2023-07-31-accounts - The Stowe School Foundation

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			Notes	Endowment	Restricted	Unrestricted
				Funds	Funds	Fund	2023	2022
INCOME AND ENDOWMENTS				E	E	f	E	E
FROM
Donations and Legacies				1,588,015	1,709,181	21,720	3,318,916	2,904,571
Investments					392,743	9,497	402,240	309,584
Total				1,588,015	2,101,924	31,217	3,721,156	3,214,155
EXPENDITURE ON
Raising funds:
Investment management	costs			83,866	16,512	3,121	103,499	91,784
Charitable activities:
Scholarships, bursaries	and	prizes			818,013	19,853	837,866	651,723
Facilities at Stowe School					307,645	8,509	316,154	1,581,108
Total				83,866	1,142,170	31,483	1,257,519	2,324,615
Net Income/(Expenditure)		before		1,504,149	959,754	(266)	2,463,637	889,540
Gains/(Losses) on investments
Net (Losses)/Gain on investments			6	(134,732)	137,882	69,500	72,650	(857,421)
Net Income				1,369,417	1,097,636	69,234	2,536,287	32,119
Transfers between funds
Net movement in funds				1,369,417	1,097,636	69,234	2,536,287	32,119
Reconciliation offunds
Fund balances brought forward				15,209,214	8,548,151	3,236,246	26,993,611	26,961,492
Fund balances carried forward			9-12	16,578,631	9,645,787	3,305,480	29,529,898	26,993,611

				Notes	2023	2022
					E	E
Fixed assets
Investments	and cash awaiting		investment		28,404,886	26,339,374
Current Assets
Debtors					168,772	33,746
Cash at bank					973,544	638,985
Creditors".Amounts		falling due	within 1year		(17,304)	(18,494)
Net current assets					1,125,012	654,237
Total assets	less current liabilities				29,529,898	26,993,611
NET ASSETS					29,529,898	26,993,611
Accumulated	funds:
Endowment	Fund			10	16,578,631	15,209,214
Restricted Fund				11	9,645,787	8,548,151
Unrestricted	Fund			12	3,305,480	3,236,246
TOTAL FUNDS					29,529,898	26,993,611

			Total Funds	Prior Year
		Note	2023	2022
				f
Net cash provided by operating activities		14	337,166	(1,034,708)
Cash flows frominvesting activities:
interest and Dividends			402,240	309,584
Proceeds from sale of investments			4,388,834	3,824,207
Purchase ofinvestments			(6,777,816)	(6,577,638)
increase/(Decrease) in cash held for	investment		361,441	1,865,499
Income (not reinvested)/reinvested			34,679	17,771
Net cash provided by investing activities			(1,590,622)	(560,577)
Cash flows from financing activities:
Receipt ofendowment			1,588,015	1,615,081
Net cash provided by financing activities			1,588,015	1,615,081
Change in cash and cash equivalents	in the year		334,559	19,796
Cash and cash equivalents brought forward			638,985	619,189
Cash and cash equivalents carried forward			973,544	638,985

				Unrestricted	2023
		Restricted	Funds	Fund	Total
	Scholarship,
	Bursary and
	Prize Funds	Facilities	Fund
Dividends	318,710		13,438	7,555	339,703
Interest received	57,141		3,454	1,942	62,537
	375,851		16,892	9,497	402,240
				Unrestricted	2022
		Restricted	Funds	Fund	Total
	Scholarship,
	Bursary and
	Prize Funds	Facilities	Fund
Dividends	264,550		2,067	1,152	267,769
Interest received	40,993		528	294	41,815
	305,543		2,595	1,446	309,584

						2023	2022
						f	f
Investment	management		fees			103,499	91,784
						103,499	91,784
Analysis of	charitable	expenditure
					Support
					and
				Grant funded	governance
				activity	costs	2023	2022
				f	f	f	f
Scholarships,	Bursaries	and Prizes		818,013	19,853	837,866	651,723
Facilities				307,645	8,509	316,154	1,581,108
				1,125,658	28,362	1,154,020	2,232,831

