2024-08-31-accounts

Downe House School Annual report and financial statements for the year ended 31 August 2024 Registered Number: 2645228 Registered Charity Number: 1015059

Downe House School Annual report and financial statements for the year ended 31 August 2024 Contents Page Trustees, officers and advisors Report of the Trustees and Strategic Report 2-16 Independent auditors, report 17-19 Consolidated statement of financial activities 20 Consolidated summary income and expenditure account 21 Note of consolidated historical cost profits and losses for the year 21 Consolidated and School balancesheets 22 Consolidated cash flow statement 23 Notes to the financial statements 24-50

Downe House School Trustees, Officers and Advisors Trustees, Governors and Directors Ms AF Hazlitt {Chair of Govemors) Mr TM Boucher {Chair of Finance & General Purposes Committee) BA,FCA Mr JJ Smith (Chair of Education Committee) Ms VJ Richards (Exelby} (Vice Chair of Governors) (Chair of Safeguarding Committee) Mrs FM Holmes Dr C O'Kane (resigned 20 June 2024) Mr MK Ridley {Chair of Estates Sub-committee) Ms EJ Clarke Dr C l Ratnage (r6signed 1 December 2023) Ms P Diana fr88igned 79 March 2024) Ms CE Ross Ms SK McNair Scott (Chair of Business Development Committee) Mr NJD Woods Mr WJF Landale (Appointed 20 June 2024) Mr ST Williams (ApP￿nted 20 June 2024) Membership of Committees I BA F,ES,N.B BA, MEd. PGCE MA ED, SG, N ED, SG Bcomm ES,F MA, MB, Bchir, MSC. Dphil ED BA, MA, MRICS ES,F,B MlnstF{Cert} ED.B,N SG.N B,ES.F B,ES,F B,ES,F NB . Key to membership of Committees above is as follows., Education Committee Safeguarding Committee Finance & General Purposes Committee Estates Sub-committee Nominalions, Governance and Remuneration Committee Business Development Committee ED SG ES Headmistress Mrs E McKendriGk, BA Secretary Mr EFP Valletta Principal and Reglstered office Downe House School Hermitage Road Cold Ash Thatcham Berkshire RG18 9JJ Independent Audltors PriGewaterhouseCoopers LLP One Chamberlain Square Birmingham B3 3AX Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Bankers Lloyds Bank plc 5 Bridge Str88t Newbury Berkshire RG14 5BQ Investment advisors Cazenove Capital Management Limited 12 Moor9atÈ London EC2R 6DA

Downe House School Report of the Trustees and Strategic Report The Trustees present their annual report and the audiled financial slatements of the group for the year. ended 31 August 2024. The information with respect to Trustees, Officers and Advisors set out on page 1 forms part of this report. The financial statements comply with the Slatement of Recommended Practice-Accounting and Reporting by Charities (FRS 102)° (revised 20151- STRUCTURE, GOVERNANCE AND MANAGEMENT Status and Administration Downe House School ("the School") is a charitable company limited by guarantee and a ￿gIStered charity governed by its Memorandum and Articles of Association company registered number 2645228 and charity ￿gIstratIon number 1015059, registered in England. The School is the sole corporate Trustee of the Downe House Trust, a registered charity, number 309091, established by trust deed on 1 January 1944, which owns the land and buildings from which the School operates. The School owns Downe House School SeNices Limited. company registered number 2664010, the trading activities of which include lettings of the School facilities and the provision of goods and seNices to the parents and pubils of Downe House School and third parties, the taxable proffts of which are donated to the School. The School is the ultimate parent of Downe House Intemational (Omanl Limited, company registered number 12332320, registered in England. The trading activities are to pursue the opportunities for opening schools outside the UK, the taxable profits of which are donated to the School. On 28 NovJmber 2006 the existing Trustees of the Olive Willis Trust resigned and Downe House School became the sole corporate Trustee of the Olive Willis Trust. From that date the Olive Willis Trust became a restricted Bursary and Scholarships fund within Downe House School. Under a Charities Commission Scheme dated 31 July 2011 Ihe Olive Willis Trust Bursary and Scholarships fund became an Expendable Endowment Fund (Note 17). Under Ihe same scheme Downe House School became Ihe sole Truslee of the Downe House Foundation. charity number 1044896. On 5 June 2014 the name ofthe Foundation was changed to 'Downe House Appeal Fund12009}' which has no assets and is dormant. An application was mado to establish a new Downe House Foundation in June 2014. The new Downe House Foundation, charity number 1159259, has a separate board of Trustees and is managed independently of tho School. The report and consolidated financial statemen4 for the year ended 31 August 2024 relate to the total activities of the above legal entities. Related parties The School's relationship with Downe House School Services Limited, Downe House Inlernational (Oman) Limited, Downe House Trust and Downe House Foundation are disclosed above and that with related parties in note 27. Connected organisation There is one connected organisalion, The Downe House Seniors Association which facilitates communication amongst former pupils of Downe House School who are members of the Downe House Seniors Association.

Downe House School Report of the Trustees and Strategic Report (continued) Induction and training of Trustees All new Trustees undertake an induction and training day at the School the content of which depends on the individual's knowledge of Ihe School and professional experience. Trustees are encouraged lo attend seminars arranged by AGBIS (Association of Governing Bodies of Independent Schools) and other such bodies. The Trustees, organisational structure and decision making The Trustees {Ihe Governing Body'l comprise all the directors of the company. Directors are elected at the Annual General Meeting and hold office until the third anniversary of the date of their election when they resign from office but are eligible for re-election up to a total of nine years. The Chair can be elected to serve up to an additional 5 years and the Vice-chair can be elected to se￿e up to an additional 3 years. The Trustees, all of whom seNed throughout the year to 31 August 2024, except Whe￿ othemise disclosed below, are as listed on page 1. The following Directors were elected at the Annual General Meeting on 1 December 2023: None The following Directors were re-elected at the Annual General Meeting on 1 December 2023: Mrs VJ Richards Mr JJ Smith The following Directors joined the Board during the course of the year.. Mr WJF Landale Mr ST Williams 20 June 2024 20 June 2024 Tho following Directors left the Board during the course of the year: Dr Cl Ratnage Ms P Diana Dr C O'Kane 1 December 2023 19 March 2024 20 June 2024 The strategic direction of the School is set by the Trustees who approve the plans and budgets presented by the Headmistress and management team. The School takes out DireGtors' liabilty insurance wtth a cover limit of £20 million. The day to day running of the School is delegated to the Headmistress, the Direclor of Finance and Operations and the Director of Estates, Propety and SeNices who attend meotings of the committees referred to below as appropriate. To assist the Trustees in their duties the following committees are estsblished- Education Committee The members of this Committee meet at least four times a year to submit reports and recommendations to the Board of Trustees on the following matters.. To review and to make recommendations to the Governing Body on any aspect of educational policy, provision and practice delegated by the Board in order to support the work of the Headmistress and her staff. To reyieyy any aGademiG department ouggeoled by the Governing Body and to mako proposals concerning its curriculum development, staffing and resources. To investigate any aspect of staffing policy or any particular staffing issue delegated by th8 Governing Body and make appropriate recommendations.

Downe House School Report of the Trustees and Strategic Report (continued) To review any aspect of pastoral care of students as delegated by the Governing Body and make appropriate recommendations. To propose to the Governing Body the review of any aspect of the School's educational provision which may arise from the Committee's discussions. To invite the attendance of Heads of Department, or any relevant member of staff, to an agenda item as advised by the Head and when appropriate. Finance and General Purposes Committee The members of this Committee meet at least four limes per year to submit reports and recommendations to the Board of Trustees on the following matters: To fomulate business plans and annual budgets, in accordance with the School's aims and objectives, for consideration by the Board of Trustees and to monitor their execution once approved. To recommend an annual programme of capital expenditure to the Board of Trustees. To recommend the level of fees for the forthcoming year to the Board of Trustees. To delermine approptiate financial controls and procedures. To propose policy objectives to the Board of Trustees on.. Charging and fee remissions Salaries Bursaries Contracts Investments Estates Sub£ommlttee The members of this Sub-committee meet at least four times per year to submit reports and recommendations to the Board of Trustees andlor the Finance and General Purposes Committee on the following matters.. The overall development of the School's buildings and properties. The planning, design and management of current and future construction projects. The annual maintenance and improvement programme for the School's buildings, including Health and Safety issues. iv. Any other buildlngs or property related matters referred lo the Sub-committee by the Board of Governors or the Finance and General Purposes Committee. The Nominations, Governance and Remuneration Committee The members of this Committee meel a minimum of once per year, or when convened by the Chair, to consider nominations to the Board and to have oversight of Govemance. The Board of Trustees decides on the need for new appointments based on its succession planning and examination of its effecliveness. The Committee considers candidates for approval by the 8oard based on specifications such as eligibilily, specialist skills, personal competence and availability. The Committee also considers remuneration for the Headmistress having due regard to the need to retain the best staff availablè and taking due consideration of competitor salary information availabl in the public domain. Remuneration for other key management personnel is discussed by the Headmistress, Chair and Chair of the Finance and General Purposes Committee.

Downe House School Report of the Trustees and Strategic Report (continued) Business Development Committee The members ofthis Committee meet a minimum of On￿ per year, or when convened by the Chair, to consider the following matters- Take a lead, from a Governance perspective, on the assessment of material business development opportunities outside the core activity of providing education at Cold Ash. Ensuring that the Board of Governors remains appropriately informed of potential projects under consideration and their progress. Decision making remains a matter for Ihe Board of Governors, although it may choose to delegate responsibility for execution of 8 particular project to the Business Development Committee. Safeguarding and Child Protection The School is committed to Safeguarding and Prolecting all the chIld￿n in its care. The Designated Safeguarding Lead (DSL) is the Boarding Deputy who is supported by the Deputy Head as Deputy DSL. The Headmistress is also fully trained as a DSL. Staff are trained and updated regulady in Safeguarding and Child Protection matters, as are Governors and all those who would have unsupervised access lo pupils. All policies are in place to meet regulatory requirements and give due consideration to West Berkshire Guidance. The appointment of staff, Governors and all other individuals for whom it is necessary, such as contradors and regular taxi drivers, are subject to the appropriate pre-employment checks, for example. Enhanced DBS checks and references. There are five Board members on the Safeguarding Committee including the current Board Chair. The DSL and Headmistress of the school also sit on the Committee as Fx-efficio members. The committee meets at a minimum temly thmughout the academic year to" agree protocols and procedures that reflect a best practice approach to safeguarding in line with the latest govemment KCSIE guidelines. ensure clear accountability and training for Ihose across the school community with responsibility for safeguarding. share learning and casework developments to improve awareness and compliance around safeguarding. The DSL produces termly reports that are shared with the committee and an abridged version is then shared with the Board. For details of the members of each of these committees see page 1. Compliance Framework The School is Gommitted to ensuring Ihat it complies with all relevant legis tion. It is ￿gUlarlY inspected and Govemors are updated by the Headmistress and the Senior managemenl team on any Ghanges required lo meet statutory obligations throughout the School. These updates are provided termly at Board Meetings. LOCATION OF THE SCHOOL Downe House School is situated on a site of 110 acres in the village of Cold Ash in Berkshire. Pupils from the ages of 11 to 18 are educated on the site. The School also owns the Chateau de Sauveterre near Toulouse in France. This site was utilised by the school in the first term of the year and welcomed year 7 pupils from a number of prep schools in the Lent and Summer temis. A particular emphasis is placed on the development of the boarding facilities as nearly all pupils board at the School full-time. A limited amount of staff housing is also provided in order to support the strong boarding ethos that exists.

