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2021-08-31-accounts

Contents Page
Trustees,
officers and		 advisors
Report ofthe Trustees and Strategic Report 2-15
Independent auditors' report 16-18
Consolidated statement offinancial activities 19
Consolidated summary income and expenditure account 20
Note ofconsolidated
historical cost profits and		 losses for the year 20
Balance sheets 21
Consolidated cash flow statement 22
Notes to the financial statements 23-45

Committee Chaired Committee Membership
Ms AF Hazlitt,
BA		 Chair ofGovernors
Mr TM Boucher, BA FCA Finance & General Purposes ES, F, N, B
Ms EJ Clarke, MlnstF(Cert) ED, B
Ms VJ Exelby,
MA		 ED, B
Mrs FM Holmes,
BComm		 ES, F
Mr NM Hornby, BSc Vice Chair ES, F, N, B
Dr C O'Kane,
MA MB BChir		 MSc DPhil ED
Mrs Cl Ratnage,
MBChB, MRCGP		 ED
Mr MK Ridley, BA MA, MRICS Estates Sub-Committee ES, F, B
Mr JJ Smith, BA MEd PGCE Education ED, N
Mr MA Wippell,
MA LLM		 Business Development ES, F, B
NB: Key to membership
ofCommittees		 above is as follows:
Education
Committee		 ED
Finance
&General Purposes		 Committee F
Estates Sub-Committee ES
Nominations,
Governance
and Remuneration
Committee		 N
Business Development
Committee		 B

Unrestricted funds Restricted Endowed Total Total
Notes School Others Funds Funds 2021 2020
R'000 E'000 f.'000 R'000 K'000 2'000
INCOMING RESOURCES
Donations
and legacies		 82 28 110 134
Other trading activities:
Trading income 40 40 37
Premises
hire
Income from investments 14
Income from charitable
activities:
School activities 20,834 20,834 19,329
Other income:
Gain on disposal offixed assets 42
Total Income and Endowments 20,835 40 82 42 20,999 19,579
RESOURCES EXPENDED
Expenditure
on raising funds:
Trading expenditure 14 14 23
Generating
voluntary
income		 211 211 256
Expenditure
on charitable		 activities
School activities 5 19,455 879 52 12 20,398 19,982
Governance
costs		 5 44 6 50 46
Total expenditure 19,710 899 52 12 20,673 20,307
NET INCOME I(EXPENSES) BEFORE 1,125 (859) 30 30 326 (728)
(LOSSES)IGAINS ON INVESTMENTS
Net (losses)/gains
on investments		 188 188 (21)
NET INCOIIE / (EXPENSES) BEFORE 4 1,125 (859) 30 218 514 (749)
TRANSFERS
Transfers
between
funds		 17 (227) 250 (23)
NET MOVEMENT
IN FUNDS		 898 (609) 7 218 514 (749)
Total funds brought
forward		 17 21,358 2,952 1,653 1,284 27,247 27,996
TOTAL FUNDS CARRIED FORWARD 1'7 22,256 2,343 1,660 1,502 27,761 27,247

2021 2020
Notes F'000 F'000
Net charitable
income		 20,958 19,482
Less Endowed
fund income		 (42) (19)
Gain on disposal 42
Non-charitable
trading
income		 40 37
Total income 20,957 19,542
Charitable
expenditure		 (20,659) (20,284)
Add back Endowed
fund expenditure		 12
Non-charitable
trading
expenditure		 (14) (23)
Net income I(expenses) before investment asset disposals 296 (754)
Gain/(Loss)
on disposal offixed asset investments		 (2) (29)
Interest payable and similar charges
Interest receivable 18
Surplus /(Deficit) ofincome over expenditure 294 (765)
Reconciliation
to Consolidated		 statement offinancial activities
2021 2020
F'000 F'000
Net incoming
/ (outgoing)
resources		 before recognised gains 8
losses 326 (728)
Gain/(Loss)
on disposal offixed asset investments		 (2) (29)
Less net income and expenditure on endowed funds (30) (8)
Surplus I(Deficit) ofincome over expenditure 294 (765)
Note ofconsolidated historical cost profits and losses for
the year ended 31August 2021
2021 2020
K'000 2'000
Reported surplus
/ (deficit) ofincome		 over expenditure 294 (765)
Realisation
ofinvestment
gains of		 previous years (2g)
Historical surplus /(deficit) on ordinary
activities		 292 (794)

