Registered Charity number 528402
Haberdashers. Adams, Grammar
School Charity
Flnan¢lal Statoments
for th8 yoar ond•d
31 August 2023

Haberdashers. Adams. Grammar School Charlty
FINANCIAL STATEMENTS 2023
CONTENTS
Page
Legal and admlnlstratlv• detail•
Tru$teo'8 rnport
Ind&pond&nt audltorn. roport
stalement ol flnanolal actlvltl
11
Balane• 8h•ots
12
Note8 to the flnanclol ststèments
13

Haberdashers. Adams. Grammar School Charity
FINANCIAL STATEMENTS 2023
LEGAL AND ADMINISTRATIVE DETAILS
CONSTITUTION
Haberdashers, Adams, Grammar School Charity, an unincorporated charSty registered in England and
Wales, is governed by a Scheme of the Charity Commission dated 29 September 1988.
RegiSte￿d Charlty number 528402
TRUSTEE
The Haberdashers, Company
www.habordashers.co.uk
Haberdashers. Hall
18 Wesl Smllhfield
London
EC1A 9HQ
MASTER AND WARDENS OF THE HABERDASHERS, COMPANY
R E l Elliott
Alderman Slr Wlliam Russell KStJ
JWAC8nn
S V Dyson
OAOOl8fareJP
Master
First Warden
Second Warden
Thlrd Warden
Fourth Warden
MANAGEMENT TEAM
Clerk
8rlg8dier H A Watson MBE
Olrector of Finance & Information
Olrector of FinanGe
E D Bayley (to 6 October 20231
H V M Sadlelr ltrom 7 Oclcber 20231
Dlrector for Schools & Property
A L Gonzalez
BANKERS
C Hoare & Co
37 Fleet Street
London
EC4P 4DQ
Coutls & Co
440 Strand
London
WC2R OQS
Lloyds Banking Group
1 Barnett Way
Gloucester
GL4 3RL
INDEPENDENT AUDITORS
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE

Haberdashers. Adams. Grammar School Charity
FINANCIAL STATEMENTS 2023
LEGAL AND ADNIINISTRATIVE DEfAILS
PROPERTY ADVISERS
Carter Jonas
South Pavilion
Sansaw Business Pa
Hadnall
Shrewsbury
SY4 4AS
Haborda8h•rs' Adams
Haberda$her8' We8t Midlands A¢ademy Trust
Habordashers, Abraham Darby
www.8brahamdarbyacademy.com
www.adamsg8.org.uk
Hlgh Street
Newport
Shropshire
TF10 7BD

Haberdashers. Adams, Grammar School Charity
TRUSTEE'S REPORT
The Trustee presents the annual report and financial statements of the Charity for the year ended
31 August 2023. The financial statements have been prepared in accordanGe with the accounting
policies set out in note 1 of the accounts and comply wilh Ihe Charities Act 2011 and Accounting and
Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 102). Legal and administrative information set out on pages 1 and 2 fomis part of this
report.
TTustse
The Master and Four Wardens of the Fralemity of the Art or Mystery of Haberdashers in the City of
London, a body corporate commonly known as the Haberdashers, Company, Ss Tnjstee of the Charity
in Its capacity as the Governors of the Possessions and Revenues of the Free Grammar School of
Newport, in the County of Salop, of the Foundation of William Adams. The Trustee receives no
remuneratfon from the Charily.
Objects
The objects of the Charity are..
to make land and buildings avai12ble for use by the Haberdashers, Adams, Grammar School I'the
School,) and to keep those buildings Insured,. and
to Invest assets other than the land and buildings uséd by the School, to generate income for th8
benefit of the School, In particular for the maintenance of buildings (91 % of net income), and for
certain other beneflclaries named In the Schem8190h of net incorne).
The Trustee has given careful consideTation to the Charity Commission's general guldance on publlc
benefit and lo ils supplementary public benefit guidance on advancing educallon in establishlng
strategy and planning activilies for the Charity in pursuit of the objects. To increase social mobility and
its connections wllh the local community, the School's admissions policy gives preference to boys and
girls of grammar school standard who Ilve in the Newport area or are entilled to free school me81s.
Glrfs are being admltted to Year 7 for th8 first tlme in September 2024., the Sixth Form has been co-
educatlonal since September 1993.
Tha Charlty's Orlgln
In 1656 Willlam Adams, a Member of The Court of A5SlStants of the Worshipful Company of
Haberdashers, gave to the Company hls land in Staffordshlre within th8 Manor of Knighton, for the
foundallon of a free grammar school and four almshouses in the town of Newport, Shropshire and for
the payment of various stipends. On his death In 1661 he devised furthor property lo the Company.
The School was established by letters patent of Oliver Cromwell In 1656 and, after the death of William
Adams. the Charity was established by Act of Parliament and the Master and Four Wardens
incorporated as the Governors.
The School is a popular and hlghly successful selective school with boarding facilities. From 199910
2011, it was a Voluntary Aided school, with funding provided by Telford and Wrekin Education
Authority. On 1 September 2011, the School became an A¢ademy wlthln the Haberdashers, Adams,
Federation Trust (the Federation), subsequently renamed th8 Haberdashers, Wesl Midlands
Academies Trust in 2022.
Statement of the Trustee'g Responslbllltles
The Trustee is responsible for preparing the Trustee's Report and the financial statements in
accordance wilh applicable law 8rsd United Kingdom Accountlng Standards (United Kingdom generally
accepted Accounting Practice).
The law applicable to charities in England and Wales requlres the Trustee to prepare financial
statemenls for each financial year which give a true and fair view of the stste of affairs of the Charity
and of the incoming resources and application of the resources of the Charity for that period. In
preparing these financial statements the Tru5t& Is required to-

