2025-08-31-accounts - Downe House Foundation

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Downe House Foundation Annual report and financial statements for the year ended 31 August 2025 Registered Number: 9094389 Registered Charity Number: 1159259

Downe House Foundation

Annual report and financial statements for the year ended 31 August 2025

Contents	Pages	Pages
Trustees, Officers and Advisors		1
Report of the Trustees		2 - 5
Independent auditor report		6 - 8
Statement of financial activities, including the income and expenditure account		9
Balance sheet		10
Cash flow statement		11
Notes to the financial statements	12	16

Downe House Foundation

Trustees, Officers and Advisors

Trustees and Directors

The Trustees and Directors of the Company who were in office during the year and at the date of signing the financial statements, except as noted below, were:

Ms AF Hazlitt (resigned 14 April 2025) Mr NM Hornby (resigned 30 November 2024) Ms EJ Clarke Mrs SK McNair Scott (Chair) Mr WJF Landale (appointed 30 November 2024)

Registered office

Downe House School Downe House Hermitage Road Cold Ash Thatcham Berkshire RG18 9JJ

Independent Auditors

HaysMac LLP 10 Queen Street Place London EC4R 1AG

Solicitors

Farrer & Co London WC2A 3LH

Bankers

Lloyds Bank plc 5 Bridge Street Newbury Berkshire RG14 5BQ

Downe House Foundation

Report of the Trustees

The Trustees present their annual report and audited financial statements for the year ended 31 August 2025.

The information with respect to Trustees, Officers and Advisors set out on page 1 forms part of this report. The financial statements comply with and Reporting by Charities (FRS Second Edition).

The financial statements have been prepared in accordance with the special provisions relating to Companies subject to the small Companies

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and Administration

Downe House Foundation Foundation company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association dated 19 June 2014, company registered number 9094389 and charity registration number 1159259. The Foundation was incorporated on 19 June 2014 and registered in England. Downe House School is the sole member of Downe House Foundation. The Downe House Foundation is managed independently of the School and has a separate board of Trustees. The Financial results of the Foundation are included in the consolidated financial statements of Downe House School.

Induction and training of Trustees

All new Trustees undertake induction and training the content of which depends on the individual's knowledge of the Foundation and professional experience. Trustees are encouraged to attend appropriate seminars and training courses.

The Trustees, organisational structure and decision making

The Trustees meet at least 3 times per year and more regularly if required. Given the objectives of the Foundation a Sub Committee structure is not required. Trustee meetings consider all appropriate matters but are primarily focused on the fundraising activities of the Foundation.

The Trustees comprise all the directors of the company. The Trustees, all of whom served throughout the year to 31 August 2025, unless noted otherwise, are listed on page 1.

OBJECTIVES AND PRINCIPAL ACTIVITIES

Objects

The objects of the Foundation are to advance education by the provision of funding, assistance and support to Downe House School.

Aims and intended impact

The Foundation exists to provide support to Downe House School in furtherance of its objects.

Policy and objectives for the year

The main policies and objectives for the year are to raise funds for educational building projects at Downe House School.

Grant Making Policy

The Foundation will make donations to Downe House School for specific projects at the discretion of the Trustees.

Downe House Foundation

Report of the Trustees (continued)

Public Benefit

Having regard to the general guidance on Public Benefit from the Charity Commission, as set out in section 17 of the Charities Act 2011, the objectives of the Foundation include the furtherance of education by the provision of funding, assistance and support to Downe House School.

Fundraising

The principal source of funds consists of donations in support of the Downe House 10 Year vision which seeks to raise funds for capital projects.

Expenditure

All expenditure has been in support of the objects of the Foundation. The majority of costs associated with the fundraising activities of the Foundation are incurred by Downe House School. During the year the Foundation committed to a donation of £Nil (2024: £200,000) to Downe House School.

Investment Policy

In order to safeguard assets arising from donations the assets of the Foundation are held as cash balances. It is considered inappropriate to expose such assets to possible investment risks and losses.