				Support	Support
				and
		Grant funded		governance
		activity		costs		2022	2021
			f		f	f	f
Scholarships, Bursaries and Prizes		635,324		16,399		651,723	307,335
Facilities		1,574,080		7,028		1,581,108	263,320
		2,209,404		23,427		2,232,831	570,655
Support and governance	costs are	broken down as follows:
						2023	2022
						f	f
Governance costs						8,640	7,800
Other support costs						19,722	15,627
						28,362	23,427
Governance costs comprise an audit fee off8,640(2022:f7,800)				and Trustee	expenses of nil (2022:		nil).
Investments
Movement in fixed asset	listed investments					2023	2022
						f	f
Market value brought forward						26,339,374	26,326,634
Purchase ofinvestments						6,777,816	6,577,638
Proceeds from disposal ofinvestments						(4,388,834)	(3,824,207)
Net movement on cash balances (decrease)						(361,441)	(1,865,499)
in cash held for investment
Net investment market value increase/(decrease)						72,650	(857,421)
Income (not re-invested)						(34,679)	(17,771)
Market value at 31July						28,404,886	26,339,374
Investments comprise:
Quoted investments and unit trusts						16,749,121	15,260,167
Cash instruments and cash	awaiting	investment				11,655,765	11,079,207
						28,404,886	26,339,374
Historical value at 31July						25,740,915	22,856,926
Investments comprise:
Quoted investments and unit trusts						14,678,849	13,209,054
Cash instruments and cash	awaiting	investment				11,062,066	9,647,872
						25,740,915	22,856,926

7	Debtors
				2023	2022
				E	E
	Tax recovery on Gift		Aid donations	168,772	27,330
	Dividend	Income			6,416
				168,772	33,746
8	Creditors:	Amounts	falling due within one year
				2023	2022
				E	E
	Other creditors and		accruals	17,304	18,494
				17,304	18,494
9	Analysis ofNet Assets

		Scholarship	Facilities
	Endowment	Restricted	Restricted	Unrestricted	2023
	Funds	Funds	Funds	Fund	Total
	E	E	E	E	E
Investments	17,065,138	3,410,117	5,118,035	2,811,596	28,404,886
Debtors	56,757	64,539	47,181	295	168,772
Cash at Bank	(543,264)	152,567	853,348	510,893	973,544
Creditors due within 1year				(17,304)	(17,304)
	16,578,631	3,627,223	6,018,564	3,305,480	29,529,898

		Scholarship	Facilities
	Endowment	Restricted	Restricted	Unrestricted	2022
	Funds	Funds	Funds	Fund	Total
	E	E	E	E	E
Investments	15,596,282	3,144,192	4,716,447	2,882,453	26,339,374
Debtors	2,238	22,090	9,141	277	33,746
Cash at Bank	(389,306)	85,153	571,128	372,010	638,985
Creditors due within 1year				(18,494)	(18,494)
	15,209,214	3,251,435	5,296,716	3,236,246	26,993,611

