2025-07-31-accounts

THE STOWE SCHOOL FOUNDATION

Annual Report for the Year Ended 31 July 2025

Registered Charity Number: 1071363

The Stowe School Foundation Trustees and Advisers

Trustees

Mr Simon Creedy Smith BA, FCA (Chair of Trustees) Mr[Jonathan][Bewes][BA,][FCA] Mr Mark Greaves BA, ACA (resigned 30 April 2025) Mr Simon Cope MA (Cantab), FCA (appointed 30 April 2025) Mr Christopher Tate BA, MIMC Dr Anthony Wallersteiner MA (Cantab), PhD

Lady Stringer BSc, MB, BS, LRCP, MRCS (resigned 6 December 2024) Mr John Stopford BA (Oxon), CFA Mr Nicholas Verney BSc

Mrs Elizabeth Saunders Watson

Ms Kathryn Matthews

Secretary to the Trustees

Mr Andrew Butterworth MA, DChA

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 Partners Capital LLP One Angel Lane 5* Floor London 5 Young Street EC4R 3AB London W8 5EH

Principal Office Stowe School Stowe Buckingham MK18 5EH

Charity Registration No 1071363

The Stowe School Foundation Trustees’ Report

Financial Statements

The Trustees present their annual report and audited financial statements of the charity for the year ended 31 July 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 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 (“the Foundation”) is a charitable trust, which was created by deed dated 28 July 1998 (“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 (“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 Limited as the Trustees may from time to time decide. The day to day administration ofthe[ 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 existing 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 comprising 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’ Responsibilities 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 Standards (United 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 resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

• e select suitable accounting policies and then apply them consistently;

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The Stowe School Foundation Trustees’ Report (continued)

• e observe the methods and principles in the Charities SORP;

• e make judgements and estimates that are reasonable and prudent;

• e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• @ 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 safeguarding 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 (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Objectives and activities for the public benefit

The Foundation’s principal objective is to assist Stowe School Limited in the provision 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 fundraising, 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 income in accordance with the wishes of the donors where relevant.

Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust’s 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.

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The Stowe School Foundation Trustees’ Report (continued)

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 groupof schools at their thrice yearly Trustee meetings and sometimes on an ad hoc basis. The Trustees consider the applications and the likely available funds, together with the appropriate use of the funds (which 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 writing, after the Trustees’ meeting.

Financial review of the Year

The Foundation distributed funds of £1,506,205 (2024: £1,079,461) to Stowe School Limited from Bursary, Scholarship and Prize Restricted Funds and £18,439 (2024: £16,071) from the Unrestricted Fund. £354,356 was paid from Restricted Funds for Facilities (2024: £4,176,402) and £1,841,131 (2024: £173,659) from the Unrestricted Fund. Of these amounts, £1,942,586 was towards the new Stowe Howden Design, Technology and Engineering (‘DT&E’) building, £171,004 towards the Winchester House School theatre and £37,000 towards Swanbourne House School AV equipment.

Fundraising efforts have resulted in donations and legacies to the Foundation totalling £2,538,327 (2024: £3,013,283), of which:

• e £1,159,446 was for Change 100;

• e £1,291,585 was for specific facilities improvements at the School;

• e £82,811 was for scholarship and bursary awards;

• e £4,485 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 £283,378 (2024: increase £1,922,285). There was a decrease in total funds of £14,320 (2024: increase £362,255). 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.

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The Stowe School Foundation Trustees’ Report (continued)

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 was completed in 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 following the completion of the tender process, 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 Prizes Fund and the Facilities Fund, split between the two investment managers. The Scholarship, Bursaries and Prizes Fund currently 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 a diversified multi-asset class portfolio, originally including three pooled vehicles. During the year, the Trustees approved the introduction to the portfolio of a Private Equity vehicle which is building towards a 10% target allocation, expected to be achieved in 2026.

At the 2025 year end, the Partners Capital funds were allocated as follows: 53% in The Master Portfolio C (Liquid Multiasset Class), 34% in Phoenix II (Private Debt and Uncorrelated Strategies), 7% in Greyhawk (Global Equities) and 6% in PCAAM (Private Equity) Fund Class B. Combined, the portfolio has an equity-like risk of 52% against a target of 55% and expected annual returns of 7.4% over the long-term. CCLA originally invested their portion of the Scholarship, Bursary and Prize fund entirely in the COIF Charities Investment Fund, a multi-asset long-term fund for eligible charity investors with a target benchmark of MSCI World Index (75%), Markit iBoxx Gilts Index (15%), MSCI UK Monthly Property Index (5%) and SONIA (5%). In October 2025, 36% of the CCLA portion was transferred to the COIF Charities Deposit Fund (a highly liquid vehicle) with the remaining 64% retained in the COIF Charities Investment Fund.

