2021-07-31-accounts - The Stowe School Foundation

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			Notes	Endowment	Restricted	Unrestricted
				Funds	Funds	Fund	2021	2020
INCOME AND	ENDOWMENTS			f	f	f	f	f
FROM
Donations and Legacies				1,676,195	1,177,171	3,623	2,856,989	3,299,698
Investments					256,624	473	257,097	304,370
Total				1,676,195	1,433,795	4,096	3,114,086	3,604,068
EXPENDITURE	ON
Raising funds:
Investment management costs				66,897	9,660		76,557	66,088
Charitable activities:
Scholarships,	bursaries and	prizes			295,760	11,575	307,335	247,777
Facilities at Stowe School					258,360	4,960	263,320	247,864
Total				66,897	563,780	16,535	647,212	561,729
Net Income/(Expenditure)		before		1,609,298	870,015	(12,439)	2,466,874	3,042,339
Gains/(Losses)	on investments
Net Gains/(Losses) on investments			6	1,498,847	216,442	(138)	1,715,151	(343,908)
Net Income/(Expenditure)				3,108,145	1,086,457	(12,577)	4,182,025	2,698,431
Transfers between funds
Net movement	in funds			3,108,145	1,086,457	(12,577)	4,182,025	2,698,431
Reconciliation	offunds
Fund balances	brought forward			11,434,400	8,165,391	3,179,676	22,779,467	20,081,036
Fund balances	carried forward		9-12	14,542,545	9,251,848	3,167,099	26,961,492	22,779,467

						Notes	2021	2020
							E	E
Fixed assets
Investments	and cash awaiting			investment			26,326,634	22,679,493
Current Assets
Debtors							30,368	12,079
Cash at bank							619,189	100,583
Creditors: Amounts		falling due		within	1year		(14,699)	(12,688)
Net current	assets						634,858	99,974
Total assets	less current		liabilities				26,961,492	22,779,467
NET ASSETS							26,961,492	22,779,467
Accumulated	funds:
Endowment	Fund					10	14,542,545	11,434,400
Restricted Fund						11	9,251,848	8,165,391
Unrestricted	Fund					12	3,167,099	3,179,676
TOTAL FUNDS							26,961,492	22,779,467

				Total Funds	Prior Year
			Note	2021	2020
Net cash provided by operating activities			14	517,304	1,183,065
Cash flows from investing	activities:
Interest and Dividends				257,097	304,370
Proceeds from sale ofinvestments				3,023,859	2,832,792
Purchase ofinvestments				(4,581,528)	(4,440,953)
Net movement on rolling	credit balances			6,000,503	(4,278,938)
Increase/(Decrease) in cash held for		investment		(6,369,940)	2,748,944
Income (not reinvested)/reinvested				(4,884)	(57,871)
Net cash provided by investing activities				(1,674,893)	(2,891,656)
Cash flows from financing	activities:
Receipt ofendowment				1,676,195	1,555,781
Net cash provided by financing activities				1,676,195	1,555,781
Change in cash and cash	equivalents	in the year		518,606	(152,810)
Cash and cash equivalents	brought forward			100,583	253,393
Cash and cash equivalents	carried forward			619,189	100,583

Investment	Income
						2021			2020
							Unrestricted
					Restricted	Funds	Fund	Total	Total
			Scholarship,
			Bursary and
			Prize	Funds	Facilities	Fund
Dividends				255,632				255,632	249,311
Interest received				75		917	473	1,465	55,059
Other income
				255,707		917	473	257,097	304,370
						2020			2019
							Unrestricted
					Restricted	Funds	Fund	Total	Total
			Scholarship,
			Bursary and
			Prize	Funds	Facilities	Fund
Dividends				249,311				249,311	219,219
Interest received				3,046		34,830	17,183	55,059	49,000
Other income
				252,357		34,830	17,183	304,370	268,219
Investment	management		costs
								2021	2020
								f	f
Investment	management		fees					76,557	66,088
								76,557	66,088
Analysis of	charitable	expenditure
							Support
							and
					Grant funded		governance
						activity	costs	2021	2020
						f	f	f	f
Scholarships,	Bursaries	and Prizes				295,760	11,575	307,335	247,777
Facilities						258,360	4,960	263,320	247,864
						554,120	16,535	570,655	495,641

