Company registration number.. 11751009
Charity regIStrat￿n number.. 1184700
Downside School
IA company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 January 2021
*ABHf8G35*
2W11n022
COMPANIES HOUSE
#199
A16

Downside School
Contents
Reference and Administrative Details
Ito2
Governors, Report
3to9
Strategic Report
IOto15
Statement of Governors, Responsibilities
16
Independent Auditors, Report
17to21
Statement of Financial Activities
22to23
Balance Sheet
24
Statement of Cash Flows
25to26
Notes to the Financial Statements
'27to46

Downside School
Reference and Adminlstratlve Detalls
Govemors lalso members)
M F T Bernard (Chair from 29 April 2022) S#
J M Ludlow (Deputy chairl S#+
Very Rev Dom N P Wets #
C M Hughes O.B.E #
H A H Dickinson #
ACMartinS
TJ Wilcox If
ACGGriffinS
J M TOBilvy-Siuart #
A 8arrett #
R Jenkins S
A Lynch #
A J F Aylward (Resigned l April 20201
Dr R G G Mercer (Resigned 31 March 20221
J A Scott-Gatty (Resigned l April 20221
S Member of general.finance and resources committee
# Member of education committee
+ Responsibility for health and Safety
Responsibility for safeguardin8
Page I

Downside Sthool
Reference and Administrative Details
Clerk to the Governors
V Locke lappointed 6 November 20201
A Maddalena (resigned l December 20201
11847iX>
Charity Registration Number
Company Registration Number
11751(M]9
Re8lstered Office
Stratton-on-the-Fosse
Radstock
Somerset
BA3 4FU
Head
A Hobbs
Auditors
Crowe U.K. LLP
4th Floor. St. Jarnes, House
St. James, Square
Cheltenham
G150 3PR
Bankers .
Barclays Bank PLC
4 Queen Street
Bath
BAI IHE
Solicitors:
Stone King
13 Queens Square
Bath
BAI 2HJ
Page 2

Downside School
Governors. Report
The Governors of Downside School. who are also the Directors of the school for the
purposes of the Companies Act and Trustees for the purposes of the Charities Act (but
herein after are refered to as Governors). present their annual report and the audited
financial statements for the year ended 31 January 2021. The annual report serves the
purpose of both a Trustees Report and a Directors Report under company law. The financial
statements comply with the Charities Act 2011. the Charities Statement of Recommended
Practice Isecond edition) and the Financial Reporting Standard applicable in the United
Kingdom and the Republic of Ireland {FRS 102).
Reference and Administrative Details
Downside School separated from Downside Abbey General Trust which owned and ran
Downside School on 11 September 2019 and formed its own Company limited by 8uarantee.
registered number 11751009. The School is also a Charity. registered number 1184700. The
Governors. executive officers and principal addyess of Downside School are listed on pa8e I
tO8ether with the particulars of the Charitys professional advisors.
Strurture, governante and management
Noture of governing do¢ument
The Charity is governed by its Memorandum and Articles of Association as amended on.2.2
July 2019.
The Governors who held office durin8 the period are shown on page l. The structtjre of the
Charity consists of one Governing Body of not more than twelve Governors for Downside
School.
Pa8e 3

