THE STOWE SCHOOL FOUNDATION Annual Report for the Year Ended 31 July 2024 Registered Charity Number- 1071363
The Stowe School Foundation Trustees and Advisers Trustees Mr Simon Creedy Smith BA, FCA (Choirof Trustees) Mr Jonathan Bewes BA, FCA Mr David Cheyne MA (Cantabl (resigned 15 March 20241 Mr Mark Greaves BA, ACA Mr Christopher Tate 8A, MIMC Dr Anthony Wallersteiner MA (Cantabl, PhD Lady Stringer BSC. M8. BS, LRCP, MRCS Iresigned 6 December 20241 Mr John Stopford BA (Oxonl, CFA Mr Nicholas Verney BSC Mrs Elizabeth Saunders Watson Ms Kathryn Matthews lappointed 21 June 20241 Secretary to the Trustees Mr Andrew Butterworth MA, DChA lappointed 31 July 20241 Mr Michael BM Porter BA,MSc Iresigned 31 July 20241 Independent Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers Barclays Bank PLC PO Box 858 Wytham Court 11 West Way, Botley Oxford OX2 OXP Investment Managers CCLA One Angel Lane London EC4R 3AB Partners Capital LLP 5, Floor 5 Youn8 Street London W8 5EH Principal Offlce Stowe School stowe Buckingham MK18 5EH Charity Registratlon No 1071363
The Stowe School Foundation Trustees and Advisers Financial Statements The Trustees present their annual report and audited financial statements of the charity for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accountin8 policies set out in note I to the accounts and comply with the charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Constitution, Governance and Management The Stowe School Foundation I'the Foundation"} is a charitable trust, which was created by deed dated 28 July 19981"the Trust Deed"), amended by deed of amendment dated 5 November 1999 as amended by a resolution dated 3 December 2021, the principal change of which was to allow the Foundation to fundraise for the entire Stowe group of schools in the UK, as amended by deed of amendment dated 22 June 2023. Under the terms of the Trust Deed there are always to be three ex-officio Trustees (consisting of the Chair of the Governors of Stowe School Limited who is also the Chair of Trustees. the Head and Bursar of Stowe School Limited). not less than two nor more than six Trustees nominated by Stowe School Limited I'the School") and no more than four co-opted Trustees. The Trustees have agreed that the Group Director of Finance will be deemed to replace the Bursar and that the current holder of that role from time to time will be appointed as an ex-officio Trustee. The Trustees have wide powers which they apply for the provision of educational resources and facilities at the Stowe group of schools and for scholarships and bursaries, as well as the provision of such other financial support to Stowe School Lirnited as the Trustees may from time to time decide. The day to day administration of the Trust is delegated to the finance function of Stowe School Limited; all policy and expenditure decisions are made by the Trustees. New Trustees are appointed by existin8 Trustees and care is taken to ensure that they possess the relevant skills and experience required for the role and that they are fit and proper persons so to act. The Trustees consider the Board of Trustees as comprisin8 the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 2 to the accounts. Trustees are required to disclose all relevant interests and register them with the Secretary and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. Trustees, Responsibilitles In relation to the Financial Statements The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resource5 of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them con51Stently-
The Stowe School Foundation Trustees and Advisers observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statement5. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the Trust Deed. They are also responsible for safeguardin8 the assets of the charity 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 charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. Objectives and artivitles for the publlc benefit The Foundation's principal objective is to aSSi5t Stowe School Limited in the provi5i0n of bursaries. scholarships and prizes for the pupils for the public benefit. Additionally. it provides funds for the improvement of facilities offered by the Stowe group of schools by way of either new buildings or improved sports and cultural facilities for the public benefit. This is achieved by regular fundraisin8, through the Campaign for Stowe, targeting alumni, past and current parents and friends of Stowe. All funds raised are paid into the Foundation, but the costs of the fundraising are borne by stowe School Limited. Trustees apply funds and investment incorne in accordance with the wishes of the donors where relevant. Trustees have referred to the guidance contained in the Charity Commission's general 8uidance on public benefit when reviewing the fru5t'5 aims and objectives, in planning future activities, and in setting the grant making policy for the year. Grant making policy The Trustees have wide powers which they apply for the provision of educational resources and facilities at the Stowe group of schools and for scholarships and bursaries, as well as the provision of such other financial Support to Stowe School Limited as the Trustees may from time to time decide.