							Support
							and
						Grant funded	governance
						activity	costs	2020	2019
						f	f	f	f
	Scholarships,	Bursaries and		Prizes		238,565	9,212	247,777	254,832
	Facilities					243,419	4,445	247,864	205,109
						481,984	13,657	495,641	459,941
	Support and	governance	costs are broken down			as follows:
								2021	2020
								f	f
	Governance	costs						6,300	6,120
	Other support costs							10,235	7,537
								16,535	13,657
	Governance	costs comprise		an audit fee off6,300(2020:E6,120)			and Trustee	expenses of nil (2020:	nil).
6	Investments
	Movement	in fixed asset	listed investments					2021	2020
								f	f
	Market value brought forward							22,679,493	19,827,375
	Purchase of	investments						4,581,528	4,440,953
	Proceeds from disposal ofinvestments							(3,023,859)	(2,832,792)
	Net movement on cash balances (decrease)/increase							369,437	1,529,994
	in cash held	for investment
	Net investment market value (decrease)/increase							1,715,151	(343,908)
	Income re-invested							4,884	57,871
	Market value at 31July							26,326,634	22,679,493
	Investments	comprise:
	Quoted investments and		unit trusts					14,109,417	10,702,122
	Cash instruments and cash			awaiting	investment			12,217,217	11,977,371
								26,326,634	22,679,493
	Historical value at 31July							18,966,662	23,126,560
	investments	comprise:
	Quoted investments and		unit trusts					10,995,369	9,022,431
	Cash instruments and cash			awaiting	investment			7,971,293	14,104,129
								18,966,662	23,126,560

7	Debtors
				2021	2020
				f	f
	Tax recovery on Gift		Aid donations	27,848	11,947
	Legacies
	Dividend	Income		2,520	132
				30,368	12,079
8	Creditors:	Amounts	falling due within one year
				2021	2020
				f	f
	Other creditors and		accruals	14,699	12,688
				14,699	12,688
9	Analysis of Net Assets

			Scholarship	Facilities
		Endowment	Restricted	Restricted	Unrestricted	2021
		Funds	Funds	Funds	Fund	Total
		f	f	f	f	f
Investments		14,718,658	3,038,765	5,653,609	2,915,602	26,326,634
Debtors		470	17,771	11,941	186	30,368
Cash at Bank		(176,583)	50,593	479,169	266,010	619,189
Creditors due within	1year				(14,699)	(14,699)
		14,542,545	3,107,129	6,144,719	3,167,099	26,961,492
			Scholarship	Facilities
		Endowment	Restricted	Restricted	Unrestricted	2020
		Funds	Funds	Funds	Fund	Total
		f	f	f	f	f
investments		11,321,216	2,136,453	6,031,334	3,190,490	22,679,493
Debtors		5,634	138	6,214	93	12,079
Cash at Bank		107,550	15,835	(24,583)	1,781	100,583
Creditors due within	1year				(12,688)	(12,688)
		11,434,400	2,152,426	6,012,965	3,179,676	22,779,467