Haberdashers, Adams. Grammar School Charity
TRUSTEE'S REPORT
select suitable accounling policies and then apply them consistently.,
observe the methods and principles in the Charities SORP (FRS 102).,
make judgements and estimates that are reasonable and prudent-
state whether applicable accounting standards have been followed. subject to any material
departures dlsclosed and explained in the financial slatements-,
prepare the financial statements on the going concern basis unle55 It is inappropriate lo
presume that the Charity will continue in business.
The Trustee Is responsible for keeping propar accounting records that disclose with reasonable
accuracy the financial position of the Charity and whlch enable the Trustee to ensure that the financial
statements comply with the Charities 2011, the Charilies (Accounts and Reports) Regulations
2008 and the Charity's constitution. The Trustee is also responslble for safeguarding the assets of
the Charity and hence for taking reasonable st8ps for the prevention and detectlon of fraud and other
irregularities.
Govemance
The Haberdashers, Company is governed by a Court ofAssistants, whose members bring a range of
expertise to their service both for the Company and on governing bodies of the Company's schools,
including Haberdashers, Adams, and Haberdashers, Abraham Darby. The Trustee's duties are
delegated to certain Compsny commlttees..
The Education Committeè Is responsible lo the Court of Asslstanls for the affairs of the Ch8rlty.
Th8 Finance Commlttee advises th8 Educatlon Committee on tho Charity's financial affairs and
sets Investment policy. The ¢hairs of th8 Educats'on. Property and Securlties Committees are
members ofthe Finance Committee.
The Property and Securities Committees are responsible to the Flnance Commlttee for managing
the Charfty's Investments.
The Membership. Engagement and Appoinlm6nts Committee ensures that appolntm6nts to each
committe8 provlde an appropriate r8nge of skllls and expenen¢é.
Induction processes for new committee members ar& lallorecl to individual needs by committee
secretaries. Ongolng training for Court and Committee members includes provision of relevant Charity
Commls5ion publications and briefing sesslon5 on current topics at committee meelings.
The Trustee has implemented a risk management strategy for all charitl8s under Its control, whlch
comprises..
annual review of risks faced by the charities.,
establishment and review of systems and procedures to mitigate those risks; and
establishment and review of procedures to minimise potential impact on the charities should any
of those risks materlallse.
Relatod partles
The School has been federated with Haberdashers, Abraham Darby in Madeley, Telford, sln
September 2008 and, on conversion to an Academy itself on 1 September 2011, became part of the
Haberdashers, Adams. Federation Trust (now the Haberda5hers' West Midlands Academies Trust), a
separately consb'tuted charity. sponsored by the local authority and by the Haberdashers, Company.
Through the Trust, the School and Haberdashers, Abraham Darby Academy have a number of
Governors in common but Ihe Charity's object is lo provide financial support for the School only and
not for Haberdashers, Abraham Darby.
The Haberdashers. Company nominates four individuals to be members of the Trust along with itself.
The members appoint the majority of the Directors of the Trust and the Directors appoint others to
serve, along with themselves, as the Governors of the I￿0 academies. The Charity and the Trust.
having related objects and common control, are regarded as connected Gharities. As Trustee, the

Haberdashers. Adams. Grammar School Charity
TRUSTEE'S REPORT
Haberdashers. Company maintains close contact with the Governors and the School, to ensure that
the Charity'5 resources are applied to best effect 8t th8 School.
The Haberdashers, Company is also Trustee of the Haberdashers, Charities Investmant Pool,
common investment fund in which the Charity's endowment funds are Invested.
Investment powers and objectlves
There are no conslraints on the Trustee's general power of investment in the governing Scheme,
Investment property is m8n2ged by the Property Committee of the Haberdashers, Company. advised
by the property advisers. Supervision of other Inveslments is exercised by the Secudties Committ8e
of the Haberdashers, Company.
The current investment objectlV8s ar8..
to collect all the monles due from the sale of investment property.,
lo maximise net income from the limited amount of investment property thal remalns; and
lo maximise capital growth from other investments, subject first to produclng a consistènt level of
income.
Proceeds of a propety disposal for development in 2003 were Invested to generate additional
endowment income (from the Second Permanent Endowment Fund) which, under a Section 106
agreement wlth the local authorlty, must be used to maintain the Charity's listed buildings. The
remaining land held for Investment génerates income from short18ases.
The Charity's maln Investment Is in the Haberdashers, Charities Investment Pool, 'the CIP fund,, a
common investmenl fvnd and r8giSle￿d charity wilh the Haberdashers. Company as Trustee. Th8
investments in the CIP are managed by Cazenove Capital Management Limlted.
From Aprll 2017, the CIP adopted 8 total return approach. Since thls date, the investment objectlve
for the CIP Is to m8ximise total return, whilst producing Incom6 broadly in line with the average level
sought by charities constrained by Income. From April 2017, the perforniance benchmark has been
as follows..
Equilles
Flxed Interest
Alternatives
MSCI AC Wodd Index
FTSE Government All Stocks
LIBID 7 day +2L/Tro
The Trustee requires that Snvestment rfsk Is mlnlmlsed in rel8tlon to the mlx of asset classes and stocks
held within each class.
Under the total return approach, all investment returns are received into the permanent endowment
fund, whether in the form of Sncome or realised or unreallsed gains. With full regard to the overrldlng
duty to manage investment assets to meet the long term needs of the participating charities, the
Trustee then make transfers out of the accumulated unapplied total r8tum In the endowmenl fund to
a 'trust for application, to meet grants and other costs formerly pald out of net income. The remaining
unapplied total retum 1$ retained within the permanent endowment fund.
The base date for the CIP fund is 30 June 2009, atwhich point the endowments were valued at£838k
and additional capital of £984k has been added slnce that date. Preservation of real value of the
endowment fLrnd is monitored by indexing the base value to the great8r of RPI or an index of salaries
in the service sector. as a proxy for the rate at which costs increase at the schools. At 31 August 2023,
the value of CIP endowment fund investment assets was £443k more than the indexed base value
{2022.' £743k- restated),
Details of the movement on unapplied lotal retum can be seen at note 6.
Reserves pollcy
The Charity aims lo keep one yearfs expenditure in unrestricted general funds. This year, net
investment losses have been a strain on the unrestricted funds position, nonetheless overall the
Charity has been able to maint2ir. this position of having one yearfs expenditure set aside. As the
investment losses have been borne by the General Fund, a transfer has been made from the