Downside School
Governor5. Report
Recruitment ond appointment OA Governor5
The Board of Governors shall include the Abbot of Downside Abbey lor an individual
appointed by the Abbot), one Governor appointed by the Bishop of the Roman Catholic
diocese in which any school operated by the Charity is located and a minimum of six other
Governors. The total number of Governors shall not exceed twelve.
New Governors are appointed by ordinary resolution of the Governors and eligibility is
subject to personal competence. specialist skills and availability. New Governors are
inducted into the working of the Charity and the management of the school, including its
policies and procedures. at training meetings organised for them by the Chaiman. the Head
and the Clerk to the Governors. Governors. training needs are assessed on an individual.
.basis and training 15 given a5 appropriate. Recent training included attending an in-house
session on Child Protection and Safeguardin& All Governors are required to and have
undertaken a Safe8uardin8 on line training course supplied by Educare. Regular guidance
notes and information from AG815 is received by the Clerk and forwarded to all Governors.
Senior personnel are recruited on the basis of national advertisement and selection by
Governors and other senior personnel. The Governors. Finance and Resources Committee
consider5 the remuneration of senior personnel where appropriate at their summer term
meeting. Consideration is given lo benchmarkin& in particular the A550ciation of Governing
Bodies if Independent Schools {AG8151 Survey on Heads and Bursars Remuneration, market
information and tirne in their position. Governors will also consider perfomance against
objectives.
Organi5ationol Structure
The Governors are legally responsible for the overall management and control of Downside
School and meet, either in person or virtually. at least three times a year. There are two
sub-committee5: during the year to 31 January 2021- the Education Committee was chaired
by Catherine Hughes and the General Finance and Resources Committee wa5 chaired by
James Scott-Gatty. Both committees meet regularly to consider their specific issues prior to
presenting their recommendations or proposals to the full Board. The General Finance and
. Resources Committee is responsible for considering 8usiness Risk throughout the. year and
reporting on this issue to the full Board during the summer term. The members of each
sub-committee are listed on pa8e l. In addition. there are two Governors with specific
responsibilities for Health and Safety and Safeguarding. During the year to 31 January 2021
these were John Ludlow and Terri Wilcox respectively.
The day to day running of the School is delegated to the Head. supported in this by the
Senior Leadership Team of the School. This comprises the Director of Operations. the
Director of Finance and the Deputy Head. Relevant members of the Leadership Team attend
the Governors. sub-committee and full Board meetings.
Page 4

Downside khool
Governors, Rewt
Governors. indemnities
As permitted by the Articles of Association. the Governors have the benefit of an indemnity
which is a qualifyin8 third-party indemnity provision as defined by Section 234 of the
Companies Att 2006. The indemnity was in force throughout the financial period and
remains in force in the current year. The Company also purchased and maintained
throughout the financial period Governors, and Officers. liability insurance in respect of
itself and its Governors.
Mojor risks and management of those risks
The major risks to which the School is exposed. as identified by the Governors, have been
reviewed and systems have been established to mitigate those risks.
The following are the principal risks and uncertainties facing the school:
• linpa¢t on reputation of event, fraud, accident, media coverage etc..
Maintenance in pupil numbef5 afferting liquidity and cash flows-
• Maintenance of effective senior leadership.
The followin8 is a summary of the School's plans and strategies for managing those risk5-
• Compliance with re8ulatory requirement5,' ongoing self-evaluation of teachin8, curriculum
etc.. SWOT analysi5- regular review of Disaster Recovery Plan: compliance with Child
Protection policies and procedure5: Governor oversight..
Regular Governor self-evaluation: regular Governor training: regular Governor and
sub-committee Meetings,.
The school operates an effective marketing Strate￿ to maintainlincrease pupil numbers.
Group structure and relationships
Downside School actively supports the attainment of the highest standard5 in the
Independent Schools sector. To thi5 end. it artively networks with other leading schools and
participates in peer group studies for ihe evaluation of quality and performance
improvement methods. The School also cooperates with many local charities in an ongoing
endeavours to widen public access to the schooling that it can provide. to optimise the
educational use of its cultural and sporting facilities and to awaken in its pupils, in the public
interest. an awareness of the social context of the all-round education they receive at the
School. Downside School also benefits from the 8enefOSity of past pupils through the St.
Gregory's Society and from parents andothers through the Downside Association.
Page S