The Stowe School Foundation Trustees and Advisers Scholor5hips and Bursories The Trustees consider grant applications from Stowe School Limited towards scholarships and bursaries, usually for an academic year, but sometimes on an ad hoc basis, at their thrice yearly Trustee meetings. The Trustees consider the applications and the likely available income, together with the appropriate use of the funds (which may be restricted or unrestricted). before granting awards to Stowe School Limited. Facilities The Trustees consider grant applications from Stowe School Limited towards educational resources and facilities at the Stowe group of schools at their thrice yearly Trustee meetings and sometirnes on an ad hoc basis. The Trustees consider the applications and the likely available funds, together with the appropriate use of the funds Iwhich may be restricted or unrestricted), before granting awards to Stowe School Limited. Where applications relate to large building projects which extend over a period of time, the Trustees will only agree in principle to the awards, subject to such matters as plans. available funding and regular satisfactory progress reports from Stowe School Limited. before agreeing to the award being made. The Secretary to the Trust checks all paperwork relating to the applications to ensure that only bona fide monies are drawn down against the grants. The payments of the grants are authorised by two Trustees. All awards are confirmed to Stowe School Limited in writin& after the Trustees, meetin8. Flnancial review of the Year The Foundation distributed grants of £1,079,46112023'. £818,013) to Stowe School Limited from Bursary. Scholarship and Prize Restricted Funds and £16,071 {2023'. £19,853) from the Unrestricted Fund. £4,176.402 was paid from Restricted Funds for Facilities12023.- £307,645) and £173,65912023.' £8,509) from the Unrestricted Fund. Of these amounts, £4,153,679 was towards the new Design, Technology and Engineering I'DT&EI buildin& £73,838 towards the Fresco in the Menagerie and £38,398 towards an Origin Console for the Music School. Fundraising efforts have resulted in donations and legacies to the Foundation totalling £3,013,28312023.' £3,318,9161, of which.. £1,657.712 was for Change 100- £1.176,751 was for specific facilities improvements at the School,. £171,424 was for scholarship and bursary awards,. £7,396 was for howsoever it may best be used to support the School. There was an increase in the value of investments during the year of £1,922,28512023-. increase £72,650). There was an increase in total funds of £362,25512023: £2,536,287). Details are given in the Statement of Financial Activities. Investment Policy and Performance The Trust Deed governs the Trustees, investment powers. This permits full and unrestricted powers of investing at the absolute discretion of the Trustees.
The Stowe School Foundation Trustees and Advisers As a result of a tender, the Trustees have decided to split the Scholarship, Bursaries and Prizes Fund between two new managers. CCLA and Partners Capital. The Facilities Fund is to be managed by CCLA. The transfer of these funds took place in the last quarter of 2023 and early 2024. The Trustees have appointed an Investment sub-committee to take responsibility for overseeing the implementation of the investment policy and monitoring of investment performance. The Trustees delegated the day-to-day management of the Trust's investments to CCLA and Partners Capital, who both took over from Evelyn Partners Investment Management LLP during the year as mentioned above. This is supervised by the Investment sub-committee. which meets every 6 months to review performance and subsequently reports to meetings of Trustees. The Foundation's current investment policy is to hold funds in two separate portfolios, the Scholarship, Bursaries and Prize5 Fund and the Facilities Fund, split between two investment managers. The Scholarship, Bursaries and Prizes Fund currentlv seeks to maximise long-term total return, aiming to outperform an agreed benchmark. This Fund was initially split 50-50 between Partners Capital and CCLA. Partners Capital invested the funds across three of their pooled vehicles.. 55% in The Master Portfolio C (Liquid Multi-asset Cla551, 35% in Phoenix 11 (Private Debt and Uncorrelated Strategies) and IO% in Greyhawk (Global Equities). Combined, the portfolio has an equity-like risk of 58% and expected annual returns of 7.9% over the long-term. CCLA invested their portion of the fund5 entirely in the COIF Charities Investment Fund. a multi-asset long-term fund for eligible charity investor5 Wlth a target benchmark of MSCI World Index175%1, Markit iBoxx Gilts Index 115%). MSCI UK Monthly Property Index15%1 and SONIA15%1. In the Scholarship, Bursaries and Prizes Fund, Partners Capital has returned 11.5% in sterling since inception to 31 July 2024 and net of all fees and expenses114.2% without the impact of foreign currency). CCLA has returned 12.5% in sterling since inception to 31 July 2024 and net of all fees and expenses. Since the year end, the Foundation has committed £lmillion to Partners Capital's new evergreen Private Equity Fund, focusing on Private Equity co-investments. The Facilities Fund is invested entirely with CCLA with £1.5million in the COIF Charities Investrnent Fund and the remainder with the COIF Charities Deposit Fund, a highly liquid vehicle. With the nearing completion of the DT&E building, significant withdrawals from this fund have been made during the year. Reserves Policy The Foundation aims to build its Endowment Funds to a target of £30 million to generate sufficient investment income in order to meet annual Scholarship and Bursary award commitments of up to £1 rnillion, in addition to its cornmitment to Change 100 (see below). Facilities funds and any expendable scholarshiplbursary funds are invested in readily accessible cash instruments to be applied by the Trustees based on grant applications from Stowe School Limited for projects. The Reserves at 31 July 2024 were Endowment Funds £18.812,96912023'. £16,578,631), Restricted Funds £7,799,81712023'. £9.645,787} and Unrestricted Fund £3.279,36712023.' £3,305,480). It is planned to build up the Endowment Funds over the medium term, through fundraising and investment returns. The Restricted Funds can only be spent on specific projects and timing of the expenditure is driven by the timing of applications from Stowe School Limited. Trustees would wish to hold a minirnum of £1 million in Unrestricted Funds, to allow for unforeseen requests, but may hold higher balances depending on the timing of projects in the pipeline.
