and gain the benefits of a wider educational context than any individual school group can offer. This allows schools to have access to stale and independent sector &xperbse- an unusual benefit In the world of educallon. These cross-sector contacts are also important to the Character programme for students - contact with young people from very different backgrounds helps gtudenls to respect differ8nce and value diversity of opinion. The activities for this programme are based on establishing a sense of community, providing ultural capital and character development opportunilles. The Futures programme for students Is outward facing. We use our professional and business nelworks to provKle careers and employability skills development opportunities for sixth form students, often hosting them in the stimulating professional 8tmosphere of Haberdashers, Hall. Students also beneffit from professional one-to-one mentoring through the Habs Aspire programme.
HABERDASHERS, ASKE'S CHARITY THE HISTORY AND STRUCTURE OF THE HABERDASHERS, ASKE'S CHARITY HISTORY Robert Aske bequeathed a substantial legacy lo establish a hospitsl and home for enty elderly men and a school for enty poor boys of Hoxton. just north of the City of London. Aske'8 Hospital w8s established by Act of Parfiament in 1690. Thè Act erealed a corporation, 'The Aske Corporation" to be the trustee of the Charity, called °The Govemors of the Possessions and Revenues of the Hospital 8t Hoxlon of the Foundats'on of Robert Aske, Esquire." By 1875, the Charity operaled schools at Hoxton and al Hatcham. The schools formerty at Hoxton are now Ihe Elstree Schools, having moved there in 1961 (Boys. School) and 1974 (Girls, Sehool} The Elslree Schoo15 remain within. and are operated by. the Charity. The schools at Hatcham merged 8S 8 City Technology College in 1991, then converted lo academy ststus in 2005, joining with the newty created Haberdashers, Knights Academy lo form the Haberdashers, Aske's Federallon Trust, whlch trades as HATS. HATS has since expanded to include fvrther secondary schools and flve primary schools. CURRENT STRUCTURE The Charity today is consllluted by 8 1991 Scheme of the Charity Commlssbn. as varled by a further 1998 Scheme. and amended by a 2016 resolution passed pursuant to Secllon 280 of the Charitles Act 2011. The Charity's Scheme establishes the Aske Corporatlon as Its Estsles Trustee. The Eststes Trustee is the trustee of the land. buildings and investments of the Charlty. The Haberdashers, Aske's Charity Act 2016 clarified the status of th8 Aske Corporation, confirming that the Corporation should be deemed a charitable company within the meanlng of Secuon 193 of the Charities Act 2011. with the Five Wardens of the Worshipful Company of Hab8rdash8rs as Corporators. responsible for the control of the Corporation and its property. The Estates Trustee is responsible for the preparation and submisgion of these financial ststements. Haberdashers, Aske'$ Elslree Schools Limited I'HAESL'I, a company limited by guarantee, was by a 2016 Deed of Appointment appointed as the Schools, Trustee of the Charity. The Elslree Schools, Governors las listed on page 58) a the Directors of HAESL. The Governors play an important strategic role in the life of the Elstree Schools and ao responsible for determining the Elslree Sch¢Jols' aims and overall conduct. The Govemors sel and review policies, strategies and procedures lo ensure the b8sI possible education for present and fvturn pupils and h8v6 responsibllity for the financial control and day-tcpday op&rats'ons of the Elstree Schools. The Company appoints the majority of Governors, who In lum appoint the remaining Governors. Th& Company and HAESL seek to ensure the Govemlng Body collectively has a wide range of experience, educational and other professional expertise and a strong connection to the local area. The Schools have number of cross-school Governor Committees which relevant executives attend that focu5 on.. teaching and learning., marketing, admlsslons and parent feedback,. human resources and execub've remuneration., non., and estates, Infrastructure and sustainabllity. UNDERSTANDING THE PAST: THE LEGACY OF ROBERT ASKE In 1689 the rnerchant trader, Robert Aske, dled without children and left most of hls estste - £32,000 - In tnjst lo the Haberdashers. Company. of which he had b*n a member throughout his lifetime. and Master In 1684. As was the case wllh several of the Company's original benefactors, his requirement was for his legacy to be invested in educallon and alm$house$. The money was used to found a school for the children of enty poor Haberdashers and a hospltal for tsventy elderly Haberdashers. A charrtable foundation, the Aske Charlty, was estsblished. As sel out above, today that one seed school in Hoxton, E8St London, has grown to become tsvo school groups.. the Elstree Schools and HATS. These school groupg a united by their shad history and today through their shared relationship with the Haberdashers, Company.. which takes Ihe fomi of funding, govemance and direct programmes for staff and students. Beeen them there are eleven schools which benefit from the property and assets of the Aske Ch8rity, and it is ests'mated that more than 100,000 pupils
HABERDASHERS, ASKE'S CHARITY THE HISTORY AND STRUCTURE OF THE HABERDASHERS, ASKE'S CHARITY have received the benefit of an Aske-sponsored education. Many ofthe5e students have been and continue to be drawn from some of the most disadvantaged areas of South East London, as well a$ from the diverse artas of North West London. In 2021, rt catrE io Ivjht that Robert Aske had held an investrnent of £500 in the Royal Afrlcan Company, a trading business set up to extract commoditles from the West ast of Aftica, within the £32,000 he bequeathed. The Royal African Company was also instrumental in the transatlantic slave trade. This revelation shked the Company and our schools. In response, a consultsts'on was conducted in partnership with our school groups and the communities they seNe. Direct representations were received from more than 800 people, including students. parents, alumni and school staff. The consultation concluded that Aske's nan* should be rermved from all schools, titles, as it may no longer make them 'eomfortable learning environmènts. We're dealing with childn. That has been a guiding principle in all of this,, a school governor confimkd, On the other hand, it was determined that Aske's name would be retained in the formal legal name of the South East London multi-academy trust IHaberdasher8' Aske's Federation Trusti to recognlse Robert Aske's founding contribution to it. Likewise, the Charity continues to bear hls name. Aske's conduct Is not to be excused, bLrt rather to be und8rslood in the context of its time- during a period of history when differ8nt behaviours prevailed. His charitable legacy. however, has benefitted the schools, pupils for more than 300 years. Today, moreover, th8 values which infomi the Charity, the Haberdashers, Company and its schools t in stark contrast to the rol8 of the Royal Afrfcan Company in the tran8aUantlc slave trade.
HABERDASHERS, ASKE'S CHARITY THE ELSTREE SCHOOLS SCHOOLS WHICH REPRESENT THE VERY BEST QUALITIES OF THE INOEPENDENT SECTOR The Schools al Elstree are among the most successful independent schools In the country. Pupils drawn from diverse social and faith ba¢kgrounds, who are the ultimate beneficiaries of the A5ke's Charity, achieve remarkable examinabon resutts every year. The vast majority go on to the university of their choice (primarily Russell Group), in¢ludlng substantial number8 to Oxford and Cambridge and to the county's leading medical s¢hool5. The Schools are equally proud of the broader personal development which runs alongside the academlc parts of the curriculum and ensures Ihat both wlthln and without the school environment, pupils and former pupi15 are fully equipped to tske a full part and often a leading part in thelr local and wider communities. Deffland for places al both Schools remalns high and all places a filled. The Elstree Schools were delighted to be named the overall 'lndeFendent School of the Ye8r 2025" at the Independent Schools of the Year Award6. The awarding panel commented that., 'This year's Independent School of the Year has d8monstrated Its resilience in 8taylng true to Its vision, rather than swerving the challenges of the moment. It represents the very best qualllles of the independent sector- vou that helps the wider world to understand the powerful and positive impact of this sector., The Schools a180 won the award for Independent School of the Year for Outstanding Educatlonal Partnerships, recognising thelr strong so¢1 impact and sustained partnerships wlth stale schcK*ls. There is mor8 on Ihg Elstree Schools, partnership work on pages 10-12. No attempt is made here to catalogue individual achievemenls. bul the Sheer range and scale of endeavours in whi¢h boys, girls and staff participat8 beyond the curdculum ar8 as impres51ve as the long list of individual and team achievements al bcal and national level. Highlights In 2024-5 Included a range of superb musical performances, the highlights being a pint gala concert at st John's Smllh Square and our Indian Music Ensemble being selected to perform in the national Musi¢ for Youth Thcert al the Albert Hall. Alongside exceptionally high l&vels of participation, our teams enjoyed strong results In the senior n8Jon81 Lacrosse Tournament, won the Boys U13 national Water Polo title, and were awarded the Excellence Award at the 2025 VEX Robotics World Championship in Dallas, Texas. The Schools were ratsd as 'very good, Ith& hlghest category) by the Oally Telegraph in the'Besl Value Priva18 Sch¢)ols In the UK,. Habordashews, Bo HMC- Headrnaslers, & Headmistresses, Conference IAPS- Independent A550Gialv)n of Prep Schools Haborda8hors' Glrl•' HMC- Headmasters, & Headmistresses, Conference GSA- Girls, School Association IAPS - Independent Assoclatlon of Pre Schools H8berdashers' Girls School was Inspected on 4 to 6 February 2025 by the Independent Schools Inspectorate {'ISI"). All inspecb'on standards were mel. Afftliation• Ind•p•nd•nt Schools In$pgCtorate I'ISI") Inspectlon dato {rgPOrts on ISI and Schools wgb81t881 Haberd8shers' Boys, School was inspected on 11 to 13 February 2025 by the Independent School$ Inspectorate I ISI'I. All inspection standards were met. and the school was awarded with tsvo slgnificant strengths. the highest accolade in the new ISI framework 1,439 Pupils at Septgfflber 2025 2025 GCSE rade5 9 to 7 2025 A Levels grados A. toB 1,121 88.1% 93.2% 92% In awardlng the tsvo synificant strengths in the Boys, School, the ISI inspectors stated..
HABERDASHERS. ASKE'S CHARITY THE ELSTREE SCHOOLS 'The co-curricular programme provides signrficanl variety, and many activities are initiated or organised by pupils. In 8 school in which pupils have high academic ambition, the programme provides balance lo pupils. examination studies, and, although voluntary, all pupils take parL As such it promotes pupils. wellbeing and is one of the h0o1,$ snIficant strengths., 'Prep school aderS have revised the English curriculum effeclwely so that pupils, high levels of attalnment in literacy In this phase of education is a significant strength., The day-to-day runnlng of the Elslree Schools is delegated to the Executive Principal, Gus Lock, the Heads, Hazel Bagworih-mann and Rob Sykes. and the Chief Financial & Operating Officer, Liz Karfoot, who in tum are supported by the Senlor Leadership Teams. as key personnel. The remuneration of the ExecutNe Principal, the Head$ and Chi8f Financial & Operating Officer18 set by the Remuneration Committee. a sub•¢ommitt8e of the Board, with the policy objecb've of provlding appropnate Incentives to encourage enhanced performance and of r8warding them faidy and responsibty for their indivldual contributions to th8 Schools, success. The remainder of the Senior Leadership Teams of the tsvo Schools are remunerated in accordance with sensor leadershlp pay sleS which are agreed by the Remunèration & Nominations Committee. The approprialenes5 and relevance of the remuneration policy Is reviewed annually, includlng ference to Comparisons with other Independent schools to ensure that the Schools remain sensitive to the broadér issues of pay and employment conditions elsewhere. Dellvery of th8 SGhool8' vislons which support the fvlfilm8nt oftho charitable purpose is prbmarlty dependent on the key manag8rn8nl personn81 and staff costs are th8 largast Single element of the Schools, charitable expenditure. FINANCIAL RESULTS OF THE ELSTREE SCHOOVJ The Elstree Schools arg an operatsng segment of the Aske's Charty. The full financlal results of the Schools, as part of the Charity, are included in the financlal stslements on pages 2&56. The summary below presents the fin8ncial re8uIts of the E18treè Schools on a 8tandalone basis In the year ended 31 Augu8t2025. 2025 £'ooo 2024 £'ooo School fee income Ancillary trading & other education81 activitles LegaCS & donations Expenditure on raising fvjnds Charitable expandilure Actuarial (losses} on pension scheme Total surplus from school operntions 57,184 8,437 663 11.9711 {63,486) 1981 729 $6,117 8,928 715 11,4631 164,2191 1201 58 The result from th8 School$. operab'ons excludes Inte$t, Investment Income and unreallsed investment gains or losses arising from market movements. Expènditure on raising fvnds includes loan interest payments and fee5 in advance discounts. The Schools, operats'ons a required to generate a sinking fund for repayment of the private placement loan, with £1.17m currentty being paid annually Into a fund whlch will enable the prNate placement loan to be repaid in 2051. The S¢hools' resull is rgconciled to the overall result for thé Charity on page 17.