Fund			At 31July		Loss on			At 31July
			2022	Donations	Investments	Expenses	Transfers	2023
			E		E	E		E
Roxburgh Trust			1,271,581		(10,671)	(6,643)		1,254,267
General Scholarship		Fund	973,304		(8,168)	(5,084)		960,052
McElwee			268,648		(2,255)	(1,403)		264,990
Mrs ML Capel-Cure			243,813		(2,046)	(1,274)		240,493
Friends ofStowe			225,961		(1,896)	(1,180)		222,885
Prize Funds - FOS General			208,865		(1,753)	(1,091)		206,021
prizes
War Memorial			189,090		{1,587)	(988)		186,515
John Beamish			182,281		(1,530)	(952)		179,799
Late Thomas Waddell			162,266		(1,362)	(848)		160,056
Robert McDougall			38,615		(324)	(202)		38,089
Myles Henry			96,984		(814)	(507)		95,663
Samurai Sword Bursary			79,503		(667)	(415)		78,421
John Wilson Memorial			72,941		(612)	(381)		71,948
Maj. Richardson	Haworth		67,255		(564)	(351)		66,340
Old Stoic Jubilee	Bursary		55,855		(469)	(292)		55,094
Granville Trust Bursary			51,759		(434)	(270)		51,055
Markland Bursary			41,335		(347)	(216)		40,772
John David Syrett			38,690		(325)	(202)		38,163
Other Prize Funds			73,715		(619)	(385)		72,711
Funds under scheme		of	4,342,461		(36,443)	(22,684)		4,283,334
management
Other Funds:
Bobbie Butlin Scholarship			348,979		(2,929)	(1,823)		344,227
Dr Huggins Music	Scholarship		346,575		(2,909)	(1,810)		341,856
Scott - Ichinose Fund			300,243		(2,520)	(1,568)		296,155
Lewis Bequest —Music			189,810		(1,593)	(992)		187,225
Lewis Bequest - Roxburgh			189,810		(1,593)	(992)		187,225
Old Stoic			139,074		(1,167)	(727)		137,180
Leavers' Legacies			477,636		{4,008)	(2,495)		471,133
Bursa ries General			1,123,740	163	(9,431)	(5,870)		1,108,602
Stringer Bursary			1,045,332		(8,773)	(5,461)		1,031,098
Max Ausnit Bursary			358,671		(3,010)	(1,874)		353,787
Founder's Bursary			240,921		(2,022)	(1,259)		237,640
Berry Scholarship			403,256	100,000	(3,664)	(2,281)		497,311
Change 100			3,928,119	1,355,565	(39,422)	(24,539)		5,219,723
Tufton Bursary			249,632		(2,095)	(1,304)		246,233
John Farr Bursary			241,826	10,000	(2,036)	(1,268)		248,522
Patricia Roxburgh	Bursary		447,270	77,977	(3,972)	(2,472)		518,803
Jeremy Nichols Bursary			110,813	39,905	(1,033)	(643)		149,042
Other Bursary and	Prize Funds		725,046	4,405	(6,112)	(3,804)		719,535
Total Other Funds			10,866,753	1,588,015	{98,289)	(61,182)		12,295,297
Total of Endowment		Fund	15,209,214	1,588,015	(134,732)	(83,866)		16,578,631

		At 31July		Investment		Investment	Outgoing			At 31July
		2022	f	Income f	Donations f	Movements f	Resources f	Expenses f	Transfers	2023 f
Facilities —General		1,474,145		4,279	163,625	31,312	(261,558)	(1,406)		1,410,397
Swimming Pool		232,743		681		4,983		(224)		238,183
Security Lodge		9,868		29		211		(9)		10,099
Drayson Sports	Hall	402,195		1,202	30,000	8,798		(395)		441,800
Classrooms		23,944		70		513		(23)		24,504
Choir Stalls for	Chapel	42,163		123		903		(41)		43,148
Stowe Putter Design, Technology 5		22,065 2,900,752		65 9,519	355,300	472 69,657		(21) (3,129)		22,581 3,332,099
Engineering
Fives Courts		20,452		60		438		(20)		20,930
Art School		10,999		27	150	200	(6,875)	(9)		4,492
Bells		12,452		36		267		(12)		12,743
New Sport pitches		12,593		37		270		(12)		12,888
Drayson lighting		9,382		27		201		(9)		9,601
Girls Boarding		7,587		22		162		(7)		7,764
Sports Facilities		84,914		595	316,388	4,351		(195)		406,053
Chapel		5,303		16		114		(5)		5,428
Eyton Art Fund		17,943		50	3,725	367	(21,669)	(16)		400
Climate Change	Event			31	24,525	227	(17,525)	(10)		7,248
Other Funds &f5,000		7,215		23	825	168	(17)	(8)		8,206
Total Facilities Funds		5,296,715		16,892	894,538	123,614	(307,644)	(5,551)		6,018,564
Scholarship Funds		1,409,263		375,851	813,993	29,735	(818,014)	(1,336)		1,809,492
Scholarship Funds-		1,842,173			650	(15,467)		(9,625)		1,817,731
Invested
Total Scholarships		3,251,436		375,851	814,643	14,268	(818,014)	(10,961)		3,627,223
Funds
Total Restricted	Fund	8,548,151		392,743	1,709,181	137,882	(1,125,658)	(16,512)		9,645,787