Haberdashers, Adams, Grammar School Charity
TRUSTEE'S REPORT
Designated School Fund to the General Fund to maintain Ihe balance on the General Fund at £nil. In
those years when there is a surplus on the General Fund this is transferred to th8 Designated School
Fund to maintain the £nil balance.
Th8 ability to make grant payments for school maintenance from the unrestricted fund conunues to be
con5tralned by the need lo make capital and interest payments on a loan taken to provide funding for
science building al the School. However, there are reserves of £146,459 in the Designated School
Fund at the year end (2022.. £214,219).
Full delails of the Charity's reserves at year end are set out In note 11 to the financial statements.
Mlsslon and strategy
The partnership be￿een the Trustee and the Governors of the School has developed 8 unique and
highly successful establishment serving day pupils and boardefs. Although proud of its grammar
school status, now also as an Academy, the School does not operate in Isolation but works closely
with the local authority and its Trust partner Haberdashers, Abraham Darby to serve the wider
community of Telford and Wrekin. To increase social mobility and its connectlons with the local
community, the School has an adrnls5ions policy which gives preference to boys and girfs of grammar
school calibre (girts are being admitt8d to Year 7 for the first tlme in September 20241 who live in the
Newport area or are entitled to free school meals. However, the resources of the Charity are Ilmit8d
and Ihe buildings at Ihe School, some of which are listed, have suffered from scarclty of funding over
many years. The aim of the Trustee and the Governors for the School's hvo sites Is lo achieve malor
Improvements in the building stock, funded by grants, fundraising by 8nd from parents and alumni and
from the Charity Itself.
The School has been successful In varfous bids for capital funding over thè lasl 10 years whlch have
enabled signific8nt changes to the estate. The most recent projects have been the replacement of the
Sports Pavilion, which was partly funded by an appeal (to whlch the Charity contributed}, and a new
10-classroom block which has enabled an expansion to the School under the Selective Schools
Expansion programme.
The strategy adopted by the Trustee has been and remains..
to maximise the return from investment assets.
to bulld up reserves lo as51St in repair and refurbishmént of Ilsted buildings.
to asslsl the School in its own fundralsing actlvities.
to be prepared to use the Charity's assets to supplem8nt grant funding for building projects.
lo protect the value of the Charlty's endowm8nl funds but, as a last resort, to be prepared to apply
lo the Charity Commission for permission to expend endowment capital on buildlng projects,
subject to replacement orders.
Publlc Bènèflt
The Charity provldes public benefit by making availablè. at no charge, land, buildings and other
support for the School, which is a Slate Academy with a private boarding facility. There are currently
1,065 pupils aged 11 to 18, including 85 boarders. The School serves the populalion of Newport,
Shropshire and surrounding areas and 15 also able to accommodate pupils with a particular need to
board but for whom boarding schools in the independent sector are not affordable. There are only
around 35 maintained schools wlth boardSng facilities in England and Wales and demand for l)oarding
pla￿$ remains high.
The School was inspecled by Otsted in the summer term 2022 and was judged 'good'. The full report
is available on the Ofsted website. The local authority, Telford and Wrekin, has demonstrated its faith
in the School through co-sponsorship of Ihe Trust. The resources provided by the Charity for the
School and the governors nominated by the Haberdashers, Company have made a substantlal

Haberdashers. Adams, Grammar School Charlty
TRUSTEE'S REPORT
contribution to the School's ability to widen its area of benefrt in Shropshire through participation in the
Trust.
School bulldings
The site5 and historic buildings occupied by the School are assets of the Charity. In recent years,
additional buildings have been constructed with a mixture of public and privale funding. In particular,
the Sports Pavilion. whleh was partly funded by an appeal lo which the Charlty contributed, and the
new 10-classroom block. These newer buildings a￿ held on the balanc8 sheet of the Haberdashers,
Adams, Federation Trust.
In 2010, the Charity took a bank loan of £550,000 to enable it to support funding of th8 Sports Hall,
which was held initially on the Charity's balance sheet. INhen the School converted to an academy,
that building was transferred to the balance sheet of the Haberdashers, Adams. Federatlon Trust, at
which point the bank loan left the Charity's genèral fund overdrawn. However, the Charity serviced
the loan wlthout difficulty and the overdrawn fund balance was roctifled in 2019. A further loan was
taken out in February 2017 to purchase Beaumaris House, a nursing home on an adjoining sile. The
loan was fully repaid in February 2021. Thls buildlng, now renamed Beaumaris Hall, has been
converted to a modern boarding facility and replaces the old, senior boarding houses. The Trustee is
in the process of explorlng options for the disposal of the old boarding houses (Beaumarls, Picken and
Roddam) as they are no longer needed by the School.
The School's boardlng facilities are now on Iwo siles, with senlor boarders in Beaumaris Hall and
junior boarders a short walk from the School al Longford Hall.
The School makes contributions from its non-public funds to the Charity Sn recognltlon of financlal
support for building projects from the Charity. Contrlbutlons in the year ended 31 August 2023 were
£50,000 (year ended 31 August 2022.. £50,000).
Flnance
Group total incoming resources for the year were £185,278 (2022: £203,664).
Grants of£33,552 were made to the School during Ihe year (2022 £42,644).
Net incoming resources for the year before Investment gains were £21,162 {2022'. nel Incomlng
resources £75,497).
Net investment losses for the year were £145,479 (2022: net losses £123,098). Total return on the
endowment funds, investrnent in the Haberdashers, Charltie8 Investment Pool was 0.1% {2022-
negative 3.OOh - r8Stated).
Objectives In the year ahead ar8..
Dlspose of surplus propety- and
To make best use of the restriGled School Mainlenance Fund for the listed bulldings at the School.
Signed on behalf ofthe Trustee on l ?
2024.
InAL-(
Master
Warden

INDEPENDENT AUD]TORSI REPORTTO THE TRUSTEE OF
HABERDASHERS, ADAMS, GRAMMAR SCHOOL CHARITY
Oplnlon
We have audited the financial statements of Haberdashers, Adams Grammar School Charity for the
year ended 31 August 2023 which comprise the statement of financial activtties, the balance sheet
and notes lo the financial statements, including significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounling
Standards, Sncluding Financial Reporting Standard 102, the Financial Reporting Standard appllcable
in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
glva a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its
incoming Tesources and application of resources for the year then ended.,
have been propedy prepared in accordanoe wlth United Kingdom Generally Accepted
Accounting Practice,. and
h8ve been prepared In accordance with Ihe requlrements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in 8ccordance with International Standards on Auditing {UKI IISAS (UK)) and
applicable law. Our responsibilities under those standards are further described In the Auditorfs
responsibilities for the audit of the financial statements sectlon of our report. We are Sndependent of
the charity in accordance with the ethical requirements that are relevant lo our audit of the financial
slalements in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordancè wSth Ihese requirements. W8 believe that the audlt evidence wè have
obtalned Is sufficient and appropriate to provide a basis for our opSnlon.
Conclu8lon8 relatlng to golng concorn
In audltlng the financial statements, we have concluded that the Trustee's use of the golng concem
basis of accounllng in the preparallon of the financial statements is appropriate.
Based on the work we have performed. we have not identifled any material uncertainties relating to
evenls or conditlons that, individually or collectlvely, may cast significant doubt on the charity's ability
lo continue as a going concern for a period of at least ￿e1ve months from when the financlal
statements are aulhorised for issue.
Our responslbllities and the responsibilities of the Trustee with respect to going concem are descrlbad
in the relevant secllons of this ￿part.
other Informatlon
The other information comprises the information Included In the annual report, other than the financial
stalements and our auditor's report thereon. The Trustee is responslble for the other information. Our
opinion on the financial statements does not COV8r Ihe other informallon and, except to the extent
otherwise explicitly stated in our report, we do not express any forrn of assurance conclusion thereon.
Our responsibility is lo read Ihe other informatlon and, in doing so, Consider whether the other
information is materially inconsistent with the financial slatemenls or our knowledge obtained in the
course of the audit or otherwise appears to be materially misslated. If we idenlify such materlal
in¢onsistencie5 or apparent material misstatements, we are required to deteTmine whether thls gives
rise to a material misstatement in the financial statements thernselves. If, based on the work we have
performed, we conclude that there is a materlal misstatement of this other infomation., we are required
to report Ihat fact.
We have nothing to report in this regard.
Matters on which we are requlred to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities
{Accounts and Reports} Regulations 2008 require us to report to you if, in our opinion..