The Stowe School Foundation Trustees and Advisers Change 100 A significant part of the focus for the Foundation in the coming years remains fundraising for, and supporting the purpose of, Change 100. This is a mission, ultimately, to generate an endowment of £100 million that will provide means-tested bursarial support for talented and deserving children from much less-advantaged backgrounds, enabling them to benefit from an education at the Stowe group of schools. Although Stowe School Limited will continue to award bursaries at all levels of financial need, it is envisaged that the children who will benefit from Change 100 will be those who need support in excess of 90% of fees. Change 100 should be sufficient, in time. to provide full-funding for 100 boarding pupils, every year in perpetuity. Although the ultimate goal of Change 100 is to build an endowment fund, securing our capacity to make means-tested financial awards in perpetuity, it is also planned that the 'First £1 million, raised in charitable donations every year will be used as an expendable capital sum. Recipients of the Change 100 programme can be in all three schools in the Group. Rlsk Management The Trustees are responsible for the management of the risks faced by the Stowe School Foundation and have reviewed the major risks and measures for mitl8ation as part of an annual process. The major risks are considered to be those that would prevent the Foundation from carrying out its charitable objects permanentlv.. Poor or unsuccessful investment policy being followed Macro shock significantly falling financial markets leading to material losses Bank or investment house failure Withdrawal of charitable status for the educational sector The Trustees are responsible for reviewing and monitoring the management of risk. They are satisfied that the mitigation of the currently identified major risks has been or is being addressed through ongoing monitoring, investment sub- committee oversight and the approach to investment of funds. Fundraising Approach The Tru5tee5 take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activitie5. Fundraising is carried out by an in-house Development Office team, led by the Development Director. Fundraising standards Most of the fundraising activity is carried out through personal contact with the Stowe community. typically the Stowe Group of schools, alumni, current and former parents and friends of Stowe. Occasionally, more community-wide appeals are held to raise funds for specific projects. A database of contacts is maintained and continuously refreshed. The Development Director is an active member of the Institute of Development Professionals in Education, which. together with the team's own Code of Practice, ensures compliance with the highest fundraising Standards. Monitorlng oAfvndrai5ing artivities and protecting people in vulnerable circumstances The Development Director and his team are directly accountable to the Trustees and their activity is closely monitored by ex-officio Trustees.
The Stowe School Foundation Trustees and Advisers Complaints No complaints were received in the period under review. Plans for the future The aim is to continue to grow the Endowment Funds including Change 100 to further enhance the value and number of scholarship and bursaries available to pupils at the Stowe group of schools. who may not otherwise be able to come to the Stowe group of schools. The Trustees are also cogni5ant of Stowe School's desire to improve Sports Facilities and future fundraising efforts for Facilities will be focused in this area. Trustees In accordance with the Trust Deed, Trustees other than ex-officio Trustees retire after serving for 3 years. MrAn w Butterworth, MA, DChA Secretary to The Stowe School Foundation 13 March 2025
The Stowe School Foundation Statement of Financial Activities For the year ended 31 July 2024 Opinlon We have audited the financial statements of Stowe School Foundation for the year ended 31 July 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements. including significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 July 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial Statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the goin8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a goin8 concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materiallv inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a rnaterial misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstaternent of this Other information,. we are required to report that fact. We have nothing to report in this re8ard. Matter5 on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements- or the charity has not kept sufficient accounting records,. or