Consolidated Consolidated School
2021 2020 2021 2020
Notes E'000 E'000 E'000 F000
Fixed assets
Tangible assets 9 29,632 29,361 2,490 2,116
Investments 10 2,207 1,085 2,207 1,085
31,839 30,446 4,697 3,201
Current assets
Stocks 11 19 20 19 20
Debtors 12 3,678 3,294 39,159 37,566
Investments 10 329 1,204 319 1,195
Cash at bank and in hand 3,793 3,096 3333 2,731
7,819 7,614 42,830 41,512
Creditors: amounts falling due within one
year 13 (9,018) (8,554) (20,079) (18,977)
Net current (liabilities)/assets (1,199) (940) 22,751 22,535
Total assets less current liabilities 30,640 29,506 27,448 25,736
Creditors: amounts falling due after more
than one year
Advance fees 15 (728) (665) (728) (665)
Bank Loans (500) (500)
Final term deposits 14 (1,102) (1,045) (1,102) (1,045)
(2,330) (1,710) (2,330) (1,710)
Pension
deficit		 20 (549) (549) (549) (549)
Net assets 27,?61 27,247 24,569 23,477
Represented by:
Endowed funds 17 1,502 1,284 1,502 1,284
Restricted funds 17 1„660 1,653 811 835
Unrestricted funds
Designated 17 125 132 125 132
Retained income 17 24,4?4 24,178 22,131 21,226
Total Unrestricted funds 24,599 24,310 22,256 21,358
Total funds 27,761 27,247 24,569 23,477

2021 2020
Notes R'000 E'000
Net cash
inflow		 i (outflow) from operating
activities 22 1,895 (630)
Net cash outflow from investing activities 23 (1,698) (1,289)
Net cash (oufflow) before financing 197 (1,919)
Net cash infiow from financing activities 500
Increase/(Decrease) in cash in the year 24,25 69? (1,919)

House School and third
31 August were:		 part ies.
It dona		 tes
its taxable profi		 ts to the School. I ts results for the year to
2021 2020
E'000 F'000
Turnover 37
Cost ofsales (9) (15)
Gross profit 31 22
Administration
expenses		 (5) (4)
Donation to other registered charities (4)
Profit on ordinary
activities before taxation		 26 14
Tax on profit on ordinary activities
Profit for the financial year 26 14
Donation to Downe House School 26 14
Cost ofsales include FNil (2020:ENil) for accommodation services provided by the School.
2021 2020
E'000 E'000
Total assets 26
Total liabilities (45) (26)
Net assets
3
Incoming resources		 from school activities
2021 2020
f,'000 P'000
Gross fees receivable 21,664 20,074
Bursaries, grants and scholarships (915) (828)
Net fee income 20,749 19,246
Registration fees 85 83
20,834 19,329

4
Net (expens		 e)lincome before transfers
2021 2020
E'000 F'000
Net income/(expense) before transfers is stated after charging:
Depreciation
on owned		 assets 1,3&4 1,413
Operating
lease rentals		 —equipment 27 25
Auditors'
remuneration
-for audit services, net ofvat (School: 628,000(2020:625,000)) 35 31
-vat on audit services
-Other assurance
services
-Tax compliance
services
Staff costs
Wages and salaries 10,879 10,829
Social security costs 1,221 1,379
Pension
contdibutions		 1,715 1,728
13,815 13,936