Downe House School Report of the Trustees and Strategic Report (continued) OBJECTIVES AND ACTIVITIES Objects The objects of Downe House School are.. to promote and provide for the advancement of education and in connection therewilh to conduct and acquire and carry on any boarding or day school for the education of children. The objects of Downe House Tnjst are.. the provision and conduct at or near Cold Ash, near Newbury, of a day or day and boarding school for girls. The objects of Downe House Foundation are.. lo advance education by the provision of funding. assistance and support to Downe House School. The objects of Downe House School servI￿s Limited are: to cary on business as a general commercial company. Aims and intended impact The School exists to provide girls with, and promote. an excellent holistic education. The School is a boarding and day school for girls from ages 11 to 18. The School aims to promote the development of the individual by enabling girls to strive for the highest academic results of which they are capable. At the same time, they should be able to enjoy the opportunities and support which allow them to develop the personal, social, spiritual and emotional awareness that is the balance to academic excellence and thus prepares Ihem for adult life and work. The financial results facilitate the eduGational, pastoral and charitable objectives of the School. Policy and objectives for the year The main policies and objectives for the year were to.. Maintain excellent academic standards in the School, be at the forefront of best educational practice and development and prepare students for any appropriate national assessments and public examinations to enable each to succeed according to ability. Sustain the highest standards of pastoral care in the School. Allow pupils to develop wider interests such as music, sport and extra-Gurricular activities to ensure a holistic education. To demonstrate the full Public Benefit that the School provides. Maintain total pupil numbers at 550 plus, all of whom will benefit from the full immersive education that is offered. Pursue a financial strategy which enables Ihe aims of the School's Strategic Development Plan to be met.

Downe House School Report of the Trustees and Strategic Report (continued) strategies for achievement of objectives The School is committed to the recruitment of staff of the highest quality and to their continued training. The School has appropriate policies in place to ensure that pastoral care is of the highest standard. Pupils, development of wider interests and the provision of a holistic education is aclively encouraged throughout the School. The School fosters and develops good links with existing parents, prospective parents and feeder schools encouraging them to promote the School. The School is also promoted by actively seeking new areas of recruitment. Financial objectives and strategy of the School are an integral part of the Strategic Development Plan and are regularly reviewed. Estate Strategy A regular review of facilities is undertaken to ensure that they are fit for purpose and will continue to meet the needs of a first-class boarding education for girls and Downe House School's agreed strategic objectives. Al stakeholders including pupils, staff, parents, past parents and alumnae have been involved in the fomiulation of a capital works development programme within the Estate Strategy. This has proved to be very successful and a Centenary Development Plan has been constructed which will lead to improvements in the School's facilities that have been identified as current or future needs. This plan builds on the very successful Ten-year Plan just completed which included the building of new lower-school boarding houses and Ihe completion of the Murray Centre in 2019. Running alongside the development programme is a schedule of routine works and maintenance. As well as an emphasis on improving boarding and classroom accommodation, the School has also been focusing on developing a robust infrastrudure of Se￿iceS to support and suslain current and future needs, for example, to take account of increasing demands of lechnology and new buildings. It should be noted that ensuring all developments are sustsinable and environmentally friendly is a key aim. Grant Making Policy Bursaries The reduction in the monetary value of scholarships noted below means that it will be possible to make inGreasing provision for means-tested bursaries, including those from the Olive Willis Trust. in order to ensure broad access to the School. Applications for Bursaries are considered by the Headmistress and Director of Finance and Operations who make recommendations to the Chair of Governors and the Chair of the Finance and General Purposes Committee. Awards are means- tested on the basis of financial information provided by the applicant. To ensure that no section of society is excluded from the School the maximum level of bursary awards is 100°/o plus extras. This Bursary policy is advertised in the appropriate media and the School also works with the Royal National Children's SpringBoard Foundation to identify suitable candidates. Scholarships Scholarships are awarded by the Headmistress as a result of academi¢, sporting, musical or dramatic talent and potential evidenced by achievement in the relevant scholarship examinations set by the School. From 201912020 the financial component of new scholarships was reduced to Nil although those granted before that date may continue. Those gaining Music Scholarships do receive tuition for teaching in up to two individual musical instruments.

Downe House School Report of the Trustees and Strategic Report (continued) Public Benefit Having regard to Ihe general guidance on Public Benefit from the Charity Commission, as set out in section 17 of the Charities A¢1 2011, the School continues to develop its overall contribution and build partnerships with local schools and organisations, as well as open facilities and events, where possible. to the local community. These developments are in addition to the increased number of means-tested Bursaries. Community Engagement Downe House is committed to playing an active part in the local community. To that end. as well as supporting local businesses, the School supports a number of local charities through fundraising activities but also through the girls contributing to the work of local organisationslcharities. This can take the fomi of visiting Care Homes, supporting children who ride at the Riding for the Disabled Charity, supporting children at the respite care Charity, Swings and Smiles, and reading in local primary schools. This will either be done through the Duke of Edinburgh Award scheme or through Downe House's own Community Service scheme. Our musicians play annually for the parishioners at st John's Church in Newbury to raise funds for Christian Aid and also House choirs will visit local residential homes to provide entertainment as requested. In 2024, the School ran a Make a Difference Day and welcomed over 200 local children onto the site for an educational activities day provided by staff and gids. There was also a programme of girls, contributing to community projects on that day. These initiatives were led by our newly appointed Director of Partnerships. Further collaboration with local schools lakes place through a growing number of initiatives induding our Oxbridge Interview evening or, as mentioned above, by opening up appropriate events and lectures, for example, our Classics Day and our Educalional Conferences to students and staff from other schools and welcoming members of the local community to plays, concerts and other appropriate events. Some of our staff also act as Governors at local schools and share their expertise. Bursarles A means tested bursary scheme, in part funded by the Olive Willis Trust Fund, is in operation potentially remitting up to 1000/0 of fees plus extras from which 42 girls benefited at a cost of £1,388,000 (2023= 32 girls benefited at a cost of £931.000). The School had 25 pupils on high level bursaries between 75010 and 100 /0 plus extras for 202312024. For 202412025 28 high level bursaries between 75 % and loo0￿ of fees plus extras have been awarded. The Olive Willis Trust Fund principally provides for the advancement of education in connection with the School for the public benefit, in particular, but not limited to, Ihe provision of financial assistance to prospective, current and former pupils of Downe House School who are in need. Fundraising Girls are encouraged to raise money for charities as part of their general education. During the year £34.367 has been raised (2023.. £10,378). The wide variety of charities supported includes: The Acland Memorial Hall JDRF Diabeles UK Stepping Stones West Berks Foodbank Hope Asia Guide Dogs for the Blind Swings and Smiles The Bishop of Oxford's Ouireacn Fun

Downe House School Report of the Trustees and Strategic Report (continued) Downe House School Services Limited Downe House School Services Limited's trading activities include lettings of the School's facilities. The Company's major activities are the Global Academy- the rental of the School in Sauveterre- and Summer lets, all of which have been successful and contributed signifiGantly to the profits donated to its parent undertaking the details of which are provided in note 2. Downe House Intemational (Oman) Limited Downe House Intemational IOman} Limited receives fees for licensed products and services for Downe House Riyadh and Downe House Muscat, the first overseas schools to be opened by its partner in September 2022. The profits are donated to Downe House School as detailed in note 2. Downe House Trust Downe House Trust provides the 110 acre site and properties used by Downe House School. Downe House Foundation Downe House Foundation. charity number 1159259, was established in June 2014. Downe House Foundation is managed independently of the School, has a separate board of Trustees and raises funds for educational building projects at Downe House School. All major fundraising is undertaken by the Downe House Foundation. Investment Perforniance Investment performance is reviewed regularly and investments have performed adequately in the year and in line with set performance. Leadership team and staff The Truslees would like to take this opportunity to recognise the hard work and dedication of the Headmistress, leadership team and the teaching, pastoral, operational and support staff of the School during the year. Employment Policies Downe House School is committed to recruiting and retaining the highest quality members of staff. To that end it ensures that staff are well rewarded through competitive salary packages and opportunities for career development. Our salary package and terms and conditions are kept under review bythe Director of HR and the Director of Finance and Operations. Opportunities for In-Se￿ICe training (Inset) are provided to all staff and applications for day courses and extended Inset can be made to improve their skills and qualifications. Such applications are reviewed by the Deputy Head, or appropriate line-manager. and assessed against the needs ofthe School's Strategic Development Plan, the House or Departmental Development Plans and the individual's own performance review. In addition, regular whole-staff and departmental training is provided by the School at the start of each temi and regL¢larly throughout the term. The Performance Review System is comprehensive and applies to all staff. It has recently been streamlined and compulerised so that it is more effective. efficient and ensures that staff are provided with feedback on all aspects of their role. 360-degree performance reviews are currently in the second year of trial at Leadership Team level. The School regularly provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the School is encouraged, as achieving a common awareness on the part ofall employees ofthe financial and economic factors affecting the School plays a major role in maintaining the success of the School. The School encourages the involvement of employees by means of regular departmental meetings, working parties, as well as whole-staff meetings. The School is committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of gender, race, ethnicity, disability, sexual orientation. age or marital status and gives full and fair consideration to applications for employment.