The Stowe School Foundation Independent Auditors, Report For the year ended 31 July 2024 the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on pages 1- 2, the trustee5 are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view, and for such internal control as the trustees deterrnine 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so. Auditor responslbilities for the audit of the flnanclal statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. 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 IUKI 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-cornpliance 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates. Laws and regulation5 of direct significance in the context of the charity include the Charities Art 2011, the Charities IAccounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified- We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material mi55tatements arisin8. We discussed the charit(s policies and procedures for compliance with laws and regulations with mernbers of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual. suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of busines5. We assessed whether judgement5 made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached
The Stowe School Foundation Independent Auditors, Report For the year ended 31 July 2024 their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedure5 described above and the further removed non-compliance with law5 and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealrnent by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities 15 available on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work. for this report, or for the opinions we have formed. LLP Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date.. Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
The Stowe School Foundation Statement of Financial Activities For the year ended 31 July 2024 Notes Endowment Funds Restricted Unrestricted Funds Fund 2024 2023 INCOME AND ENDOWMENTS FROM Donations and legacies Investments 702,458 2,303,429 803,263 7,396 95,184 3,013,283 898,447 3,318,916 402,240 Total 702,458 3,106,692 102,580 3,911,730 3,721,156 EXPENDITURE ON Raising funds: Investment management costs 20,028 5,079 1,060 26,167 103,499 Charitable activities: Scholarships, bursaries and prizes Facilities 1,079,461 4,176,402 16,071 173.659 1,095,532 4,350,061 837,866 316,154 Total 20,028 5,260,942 190,790 5,471,760 1,257,519 Net Income/(Expenditure) before GainsllLossesl on investment5 682,430 (2,154,250) (88,2101 (1,560.030) 2,463,637 Net Gains/lLossesl on investments 1,561,948 298,240 62,097 1,922,285 72,650 Net Income 2,244,378 11,856,010) (26,113) 362,255 2,536,287 Transfers between funds io/ii 110,0401 10,040 Net movement in funds 2.234,338 {1,845,970) 126,113) 362,255 2,536.287 Reconciliation of funds Fund balances brought forward 16,578,631 9,645,787 3,305,480 29,529,898 26,993,611 Fund balances carried forward 9-12 18,812,969 7,799,817 3,279,367 29,892,153 29,529,898 The notes on pages 13 to 26 form an integral part of these accounts. 10
The Stowe School Foundation Balance Sheet As at 31 July 2024 Notes 2024 2023 Fixed assets Investments and cash awaiting investment 28,851,447 28,404,886 Current Assets Debtors Cash at bank 360,319 700,207 168,772 973,544 Creditors: Amounts falling due within I year {19,8201 117,304) Net current assets 1.040,706 1,125.012 Total assets less current Ilabilities 29,892,153 29,529,898 NET ASSETS 29,892,153 29,529,898 Accumulated funds: Endowment Fund Restricted Fund Unrestricted Fund io li 12 18.812,969 7,799,817 3,279,367 16,578,631 9,645,787 3,305,480 TOTAL FUNDS 29,892,153 29,529,898 The financial statements on pa8es 10 to 26 were approved by the Trustees on 13 March 2025 and signed on their behalf by: Simon Creedy Smlth Chair of Trustee5 Mark Greaves Trustee The notes on pages 13 to 26 form an integral part of these accounts.
The Stowe School Foundation Cashflow statement For the year ending 31 July 2024 Total Funds Prior Year Note 2024 2023 Net cash provided by operating activities 14 12,584,047) 337,166 CashflowsArom investing actlvlties.. Interest and dividends 132,528 20,193,478 122,097.1071 3,809,096 1429,7431 1,608,252 402,240 4,388,834 {6,777,8161 361,441 34,679 {1,590,6221 Proceeds from sale of investments Purchase of investments Increase in cash held for investment Income (not reinvestedllreinvested Net cash provided by investing activitles Cashflow5from flnanclng ortivities.. Receipt of endowment Net cash provided by financing actlvlties 702,458 702.458 1,588,015 1,588,015 Change in cash and cash equivalent5 in the year 1273,337) 334,559 Cash and cash equivalents brought forward 973,544 638.985 Cash and cash equlvalents carried forward 700,207 973,544 12
The Stowe School Foundation Notes to the Financial Statements For the year ending 31 July 2024 l Accounting Policies The financial statements have been drawn up on the historical cost basis of accounting with the exception of investments, which are included at market Value. The surplus or deficit arising on revaluation of investments is reflected in the Statement of Financial Activities and profit or loss on disposal is stated by reference to revalued amounts. All other assets are included at historical cost. The financial statements have been prepared in accordance with the Statement of Recommended Practice- Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Trust constitutes 3 public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next reporting period, 2024-25, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets Isee the investment policy and