As at 31July 20	21
10 Endowment Fund
Fund		At 31July		Gain on			At 31July
		2020	Donations	Investments	Expenses	Transfers	2021
		f		f	f		f.
Roxburgh Trust		1,206,044		149,475	(6,671)		1,348,848
General Scholarship	Fund	923,140		114,412	(5,106)		1,032,446
McElwee		254,801		31,580	(1,409)		284,972
Mrs ML Capel-Cure		231,247		28,661	(1,279)		258,629
Friends ofStowe		214,315		26,562	(1,186)		239,691
Prize Funds - FOS General		198,100		24,552	(1,096)		221,556
prizes
War Memorial		179,344		22,228	(992)		200,580
John Beamish		172,886		21,427	(956)		193,357
Late Thomas Waddell		153,903		19,074	(851)		172,126
Robert McDougall		36,622		4,539	(203)		40,958
Myles Henry		91,985		11,401	(509)		102,877
Samurai Sword Bursary		75,406		9,346	(417)		84,335
John Wilson Memorial		69,183		8,574	(383)		77,374
Maj. Richardson Haworth		63,789		7,906	(353)		71,342
Old StoicJubilee Bursary		52,976		6,566	(293)		59,249
Granville Trust Bursary		49,092		6,084	(272)		54,904
Markland Bursary		39,205		4,859	(217)		43,847
John David Syrett		36,696		4,548	(203)		41,041
Other Prize Funds		69,916		8,665	(387)		78,194
Funds under scheme	of	4,118,650		510,459	(22,783)		4,606,326
management
Other Funds:
Bobbie Butlin Scholarship		330,992		41,023	(1,831)		370,184
Dr Huggins Music Scholarship		328,713		40,740	(1,818)		367,635
Scott —Ichinose Fund		284,769		35,294	(1,575)		318,488
Lewis Bequest - Music		180,028		22,312	(996)		201,344
Lewis Bequest - Roxburgh		180,028		22,312	(996)		201,344
Old Stoic		131,907		16,348	(730)		147,525
Leavers' Legacies		452,689	300	56,125	(2,505)		506,609
Bursaries General		2,825,691	813	132,018	(5,892)	(1,760,924)	1,191,706
Stringer Bursary		991,456		122,879	(5,484)		1,108,851
Max Ausnit Bursary		283,621		35,152	(1,569)		317,204
Founder's Bursary		228,504		28,320	(1,264)		255,560
Berry Scholarship		196,926	100,000	27,505	(1,228)		323,203
Change 100			1,313,593	280,704	(12,528)	1,760,924	3,342,693
Tufton Bursary			250,000	15,492	(691)		264,801
John Farr Bursary		225,574	4,000	28,205	(1,259)		256,520
Other Bursary and Prize		674,852	7,489	83,959	(3,748)		762,552
Funds
Total Other Funds		7,315,750	1,676,195	988,388	(44,114)		9,936,219
Total of Endowment	Fund	11,434,400	1,676,195	1,498,847	(66,897)		14,542,545

			At 31July	Investment		Investment	Outgoing			At 31July
			2020	Income	Donations	Movements	Resources	Expenses	Transfers	2021
							f			E
Facilities —General			2,585,654	384	48,436		(167,587)			2,466,887
Swimming Pool			232,076	35						232,111
Science —Building			3,901	1	4,170		(7,028)			1,044
Security Lodge			9,841	1						9,842
Golf Course			62,246	9			(59,905)			2,350
Golf Clubhouse			49,150	7						49,157
Drayson Sports	Hall		316,182	48	30,000					346,230
Classrooms			23,875	4						23,879
Choir Stalls for	Chapel		42,043	6						42,049
Stowe Putter			22,002	3						22,005
Design, Technology		&	2,489,715	372	31,410					2,521,497
Engineering
Fives Courts			20,394							20,397
Art School			3,793		7,025					10,819
Bells			12,415							12,417
New Sport pitches			12,556							12,558
Drayson lighting			9,356							9,357
Counselling Services			6,418		17,422		(23,840)
Girls Boarding			7,565	1						7,566
Sports Facilities			84,426	13	128					84,567
Chapel			5,288	1						5,289
Eyton Art Fund			6,292	1						6,293
Sixth Form Centre				22	249,983					250,005
Other Funds &E5,000			7,776		624					8,400
Total Facilities Funds			6,012,964	917	389,198		(258,360)			6,144,719
Scholarship Funds			406,416	255,707	787,323		(295,760)			1,153,686
Scholarship Funds-			1,746,011		650	216,442	-	(9,660)		1,953,443
Invested
Total Scholarships			2,152,427	255,707	787,973	216,442	(295,760)	(9,660)		3,107,129
Funds
Total Restricted	Fund		8,165,391	256,624	1,177,171	216,442	(554,120)	(9,660)		9,251,848