HABERDASHERS, ASKE'S CHARITY THE ELSTREE SCHOOLS THE ELSTREE SCHOOLS: A TRADITION OF PHILANTHROPY The Elstree Schools are proud of their philanthropic orfgins. Today, this is mainly expressed through partnerships with other schools, outreach work with the wider community, and subsidised or free places for children which would otherwise be beyond the means of their parents. The Elslree Schools have a range of community partnerships with other schools and relationships with charities and voluntary organisations., they also contribute locally, nationally and global in a variety of ways. The Schoo18 appointed a Director of Partnerships in September 2020. demonstrating the importance that the Schools placè on their rekgtionships with, and SUPFQrt for, the world b8yond th8ir gales. Partn•rnhlp• Partnerships is one of slx strands of th8 Elstree Schools. 2030 strategy, and Is fundament811o developing students who are coura9eous, curious. ambitlOUS, 8nd- above all- able lo make a profound impact in Ihelr o)mmunity. Thls work is led by the students. with hundreds building unlque learning opportunities every week, both for others and for themselves. Partnerships 8im8 to bulld mutually beneficial connections beeen the Habs communlty and the I1 community in ordei to.. 1. Address educational disadvantage In the local ar88," 2. Enable Habs pupils to have a profound and sustsined impact in their community., 3. Broaden Habs pupils, education, including their human and social educab'on. How Partnershi rks.. The Schools have six local partner schoo18 {flve primarfes, one secondary), wtth whom we work closely every week. These s¢hools often have high levels of disadvantage. In partnership with these schools, the Schools run fify-tsvo educational se3slon$ every week, o)vering a broad range of currtcular and co-curricular Subjects. Sessions are ¢o-de$igned with partner schools to.. a) Support and 8nhance the partner Schools, currlcular and co<urdcular off8r', and bl Support and enhance the development of Habs students. leadershlp end communicalion skills, and social and cultural education. Each session is led by or supported by a group of specially tralned Habs students. In 2025-26, around 400 Hab5 Students in Years 10-13 are leading partnerships aclivltles every week. Each slud8nl will work with a group of students from a partner school for 8t18ast tsvelve sessions, and sometimes up to thity-six. A wrnmunity partnerships programme is in developmen( wlth sesslons being piloted from January 2028. This will involve around 100 mre students every week, as well as parents and alumni, working outside of school hours with MmUnitY groups and local charities. To deliver this work, the Schools are building a coalition of partner schools. civic institutions and local leaders and resldents to attempt to transform thewider educatr'onal outcomes and Ilfe chances of children in the 8orehamwood and E15tree area. Ambitious plans are in progress lo seGure signrficant fvnding from Hertsmere Borough Councll, which will involve the Partnerships Programme being conslituled as a CIO, likely named the Herts Leaming Partnership. The Schools were delighted to win the 2025 ISA award for Educ8tional Partnershlps, whlch formed the basis for the overall awarding of Habs as School of the Year. act of artnershi The Elstree Schools. mission is lo enable their studen15 to have a profound impact in the world. The partnerships work takes this instruction literally.. every single week, as part of a programme whh trains. guides and supports them, the Schools seek to put their students into the wder world and to enable them 10
HABERDASHERS. ASKE'S CHARITY THE ELSTREE SCHOOLS to have a profound impact. As well as having a profound impact on the outcomes and life chances of Students in our partner schools. Partnerships also has a profound impact on the 400 Habs students who work as mentors and teachers for younger students.. the resilience, leadership and communication skills they develop as a rèsult of their work fonn a Gfuc181 part of a Habs education. Measurable educ onal outcomes Att•ndance.' Raising attendance is one of the key challenges for our partner schools,. we are now clear that a regular programme of partnerships work is a powerful tool for tsckling this challenge, given that attendance is the most powerful predictor of school outcomes for young people. In one of the partner schools. the Partnership's work has raised average School attendance among disadvantsged pupils- l.e. not just attendance at partnerships sessions, but al school overall - by 10.1 %". equivalent to a full extra day of school every weeks. This is supported by similar evidence from other projects with other partner h0O1$ - for example. a climbing sessKsn which has raised average attendance amon9 disadvantaged students by 4.6%. Attendance is also Improved al Habs, by the much more mode$tfigure of1.7%,' thi8 is stlll significantwhen we Consider the very high baseline 8ttendance Habs exhibits. Attalnmont.. In one of the partner schools, a dedicated project worklng on movlng Year 6 students from Expected Standard I'EXS") to Greater Depth Standard {'GDS'I in Maths and English had outstanding results in 2024-25, wlth the times the proportion of studonts achieving GOS cornpared to the previou8 year. Anecdotal evidence from several other partner schools suggests that students, Gonfidence and understanding of other subjects laught e.g. MCern Foreign Languages or Science- has also improved signlficanlty as a rasult of partnerships sesslons. We are Currently working on an ambitlous project to define and measure the effect of partnerships on Habs 8tudenls soft skills, IwhKh we call 'dispositions'l. as part of our Pupll Profile work to widen our ability lo report the achievement and attalnmenl of our students. Qualltatlve mea•uro•: 98.7% of Habs student mentors {Y10-13 students) say that P8thershlp8 8a8sions had an Impact on lrnprovlng th81r communicauon skills. 94.8% Hab8 Student mentors (Y10-13 studen18188y that partnershlp8 se$sions had an impact on improvlng their resilience. 92.1% of Habs student mentors IY10-13 students) say that partnerships $è8slons had an impact on improving their confidence. 100% of Hab8 Student mentors (Y10-13 students) bèlleve Ihal Ihelr work has 8 posllve effect on the younger students they work wrth. 94% of partner school students (Y3-61 say they enjoy the sessions. What Habs student mentors 8 ra 'I've learned to rely on my inslincls, take the initiative, and tackle tasks by myself.. 'I've had lo figure out diffent ways of explaining things.. I've also learned how to be patient, listen better, and adapt my approach., '1 w8s often reluctant to venture beyond my ccmfort zone, but this experience has demonstrated the importance of taking the first step and WelmIng change., 'I've been able to under5tsnd diverse viewpoints and challenges.. it has not only broadened my understanding but also strength&ned my Iles to the community and fostered a more inclusive perspective., '1 loved worklng wrth children, and the pride when they listsn and1¢4)k to you for help 18 an amazing feeling., 'It has taught us a lol about ours6lves. About how we approach problems, as well as giwng us an opportunity to learn from each other. I have learnt a lol of soft skills from partnerships that 8re going to be important beyond life at school., 11
HABERDASHERS, ASKE'S CHARITY THE ELSTREE SCHOOLS r school staff value.. 'Really posits've engagement from our children, sessions are enjoyable and they look foNard to them. raises the profile of all the subjects taught, raises confidence. prepares Y8ar 6 for secondary experien¢e.'_ Monk5mead 'Specialist teachlng e.g. French, swimming, outdoor educatlon this expertis& enriches our curriculum offer further. This 1$ what a rich curriculum looks like., Cowley Hill 'Seeing my class grow in confidence and ability as a result of high-quality teaching, _ Monksmead 'The link beeen our students and Habs students, including the learning expenences this facilitates., Fair Field 'Seeing thè excitement and enthusiasm from tho children from th8 moment we leave Monksmead, on the coach and durlng each lesson.11 is a whole experience forour childran and notjust a science tesson.. Monksme8d 'Gr8at organisation, fantastic facilities, excellent enrichment. specialist teachers, good rat of aduRs lo students., Fair Field 'Unique opportunitl8s for Students at both schools., Cowley Hlll Tho El•trne School•'. Ilnanclal a8818t•neo In 2024125 the Schools provlded significant financial support to 162 students12023124.' 1571 In the fom of bursaries. The total support provided was £3.68m12023124.' £3.53ml, whl¢h represented 6% of gross feas and 7.9% of all s&nlor school students. In addillon to fee remlsslon, 8 further £216,00012023124.. £185.000) was provided to bursary holders (which includes 88sislance for transport, music tultion, lunches and educational trips and visits In the same percentag8 as that applled to tuition fee remission) lo enable bursary students lo participate fully in school life. During the year, the Schools provlded short lemi support totalling £52,000 to families experiencing financial hardship12023124'. £29.800). There is discreet pastoral monitoring and support for bursary students to ensure that they benef51 as fully as possible from the School8, SUPPOrt and to forestall any potential feelings of difference or isolation. 12
HABERDASHERS. ASKE'S CHARITY THE ELSTREE SCHOOLS THE ELSTREE SCHOOLS: STrATEGIC REVIEWAND EXPANSION A ten-year strategic plan was launched in September 2019 and subsequently reVd in June 2022. This sets out the fvndaThntal principles on which the Elstree Schools will progress, based on what the Schools currently are, what they seek lo provide and their shared v81ues. The following six Strategic Mms we endorsed by the Schools to develop, guide and support the vision for th8 delivery of the 2020-30 Strategy.. We will provide the nTht exciting, challenging and innovative experiences- bringing a sense of magic and wonder lo learning. We will prepare students intellectualty, emotional, socially and technologically to carve out the futures they want. They wlll become lifelong learners, Pable of endlessly adaptlng to an ever<hanging world. Leaming.. Caring.. Every 81ud8nl wlll be valued for who they are as a unique individual. They will know that Habs aayS offers kindness and encouragement and that we will proactivély nurture and support them. We will also ensure that they understand the importance of prolectsng and developing thelr own wellbeing, Spirituality and Independence. Exploring.. The depth and breadth of our cfr¢urri¢ular progr8mrM will be unmatched. offering superb opportunllles for each student to excel academically while also pursuing their personal interests and talents Students wlll be capable of belng both team playefs and leaders, developing their resilience, seSf-awareness afid confidence they need to take rlsks and cope wlth the outcomès. Partner8hlps'. will 'op8n our gat85' and axp8nd our horizons, engaging fTh)re deeply wlth wider range of communltles, institutions and IndNiduals - lolty, natlonally 8nd globally. Th18 wlll deliver mutual opportunitie5 for discovery, adventure and progress. Talent Our putatIOn will draw the brightest students to U5. We will also become an insplralional. dlverse and inclusive 'destinatlon employer,, attracting world-class teaching and professional services staff. W8 wlll retain thi8 lalenl through excellent personal and professional d8valopm8nl opportuniti89, a strong Sense of belonglng. mutual support and resp8Ct. Campus.. We will be a responsible 'custodian' of our historlc campus to create an outslandlng learning and working environment for students and staff. We will reimagine education by being a responsible custodian of our c8mpus,' supporting and developing ex15ting building5 and facililie5', Investing in slate of-the-art, environmentally sustainable facilities whlch can flawlessly support the delivery of our other aims. To support the ambition, the Heads Executlve Group I'HEG") ch8[d by the Executive Principal, provides strategic leadership at an Elstree-wide level. Specific Board 908ls and oblectNes are 8greed with the Governors each year, and were as follows for 2024125". Deliver an outstanding educational exp8rlen¢es & outcomes for all pulS and high level$ of customer satisfaction., 2. Safeguard the financial fvt of the Schools through a multlfaceted iesponse to the introduction of VAT & Business Rates Removal., 3. Improve Admissions StructuS, systems and pr¢xesses to deliver an èxceptional customerjoumey at all entry poirsls.. 4. Ensure hamK*nious and positive relations with the staff body.. Pay. Productlvlty, Perk)rman, Progression., 5. Establish putatIOn for Educational Innovation 13
HABERDASHERS, ASKE'S CHARITY THE ELSTREE SCHOOLS 6. Steward and develop the Estate sustainably and cost-effeclfve The s8¢lor is facing unprecedented challenges with VAT on fees making independent education unaffordable for many more families. Habs Elstree enjoys a strong reputation which may provide some in5ulats.on against some of the sector related risks, bul the admissions landscape is increasingly competitive. In light of the changing financial landscape, the Schools condu¢led research through Public First, who concluded that the schools must.. Insist on the high8St qU81ity provision in all areas, especially strong academic outcomes Strengthen the culture of nurturing at all ages, especially at EYFSI KS1 Retaln sethts'vity.. keep numbers strong, but accept they may fall F(uS on the Sixth Fofm.. experience & outcome5, retention & recruitment Mitigate T15ing costs where possible. but without detriment to experience Continue to drive for equality Anbcipale ever hlgher expectations from parents Communicate effectively., clear, succinct, accurate, honest and personal Grow scale through dtversificalion and expansion to create a resilient group of schools Cultivate a high performing stsff dY who feel valued, rewarded & challenged Glven these challenge8 and the need to grow to thr in th15 conlexi, we are focusing our effort8 on building scale. In May 2025, It was announced that Lochlnver House School (a coducational prep 9chool in Potters Bar for 3- 10 13-year-oklsl would be joining the Elstree Schoo15 group from September 2025. In December 2025, it was announced that Sl Martin's School Northwood la boys, prep school for 3- to 13-yearvolds1 would joln the group in April 2028. Ultimately, it 18 Intended to build a netsvork of schools, nurseries and opportunitles which.. ign wfth the Habs ethos and values, with a commitffnt to academic excellence alongslde broader education 8nd preparing young people to make a differenc8 to 50c18ty Allgn with the Habs reputation for high quallty and edu¢alional excellence Support and strengthen the pipeline of pupils to Habs, wllhout compromising adrni8sion8 requirements Open or improve access to geographical areas where Habs has enjoyed less penetration Together creates economies of scale with certlralised leadership and services (where possible and preferable) Offers familles a broader choice of schools under the Habs umbrella (geographical Choice, ¢tred or single sex, et¢.) The Elstree Schools, and the Charty, are exploring opportunities acros5 these areas and will continue to do so over the coming year. The Charity is also considering its legal slruclure, to ensure that it is best placed to enable the Elstree Schools lo achieve scale and to continue lo pursue its own charitable object. 14