performance and risk management sections of the Trustees, annual report for more information). Funds The Unrestricted Fund has been designated by the Trustees for expenditure on the fabric and facilities of the School. The Endowment Funds represent capital which is invested to produce income which can be used for the purposes specified by the donors. The Restricted Funds are those funds that can only be used for particular restricted purposes which have been specified by the donors or Specified when the funds were raised. Notes 10 to 12 detail the purpose of each fund. Income Recognitlon All income is recognised once the charity has entitlement to the income, once it is probable that the income will be received and once the amount of income receivable can be measured reliably. Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the fund5, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Legacy 8ifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. 13
The Stowe School Foundation Notes to the Financial Statements For the year ending 31 July 2024 Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment adviser of the dividend yield of the investment portfolio. Expenditure Recognition All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note 5 below. Grants payable are payments made to Stowe School Limited in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. Allocation of support and 8overnan¢e costs Support costs have been allocated between Facilities and Scholarships and Bursaries. Governance costs comprise all cost5 involvin8 the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fee5 together with an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned to the Unrestricted Fund and the scholarships and Bursaries Restricted Fund. The allocation of support and governance costs is analysed in note 5. Costs of raising funds The costs of generating funds consist of investment management costs and certain legal fees, see note 4. Charltable activities Costs of charitable activitie5 include grants made, governance costs and an apportionment of support costs as shown in note S. Taxatlon The Trust is a registered charity and is exempt from taxation on its income and capital 8ains provided that its activities are deemed to be of a charitable nature. Taxation deducted at source from investment income is recovered frorn HMRC. Taxation deducted but not recovered at the year-end is included in debtors. 14
The Stowe School Foundation Notes to the Financial Statements For the year ending 31 July 2024 Flxed Asset Investments Investments are a form of basic financial instrument and are initially reco8nised at their transaction value and Subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instrument5. The main form of financial risk faced by the charity is that of vo13tility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in Sentiment concerning equities. whether generally or within particular sectors or sub sectors. Reallsed gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gain5 and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains 3nd10sses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and1055es are combined in the Statement of Financial Activities. Crltlcal accounting judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are to be considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. 2 Trustees and Employee5 No remuneration or expenses12023- nil) have been paid to the Trustees in their capacity as Trustees. The Foundation has no employees12023.' nill. SSF receives accounting and administrative services from staff at Stowe School Limited. The value of these services in 2024 was £10,118 {2023- £8,664). 15
The Stowe School Foundation Notes to the Financial Statements For the year ending 31 July 2024 3 Investment Income Unrestricted Fund 2024 Total Restricted Funds scholarship, Bursary and Prize Funds Faclllties Fund Dividends 325,243 328,686 4.192 145,142 2,672 92,512 332,107 566.340 Interest received 653,929 149,334 95,184 898,447 Unrestricted Fund 2023 Total Restrirted Funds Scholarship. Bursary and Prize Funds Facllltles Fund Dividends 318,710 57,141 375,851 13,438 3,454 7,555 1,942 9,497 339,703 62.537 Interest received 16,892 402,240 4 Investment management costs 2024 2023 Investment mana8ernent fees 26.167 103.499 26,167 103,499 Durin8 the year the investment holdings of the Foundation changed. The Foundation now holds more investments Wlthin collective investment schemes where investment management costs are deducted prior to the distribution of income. As it is not practical to identify these costs with reasonable accuracy, the costs are netted off income. Consequently, the investment management costs reported have decreased. 5 Analysis of charitable expenditure Support and Grant funded governance actlvlty costs 2024 2023 Scholarships, Bursaries and Prizes Facilities 1.079,461 4,176,402 16,071 6,888 1,095,532 4.350,061 837,866 316,154 5,255,863 22,959 5,445,593 1,154,020 16