Downe House School 10 Report of the Trustees and Strategic Report (continued) STRATEGIC REPORT Achievements and Performance Revlew of 202312024 The Public Examination results this year remained very positive, particulariy against a national return to 2019 grading and standards. GCSE passes at 4-9 grade (A. to C) or equivalent grades = 99.10/0 {2023.' 99.40/0) with 750/0 being at 7 - 9 grade12023- 810/0) and 550/0 at 8 - 9 grade (2023.. 590/0). A level passes A" to B or equivalent grades - 820/0 {2023: 850/0). The range of universities at which pupils achieved places includes Oxford. Cambridge, Bristol, Durham, Edinburgh. Exeter, London, Leeds and Manchester. as well as leading universities across the globe including in the US, Canada and Europe. This year the School commissioned markel research from Mungo Dunnett Associates,, a specialist in conducting qualitative market research in independent schools. It identified many strengths (academic, pastoral, co-curricular, global opportunities and much more) in Ihe School's provision and highlighted areas for further development too, including developing a sense of belonging following the pandemic and parents and pupils. Feedback on the research was given to all parents through a series of webinars and a recorded one for those parents unable to attend any of the live sessions. The School has been vety pleased to welcome our new Deputy Head (Academic) this year. He is supported by the Director of Teaching and Learning, the Diredor of Curriculum and the Director of Digital Learning. They have continued to focus on Ihe ways in which technology and Al can enhance teaching and learning with many opportunities for staff training and high levels of engagemenl at staff and student level. Emphasis on lesson observation and the sharing of good practice has been a priority and staff regularly share their experience and learnings through internal publications and INSET sessions. The staff-led Working Groups have all pul forward useful recommendations including those onlooking at Outdoor Education, improving languages skills and managing neurodiverse pupils more effectively inside and oulside the classroom. As well as Staff-led INSET sessions have which have been both energising and enlightening for everyone, the Deputy Head has also initiated a partnership with Bradfield College and Winchester College, and designed and organised a very successful Aspiring Middle Leaders Course. The Deputy Head Pastoral has designed a programme of sharing good practice with Stowe School and Radley College where Housestaff can visit one another and share experiences. Both these initiatives have been very successful indeed in enhancing praGliGe. The School seeks to be at the forefront of educational development and practice. We have continued to build our academic and pastoral partnership with parents through our 'Parenting and Educating in Partnership Programme, that was launched lastyear. It has been further refined and has once again been very successful in sharing information and bxpertise with parents on academic and pastoral malters through online talks. The continualion of the delivery of online seminars and leclures has meant that many more parents are able to access material and indeed do so. These talks are very often recorded and the take-up of parents watching them at a later stage is high. All of our Housemistresses, Assistant Housemistresses and Health Centre staff, as well as members of the Safeguarding Team have Mental Health First Aid training. We continue to develop our use of STEER tracking with Tutors now having access to the information to enable them to support the girls, and older students now also have access to their data in readiness to help them to understand themselves better and so look after themselves more effectively wben they leave school. Our anonymous reporting platfomi for pupils, Whisper, has continued to prove useful in enabling girls to reach out for help or report concerns in a protected way. Our Director of Pupil Wellbeing has taken over the management of Learning for Life (PSHE), as well as responsibility for EDI and has introduced a more formal programme of limetabled Learning for Life lessons in the Sixth Form. Our newly appointed EDI Coordinator has done a significant amount of work to raise awareness of EDI matters with both students and staff and the committees are active and effective.

Downe House School Report of the Trustees and Strategic Report (continued) The Coordinator of EDI has continued to implement the recommendations provided in the full Race Equality Review which was undertaken through Farrer & Co with All-in Education last year Opportunilies to discuss racial prejudice, sexual harassment, discrimination generally and inclusion continue to be provided through PSHE and in the Houses. There has also been greater awareness raised through Black History Month, Pride Week and a Neurodiversity Week. Our strategic parlnership developed with Radley College, a near-by boys, school, also plays a significant part in helping to explore healthy and respecfful relationships with pupils in Yeari 9 upwards. Chloe Combi, an expert in the field, continues to guide us and analyse the work that we are doing to ensure that it is achieving its aim. This work is being replicated through our partnership with Ludgrove School, a boys, Preparatory School, for pupils in years 7 and 8. Safeguarding the welfare of all our young people remains a key priority for all the adults connected with the School. Appropriate training and checks are in place and the School continues to have team of Senior Staff trained to level 3 so that the Designated Safeguarding Lead IDSLI has good support. The appointment of an external Safeguarding Adviser who has visited the School regularly (four times this yearl has continued to provide very useful feedback following the audit of his work of the Safeguarding Team. He has worked closely with the DSL and also the Safeguarding Governor. The team has been further strengthened by the separation of the role of DSL from the role of Deputy Head (Pastoral), allowing greater time for the Deputy Head (Pastoral) to focus on general pastoral work. The School has also set up a series of House and year group events for parents to help to develop a sense of belonging identified as needing strengthening in our market research both overseas and in the UK. These have been well received and attendance has been good. The Downe House Society has also been established which is running a series of parent events, for example, a day at the Races. The academic life of the School has continued to flourish with the development of Ihe use of technology in teaching continuing. There has been a continuation of the training offered across departments with colleagues supporting one another through a channel in Microsoft Teams and we remain a Microsoft Showcase School. Our programme for our Scholars has been further developed significantly with a larger number of events taking place and students producing magazines for the community where their knowledge, interest and expertise are shared. In particular a new STEM magazine has been launched very successfully. Participation in academic competitions, for example Olympiads, is high and success rates very pleasing. Further Academic Symposiums have also taken place with Radley College for our Year 10 and 12 students foGused on Science and Humanities and Debating is flourishing throughout the School. We have been delighted to introduce Model United Nations to Year 9 IUIVI to encourage presentation skills and engagement in the wider world and also a House Investment Competition where girls are given respopsibility, following training, for investing a virtual sum of money in Ihe Stock Market. Both these initiatives have been well received. The World Ready Programme, a programme that draws logether all the activities that are offered to the students at Downe House to ensure that they are ready to take their place in the world. continues lo be a great success and is regularly evaluated and adapted. It is a three-part programme with Years 7 and 8 being Ihe World Aware section, Years 9 - 11 being the World Explore section and Years 12 and 13, the World Ready section. It includes at its heart a broad and rich academic curriculum. excellent pastoral support and a varied and challenging co-curricular programme complemented by a range of initiatives to help all students to develop the Downe House DNA (Compassion, Collaboration, Creativity, Resilience. Aspiration, Communication, Ou￿ard-look1ng). This includes, for example, all students having the option to develop leadership skills throughout their time at Downe, all students having the opportunity to do a Mini MBA. run by Hult Ashridge College, the Microsoft Office Specialist qualification, the Ivy House Leadership qualification, Leiths Cookery qualification and much more. After review, we have also added an opportunity to complete a TEFL qualification.

Downe House School 12 Report of the Trustees and Strategic Report (continued) Developing the whole person is at the heart of a Downe House education. Drama and Music have continued to maintain a high profile throughout the year. Productions of 'Grimms Fairy Tales., 'Amelie' and 'Marvin's Room., 'Romeo and Juliet, and much more all ensured that girls from a variety of ages were able to shine and they were excellent. Our annual House Drama, House Dance and House Gym Competitions all took place and showcased a wonderful range of talent. Some of the productions mentioned above formed a key part ofthe Founder's Weekend programme. There were also wonderful displays of Art, Textiles, DT and Photography in the Murray Centre. The choirs and some of our instrumentalists and ensembles performed in outstsnding concerts at Founder's Weekend, at St John's Church on Newbury. We enjoyed two exceptional Carol Services. one in London and one at School. A Musical Theatre Day and a Dance Day for Prep School and Primary School children respectively were both extremely well altended and enjoyed! In Sport there was activity in every area in th Michaelmas, Lent and Summer temis including Lacrosse, Netball, Hockey, Swimming, Athletic Cricket, Riding, Tennis, Badminton, Basketball, and Squash with various inler-school competitions and matches being won and many girls being chosen to represent their region or country in lacrosse in particular. Pre-season training continues to be a strong feature of the preparation for each season and valued by the girls and the staff. A lacrosse training camp for prospective studenls and students new to the School look place again this year. An excellent Sports Workshop was also run for feeder school children. The programme for our scholars in each of the other separate disciplines, outside the academic, Art, Music, Drama and Sport - has continued to flourish and develop and the support which each receives is now well recognised and highly valued by the girls and the staff. We Gontinue to invest in this programme with a selection of speakers, workshops and traininglpractice taking place each week. The range of activities offered both at weekends and in the evenings remains a very important part of the life of the School as it enables girls to develop interests and skills and gain experience which will. we hope, help to build their confidence. The girls have enjoyed the programme of trips to the cinema. socials with other schools to a trip to Harry Potter World, Cadbury World, Thorpe Park and so on. Commitment to the Duke of Edinburgh remains strong at Bronze and Gold level as does the commitment to Peer Support and Academic Mentor Programme in the Sixth Form. It has also been very good to see our full programme of overseas trips back in place, including language, curriculum. sports trips and for the first time since the pandemic a more adventurous trip to Kenya, including community service Developing global awareness and understanding in our girls also remains a priority and our Global Schools, Exchange Programme always attracts strong interest. In order to continue to build global awareness our Global Ambassador team has arranged a series of celebrations of international festivals which have been representative of the countries from which our girls come. They ran a Global Festivals, Residency very successfully too. It is our aim too to have two staff going out on Global Staff Exchanges with the aim of bringing back good practice from around the world and this took place this year with staff going to Australia and Sweden. It was a great feat of organisalion to also be able to set up a ground-breaking series of Global Internships for members ofthe LVI. These are often kept as the preserve of universities but the benefit of such opportunities is priceless. In addition to our education programme, the School's two new franchise campuses Downe House Muscat and Downe House, Riyadh have opened up opportunities for collaboration with partnership activities. for example prefect training, taking place across the three schools and offering opportunities for the pupils and staff to enhance their understanding of this wonderful part of the globe. Our online Global Academic offering enrichment courses in partnership with Elite K-12 in China continues to be SUGcessful and grow. Additional income for Downe House in the UK will be generated by all of these projects. The School continues to use its French Gampus, Chateau de Sauveterre, near Toulouse in France in order to offer our unique opportunity for the Year 8 girls to spend a term there. It has been very good to see the girls benefiting from this experience both academically and pastorally. We continue to focus on maximising this asset for income generation.