HABERDASHERS. ASKE'S CHARITY HABERDASHERS. ACADEMIES TRUST SOUTH A THRIVING MULTI-ACADEMY TRUST IN SOUTH EAST LONDON AND KENT The Haberdashers. Aske's Federation Trust { the Trusl'l, whioh trades as Haberdashers, Academies Trust South ('HATS"l is a separate. conne¢ted charity governed by articles of association as a company limited by guarantee. In common with all academy trusts, the Trust has exempl chanty status. The Trust's activities are primarily funded by the Department for Education. The Company's role is as sponsor for the Trust. providing financial and governance support. The Charity, in pursuit of its charitsble object of promoting Education in Gater London, provides an annual grant lo th8 Trust and scholarships to some of the Trusys pupils. HATS provides prlmary and secondary education at its nine schools.. four secondaries and five primaries. The primaries are Crayford, Hatcham, Halcham Fre8 School, Knights and Slade Green. The secondaries and Sixth forms are Borough. Crayford, Halcham and Knights. The Charity owns the land and buildings occupied by Halcham College and Hatcham Free School. whh is leased to the Trust at a Fepper¢om rent. HATS prepares its own annual report and financi81 statements. The infomialion on the Trust Sn this report reflects the continuing strength of the connection betsveen the Charlty and thè Trust. The Directors, vision for the Trust is built upon aspiration and achievement, personal responsibility, self- discipline and mutual fespecl. It 1$ the Trust's mission to ensure that all young people educated wrf(hin the Trustfulfil their potential and leave school fully equipped with the qualifications, skills and personal attributes lo be successful in whatever they wish to do. In order to ensure that high standards are maintained, stsff and sturJent8 from across HATS are committed to the delivery of the Trusfs values, aims and ethos. The Trust seeks to ensure that every child educated within the Trust's nine schools Is happy and safe al school and is able to leam su¢¢e88fully in a supportive environment. The staff are Committed lo helping each student to achieve Ihelr full potential personally. academically and 80cially, and to 8quipplng them with the ski118, qualifications and love of leaming that they wlll need to be successful In the wodd they will join as adults. Excellent leaching is al the heart of this approach. The Trust is a18aming organisallon, not only for students, bul also for every member of staff. It 15 only appropriate wllhln a school setting that the staff should m¢)del the importance placed upon leaming and so the staff attend many professional development sessions and are committed to the continued development of their skllls and knowledge. The CharSty supports the Trust by nomln8ting able and committed govemors, through the sarvices of tho Company's Education Committee and the staff of the Haberd8$her8' Company, by providing access to the Haberd?shers' Advantage and through the provision of the srtes at HatGham. In addition, the Gharity aims lo maximise annual unrestricted grants to the Trust. In the year ended 31 August 2025, sponsorships, grants and scholarGhips of £1.051,000 (2024.. £985,000) were committed. Thè links beeen the Cijmpany and the Trust involve many visits by the Wardens. mmbers and staff of the Company to the Trust's schools each year. Annual offidal visits by the Company as Trustee of the Charity are known as Deputations and these took place on 2 April 2025 18oroughl, 15 October 2024 Icrayfordl, 5 March 2025 {Hatchaml and 19 March 2025 IKnlghts}. The Haberdashers, Company and the Charlty wlll continue to sUprt the Hab8rdashers' Aske's Federation Trust and its aim5, as set out in the Trusvs Directors, Report, are.. To achieve excellent outcomes for ALL children and young people so that they can be successful In their next steps and future lives., To be a 99t employer. attracting, retaining and developing the best $tsff,' and To be the Trust of choice 8nd a welGorne presence in our communities. The Membws ofthe Trust comprise the Hab8rdashers' Company and up to four further Members appointed by the Company. Any number of additional persons can, through special re501ution, be appointed as Members, with the Consent of the Company. The governan of the Trust is defined in 115 Memorandum and Articles of Ass¢xialion, together with the funding agreement with the Department of Education. Details on the members of the Trust are included on page 59. 15
HABERDASHERS, ASKE'S CHARITY HABERDASHERS, ACADEMIES TRUST SOUTH The Board of the Trust must Include no fewer than three directors. There 18 no maximum number of directors. The Board cornprise5'. Up to nine d1CtorS nominated and appointed by the Members., The Chief Executive Officer of the Tru$L appointed by the Members.. Up to appointed directors proposed by Temple Grove Schools Trust Limited., and Any number of c(0pj directors appointed by Ihe Member nomlnated and appolnted dlrectors. The total number of directors who are also employees of th8 TNSt cannot exceed one thlrd of the total number of directors. 16
HABERDASHERS, ASKE'S CHARITY FINANCIAL PERFORMANCE, POLICIES AND PLANS On behalf ofthe Charity. the Estates Trustee presents the report and accounts for the year ended 31 August 2025. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 of the accounts and comply with the Charitie5 A¢t 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicab18 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Legal and adminlstralive information set out on pages 57 to 59 forms part of this r8port. FINANCIAL REVIEW The Charity's consolidated net incoming resources for the year, including investment gains and before actuarial gains and losses. amounted to £4.368,00012024'. £3.086,0001. Net gains on investments were £3,141.00012024.' £3,432,000), with the investment result being due to strong general market PerfoanCe durtng the year. Consolidated funds increased by £4,270,000 to £126,713,000. The subsidiary company, Haberdashers, Elstree Schools Trading Limited produced 8 Surplus 01 £313,000 {2024.' surplus £253,000). The standalonè financlal results of thè Elstree Schools, which are an operating segm8nt of the Aske's Chanty, are presented on page 9. The overall result of the Charity is as follows.. 2025 £'ooo 2024 £'ooo Totsl 8ufpiu8 from sch¢)ol operallons Interest, investment income and FRS 102 penslon inco Charity's expenditure, including grants Investrn8nt gains Net mov•m•nl In fund• 729 1.721 {1,3211 3,141 4,270 870 11,2941 3,432 3,066 The continuing financlal health of thè Charlty Is conslstent wlth the Sound governance and management which underpin the continuing success of the Iwo independent Schools, four academies, five prlmaries, and thelr near 9,000 pupils. RESERVES At 31 August 2025, the Charity h8d lotal reserves of £126,713.000 (2024: £122.443,0001 represented by unrestricted funds of £30,009,000 {2024.' unrestricted fvnds of £20,360.0001, restricted funds of £914,000 12024.. £957,000) and endowed funds of £95,790,000 {2024.' £101.126,0001. Further detsils on the make- up of these reserves are provided below. The Trustee considers that the level of unapplied total retum in the endowment fund is sufficient to cover unexpocled short-term needs for which a reserve might otheise bé maintained. so is content for the Schools to maintain no unrestrictsd general fund reserve. Al the year end, there 18 £1.4m12024-. £3.6m) held within the Aske's Income Fund (the unrestricted Foundation income fund). Unrestrlcted Funds Fund Fund represents Balance al 31 August 2025 £'ooo hools, general funds Worklng capital held by the Schojls. and for use by the Schools 24,177 Designated sinking fund The Schools have designated fund for the repayment of the private plament loan. 4,444 17
HABERDASHERS, ASKE'S CHARITY FINANCIAL PERFORMANCE, POLICIES AND PLANS Penslon fund The surplus on the Schools, defined benefit nSIOn scheme 8s calculated in accordance with FRS 102 is not recognised on the Charity's balance sheet {$8e note 18) Non-chantable trading funds Working capilal held by the Charity's trading subsidlary Totsl Schools, funds 28,621 Foundalon Incomè fijnd Funds held by the Charity for general expenditure Total unre8trlcted funds 1.388 Re8trlct•d Funds Fund Fund roitrfctod to Balance at 31 August 2025 £'ooo Schools restricted fund Provision of bursaries, scholarships and prize frJnd$ Simon Stuart endowment Provision of bursaries for the Boys, School Bursaries Appeal Fund Provisk)n of bursaries for both h0O1$ 473 10 431 Total ro•trfct•d fund• 914 Endowod Fund• Fund Fund r•prg••nt• Balance at 31 August 2026 £'ooo Agke'9 pemanent endowment Base value of the endowment - invested to generate a return that the Charity can use lo support its general purpo$e$ 1,578 Investmnt return generated by tho endowment - used to support th8 Charity's activities (see below for details of the Tru8tee'$ pay Out policy in relation lo thls fund) 28,029 Carrylng value of the Schools, land and buildings 99,261 Building fund. Total fund• belonglng to tho Asko'8 pormanoftt ¢ndowm•nt 93,868 Other endowed funds EndoWftnt funds invested to geneiate income to support the provision of bursaries by the Charity 1,922 Total ondowgd funds 'Building fund - lo support thè Schools, plans to continue to invegt in facilltles, the Charty Issued £35m of loan notes in August 2021. Th8 notè has a fixed interest rale of 2.82% and is repayable on 4 August 2051. 18
HABERDASHERS, ASKE'S CHARITY FINANCIAL PERFORMANCE, POLICIES AND PLANS INVESTMENT POWERS, POLICY AND PERFORMANCE The Charity's non-propety investments are managed on a total retum basis. Under the total return approach, all investrnent returns are reiVed into the pennanent endowment fund, whether in the form of incomè or realised or unrealised gains. With full regard to the overriding duty to malntsin a fair balance been the Interests of curr8Tr1 and all future beneficiaries, the Trustee then makes transfers out of the accumulated unapplied totsl relum in the endowment fund to a 'trusl for applicab'on, to meet grants and other costs formerfy paid out of net income. The Temaining unapplied total return is retained wrthin the pemianent endowment fund. Transfers lo th8 tru$l for application are guided (but not determined) by withdrawal rate of 3.5% of Invested capital. The Charity's main permanent endowment fund inv8stment is a holding in the Haberdashers, Charfties Investment Pool (Total Return} I'The TRP fvnd'l, a common investment fund and registered charity with the Haberdashers, Company as Trusteè. The investment objective is lo maximis8 tot81 relum wlthln tolerable levels of volatility. The Investments in the TRP lund ar8 managed by Partners Capitsl LLP. Two smaller permanent endowment funds IBursaries App8al Fund and Simon Stuart Fund) are invested in the Haberdashers Charllies Investment PCNJI, 'The CIP fund,. There are consequently fvdo base dates for the total return approach, one for the TRP fund and one for the CIP fund. The smaller fund investments are holdlng in the Haberdashers, Charities Investment Pool. a common investment fund and registered charity with the Haberdashers. Company as Trustee. The Investment objectsve is to maxlmise total retum within tolerable levels of volatillty, The Investments in the CIP fund a managed by C#enove Capitsl (a trading name of SchroJeT & Co Limited). The base date for the TRP fund 16 31 March 1976, at which point the value of the endowment was £1.58 mSlllon and the status of the El8tree Schijols was changing from direct grant grammar to Independent. Preservation of real value of the endowment fund is monitored ty indexing the base value to the Consumer Pdces Index Including owner occupiers. housing costs {'CPIH"l + 1 %, as 8 proxy for the rale at which costs increase al thè Schools. At 31 August 2025, the value of endowment fund Investment assels was £8.2m more than th8 indexed base v81u812024'. £6.7 million more - reslatedl. 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 CPIH +1%, as a proxy for Ihe rate al which cosls increase at the Schools. Al 31 August 2025, the value of CIP endowment fvnd investment assets was £543.000 more than the Indexed base value (2024.. £509,000 - restated). The TRP fund returned 7.0% in the year ended 31 August 202512024.. 6.4%). The CIP fund returned 9.3% in the year ended 31 August 202512024.. 13.8%}. The long-tem total retum objective for both funds is 4.5% above CPIH (Consumer Prices Index including owner occupiers. houslng costs), which amounl6d lo 4.1 % for the year ended 31 August 202512024.. 3.1 %), Details of the movement on unapplied total r8tum can be seen al note 9 to tha 8ccounts. In the year the tNstees withdrew £1.3m from the TRP fvnd13.9% of the invested capltal, and above the typical withdrawal rate of 3.5%). FUNDRAISING The Trustees take their responsibilities under the Charities (Protection and Social Investrnenll Act 2016 SerUS1Y and have cOnsided the implicab'on$ on any fvndralsing activities. The Haberdashers, Aske's Charity does not carry out any fundraising actNity in order lo ralse funds from the general public, nor does it work direclty with cornmercial sponsors or engage professional fundraisers. The Trustees are not aware of any complaints made in respect of fundraising during the year_ CONNECTED AND SUBSIDIARY FUNDS Some pupils and activities 8t HATS receive financial support from The Haberdashers, Educational Foundation {°HEF'I, a linked charity within The Haberdashers, Foundalion, registered Gharity number 19
HABERDASHERS. ASKE'S CHARITY FINANCIAL PERFORMANCE, POLICIES AND PLANS 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 lo the accounts. In addition. some pupils of the Elstree Schools receiv8 assistance from The Haberdashers. Aske's Elstree Schools, Foundation, regISted 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 al Haberdashers, Girls, School, representing the closer relationship betsveen the 5choo15 and demonstrating 8quality of Importan as well as commitment lo a shared vision. One non-charitable subsidiary company is conlrolled by HAESL.. Haterdash8rs' Elslree School$ Trading Limited Iregislralion number 30734801. The prlmary actwity of this Company Is to echieve Commercial lettings on behalf of the Elstree SGhools. RISK MANAGEMENT Th& Truste8s are responsible for idenlfying and managing th8 malor rlsks to which th8 Charity is exposed. The Estates Trustee examines risks relallng to the Charity'5 estate. investments and finances, and the School Trustee examines those relating lo the Sch()ols, for which the Schools, Governors prepare 8nd maintain a separate risk reglsler. The principal rfsks and the controls and action8 in place to mttigate them are reviewed annually by the Trustees. The Truste8s ass8SS the principal risks as follows.. Reputatlon putational issue could hava 8 materi81 adverse Impact on the ability of the Schools to recruit and retsln pupils and staff, and on the standing of the Charity. S¢hool ro118 and flnanclal 8u•t•lnablllty failure to attract and maintain sufficient pupll numbers would have a dlrecl and material adver8e Impad oft the financial sustsinabllity of the Charlty and Its Schools. s09uard1ng - a safeguarding failure could have a materlal adverse Impact on the welfare of pupils, on the putatIon of the Schools and on the ability of the Charity to fulfil its charltable object. Cyber •ecurlty •nd Informatlon securty- a cyber attack or ba¢h of information $8Gurity Gould ¢9use significant disruptlon lo the Schools, or Charity's operations and result in the 10s6 or compromise of sensitsve personal d81a. Key controls 8pplled across the Charty to address these rlskj include.. An established govemance structure with clear lines of reporting and gulhortty. Delailed terms of reference lor all committ8es and governing bodies, with regular trustee and gov&mor tralning. Comprehensive strategic planning, budgetlng and management reporting, including regular financial monitoring against budget, Fonnal written policies coverlng all key areas of operatKJn, including safeguarding and dala protection. with these policies being reviewed annually. Regular monitoring of financi81, investment and operational perlormance against agreed objectives. Appropriate IT security, data protection policies and cyter se¢unty policies. Vetting produ$ as r8quir8d by law lor the protection of the vulnerable. The Trustees are satisfi8d that the principal risks identified have been adequate mitigated whe necessary and lo the extent possible. GOING CONCERN The Trustees have reviewed the Charity's financial position including SFecific consideralion of the Charity's cashflows. operations and future plan$. The Trustses have reviewed the funding facilities available to the Schools, including the £35m PrNate Placement which is repayable in 2051. together with the ongoing demand for school places and the Charity's future projectsd cash flows. This has included consideration of 20