In the Scholarship, Bursaries and Prizes Fund, Partners Capital has returned 10.9% in sterling since inception to 31 July 2025 and net of all fees and expenses (13.4% excluding the impact of foreign currency). CCLA has returned 5.3% in sterling since inception to 31 July 2025 and net of all fees and expenses.

The Facilities Fund is invested entirely with CCLA. At the 2025 year end, £1.6million was invested in the COIF Charities Investment Fund and the remainder with the COIF Charities Deposit Fund, a highly liquid vehicle. In October 2025, the holding in the COIF Charities Investment Fund was transferred in full to the COIF Charities Deposit Fund. Significant withdrawals from this fund have been made during the year to fund the completion of the Stowe School’s new Howden DT&E building.

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 million, in addition to its commitment to Change 100 (see below). Facilities funds and any expendable scholarship/bursary 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 2025 were Endowment Funds £19,876,784 (2024: £18,812,969), Restricted Funds £8,518,932 (2024: £7,799,817) and Unrestricted Fund £1,482,117 (2024: £3,279,367).

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The Stowe School Foundation Trustees’ Report (continued)

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 minimum 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.

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 any of the schools in the Group.

Sport

During the year, the Foundation launched a fundraising campaign aimed at supporting Stowe School to fulfil its Masterplan for Sport. Ranked in 2024 as being No 8 in a national league table of all schools in the UK for sports and building on a proud tradition of nurturing exceptional sporting talent across a wide range of disciplines, the Stowe Masterplan for sport is an ambitious, phased redevelopment of Stowe School’s Bourbon and indoor sports facilities that will complete the development of infrastructure needed by the School to promote physical fitness, build a sense of sporting community and inspire the next generation of sporting champions. Together with pledges made, to date the Campaign has raised a significant portion of the funds required to realise Phase 1 of the Masterplan, being new outdoor facilities at the School’s Bourbon playing fields.

Risk 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 mitigation 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 permanently:

• e Poor or unsuccessful investment policy being followed

• e Macro shock - significantly falling financial markets leading to material losses

• e —_ Bank or investment house failure

• e 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 subcommittee oversight and the approach to investment of funds.

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The Stowe School Foundation Trustees’ Report (continued)

Fundraising

Approach

The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities. Fundraising is carried out by an in-house Development Office team, led by the Development Director, the costs of which are borne by Stowe School Limited.

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.

Monitoring offundraising activities 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.

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 groupofschools.

The Trustees are also cognisant of Stowe School's desire to improve Sports Facilities and fundraising efforts for Facilities will continue to be focused in this area.

Trustees

In accordance with the Trust Deed, Trustees other than ex-officio Trustees retire after serving for 3 years.

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Mr Andtew Butterworth, MA, DChA Secretary to The Stowe School Foundation 12 March 2026

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The Stowe School Foundation Independent Auditor’s Report For the year ended 31 July 2025

Opinion

We have audited the financial statements of Stowe School Foundation for the year ended 31 July 2025 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 reporting 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 2025 and of its incoming resources and application of resources for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e 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 (UK) (ISAs (UK)) 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 ofthe charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going 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 materially 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 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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:

• e the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• e the charity has not kept sufficient accounting records; or

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The Stowe School Foundation Independent Auditors’ Report (continued) For the year ended 31 July 2025

° 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 trustees are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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.

Auditors’ responsibilities for the audit of the financial 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The 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 regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts 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 misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members 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 ofjournal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements 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

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The Stowe School Foundation Independent Auditor’s Report (continued) For the year ended 31 July 2025

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 procedures described above and the further removed non-compliance with laws 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. 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.