D￿￿nSIde School
Govemors, Report
The Chartty has a wholly owned non-charitable 5ubsidi3ry, Downside School Enterprises
Limited. which principally operates a school shop and also generates income for the School
through the lettin8 of its facilities during school holidays.
The School maintains a close relationship with Downside Abbey General Trust with whom
they share part of the site and some of the site's facilities and resources. The legal
governance arrangements between the School and Downside Abbey General Trust include
appropriate robust provisions for pupil safeguarding.
Objects, aims, objertives and artivities
cl￿rItable objert5
The School's charitable objerts are-
l. To advance Roman Catholic education in the Benedictine tradition and the Roman
Catholic faith in particular. but without prejudice to the 8enerality of the foregoin& by
runnin8 a school known as Downside School:
2. To advance education by providing facilities for the education and training of chlldren and
young people provided that such provision shall be ancillary or incidental only to the
running of a school know as Downside School in accordance with the above.
3. To support the work of the Downside Abbey General Trust.
Public benefit aims and intended import
The Trustees have regord to the Charity Commission's guidance on public benefit. To
achieve these objects. the public benefrt aim is to provide a Catholic and Benedictine
education focused on the formation of young people to enable them to reali5e their
potential as contributors to society. Downside focuses on academic excellence and aims to
develop the character of its pupils, emphasising the importance of moral courage, integrity
and service to others.
The School also fosters the hiEhe5t standards in sport, both in performance and
sportsmanship, and in the arts has a tradition of inspired theatrical productions. The school
endeavours. in addition, to give children an appreciation of 'the poetry of life,, a sense of its
beauty, form. mystery and joy.
The School contributes to the Camino Partnership of Catholic Schools in the southern part of '
the Diocese of Clifton to prornote Catholic education."The partnership provides a network of
support to fellow schools and 5hare5 expertise from Chaplaincy and the teaching of religious
studies to Heads and Governors of schools. The partnership involves both primary and
secondary schools from the maintained and independent sector.
Page 6

Downside School
Governors, Report
The School regularly hosts events for local primary schools. including modern language days.
choral singing day5, 5POrting event5 and 'Race for the Line. events. Pupi15 and staff support
the learning of Spanish in a local primary school.
Pupils participate in a number of Community service activities. including a soup run in Bath
and visiting local home5 for the elderly. primary schools and other social institutions. They
also raise funds for a number of different charitable organisations. including Mary's Meals.
and CAFOD. Pupils take part in an annual overnight sleep out in 5UPPQrt of charitie5
supporting the homeless.
The School has implemented a number of environmentally conscious waste disposal and
recycling schemes, reflecting its commitment to green issues and to encourage a socially
conscious Outlook amongst its pupil body.
The School's outreach work has included its specialistsports staff coaching. refereeing and
umpiring at a number of Prep Schools and also workin8 Wlth local primary schools.
The khool has forged a strong relationship with Bath Rugby, and on occaslons hosts the
Bath Development Player Prograrnme where the School regularly hosts 40-50 boys at under
aged 14 and below.
Downside is the satellite coaching hub for Somerset Cricket Board in the North of the
ounty, seeing hundreds of talented players Igif Is and boys) visit Downside for training. We
also host County Age Group fixtures at junior level.
Objertives for the year
The Charity's objertive5 for the year were to continue to embed the educational offering
which commenced in September 2019. The separation from Downside Abbey General Trust
required new strurture5 to be implemented and facilities resourced.
The new vision statement is 't)ownside's vision. as a Catholic and Benedictine school with
Christ at its centre. is to be a bright light in education and to inspire service in our world.
The School a150 reviewed and amended its mission"statement to read:
'We will renew and strengthen our root5 as a Catholic community, building relationships
internationally, to become a school. which serves our world through its formation and
education of young people, with the resources to meet our charitable objectives
sustainably.
Under this mission statement lie four key principle5 that seek to cover all areas of school
life..
Page 7