HABERDASHERS, ASKE'S CHARITY FINANCIAL PERFORMANCE, POLICIES AND PLANS the ongoing effects of the imposition of value added lax on independent school fees and the likely future impact this will have on pupil numbers. Having considered these factors, the Trustees have a reasonable expectstion that the Charity has adequate resource to continue operating for at lèast 12 months from the date of approval of the accounts. Therefore, the Trustees continue 10 adopt the going concem basis of accounting in preparing the annual report and accounts. TRUSTEES, RESPONSIBILITIES The Estate8 Trustee Is resFMJnsible for preparfng thè Trustees, Report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Stsndards (United lfj'ngdom generalty accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financlal statements for each financial year which give a true and fair vlew of the stste of affairs of the Charity and of the incoming resources and application of the resources of the Charity for that peritrj. In preparing these financial statements the Trustee is required to". select suitsble accounting policies and then apply them con6islenUy', observe the methods and prinGSples in the Charities SORP IFRS 102},' make judgements and esUmates that are reasonable and prudent., state whether applicable accounung standards have been followed, subjeet to any material d&p8rtures disclosed and explained in the financial statements., prepare the flnancial statements on th8 golng concem basis unless it Is inappropriate to presume that the Charity will continue in bu8ines$. Both Trustee8 are responsible for keeping proper accounting records that disclose th re880nabl& accur8Cy the financial position of the Charity, and which enable the Trustees to ascertaln its financial position and to 8nsure that the fi'nancial stal8m8nts comply with the Charities Act 2011, the Charities (Accounts and R8POrts) Regulations 2008 and the Charity's constiluts"on. The Trustees are responsible for safeguarding the assets of the Charity and henc& for tsking reasonable steps for the pVentIOn and detection of fraud and other irregularities, The Estat88 Trustee's responsibilities are primarfty undertaken by the Haberdash8rs' Education Commlttee and aGts'vi1185 are managed on a daY-tdaY basis by the Clerk and Haberdashefs, Company st8ff. Members of the Education Committee 8r8 selected by the Haberdashers, Company to provkle a wide range of expertise, particularfy in the areas of governan¢8 and managemenl. Trainlng for members of the Education Committee includes an induction process for new members. provision of 8ppropriate reading material and training days. The Education Committee 1$ advised on financial m8tterg by thé Flnance Comrnittee, on 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. The provisions of the Articles of Association of HAESL govem the 8ppointment of the Elstree School Governors as ft)Ilows'. 'Eleven governors are appointed by the Haberdashers, Company. These nominated governors may be, but need not be. members of the Hab&rdashers' Company, The HAESL directors (acting through the eleven nominated govemorsl appoint a further ten governors. at least tsvo of whom musl live or work or have connection with the 8re8s served by the Elstree Schools, at kast hvo ofwhom must have SFecial expertise in education, and at least tsvo of whom must be former pupils., Within the appointment criteria, the Haberdashers. Company and HAESL seek lo provide a wide range of experience and professional expertise. The Schools have seven crcss-school Govemor committees which relevant executNes attend that focus on.. Flnance., Estates, Infrastructure & Sustainability., Teachlng and Leaming., Innovation., Human Resources., Remuneration & Nominations.. and Rlsk, Compliance & Safeguarding. Support from the Clerk to the Schools, Govemors indudes a dedicated Governor portal, Govemors, handbcok and inducb'on and trainlng opportunities for new and continuing Governors. 21
HABERDASHERS, ASKE'S CHARITY FINANCIAL PERFORMANCE, POLICIES AND PLANS FUTURE PLANS The Charity expects to contsnue to pursue its objec¢ being the promotion of education in Greater London and Sls nelghbourhood. The E15tree Schools are a key part of this, and the futu plans for those schools are set out on pages 13-14. The Haberdashers, Company and the Charity expect to continue to support the Haberdashers, A5ke's Federation Trust, The Charity expects to continue to be closely involved with the Haberdasheis, Company and whh the wid8r Haberdasher5' family of schools. AUDITOR Saffery LLP have Indicated thelr willingness lo continu8 in office. In acdance wlth Section 144 of the Charities Act 2011, the Trustees have COnser9d the reappointment of the auditors and resofved that Saffery LLP be reappointed as auditors to the Charity. The annual report was approved and aulhorised for issue by the Trustees on 26 March 2026. For and on behalf of the Tru8lee8 Caroline Oavis Prime Warden of the Habardashars, Company (Mèmber of the Aske Corporatlon) 22
HABERDASHERS, ASKE'S CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Opinion We have audited th8 financial ststemenls of Haberdashers, Aske's Charity (the 'parent charity'l and its subsidiary (the 'group') for the year ended 31 August 2025 which comprise the consolidated statement of financial activities. th8 consolidated and charity balance sheets, the consolidated cash flow statement and notes lo the financial statements, including significant accounting policies. The financlal reportj'ng framework that has been applied in their preparation i¥ appluble law and United Kingdom Accounting Standards. including Financial Reporbng Standard 102. the Financial Reporting Stsndard applicable in Ehe UK and Republic of Ireland (United Kingdom Generally Accepted A¢Unting PraCts>. In our opinion the finanaal statèm&nts'. give a true and fair view of the stale of the group and parent charity's affairs as at 31 August 2025 and of the group's and the parent Charity's incoming resources and applicat of resources for the year then ended: have been property ppared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance wrth the requirements of the Chariti88 Act 2011. Basls for oplnlon We conducted our audlt Sn accordance wllh International Standards on Auditing (UK) IISAS {UKII and applicable law. Our responsibilitl8s under those standard8 are further described in the Auditor'8 responsibilities for the audit of the finanal statements section of our report. We aT8 independent of the group and parent charity in accordance wth the ethical requlrements that are relevant lo our audlt of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other 6thical responsibilrties in accordance with these qUIreMents. Wè belleve that the audlt evldence w8 have obtained is sufficient and appropriate to provlde a basis for our opinion. Concluslona rnlatlng to golng eoncern In auditing the financial statements, w8 have concluded that the trustees, u8e of the going concern basis of accounting In the preparation of the finandal statements 18 appropriate. Based on the work we have performed, we have not Identified any malarial uncertainties relating to events or conditions that, indfvldualty or collecb'vely, may cast sSgnificant doubt on the group or the Pant charity'8 ability to continue as a going concern for a period of al le8s1 e1ve months from when the financi81 $tstem8rts are 8ulhor18ed for issue. Our responsibilili8s and the re8p)nsibllltle8 of the trustees with respect to going concern are descrlbed In the relevant Sections of thls porL Other Inlorniatlon The trustees are responsible for tha other Information. The other information comprises the infom)alon Included in the 8nnual report. other than Ihe financial statements and our auditor's report Ihereon. Our opinlon on the financlal ststem8nls does not cover the other information and, except to the extent otherwlse èxpllcitly stated in our report. we do not express any fomi of assuranca conclusion thereon. Our responslblllty is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify suGh material inconsistencies or apparent material misstatem8nts, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfonred, we condude that there is material misstatement of this other informatson., we are required to report that facL We have nothlng to report in this regard, 23
HABERDASHERS, ASKE'S CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Niattorn on whi¢h w? aro rwuired to roport by gxception We have nothing lo report in respe¢l of the foll¢)wing matter5 in relation to which the Charities (Accounts and Reports) Regulations 21XJ8 requi us to report to you If, in our opinion.. the information given in the Trustees, Annu81 Rep)rt is Inconsistent in any material respect wlth the financial statemersls,. or the parent chadty has not kept sufficient accounb'ng records., or the parent charity's financial statenntS are not in agreement with the accounting records and returns., or we have not received 811 the informats'on and explanalions we requlre for our audll. Ro8pon81bllltle• of tfU8teeo As explained more fully Sn Ihe Trusts&s' Responsibilities Statement sel out on page 21, the trustees are responsible for the preparatlon of the financial statements and for being satisfied that they give 8 true and falr view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financlal statements that are fre8 from material misststement, whether due lo traud or error. In preparing the financial statements, the trustees am r8sponsible for assessing the group and the parent ch8rity's abllity lo continue as a going concern, dlscloslng. as applicable. matt8rs related to going concem and uslng the going concern basis of accounting unle55 the Iruslees either intend lo liquidate the group or the Parent charity or to cease operations, or havè no raallstic altèm8tive but to do 80. Audltorn, ro8ponslbllltlo4 for the audlt of the fln•ncl•l •l•tgmonts We have be8n appointed as audltors under the Charities Act 2011 and report In a¢¢ord8n¢e with regulatlons made under that Act. Our objectives are to oblaln reasonable assurance aboutwhetherlhe group and parent flnanclal ststemenls as a whole are free from material misstatement, whether due lo fraud or error, and lo Isgue an audllor's report that includes our opinlon. Reasonable assurance is a high level of assurance, bul Is not a guarantee that an audit conducted in accordance w*th ISAS {UKI will always detect a materlal mlsstalemant when It exists. Misstatements can arise from fraud or èrror and are considered material if, individually or In the aggregate, they Could reasonably b6 expectèd io influence the economlc de¢lsions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance th laws and regulations. We design procedures in line with our responsibilities, ouuined above. to delecl material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the 8Xtent to which these are capable ol detacb'ng IegUlarities. including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the suscepbbility of the group and parent ¢harity's financial stalements to malerlal misstatement and how fraud might occur, including through discussions with informed management and representab'ves of the trustees, discussions within our audit team planning meeting, updating our rerd of intemal controls and ensuring these Controls operated as intended. We evaluated possiblé incentives and opportunib'es for fraLrdulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent ch8rity by discusswjns with infolmed 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 signrficance 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, liligalion or restricb'ons on the charitsble group's operatK>ns. We identified the most signifi&qnt law5 and regulations to be the Independent School 24
HABERDASHERS, ASKE'S CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Standards as found in the Education and Skills Act 2CIJ8 and guidance issued by the Department for Education. Audit response to risks idents'fied.. We ¢on$idered the extent of compliance with these laws and regulations as part of our audit procedures on th8 related financial statement rtems includlng a review of financial statement disclosures. We reviewed the parent charity's records of breaches of laws and regulations, minutes of meetings and Corresponden with relevant aulhorits.es lo identify potential material mi5slalemenls arising. We discussed the parent charity's policies and procedures for ¢ompliance with laws and regulations with members of managèment responsible for compliance. During the planning meeting with the audit team, the engagement partner drew allenlion lo the key area5 which might involve nonvcompliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances ol non-complian with laws and gUlationS or knowledge of any actual, suspacted or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any slgnifi'cant transactions that were unusual or outside the normal course of business. We assessed whetherjudgements made in making accounting eslimales gave rise lo a possible indication of management biBs. At the complets'on stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional sc8pticlsm and thus the capacty to Identify non<ompllance wllh laws and regulations and fraud. There are inherent limitations in the audit procedures descriÈéd 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 11. Also, the risk of not detsGling a material mis5talement due lo fraud is higher than the rlsk of not delecling one resultlng from error, 88 fraud may involve deliberate conce81menl by. for example, forgery or intentlonal mi$repre5entalion8, or through collusion. A further descrlption of our responslbllities is avallable on thè Flnanci81 Reporting Councll's webslte at.. onsibililies. Thls description foim8 part of our audrtor's report. U•• of our rnport This report Is made solely to the parenl charlty's trustees. as a body, In accordance with Part 4 of the Charltie$ (Accounts and Reports) Regu18tions 2008. Our audit work has been undertaken so that we might stste to the parent charity Iruslee8 those matter8 we are Tequid to state lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not aCC8Pt or assume responsibilty to anyone other than the parent charity and the parent charity's trustees as a body, for our audit work, for Ihls report, or for the opinions we have fonned. LLf Saffery LLP Statutory Auditors 71 Queen Victori8 Street London EC4V 48E Date.. 26 March 2026 Saffery LLP is eligible to act a8 an auditor in tems of section 1212 of the Companies Act 2006 25