	At 31July	Investment		Investment	Outgoing			At 31July
	2022	Income	Donations	Movements	Resources	Expenses	Transfers	2023
	E	E	E	E	f	E	E	E
Facilities
Fund	3,236,246	9,497	21,720	69,500	(28,362)	(3,121)		3,305,480
	At 31July	Investment		Investment	Outgoing			At 31July
	2021	Income	Donations	Movements	Resources	Expenses	Transfers	2022
	E	E	E	E	E	E	E	E
Facilities
Fund	3,167,099	1,446	83,859	7,883	(23,427)	(614)		3,236,246

					2023	2022
					E	f
Net movement in funds					2,536,287	32,119
Deduct gift ofendowment					(1,588,015)	(1,615,081)
Deduct interest income	shown	in investing	activities		(402,240)	(309,584)
Add back (losses)/gains	on investments				(72,650)	857,421
(increase) in debtors					(135,026)	(3,378)
(Decrease)/increase in	creditors				(1,190)	3,795
Net cash (used in)/generated		from operating		activities	337,166	(1,034,708)
15 Analysis ofchanges	in net debt

				1August		At 31july
				2022	Cash flows	2023
				f		f
Cash	and	cash	equivalents
Cash				638,985	334,559	973,544
				638,985	334,559	973,544

			Notes	Endowment	Restricted	Unrestricted
				Funds	Funds	Fund	2022
INCOME AND ENDOWMENTS		FROM		f	f	f	f
Donations and Legacies				1,615,081	1,205,631	83,859	2,904,571
Investments					308,138	1,446	309,584
Total				1,615,081	1,513,769	85,305	3,214,155
EXPENDITURE ON
Raising funds:
Investment management	costs			79,510	11,660	614	91,784
Charitable activities:
Scholarships, bursaries,	and prizes				635,324	16,399	651,723
Facilities at Stowe School					1,574,080	7,028	1,581,108
Total				79,510	2,221,064	24,041	2,324,615
Net Income/(Expenditure)	before			1,535,571	(707,295)	61,264	889,540
Gains/(Losses) on investments
Net Gains/(Losses) on investments				(780,612)	(84,692)	7,883	(857,421)
Net Income/(Expenditure)				754,959	(791,987)	69,147	32,119
Transfers between funds				(88,290)	88,290
Net movement in funds				666,669	(703„697)	69,147	32,119
Reconciliation offunds
Fund balances brought forward				14,542,545	9,251,848	3,167,099	26,961,492
Fund balances carried forward			9-12	15,209,214	8,548,151	3,236,246	26,993,611

