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