HABERDASHERS, ASKE'S CHARITY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2025 Unre8trlctsd Restricted Endowment Fund¥ FundB Fund8 £'ooo £'ooo £'ooo Total 2025 £'ooo Tol•l 2024 £'ooo Income and endowmonts from: Donations Charitable activitle8'. School fees Other educational income Other trading activllles- Trading incomg Other income.. FRS 102 interest receivable Inv851ments'. Investment income 663 715 57,184 7,554 57.184 7,554 56,117 ,357 883 883 571 57 57 1,664 816 67,342 68,005 66,630 Expendlturn on: Raising funds-. Loan interest and related fees Fees in advance dlscount Trading cost of subsldiarles Charitable activities.. Schools 1,163 565 243 1,183 565 243 1,136 236 91 61.122 736 2,949 64,807 65,513 63.093 736 2,949 66,778 66,976 Not galn•l(101•081 on Invo8tm•nt• 936 2,205 3,141 3,432 Not Incom•l{•xp6ndlturn) 5,185 (73) 17441 4,368 3,086 Tran•fer8 brtwoen fund• 4,562 14,5921 Othvr rOGognlsvd110850sllgaln8: Actuarial Ilossesvgains on defined benefit 5chem8 18 198} 198) (20) Not movement In funds 9,649 (43) 15,3361 4,270 3,066 Total funds brought ford 20,360 957 101.126 122,443 119.377 Total fund8 ¢arrled forward 30,009 914 95.790 126,713 122,443 The net incoming resources arose from continuing activities. The notes on pages 30 to 56 fom) part ofthese financial Statents. 26
HABERDASHERS, ASKE'S CHARITY BALANCE SHEETS AS AT 31 AUGUST 2025 Group Charlty 2026 £'ooo Not• 2025 £'ooo 2024 £'ooo 2024 £'ooo Fix•d a88ets: Tangible assets Investments 107,196 75,991 113,690 73,538 107,196 75.991 113,690 73,538 183,187 187,228 183,187 187,228 Currnnt a860ts: Stocks Debtors Investments Cash at bank and in hand 10 8,858 4,397 2,678 1,898 11,287 3,103 8,748 4,397 2,219 2,126 11.287 2,854 15,933 16,286 1 S,362 16,267 Llabllltlo•: Credilor5'. amounts falling due within one year 11 122,329) {22,902) 121,7581 122,8831 (6,6161 16,396) 16,6161 N•t Curront Illabllltle•Vas8ets 16,3981 Totsl ••8ots lem current Il•bllltl&• 176,791 180,612 176,791 180,812 Crndllorn: •mounts falllng du• In mor• th•n ono y•ar 12 150.0781 (58.169) {50,0781 {58,1691 122,443 128,713 122,443 126.713 Defined benefit pension hen liablllty 18 Total not au•t• 126,713 122,443 128.713 122,443 Fund•: Endowment funds Reslricled funds Unrestricted funds.. General funds Designated fvnds 95,790 914 101,126 957 95,790 914 101.128 957 25,565 4,444 17,545 2.815 25,565 4,444 17,545 2,815 Total Funds 126,713 122,443 128,713 122,443 The notes on pages 30 to 56 form part of these financial statements. These financial statements were approved and authorised for i88ue on behalf of the Trustees on 28 March 2026. Signed on behalf of the Eststes Trustee Caroline Davls Prime Warden of the H8berdashers' Company James Penney Chair, Haberdashers, Education Commlttee 27
HABERDASHERS, ASKE'S CHARITY CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2025 2026 £'ooo 2026 £'ooo 2024 £'ooo 2024 £'ooo N•t ea8h provid•d by operating activiti•s: 4,022 4,695 Cash flows from investing activities: Investment income received Purchase of tangible fixed assets Purchase of investments FRS 102 interest receivable Drawn from Investments Decreasellincreasel in cash held for investment 1,664 15,998) 11,167) 57 1.365 489 816 {5.093) (1,186) 54 5,092 (20,230) N•t cash umd In Invmtlng •ctlvlt1. (3,590) 120,5471 Cash flows from fln•nclng •ctlvttlo•: (Decreasellincrease in fees in advance hold Repayment of borrowing 15,730} {2,017} 21,405 1925 (7,747) 20,480 Change In cash and cash •qulvalent8 In th• rnportlng partod 17,315) 4,628 Cash and cash equivalents at the beginning of the reportlng period 14,390 9,762 Cuh and cash •qulval•nts atthe end ofth• rnportlng perlod 7,075 14,390 28
HABERDASHERS. ASKE'S CHARITY CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2025 NET CASH PROVIDED BY OPERATING ACTIVITIES 2026 £'ooo 2024 £'ooo Nel incomellexpendrturel for the reporting period Adjustments for. (Gainslllosses on investments Investment incom8 Depreciation Loss on disposal of fixed asset Pension $cheme adjustment Decreasel{inC8se> in stocks Decrease in creditors (excluding feès in advance and loans) {Increasel in debtors (excluding effect of capital good8 scheme) 4,368 3,086 (3,141) (1,7211 4,898 1,058 {98) 13,4321 {8161 5,023 343 (201 13 1,113 (9171 (4231 {6151 Net cash providéd by Operan9 adivities 4,022 4,695 ANALYSI8 OF CASH AND CASH EQUNALENTS 2026 £'ooo 2024 £'ooo Cash in hand Investménts Icurmnt 888alsl 2,678 4,397 3,103 11,287 Total cash and cash &quivolent8 7,075 14,390 ANALYSIS OF CHANGES IN NET DEBT At1 S•ptember 2024 £'ooo At31 August 2025 £'ooo Ca8h £'ooo Cash in hand Investments (current asselsl Investment cash (fixed a5set51 Loans falling due within one year Loans falling due after more than one yoar Llability for fees in advance 3,103 11,287 31,655 19721 136,0451 133,4481 1425) 16,8901 (4891 972 1,045 5,730 2,678 4.397 31,166 {35.000) 127,718) Net debt 124,4201 {57) 124.4771 29
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 1. ACCOUNTING POLICIES 8a818 of prnparatlon The finandal statemen15 have beon prepared under the historical cost ¢onvenlion with items recognised al cost or transaction value unless otherwise stated in the relevant note to Ihese a¢¢ounts. The financial statements are prepared in accordance with the 'Stalement of Recommended Practice,. AOUnting and Reporting by Charities prepanng their accounts in accordance with the Financial Reporting Stsndard applicable in Ihe UK and RepublK of Ireland IFRS1021', Financial Reporting Stsndard appllGable in the UK and Republic of Ireland IFRS1021 and the Charities Act 2011. Th& flnanclal ststsments have been prepared to gN8 a true and fair view and have departed from the Charities IAccounts and RepJrt51 Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the SORP IFRS1021 rather than the Accounting and Reporting by Charilie$'. Statement of Recommended Practice (revised 2005) whlGh ha5 been withdrawn. The accounts are prepared In Sterling, which is the functional currency of the Charity. Monetary amounts in these fin8ncl81 $18temenls are rounded to the nearest £'ooo. The Charity constitutes a public benefit entity as defined by FRS102. The Chanty is unincorporated. Its reglstered offu IS 18 West Smithfield, London, EC1A 9HQ. The Trustees have reviewed the Charity's financ1 posits'on including specific consid8ralion of the Charlty's cashflows, operations and lulure plans. Th8 Truste8s have reviewéd the funding facilities available to the Schools, including the £35m Private Placement which is repayable in 2051, together with the ongoing demand for school places and the Charity's fijture projected cash flows. This has induded consideration of the effects of the imposition of value added tax on independent school fees and thè likely futurè impact this will have on pupil numbers. Having considered these factors, the Trustses have a reasonable expectatlon that the Ch8rity has adequate resource to continue operating for al least 12 months from the date of approval of the accounts. Th8refore, the Trustees conb'nue to adopt Iha going concem basis of accounting in preparing the annual report and a¢counl$. Group ac¢ounts The financial statements consolldale the results of th8 Charty and Ils wholty owned non-charllable subsidiary company {Habèrda5h8rs' Elslree Schools Trading Limited) on a line-by-line basis. A separate Statement of Financial Actwitie$ (SOFA) for the Charity 1$ not presented because this is not considered to be materially different from the consolidated statement of financial 'VIe5 (SOFA). Further infomiation on the subsidiary 15 disclosed at note 17. Fund$ structurn A statement lisling all funds is al note 6. The funds are categorised as follows.. Permanent endowment fund.. except to the extent permltted by the lolal turn arrangements, this fund may not be expended and represents the land and buiklings of the Charity, plus investment assets used to generate income for application by the Schoo15 Governors. Reslricled funds.. these funds were donated or created for spacific purposes and may only b8 US8d for those purposes. Designated fvnds.. these are unrestricted fvnds set aside for particular purposes ty the Trustees but they a not subject to any fomial restriction. Unrestrictéd general funds: these funds are not subject to any restriction other than the objects of the Charity and a applled In furtherance of the objects. 30
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 Income recognltlon All incorne is recognised when the Charity is legally entitled to th8 income and there is reasonable assurance of receipt. School fees receivable are accounted for in the period in which the service is prowded. School fees are stated net of bursaries, scholarship5 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, 18 only considered probable when the 8mounl can be measured rellably and the executor has notified their intention lo make a distribution. Where the criteria for income recognillon have not been met. the legacy is treated as a contingent asset and dlsclosed if material. Expendlture recognltlon ResourGes expended a recorded on an accruals basis and Include Sup costs whlch may be allocated dI¢t or apportioned on the ba515 of staff time. Raising funds.. Costs incurred In raising funds including managing the Charity'8 investment assets and sèrvicing loans are recorded under thSs headlng. Chari18ble activiiles.. &xpendlture irKurred dirèctly In meellng the objects of the Charlty18 rncor(led under this heading. Governance costs rolatè to expenditur8 incurred in the general running of the Charity and include S81aries and servic6 charges for specific staff involved in compllance wlth con$t6tuts'onal and Ststutory requlrements and audit fee8. Irrecovernble VAT Irrecoverable VAT 18 charged against the exp8ndlture hegding for which tt was Incurred. Pon•ion •chema8 The SGhools conlribute to defined benefit pension schem8$'. the Tè8chefS' Pension Scheme {'TPS'), whl¢h is for 8cad8mic staff, and the Non-Teaching Staff Scheme I'NTSS'I. whiGh is for support staff. The Schools also contnbule 12% of salary to a group personal pensK)n plan for support staff who are not members of the NTSS. The TPS Is an unlunded defined benefft scheme and eontrlbutions af8 calculaled to spread the cost of pensions ov&r employees, working lives with the Schools in such a way that the pension cost is substantially Ve1 percentage of current and future pensionable payroll. The contrlbutlons are determined by the Gov8rnm8nl Actuary based on quadrennial valuations using a prospectlve unit credit method. The TPS Is an unfunded multi-ernployer scheme with no underfying assets lo assign betsveen employer5. Consequently, the TPS is Ir8ated as a defined conlribution scheme forarxounting purposes and the contributions are recognised in the period to which they relate. The NTSS 1$ a funded defined benefit Scheme, which is closed to new members. The 8ch8me assets are held separately from those of the Schools in separate truslee administered funds. Pension scheme assets are measured at fair valuè and liabilities are measured on an actuarial b8$is using the projected unlt credit method and discounted at a rale equivalènt to the current rate of return on a high-quality corporate bond of equivalent tem and currency to the liabilities. The acluarlal valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to net incomel{expenditure) are the current service costs and the costs of benefit changes, seWemenl$ and curtailments. They are included as part of staff costs as incurred. Interest on the net defined benefit liabilitylasset is also recognised in the Statement of Financial Activities and cornprises the interest cost on the defined benefit obligation and InteSt Income on the scheme assets, cal¢ulated by multiptying the falr value of the scheme assets at Ihe beginning of the period by the rate used lo discount the benefft obligations. The difference betsveen the interest income on the scheme assets and the actual 31
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 reium 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 exlent that the surplus may be recovered by reduced future contributions or to the extent that the Trustee has agreed a refund from the scheme at the balance sheet date, A pension Ilabillty Is recognised lo the extent that the group has a legal obligalh)n to settle the liabillty. The group personal pension plan is a defined contrlbulion pension scheme. Employer contrlbulions are recognised in expenditure when payable. Tanglble flxod assets and doproclatlon The Charity's functlonal land and buildings al the Schools are vested in the Aske Corporats'on as Estates Govemor. New sthool buildings fomi part of the Estates and are assets of the permanent endowment fvnd. Funding of new bulldings from Schools, funds Is recorded as a transfer from unreslricled fund5 to the permanent endowment fund and depreciation of school buildings is treated as expenditure from the permanent endowment fund. The Schools Govemors are responsible for maintaining the buildings in fft and useful condition and these costs are written off as incurred. Land and buildings dating from before 1945 ar8 not eapilalised or dèpreclated a8 hlstorical cost information is no longer available and no reliable values can be attributed. If it We possible to base a provision for depreciation on historical cost of pre-1945 bulldings, it Is probable that the amount would not be material. An estimate of expenditure on buildings bethen 1945 and 1983 wa8 capitalised in 1999 under the transitional provision8 of Finan81 Reporting Standard 15. It 18 now Irealed as deemed historic cost. Expendrture on buildings $in¢e 1983 has been capilalised at historirAI cosL Depreciation 1$ provided on fixed assets olhar than freahold land at rates calculated to write off the excess of co$1 over estimated residual amount evenly over the ests'maled usefvl economic lives of each class of asset, 8ubject to annual revlew, These rates are currentty as follows.. Freehold buildings Leasehold bulldlngs Equipmant and fvmishings Motor vehicies All weather sports pitch up lo 50 years over the life of the lease 3 to 10years 4 years 20 years Depreciation is not provided on buildings where tho &¥ts'malad r8sldual value Is grfraler than its hSstorical cost. Thls applies to Aldenham House, a listed building, with an estimated economic life In excess of 100 years and the staff flals al Borehamwood which are on 125-year leases. These buildlngs are subJe¢t to annual Impaiment reviews. Flx•d as•et Inv•stm•nts la} Quoted Securities Quoted securlknes comprise publlcty quoted, listed securities in¢luding shares, bonds and units. Quoted securities are stated at mark61 value al the balance sheet dale. Investrnent shares disposals and Purcha are recogni5ed at th& date of trade. (bl Unquoted investments The vast majority of private equty and propety fund investments are held through funds managed ty prNate equity and propety groups. No readily identifiable market price 1$ available for these unquoted funds. These funds are included at the most recent valuations from their respective managers. stock stock of consumables 1$ carried at the bwer of $t or net realisable value. 32