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF
HABERDASHERS, ADAMS, GRAMMAR SCHOOL CHARITY
the information given in the Trustee's Annual Report is inconsistent In any material respect
with the financial statements., or
the charity has not kept sufficient accounting records-, OT
the financial statemenls are not in agreement with the accounting records and retums-, or
we have not received all the information and explanations we require for our audit.
Responsibilities of the Trustee
As explained more fully in the Statement of the Trustee's Responsibilities set oul on pages 34. the
Trustee is responsible for the preparation of th8 financial statements and for being satisfied that Ihey
give a true and fair view, and for such internal control as the Trustee determines is necessary to enable
the preparation of financlal statements that are free from matérlal misstatement, whether due to fraud
or error.
In preparing the financial statements, the Trustee is responsible for assessing the charity's ablllty to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concem basis of accounting unless the Trustee either intends to liquidate the charity or to cease
operations, or has no realistlc altemative but to do so.
Audltors, responslbllltles for the audit of the flnancial statements
We have been appolnted as auditors under the Charities Act 2011 and r8POrt in accordance wlth
regulations m8de under that Acl.
Our objectsves are to obtain reasonable assurance about whetheT th8 financial statements as a whole
are free from material misslatomenl, whether due to fraud or error, and lo issue an auditors, report
that includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when
il exlsts. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken
on the basis of these fin8ncial stalemenls.
Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect materlal misstatemenls In resp8Ct
of irregularities. Including fraud. The speclfic procedures for this engagement 2nd the extent to which
these are capable of detecting Srregularities, Including fraud are detailed below.
Identifying and assessing risks rel8led to irregu12rib'es'.
We assessed the susceptibility of the charity's financial statements lo material mlsstatement and how
fraud might occur, including through discussions with representatives of the Trustee, dlscussions
within our audit team planning meeting, updating our record of internal controls and ensurlng Ihese
controls operated as intended. We evaluated possible incentives and opportunities for fraudulent
manipulation of the financial statement5, We identified laws and regulations that are of signlficance
n the context of the charity by discussions with representatlves of the Trustee and updating our
understanding of the sector in which the charity operates.
Laws and regulations of direct significance In the context of the charity include the Charitles Act 2011.
the Charities (Accounts and Reports) Regulations 2008 and guidance Issued by the Charity
Commission for England and Wales.
Audlt response to risk5 identified..
We considered the extent of Compliance with these laws and regulations as part of our audlt
procedures on the related financial statement items including a review of financial statement
dis¢losures. We reviewed the charity's records of breaches of laws and regulations, minutes of
meetings and correspondence with relevant authorities to identlfy potential material misstatements
arising. We discussed the charity's policies and procedures for Gompliance with laws and regulations
with members ofmanagement responsible for complian￿.

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF
HABERDASHERS. ADAMS. GRAMMAR SCHOOL CHARITY
During the planning meeting with the audit team, the engagement partner drew attention to the key
areas which might involve non-compliance with laws and regulations or fraud. We enquired of
managemenl whether they were aware of any instances of non-complian￿ with laws and regulations
or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through
managemerst override of controls by testing Ihe appropriateness of journal entries and identifying any
significant transactions that were unusual or outside the normal course of business. We assessed
whether judgements made in mak(ng accounting estimates gave rise to a possible indlcation of
management bias. At the completion stage of the audit. the engagement partner's review included
ensuring that the team had approached their work with appropdale professional scepticism and thus
the capacity to identify non-compliance wlth laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it. Also, the risk of not detecting a materlal
misstatement due to fraud is higher than the risk of nol detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery OT intentional misrepresentstions, or
through collusion.
A fvrther description of our responsibilities is avallable on the Financial Reporting Council's websrte
al.. ￿.frC.Or
ukla
orsTéS
onsibilitl Th15 d8scription forms part of our auditor's report.
Use of our report
This report Is made solely to the charity's Trustee, as a body, in accordance with Part 4 of the Charities
{Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlghl state
to Ihe Trustee those matters we are required to state to it in an auditorfs report and for no other
purpose. To the fullest extent permitted by law, we do nol acc8Pt or assume responsibility to anyone
otheT than the charity 8nd the Truslee as a body, for our audit work, for this report, or for the opinions
we have formed.
Saffèry LLP
Chartered Accountants
71 Queen Vlcloria Street
London
EC4V 48E
ststutory Auditors
Date..28 June 2024
Saffery LLP is ellgible lo act as an auditor in tenns of sectlon 1212 of the Companies Act 2006
io

as
ers
ams
rammar
00
ari
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 August 2023
Perniangnt
UnresIrfc￿d Restrlcted Endowment
Funds
Funds
Funds
Total
Funds
2023
Total
Funds
2022
Note
Incomg and endowments from:
Donations from the Twstee
Inveslmenls..
Investment Inoome
Rental Income
Charitable activities..
School buildings contributions
Other income..
Total retum allocated to income
30,000
30,000
50.000
25.972
2,030
77,276
103,248
2,030
101,598
2,066
50,000
50,000
50,000
36,900
40.376
177,276)
144,902
40,376
185.278
203,664
Expendlturo on:
Raising fund5
CharSlable a¢tlvilles'.
Donations and grants
Other costs
6,713
6,713
5,786
33,552
88,928
33,552
123,851
42,644
79,737
36,923
127,193
36,923
164,116
128,167
Ngt Sn¢om8llexpendltur6) before
galn8 on Investmonts
17,709
40,376
136,923>
21,162
75,497
Net108808 on Investments
181,8021
163,677) 1145,4791 1123,0981
Net Incomèlloxpondlturel
164,0931
40,376
1100,600) 1124.3171 {47,6011
Transf•r8 between fund8
11
13,6671
3,667
Not movement In lund•
{67,760}
40,376
196,9331 {124,3171 147,6011
Recon¢lllatlon of Fund8:
Total fvnds brought forward
214.219
124,114
4,927,722 5,266,055 5,313,656
Total funds carrlod fotward
11
146,459
164,490
4,830.789 5,141,738 5,266.055
The notes on pages 13 to 27 fomi part of these financial statements.
All results dertve from continuing adivilies.