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

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The Stowe School Foundation Statement of Financial Activities For the year ended 31 July 2025

	Notes	Endowment	Restricted	Unrestricted
		Funds	Funds	Fund	2025	2024
INCOME AND ENDOWMENTS		£	£	£	£	£
FROM
Donations and legacies		783,447	1,750,395	4,485	2,538,327	3,013,283
Investments	3	-	819,515	64,591	884,106	898,447
Total		783,447	2,569,910	69,076	3,422,433	3,911,730
EXPENDITURE ON
Raising funds:
Investment management costs	4	-	-	-	-	26,167
Charitable activities:	5
Scholarships, bursaries and prizes		-	1,506,205	18,439	1,524,644	1,095,532
Facilities		-	354,356	1,841,131	2,195,487	4,350,061
Total		-	1,860,561	1,859,570	3,720,131	5,471,760
Net Income/(Expenditure) before		783,447	709,349	(1,790,494)	(297,698)	(1,560,030)
Gains/(Losses) on investments
Net Gains/(Losses) on investments	6	280,368	9,766	(6,756)	283,378	1,922,285
Net Income		1,063,815	719,115	(1,797,250)	(14,320)	362,255
Transfers between funds	10/11	-	-	-	-	-
Net movement in funds		1,063,815	719,115	(1,797,250)	(14,320)	362,255
Reconciliation of funds
Fund balances brought forward		18,812,969	7,799,817	3,279,367	29,892,153	29,529,898
Fundbalancescarriedforward	9-12	19,876,784	8,518,932	1,482,117	29,877,833	29,892,153

The notes on pages 13 to 26 form an integral part of these accounts.

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The Stowe School Foundation Balance Sheet As at 31 July 2025

	Notes	2025	2024
		£	£
Fixed assets
Investments and cash awaiting investment	6	27,617,035	28,851,447
Current Assets
Debtors	7	268,491	360,319
Cash at bank		2,014,887	700,207
Creditors: Amounts falling due within 1 year	8	(22,580)	(19,820)
Net current assets		2,260,798	1,040,706
Total assets less current liabilities		29,877,833	29,892,153
NETASSETS		29,877,833	29,892,153
Accumulated funds:
Endowment Fund	10	19,876,784	18,812,969
Restricted Fund	11	8,518,932	7,799,817
Unrestricted Fund	12	1,482,117	3,279,367
TOTALFUNDS		29,877,833	29,892,153

The financial statements on pages 10 to 26 were approved by the Trustees on 12 March 2026 and signed on their behalf by:

Simon Creedy Smith Simon Cope Chair of Trustees Trustee

The notes on pages 13 to 26 form an integral part of these accounts.

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The Stowe School Foundation Cashflow statement For the year ended 31 July 2025

		Total Funds	Prior Year
	Note	2025	2024
		£	£
Net cash used in operating activities	15	(1,294,610)	(2,584,047)
Cashflowsfrom investing activities:
Interest and dividends		308,053	132,528
Proceeds from sale ofinvestments		2,435,608	20,193,478
Purchase ofinvestments		(560,173)	(22,097,107)
Increase in cash held for investment		-	3,809,096
Income reinvested		(357,645)	(429,743)
Net cash provided by investing activities		1,825,843	1,608,252
Cashflowsfromfinancing activities:
Receipt ofendowment		783,447	702,458
Net cash provided byfinancing activities		783,447	702,458
Change in cash and cash equivalents in the year		1,314,680	(273,337)
Cash and cash equivalents brought forward		700,207	973,544
Cashandcashequivalentscarriedforward		2,014,887	700,207

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The Stowe School Foundation Notes to the Financial Statements For the year ended 31 July 2025

1 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 (FRS 102).

The Trust constitutes a 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, 2025-26, 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 (see 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 Recognition

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 funds, 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 gifts 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 (continued) For the year ended 31 July 2025

Income Recognition (continued)

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 only 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 governance costs

Support costs have been allocated between Facilities and Scholarships and Bursaries. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees 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.

Charitable activities

Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 5.

Foreign Currency Translation

Foreign currency transactions are initially translated into the Charity’s functional currency using the prevailing rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate prevailing on the Balance Sheet date. Foreign exchange gains and losses resulting from translation to financial year end rates are recognised in the Statement of Financial Activities.

14

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

Taxation

The Trust is a registered charity and is exempt from taxation on its income and capital gains provided that its activities are deemed to be of a charitable nature. Taxation deducted at source from investment income is recovered from HMRC. Taxation deducted but not recovered at the year-end is included in debtors.

Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised 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 instruments.

The main form of financial risk faced by the charity is that of volatility 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.