	At 31July	Investment		Investment	Outgoing			At 31July
	2020	Income	Donations	Movements	Resources	Expenses	Transfers	2021
	f	f	f	f	f	f	f	f
Facilities
Fund	3,179,676	473	3,623	(138)		(16,535)		3,167,099
	At 31July	Investment		Investment	Outgoing			At 31July
	2019	Income	Donations	Movements	Resources	Expenses	Transfers	2020
	f	f	f	f	f	f	f	f
Facilities
Fund	2,286,572	17,183	897,007	(7,429)	(497)	(13,160)		3,179,676

							2021	2020
							f	f
Net movement in	funds						4,182,025	2,698,431
Deduct gift of endowment							(1,676,195)	(1,555,781)
Deduct interest income		shown	in investing	activities			(257,097)	(304,370)
Add back gains on	investments						(1,715,151)	343,908
Decrease/(increase)	in	debtors					(18,289)	2,080
Increase/(decrease)	in	creditors					2,011	(1,203)
Net cash (used in)/generated			from operating		activities		517,304	1,183,065
15 Analysis ofchanges		in net	debt
						At 1August		At 31July
						2020	Cash flows	2021
Cash and cash equivalents
Cash						100,583	518,606	619,189
						100,583	518,606	619,189

				Endowment	Restricted	Unrestricted
				Funds	Funds	Fund	2020
INCOME AND ENDOWMENTS		FROM		f.	f	f	f
Donations and Legacies				1,555,781	846,910	897,007	3,299,698
Investments					287,187	17,183	304,370
Total				1,555,781	1,134,097	914,190	3,604,068
EXPENDITURE ON
Raising funds:
Investment management	costs			56,719	9,369		66,088
Charitable activities:
Scholarships, bursaries	and prizes				238,565	9,212	247,777
Facilities at Stowe School					243,419	4,445	247,864
Total				56,719	491,353	13,657	561,729
Net Income before Gains/(Losses)			on	1,499,062	642,744	900,533	3,042,339
investments
Net Gains/(Losses) on investments				(288,777)	(47,702)	(7,429)	(343,908)
Transfers				63,421	(63,421)
Net Income and Net movement		in		1,273,706	531,621	893,104	2,698,431
funds
Reconciliation offunds
Fund balances brought	forward			10,160,694	7,633,770	2,286,572	20,081,036
Fund balances carried forward				11,434,400	8,165,391	3,179,676	22,779,467