The Stowe School Foundation Notes to the Financial Statements For the year ending 31 July 2024 Support and Grant funded governance activity costs 2023 2022 Scholarships, Bursaries and Prizes Facilities 818,013 307,645 19,853 8,509 837,866 316, 154 651,723 1,581,108 1,125,658 28,362 1,154,020 2,232,831 Support and governance costs are broken down as follows: 2024 2023 Governance costs Other support C05t5 9,¢JOO 13,959 8,640 19,722 22,959 28.362 Governance costs comprise an audit fee of £9,00012023.' £8,640) and Trustee expenses of nil {2023- nill. 6 Investments Movement in fixed a55et listed investments 2024 2023 Market value brought forward Purchase of investments Proceeds from disposal of investments Net movement on cash balances Idecreasel in cash held for investment Net investment market value increase Income re-investedllnot re~investedl 28,404,886 26,339,374 22,097,107 6,777.816 120,193,478) 14,388,834) 13,809,096) 1361,4411 1,922,285 429,743 72,650 134,6791 Market value at 31 July 28,851,447 28,404,886 Investments comprise: Quoted investment5 and unit trusts Cash instruments and cash awaiting investment 23,666,828 5,184,619 16,749,121 11,655.765 28.851.447 28,404,886 Historical value at 31 July 26,500,693 25,740.915 Inve5trnent5 cornpri5e: Quoted investments and unit trusts Cash instruments and cash awaiting investment 21,552,657 4,948.036 14.678,849 11,062,066 26.500,693 25,740,915 17
The Stowe School Foundation Notes to the Financial Statements For the year ending 31 July 2024 7 Debtors 2024 2023 Tax recovery on Gift Aid donations Dividend Income 168,653 191,666 168,772 360,319 168,772 8 Creditors: Amounts falling due within one year 2024 2023 Other creditors and accruals 19,820 17.304 19,820 17,304 9 Analysis of Net Assets Scholarship Restricted Funds Facillties Restricted Unrestrlcted Funds Fund Endowment Funds 2024 Total Investment5 Debtors Cash at Bank Creditors due within l year 19,951,527 194,247 11.332,805} 4,010,788 64,222 461,503 17021 2.438,693 98,069 727,244 2,450,439 28,851,447 3,782 360.319 844,265 700,207 119,1181 119.8201 18,812,969 4,535,811 3,264,006 3,279,367 29,892.153 Scholarshlp Restrirted Funds Facilities Restrlcted Unrestrirted Funds Fund Endowment Fund5 2023 Total Investments Debtors Cash at Bank Creditors due within l year 17.065,138 56,757 1543,2641 3.410,117 64,539 152.567 5,118,035 47,181 853,348 2,811,596 28,404,886 295 168,772 510.893 973,544 117,3041 117.3041 16,578,631 3,627,223 6,018.564 3.305,480 29,529,898
The Stowe School Foundation Notes to the Financial Statements For the year ending 31 July 2024 10 Endowment Fund Fund At31Julv 2023 Gain on Investments At31July 2024 Donations Expense5 Transfers Roxburgh Trust General Scholarship Fund McElwee Mrs ML Capel-cure Friends of Stowe Prize Funds - FOS General prizes War Memorial John Beamish Late Thomas Waddell Robert McDougall Myles Henry Samurai Sword Bursary John Wilson Memorial Maj. Richardson Haworth Old Stoic Jubilee Bursary Granville Trust Bur53ry Markland 8ursarv John David Syrett Other Prize Funds Funds under scheme of management 1,254,267 960,052 264,990 240,493 222,885 206,021 116,074 88,846 24.038 22,256 20,626 19,066 11,4881 11,1391 13081 12851 12641 12441 1,368,853 1,047,759 280,866 262,464 243,247 224,843 17,8541 186.515 179,799 160,056 38,089 95,663 78.421 71,948 66,340 55,094 51,055 40,772 38,163 72,711 4,283,334 17,261 16,639 14,812 3,525 8,718 7,258 6,658 6,139 5,099 4,725 3,773 3,532 6,727 395,772 12211 12131 {1901 145) 11121 1931 1851 1791 {651 1611 1481 1451 1851 15,0701 203,555 196,225 174,678 41,569 102,083 85.586 78,521 72,400 60,128 55,719 44,497 41,650 79,353 4.663,996 12,1861 110,0401 Other Funds.. Bobbie Butlin Scholarship 344,227 31,856 14081 El-'Il 375,675 373.086 323,211 204,329 204,329 149,712 515,081 1,209,944 1,125,295 386,108 259,350 542.744 6,283,576 268,728 271,226 566,198 177,850 912,531 14,148,973 Dr Huggins Music Scholarship Scott- Ichinose Fund Lewis Bequest - Music Lewis Bequest- Roxburgh Old Stoic Leavers, Legacies Bursaries General Stringer Bursary Max Ausnit Bursary Founder's Bursary Berry scholarship Change 100 Tufton Bursary John Farr Bursary Patricia Roxburgh Bursary Jeremy Nichols Bursary Other Bursary and Prize Funds Total Other Funds 341,856 296,155 187,225 187,225 137,180 471,133 1,108.602 1,031,098 353,787 237,640 497,311 5,219,723 246,233 248,522 518,803 149,042 719,535 12,295,297 31,636 27,407 17,326 17,326 12,695 43,607 102,595 95,421 32,741 21,992 46.023 507.199 22,787 22,999 48,011 14.354 70,201 1.166,176 14061 13511 12221 12221 11631 15591 11,3161 (1,2241 14201 12821 15901 16,5081 12921 12951 16161 11841 19001 114,9581 900 63 563,162 14,638 123,695 702,458 Total of Endowment Fund 16,578,631 702,458 1,561.948 120,0281 110,0401 18,812,969 19
The Stowe School Foundation Notes to the Financial Statements For the year ending 31 July 2024 The Endowment Funds are established to provide financial support for pupils of Stowe School in the form of bursaries, scholarships and prizes. Income from the investment of these funds is included at Note 11 below. During the year the Trustees agreed to transfer funds from the Endowment Fund to the Scholarship Fund relating to McElwee and Myles Henry. These are travel awards which had been exhausted in the Scholarship Fund and the Trustees felt it was important to continue to support pupils in voluntary work abroad. Comparative figures can be found in Note 18. 11 Restricted Fund The purposes of the principal Restricted Fund are as follows.. Scholarship Fund.. For awarding scholarships. bursaries and prize5 to pupils at Stowe School Limited out of the income generated by the relevant Endowment Funds Facilities Fund.. For the refurbishment of Design, Technology & Engineering; For the refurbishment of Sports Facilities, and For other smaller projects 20