FINANCIAL REVIEW

Achievements and Performance

Review of the year

The Foundation has received £372,000 (2024 £515,000) in donations. The net assets of the Foundation at 31 August 2025 were £1,162,000 (2024 £1,028,000). The Trustees consider that the level of net income is appropriate to the objectives of the Foundation.

Reserves Policy

As described in note 8, the Foundation net current assets. There are no free funds beyond the extent of these assets and commitments. The Trustees consider that the existing level of reserves is appropriate for the needs of the Foundation. This policy is reviewed at least annually.

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives.

Restricted funds are subject to specific conditions imposed by the donors.

Funds summary at 31 August (note 9):

Total funds £1,162,000 (2024 £1,028,000) Restricted funds £802,000 (2024 £798,000) Unrestricted £360,000 (2024 £230,000)

Downe House Foundation

Report of the Trustees (continued)

Risk Assessment

In the light of the Corporate Governance guidance contained within the Statement of Recommended Second Edition), the Trustees have examined the major risks faced by the Foundation. A system of controls has been put in place to monitor and mitigate, where possible, the major risks identified and their impact on the Foundation. Risks are identified and assessed and controls are established throughout the year. A formal review of the risk management process is undertaken on an annual basis. The following key risk areas are considered:

Governance & Management. Potential missed fundraising opportunities. Appropriate due diligence regarding acceptance of donations.

Governance & Management.

The day-to-day management of the Foundation is delegated to the Headmistress, the Development Director, and Director of Finance and Operations of Downe House School. The Trustees meet at least 3 times per year and more regularly if required. Trustee meetings consider all appropriate matters but are primarily focused on the fundraising activities of the Foundation.

Donation sources

It is anticipated that the primary source of donations will be parents or past parents of the pupils of Downe House School and alumnae, although fundraising activities include all areas of potential donations that can be identified.

PLANS FOR FUTURE YEARS

The Foundation intends to continue to raise funds in furtherance of its objects.

RESPONSIBILITIES

The Trustees (who are also directors of Downe House Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Downe House Foundation

Report of the Trustees (continued)

(continued)

The Trustees are responsible for keeping adequate accounting records that are sufficient to show time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The T Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement on disclosure of information to the auditors

So far as the Trustees are aware:

and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Independent Auditors

The auditors, HaysMac LLP, have indicated their willingness to continue in office and a resolution concerning their appointment will be proposed at the Annual General Meeting.

Report of the Trustees signed on behalf of the Board of Trustees on 4 December 2025.

SK McNair Scott Trustee

Downe House Foundation

Independent auditor s report to the members of Downe House Foundation

Opinion

We have audited the financial statements of Downe House Foundation for the year ended 31 August 2025 which comprise Statement of financial activities including the income and expenditure account, the Balance sheet, the Cash Flow Statement and notes to the financial statements, including a summary of 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:

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 Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 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 con 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 charitable company'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 Report of the Trustees. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Downe House Foundation

Independent auditor s report to the members of Downe House Foundation (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees (which includes the direc for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
Report of the Trustees have been prepared in
accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the charitable company; or
the charitable company 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; or
the trustees were not entitled to prepare the financial statements in accordance with the small

Responsibilities of trustees for the financial statements

statement set out on pages 4 and 5, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 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 charitable concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Downe House Foundation

Independent auditor bd s report to the members of Downe House Foundation (continued)

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Charity Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journals to income. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
E
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
Challenging assumptions and judgements made by management in their accounting estimates

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tracy Young (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor

10 Queen Street Place London EC4R 1AG

Downe House Foundation

Statement of financial activities including the income and expenditure account for the year ended 31 August 2025

		Unrestricted	Restricted	Total	Total
		funds	funds	2025	2024
	Notes
Donations and legacies	2	113	259	372	515
Investment income		21	-	21	-
Total income and endowments		134	259	393	515
Expenditure on charitable activities	3	(4)	(255)	(259)	(4)
Total expenditure		(4)	(255)	(259)	(4)
Net income before transfers	4	130	4	134	511
Transfers between funds		-	-	-	-
Net movement in funds		130	4	134	511
Total funds brought forward		230	798	1,028	517
Total funds carried forward		360	802	1,162	1,028

All amounts derive from continuing activities. All gains and losses recognised in the year are included in the statement of financial activities including the income and expenditure account.