Haberdashers. Adams, Grammar School Charity
BALANCE SHEET
As at 31 August 2023
Note
2023
2022
Flxed assets
Tangible a55ets
Investment5
1.441,641
3,809.131
1,478.564
3,954,610
5,250,772
5,433,174
Current assets
Debtors.. amounts reGelvabl& within one year
Investments: deposits
Cash al bank
38,970
42,300
87.400
65,566
42.300
49.262
168,670
157,128
Llabllltles
Creditors.. amounls falling due within one year
1243,204)
1243,7471
Net current Ilabllltlos
{74,5341
186,619)
Total a888ts 1888 current IlabllltS08
5,178,238
S,346,555
Credltors .' amounts falling due after more than one year
134,5001
180,5001
Total net as•ots
5,141.738
5,266,055
Tho Fund8 ofthe Charlty:
Permanent endowment funds
Restrlcted funds
Unrestricted funds
11
11
11
4,830,789
164,490
146,459
4,927,722
124,114
214,219
Total Charfty Fund8
5,141,738
5,266,055
The notes on pages 13 to 27 form part of these financial slalements.
These financial slatem8nls were approved and aulhorised for issue by the Trustee on l? Tvrt 2024
and signed on behalf of the Trustee.
Mas18r
Warden
12

er
as
ers
ams
rammar
00
ari
NOTES TO THE FINANCIAL STATEMENTS
Year endad 31 August 2023
1. ACCOUNTING POLICIES
Bas1$ of prepardtlon
The financial statements have been prepared under the historical cost convention with items recognised at
cost or transaction value unle55 Otherwise slated in the relevant note to these accounts. The financial
statements are prepared in accordanGe with the 'Stalemenl of Recommended Practice.. Accounting and
Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021, and the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The financial 51at8menls have been prepared lo give a true and fair view and have departed from the Charilles
(Accounts and Report5) Regulations 2008 only to the extent required to provide a true and fair view. This
departure has involved following the SORP IFRS 1021 rather than the Accounting and Reporb'ng by Charities..
Statement of Recommended Piactice Irevised 2005) which has been withdrawn.
The accounts are prepared in slerting, which is the functional currency of the Charity. Monetary aff￿)unts in
these financial slalemenls are rounded lo the nearest £.
The Chadty conslilute5 a publ1¢ benefit entity as defined by FRS 102.
The Trustee considers that there are no material uncertalnties about the Charity's ability to continue as a going
concern due to the lolal Charity funds al the year end.
Cash flow extrmptlon
Advantage has been tsken of the exemption for ¢harill&s with Income less th8n £SOO,000 from preparing a
cash flow statement under SORP {FRS 1021.
Funds $tru¢tura
The Charity maintains fvnds as follows..
Permanent Endowment Fund,, The Permanent Endowment Funds may not be expendéd and represent the
land and buildings ol the SGhool and assets invested to generate income for restricted and unrestricted
purp05e8.
ReslriGled Fund5.' Restricted Funds represent assets held and income received which are allocated by the
donor5 for 8peGific purposes.
Unrestrlcled Funds.. The Unreslricled Funds ￿ p￿sent income which Is expendable at the discrètion of Ihe
trustee in furth8r8nce of the objects of the Charity.
Income recognltlon
All incoma Is recognised in the SOFA when the conditions for reGelpl have been and ther8 is reasonable
assurance of receipt.
Donations.. Donation5 and all other receipts from fundraising are reported gross and any relatsd fundraising
costs are reported under the heading 'resources expended, as costs of generating lunds. Tax racoverable
relating to donations is aGrounted for in the same period as the related income.
Inveslrnenl In¢ome.' Investment income is received without deduction of tax and is accountsd for when
receivable.
School buildings grants and contributions.. Govemment grants for construction of new school building5 un the
Charity's land are treated as incoming resources in a restricted fund which also holds those new buildings,
subject to any interest ￿taIned by the Department for Children, Schools and Familie5. Unre51ricted
contributions toward new buildings are also received from non-public school funds.
13

Haberdashers, Adams. Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
Expendlture rocognltlon
Reso(Jrces expended are recorded on an accruals basis and include support costs which may be allocated
direct or apportioned on the basis of stsff lime.
Costs of generating funds.. Costs incurred in managing the Charity's investment assets and servlcing loans
are recorded under th￿$ heading.
Charitabl8 activities.. Expenditure incurred direcuy in meeting the objects of the Ch8rity is recorded under this
heading.
Governance c05ts-. Costs incurred in administering the Charity itself, rather than In managing chadtable
a¢livltie5. are recorded under this heading.
Allocatlon ol support and governance costs
Support costs have been allocated betsveen gcvernance Costs and other support costs. These Include salaries
and servic8 Charges relating lo speGifi¢ staff involved direotly in facllitating charitsble activlties.
Governance c051s relate to expenditure incurred in the general running of the Charlly and include salarles and
service oharges for specific staff invclved in compliance with constitutional and statutory requirements and
audit fees.
Irrocoverable VAT
Irrecoverable VAT is charged against the expanditure heading for whlch il was incurred.
Tanglblg flx¢d a$$8ts and dopr•¢latlon
The cost of historic assets of th8 Charity, being the original freehold land and bulldings, are excluded from the
balance sheet since reliable cost information is not available and convenllonal valuation approaches lack
sufficient reliability. The original freehold land and buildings were purchased between 1656 and 1928, $0 the
gure Is unlikely lo be material.
Buildlngs acqulTed by the Charity since 1945 are capitallsed al hlslorlcal cost, less depreclalion. Bulldings on
the Charity's land funded predominantly by government grant are Gapitallsed in the Haberdashers, Adams,
Federation Tnjst.
Freehold land is not depreciated. Depreciation is charged $0 as lo wrlle down the value of freehold properties,
other than freehold land, lo their estimated residual value on a slralghl line basss over IhelT remaining expected
useful economic lives at a rate of 20/0 per annum.
Flxed asset Invostmonts
Investments 8re stated at market value. All gains and losses are taken to the SOFA as they arlse.
Flxed a88et Investment proporty
In accordance wbth FRS 102, Investrnenl property is revalued annually by the tTUStee or external valueTS and
the aggregate surplus or deficit is transferred to the appropriate fund holding the investment.
Flnanclal Instruments
The Charrty has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial instruments are recognised in the balance sheet of the Charfty when it becomes paty to the
contra¢lual provisions of the instrument.
Financial assets
Basic financial assets, which include trade and other debtors and cash and bank balan￿s, are initially
reeognised attransaction price including transaction costs and are subsequently carried al amortised cost.
14