The Stowe School Foundation Notes to the Financial Statements as at 31 July 2024 11 Restricted Fund Icontinuedl At 31 July Investment 2023 Income Investment Donatlons Movements Outgoing Resources At31July 2024 Expenses Transfers Facilities- General Swimming Pool Security Lodge Drayson Sports Hall Classrooms Choir Stalls for Chapel Stowe Putter Design. Technology & Engineering Fives Courts Art School Bells New Sport pitches Drayson lightin8 Girls Boarding Sports Facilities Chapel Eylon Art Fund Wynne Collection WHS Hall Other Funds < £5,000 1,410,397 238,183 10,099 441,800 24,504 43,148 22,581 3,332,099 40,108 6,874 292 12,751 707 1,245 652 66,630 222,358 26,165 4,485 190 8,319 461 812 425 43,470 1482,7001 14471 1771 131 11421 181 1141 171 17441 1,215,881 249,465 10,578 462,728 25,664 45,191 23,651 109,357 350,000 13,682,098) 20,930 4,492 12.743 12,888 9,601 7,764 406.053 5,428 400 7,248 604 ioi 368 372 277 224 17,370 157 103 122 125 252 394 66 240 243 181 146 11,333 102 67 80 81 164 171 iii 14) 141 131 131 11931 121 iii 21,921 452 13.347 13,499 10,056 8,131 997,940 5,685 14,004 201 27,135 9,120 150 14,3561 563,377 13,435 17,2481 26,930 500 iii {21 8,206 Total Facilities Funds 6.018.564 149,334 1,176,750 97,424 14,176,402) 11,664 3,264,006 Scholarship Funds Scholarship Funds Invested 1,809,492 1,817,731 653,929 1,126,065 614 32,566 {1.079.4611 168,250 11,2581 12,1571 10,040 2,551,373 1.984,438 Total Scholarships Funds 3.627,223 653,929 1,126,679 200,816 11,079,461) 13,4151 10,040 4,535,811 Total Restricted Fund 9,645,787 803,263 2,303.429 298,239 15,255,863) 15.0791 10,040 7,799,817 Comparative figures can be found in Note 19. 21
The Stowe School Foundation Notes to the Financial Statements as at 31 July 2024 'Donations' includes tax recovery and any other relevant income. 'Outgoing resources, represents funds applied to the specific purpose of the sub-fund. Income generated from the investment of the Endowment Funds is. being spendable, included in the Restricted Scholarship Fund. Donations received towards the funding of scholarships and bursaries are, if the donor has not specified that the funds are to be applied in a particular period, invested alongside the Foundation's Endowment Funds, in order to provide long-term funding of scholarships and bursaries. 12 Unrestricted Fund The Unrestricted Fund represents gifts received from donors who have not specified a particular purpose for their gifts to the Foundation or have expressed a non-binding wish when making their donations. The Foundation's policy is that such gifts are taken to the Facilities Fund to improve the fabric and facilities of Stowe School. An award of £166,771 was made from the Unrestricted Fund to the School during the year12023.' £nil). At 31 July Investment 2023 Income Investment Movements Outgoing Resources At 31July 2024 Donations Expenses Transfers Facilities Fund 3,305.480 95,184 7,396 62,097 1166,7711 124.019) 3,279,367 At 31 July Investment 2022 Income Investment Movements Outgoing Resources At31July 2023 Donatlons Expenses Transfers Facilities Fund 3,236.246 9,497 21,720 69,500 128,3621 {3,1211 3,305,480 13 Contingent Liabllltles At the end of the year the Foundation intended to pay further grants to Stowe School Limited of £1,902,55012023'. £3,908.3091. However, at the year end there was no commitment to pay these grants and consequently they have not been accrued. 22
The Stowe School Foundation Notes to the Financial Statements as at 31 July 2024 14 Reconciliation of net movement in funds to net cash flow from operating actlvities 2024 2023 Net movement in funds Deduct gift of endowment 362,255 1702,4581 2,536,287 11,588,015) Deduct interest income shown in investing activitie5 Deduct gains on investments {Increasel in debtors 1132,5281 11,922,285) 1191,5471 {402,2401 172,6501 {135,0261 Increaselldecreasel in creditors 2,516 11,1901 Net cash (used inl/generated from operating activities (2,584,047) 337,166 IS Analysis of changes in net debt At l August 2023 At 31 July 2024 Cash flows Cash and cash equivalents Cash 973,544 1273,3371 700.207 973,544 1273,3371 700,207 16 Related Parties Three Trustees of The Stowe School Foundation made total donations of £45,50012023'. 2 Trustees £54,7601 to The Foundation during the year. Certain Trustees are Trustees of both SSF and Stowe School Limited. The Board of Trustees of SSF remains independent. All transactions between the charitie5 were conducted on an arm'5 length basis. During the year. The Stowe School Foundation made payments to Stowe School Limited of £1,079,46112023'. £818,013) relating to Scholarships, Bursaries and Prizes from the Restricted Funds and £16,07112023'. £19,853) from the Unrestricted Fund. £4, 176,40212023.. £307,645) was paid toward5 Facilities from the Restricted Funds and £173,659 12023.. £8,5091 from the Unrestricted Fund. Costs reimbursed to Stowe School Limited for accounting and administrative services for the year were £10,11812023-. £8,664). 23