Downe House School 13 Report of the Trustees and Strategic Report (continued) As well as supporting charities overseas, the School maintains strong links wilh a number of local charities which it supports and the Upper School Houses have maintained their commitment to a local UK based charity as well as their link charity overseas. Charities and causes high on our list include Swings and Smiles, West Berks Foodbank, and JDRF Diabetes UK, as well as giving support to world disaster funds as the need arises. Individual girls continue to be able to present charities that are particularly meaningful to them or their families in order to raise money through a mufti day at the School. None of this would be possible without a highly dedicated and professional staff body. We remain committed to investing in our staff and regular training opportunities are offered in different areas, from technology to EDI to classroom practice and well-being. They share their considerable expertise with one another as a matter of Gourse. A comprehensive induclion programme is in place for all staff so that they are able to gain a good understanding of the School and have appropriate support. Investment in our facilities on the School site continues and saw the start of the refurbishment of one of the Sixth Fomi Houses, Willis, as well as the next phase of classroom refurbishment being undertaken, in the History department. Our Director of Development has made a very good start in establishing a culture of fundraising amongst our stakeholders, focusing on parents first, and sharing our vision for the development of the campus. Although pupil numbers remain resilient and there is no doubt that this is a challenging time for girls, boarding schools and the recent confirmation of imposilion of VAT from January 2025 has added to that pressure. In recognition of the financial challenges parents face and to take account of the change in the market, Ihe School launched its new flexible boarding offering and day option from September 2025 with transport. We are confident that this will open up opportunities to attract to a wider variety of families who may not naturally be comfortable with full boarding. Of primary importance too is that we mainlain a high-quality provision of education which we share as widely as possible. In addition, it is key that we contain costs and seek to incroase revenue through appropriate diversification in activities. To this end, Ihe School undertook a consultstion exercise with staff regarding its continued membership of the TPS and is in the process of phased withdrawal. Financial Review Investment Powers and Policy The School has the powers to invest and to delegate these powers to professional investment managers. Those investments which represent the composition of fees fund are held in gilts to facilitate parents who wish to make advanced fee payments. Investments representing the Olive Willis Bursary and Scholarship fund are held primarily in equity-based managed funds to generate capital growth to expand the fund and finance future bursary provision. In order to safeguard assets arising from donations, the assets of the Foundation are held as cash balances. It is considered inappropriate to expose such assets to possible investment risks and losses. Reserves Policy The School's tangible assets a￿ all held for use in the School. Note 16 to the financial statements sets out an analysis of the assets attributsble to the various funds which constitute the group. These assets are surricient to meet the group's obligations on a fund by fund basis. As described in note 16, the Group's reserves are fully represented by investments, tangible fixed assets and associated liabilities. There are no free funds beyond the extent of these assets and commilments. The Trustees consider that the existing level of resetves is appropriate for Ihe needs of the School. This policy is reviewed at least annually. Fun¢Js sutnmary at 31 August (Note 17). Total funds held £26.9m12023'. £26.7m) Restricted funds £2.Om (2023: £1.6m) Endowed funds £1.6m (2023.. £1.4ml

Downe House School 14 Report of the Trustees and Strategic Report (continued) Financial Results The results are shown in the financial statements and notes thereto on pages 20 to 50. Fee income, net of bursaries and scholarships was £24.9m (2023: £23.3ml. Total resources expended have increased from £25.4m to £26.8m. Nel incoming resources before gains and losses on investments amounted to a £37k net expense (2023: £1.1m net expense). There has been a decrease in the Group's netfunds position from £3.5m to £3.Om (note 24). The activities of Downe House School Services Limited (Note 2), Downe House International (Oman) Limited (Note 2}, Downe House Trust (Note 21) and Downe House Foundation {Note 21) contributed significantly to the Consolidated Financial Results. Principal Key Performance Indlcators (KPIS) The School regularly reviews its perfomiance against an agreed set of KPIS. These include educational (academic and pastoral), financial, operational, marketing and admissions targets, recruitment and retention of staff, as well as targets related to the development and management of the estate and support functions. These targets are reviewed annually by the Board and more regularly by the School's Leadership Team. Changes In Tangible Assets The movements in tangible assets during the year are set out in note 9 to the financial statements. Prlncipal Risks and Uncertainties. In the light ofthe Corporale Governance guidance contained within the Statement of Recommended Practice "AGcounting and Reporting by Charities" (revised 2005), the Trustees have examined the major risks faced by the School and the group. A system ofcontrols has been put in place to monitor and mitigate, where possible, the major risks identified and their impact on the School. Risks are identified and assessed via a risk matrix, mitigation measures and controls. A formal review of the School's risk management process is undertaken on a termly basis. The school faces a range of risks and uncertainties that could significantly impact its future operations. The imposition of VAT on school fees presents a financial risk to both the school and its parents. The application of VAT will lead to increased costs for families, potentially affecting future enrolment levels. While these uncertainties pose potenlial challenges, the school remains focused on mitigating their impact through diversification of income streams, strategic cost planning and engagement with the School community. Further key risk areas considered.. Future VAT claim on Fees paid in Advance A material reduction in pupil numbers. Pastoral Care and Education of Pupils. Governance & Management. Material changes in the regulatory environment. Health & Safety. The operational gearing of the School, in particular the significant level of fixed costs. Areas of Hlgh Risk The Key Risks to the School are recorded in a Corporate Governance Risk Assessment Documgnt that is reviewed by the Board of Governors and the Leadership Team termly. Areas of medium and high risk have been identified and strategies for mitigating these put in plaGe. Areas of high risk relate to factors outside Ihe School's immediate control such as an economic downturn or demographic changes and in each case mitigating actions are in place to reduce the potential impact of the risk.

Downe House School 15 Report of the Trustees and Strategic Report (continued) Price and cost risk The School reviews its fees charged to parents on an annual basis. The fees charged are based on Ihe principles of full cost recovery. These fees are factored into the School's plans and income forecasts. Salary levels are set by reference to prevailing market rates in the Education sector and are communicated to staff each year during the annual salary review process. Other costs are controlled by contract negotiations and competitive tendering with suppliers. Credlt rlsk Risk on amounts owed to the School by parents is low, as the fees are due at the start of each temi, non-payment is followed up early in each term and some fees are paid in advance. Liquldlty risk The School has no long term borrowings, the current loan facility was repaid in June 2024, and replaced with a revolving credit facility (Note 131. Interest rate cash flow rlsk The School places surplus funds on short term deposit with its bankers. This is deemed to be low risk. The interest rate risk from the short term overdraft facility has been considered and is deemed to be low. Plans for Future Periods The School intends to: Maintain excellent academic standards in the School, be at the forefront of best educational practice and development and prepare students for any appropriate national assessments and public examinations to enable each to succeed according to ability. Sustain the highest standards of pastoral care in the School. Allow pupils to develop wider interests such as music, sport and Co-curricular activities to ensure a holistic education. Actively demonstrate the full Public Benefit that the School provides, having regard to the general guidance on Public Benefit from the Charity Commission and where possible enhance that benefit. Maintain total pupil numbers over 550 across Boarding and Day Pursue a financial strategy which enables the aims of the School's Strategic Development Plan to be met.

Downe House School 16 Report of the Trustees and Strategic Report (continued) Stalement of Trustees, ￿SponSIbl11t1es The Trustees (who are also directors of Downe House School for the purposes of company law) are responsible for preparing the Trustees, Annual Report {including the Strategic Report) and the financial statements in accordance with appliGable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable Company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement on dlsclosure of inforniation to the audltors So far as the Trustees are aware: there is no relevant audit information of which the charitable company s auditors are unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Independent Auditors The auditors, Pricewaterhousecoopers LLP. have indicated their willingness to continue in office and a resolution concerning their appointment will be proposed at the Annual General Meeting. Report of the Trustees including the Strategic Report signed on behalf of the Board of Trustees on 2 December 2024 oucher TrusteelDirector

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Downe House School

Independent auditors’ report to the members of Downe House School

Report on the audit of the financial statements

Opinion

In our opinion, Downe House School’s group financial statements and parent charitable company financial statements (the “financial statements”):

• give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 August 2024 and of its the group’s and parent charitable company’s incoming resources and application of resources, including its income and expenditure, and of the group’s cash flows, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, includingFRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and

• have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the consolidated and school balance sheets as at 31 August 2024; the consolidated statement of financial activities, the consolidated summary income and expenditure account, the note of consolidated historical cost profits and losses, and the consolidated cash flow statement for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group’s and the parent charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

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Downe House School

With respect to the Report of the Trustees and Strategic Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Report of the Trustees and Strategic Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Report of the Trustees and Strategic Report for the period ended 31 August 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we did not identify any material misstatements in the Report of the Trustees and Strategic Report.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the group and its industry/environment, we identified that the principal risks of noncompliance with laws and regulations related to employer related legislation, and health and safety law and standards imposed by the Independent Schools Inspectorate, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011 and Regulation 15 of The Charities (Accounts and Reports) Regulations 2008. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent transactions designed to overstate the financial performance and position of the charity. Audit procedures performed by the engagement team included:

• Reviewing Board minutes and holding discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

• Using computer based audit techniques to identify and test higher risk journals, in particular those having unusual account combinations;

• Understanding the design and implementation of controls in relation to management override of control;

• Challenging key judgements and estimates; and

• Incorporating unpredictability into the nature, timing and/or extent of our testing.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

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Downe House School

Use of this report

This report, including the opinions, has been prepared for and only for the parent charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not obtained all the information and explanations we require for our audit; or

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Mark Billingham (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Birmingham 2 December 2024

Downe House School 20 Consolidated statement of financial activities for the year ended 31 August 2024 Unreslricted fund5 R6stri¢ted Endowod Total Total Notes School Others £'ooo £'ooo Funds £'ooo Funds £'ooo 2024 £'ooo 2023 £'ooo INCOMING RESOURCES Donations and legacies Othèr tradlng actlvltles: Trading income Premises hire 33 482 515 87 20 1,229 1,249 927 69 24 Income from investrnents 24 26 50 38 Income from charltablo a¢tlvltle$: School activities 24,908 25,021 24,908 23,265 26 26,791 24,341 Totsl Income and Endowments 1,262 482 RESOURCES EXPENDED Expenditure on raising funds: Trading expenditure Governance costs (2751 {101 (275) (136) (10) (8) (193) {122) Generating voluntary income Expendlture on charitable activities School activities (193) (25,194) (981) (77) (5) (52) (4) {37) {26,264} (24,885) (86} (73) Govemance costs Othèr oxpènditur•: Loss on disposal of fixed assets Total expenditure (218) (37) (26,828) (25,442} (11) (37) {1.101) {25,4641 (1,271) 14431 (9) (56) 426 NET {EXPENSESII INCOME BEFORE GAINSI{LOSSESI ON INVESTMENTS Net gainslllossesl on investments 18 147 165 {12) 128 {1.113) NET IEXPENSESIIINCOME BEFORE TRANSFERS (4251 (9) 426 136 Transfers be￿een funds 17 112.635) 12.659 {13,060) 12,650 24,305 16241 11,245 12,026 {24) 402 NET MOVEMENT IN FUNDS 136 128 11.113) 1,429 26.722 27.835 1,565 26,850 26,722 Total funds brought forward TOTAL FUNDS CARRIED FORWARD 17 1,612 2,014 17 All amounts derive from continuing activities. All gains and losses recognised in the year are included in the consolidated statement of financial activities. Included within total funds is an investment revaluation reserve of £292,000 {2023: £292,000) for the consolidated balance sheet.