Fund		At 31July		Gain on			At 31July
		2019	Donations	Investments	Expenses	Transfers	2020
		f		f	f		f
Roxburgh Trust		1,245,468		(32,951)	(6,473)		1,206,044
General Scholarship	Fund	953,317		(25,224)	(4,953)		923,140
McElwee		263,131		(6,962)	(1,368)		254,801
Mrs ML Capel-Cure		238,807		(6,319)	(1,241)		231,247
Friends ofStowe		221,322		(5,857)	(1,150)		214,315
Prize Funds - FOS General		204,576		(5,413)	(1,063)		198,100
prizes
War Memorial		185,208		(4,901)	(963)		179,344
John Beamish		178,539		(4,725)	(928)		172,886
Late Thomas Waddell		158,935		(4,206)	(826)		153,903
Robert McDougall		37,820		(1,001)	(197)		36,622
Myles Henry		94,993		(2,514)	(494)		91,985
Samurai Sword Bursary		77,874		(2,063)	(405)		75,406
John Wilson Memorial		71,444		(1,890)	(371)		69,183
Maj. Richardson Haworth		65,874		(1,743)	(342)		63,789
Old Stoic Jubilee Bursary		54,708		(1,448)	(284)		52,976
Granville Trust Bursary		50,696		(1,341)	(263)		49,092
Markland Bursary		40,487		(1,071)	(211)		39,205
John David Syrett		37,896		(1,003)	(197)		36,696
Other Prize Funds		72,202		(1,910)	(376)		69,916
Funds under scheme	of	4,253,297		(112,542)	(22,105)		4,118,650
management
Other Funds:
Bobbie Butlin Scholarship		341,811		(9,043)	(1,776)		330,992
Dr Huggins Music		339,460		(8,983)	(1,764)		328,713
Scholarship
Scott —ichinose Fund		294,078		(7,781)	(1,528)		284,769
Lewis Bequest —Music		185,915		(4,920)	(967)		180,028
Lewis Bequest —Roxburgh		185,915		(4,920)	(967)		180,028
Old Stoic		136,218		(3,603)	(708)		131,907
Leavers' Legacies		456,421	10,925	(12,251)	(2,406)		452,689
Bursaries General		1,918,261	980,476	(61,033)	(11,988)	(2S)	2,825,691
Stringer Bursary		944,477	79,390	(27,090)	(5,321)		991,456
Max Ausnit Bursary		292,893		(7,750)	(1,522)		283,621
Founder's Bursary		235,974		(6,244)	(1,226)		228,504
Berry Scholarship		100,639	100,000	(3,104)	(609)		196,926
John Farr Bursary		232,949		(6,164)	(1,211)		225,574
Other Bursary and Prize		242,386	384,990	(13,349)	(2,621)	63,446	674,852
Funds
Total Other Funds		5,907,397	1,555,781	(176,235)	(34,614)	63,421	7,315,750
Total of Endowment	Fund	10,160,694	1,555,781	(288,777)	(56,719)	63,421	11,434,400

			At 31July	Investment		Investment	Outgoing			At 31July
			2019	Income	Donations	Movements	Resources	Expenses	Transfers	2020
			f	f	f	f	f	f	f	f
Facilities —General			2,570,829	16,188	4,548		(5,911)			2,585,654
Swimming Pool			230,627	1,449						232,076
Science —Building			5,011	28	4,170		(5,308)			3,901
Security Lodge			9,780	61						9,841
Golf Course			92,192	490	180,000		(210,436)			62,246
Golf Clubhouse			48,843	307						49,150
Drayson Sports	Hall		152,808	1,380	161,994					316,182
Classrooms			23,726	149						23,875
Choir Stalls for	Chapel		41,780	263						42,043
Stowe Putter			21,865	137						22,002
Design, Technology		8	2,031,032	13,232	445,451					2,489,715
Engineering
Fives Courts			20,267	127						20,394
Bells			12,337	78						12,415
New Sport pitches			12,478	78						12,556
Drayson lighting			9,298	58						9,356
Counselling Services			6,108	83	19,005		(18,778)			6,418
Girls Boarding			7,518	47						7,565
Sports Facilities			83,769	527	128					84,426
Chapel			5,255	33						5,288
Eyton Art Fund			6,253	39						6,292
Other Funds &f5,000			13,582	75	900		(2,986)		(2)	11,569
Total Facilities Funds			5,405,358	34,829	816,196		(243,419)			6,012,964
Scholarship Funds			425,944	252,358	30,125		(238,565)		(63,446)	406,416
Scholarship Funds—			1,802,468		589	(47,702)	—	(9,369)	25	1,746,011
Invested
Total Scholarships			2,228,412	252,358	30,714	(47,702)	(238,565)	(9,369)	(63,421)	2,152,427
Funds
Total Restricted	Fund		7,633,770	287,187	846,910	(47,702)	(481,984)	(9,369)	(63,421)	8,165,391