Downside School
Governors. Report
We see it as our purpose to awaken and nurture a lifelon8 commitment to learning and
growing Iconversatio morum - Rljle of St. Benedictl..
The relationship between the family and the sch(￿1 is one of dedicated and accountable
partners-
We challenge the transactional and utilit3rian view of education-
Specific and mea5ur3ble outcomes need to be used as important indicators of how well
the partnership is working.
The guiding policy for our principles is the parable of the talents which will be our model for
gauging performance and the parables of the lost sheep and the prodigal son will provide
our pattern for pastoral care.
The key strategies are..
We will invest in building a strong faith based culture that challenges our pupils to make
their unique contribution. with the help of all in the Downside community-
We will establish a programme of staff retreats to underpin the Catholic and Benedictine
culture of the School,.
We will embed the Relationship and Sex Education {RSEI programme 50 that respect will
be at the heart of every relationship in our community-
We will value and celebrate pupil engagement and achievemefit, recognising the unique
contribution of each individual in accordance with their talents:
Working with the wider Downside Community. we will establish a funding stream which
provides one fully 5ubsidised place for an academic scholai in each year group by 2026:
We will ensure that the School is successfully funded to continue rts work.
Prlndpal activltie5 for the year
The School had no fundraising activities requiring disclosure under 5162A of the Charities
Act.
Page 8

Downside Sthool
Governors. Report
Fee remission policy
During the year the value of scholarships, grants. prizes and bursaries made to the School's
pupils out of unrestricted funds totalled £2,791.485 12020 - £908,218). Of this, £502,662
12020- £296.4031 being 5.1% of fee income.12020- 7.3%) was awarded in Scholarships and
£2,288,823 {2020 - £611.8151 being 23.3% of fee income 12020 - 15.0%). in bursaries and
discounts.
All bursarie5 are means-tested according to the school'5 poliry and criteria. The remainder
of the funds cover fees to overseas and British Agents, standardised discounts to members
of the armed forces, members of staff and siblings of current pupils. The School does not
benefit from any endowments to fund scholarships. The policy of the Governors is to make
awards on the basis of the individual's educational, musical. artistic or sporting potential, or
to relieve hardship where the pupil's education and further prospects would otherwise be at
risk. Details of such award5 for fee-assistance. to8ether with the terms and conditions for
each kind of award, are available from the Bursary.
Details of the Reserves Policy. plans for future periods and financial risk management are
included within the Strategic Report.
Disclosure of Information to auditor
Each Governor has taken steps that they ought to have taken as a Governor in order to
make themselves aware of any relevant audit information and to establish that the charity's
auditor is aware of that information. The Governors confirm that there is no relevant
information that they know of and of which they knowthe audttor is unaware.
The annual report was approved by the Governors of the charity on 2511112022 and signed
on its behalf bv-
M F T Bernard
Governor
Page 9

Downside Sthool
Strategic Report for the Year Ended 31 January 2021
Achievements and performance
The School had no fundraising activities requiring disc105ure under $162A of the Charities
Art.
Whole school
The arrival of the Coronavirus during this year treated an unprecedented challenge for the
School bringing a premature ending to the Lent term as the country went into lockdown.
Thi5 required the education to move online and to reimagine how to maintain the broader
life beyond the curriculum. As a Catholic and Benedictine school, the spiritual life of the
community is fundamental to its culture and although pupils and staff were not together in
person, School and House assemblies, hymn practices and lectio divina continued and
provided confidence and stability. The School'5 Online provision was extremely well received
by pupils and parents.
Despite the thallenge of online and blended learning, the pupils of all abilities continued to
achieve extremely well academically. with considerable achievement above baseline for all
and excellenl performance by the most able. The Centre Assessed Grades in both A level
154.1 % A'IA and 81.2% A'_B} and GCSE155.9% 9-7 and 88.3% 9-51 in the Summer of 2020
showed that Downside pupi15 Once again perforrned exceptionally.
Music and drama are an essential aspect of building confidence and provide pupils with a
superb opportunity to work collaboratively. The School musital for the year 'Our House. was
a highlight in the Lent term in February. Many pupils have LAMDA lesson5 for speech and
drama.
Music is a central aspect of school life. There are three Chamber Choirs at Downside= a boys.
choir. a girls. choir and a mixed choir. They specialise in a cappella performances, sacred and
secular. and rehearse weekly. Membership is by invitation. The Chamber Choirs sing Mass
on some Sundays and are much in demand for concerts. When the pupils were absent from
school during lockdown there were online collaborations and recording5.
Orchestral. band and chamber music also flourish at Downside. with frequent concerts and
weekly recitals. The Combined Cadet Forde ICCFI and Pipe Bands are also in demand. The
CCF band plays for the annual CCF inspection. and accompanies the Remembrance Day
service. Both bands regularly perform at School concerts and parades. as well as at private
functions. We also have Jazz. Rock and Concert Bands. a Saxophone Group and a Drum Line,
amongst others. The CCF band has led the Remembrance Parade in Bath for a number of
years and the Pipe Band plays annually at.the Stratton-on-the-Fosse Village Day in
September. As Wlth singing the orchestral and band music was limited by the restrictions
caused by the pandemic.
Pège 10