Haberdashers, Adams. Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
Other financial assets, including investments in equity instruments which are not subsidlaries, are inf(ially
measured at fair value, which is normally the transaction price. Such assets are subsequenlty carried at fair
value and the changes in fair value are re¢ognised in profit or loss.
Financi81 assets are derecognised when..
the contractual rights lo the cash flows from the asset expire or are settled, or
substantially all the risks and rewards of the ownershlp of the asset are transferr8d to another
paty, or
nlrol of the asset has been transferred to another party who has the practical abi11ty 10
unllaterally sell the asset to an unrelated third party without imposlng additional restrlction5.
Fln*nclal Ilabllltl88
Basic financial liabilities. whlGh Snclude trade and other creditors are Initially recognised al transaction price
unless the arrangement constitutes a financing Iransaclion, where the debt instrument is measured al the
present value of the future payments discounted at a market rate of interest. Debt Instruments are
subsequently c8rried at amortlsed cost, using the effective intsrest rate method.
Financlal liabililles are derecognised when the liablllty Is extinguished, that Ss when the contractual
obligation is discharged, cancelled or explres.
Offsettln
Financial assets and Ilabilili&s are offset and the net amounts presented In the financial statements when
there is a legally enforceable right to sel off the recognised amounts and there is an intentson to settle on
a net basis or lo reali5e the asset and settle the liability slmullaneously.
Crltlcal accountlng ludg6m•nts and key Jource8 of 08tlmatlon unc•rtalnty
In the application of the Charity's accounting policies, the Trustee is required to make judgements, eslim8tes
and assumptions about the carying amount of assets and liabilities that are not readily apparent from other
sources. The e$timales and as50Cl8ted assumptions are based on historical experience and other factors
that are consldered to be relevant. Actual results may dlffer from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revislons lo accounting
estimates are reco9nised in the period In which the estima18 is revised and in future perlods where
necessary.
2. INVESTMENT INCOME
Total
2023
Total
2022
Interest receivable
Dlstnbutions from Haberdashers, Charllie5 Investment Pool
25,972
77,276
103,248
21,306
80,292
101.598
Total
15

Haberdashers. Adams. Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
3. ANALYSIS OF EXPENDITURE
Chorltable
actlYltl•8
Raising
funds
Govern-
Total
2023
Tolal
2022
Costs dlrectly •llo¢ated to actlvltles
Insurance of School buildings
Less.. insurance paid by School
Depreciation of School buildings
Grants to School
Property advice and management fees
Legal fees and professional advice
Loan interest
Impairment of investm8nt of subsidiary
company
Support costs
Allo¢aled on the basi5 of staff time..
Staff costs
Servic& charges
28,967
122,0871
36,923
44,724
28,967
12,179
{22.0871 {14,5231
36,923
36,923
44,724
42,644
171
209
25,937
13,067
6,542
3,837
171
25,937
6,542
1,740
324
546
546
34,213
5,043
2,734
403
36,947
5,446
27,755
4,012
Total exp?ndltur•
127,783
6,713
29,820
164,116
128,167
Serylce ¢hary8s ar8 paid by the charity to th8 Haberdashers, Company and the Hab8Tdashers Operallng
Company la subsidiary of the Haberdashers. Company) for office accommodation and facilities provided by
and $h2red with those companies and with other connected charities. The service charges do not exceed the
cost lo those companies of providing the services.
Under joint ¢ontracts of employment and a paymaster arrangemenl, salary costs for staff working for the
Haberdashers, Company a5 Estate Trustee are paid by Haberdashers, Oparating Company and allo¢aled to
the various entities managed by the Haberdashers, Company on the basis of time Spent.
The number of staff employed by the Haberdashers, Company and the charities under its trusteeship durlng
the year. on a head¢ount basls, was 1512022.. 14).
There were no employee benefits exceedlng £60,000 for seNices Provided lo the Charity during the y•ar
12022.. none).
Staff ¢05ts, for services provided lo the Charity in the year, comprised..
2023
2022
Wage5 and salaries
National insurance
Pension costs
27.375
3.729
5.643
21,586
2,876
3,293
36,947
27,755
The Tru51ee receives no remuneratlon from the Charity and was not reimbursed for expenses except where
noted above.
16

Haberdashers, Adams. Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
3. ANALYSIS OF EXPENDITURE l¢ontlnued)
Expenditure on legal fees and professional advice inGludes the following amounts pald to the Charity'5 audllors
Ilncluding VATI..
2023
2022
Audit fees- current year
Audit fees- prlor year
Total
12.900
550
8.190
4,240
12,430
13,450
4. TANGIBLE ASSETS
2023
2022
Freehold Land and Buildlngs
Cost
Balance as al 31 August
1,863,896 1,863.896
Doprèclatlon
Balance al 1 September
Charge for the year
Balance at 31 August
385.332
36,923
348,409
36,923
422,255
385,332
Net book value
Al 31 August 2023
1,441.641
1,478.564
At 31 August 2022
1,478,564
1,515,487
Included In freehold land and bulldings Is land with a cost of £17,795 which is not depreciated.
Th8 freehold land and buildlngs Included an asset Idlsposed of in 20181 which 1$ subject to a Charity Commlssion
replacement order whlch expires in 2033. This order requlres annual transfers from nel Income of the
unreslricled funds to the Permanent Endowment Fund lo replace past capital expended (see note 11 (ell.
17