Downe House School 21 Consolidated summary income and expenditure account for the year ended 31 August 2024 2024 £'ooo 2023 £'ooo Notes Net charitable income 25,542 23.414 Less Endowed fund income (26) {26) Non-charitable trading income 1,249 927 Total income 26,765 24,315 Charitable expenditure (26,543) (25,0801 Add back Endowed fund expenditure 37 13 Loss on disposal {218} Non-charitable trading expenditure (285) (144) Net expenses before Invostment asset dlsposals (26) (1,114) Loss on disposal of fixed asset investments (8) Interest payable and similar charges (104) (99} Interest receivable 50 38 Deficit of income over expenditure (80) (1,183) Reconciliation to Consolidated statement of financial actlvltles 2024 £'ooo 2023 £'ooo Net outgoing resources before recognised gains & losses (37) (1,1011 Loss on disposal of fixed asset investments (8} Less net income and expenditure on endowed funds {11) 13 Deflclt of Income over expenditure (48) (1.096) Note of consolidated historical cost profits and losses for the year ended 31 August 2024 2024 £'ooo 2023 £'ooo Reported deficit of income over expenditure (48) (1,096) Realisation of investment gains of previous years (8} HlstorfGal defiGit on ordlnary activities (48) (1,104)

Downe House School 22 Consolidated and School balance sheets as at 31 August 2024 Consolidated School 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Notes Fixed assets Tangible assets Investments 29,844 1,535 31,379 29,740 2,037 31.777 2,592 1,535 4,127 2,648 2,037 4.685 10 Current assets Stocks 39 39 39 34,313 9,413 692 39 Debtors 12 5,861 9,424 2,973 18,297 3,132 195 43.235 185 Investments 10 Cash at bank and in hand 5,503 8,869 4,579 48,038 44,457 Creditors: amounts falling due within one year Net current assets l(liabilities) Total assets less Current liabilities 13 (14,417) 111,966) (26,626) (24,268) 3,880 (3,097) 17,831 23,770 35,259 28,680 21,958 28,455 Creditors: amounts falling due after more than one year Advance fees Final temi deposits 14 (6,655) (1,5341 (8.1891 {220) 26,850 (412) {6,655} 11,310) {1,534) 11,722) (8,189) (236) (220) 26,722 13,549 1412) (1,310) (1.722) (236) 26,497 15 Pension deficit 20 Net assets Represented by: Endowed funds 17 1,565 2,014 1,429 1,612 1.565 739 1,429 763 Restricted funds 17 Unrestrlcted funds Designated Retained income 17 200 158 200 158 17 23,071 23,523 11,045 24,147 Non-charitable trading funds Total Unrestricted funds 17 23,271 26,850 23.681 26,722 11,245 13,549 24.305 26,497 Total funds The financial statements on pages 20 to 50 were approved by the Trustees on 2 December 2024 and d on their behalf by.. oucher TrusteelDirector

Downe House School 23 Consolidated cash flow statement for the year ended 31 August 2024 2024 £'ooo 2023 £'ooo Notes Net cash inflow l(oufflowl from operating activities Net cash oufflow from investing activities Net cash oufflow before financing Net cash (ouffiow)linflow from financing activities Decrease in cash in the year Cash and cash equivalents at start of year Cash and cash equivalents at end of year 22 9,767 {369) 23 {10,297) {1,286) (530) (2,000) (1,655) 500 24,25 (2,530) (1.155) 5,503 6,658 2.973 5.503

Downe House School 24 Notes to the financial statements for the year ended 31 August 2024 Principal accounting policies Downe House School ("the School"} is a charitable company limited by guarantee and a UK registered charity governed by its Memorandum and Articles of Association - company registered number2645228 and charity registration number 1015059. The School is a public benefit entity. The address of its registered office is Downe House School, Hemiitage Road, Cold Ash, Thatcham. Berkshire. RG18 9JJ. The financial statements have been prepared in accordance with applicable Accounting Standards in Ihe United Kingdom including Financial Reporting Standard 102 (FRS 102), Companies Act 2006 and the Charilies Act 2011. In preparing the financial statements the School has followed best practice as set out in the Statement of Recommended Practi￿"AcCOUntlng and Reporting by Charities (FRS 102)" (revised 2015). A summary of the more important accounting policies ofthe School, which have been applied Gonsistenlly, is set out below. Basis of accountlng The financial statements have been prepared on a going concern and accruals basis under the historical cost convention modified by the revaluation of fixed and current asset investments. The groups functional and presentational currency is £ sterling. The Directors consider it appropriate to adopt the going concern basis and have not identified any material uncertainties in the period of at least 12 months from the date of approval of the financial statements. After making enquiries the Directors have a reasonable expectation that the group has adequate resources to continue in operation for the foreseeable future. Basis of Consolidation The financial statements of the School and its subsidiary undertakings (together'the group") include the Gonsolidated financial statements of all the entities to 31 August each year. The School has taken advantage of the exemption from publishing its own Income and Expenditure account corlferred by s408 of the Companies Act 2006. The amount of the surplus or deficit for the year dealt with in the School's financial statements is disclosed in note 17. Golng Concern The Trustees have reasonable expectation Ihat the group has adequate resources to continue ils activities for the foreseeable future based on cash flow forecasts to December 2025, Including the impacts of the changes introduced by the new Government. and any plausible downside scenarios. A Revolving Credit facility was put in place during the year, and the previous loan of £2.Om was repaid in full. The credit facility has financial covenants which are all expected to be met based on all of these scenarios. As such, the Trustees expect that the group will continue to meet applicable financial covenants until December 2025 and that the group will be able to meet its debt repayment obligations as they fall due. Accordingly, the Trustees consider Ihat there are no material uncertainties over the group's financial viability and thus Gontinue to adopt the going concern basis in preparing the financial statements as outlined in the Stalement of Trustees, Responsibilities on page 16. Fees and similar Income Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School. Fees received in advance of education to be provided in future years under the Advance Fees scheme are held as liabilities until they are either taken to income in the term when utilised or refunded. Any residual balance is transferred to a designated Advance Fees fund once all future fee liabilities have been met.

Downe House School 25 Notes to the financial statements for the year ended 31 August 2024 (continued) Principal accounting policies (continued) Donations All donations are shown in the consolidated statement of financial activities under incoming resources and are accounted for on a receivable basis. Gains on disposal of flxed assets On disposal of tangible fixed assets, the profit or loss on disposal is accounted for as the difference between the net sale proceeds and the net carrying amount ofthe tangible fixed asset. The profit or loss on disposal of tangible fixed assets is recognised in the Statement of Financial Activities for the year in which the disposal occurs. Trading Income Turnover represents amounls receivable for goods and seNices provided, net of VAT and trade discounts. Lettings income and other sundry income is recognised at the time the activity takes place. Irrecoverable VAT Any irrecoverable VAT is charged to the consolidated statement of financial activities, or capitalised as part of the cost of the related asset, where appropriate. Expenditure All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. Overhead and other costs not direclly attributable to particular functional categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, by reference to the level of costs in the functional categories. Expendilure on raising funds includes the total costs attributable to each category from the subsidiary's trading activities and the fundraising costs which are incurred in securing income for the appeal fund. Governance costs comprise the costs of running the School, including external audit. any legal advice for the Trustees and all the costs of complying with constitutional and statutory requirements such as the costs of Board and Committee meetings. Recognition of Ilabilities Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. Fund accountlng Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives. Designated funds are unrestricted funds earmarked by the Trustees for specific projects. Restricted funds are subject to specific conditions imposed by the donors. Endowed funds are expendable capital funds where there is power to convert capital into income. Income from endowed funds is added to the relevant endowed fund.

Downe House School 26 Notes to the financial statements for the year ended 31 August 2024 (continued) Principal accounting policies (continued) Tangible fixed assets and depreciatlon Tangible fixed assets are stated at cost, less accumulated depreciation, at rates calculated to write off the cost, less their estimated residual values on a slraight line basis over the expected useful economic lives of the assels concerned. The annual rates used for this purpose are.. Equipment and furnishings Computer equipment Motor vehicles 12.5°/0 20 0/, 25% straight line straight line straight line Freehold land and buildings held on trust are included at cost incurred prior to completion. Land is not depreciated. Buildings are depreciated at rates calculated to write off the cost less their estimated residual values on a straight line basis over the expected useful economic life of each building. The range of annual rates used for this purpose is be￿een 10 and 50 years. Assets with a cost below £1,000 are not capitalised. Fixed and current asset investments and investment income Investments, representing quoted securities, are stated in the balance sheet at market value. Any gain or loss on the revaluation of investments is shown on the consolidated statement of financial activities. Investment income is accounted for in the period in which the School and Ihe group is entitled to the income. Stocks Stocks of clothing, stationery and consumables are stated at the lower of cost, on a first-in, first-out basis, and net realisable value. Registration fees Registration fees placed for prospective pupils are non-refundable and are credited to fees income when received. Final tenn deposlts Final temi deposits are deposits placed when pupils join the School which are offset against fees and disbursements due for the last lerm each pupil attends. All deposits are classified as creditors. Pension costs Retirement benefits to employees of the School are provided by the Teachers. Pension Scheme (TPS) and the Independent Schools, Pension Scheme (ISPSI. These are defined benefit schemes, which are externally funded and contracted out of the State Second Pension. Contributions to the TPS and ISPS are charged to the statement of financial activities so as to spread the cost of pensions over employees, working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by qualified actuaries on the basis of valuations not less than every four years using a prospective benefit method forthe TPS and three yeady valuations using the projected unit method for the ISPS. As stated in Note 20. the TPS and ISPS schemes are both multi-employer schemes and the School is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. The TPS and ISPS schemes are therefore treated as defined contribution schemes and the contributions are recognised as they are paid each year. In addition, the School pays contributions to the Downe House Staff Pension Schemes, which are defined contribution pension schemes arranged on behalf of individual employees at an agreed percentage of gross salary. The assets of the pension schemes are held separately to those of the School. Contributions payable to the schemes are charged in the statement of financial activities as they fall due as part of the employment costs.