There is no material difference between the net movement in funds for the year above and their historical cost equivalents.

Downe House Foundation

Balance Sheet as at 31 August 2025

		2025	2024
	Notes
Current assets
Debtors	6	35	33
Cash at bank and in hand		1,132	999
		1,167	1,032
Creditors:amounts falling due within one year	7	(5)	(4)
Net current assets		1,162	1,028
Net assets		1,162	1,028
Represented by:
Restricted funds	9	802	798
Unrestricted funds:
General funds	9	360	230
Total funds		1,162	1,028

The financial statements have been prepared in accordance with the special provisions relating to

The financial statements on pages 9 to 16 were approved by the Trustees on 4 December 2025 and signed on their behalf by:

SK McNair Scott Trustee

Downe House Foundation

Cash flow statement for the year ended 31 August 2025

	2025	2024
Net movement in funds	134	511
Investment income	(21)	-
Increase in Debtors	(2)	(33)
Increase in Creditors	1	-
Net cash inflow from operatingactivities	112	478
Investment income	21	-
Net cash inflow from investingactivities	21	-
Increase in cash in the year	133	478
Cash and cash equivalents at start ofyear	999	521
Cash and cash equivalents at end ofyear	1,132	999
Represented by:
Cash at bank in hand	1,132	999

Downe House Foundation

Notes to the financial statements for the year ended 31 August 2025

1. Principal accounting policies

Downe House Foundation (The Foundation) is a charitable company limited by guarantee and a UK registered charity governed by its Memorandum and Articles of Association company registered number 9094389 and charity registration number 1159259. The Foundation is a public benefit entity. The address of its registered office is Downe House School, Cold Ash, Thatcham, Berkshire, RG18 9JJ.

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom including Financial Reporting Standard 102 (FRS 102), Companies Act 2006 and the Charities Act 2011. In preparing the financial statements the Foundation has followed best practice as set out in the Statement of Recommended Practice Second Edition). The financial statements have been prepared in accordance with the special provisions relating to Companies subject to A summary of the more important accounting policies of the Foundation, which have been applied consistently, is set out below.

Basis of accounting

The financial statements have been prepared on a going concern and accruals basis under the historical cost convention. The functional and presentational currency is £ sterling. The Directors consider it appropriate to adopt the going concern basis and have not identified any material uncertainties in the year of at least 12 months from the date of approval of the financial statements. After making enquiries the Directors have a reasonable expectation that the Foundation has adequate resources to continue in operation for the foreseeable future.

The exemption under s1.12 of FRS 102 has been taken not to disclose full details of the Foundation s financial instruments as these details are included within the consolidated financial statements of Downe House School.

Donations

All donations are shown in the statement of financial activities under incoming resources and are accounted for on a receivable basis when receipt is considered by the Directors to be probable.

Irrecoverable VAT

Any irrecoverable VAT is charged to the statement of financial activities or capitalised as part of the cost of the related asset, where appropriate.

Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.

Governance costs comprise the costs of complying with constitutional and statutory requirements such as the costs of Board and Committee meetings, external audit and any legal advice for the Trustees.

Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events and the payment is considered probable.

Downe House Foundation

Notes to the financial statements for the year ended 31 August 2025 (continued)

1. Principal accounting policies (continued)

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives. Restricted funds are funds subject to specific conditions imposed by the donors.