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 Flnanclal Instruments The Chanty has chosen to adopt Sections 11 and 12 of FRS102 in respect offinancial instruments. Financial instruments a reccgnised In the balance sheet of the Charity when li becomes party to the contractual provisions of the inslrumenl. la) Flnanclal assets Basic financial assets. which include trade 8nd other debtors and Gash and bank balances. are initially recogn15ed al transaction price including transacllon costs and are subsequently Carried al amortlsed cost using the effective interest method unless the arrangement ¢onstitut8s a ffinancing Iransaclion, where the transaction 15 measured al the psent value of the future CeIpts discounted at a market rale of interest. At the end of each reporting perlod fin8nclal assets measured at amorttsed cost are assessed for obleclive evidence of impairment. If an assèt is Impaired, the impairment loss is the difference be88n the oarrying amount and the present value of the estimated cash flows discounted al the asset's origin81 effeth've Inte$t rate. The impalrment k>ss is recognised in the Ststement ol Financial A¢tivrties. If Iherels 8 de¢reas8 in the imp81rment10s8 ari$Sng from an event occurring after the impaimient was Cognised the impairment Is reversed. The reversal is such that the current carying arrrfjunt does not exceed what the carying amount would have been had th8 impairment not previously been recognised. Th8 impalrment reversal Is recognlsed in the Statement of Financial Activities. Other financial 888èts. Including Investments in equlty instruments whkh are not subsidiarie8, are Initlally measured 8t falr value, which Is nomially the transaction price. Such assets are subsequently carried 8t lalr value and the changes in fair value are recognised in the Statement of Flnanci81 Acllvitle8. Flnanci81 assets are derecognlsed en.. . th8 contractual rights to the cash flows from the asset expir8 or are 88ttled, or • substantially all the rfsks and reward$ of the ownership of the asset transferred io another paty, or . control of the asset ha5 been transferred to another party who has thè practlcal ability to unilaterally sell the asset to an unrelated third party wlthout Imposlng addltlonal reslrlctions. (b) Flnancl•l Ilablllti BasS¢ financial liabilities, which Include trade and other crédltors, bank loans, school fees Sn advanGe and confirmation deposits, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt Instruments a subsequently carrled at 8mortised cost, using the effective interest rate method. Trade creditors are obligatlons to pay for goods or services that have been acquired in the ordinary ourse of business from suppliers. Accounts payable are classtfied 8S 'Greditors.' amounts falling due within one yeal if payment is due within one year or less. If not, they are presented 8$ '¢redftors= amounts falling due after rn0 than one yearf. Trade creditors are recognised initialty at transaction price and subsequendy ffleasud al amortised cost uslng the effective interest mothod. Financial liabilities a derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or explres. 33
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 Offsettlng Financial assets and liabilibes are off58t and th8 nel amounts presented in the financial statements when there is a legal enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Crltlcal accountln9 Judgements and key 8ourco8 of estlmatlon un¢ert•lnty In the appllcation of the Charity's accounting policies, the Trustees a required to makè judgements, estimates and assumptions about the carying amount of assets ar¢d liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may drffer from these esbmates. The estimates and underlying a$sumption$ are revlewed 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. Judgements have been applied in assessing the S¢hog1s' VAT recovery posltion under partial exemption, including any potential 8tsnd8rd method override. and in determlning the recoverable amounts recognised under the Capitsl Goods Scheme. These areas involve assumptions regarding taxable use and expected recovery over fvture perlods. The critical estlmales and ludgemonts made In preparlng Ihe8e accounts are explained in these accounting policies and relate parbcul8rly to.. Valuation of unlisted investments Valuation of the nSIOn a$seUllabil VAT Capltsl Goods Scheme assets INVESTMENT INCOME 2026 £'ooo 2024 É'ooo Interest from cash & cash equivalents Incom8 from investment proFerty Distributions from Hab8rdasher8' Chariles Investment Pool 742 26 48 816
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 TumoN 2025 £'ooo 2024 £'ooo Gross Fe88 Less.. Scholarships Bursanes staff fee remission 62.829 61,685 11.180} 13.684) (1,186) {1,187) {3,5301 11,1761 56.779 55,792 Add back.. Bursari&8 paid out of restrthd Inccffi)e 405 325 57,184 58,117 Numbers of pupils ben8ffting from: Scholarshlps Bur8arleg 322 300 157 OTHER EDUCATIONAL INCOME Other educats'onal Income InclLKles reglslrgtion and muslc fees, 8chool rMal8 and coach fares. 35
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 TOTAL RESOURCES EXPENDED Other dlfect cost• £'ooo Slaff Costs £'ooo Oeprec- latlon £'ooo Total 2025 £'ooo Total 2024 £'ooo Raising fund8: Loan interest and related fees Investment managem8nt Fees in advance discount Trading costs of subsidiary 1,163 1,163 1,136 565 243 236 91 243 1,971 1,971 1,463 Ch•ritabl• oxp•nditur•: Teaching costs School weWar8 School premises costs Public relations and markeUng Grant¥ payable15ee note 14) Support costs Govornance costs 25,545 226 1,563 4,598 2,920 6,914 1.259 31,402 3,230 11,680 660 951 16,613 271 32,252 3,330 11,144 743 986 16.864 194 3,203 14 951 8,090 271 8,187 336 35,521 24,390 4,896 64,807 65,513 T4)tsl moure•• oxpond 35,521 26,381 4.898 86.778 88.976 Support costs include adminislralion and grounds staff, establishment costs, profession81 fees, travel and equipment rentals as well as coach services provided ty the Schools. 2026 £'ooo 2024 £'ooo Charltablo oxp•ndtturo Ineludo8: Remuneration of Charity's auditors for. audit services lo the Charty audit services lo the Schools audit services to the pension scheme 20 38 20 29 36 25 Rentals under operatlng leases.. Equipment Motor vehicles Payment to the Trustee for service charges 1,298 29 907 29 32
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 TOTAL RESOURCES EXPENDED (continued) Govemance costs includ8 travel expenses, event costs and grfts of £8,472 paid on behalf of Govemors 12024.. £1,705), £10,097 for professional fees and olher direct costs relating to govemance matters12024'. £16,215) and £64,743 for consullary services from the Clerk to Ih (>)vernors12024'. £62.4721. Govemance costs also include audit fees for services provided to the Schools and the Charity. SeNice charges are pahd by the Charity to the Haberdashers, Company and the Haberdashers Oper*irTrg Company la 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 lo those companies of providing the seNices. 2025 £'ooo 2024 £'ooo Sl•ff costs eomprf•o'. Wages and salaries Social Security costs Pension contributions Other costs Payment of Trusle68' Btaff under paymaster agreemnt 25,889 3,150 5,762 579 141 25,396 2,831 5,303 1,284 177 35,521 34,991 Underlolnt contracts of employment artd a paymaster arrangement, 8alary costs for staff W01ng for the Haberdashers, Company as Estates Trustee are paid by Haterdasher5' Operating Company and allocated to the varlous entides managed by the Hab&rdashers' Company on the basi8 oftlme spent. The d8y-trpday running of the Schools 18 delegated to the Executlve Principal, the Heads and the Chief Flnancial & Operating Officer. They are also supported by the Senior Leadership Teams ISLT) and lryether thSs group ar8 the key management Fersonnel. 2025 £'ooo 2024 £'ooo Aggregate employee-benefits ol key manapment personnel 3,342 3,538 The average numbers of employees in the year were.. 2025 No. 2024 No. Teaching staff Welfare staff Premises staff Administration slaff Support staff 326 333 38 75 144 69 128 588 570 37
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 TOTAL RESOURCES EXPENDED (continued Numbers of higher-pald employees earnin9 In excess of £60.000 were.. 2025 No. 2024 No. £60,001 to £70,000 £70,00110 £80,000 £80,001 to £90,000 £9),00110 £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 £150.00110 £160,000 £210,00110 £220,000 £250,001 to £260,000 72 63 29 16 20 Payments mad8'. 2025 2028 £'OOO Elee No. 282 14 29 2024 2024 £'OOO Elee No. 167 19 Termlnalion or redundancy payments Out of which are outstanding at year end 38
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 STATEMENT OF FUND MOVEMENTS AND TRANSFERS (•) Fund Movements Balance Othor r¢- cognisod Balane• gainl N•t 31 August Iloss) transfern 2025 £'ooo £'ooo £'ooo Expend- Iturn £'ooo Incomg £'ooo É'ooo General fund8- Chorlty Schools general lund exduding building fund and pen61on Ask¢ Ino)me Fund 13,969 3,576 88,164 585 (61.570) {1.321) 474 5.140 {1.4321 24.177 1,388 17,545 86,729 162.8911 474 3,708 25,565 0•8ign•tsd fund8 De8ignaled ¥nkSng fund. Pension r•serv•- 2,815 1,167 57 41 (981 2,615 57 41 304 1,187 4,444 Tot•1 unre•trlctsd lund•- Charlty 20,380 66.786 182.850) 838 4,875 30,G¥a9 Non-chwltaNe trading fund8 Total unr6•trl¢t•d fund•- Group 556 (243) 13131 20,3eo 87.342 183,0931 838 4,582 30,009 R•Btrl¢t•d lund• Schools re8trfct•d fund8 Slmon SIu8rt Scholarshlp Bursarlos Appa81 Fund Totsl r•Btrlct•d fund• 515 12 430 17051 {21 1291 1738) 473 10 431 957 30 914 Endawm•ntlund• Dr Margaret Bent endowmont Slmon Stuart 8ndowmenl BursarSes Appeal tsndowment Aske's perrnanent andowmenl 12 83 1,704 12 89 1.821 147 {30) 99.327 (2.9491 2,062 14.5621 93,888 Totsl •rKlovAn•nt fund• 101,128 12,9491 2,205 14,5921 95,790 Totsl Funds 122,443 88,005 166,7781 3.043 126,713 ' The Schoo15 have designated funds for the repayment of the private placement loan. These are currently invested in an all-wortd index fund. These designated funds have been separatety disclosed for the first 'me in these accounts. The pension fund reflects a nil bal8nce12024.' £Nill on the Schools, defined benefit pension scheme as calculated in accordance wlth FRS 102. Se8 note 18 for further details on the pension s¢hem8. The Aske's pennanenl endowment fijnd at 31 August 2025 consisted of £1,578,000 bas8 value of endowment at 31 March 1976, £28,029.000 unapplied total return and £99,261,000 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. 39
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 STATEMENT OF FUND MOVEMEKfs AND TRANSFERS {continu•dl Ibl Fund tran810rn Non- Charitsble tradlng funds £'ooo Charltable unrestrl- cted funds £'ooo Pemianent Re8trlcted Endowment funds Fund £'ooo £'ooo M¢)vem8nls in fixed assets Charity's investment in Elstree buildings- Aske's Income Charity's investment In Elstree bul1ngs- Schools, fvnds Designated Sinking fund S¢hools' general fund Unapplied total return for application Tradlng sub5Idiary gift ald to school 3,227 13,2271 (2,7671 2,767 1,167 (1,1671 1,335 313 11,3651 13131 1313) 4,875 14,592) The effect of the Capital Goods Scheme las detailed in Note 8) ig that there was a net £3,227,000 transfer from the Pemanent Endowment Fund to unrestn'cted funds, as the Schools wlll now recover VAT on previously acqulred assets. In the prior year the transfer was £2.720,000 from the Schools, General Fund to the Permanent Endowrnenl Fund, reflecb'ng the inveslrnenl In land and buildlngs by tho Schools durfng the year. A Iransfer of £2,767,000 was made from the Aske Income fur to the Schools, General Funds 8S the Charity made a grant for investment in the Schools, buildings. Once the building work has been completed and these funds spent, the trustee$ expect that there will be a credit to the Permanent Endowment Fund lo reflect the Investment made In the buildings, Th• Schools, general fund made a further investment of £1,167,000 12024.. £1,187,000) In the designated sinking fund. A further transfer of £1,335,000 was made from the investment in the Haberdashers, Charities Investment Pool (Total Return} I'the TRP'I during Ihe year to fund grants and bur¥arie$ to the Haberdashers, Aske'5 Federation Trust and to the Elslree Schoo1512024.' £1,023,000 transferred). 40
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 TANGIBLE FIXED ASSETS Freéhold Leasehold All •ther Equlpmen( land And land and bulldings bulldlng8 £'ooo £'ooo Motor v•hlcle• £'ooo Group & Charlty Totyl £'ooo pitchès lurni•hing$ £'ooo £'ooo 1 Septomb•r 2024 Addition8 Transfer from assets nder con8trucb"¢n Disposa15 Adjustment8 134.202 4,956 3.354 18.040 1.030 119 12 158,351 5.098 {854} {1.9161 16,5001 854 15,7S21 13501 151 (391 1341 18,057) 18.539) 31 August 2025 129,888 2,592 14.172 97 149,753 pre¢latlon 1 September 2024 Charge for year DIsp08al 31.772 2.946 11.0861 351 1,410 137 141 11.072 1.789 15.5251 56 24 (34) 44.861 4.896 17.000) (351) 31 Augu812025 33,832 1,543 7,338 42,557 Net book v•luo 31 August 2025 98,286 1,049 6,836 51 107.188 31 August 2024 102,430 3,CQ3 1.228 83 113,690 Included In freehold18nd and buildings above are assets In the wurse ofconstruction wlth 8 net book value of £2,929,00012024.' £3,175,000). Th18 relate5 to work on bulldlng projects at the Sch¢)ols Ich remained in progress at the year end. The above adjustment of £6,539,000 repr8sents VAT pvIOuslY paid on flxed assets that is now deemed recoverable under the Capital Goods Scheme I'CGS.). The corresponding recoverable amount has been recognised within debtors as 'CGS- VAT assev, and Is shown wlthln note 10. 41
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 INVESTMENTS Charity and Group 2026 £'ooo 2024 £'ooo Haberdashers, Charities Inv8Stment Pools Listed investments Other unlisted investments Investmnl cash & cash equNalents 40,381 39,067 2,815 31,166 31,655 75,991 73,538 Ch•rlty and Group Charltl•s Inveslmont Pool (Total Return) £'ooo Charlths Inv08tmenl Pool £'ooo Total £'ooo Market value at 1 September 2024 thdrawals in year Gain on rev8lu8tion 2,024 37,043 11,3351 2,526 39,067 11,3351 2,649 123 Ifiarket valu• at 31 Augu•t 2025 2,147 38,234 40,381 The Haberda5r$, Charltles Investment Poo18 are common inve8tment funds administered ty the H8berdash8rs' Company for the benefit of the Charity and connected charities. The units held by the Charlty in tha Haberdashèrs. Charities Investment Pool {Total Retuml r8pre8ent 33% (2024.. 32%) of the Pool units in issue. 42
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 MOVEMENT ON UNAPPLIED TOTAL RETURN la) Habordash•r6' Charities Investm•nt Pool (Total Return) Unappliwj lolal return is calculated relative lo the value of the trust for inveslment at 31 March 1976 (base value). that being the base date determined by the Trustees as appropriate for the Charity's endowment fund. Trugt Unapplled for Total Inv88lmont Return £'ooo £'ooo Total 2025 £'ooo Total 2024 £'ooo Trust ts investTr£nt at 1 Septsmber2024 1,578 27,282 28,860 31.521 Investment retums.. Realk%ed and unrealised gain8llbssesl Transfer trj trust for application 2,S26 11.3351 2,526 11,3351 1,862 14.5231 Tru¥t for Invo•tment at 31 Augu•l 202S 1,578 28,473 30,051 28,860 Ib) H•berda8hor•' Charltl?• Invè*tm•nt Pool Un8pplied total retum is calculated relallvè to the value of the trust for Investment at 30 June 2009 (base value), that being the bage dale delermlned by the Trustees as appropriate for the Charty, endowment fund. No new endowment gifts have been received since the base dat6. Tru•t Unapplled Total Return £'ooo Total 2025 £'ooo Tol•l 2024 £'ooo Inv•8tment £'ooo Trust for investff£rt at 1 September2024 873 1.199 2,072 1,788 Investsnent returns.. Investment income Reallsed and unrealis&J gainl$S8$) Transferto trust for applicab'on 48 236 153 1301 153 (30) Tru•tlor Inve8tment at 31 August 2025 873 1,322 2.195 2.072 43
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 10. DEBTORS AND PREPAYMENTS Amounts falllng wlthln on• yr Group Charfty 2025 £'ooo 2025 £'ooo 2024 £'ooo 2024 £'ooo Schcol fees other debtors Prepayments and accrued incomè Due from subsidiary company 214 1.442 1.729 103 382 1.411 214 829 1.712 518 103 297 1.411 315 3,385 1,896 3,273 2,126 Amount8 falllng du• In mor• than one year Group Charlty 2025 £'ooo 2025 £'ooo 2024 £'ooo 2024 £'ooo CGS- VAT 8$set 5,473 5,473 5,473 5,473 11. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2026 £'ooo Charlty 2024 £'ooo 2025 £'ooo 2024 £'ooo Bank loan Fees in advance AcGruals and def8rred incom8 Tax and social security Qther Gredilors 972 11,434 5,939 672 3,885 972 11,434 5,932 672 3,874 12,752 4.098 739 4,740 12,752 4,067 731 4,208 22,329 22,902 21,758 22,883 At 31 August 2025, the Charity had deferred income of £2,185.75012024'. £3.840.2001. This relates to school fees ceived ft)r serviG8S to be provided in the following academlc year.