The Stowe School Foundation Notes to the Financial Statements as at 31 July 2024 17 Statement of Financial Activities - Comparative figures by Fund Type Notes Endowment Funds Restrirted Unrestricted Funds Fund 2023 2022 INCOME AND ENDOWMENTS FROM Donations and Legacies Investments 1,588,015 1,709,181 392,743 21.720 9,497 3,318,916 402.240 2,904,571 309.584 Total 1,588,015 2,101,924 31,217 3,721,156 3,214,155 EXPENDITURE ON Raising funds: Investment management costs Charitable actlvitles.. Scholarships. bursaries and prize5 Facilities at Stowe School Limited 83,866 16,512 3,121 103,499 91,784 818.013 307,645 19,853 8.509 837,866 316,154 651,723 1,581,108 Total 83,866 1,142,170 31,483 1,257,519 2,324,615 Net Income/lExpendlturel before GainsllLosses) on investments 1,504,149 959,754 {266) 2,463,637 889,540 Net ILossesl/Gain on investments 1134,7321 137,882 69,500 72,650 1857,4211 Net Income 1,369,417 1,097,636 69,234 2,536,287 32,119 Transfers between funds li Net movement in funds 1,369,417 1,097,636 69,234 2,536,287 32,119 Reconclllatlon of funds 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 24
The Stowe School Foundation Notes to the Financial Statements as at 31 July 2024 18 Endowment Fund~ Comparative figures Fund At31 July 2022 Loss on Investments At 31 July 2023 Donations Expenses Transfers Roxburgh Trust General Scholarship Fund McElwee Mrs ML Capel-cure Friends of Stowe Prize Funds - FOS General prizes War Memorial John Beamish Late Thomas Waddell Robert McDougall Myles Henry Samurai Sword Bursary John Wilson Memorial Maj. Richardson Haworth Old Stoic Jubilee Bursary Granville Trust Bursary Markland Bursary John David Syrett Other Prize Funds Funds under scherne of management 1,271,581 973,304 268,648 243,813 225,961 208,865 110,6711 18,1681 12,2551 12,0461 11,8961 11,7531 16,6431 15,0841 11,403} {1,2741 11,1801 11,0911 1,254,267 960,052 264,990 240,493 222.885 206,021 189,090 182,281 162,266 38,615 96,984 79,503 72,941 67,255 55.855 51,759 41,335 38.690 73,715 4,342,461 {1,5871 19881 11,5301 19521 11,3621 1848} 13241 12021 18141 15071 16671 1415) 16121 13811 15641 13511 {4691 12921 14341 12701 13471 12161 13251 12021 16191 13851 136,4431 122,6841 186,515 179,799 160,056 38,089 95,663 78,421 71,948 66,340 55,094 51,055 40,772 38,163 72,711 4.283,334 Other Funds.. Bobbie Butlin Scholarship Dr Huggins Music Scholarship Scott - Ichinose Fund Lewis Bequest- Music Lewis Bequest - Roxburgh Old Stoic Leavers. Legacies Bursaries General Stringer Bursary Max Ausnit Bursary Founderfs Bursary Berry Scholarship Change 100 Tufton Bursary John Farr 8ursary Patricia Roxburgh Bursary Jeremy Nichols Bursary Other Bursary and Prize Funds Total Other Funds 348,979 346,575 300,243 189,810 189.810 139,074 477,636 1,123.740 1,045,332 358,671 240.921 403,256 3,928,119 249,632 241.826 447,270 110,813 725.046 10,866,753 12,9291 11,8231 12,9091 11,8101 12,5201 {1.5681 11.5931 19921 11,5931 19921 11,1671 17271 {4,008} 12,4951 19,4311 15,8701 18,7731 15,4611 (3,0101 11.8741 12,0221 11,2591 13,6641 12,2811 139.4221 124,5391 12.0951 11,3041 12,0361 11,2681 13,9721 12,4721 {1.033} 16431 16,1121 13,8041 198,2891 161,1821 344,227 341.856 296,155 187,225 187,225 137,180 471,133 1,108,602 1,031.098 353,787 237,640 497,311 5,219,723 246,233 248,522 518,803 149,042 719,535 12,295,297 163 loo,000 1,355,565 10,000 77,977 39,905 4,405 1.588,015 Total of Endowrnent Fund 15,209,214 1,588,015 1134,7321 183,8661 16.578,631 25
The Stowe School Foundation Notes to the Financial Statements as at 31 July 2024 19 Restricted Fund - Comparative flgures At 31 July Investment 2022 Income Investment Donations Movements Outgoing Resources At 31 Julv 2023 Expenses Transfers Facilities~ General Swimming Pool Security Lodge Drayson Sports Hall Classrooms Choir Stalls for Chapel Stowe Putter Design, Technology & Engineering Fives Courts Art School Bells New Sport pitches Drayson lighting Girls Boarding Sports Facilities Chapel Eyton Art Fund Climate Change Event Other Funds < £5,000 1,474,145 232,743 9,868 402.195 23,944 42,163 22,065 2.900.752 4,279 681 29 1,202 70 123 65 9,519 163,625 31,312 4,983 211 8,798 513 903 472 69.657 1261,5581 11,4061 12241 191 13951 1231 1411 1211 13,1291 1,410,397 238,183 10,099 441,800 24,504 43,148 22,581 3,332,099 30,000 355,300 20,452 10,999 12,452 12,593 9,382 7,587 84,914 5,303 17,943 60 27 36 37 27 22 595 16 50 31 23 438 200 267 270 201 162 4,351 114 367 227 168 1201 191 1121 1121 191 171 11951 151 116) iioi 181 20,930 4,492 12,743 12,888 9,601 7,764 406,053 5,428 400 7,248 8,206 150 16,8751 316.388 3,725 24,525 825 {21,6691 117.5251 1171 7,215 Total Facilities Funds 5,296,715 16.892 894,538 123,614 1307,6441 15,551) 6,018,564 Scholarship Funds Scholarship Funds - Invested 1,409,263 1,842.173 375.851 813,993 650 29,735 115,4671 1818.0141 11,3361 19,6251 1,809,492 1,817.731 Total Scholarship5 Funds 3.251,436 375,851 814.643 14,268 1818,0141 110,9611 3,627,223 Total Restricted Fund 8.548,151 392,743 1,709.181 137,882 11, 125,6581 116,5121 9,645,787 26