Haberdashers. Adams. Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
5. INVESTh1ENTS
Unrestrl¢tgd
Funds
Pemianent
Endovmient
Funds
Totsl
Freehold Investmgnt property
Market value at 1 September 2022
115,500
115.500
Market value al 31 August 2023
115,500
115,500
HaberdasherB' ChaTItIfr8 Investmont Pool
Market value at 1 September 2022
Unrealised loss
3.349.375
163,6771
3.349,375
163,677)
Market value at 31 August 2023
3,285,698
3,285,698
DlversSflod Property Fund for Charltlo8
Market value at 1 September 2022
Unrealised loss
404,431
{62.1541
404,431
{62,154)
Market value al 31 August 2023
342,277
342,277
Propgrty Incom8 Trust for Charltle8
Market value at 1 September 2022
Uniealis6d loss
85,304
(19,6481
85,304
119,648}
Market value at 31 August 2023
65,656
65,656
Total market value at 31 August 2023
407,933
3,401,198
3,809,131
Total market value at 31 August 2022
489,735
3,464,875
3.954,610
Land al Longford Hall was revalued in 2011 by Carter Jonas. The Trustee has subsequentty ￿vieWed these
values and believes there has been no malenal change.
18

Haberdasher8' Adams. Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
MOVEMENT ON UNAPPLIED TOTAL RETURN
Unapplied total retum Is calculated relative lo the value of the trust for investment at 30 June 2009 (base
value), that being the base dale determined by the Trustee as appropriate for the Charity's endowment fund.
New endowment gifts totslling £984.559 have been received since the base date and are included in the trust
for investment reported below.
Trust Unappllod
for
Totsl
Inv98tment
Rotum
Total
2023
Total
2022
Trust for investment at 1 Septemter 2022
1,822,953 1.526,422 3,349,375 3,547.068
Investment relums..
Investment income
Realised and unrealised bsses
Transfer to trust foT applutson
77,276
77,276
80,292
163,677) (63,6771 1197,6931
177,278) {77,2761 180,2921
1,822,953 1,462.745 3,285,698 3,349,375
Trust for Investment at 31 August 2023
7. DEBTORS: AMOUNTS RECEIVABLE WITHIN ONE YEAR
2023
2022
Interest receivable
Rènts receivable
Snve51ment income
Prepayments
Other debtors
3,997
1,453
7,203
3,769
463
7,787
17,012
36,535
28,317
38,970
65.566
19

Haberdashers, Adams. Grammar School Charlty
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
8. CREDITORS: AMOUNTS FALLING OUE WITHIN ONE YEAR
2023
2022
Purchase of alms house
Bank loan
Bank overdraft
Grants to beneficiarfes
Loan interest accrued
Deferred income
Other creditors and accruals
92,375
46,000
92,375
46,000
6,795
1,590
4,166
92,278
6,795
801
4,166
93,610
243.204
243,747
9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
Bank loan repayable as follows.,
1 to 2 years
2 to 5 years
34,500
46,000
34,500
34,500
80,500
20

Haberdashers. Adams, Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Perman•nt
Endowmènt Total Funds
Funds
Unrestrlcted
Funds
Rostrlcted
Funds
Tangible assets
Fixed asset investments
Net current Iliabilitiesll assets
Creditors due after more than one
year
1,441,641
3,401,198
15,0501
1,441,641
3,809,131
174,534)
407,933
1233.974)
164,490
127,500)
(7,0001
(34.500)
146,459
164,490
4,830,789
5.141,738
11. THE FUNDS OF THE CHARI
Balance
31 August
2022
Incom• Expend-
Nol
Net
Balan¢•
ituro Inv•slment tran•fer8 31 August
galn81
2023
£ 11089e8)
Unrestrlcted Fund8
General fund
Designated School fijnd lal
94,902 1120,2891 {81,8021 107,189
50,000
16,9041
1110,8561
146,459
144,902 1127,193} 181.8021 13,6671 146,459
214,219
214,219
Ro•trl¢tod Fund8
Annual Payments Fund (bl
Governors, Fund {c}
School Maintenance Fund Idl
7,788
116,326
7,788
156,702
40,376
124,114
40.376
164,490
Endowment Funds
Permanent Endowment le}
Second Permanent
Endowment {fj
3,177,078
{36,923) 130,3941
3,667 3.113,428
1,750,644
(33,2831
1,717,361
4,927,722
136,9231 163,6771
3,667 4,830,789
Total Funds
5,266,055
185.278 1164,1161 (145.4791
5,141,738
21

Haberdashers, Adams, Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
11. THE FUNDS OF TrIE CHARITY {contlnuedl
la) The Designated School Fund receive5 Income from the School which is designated for use In
connection with the School buildings. Any reserves held in the General Fund at year end are
transferred lo the De51gnaled School Fund. When there is a deficit in the General Fund. a transfer is
made from the Designated School Fund in order to maintain a £nil balance in the General Fund.
Ibl The Annual Payments Fund ￿ceiVe$ and distributes 9'h of the net general fund incoma of the Charity
lo benefi'ciaries listed in the governing Schem8 of the Charity. In years where th8re Is a deficit no
dislribulions are made.
(¢1 The Govemors, Fund Is available lo make payments in support of School activities at the dlscretion
of the GoveTnors.
{dl The School Maintenance Fund receives income Irom the Second Pemianent Endowment Fund
which may be used only for the purpose of maintaining the SGhool's Ils18d buildings, under a SeGts'on
106 agreement with the local authority.
lel The Permanent Endowment Fund is a mixture of bulldings and investments. The buildings are
functional endowment, which are subject to depreciallon. The balance cf the endowmonl is invested
lo produce income for the General fund and receives annual repayments from the Designated School
Fund. These repayments will contlnue untll 2033. when the Charity Commission replacement order
will have been satisfied Isee note 41,
lfj The Second Permanent Endowment Fund was created to receive assets transfeTred from th8 main
Pemianent Endowment Fund, which are subject to further reslriclion In that income from the
investments ol thls fund must be credited to the restricted School Mainl•nan¢e Fund.
12. TRADING SUBSIDIARY
Adams Newport Limilecl (Company number 6702065) ceased Iradlng and transferred its remaining assets
and liabllilies to the Charity in 2022,. net assets of £4.908 being transferred. The comp8ny was dissolved
on 11 July 2023.
2023
2022
R68uIt:
Adminislrab'on expenses
Interest payable
11,7411
Loss for year ended 31 August
Movements on reserves:
Opening reserves
Loss for year
Di5tributlon to charity
11,7411
6,649
{1,7411
14,908}
Closing reserves al 31 August
Balance sheet
Current assets
Creditors falling due wlthin one year
Secured loan from the Charity
Net assets at year end
13. TAXATION
The Charity does not trade for tax purposes and il Is not liable to corporation tax on its surplus.
22