Critical estimates or judgements

Estimates and judgements are continually evaluated and are based on historical experience and other relevant factors including expectations of future events that are believed to be reasonable in the circumstances. The Directors do not believe that any critical judgements have been made in preparation of the financial statements.

2. Donations and Legacies

	2025	2024
	000
Donations	372	515
Total donations and legacies	372	515

3. Analysis of total expenditure

3. Analysis of total expenditure
	Staff			Total
	costs	Depreciation	Other	2025
Expenditure on charitable activities
Governance costs			4	4
Grants to Downe House School	-	-	255	255
Total expenditure	-	-	259	259
	Staff			Total
Expenditure on charitable activities	costs	Depreciation	Other	2024
Governance costs	-	-	4	4
Total expenditure	-	-	4	4
4. Net income before transfers
			2025	2024
Net income before transfers is stated after charging:
Auditors' remuneration
- for audit services,includingvat			5	4

The average number of employees in the year, calculated on a full time equivalent basis, was Nil (2024 Nil).

Downe House Foundation

Notes to the financial statements for the year ended 31 August 2025 (continued)

5. Taxation

The Foundation was a registered charity throughout the year and, as such, was not liable to corporation tax on the surplus of income over expenditure for the year.

The Foundation is not registered for VAT and accordingly, all its expenditure is recorded inclusive of any VAT incurred.

6. Debtors

	2025	2024
Amounts owed by groupundertakings	35	33
	35	33

7. Creditors: amounts falling due within one year

	2025	2024
Accruals and deferred income	5	4
	5	4

8. Analysis of net assets between funds

The net assets are held for the various funds as follows:

	Net current	2025	2024
	assets	Total	Total
Restricted funds	802	802	798
Unrestricted funds	360	360	230
	1,162	1,162	1,028

Downe House Foundation

Notes to the financial statements for the year ended 31 August 2025 (continued)

9. Funds

						Total
	Total at 1					at 31
	September				Investment	August
	2024	Income	Expenditure	Transfers	gains	2025
Restricted funds
Restricted fund	798	259	(255)	-	-	802
Unrestricted funds
General funds	230	134	(4)	-	-	360

Total funds	1,028	393	(259)	-	-	1,162
	Total					Total
	at 1					at 31
	September				Investment	August
	2023	Income	Expenditure	Transfers	gains	2024
Restricted funds
Restricted fund	321	481	(4)	-	-	798
Unrestricted funds
General funds	196	34	-	-	-	230

Total funds	517	515	(4)	-	-	1,028

Restricted funds are for specific educational building projects at Downe House School.

10. Trustees

The Trustees do not receive any remuneration. Expenses reimbursed for travelling undertaken on behalf of the Foundation amounted to £Nil (2024 £Nil). No other key management personnel are employed by the Foundation.

11. Capital

The Foundation is a company limited by guarantee. Each member has undertaken to contribute £1 to the assets of the company to meet its liabilities if called on to do so. The total amount guaranteed by members at 31 August 2025 was £4 (2024 £4).

12. Related party transactions

Trustees donated a total of £5,073 (2024 £300) to the Foundation during the year. Downe House Foundation donated £255,000 (2024 £Nil) to Downe House School during the year.

13. Ultimate parent company and controlling party

The directors regard Downe House School, a company limited by guarantee and registered in House School is the largest and smallest group of which the company is a member and for which group consolidated financial statements are prepared. The financial statements of Downe House page 1.

Downe House Foundation

Notes to the financial statements for the year ended 31 August 2025 (continued)

14. Comparative Statement of Financial activities for the year ended 31 August 2024

	Unrestricted	Restricted	Total
	funds	funds	2024
Donations and legacies	34	481	515
Total income	34	481	515
Expenditure on charitable activities	-	(4)	(4)
Total expenditure	-	(4)	(4)
Net income before transfers	34	477	511
Transfers between funds	-	-	-
Net movement in funds	34	477	511
Total funds brought forward	196	321	517
Total funds caried forward	230	798	1,028