Total Total
Staff costs Depreciation Other 2021 2020
F'000 F'000 F000 8,'000 8000
Expenditure on raising funds:
Trading expenditure 14 14 23
Generating voluntary income 174 37 211 256
174 51 225 279
Expenditure on school activities
Teaching 7,667 234 1,190 9,091 9,392
Welfare 3,662 115 1,340 5,117 4,184
Premises 726 976 1,834 3,536 3,281
Support costs for schooling 1,586 59 1,009 2,654 3,125
13,641 1,384 5,373 20,398 19,982
Governance Costs 50 50 46
Total expenditure 13,815 1,384 5,474 20,673 20,307

2021 2020
K'000 2'000
Audit 42 37
Other
50

Intere st payable and similar char ges
2021 2020
E'000 F000
Interest payable and similar charges
On bank overdraft and other borrowings

9 Tangible asset s
Freehold Equipment
land & Computer Motor
8 buildings furnishings equipment Vehicles Total
K'000 R'000 R'000 K'000 F'000
(a) Consolidated
Cost
As at 1 September 2020 37,616 9,150 2,341 198 49,305
Additions 1,299 127 188 47 1,661
Disposals (12) (12)
As at 31August 2021 38,915 9,277 2,529 233 50,954
Accumulated
depreciation
As at 1 September 2020 9,701 8,264 1,820 159 19,944
Charge for year 211 202 24 1,384
Disposals (6) (6)
As at 31August 2021 10,648 8,475 2,022 177 21,322
Net book value
As at 31August 2021 28,267 802 507 56 29,632
As at 31August 2020 27,915 886 521 39 29,361

9 Tangible asset s (continue d)
Freehold Equipment
land & Computer Motor
8 buildings furnishings equipment Vehicles Total
f'000 E'000 f'000 8000 E'000
(b) School
Cost
As at 1 September 2020 779 9,016 2,341 198 12,334
Additions 476 127 188 838
Disposals (12) (12)
As at 31August 2021 1,255 9,143 2,529 233 13,160
Accumulated
depreciation
As at 1 September 2020 109 8,130 1,820 159 10,218
Charge for year 21 211 202 24 458
Disposals (6) (6)
As at 31August 2021 130 8,341 2,022 177 10,670
Net book value
As at 31August 2021 1,125 802 507 56 2,490
As at 31August 2020 670 886 521 39 2,116

(a) Consolidate d
Restricted: Expendable
Appeal Endowment:
Fund Bursary and Designated:
Building scholarships Advance
projects Fund fees Total
K'000 K'000 E'000 R'000
As at 1 September 2020 1,284 996 2,289
Additions 342 748 1,091
Disposals at opening market
value/cost (314) (720) (1,034)
Revaluations 190 190
As at 31August 2021 10 1,502 1,024 2,536
UK Listed securities 1,459 748 2,207
Cash and short term deposits 10 43 276 329
10 1,502 1,024 2„536
Historical cost
As at 31August 2021 10 1,153 1„024 2,187
As at 31August 2020 1,123 996 2,128
Movement
on gains
Unrealised
gains at
1 September 2020 161 161
Less: Disposals
in year		 (2) (2)
159 159
Revaluations
in year		 190 190
As at 31August 2021 349 349
The investments
are included
in the consolidated
 balance sheet as follows:
2021 2020
K'000 F'000
Fixed asset investments 2,207 1,085
Current asset investments 329 1,204
2,536 2,289

{b)School
Expendable
Endowment:
Bursary and Designated:
scholarships Advance
Fund fees Total
R'000 R'000 P,000
As at 1 September 2020 1,284 996 2,280
Additions 748 1,090
Disposals at opening market
value/cost (314) (720) (1,034)
Revaluations 190 190
As at 31August 2021 1,502 1,024 2,526
UK Listed securities 1,459 748 2,207
Cash and short term deposits 43 276 319
1,502 1,024 2,526
Historical cost
As at 31August 2021 1,153 1,024 2,177
As at 31August 2020 1,123 996 2,119
Movement
on gains
Unrealised
gains at
1 September 2020 161 161
Less: Disposals
in year		 (2) (2)
159 159
Revaluations
in year		 190 190
As at 31August 2021 349
The investments
are included
in the School balan		 ce sheet as follows:
2021 2020
E'000 F'000
Fixed asset investments 2,207 1,085
Current asset investments 319 1,195
2,526 2,280