Realised gains and losses

All gains and losses are recognised in the Statement of Financial Activities as they arise. Realised gains 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 ofthe[financial][year.][Unrealised][gains][and][losses][are][calculated][as][ the][ difference] between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Critical 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 Employees

No remuneration or expenses (2024: nil) have been paid to the Trustees in their capacity as Trustees. The Foundation has no employees (2024: nil).

SSF receives accounting and administrative services from staff at Stowe School Limited. The value of these services in 2025 was £13,100 (2024: £10,118).

15

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

3 Investment Income

			Unrestricted	2025
		Restricted Funds	Fund	Total
	Scholarship,
	Bursary and
	Prize Funds	Facilities Fund
	£	£	£	£
Interest received	393,802	119,635	64,591	578,028
	699,880	119,635	64,591	884,106
			Unrestricted	2024
		Restricted Funds	Fund	Total
	Scholarship,
	Bursary and
	Prize Funds	Facilities Fund
	£	£	£	£
Dividends	325,243	4,192	2,672	332,107
	653,929	149,334	95,184	898,447

4 Investment management costs

			2025	2024
			£	£
Investment	management	fees	-	26,167
			-	26,167

The Foundation now holds investments within 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 against income. Consequently, no investment management costs are reported in 2025 and the costs reported for 2024 relate to the period prior to the final transfer of the Trust’s investments to CCLA and Partners Capital.

5 Analysis of charitable expenditure

					Support
					and
				Grant funded	governance
				activity	costs	2025	2024
				£	£	£	£
Scholarships,	Bursaries	and	Prizes	1,506,205	18,439	1,524,644	1,095,532
Facilities				2,187,585	7,902	2,195,487	4,350,061
				3,693,790	26,341	3,720,131	5,445,593

16

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

5 Analysis of charitable expenditure (continued)

					Support
					and
				Grant funded	governance
				activity	costs	2024	2023
				£	£	£	£
Scholarships,	Bursaries	and	Prizes	1,079,461	16,071	1,095,532	837,866
Facilities				4,343,173	6,888	4,350,061	316,154
				5,422,634	22,959	5,445,593	1,154,020

Support and governance costs are broken down as follows:

	2025	2024
	£	£
Governance costs	9,510	9,000
Other support costs	16,831	13,959
	26,341	22,959

Governance costs comprise an audit fee of £9,510 (2024: £9,000) and Trustee expenses of nil (2024: nil).

6	Investments
	Movement in fixed asset listed investments	2025	2024
		£	£
	Market value brought forward	28,851,447	28,404,886
	Purchase ofinvestments	560,173	22,097,107
	Proceeds from disposal ofinvestments	(2,435,608)	(20,193,478)
	Net movement on cash balances: decrease	-	(3,809,096)
	in cash held for investment
	Net investment market value increase	283,378	1,922,285
	Income re-invested	357,645	429,743
	Market value at 31 July	27,617,035	28,851,447
	Investments comprise:
	Quoted investments and unit trusts	23,660,241	23,666,828
	Cash instruments and cash awaiting investment	3,956,794	5,184,619
		27,617,035	28,851,447
	Historic cost of investments at 31 July comprise:
	Quoted investments and unit trusts	21,654,582	21,552,657
	Cash instruments and cash awaiting investment	3,956,794	4,948,036
		25,611,376	26,500,693

17

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

7 Debtors

		2025	2024
		£	£
	Tax recovery on Gift Aid donations	177,763	168,653
	Dividend and Interest Income	90,728	191,666
		268,491	360,319
8	Creditors: Amounts falling due within one year
		2025	2024
		£	£
	Other creditors and accruals	22,580	19,820
		22,580	19,820

• 9 Analysis of Net Assets

		Scholarship	Facilities
	Endowment	Restricted	Restricted	Unrestricted	2025
	Funds	Funds	Funds	Fund	Total
	£	£	£	£	£
Investments	20,044,634	3,554,937	2,989,163	1,028,301	27,617,035
Debtors	84,732	46,445	134,243	3,071	268,491
Cash at Bank	(252,582)	609,192	1,184,952	473,325	2,014,887
Creditors due within 1 year	-	-	-	(22,580)	(22,580)
	19,876,784	4,210,574	4,308,358	1,482,117	29,877,833