Haberdashers. Adams, Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
14. RELA TED PARTIES
The Haberdashers, Company is named as the permanent Trustee ofth& Haberdashers, Adams, Grammar
School Charity.
The School is part of the Haberdashers, Wesl Midlands Academi8s Trust, a separate company limSled by
guarantee and an exempt charity. The Haberdashers, Company is the Trust sponsor and a member of
the Trust company. The Haberdashers, Company Can appoint up lo a further four members of the Trust
company. The Charity and the Trust, having related objects and common control, are regarded as
connected charities. The School made a conlribution from non-public funds of £50.000 {2022.' £50,000}
to support building projects by the Charity.
The Charity's endowment funds are invested predominantly in the Haberda$hers' Charities Investment
Pool, a common investment fund also having the Haberdashers. Company as Trustee. Dislribulions of
£77,276 12022.. £80,292) were received from the Investment Pool in the year, an un￿alised loss of
£63.67712022'. £197,693) was 9eneraled by th6 Charity's investment in the Pool.
The Trustee was ￿1mbUr8ed for certaln expenses incurred In the year on behalf ol the Charity (see note
3 for details for both the current and prior yearl. Nellher the Trustee nor any member of ils govemlng
body. the Court of Wardens. otherwise receives any remuneration or benefits from the Charity 12022..
£nil}.
A donation of £30,00012022'. £50,000) was received from the Trustee in the year.
23

Haberdashers, Adams, Grammar School Charlty
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
16. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEO 31 AUGUST 2022
Pomianent
Rgstricted Endowmènt
Funds
Ftsnds
Total
Fund8
2022
Unrestrlct8d
Funds
Incom8 and endowments from:
Donations from the Trustee
Inveslmenls..
Investment income
Rental income
Chanlable activi118S'.
School buildings contribullons
Other Income..
Total return allocated to Income
50,OQO
50,000
21,306
2,066
80.292
101.598
2,066
50.000
so,000
38,353
41.939
180,292)
161,725
41,939
203,664
Expendlture on:
Raising funds
Charitable aclivitles..
Donations and grants
other costs
5,786
5,786
42.644
42,814
42.644
79.737
36.923
91,244
36,923
128,167
Net incomo lexpendlturo) befoie
galns on Investments
70.481
41,939
136,923}
75,497
Not galnslllossesl on Inve8tment¥
74,595
1197,6931 1123,0981
Net Incomel{expendlturel
145,076
41,939
{234,6161 147,6011
Tran5fer8 between fund8
13.6671
3,667
Net movement In fund8
141,409
41.939
{230,9491 {47,6011
Reconclllatlon of Fund8:
Total funds brought forward
72,810
82,175
5,158,671 5,313,656
Total fund$ carrlod for4Yard
214.219
124.114
4,927,722 5,266,055
24

Haberdashers. Adams. Grammar School Charfty
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
17. ANALYSIS OF EXPENDITURE FOR THE YEAR ENDED 31 ALIGUST 2022
Charltablg
actlvltlé#
Ralaing
fund•
Govern-
&nc•
Total
2022
Co8ts directly allocated to actlvltles
Insurance of School buiklings
Less.. insurance paid by School
Depreciation of School buildings
Grants lo School
Propety advice and management
fees
Legal fees and professional advice
Loan interest
Impairment of Investment of
subsidiary ¢ompany
Support costs
Allocated direct
Allocated on the basls of staff lime..
Staff costs
Service charges
Total frxpondltur
12.179
{14,523)
36.923
42,644
12,179
(14,523}
36,923
42,644
209
209
13,067
3,837
13,067
3,837
1.740
1,740
324
324
24,757
3,579
2,998
433
27,755
4,012
105,559
5,786
16,822
128, 187
25

Haberdashers. Adams. Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
18. INVESTMENTS FOR THE YEAR ENDED 31 AUGUST 2022
Unr•strlcted
Funds
Permanent
Endowment
Funds
Total
Freehold Inve8tmènt property
Market value at 1 September 2021
Market value at 31 August 2022
115,500
11S,500
115.500
H•b•rda8her5' Charftlès Investment Pool
Market value at 1 September 2021
Unrealised bss
Market value al 31 August 2022
115,500
3,547,068
1197.693)
3.349,375
3,547,C68
(197,6931
3,349,375
Dlver8lfled Proporty Fund for Charitl•s
Market value at 1 September 2021
Increase in investment cash
Unrealised gain
Market value al 31 August 2022
291,637
50,000
62,794
291,837
50.000
62,794
404,431
404,431
Propèrty Ineome Trust for Charltle8
Market value al 1 September 2021
Increase in investment cash
Unrealised gain
51,504
22,000
11,800
51,504
22,000
11,800
Market value al 31 August 2022
85,304
85,304
Total market value at 31 August 2022
489,735
3,464.875
3,954,610
Totsl market value at 31 August 2021
343,141
3.662,568
4,005,709
26

Haberdashers. Adams, Grammar School Charity
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
19. ANALYSIS OF NET ASSETS BETWEEN FUNOS FOR THE YEAR ENDEO 31 AUGUST 2022
P8rmantnt
Restricted Endowment
Fund5
Funds
Subsldlary Unrestricted
Company
Fund$
Total
Fund8
Tangible assets
Fixed asset investments
Nel Current assetsllliabililie51
Creditors due after more than
one year
1,478,564
1,478,564
3,464.876 3,954.610
615
169,047)
116,3331
(80,5001
489,734
1193.776)
{64.1671
124.114
231,791
124,114 4,927,722
5,283,627
20. THE FUNDS OF THE CHARITY FOR THE YEAR ENDED 31 AUGUST 2022
Not
Expend- Inv¢$lmont
Not
Balanc•
Ituro
galn81 tran8fers 31 August
Ilossg81
2022
Balanc
31 August
2021
In¢ome
Unrestrlctod Fund8
General fund
Deslgnaled 5Ghool fund lal
Unrestricted
165,8081
138,618
111,725 {87,4061
50,000
13,8381
161,725 191,2441
74,595 133.1061
29,439
13,6671 214,219
214,219
72,810
74,595
Re8trlcted Fund8
Annual Payments Fund Ibl
Governors, Fund Icl
School MaintenanGe Fund {dl
7,788
74,387
7,788
116.326
41.939
82,175
41.939
124,114
Endovmient Funds
Permanent Endowment le)
Second Permanent
Endowment ifj
3,304,697
136,9231 194.3631
3,667 3,177,078
1,853,974
(103,3301
1,750,644
5.158,671
136,923) 1197,6931
3,667 4,927.722
Total Charity Funds
5.313,656
203.664 1128.167) 1123,0981
5,266,055
27