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 12. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR Group and Charlty 2026 2024 £'ooo £'ooo 35,000 35,000 1,045 22,014 110 Private placement Loan from Nalwest Fees in advance Other ueditors 14,966 112 50.078 58,169 Maturity of debt: Betsveen 1 and 2 years Betsve8n 2 and 5 years More than 5 years 5,099 9,134 35,845 8.370 13.799 38,000 50.078 58,169 The unsecured loan from NatW86t was to fund building devel0pffnt at the School8. Prlvate lacemen On 4 August 2021, 8 prfvate placement for £35,000.000 was completed by the Charity for the Schools, use. prlmarily on capital projects. The loan 18 86cured on the Schools, land and buSldings, rep8yable in 30 years. The Inler8sI rale on this toan Is fixed at 2.82% on thè prlnclpal sum borrowed, repayable blannualty. Elslree Glrls, Schcol - £9,000,000 drawn in 2015 and 2017, repayable in monthly In8ts1menls over 10 years. Balance of the loan a5 at 1 September 2024 was £2,017,000. This loan has been repaid in full durlng the year ended 31 August 2025. The interest rate on thi5 loan was 2% above base rate. De 08118 and school fegs In advan Athough under normal circumstances pupil fee deposlts wlll be repald over future years when the pupils complete their education al the Schools, pupils can leave at earlier dates. The Schools do noL therefore. have an unconditional right to relain the indfvldual deposits for al least 12 months after the balance sheet date and, in line with the requirements In FRS 102, the b81an¢e of the deposits helj al 31 August 2025 have been included within current liabillties. Parents may enter a contract to pay the schools in advance forfixed contrlbutions towards the tuition fees for future years. The money may be returned Subject to speufic conditions on the ceIpt of notice. 45
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Pernianont Unrestricted Restrf¢ted •ndowmont funds funds funds £'ODO £'ooo £'ooo Total Funds £'ooo Tangible fixed assets Haberdashérs, Charities Investment Pools Othér invèstments Investment cash Net current Iliabilit8)Ias5ets Long i&m liabilities 7,935 7,422 99,261 32,959 107,196 40.381 4,444 31,168 15,8801 {15,078) 31,166 {6,3961 150,0781 914 (1,4301 {35,0001 30,009 914 95,790 126,713 14. RELATED PARTIES The Aske Corporation is Truste8 of the Haberdashers, Aske'5 Charity of which th8 Haberdasher8' Company. a Cty Livery Company incorporated by royal chart8r,15 the Corporator having responsibility as Estates Gov6rnor and trustee of the land. buildings and Investments of the Chartty. Details of transacbons betsvgen the Charity. the Haberdashers, Company and conn8cled entities are set out below.. The Haberdashers, Company and its 8ubsldl8ry, The Haberdashers, Operating Comp8ny, weré reimbur8e(I for certain expen5e5 Incurred in the year on behalf of the Charity, Further details are set out In note S. The Charity has invested in the Hab8rdashers' Total Retum Pool, a common investment fund and th8 Charrtles Investment Pool both of which have the Haberdashers, Company as Trustee. Notes 2 and 8 provlde further details of rolevant transactions and bal8nce8. In the year, the Charity rec8ived no grant funding from thg H8berd8shers' Educational Foundation 12024-. £50,000). The Haberdashers, Company is the Trustee of the Haberdo$hers' Educational Foundatlon. During the year the Charity mMItted to grants of £951.000 lo the Haberdashers, Aske's Federallon Trust, a conneGted Charity {2024.. £985,000). A further £100,000 was also awarded to former Federation Students fof university Scholarships and bursaries12024.. £99,000). The Charity held £1,051,000 In creditors at the yeaf-end in ralation to these grants12024.' £1,085,000). During the year the Schools received £275,00012024.' £250,000) from The Haberdashers, Aske's E1Ste Schoo15' Foundation towards the Bursary fund, £114,985 {2024.. £52,447) towards the Herdship fvnd and £125,754 in designated donations 12024. £83,383). The Schools granted £165,000 to the Foundation (2024.. £200,000). Details of transactions and balances beteen the Charity's Schools and ts subsidiary are set out in notes 10 and 17. 46
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 15. OPERATING LEASE COMMITPAENTS At 31 AugusL the Charity was committed to total futu minimum lease payments under non- can¢ellable operating leases as follows.. Equlpment Equlpmont 2025 2024 £'ooo £'ooo Paymènts due.. Wthin one year Beknn 1 and 5 years 1,370 1,600 957 1,720 2,970 2,877 18. CAPITAL COMMITMENTS Capital commitments for building projects and refurbtshmenls at the E181ree Schools as at 31 August 2025 were £9.495,69012024'. £3,559,000). 47
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 17. TRADING SUBSIDIARIES The Chanty owns the whole beneficial interest in the share capital of Haberdashers, E15tree Schools Trading Limited (a non<haritable trading subsidiary, registration number 30734801 forwhh the results are summarised below. Taxable profits are donated to the Charity by Gfft Aid. 2025 È'ooo 2024 £'ooo Tumover Cost of sales Admini$tratSon exp&ns8s 551 340 1243) 1911 Operating profivlloss) Other Income Taxation Gfft ald 308 249 1313) 12531 ProfiU{loss} for the yaar Retained profiullossl brought forward Retained proffiUIIos81 carried foThvard Current assets Credltors falllng wrthin one year 345 13451 334 13341 Net a86etsl{Ilabllilies) shara c•pttal Y•ar end Actlvltl08 Haberdashers, Elstree SGhools 31 August Trading Limited General Commercial entlty attending the Haberdashers, Aske's Schools Tumover for Haterd8shers' Elstree Schools Trading Limited includes £313,000 pald to the Schools 12024.. £253,000 to the Schools} which is tr88led as a transfer betren lunds in the consolldated accounts. 48
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 18. PENSION SCHEME la) Doflned benellt schem•- lè•¢hlng Staff The Elstree Schools participate in the Teachers, Pension Scheme {England and Wales) ('Ihe TPS"). for its teaching staff. The TPS is an unfunded multi-employer defined benefits pension scheme govemed by the Teachers, Pensions Regulations 2010 and, from 1 April 2014. the Teachers, Pension Scheme Regulations 2014. Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Rets'rement and other pension benefits are paid by publ1¢ funds provided by Parliament. The employer contribution rate Is s81 following scheme valuations undertaken by the Govemment Actuary Department. The 2020 valuation has now been published and the employer contnbulion5 rose by 5Vo to 28.68% from 1 April 2024. Th8 Schools have triggered phased c105ure of the scheme wlth a proposed closure to new entrants from 1 November 2024. Current members are un8ffecled. The pension charge for the year Includes ¢ontributlons payabl8 to the TPS of £4.781,027 {2024.' £4,314,825) and, al 31 August 2025. £386,72612024'. £533,322) was accrued In respect of Gontrlbubons to this scheryft. A copy of the valualKJn report and supporting duMentatIOn 18 on the Teachers, P8n81on website.. https'.Ilwvrn.toacherspensions.co.uklmember8lfaqslvaluallon.a8PX. Under the defi'nity'ons s81 out in FRS 102, th8 TPS is an unfvnded mulli-8mployer pension scheme. The Schools have accounted for their contrlbutions to thè scherne as if it were a defined contribution scheme. (b) Non4a•chlng •t•ff •ch•mo INTS81 The Elslree Schools operate a defined benefit penslon schemé {"the NTSS'I for support staff al the Schools. The NTSS1g a separate trustee administered fund. which holds 8ssets to meet the long-temi pension 118bilities of the Schools. A full tUarIal valuation was carried out al 31 August 2023 and the preliminary results of this valu8tson w8re updated to 31 August 2025 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 actuarfal valuation on 31 August 2023 showed initlal results of a surplu8 of £592,000, compared wllh a deficlt of £483,000 In th& previous valuation. Due to the improvement in the e5tlmated Surplus the Schools wlll no longer need to pay supplem8nlary contributions lo the NTSS. The tru5teeg would like lo amend the Scheme's factors going loard. The Schools meet the expenses of the scheme, death in service pffjmlums and levies to the Pension Protection Fund. Member conlributsons are payable In addition al the rate of 2.5% of pensionable pay. Contributions paid to the NTSS in the year were £64,76312024.' £75,OC61. Prn8•nt value8 of deff ned nefit obllgatlon, falr valuo ol a888ts and d8fin•d benefrt Ilablllty 2025 £'ooo 2024 £'ooo Present value of funded obligations Falr value of plan assets Effect of asset ¢eillng Net doflned beneflt lagset1lllabll as rocognl8ed In tho B•l•nce Sheel 8,371 110,094) 1.723 9,451 110,5841 1,133 49
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 18. PENSION SCHEME (continued) Reconclllatlon of openlng and c1081ng balances on the pr•$ent v•lue of funded obllg•tlon$ 2025 £'ooo 2024 £'ooo Liabilities at the start of the period Curtailments I changes l introducts'ons Current service cost Interest cost Contributions by plan participants Actuarial loss Benefits paid Llabllltle• at tha •nd of the perfod 9,451 10,228 33 445 34 527 {808} {756) {412) 1932 8,371 9,451 The English High Court ruling in Lloyds Banking Group Penslon Trustees Llmlted vs Lloyds Bank plc and others was publl8hed on 26 October 2018, and held that UK penslon schemes wSlh Guaranteed Mlnlmum Pensions I"GMPs'l accrued from 17 May 1990 must equalise for the different effects of these GMPS betsveen men and women. The case also gave some guldance on reLqled mattars, Including the mathods for equalisation. The 8ch8me is contracted in and so is un8ffect8d by this. R•conclllatlon of oynlng and clo•lng balanc•8 on th• f•lr valu• of plan a88•ts 2020 £'ooo 2024 £'ooo Fair value of plan assets ot the start of the perlod Interest income Asset loss Conlributlons by the employer Beneffts paid F•lr voluo of plan au•ts at th• •nd of tho period 10,584 502 1316) 80 (756) 10,094 10,953 581 {174} 156 (9321 10,584 The actu81 retum on plan agsels over the perlod ended 31 Augusl 2025 wa5 £186,000 {2024.' £407,000). Analysls of plan assots Valu• of 4••ets 31 August 2025 £'ooo V•lu• of 31 August 2024 £'ooo Equity {In¢luding property) Bonds Insured pension8 Cash 2,170 1,365 6,295 264 2,484 1,088 6.748 264 Total assets 10,094 10,584 50
HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 18. PENSION SCHEME l¢ontlnued) None of the fair valu8s of the assets shown above Include any direct investrments in financial instruments belonging to the Schools or any propety occupied by, or other assets used by, Ihe Schools. Dellned beneflt costs Meognlsed In the Income ststement 2026 £'ooo 2024 £'ooo Current 8eNlce cost Nel interest receivab Curtailments l Ghanges I Introductions Total penilon {Incom•V•xp•nso 33 157) (54} 1241 {201 Defln•d bènèflts costs Includ•d In othor recognl••d galnsl(10880s) 2025 £'ooo 2024 £'ooo Actuarial k>ss on plan assets Actuarlal gainllloss) on defined benefflt obllgallon of whh du8 to exp8riencg of whh due to financial assumptions Effect of asset ¢gillng Total (louVq•ln Includod In othor r•cognlsed galn• {3161 11741 889 1811 15901 1981 345 67 {258} 1201 51