11
S		 toc ks
Consolidated School
2021 2020 2021 2020
E'000 E'000 R'000 F'000
Stationery and consumables 19 20 19 20

Consolidated School
2021 2020 2021 2020
F'000 F'000 F'000 E'000
Fees 3,553 3,090 3,553 3,090
Sundry debtors and prepayments 125 204 112 190
Amounts due from subsidiary
undertakings (see below) 35,494 34,286
3,678 3,294 39,159 37,566
Consolidated School
Amounts due from subsidiary 2021 2020 2021 2020
undertakings:
(see above)		 E'000 E'000 F'000 F'000
Due within one year 33,628 32,420
Loan due after more than one
year 1,866 1,866
35,494 34,286

Consolidated School
2021 2020 2021 2020
R'000 P'000 F'000 E'000
Bank loans and overdrafts
Trade creditors 401 234 401 234
Concessionary loans due to
subsidiary
undertakings		 11,087 10,441
Taxation and social security 289 305 288 303
Other creditors and accruals 479 595 579
Refundable
deposits		 173 173 173 173
Fees invoiced in advance 7,501 7,044 7,501 7,044
8,843 8,351 19,904 18,774
Advance fees (note 15) 175 203 175 203
9,018 8,554 20,079 18,977

14 Fina l term deposi ts more than o ne year
Consolidated School
2021 2020 2021 2020
K'000 F'000 8,'000 E'000
Due between 1 and 2 years 181 178 181 178
Due in greater than 2years 921 867 921 867
1,102 1,045 1,102 1,045

2021 2020
f.'000 E'000
Consolidated and School
After 5 years 136
Within 2 to 5 years 499 402
Within 1 to 2 years 181 127
728 665
Within 1 year (note 13) 175 203
903 868
f.'000
As at 1 September 2020 868
New contracts 233
Amounts
accrued		 to contracts
Withdrawal
from		 fund
1,106
Amounts
utilised		 in payment offees:
Tothe School (203)
As at 31August 2021 903

Tangible
fixed Net current Long term
assets Investments liabilities liabilities Total
E'000 6'000 R'000 f.'000 F000
Endowed funds 1,502 1,502
Restricted funds 1,650 10 1,660
Unrestricted funds 27,982 1,024 (1,528) (2,879) 24,599
29,632 2,536 (1,528) (2,879) 27,761

The net a s sets are held for the various fu nds as follows:
Tangible
fixed Net current Long term
assets Investments assets liabilities Total
E"000 E'000 K'000 E.'000 F'000
Endowed funds 1,502 1,502
Restricted funds 811 811
Unrestricted funds 1,679 1,024 22,432 (2,879) 22,256
2,490 2,526 22,432 (2,879) 24,569

(a) Consolidated
Total Total
1 September Incoming Resources Investment 31August
2020 resources expended Transfers gains 2021
R'000 R'000 E'000 R'000 R'000 K'000
Endowed funds (expendable)
Olive Willis Bursary and
Scholarships
fund		 1,284 42 (12) 188 1,502
1,284 42 (12) 188 1,502
Restricted funds
Appeal funds
(building
projects) 1,519 (52) (23) 1,444
Foundation 134 82 216
1,653 82 (52) (23) 1,660
Unrestricted
funds
Designated
funds
Advance fees 132 (7) 125
Non-charitable trading
Funds 40 (14) (26)
Other unrestricted funds
Retained
income		 24,178 20,835 (20,588) 49 24,474
Total unrestricted funds 24,310 20,875 (20,609) 23 24,599
Total funds 27,247 20,999 (20,673) 188 27,761