		Scholarship	Facilities
	Endowment	Restricted	Restricted	Unrestricted	2024
	Funds	Funds	Funds	Fund	Total
	£	£	£	£	£
Investments	19,951,527	4,010,788	2,438,693	2,450,439	28,851,447
Debtors	194,247	64,222	98,069	3,782	360,319
Cash at Bank	(1,332,805)	461,503	727,244	844,265	700,207
Creditors due within 1 year	-	(702)	-	(19,118)	(19,820)
	18,812,969	4,535,811	3,264,006	3,279,367	29,892,153

18

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

10 Endowment Fund

==> picture [477 x 594] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Fund|At|31|July|Gain|on|At 31|July| |2024|Donations|Investments|Transfers|2025| |£|£|£|£|£| |Roxburgh|Trust|1,368,853|-|19,980|216|1,389,049| |General|Scholarship|Fund|1,047,759|-|15,290|-|1,063,049| |McElwee|280,866|-|4,098|-|284,964| |Mrs|ML|Capel-Cure|262,464|-|3,832|-|266,296| |Friends|of Stowe|243,247|-|3,549|-|246,796| |Prize|Funds|-|FOS|General|prizes|224,843|-|3,281|-|228,124| |War|Memorial|203,555|-|2,970|-|206,525| |John|Beamish|196,225|-|2,863|-|199,088| |Late Thomas|Waddell|174,678|-|2,550|-|177,228| |Robert|McDougall|41,569|-|605|-|42,174| |Myles|Henry|102,083|-|1,491|-|103,574| |Samurai|Sword|Bursary|85,586|-|1,251|-|86,837| |John|Wilson|Memorial|78,521|-|1,146|-|79,667| |Maj.|Richardson|Haworth|72,400|-|1,058|-|73,458| |Old|Stoic Jubilee|Bursary|60,128|-|877|-|61,005| |Granville|Trust|Bursary|55,719|-|812|-|56,531| |Markland|Bursary|44,497|-|652|-|45,149| |John|David|Syrett|41,650|-|608|-|42,258| |Other|Prize|Funds|79,353|-|1,157|-|80,510| |Funds|under scheme|of|4,663,996|-|68,070|216|4,732,282| |management| |Other|Funds:| |Bobbie|Butlin|Scholarship|375,675|-|5,480|-|381,155| |Dr|Huggins|Music|Scholarship|373,086|-|5,446|-|378,532| |Scott|-|Ichinose|Fund|323,211|-|4,717|-|327,928| |Lewis|Bequest|-|Music|204,329|-|2,984|-|207,313| |Lewis|Bequest|-|Roxburgh|204,329|-|2,984|-|207,313| |Old|Stoic|149,712|-|2,186|-|151,898| |Leavers’|Legacies|515,081|-|7,514|-|522,595| |Bursaries|General|1,209,944|63|17,655|-|1,227,662| |Stringer|Bursary|1,125,295|-|16,423|-|1,141,718| |Max|Ausnit|Bursary|386,108|-|5,636|-|391,744| |Founder’s|Bursary|259,350|-|3,786|-|263,136| |Berry|Scholarship|542,744|-|7,922|-|550,666| |Change|100|6,283,576|760,953|97,345|6,885|7,148,759| |Tufton|Bursary|268,728|-|3,922|-|272,650| |John|Farr|Bursary|271,226|-|3,958|-|275,184| |Patricia|Roxburgh|Bursary|566,198|-|8,262|-|574,460| |Jeremy|Nichols|Bursary|177,850|19,300|2,837|-|199,987| |Other|Bursary|and|Prize|Funds|912,531|3,131|13,241|(7,101)|921,802| |Total|Other|Funds|14,148,973|783,447|212,368|(216)|15,144,502| |Total|of Endowment|Fund|18,812,969|783,447|280,368|-|19,876,784|

----- End of picture text -----

19

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

10 Endowment Fund (continued)

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 within the Endowment Fund for the purpose of combining funds where fund objectives match or overlap.

Comparative figures can be found in Note 19.