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 18. PENSION SCHEME (continued} Assumptloni 2025 %per annum 2024 %por annum Discount rate Inflation IRPI} Inflats'on ICPI} Sa18ry growth Allowance for revaluation of deferred pensions subject to CPI max 5% subject to CPI max 2.6% Allowance for pensions in payment subject to RPI max 5% subject to RPI max 2.5% Based on the assumptlons, on the balanrk sheet dale the average future life expectandes at age 85 are 8ummarised below.. Ulfr •xpgcl•ncy at ago 65 yearn Retiring today Male Female 2026 21.2 23.7 2024 20.8 23.6 Retiring in 20 years Male Female 22.8 25.4 22.4 25.3 The provision in the accounts does not make allowance for beneficial Guaranteed Annulty Ral88 I GARS'I. The Schemo is invested In a Group P&nsion Contract which has GARS. This means that for members who joined befor6 July 2001 reaching retirement age, their pension may be ured ty the Scheme using the GAR5 which are better value than the annuity rates al that time. 1¢) Deflned Contrlbutlon Sehomè A Group Pension Plan Is In place for support stsff joining on or after 1 September 2003. The plan is administed by Aegon. The employer contributes at a fixed rale of 12% on condlkn'on that the employee contributes a minimum of 5% of salary. Contributions paid by the Elslree Schools In the year ended 31 August 2025 were £948.07812024.' £843.706). 52
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 19. GROUP STATEMENT OF FINANCIAL ACTMTIES YEAR ENDED 31 AUGUST 2024 Unre•tricted Restricted Endowment Funds Fund# Fund8 £'ooo £'ooo £'ooo Total 2024 £'ooo Income and ondovffli•nt6 from: Donations Charftable actyvlUes. School fees Other 8ducatlonal income Other trading acdvlliés.. Trading income Other income.. FRS 102 interest receivabl& Investments.. Investment Income 715 715 56,117 8,357 56,117 8,357 571 571 54 764 50 816 65,863 765 68.630 Exp•ndlturn on: Raislng funds.. Loan Interest 8nd re181ed fees Fees In advance discount Investment management Tradlng cost of subsidlarfes Charflable activllla8'. Schools 1,136 238 1,136 236 91 61,819 875 3,019 65,513 63,282 675 3,019 66,976 Not galn•lllos$o•) on Inve•tm•nt• 1,301 231 1.900 3.432 Not Incomel(exponditurnl 3,882 321 11,1171 3.088 Tran8fer• betwe•n fund• 1,803 (1.8031 Other rncognl•od1108188llgaln•: Actuarial Ilossesllgalns on defined benefit scheme 18 1201 120) Not movoment In funds 5,665 321 12,9201 Total funds brought fopNard 14,695 104,048 119,377 Total funds Carrled forward 20,360 957 101.126 122,443 53
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 STATEMENT OF FUND MOVEMENTS AND TrANSFERS FOR THE YEAR ENDED 31 AUGUST 2024 la) Fund Movements Balanc• Other re- cognl8ed Balanco galnl Not 31 August 11088) transfer8 2024 £'ooo £'ooo £'ooo Expendl- turn Income £'ooo £'ooo G•n•rnl fund•- crIty. Sthool8 gener81 fund excluding buildlng fund and pension Pen8kin reserve. 14.800 85,213 181,863) 134) 1,301 1201 12.46n 16.784 14.6C 66,267 253 181,89n 11,2941 1,281 P,46n 4.523 15,478 3,578 Aske Inojme Fund Total unre*trlct•d funth- Chartty 14,894 65,520 (83,1911 1.281 2.058 20.360 Non-chBrttabl8 Iradlng fiJnd8 Total unr••trlct•d lund•- Group 343 {911 PS31 14.695 85,883 183,282) 1.281 1.803 20.3PJ) R•strlctsd fund• Schools restricted fundi Slmon Stuart Stholarshlp Bursaries Appeal Fund Totsl r•$trb¢tsd fund• 418 515 1445) 27 121 1251 515 12 430 216 248 {229) {675} 220 638 765 231 957 Endowm•nt fund• Dr Margaret Bent endowment Simon Stuart endowment Bur88ritss Appe81 endowment A8ke'8 perrnanenl èndowment- 10 83 1.704 12 83 1,704 102.249 {3.0191 1,9 11,8031 99,327 Total •ndowTn•ntfund• 104,046 (3,019) 11.8031 101,126 Total Fun 119,377 86.030 {86,978) 3,412 122.443 Thg p8n5ion fvnd reflects a nil balance12023." £Nil) on the Schools, defined benefit pension scheme gs calculated in accordance with FRS 102. See note 18 for furthei details on the pension scheme. he Aske's permanent en¢Jowwt fund at 31 August 2024 consisted of £1,578,000 base value of endowment at 31 Mah 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. 54
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 20. STATEMENT OF FUND MOVEMENTS AND TRANSFERS {continu•d) YEAR ENDED 31 AUGUST 2024 Ib) Fund Transforn Non- charitable Charltsble Permanent Trading Unrestrlcte Restricted endowmant funds d funds funds fund £'ooo £'ooo £'ooo £'ooo New & replacement school buildings Unapplied totsl return for application Tradlng subsidiary gift aid lo school (2,720) 4,523 253 2,720 {4.5231 12531 12531 2,056 1.803 A transfer of £2.720,000 was made from the Schools, General Fund to the Permanent Endowment Fund reflecting the investment In land and buildings ¢Juring the year (2023. £5,110.0001. A further transfer of £1,023,000 was made from the inv8Stment in the Haberdashers, Charities Investment Pool (Total Return) I the TRP'I durlng the year to fvnd grants and bur$8ries lo the Haberdashers, A5ke's Federation Trust and lo the Elstree SGhools {2023'. £1,046,000 transferred), while £3,500.000 was withdrawn from th8 TRP and 16 currently held within the Aske's Income Fund. Th88e fund5 are being held pending their u6e by the Schools for capital projects. 21. ANALYSIS OF NET ASSETS BETWEEN FUND8 YEAR ENDED 31 AUGUST 2024 Pemianent Unreitrlcted Re•trlet•d •ndowfflent fund• fund8 funds £'ooo £'ooo Totsl Funds £'ooo Tanglble fixed assets Haberdasher8' Ch8riti85 Investment Pools other investments Investment cash Net current Iliabilitsesyassets Long tem liabilities 8,257 6,948 105.433 32,119 113.690 39.067 2,815 31,637 {6,128) 123.169) 2,815 31,655 16.615) (58.169) 18 938 11,425> (35,000) 20.360 956 101,127 122,443 55
HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 22. TOTAL RESOURCES EXPENDED FOR THE YEAR ENDED 31 AUGUST 2024 Other dlroct costs £'ooo staff Cost8 £'ooo D•proC- lation £'ooo Total 2024 £'ooo Ralslng funds: Loan interest and related fees Investment rnanagemenl Fees in advan ¢Jis¢ounl Trading costs of subsidiary 1,136 1,136 236 91 236 91 1,463 1,463 Charltable oxpondllure.. Teaching costs Schc>Jl welfare School premises costs Public rèlations and marketing Grants payable Support costs Governance costs 24.681 245 1,422 6,259 2,914 6,483 707 1,312 171 3,239 36 32,252 3,330 11,144 743 986 16,864 8,625 18 7,889 176 350 34,991 26,414 5,108 65,513 Total rnsource8 eXP8nded 34,991 26,877 5,108 66,978 23. POST BALANCE SHEET EVENTS In May 2025. it was announced that LcLhinver House School la co-educational prep school In Potters Bar for 3- to 13-year-oldsl would be joining the Elstree Schools group from September 2025. In December 2025. it was announced that Sl Martin's School Northwood la boys, prep school for 3- to 13-year-oldsl would join the group in April 2026. The Haberdashers, Company is the member of the Lochinver House School Charity, School, Sl Martln'$ INorthwoodl Preparatory School Trust Llmiled and the Aske Charity. Al the date of signing these financial stalemenls. the Lochinver House, Sl Martin's School Northwood and the Elstree Schools remaln legally independent. The Haberdashers. Company and the Trustees are actively consldering the fvture legal structure for the Elslree Schools group (induding Lochinver and St Martin's) and the Aske Charty. 56
HABERDASHERS, ASKE'S CHARITY LEGAL AND ADMINISTRATIVE INFORMATION HABERDASHERS, ASKE'S CHARITY REGISTERED CHARITY NUMBER 313996 TRUSTEES AND GOVERNORS The Haberdashers, Aske's Charity has hvo corporate Iruslees.. The Aske Corporation and HaberdasheryJ' Aske'5 Elstree Schools Limited I'HAESL'I (Company number 9216357}- Thé mèmbers of the Aske Corporation are the Flve Wardens ofthe Worshlpfijl Company of Haberd8sh8rs I"Th8 Haberdashers, Company'l, a City of London Livery Company. The Haberdashers, Company is also the sole member of HAESL. PRINCIPAL OFFICE OF THE TRUSTEES AND CHARtrY Tho A8k• Corporatlon Haberdashers, Hall, 18 We8t Smlthfield, London, EC1A 9HQ Haberda8h•rn' Aska'8 Elstm School8 Llrnlted Haberdashers, Hall, 18 Wost Smllhfield, London, EC1A 9HQ OFFICERS OF THE HABERDASHER8' COMPANY Clefk Brigadier Angus Watson MBE Dlrector of Financa Hugh Sadleir Director for Schools & Estates Arabelia Gonzaiéz PRINCIPAL ADVISERS TO THE CHARITY Bank•r• C Hoare & Co, 37 Fleet Street, London, EC4P 4DQ Ind•pendont audltor• Saffery LLP, 71 Queen Vlcloria Street, London. EC4V 48E SollcStor• Stone lQng LLP, Boundary House. 91 Charterhouse Stroet, London. EC1 M 6HR THE SCHOOLS AT ELSTREE I"The Et8trofr School8") Harda8herS, Boys, School, Butteffly Lan&, Elstree, Herts, WD6 3AF Harda$herS, Glrls, School. Aldenham R08d. Elstree, Herts, WD6 3BT Website.. bwM.hab8elstree.org.uk 57
HABERDASHERS. ASKE'S CHARITY LEGAL AND ADMINISTRATIVE INFORMATION KEY MANAGEMENT PERSONNEL The key management personnel of the Schools are the Ex8cutiv8 Prrncipal. the Heads, the Chief Financial Officer (listed below), the Deputy Heads plus ff6mber5 of the Extended Leadership T8ams (Assistsnt Heads, Directors and Section Leaders). G Lock Executive Principal, Haberdashers. Elstreo Schools H Bagworth-mann Headmistress, Haberdashers, Girls, School R Sykes Headmaster, Haberdasher5' Boys, School E Karfoot Chief Financial and Operating Officer, Haberdashers, Elstree Schools DIRECTORS OF HAESL AND SCHOOLS, GOVERNORS appointed by the Haberdashers, Company Member of the Court of Assistants of the Haberdashers, Company J D Gregory {ChaiThnan) H Aft)lami {Vice Chairl S ltsari8 R l Ashraf (Rahmanil D P Chambers A C Davlson T P Dolan T A E1118 H G Hanbury P Jain N P Kukadla C L Martlnsen A Mather J D Myers N P P8tanl E M Sam8r8slnghe J L Shadlck A J L Thomas apFJolnted 21 January 2025 appointed 7 November 2024 appointed 18 September 2025 Fom7erDirgctors and Govemtys who seTh8d during the year S C Cartmell OBE K Arogundade C S Clapper J M Gladwin R l Ohrensteln H L Roselhorn B E Stubley resigned 31 August 2025 appointed 27 September 2024, reslgned 18 December 2025 resigned 18 December 2025 resigned 7 November 2024 resigned 25 March 2025 resigned 31 August 2025 resigned 7 June 2025 CLERK TO THE GOVERNORS T Monod 58
HABERDASHERS, ASKE'S CHARITY LEGAL AND ADMINISTRATIVE INFORMATION LEGAL AND ADMINISTRATIVE DETAILS CONNECTED CHARrrY- HABERDASHERS, ASKE'S FEDERATION TRUST Haberdasher5' Aske's Federation Trust Ilrading as Haberdashers, Academies Trust South) is a connected charity exempt from registration and a company limited by guaranlee, number2535091. The Trust provides primary and secondary education al its nine schools. HABERDASHERS, ASKE'S FEDERATION TRUST Pepys Road London SE14 5SF Chief Executive.. Jan Shadlck Trust Flnance Director.. Clairé Hersey Website". www.habstrustsouth.org.uk Hab&rdashers' Borough Academy Haberdashers, Crayford Academy Haberdashers, Halcham Colleg8 Haberdashers, Knights Academy Haberdashers, Crayford Prfmary Haberdashers, Hatch8m Primary H8berdashers' Hatch8m Free School Haberdashers, Knights Prlmary Haberdashers, Slade Green Primory MEMBERS OF THE TRUST Sally Dyson fchelr of Trustees) James Penney Simon Lough Arabella Gonzalez The Worshipful Company of Haberdashers Members of the Court ofAssistants of the Haberdash8rs' Company Trustees of Hab8rd8shers' Agke's Féderation Trust 59