Downe House School 27 Notes to the financial statements for the year ended 31 August 2024 (continued) Principal accounting policies (continued) Grants and allowances Grants and allowances from restricted and unrestricted funds are included as expenditure in the period for which the award is given. Concessionary Loans Loans due from the subsidiary, Downe House Trust (note 12) are made to further the charitable purposes of the Group, are repayable on demand and treated as Concessionary loans. Critical estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other relevant factors including expectations of future events that are believed to be reasonable in the circumstances. The Directors believe that no critical judgements have been made that affect the rinancial statements. Trading income The School owns Downe House School Services Limited. whose trading activities include lettings of the School facilities and the provision of goods and services to Ihe parents and pupils of Downe House School and third parties. It donates its taxable profits to the School. Its results for the year to 31 August were: 2024 £'ooo 2023 £'ooo Turnover 960 749 Cost of sales (225) 735 (98) 651 Gross profit Administration expenses Donation to other registered charities Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit for the financial year {7) {8) 720 {9) 642 720 642 Donation to Downe House School 720 642 Cost of sales include £69,000 {2023'. £24,000) for accommodalion services provided by the School. 2024 £'ooo 2023 £'ooo Total assets 932 735 Total liabilities (932) {735) Net assets

Downe House School 28 Notes to the financial statements for the year ended 31 August 2024 (continued) Trading income (continued) The School owns Downe House International (Oman) Limited, whose trading activities include income from licensed products and services from local partners operating Downe House Riyadh and Downe House Muscat. It donates its taxable profits tothe School. Its results for the yearto 31 August were: 2024 £'ooo 2023 £'ooo Tumover 269 158 Cost of sales {20) 249 (20) 138 Gross profit Administration expenses Donation to other registered charities Profit on ordinary activities before taxation Tax on profrt on ordinary activities Profit for the financial year (26) {17} 223 121 223 121 Donation to Downe House School 223 121 2024 £'ooo 2023 £'ooo Total assets 269 158 Total liabilities (269) (158) Net assets Downe House International (Qmanl Limited is exempt from the requirements relating to the audit of accounts under section 479A of the Companies Act 2006. Incoming resources from school activities 2024 £'ooo 2023 £'ooo Gross fees receivable 26.164 24,090 Bursaries, grants and scholarships {1,425) (973) Net fee income 24,739 23.117 Registration fees 169 148 24,908 23,265

29

Downe House School

Notes to the financial statements for the year ended 31 August 2024 (continued)

4 Net expenses/(income) before transfers
	2024	2023
	£'000	£'000
Net expenses/(income) before transfers is stated after
charging/(crediting):
Depreciation on owned assets	1,577	1,509
Operating lease rentals - equipment	69	51
•Auditors' remuneration, including VAT
- for audit services (School: £60,000 (2023: £50,000))	85	70
-Other assurance and tax services	33	22
- Tax compliance services	11	11
~~eee~~ ~~eee~~
Staff costs
Wages and salaries	13,183	12,233
Social security costs	1,813	1,768
Pension contributions	2,047	1,868
Pension provision release	-	(278)
	17,043	15,591

The average number of employees in the year, calculated on a full time equivalent basis, was 323 (2023: 310) of which 143 (2023: 139) were teaching staff.

The number of employees whose emoluments exceeded £60,000 were:

		2024	2023
		Number	Number
£60,001 - £70,000	£60,001 - £70,000	26	14
£70,001 - £80,000	£70,001 - £80,000	10	2
£80,001 - £90,000	£80,001 - £90,000	3	3
£90,001 - £100,000	£90,001 - £100,000	2	2
£100,001 - £110,000	£100,001 - £110,000	1	2
£110,001 - £120,000	£110,001 - £120,000	2
£130,001 - £140,000	£130,001 - £140,000	-	1
£260,001 - £270,000	£260,001 - £270,000	1	1

19 of the employees above (2023: 21) have pension benefits accruing under defir;ied benefit schemes and 26 (2023: 4) have pension benefits accruing under a defined contribution scheme. The emoluments of the highest paid employee above reflects net employer contributions of 23.68% of salary to the Teachers' Pension scheme which ceased with effect from 1 September 2019 at which time the salary was increased by an amount equivalent to the contributions foregone.

Downe House School 30 Notes to the financial statements for the year ended 31 August 2024 (continued) 4 Net expensesl{income) before transfers (continued) Total emoluments for key management personnel during the year were £613,000 (2023 £612.000}. With the exception of reimbursed expenses shown in note 19 and related party transactions in note 27, neither the Trustees nor persons connected with them received any remuneration or other benefits from the School or any connected organisation. 5 Analysis of total resources expended Total 2024 £'ooo Staff costs Depreciation £'ooo £'ooo Other £'ooo Expenditure on raising funds: Trading expenditure 275 275 Govemance costs 10 10 Generating voluntary income 145 48 193 145 333 478 Expenditure on school activities Teaching 9,756 278 2.004 12.038 Welfare 4,299 136 2,023 6.458 Premises 867 1,092 2,238 4,197 Support costs for schooling 1,976 71 1,524 3,571 16,898 1.577 7,789 26,264 Govemance Costs 86 86 Total expenditure 17,043 1,577 8,208 26,828

Downe House School 31 Notes to the financial statements for the year ended 31 August 2024 (continued) 5 Analysis of total resources expended (continued) Totsl 2023 £'ooo Staff cosls Depreciation £'ooo £'ooo Other £'ooo Expenditure on raising funds.. Trading expenditure 136 136 Govemance costs Generating voluntary income 63 59 122 63 203 266 Expenditure on school activities Teaching 9,094 257 1,912 11,263 Welfare 3,962 126 2,029 6,117 Premises 771 1,061 2,344 4,176 Support Gosts for schooling 1,701 65 1,563 3,329 15,528 1,509 7,848 24,885 Govemance Costs 73 73 Loss on disposal of fixed assets 218 218 Total expenditure 15,591 1,509 8.342 25,442 Governance costs 2024 £'ooo 2023 £'ooo Audit 85 70 Other 11 96 81 Interest payable and similar charges 2024 £'ooo 2023 £'ooo Interest payable and similar charges On bank overdraft and other borrowings 104 99

Downe House School 32 Notes to the financial statements for the year ended 31 August 2024 (continued) Taxation The School and its subsidiary undertakings, Downe House Trust and Downe House Foundation were registered charities throughout the year and, as such, were not liable lo corporation tax or7 the surplus of income over expenditure for the year, nor to capital taxes on gains arising from Ihe disposal of assets. The School was not registered for VAT during the financial year and accordingly, all its expenditure is recorded inclusive of any VAT incurred. Downe House Foundalion and Downe House Intemational (Omanl Limiled were not registered for VAT during the financial year and accordingly, all their expenditure is recorded inclusive of any VAT incurred. Downe House Trust is registered for VAT and, where applicable, expenditure is recorded net of reGoverabl8 VAT. Downe House School Services Limited is registered for VAT, and consequently all income and expenditure is recorded net of VAT. Downe House School Services Limited and Downe House International (Oman) Limited gift all their profits to the School. Tangible assets Freehold Equlpment land & buildings fumishings £'ooo £'ooo Computer equlpment £'ooo Motor Vehicles £'ooo Total £'ooo (a) Consolidated Cost As at 1 September 2023 40,520 9,716 3,324 298 53,858 Additions 1,251 311 114 1,681 As at 31 August 2024 41,771 10.027 3,438 303 55,539 Accumulated depreciation As at 1 September 2023 12,529 8.899 2,464 226 24,118 Charge for year 1.053 226 269 29 1,577 As at 31 August 2024 13,582 9,125 2,733 255 25,695 Net book value As at 31 August 2024 28,189 902 705 48 29,844 As at 31 August 2023 27,991 817 860 72 29,740

Downe House School 33 Notes to the financial statements for the year ended 31 August 2024 (continued) Tangible assets (continued) Included within freehold land and buildings is land at a cost of £92,47312023- £92,473) which is not depreciated. The Trustees, assessment is that Freehold land & buildings rented by Downe House Trust to Downe House School are being held for the provision of social benefit within the public benefit group and as such have been treated as fixed assets. At 31st August 2024 the group had committed to spend £Nil on its Capital projects in the coming year (2023- £Nil). Freehold Equipment land & buildings fumishings £'ooo £'ooo Computer equipment £'ooo Motor Vehicles £'ooo Total £'ooo (b) School Cost As at 1 September 2023 937 9,582 3,324 298 14.141 Additions 59 311 114 489 As at 31 August 2024 996 9,893 3.438 303 14,630 Accumulated depreciation As at 1 September 2023 38 8,765 2,464 226 11,493 Charge for year 21 226 269 29 545 As at 31 August 2024 59 8.991 2,733 255 12,038 Net book value As at 31 August 2024 937 902 705 48 2,592 As at 31 Augusl 2023 899 817 860 72 2,648

Downe House School Notes to the financial statements for the year ended 31 August 2024 (continued) 10 Investments (a) Consolidated Restricted: Appeal Fund Bullding project$ £'ooo Expendable Endowment: Bursary and Dgsignated: scholarships Advan¢9 Fund fees £'ooo £'ooo Total £'ooo As at 1 September 2023 10 1,429 793 2,232 Additions 433 8,800 9,234 Disposals at opening market valuelcost (444) (228) (672) Revaluations 147 18 165 As at 31 August 2024 11 1.565 9.383 10,959 Listed securities 1,535 1,535 Cash, gilts and short lerm deposits 30 9,383 9,424 As at 31 August 2024 11 1,565 9,383 10,959 Historical cost As at 31 August 2024 11 1.266 9,316 10,593 As at 31 August 2023 10 1,309 787 2,106 Movement on gains Unrealised gains at 1 September 2023 260 20 280 Revaluations in year 147 18 165 As at 31 August 2024 407 38 445 All investments are considered to be programme related investments. The investments are included in the consolidated balance sheet as follows: 2024 £'ooo 2023 £'ooo Fixed asset investments 1,535 2,037 Current asset investments 9,424 195 10,959 2,232 There are no individually material investment holdings.