11 Restricted Fund

The purposes of the principal Restricted Fund are as follows:

Scholarship Fund: For awarding scholarships, bursaries and prizes to pupils at Stowe School Limited out of the income generated by the relevant Endowment Funds

Facilities Fund:

For the improvement of Design, Technology & Engineering; For the improvement of Sports Facilities, For the improvement of Winchester House Theatre and For other smaller projects

20

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

11 Restricted Fund (continued)

	At 31 July		Investment			Investment		At 31 July
	2024		Income	Donations	Expenditure	Movements _ Transfers		2025
		£	£	£	£	£	£	£
Facilities—General	1,215,881		40,621	70,809	(229,566)	(4,248)	-	1,093,497
Swimming Pool	249,465		8,456	-	-	(884)	-	257,037
Security Lodge	10,578		360	-	-	(38)	-	10,900
Drayson Sports Hall	462,728		15,714	-	-	(1,644)	10,057	486,855
Classrooms	25,664		871	-	-	(91)	-	26,444
Choir Stalls for Chapel	45,191		1,533	-	-	(160)	-	46,564
Stowe Putter	23,651		803	-	-	(84)	-	24,370
Design, Technology &	109,357		2,340	6,250	(109,358)	(245)	-	8,344
Engineering
Fives Courts Bells	21,921 13,347		745 452	- -	- “	(78) (47)	- “	22,588 13,752
New Sport pitches	13,499		-	-	-	-	(13,499)	-
Drayson lighting	10,056		-	-	-	-	(10,056)	-
Girls Boarding	8,131		279	-	-	(29)	-	8,381
Sports Facilities	997,940		45,692	1,183,151	-	(4,778)	13,498	2,235,503
Chapel	5,685		191	-	-	(20)	-	5,856
Eyton Art Fund	14,004		-	-	(14,004)	-	-	-
Swanbourne Library	-		57	20,000	-	(6)	-	20,051
WHS Hall	27,135		1,222	10,625	-	(128)	-	38,854
Other Funds < £5,000	9,773		299	750	(1,428)	(32)	-	9,362
Total Facilities Funds	3,264,006		119,635	1,291,585	(354,356)	(12,512)	-	4,308,358
Scholarship Funds	2,551,373		699,880	458,422	(1,506,205)	(6,687)	-	2,196,783
Scholarship Funds -	1,984,438		-	388	-	28,965	-	2,013,791
Invested
Total Scholarships	4,535,811		699,880	458,810	(1,506,205)	22,278	-	4,210,574
Funds
TotalRestrictedFund	7,799,817		819,515	1,750,395	(1,860,561)	9,766	-	8,518,932

‘Donations’ include tax recovery and any other relevant income. ‘Expenditure’ represents funds applied to the specific purpose of the sub-fund.

Income generated from the investment of the Endowment Funds is, being expendable, 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.

During the year the Trustees agreed to transfer funds within the Restricted Facilities Fund for the purpose of combining funds where fund objectives match or overlap.

Comparative figures can be found in Note 20.

21

. The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

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 £1,833,229 was made from the Unrestricted Fund to the School during the year (2024: £166,771).

	At 31 July	Investment			Investment	At 31 July
	2024	Income	Donations	Expenditure	Movements	2025
	£	£	£	£	£	£
Facilities
Fund	3,279,367	64,591	4,485	(1,859,570)	(6,756)	1,482,117
	At 31 July	Investment			Investment	At 31 July
	2023	Income	Donations	Expenditure	Movements	2024
	£	£	£	£	£	£
Facilities
Fund	3,305,480	95,184	7,396	(190,790)	62,097	3,279,367

13 Contingent Liabilities

At the end of the year the Foundation intended to pay further grants to Stowe School Limited of £114,457 (2024: £1,902,550). However, at the year end there was no commitment to pay these grants and consequently they have not been accrued.

14 Capital Commitments

In line with the investment strategy agreed by the Trustees to introduce a Private Equity vehicle by building towards an overall target allocation within the portfolio of 10%, at the end of the year the Foundation had further funding commitments in order to achieve this target allocation of $527,986 (£433,350) (2024: nil).

22

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

tr.

15 Reconciliation of net movement in funds to net cash flow from operating activities

==> picture [471 x 174] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|movement|in|funds|(14,320)|362,255| |Deduct|gift|of endowment|(783,447)|(702,458)| |Deduct|interest|income shown|in|investing|activities|(308,053)|(132,528)| |Deduct|gains|on|investments|(283,378)|(1,922,285)| |Decrease/(Increase)|in|debtors|91,828|(191,547)| |Increase|in|creditors|2,760|2,516| |Net cash|used|in|operating|activities|(1,294,610)|(2,584,047)|

----- End of picture text -----

16 Analysis of changes in net debt

==> picture [473 x 89] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |At|1|August|At|31|July| |2024|Cash|flows|2025| |£|£|£| |Cash|and|cash|equivalents| |Cash|700,207|1,314,680|2,014,887| |700,207|1,314,680|2,014,887|

----- End of picture text -----

17 Related Parties

One Trustee of The Stowe School Foundation made total donations of £400 (2024: 3 Trustees - £45,500) 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 charities were conducted on an arm’s length basis.