(b) School
Total 1 Total 31
September Incoming Resources Investment August
2020 resources expended Transfers gains 2021
R'000 E'000 F'000 R'000 E'000 R'000
Endowed funds
Olive Willis Bursary and
Scholarships fund 1,284 42 (12) 188 1,502
1,284 42 (12) 188 1,502
Restricted funds
Appeal fund (building
projects) 835 (24) 811
835 (24) 811
Unrestricted funds
Designated funds
Advance fees 132 (7) 125
Other unrestricted
funds
Retained
income		 21,226 20,835 (19,703) (227) 22,131
Total funds 23,477 20,877 (19,722) (251) 188 24,569

,
buildings
under non-cancellable
operating
leases a		 s follows:
2021 2020
R'QQQ 6'000
Consolidated
Less than one year 27 17
1 to 5years 38 48
Greater than 5years
65 65
School
Less than one year 26 16
1 to 5years 38 48
Greater than 5years
64

intra group adju stments.
2021 2020
Downe House Trust F'000 F'000
Total incoming resources
Total resources expended (1,302) (1,415)
Net movement in funds (655) (769)
Total assets 38,241 37,697
Total liabilities (35,471) (34,272)
Total funds 2,770 3,425
2021 2020
Downe House Foundation E'000 2'000
Total incoming resources 82 134
Total resources expended (5) (3)
Net movement in funds 77 131
Total assets 427 350
Total liabilities (5) (5)
Total funds 422

operating activities
2021 2020
8'000 F'000
Net income/(expense) before transfers 514 (749)
Depreciation
charges		 1,384 1,413
Gain on disposal offixed assets (1) (42)
(Gains)/Losses
on investments		 (188) 20
Investment
income		 (14) (37)
Decrease/(Increase) in debtors (384) (1,010)
Decrease/(Increase) in creditors 584 (225)
Net cash inflow/(outflow) from operating activities 1,895 (630)

23
C		 ash flows from investing
activi		 ties
2021 2020
F'000 6'000
Investment income 37
Purchase oftangible fixed assets (1,661) (1,084)
Receipts from sale offixed assets 65
Purchase of investments (1,091) (2,061)
Receipts from sale of investments 1,034 1,754
Net cash Inflow/(oufflow) (1,698) (1,289)

Cash at bank
and in hand
less overdraft Total
f'000 K'000
Balance as
at 1 September 2020 3,096 3,096
Cash flows 697 697
Balance as at 31August 2021 3,793 3,793

25
R		 econciliation
of net cash flow to		 movement
in cash
2021 2020
f.'000 K'000
Increase/(Decrease)
in cash in the year		 697 (1,919)
Movement in cash in year 697 (1,919)
Net funds at 1 September 3,096 5,015
Net funds at 31August 3,793 3,096

Unrestricted funds Restricted Endowed Total
Notes School Others Funds Funds 2020
R'000 E'000 R'000 R'000 8'000
INCOMING RESOURCES
Donations
and legacies		 134 134
Other trading activities:
Trading income 37 37
Premises
hire
Income from investments 18 19 37
Income from charitable activities:
School activities 3 19,329 19,329
Other income:
Gain on disposal offixed assets 42 42
Total Income and Endowments 19,389 37 134 19 19,579
RESOURCES EXPENDED
Expenditure
on raising funds:
Trading expenditure 23 23
Generating
voluntary
income		 256 256
Expenditure
on charitable		 activities
School activities 5 19,033 886 52 11 19,982
Governance
costs		 5 42 4 46
Total expenditure 19,331 913 52 11 20,307
NET (EXPENSES)BEFORE GAINS 58 (876) 8 (728)
/(LOSSES) ON INVESTMENTS
Net gains/(losses)
on investments		 (4) (17) (21)
NET (EXPENSES) BEFORE 54 (876) (9) (749)
TRANSFERS
Transfers
between
funds		 17 (133) 156 (23)
NET MOVEMENT
IN FUNDS		 (79) (720) 59 (9) (749)
Total funds brought
forward		 17 21,437 3,672 1,594 1,293 27,996
TOTAL FUNDS CARRIED FORWARD 17 21,358 2,952 1,653 1„284 27,247