Downe House School 35 Notes to the financial statements for the year ended 31 August 2024 (continued) 10 Investments (continued) (b) School Expondablè Endowment: Bursary and Deslgnated: s¢holar3hlp3 Advan¢e Fund fees £'ooo £'ooo Totsl £'ooo As at 1 September 2023 1,429 793 2,222 Additions 433 8,800 9,233 Disposals at opening market valuelcost (444} (228) {672) Revaluations 147 18 165 As at 31 August 2024 1,565 9,383 10,948 Listed securities 1,535 1.535 Cash, gilts and short temi deposits 30 9,383 9,413 As at 31 August 2024 1,565 9,383 10,948 Historical Cost As at 31 August 2024 1.266 9,316 10,582 As at 31 August 2023 1,309 787 2.096 Movement on gains Unrealised gains at 1 September 2023 260 20 280 Revaluations in year 147 18 165 As at 31 August 2024 407 38 445 All investments are Considered to be programme related investments. The investments are included in the School balance sheet as follows: 2024 £'ooo 2023 £'ooo Fixed asset investments 1,535 2,037 Current asset investments 9,413 185 10,948 2,222 Thore are no individually material investment holdings.

Downe House School 36 Notes to the financial statements for the year ended 31 August 2024 (continued) 11 Stocks Consolidated School 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Stationery and consumables 39 39 39 39 There is no significant difference bet￿een the replacement cost of stocks and the value stated. 12 Debtors Consolidated School 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Fees 4,730 2,375 4,730 2.375 Sundry debtors and prepayments Amounts owed by group undertakings (see below) 1.131 757 493 265 29,090 40,595 5,861 3,132 34,313 43,235 Fees invoiced in advance are shown within creditors (note 13) and amounts not received by the balance sheet date shown above as fee debtors. Consolidated School Amounts owed by group undertakings.. (see above) 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Due within one year 27,224 38.729 Loan due after more than one year 1.866 1,866 29,090 40,595 Interest is payable from the subsidiary, Downe House Twst, on the amount due within one year at the rate of 1 % over bank base rate. Interest is payable from the subsidiary, Downe House Trust. on loan advances due after more than one year in excess of £866,000 at the rate of 1°/0 over bank base rale. No interest is paid on the remaining loan advances due after more than one year of£866,000. Amounts due from subsidiary undertakings are unsecured, payable on demand and hava been treated as a concessionary Loan.

Downe House School 37 Notes to the financial statements for the year ended 31 August 2024 (continued) 13 Creditors: amounts falling due within one year Consolidated School 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Bank loans and overdrafts 2,000 2.000 Trade creditors 56 788 56 788 Concessionary loans due to subsidiary undertakings 12,379 12,379 Amounts owed to group undertakings Taxation and social securty 20 85 52 Other creditors and accruals 1,030 655 837 611 Refundable deposits Fees invoiced in advance 172 180 172 180 8,498 8,030 8,498 8,030 9,776 11,738 21,985 24,040 Advance fees (note 14) 4,641 228 4,641 228 14,417 11,966 26,626 24,268 The School had a bank facility of £2.5m which commenced in July 2021 with interest payable at 1.45 % over base rate per annum which expired on 31 July 2024. £2.Om of this was drawn down at 31 August 2023. This was repaid in full in June 2024. In April 2024 a new revolving credit facility of £5.Om was put in place with interest payable on amounts borrowed at 2.00/0 above base rate. This facility is secured by a guarantee of £6.Om given by Downe House Trust. Downe House Trust has given a legal charge over each of the freehold properties ofthe Trust. No interest is payable to the subsidiary, Downe House Trust, on the amount due within one year. This amount is treated as a concessionary loan is unsecured, interest free and repayable on demand.

Downe House School 38 Notes to the financial statements for the year ended 31 August 2024 (continued) 14 Advance fees Parents may pay to the School up to the equivalent of seven years, tuition fees in advance which is held in a balance of Treasury Stocks and cash deposits as appropriate. Such payments may be returned, subject to specific conditions, on the receipt of one term's notice. Assuming pupils remain in the advance fees payment scheme, payments will be applied to offset fees as follows.. 2024 £'ooo 2023 £'ooo Consolidated and School After 5 years 628 Within 2 to 5 years 2,905 184 Within 1 to 2 years 3,122 228 6,655 412 Within 1 year (note 13) 4,641 228 11,296 The balance represents the accrued liability under the contracts. The movements during the year were: 2023 £'ooo 2024 £'ooo As at 1 September 640 868 New contracts 12,385 Amount5 accrued to contracts {1,501) 11,524 868 Amounts utilised in payment of fees.. To the School (228} 1228) As at 31 August 11.296 640 15 Final term deposits Consolidated School 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Due belween 1 and 2 years 206 186 206 186 Due in greater than 2 years 1.328 1.124 1.328 1,124 1,534 1,310 1,534 1,310

Downe House School 39 Notes to the financial statements for the year ended 31 August 2024 (continued) 16 Analysis of net assets between funds (a) Consolidated The net assets are held for the various funds as follows- Tangible fixed assets £'ooo Net current Long temi Investments assetsl(Ilabilities) liabilities £'ooo £'ooo £'ooo 2024 Total £'ooo Endowed funds 1,565 1,565 Restricted funds 1 1,525 11 478 2,014 Unrestricted funds 28,319 9,383 (6,022) {8,409) 23,271 (8,409) 26,850 2023 29.844 10,959 (5,544) Tangible fixed assets £'ooo Net current Long temi assetsl(liabilities} liabilities £'ooo £'ooo Investments £'ooo Total £'ooo Endowèd funds 1,429 1,429 Restricted funds 1,602 10 1,612 Un￿StriCted funds 28,138 793 (3,292) (3,292) {1,958) 23,681 (1,958) 26,722 29,740 2,232 (b) School The net assets are held for the various funds as follows.. Tangible flxed assets £'ooo Net current Long temi assets liabilitles £'ooo £'ooo 2024 Investments £'ooo Total £'ooo Endowed funds 1.565 1,565 Restrided funds 739 739 Unrestricted funds 1,853 9,383 8,418 {8,409) 11,245 {8,409) 13,549 2,592 10,948 8,418 Tangible fixed assets £'ooo Net current Long term assets liabilities £'ooo £'ooo 2023 Investments £'ooo Total £'ooo Endowed funds 1,429 1,429 Restricted funds 763 763 Unrestricted funds 1,885 793 23,585 (1,958) 24.305 2,648 2,222 23,585 {1.9581 26,497

Downe House School 40 Notes to the financial statements for the year ended 31 August 2024 (continued) 17 Funds (a) Consolldated Total 1 September Incomlng Resour¢és 2023 re$ources expended Transfers £'ooo £'ooo £'ooo £'ooo Total Investment 31 August galn 2024 £'ooo £'ooo Endowed funds {expendable) Olive Willis Bursary and Scholarships fund 1,429 26 {37) 147 1,565 Restricted funds Appeal funds (building projects} 1,291 (52) {4} (24) 1,215 Foundation 321 482 799 1,612 482 156} (24} 2,014 Unrestrlcted funds Designated funds Advance fees 158 24 18 200 Non-charltable trading Funds 1.229 (2851 (944) Other unrestricted funds Retained income 23,523 25.030 (26,450) 968 23,071 Total unrestricted funds 23,681 26,283 126.735} 24 18 23,271 Total funds 26,722 26,791 (26,828) 165 26,850

Downe House School 41 Notes to the financial statements for the year ended 31 August 2024 (continued) 17 Funds {a) Consolidated {contlnued) Tolal 1 September 2022 £'DOO Total 31 Augusl 2023 £'ooo Incoming Resources resources expended Transfers £'ooo £'ooo Investment gainllloss} £'ooo £'ooo Endowed funds (expendable) Olive Willis Bursary and Scholarships fund 1,448 26 (13) (32) 1,429 Restricted funds Appeal funds (building projects} 1,368 (53) (24) 1,291 Foundation 234 87 321 1,602 87 {53) (24) 1.612 Unrestricted funds Designated funds Advance fees 126 12 20 158 Non-charitable trading Funds 907 (144) (763) Other unrestricted funds Retained income 24,659 23,309 (25,232) 787 23,523 Total unrestricted funds 24,785 24,228 125,376) 24 20 23,681 Total funds 27,835 24,341 125,442) {12) 26,722 The Olive Willis Bursary and Scholarships expendable Endowed fund provides financial assistsnce by way of bursaries and scholarships to enable daughters offomer pupils of Downe House School and others who, in the opinion of the Truslees, are in need of such financial assistance to be educated at the School. Expenditure in the year related to investment management costs only. The Appeal funds {building projects) represents cumulative donations made to fvnd the construction of new facilities and the net book value of those facilities. The Foundation fund represents funds raised by the Downe House Foundation for educational building projects at Downe House School. The designated Advance fees fund represents amounts set aside to cover any shortfall in the advance fees account (note 14). Included within total funds is an investment revaluation reserve of £445,000 (2023.. £280,000) for the consolidated balance sheet. Transfers be￿een funds arise on elimination of intra group transactions on consolidation.

Downe House School 42 Notes to the financial statements for the year ended 31 August 2024 (continued) 17 Funds (b) School Total 1 September Incomlng Resources 2023 resources expended Transfers £'ooo £'ooo £'ooo £'ooo Total 31 August 2024 £'ooo Investment gain £'ooo Endowed funds Olive Willis Bursary and Scholarships fund 1,429 26 {371 147 1,565 Restricted funds Appeal fund (building projects) 763 (24) 739 Unrestricted funds Designated funds AdvanGe fees 158 24 18 200 Other unrestricted funds Retained income 24,147 24,997 (25,464) {12,635} 11,045 Total unrestricted funds 24,305 25,021 (25,464) (12,635) 18 11,245 Total funds 26,497 25,047 (25,501) (12,659) 165 13,549

Downe House School 43 Notes to the financial statements for the year ended 31 August 2024 (continued) 17 Funds (b) School (contlnued) Total 1 September Incoming Resources Investment 2022 resources expended Transfers gainl(lossl £'ooo £'ooo £'ooo £'ooo £'ooo Total 31 August 2023 £'ooo Endowed funds Olive Willis Bursary and Scholarships fund 1,448 26 113) 132) 1,429 Restricted funds Appeal fund (building projects) 787 (24) 763 Unrestricted funds Designated funds Advance fees 126 12 20 158 other unrestriGted funds Retained income 23,166 23,309 (24,263) 1,935 24.147 Total unrestricted funds 23,292 23,321 (24,263) 1,935 20 24,305 Total funds 25,527 23,347 (24.276) 1.911 (12) 26.497

Downe House School 44 Notes to the financial statements for the year ended 31 August 2024 (continued) 18 Financial commitments Operating leases At 31 August 2024 the School, and group, had total commitments for items other than land and buildings under non-cancellable operating leases as follows: 2024 £'ooo 2023 £'ooo Consolidated Less than one year 63 40 1 to 5 years 60 60 Greater than 5 years 123 100 School Less than one year 62 39 I to 5 years 60 60 Greater than 5 years 122 99 19 Trustees The Trustees do not receive any remuneration. Expenses reimbursed for travelling undertaken on behalf of the School amounted to £719 (2023: £5231.

