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 edl￿atIOn, 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 eX￿llen￿ 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 p￿StigIous, 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, child￿n, 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 aCh￿ernents- 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 $upports the need8 of the broader Haberdasher Gommunity. For the churches, the Company seeks lo be a role model patron and enable them to sep4e their communities, particularfy young people. The Company plays an active rolè in the life of the Clty of London. HABERDASHERS, ASKE'S CHARITY THE HABERDASHERS, FAMILY OF SCHOOLS A THRIVING FAMILY OF SCHOOLS, EDUCATING 12,000STUDENTSACROSS FOURSCHOOL HUBS The Haberdashers, family of schools is structured in four hubs.. Haberdashers. Acad8mies Trust South, Haberdashers, Wesl Midlands Academies Trust. Haberdashers. Elstre8 S¢hools and Haberdashers, Monmouth School. who together educate 12,000 sludenls. Of these 12,000 students. around 9,000 are educated in Haberdashers. AeademSes Trust South and the Haberdasher5' Elstree Schools. The Company is Proud lo include schools of all types and size5 in very different a￿a$ 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 APp￿ntICe8 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-t￿sChOolS 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 sha￿d 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. Be￿een 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 sh￿ked 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 child￿n. 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,$ s￿nIficant 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 s￿leS 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 LegaC￿S & 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 be￿een the Habs communlty and the I￿1 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. 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 p￿pared 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 finan￿al 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 Pa￿nt 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 staten￿ntS 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 I￿egUlarities. 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 re￿rd 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 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 Opera￿n9 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,. A￿OUnting 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 $18temenls are rounded to the nearest £'ooo. The Charity constitutes a public benefit entity as defined by FRS102. The Chanty is unincorporated. Its reglstered offu IS 18 West Smithfield, London, EC1A 9HQ. The Trustees have reviewed the Charity's financ￿1 posits'on including specific consid8ralion of the Charlty's cashflows, operations and lulure plans. Th8 Truste8s have reviewéd the funding facilities available to the Schools, including the £35m Private Placement which is repayable in 2051, together with the ongoing demand for school places and the Charity's fijture projected cash flows. This has induded consideration of the effects of the imposition of value added tax on independent school fees and thè likely futurè impact this will have on pupil numbers. Having considered these factors, the Trustses have a reasonable expectatlon that the Ch8rity has adequate resource to continue operating for al least 12 months from the date of approval of the accounts. Th8refore, the Trustees conb'nue to adopt Iha going concem basis of accounting in preparing the annual report and a¢counl$. 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 ￿￿'VI￿e5 (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 Inte￿St 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 Finan￿81 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 ￿$t or net realisable value. 32 HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 Flnanclal Instruments The Chanty has chosen to adopt Sections 11 and 12 of FRS102 in respect offinancial instruments. Financial instruments a￿ reccgnised In the balance sheet of the Charity when li becomes party to the contractual provisions of the inslrumenl. la) Flnanclal assets Basic financial assets. which include trade 8nd other debtors and Gash and bank balances. are initially recogn15ed al transaction price including transacllon costs and are subsequently Carried al amortlsed cost using the effective interest method unless the arrangement ¢onstitut8s a ffinancing Iransaclion, where the transaction 15 measured al the p￿sent value of the future ￿CeIpts discounted at a market rale of interest. At the end of each reporting perlod fin8nclal assets measured at amorttsed cost are assessed for obleclive evidence of impairment. If an assèt is Impaired, the impairment loss is the difference be￿88n the oarrying amount and the present value of the estimated cash flows discounted al the asset's origin81 effeth've Inte￿$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 ffleasu￿d 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 W0￿1ng 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 bul￿1ngs- 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 p￿vIOuslY 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 Haberda5￿r$, Charltles Investment Poo18 are common inve8tment funds administered ty the H8berdash8rs' Company for the benefit of the Charity and connected charities. The units held by the Charlty in tha Haberdashèrs. Charities Investment Pool {Total Retuml r8pre8ent 33% (2024.. 32%) of the Pool units in issue. 42 HABERDASHERS. ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 MOVEMENT ON UNAPPLIED TOTAL RETURN la) Habordash•r6' Charities Investm•nt Pool (Total Return) Unappliwj lolal return is calculated relative lo the value of the trust for inveslment at 31 March 1976 (base value). that being the base date determined by the Trustees as appropriate for the Charity's endowment fund. Trugt Unapplled for Total Inv88lmont Return £'ooo £'ooo Total 2025 £'ooo Total 2024 £'ooo Trust ts investTr£nt at 1 Septsmber2024 1,578 27,282 28,860 31.521 Investment retums.. Realk%ed and unrealised gain8llbssesl Transfer trj trust for application 2,S26 11.3351 2,526 11,3351 1,862 14.5231 Tru¥t for Invo•tment at 31 Augu•l 202S 1,578 28,473 30,051 28,860 Ib) H•berda8hor•' Charltl?• Invè*tm•nt Pool Un8pplied total retum is calculated relallvè to the value of the trust for Investment at 30 June 2009 (base value), that being the bage dale delermlned by the Trustees as appropriate for the Charty, endowment fund. No new endowment gifts have been received since the base dat6. Tru•t Unapplled Total Return £'ooo Total 2025 £'ooo Tol•l 2024 £'ooo Inv•8tment £'ooo Trust for investff£rt at 1 September2024 873 1.199 2,072 1,788 Investsnent returns.. Investment income Reallsed and unrealis&J gain￿l￿$S8$) Transferto trust for applicab'on 48 236 153 1301 153 (30) Tru•tlor Inve8tment at 31 August 2025 873 1,322 2.195 2.072 43 HABERDASHERS, ASKE'S CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 10. DEBTORS AND PREPAYMENTS Amounts falllng wlthln on• y￿r Group Charfty 2025 £'ooo 2025 £'ooo 2024 £'ooo 2024 £'ooo Schcol fees other debtors Prepayments and accrued incomè Due from subsidiary company 214 1.442 1.729 103 382 1.411 214 829 1.712 518 103 297 1.411 315 3,385 1,896 3,273 2,126 Amount8 falllng du• In mor• than one year Group Charlty 2025 £'ooo 2025 £'ooo 2024 £'ooo 2024 £'ooo CGS- VAT 8$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 devel0pff￿nt 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 Iliabilit￿8)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 E1St￿e 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 bet￿een 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 nonss on plan assets Actuarlal gainllloss) on defined benefflt obllgallon of wh￿h du8 to exp8riencg of wh￿h 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 administe￿d 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•- c￿rIty. 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 Ma￿h 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") Ha￿rda8herS, Boys, School, Butteffly Lan&, Elstree, Herts, WD6 3AF Ha￿rda$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