Fund		At 31July		Loss on			At 31July
		2021 f	Donations	Investments f	Expenses f	Transfers	2022 f
Roxburgh Trust		1,348,848		(70,124)	(7,143)		1,271,581
General Scholarship	Fund	1,032,446		(53,675)	(5,467)		973,304
McElwee		284,972		(14,815)	(1,509)		268,648
Mrs ML Capel-Cure		258,629		(13,446)	(1,370)		243,813
Friends ofStowe		239,691		(12,461)	(1,269)		225,961
Prize Funds - FOSGeneral		221,556		(11,518)	(1,173)		208,865
prizes
War Memorial		200,580		(10,428)	(1,062)		189,090
John Beamish		193,357		(10,052)	(1,024)		182,281
Late Thomas Waddell		172,126		(8,949)	(911)		162,266
Robert McDougall		40,958		(2,129)	(214)		38,615
Myles Henry		102,877		(5,348)	(545)		96,984
Samurai Sword Bursary		84,335		(4,385)	(447)		79,503
John Wilson Memorial		77,374		(4,023)	(410)		72,941
Maj. Richardson Haworth		71,342		(3,709)	(378)		67,255
Old Stoic Jubilee Bursary		59,249		(3,080)	(314)		55,855
Granville Trust Bursary		54,904		(2,854)	(291)		51,759
Markland Bursary		43,847		(2,280)	(232)		41,335
John David Syrett		41,041		(2,134)	(217)		38,690
Other Prize Funds		78,194		(4,065)	(414)		73,715
Funds under scheme	of	4,606,326		(239,475)	(24,390)		4,342,461
management
Other Funds:
Bobbie Butlin Scholarship		370,184		(19,245)	(1,960)		348,979
Dr Huggins Music Scholarship		367,635		(19,113)	(1,947)		346,575
Scott - Ichinose Fund		318,488		(16,558)	(1,687)		300,243
Lewis Bequest —Music		201,344		(10,468)	(1,066)		189,810
Lewis Bequest —Roxburgh		201,344		(10,468)	(1,066)		189,810
Old Stoic		147,525		(7,670)	(781)		139,074
Leavers' Legacies		506,609	50	(26,340)	(2,683)		477,636
Bursaries General		1,191,706	313	(61,967)	(6,312)		1,123,740
Stringer Bursary		1,108,851		(57,647)	(5,872)		1,045,332
Max Ausnit Bursary		317,204	151,113	(19,382)	(1,974)	(88,290)	358,671
Founder's Bursary		255,560		(13,286)	(1,353)		240,921
Berry Scholarship		323,203	100,000	(18,103)	(1,844)		403,256
Change 100		3,342,693	793,478	(188,818)	(19,234)		3,928,119
Tufton Bursary		264,801		(13,767)	(1,402)		249,632
John Farr Bursary		256,520		(13,336)	(1,358)		241,826
Patricia Roxburgh Bursary			449,414	(1,946)	(198)		447,270
Jeremy Nichols Bursary			114,393	(3,249)	(331)		110,813
Other Bursary and Prize Funds		762,552	6,320	(39,774)	(4,052)		725,046
Total Other Funds		9,936,219	1,615,081	(541,137)	(55,120)	(88,290)	10,866,753
Total of Endowment	Fund	14,542,545	1,615,081	(780,612)	(79,510)	(88,290)	15,209,214

		At 31July	Investment		Investment	Outgoing			At 31July
		2021	Income	Donations	Movements	Resources	Expenses	Transfers	2022
		f	f	f	f	f	f		f
Facilities —General		2,466,887	920	40,419	5,015	(1,029,740)	(391)	(8,965)	1,474,145
Swimming Pool		232,111	105		571		(44)		232,743
Science —Building		1,044		(10,009)				8,965
Security Lodge		9,842			24		(2)		9,868
Golf Course		2,350				(2,349)	(1)
Golf Clubhouse		49,157				(49,157)
Drayson Sports	Hall	346,230	161	54,997	875		(68)		402,195
Classrooms		23,879	11		59		(5)		23,944
Choir Stalls for Chapel		42,049	19		103		(8)		42,163
Stowe Putter		22,005	10		54		(4)		22,065
Design, Technology 8		2,521,497	1,285	371,509	7,006		(545)		2,900,752
Engineering
Fives Courts		20,397	9		50		(4)		20,452
Art School		10,819	5	150	27		(2)		10,999
Bells		12,417	6		31		(2)		12,452
New Sport pitches		12,558	6		31		(2)		12,593
Drayson lighting		9,357	4		23		(2)		9,382
Girls Boarding		7,566	3		19		(1)		7,587
Sports Facilities		84,567	38	117	208		(16)		84,914
Chapel		5,289	2		13		(1)		5,303
Eyton Art Fund		6,293	4	11,625	23		(2)		17,943
Sixth Form Centre		250,005		125,000		(374,983)			22
Climate Change	Event			116,000		(116,000)
Other Funds &f5,000		8,400		625	17	(1,851)			7,193
Total Facilities Funds		6,144,719	2,595	710,433	14,149	(1,574,080)	(1,101)		5,296,715
Scholarship Funds		1,153,686	305,543	494,548	2,733	(635,324)	(213)	88,290	1,409,263
Scholarship Funds—		1,953,443		650	(101,574)		(10,346)	—	1,842,173
Invested
Total Scholarships		3,107,129	305,543	495,198	(98,841)	(635,324)	(10,559)	88,290	3,251,436
Funds
Total Restricted	Fund	9,251,848	308,138	1,205,631	(84,692)	(2,209,404)	(11,660)	88,290	8,548,151