Downe House School 45 Notes to the financial statements for the year ended 31 August 2024 (continued) 20 Pensions and pension schemes Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme (England and Wales) ("the TPS'I, for its teaching staff. This is a multi-employer defined benefits pension scheme and it is not possible or appropriate to consistently identify the liabilities of the TPS which are attributable to the School. As required by FRS 102, the School accounts for this scheme as if il were a defined contribution scheme. The pension charge for the year includes contributions payable to the TPS of £1,312.000 (2023: £1,490,000). The last valuation of the scheme was as at 31 March 2020. The Government Actuary's Department report of October 2023 revealed that the total liabilities of the Scheme (pensions currently in payment and the estimated cost of future benefits} amounted to £262.0 billion. The value of the assets {estimated future contributions together with the proceeds from the notional investments held at the valuation date) was £222.2 billion. The employer contribution rate is set by the Secretary of State following scheme valuations and from 1 April 2024, the employer contribution rate was increased to 28.68010. Independent Schools, Penslon Scheme Certain non-academic staff are members of The Independent Schools, Pension Scheme {'ISPS'). This scheme was introduced with effect from 5 September 1996, to which both the School and staff contribute. The Independent Schools, Pension Scheme is an industy-wide, funded defined benefit scheme. Under definitions set out in FRS102, the ISPS is a multi-employer pension scheme. The School is unable to identify its share of the underfying assets and liabililies of the scheme. Accordingly, the School has accounted for its contributions as if it were a defined contribution scheme. During the year to 31 August 2024, the school has paid an employer contribution rat8 of 42.60/0. Due to the nature of the scheme, the charge to the statement of financial activities for the year under FRS102 represents the employer contribution payable. The latest fvll actuarial valuation of the Scheme was at 30 September 2020. The marftet value of the Scheme's assets at the valuation date was £201.1 m and the value of the liabilities at that date was £256.3m giving a deficit of £55.2m. The superannuation cost represents contributions payable to the fund and amounted to £47,000 (2023.. £49,000).

Downe House School 46 Notes to the financial statements for the year ended 31 August 2024 (continued) 20 Pensions and pension schemes (continued) Following consideration of the results of the actuarial valuation in 2020 it was agreed that the shortfall would be dealt with by the payment of deficit contributions of £2.69 million per annum from 1 September 2022 to 30 June 2032. If the valuation assumptions are bome out in practice this pattem of contributions should be sufficient to e5iminate the past seNice deficit on an ongoing funding basis. The School pays a pro rata proportion of the deficit contributions based on details provided by the ISPS. A provision has been recognised for this obligation of £220,000 {2023 £236.000)- 2024 £'ooo Provision as at 1 September 2023 236 Deficit contribution made (33) 17 Increase in provision Provision as at 31 August 2024 220 Other pension schemes Certain academic and non-academic staff are members of the Downe House Staff Pension Schemes, which are defined contribution insured funds administered by private pensions companies to which contributions are paid as they become due. The superannualion cost represents contributions payable to the funds and amounted to £704,000 (2023.. £429,000). The balance of'contributions payable at the year-end was £89,000 (2023-. £50,000). 21 Subsidiary undertakings The principal place of business for all subsidiary undertakings is the same as that for Downe House School as noted on page 1. Downe House School owns the entire share capTtal of a trading subsidiary undertaking, Downe House School Services Limited, a (x)mpany registered in England and Wales {26640101 with £2 share capital. called up and fully paid (Note 2). Downe House School owns the entire £2 share capital of subsidiary Downe House International Limited, a company registered in England and Wales (12232441), which owns the entire £2 share capital of Downe House International (Oman) Limited, also registered in En9land and Wales 112332320). Downe House School is the sole corporate Truslee of the Downe House Trust (309091). The trust is managed by the Trustees of the School. The Downe House Trust owns propety used by the School for which it received rental payments of £646,000 {2023.' £646,000) for the year. The results reported below have been consolidated in the group financial statements after making appropriate intra group adjustments.

Downe House School 47 Notes to the financial statements for the year ended 31 August 2024 (continued) 21 Subsidiary undertakings {continued) 2024 £'ooo 2023 £'ooo Downe House Trust Total incoming resources 646 Total resources expended (3,082) (2,809) Net expendilure (2,435) {2,163) Advan￿ written off by Downe House School 15,000 Net movement in funds 12,565 (2,163) Total assets 40,361 39,482 Total liabilities (28.088) {39,774) Total funds 12,273 (292) Downe House School is the sole member of Downe House Foundation. The Downe House Foundation is managed independently of the School. has a separate board of Trustees and raises funds for educational building projects at Downe House School. The results reported below have been consolidated in the group financial statements after making appropriate intra group adjustments. 2024 £'ooo 2023 £'ooo Downe House Foundation Total incoming resources 515 87 Total resources expended (4) (7) Net movement in funds 511 Total assets 1,032 521 Total liabilities {4) (4) Total funds 1,028 517 As noted on page 2 the Downe House Appeal Fund (2009), charity numb8r 1044896, is dormant with no assets or liabilities.

Downe House School 48 Notes to the financial statements for the year ended 31 August 2024 (continued) 22 Reconciliation of net incomel(expenses) to net cash inflowl(outflow) from operating activities 2024 £'ooo 2023 £'ooo Net income l{expenses) before transfers 128 (1,113) Depreciation charges 1,577 1,509 Loss on disposal of fixed assets 218 (Gains)ILosses on investments (165) 12 Interest payable 104 99 Investment income {50) (381 Increase in stocks (191 Increase in debtors 12,729) 10,902 (569) Increase l(Decrease) in creditors Net cash inflow l(oufflow) from operating activities (468) 9,767 (369) 23 Cash flows from investing activities 2024 £'ooo 2023 £'ooo Inveslment income 50 38 Interest payable (104) (99) Purchase of tangible fixed assets {1,681 (1,530) Receipts from sale of fixed assets Purchase of investments 243 (9,234) 672 1560) Receipts from sale of investmenls 622 Net cash oufflow (10,297) (1,286) 24 Analysis of changes in net funds Cash at bank and In hand less overthaft Loans falling due within Net funds Total £'ooo one year £'ooo £'ooo Balance at 1 September 2023 5,503 (2,000) 3,503 Cash flows (2,530) 2,000 (530) Balance at 31 August 2024 2,973 2,973

Downe House School 49 Notes to the financial statements for the year ended 31 August 2024 (continued) 25 Reconciliation of net cash flow to movement in net funds 2024 £'ooo 2023 £'ooo Decrease in cash in the year (2,530) 2,000 (1,155) (500) Decreasel(increase) in loans in the year Movement in net funds in year (530) 3,503 {1,655} 5,158 Net funds at tha beginning of the year Net funds at the end of the year 2,973 3,503 26 Capital The School is a company limited by guarantee. Each member has undertaken to contribute £1 to the assets of the company to meet its liabilities if called on to do so. The total amount guaranteed by members at 31 August 2024 was £12 (2023: £13). 27 Related party transactions Trustees whose children attend the SGhool do not receive any concessions on their fees or disbursement charges as a result of their position as a Trustee. Stsff mèmbers receive a discount of between 500/0 and 90°/0 of the basic fees. The group incurred costs of £153,000 of which £Nil was outstanding at 31 August 2024 (2023= £153,000, £2.000 outstanding} in respect of legal services in the year ended 31 August 2024 to Farrer & Co. solicitors, where Ms VJ Richards is a Consultant. The group earned income of £310,000 all of which was outstanding at 31 August 2024 {2023.' £309,000, all outstanding) in respect ofthe use of Chateau de sauVete￿e by the Prep Schools Trust, where Mrs E McKendrick is Chair of the Twstees. Trustees donated a total of £300 (2023 £197) during the year.

Downe House School 50 Notes to the financial statements for the year ended 31 August 2024 (continued) 28 Comparative Statement of Financial activities for the year ended 31 August 2023 Unrestricted funds Restrl¢ted Endowed Total Total Notes School othors £'ooo £'ooo Funds £'ooo Funds £'ooo 2023 £'ooo 2022 £'ooo INCOMING RESOURCES Donatlons andlggacles other trading activities: Trading income Premises hire 87 87 18 20 907 927 462 24 24 21 Income from Investments 12 26 38 19 Incomo from charitable actlvities: School activities 23,265 23,321 23,265 22,809 26 24.341 23,329 Total Incorne and Endowments 907 87 RESOURCES EXPENDED Expenditure on ralslng funds: Trading expenditure Governance costs (136} (8) (136} (105) (8) (122) (145) Generating voluntary income Expenditure on charitable activitles School actNities (1221 (23,865) (954) (58) (15) (53) {13) {24,885) (22,891) (73) (57) Govemance costs other expendlture: Loss on disposa5 of fixed assets (218) {24,2631 (1,113) (942) (206) {218) (13) (25.442) {23,198) 13 {1,101} 131 Total expenditure NET IEXPENSESI I INCOME BEFORE GAINS I {LOSSES} ON INVESTMENTS Net gainslllossesl on investments NET {EXPENSESI I INCOME BEFORE TRANSFERS Transfers be￿een funds {53) 34 20 (32) (12) (19) (1,113) (57) 74 (922) (206) 17 1,935 (1,911) 1,013 (2.117) 23,292 1,493 24,305 (24) 10 NET MOVEMENT IN FUNDS (19) (1,113) 1,448 27,835 27,761 1,429 26,722 27,835 74 Totsl funds brought fO￿ard TOTAL FUNDS CARRIED FORWARD 17 1,602 17 (624) 1,612