During the year, The Stowe School Foundation made payments to Stowe School Limited of £1,506,205 (2024: £1,079,461) relating to Scholarships, Bursaries and Prizes from the Restricted Funds. £354,356 (2024: £4,176,402) was paid towards Facilities from the Restricted Funds and £1,833,229 (2024: £173,659) from the Unrestricted Fund.

Costs reimbursed to Stowe School Limited for accounting and administrative services for the year were £13,100 (2024: £10,118), this is included in creditors at the year end.

23

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

18 Statement of Financial Activities - Comparative figures by Fund Type

	Notes	Endowment	Restricted	Unrestricted
		Funds	Funds	Fund	2024
INCOME AND ENDOWMENTS FROM		£	£	£	£
Donations and Legacies		702,458	2,303,429	7,396	3,013,283
Investments	3	-	803,263	95,184	898,447
Total		702,458	3,106,692	102,580	3,911,730
EXPENDITURE ON
Raising funds:
Investment management costs	4	20,028	5,079	1,060	26,167
Charitable activities:	5
Scholarships, bursaries and prizes		-	1,079,461	16,071	1,095,532
Facilities atStowe School Limited		-	4,176,402	173,659	4,350,061
Total		20,028	5,260,942	190,790	5,471,760
Net Income/(Expenditure) before		682,430	(2,154,250)	(88,210)	(1,560,030)
Gains/(Losses) on investments
Net (Losses)/Gain on investments	6	1,561,948	298,240	62,097	1,922,285
Net Income		2,244,378	(1,856,010)	(26,113)	362,255
Transfers between funds	11	(10,040)	10,040	-	-
Net movement in funds		2,234,338	(1,845,970)	(26,113)	362,255
Reconciliation of funds
Fund balances brought forward		16,578,631	9,645,787	3,305,480	29,529,898
Fundbalancescarriedforward	9-12	18,812,969	7,799,817	3,279,367	29,892,153

24

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

19 Endowment Fund — Comparative figures

==> picture [489 x 599] intentionally omitted <==

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Fund|At|31|July|Loss|on|At|31|July| |2023|Donations|Investments|Expenses|_ Transfers|2024| |£|£|£|£|£|£| |Roxburgh|Trust|1,254,267|-|116,074|(1,488)|-|1,368,853| |General|Scholarship|Fund|960,052|-|88,846|(1,139)|-|1,047,759| |McElwee|264,990|-|24,038|(308)|(7,854)|280,866| |Mrs|ML|Capel-Cure|240,493|-|22,256|(285)|-|262,464| |Friends|of Stowe|222,885|-|20,626|(264)|-|243,247| |Prize|Funds|-|FOS|General|206,021|-|19,066|(244)|-|224,843| |prizes| |War|Memorial|186,515|-|17,261|(221)|-|203,555| |John|Beamish|179,799|-|16,639|(213)|-|196,225| |Late Thomas|Waddell|160,056|-|14,812|(190)|-|174,678| |Robert|McDougall|38,089|-|3,525|(45)|-|41,569| |Myles|Henry|95,663|-|8,718|(112)|(2,186)|102,083| |Samurai|Sword|Bursary|78,421|-|7,258|(93)|-|85,586| |John|Wilson|Memorial|71,948|-|6,658|(85)|-|78,521| |Maj.|Richardson|Haworth|66,340|-|6,139|(79)|-|72,400| |Old|Stoic Jubilee|Bursary|55,094|-|5,099|(65)|-|60,128| |Granville|Trust|Bursary|51,055|-|4,725|(61)|-|55,719| |Markland|Bursary|40,772|-|3,773|(48)|-|44,497| |John|David|Syrett|38,163|-|3,532|(45)|-|41,650| |Other|Prize|Funds|72,711|-|6,727|(85)|-|79,353| |Funds|under scheme|of|4,283,334|-|395,772|(5,070)|(10,040)|4,663,996| |management| |Other|Funds:| |Bobbie|Butlin|Scholarship|344,227|-|31,856|(408)|-|375,675| |Dr|Huggins|Music|Scholarship|341,856|-|31,636|(406)|-|373,086| |Scott|-|Ichinose|Fund|296,155|-|27,407|(351)|-|323,211| |Lewis|Bequest|-|Music|187,225|-|17,326|(222)|-|204,329| |Lewis|Bequest|-|Roxburgh|187,225|-|17,326|(222)|-|204,329| |Old|Stoic|137,180|-|12,695|(163)|-|149,712| |Leavers’|Legacies|471,133|900|43,607|(559)|-|515,081| |Bursaries|General|1,108,602|63|102,595|(1,316)|-|1,209,944| |Stringer|Bursary|1,031,098|-|95,421|(1,224)|-|1,125,295| |Max|Ausnit|Bursary|353,787|-|32,741|(420)|-|386,108| |Founder’s|Bursary|237,640|-|21,992|(282)|-|259,350| |Berry|Scholarship|497,311|-|46,023|(590)|-|542,744| |Change|100|5,219,723|563,162|507,199|(6,508)|-|6,283,576| |Tufton|Bursary|246,233|-|22,787|(292)|-|268,728| |John|Farr|Bursary|248,522|-|22,999|(295)|-|271,226| |Patricia|Roxburgh|Bursary|518,803|-|48,011|(616)|-|566,198| |Jeremy|Nichols|Bursary|149,042|14,638|14,354|(184)|-|177,850| |Other|Bursary|and|Prize|Funds|719,535|123,695|70,201|(900)|-|912,531| |Total|Other|Funds|12,295,297|702,458|1,166,176|(14,958)|-|14,148,973| |Total|of Endowment|Fund|16,578,631|702,458|1,561,948|(20,028)|(10,040)|18,812,969|

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25

The Stowe School Foundation Notes to the Financial Statements (continued) For the year ended 31 July 2025

20 Restricted Fund — Comparative figures

	At31 July		Investment		Investment	Outgoing			At 31 July
	2023		Income	Donations	Movements	Resources	Expenses	Transfers	2024
		£	£	£	£	£	£	£	£
Facilities - General	1,410,397		40,108	222,358	26,165	(482,700)	(447)	-	1,215,881
Swimming Pool	238,183		6,874	-	4,485	-	(77)	-	249,465
Security Lodge	10,099		292	-	190	-	(3)	-	10,578
Drayson Sports Hall	441,800		12,751	-	8,319	-	(142)	-	462,728
Classrooms	24,504		707	-	461	-	(8)	-	25,664
Choir Stalls for Chapel	43,148		1,245	-	812	-	(14)	-	45,191
Stowe Putter	22,581		652	-	425	-	(7)	-	23,651
Design, Technology &	3,332,099		66,630	350,000	43,470	(3,682,098)	(744)	-	109,357
Engineering
Fives Courts	20,930		604	-	394	-	(7)	-	21,921
Art School	4,492		101	150	66	(4,356)	(1)	=	452
Bells	12,743		368	-	240	-	(4)	-	13,347
New Sport pitches	12,888		372	-	243	-	(4)	-	13,499
Drayson lighting	9,601		277	-	181	-	(3)	-	10,056
Girls Boarding	7,764		224	-	146	-	(3)	-	8,131
Sports Facilities	406,053		17,370	563,377	11,333	-	(193)	-	997,940
Chapel	5,428		157	-	102	-	(2)	-	5,685
Eyton Art Fund	400		103	13,435	67	-	(1)	-	14,004
Climate Change Event	7,248		122	-	80	(7,248)	(1)	-	201
	-		125	26,930	81	-	(1)	-	27,135
Other Funds < £5,000	8,206		252	500	164	-	(2)	-	9,120
Total Facilities Funds	6,018,564		149,334	1,176,750	97,424	(4,176,402)	(1,664)	-	3,264,006
Scholarship Funds	1,809,492		653,929	1,126,065	32,566	(1,079,461)	(1,258)	10,040	2,551,373
Scholarship Funds -	1,817,731		-	614	168,250	-	(2,157)	-	1,984,438
Invested
Total Scholarships	3,627,223		653,929	1,126,679	200,816	(1,079,461)	(3,415)	10,040	4,535,811
Funds
TotalRestrictedFund	9,645,787		803,263	2,303,429	298,239	(5,255,863)	(5,079)	10,040	7,799,817

26