Downside Sthool
Strateglc Report for the Year Ended 31 January 2021
In Art. pupils are encouraged to explore as many styles and media as Possible. With an
Artist-in-Residence. and regular visits to exhibitions. galleries and museums, pupils are
provided with lots of inspiration. In Desi8n and Technology pupils combine practical and
technological skills with creative thinking to design and rnake products and system5 that
rneet hurnan needs. They learn to use current technologies and consider the impact of
future technological developments. They learn to think creatively and intervene to improve
the quality of life, solving problems as individuals and members of a team.
Through Downside's Combined Cadet Force. pupils throughout the School are able to take
part in a broad range of challengin& exciting and adventurous activities. All Third Form
laged 13+1 pupils are able to experience the full range of CCF activity during the academic
year. Ai the end of the Third Form. pupils can elect to move onto the Royal Navy. of Armv.
section in their senior years at Downside. One full afternoon per week is allocated to CCF
adivity, with additional camps, expeditions and training sessions scheduled throughout the
year. Obviously expedition5 were curtailed by the lockdown.
A vast range of sporting opportunities are available to pupils and the philosophy held by
pupils and staff is to adopt a positive mental attitude and develop an exceptional work
ethic. We promote fitness and enjoyment, and aim to develop each pupil's personal best.
Pupils are offered a wide range of options including rugby. hockey. football. netball, cross
country, cricket. tennis and athletics. Teams are fielded for all age groups. The School
maintained an online sports programme during lockdown. providing for all pupils. There was
also a comprehensive and detailed programme for sports scholars and those in elite
pathways.
Page 11

Downside Sthool
Strategic Report for the Year Ended 31 January 2021
Flnancial review
The Charity commenced trading on 11 September 2019. The income for the year ended 31
January 2021 arises from 12 months of trading as a School. following a trading period of
approximately 5 months to 31 January 2020. and was £8,866,11912020 - £3.656.1671 with
the fee income being £7.225,08412020- £3,322,818). Expenditure amounted to £9,058,046
12020 - £4.137.0271. reflecting the first full year of tradin8. The principal funding source for
the period was fee income wthich 5UPPOrted the key objectives of the School in providing
education to pupils.
The worldwide Coronavirus pandemic ICOVID-191 experienced in 2020 necessitated the
closure of the School on 20 March 2020. The 5urnmer term 2020 was conducted via remote
learning in line with the Government advice. Fees were charged at a reduced rate to
recognise the alternative offer. The financial impact on the School was si8nificant with 3 loss
of fee income alone of £l,010.000. An additional impact on the anticipated income occurred
due to the1055 Of Summer School and other lettings income. The Governors re¢ognised this
significant impact. taking this into account in the Sthool's financial management.
Expenditure on charitable activities was lower than anticipated. This was due to the closure
of the School which resulted in savings in variable costs and consumables. Staff costs were
also significantly reduced due to Government employee furlou8h financial support. The
Governors have reco8nised the need for cost control in order to ensuure the School's
continuin8 financial viability.
Bonk loans
The Charity has taken over a.loan originally taken out by Downside Abbey General Trust.
amounting to £2,572.124 and outstandin8 at 31 January 2021. and is responsible for capital
repayment and interest costs.
Government support
The Government implemented a number of business support schemes of which a number
were available to schools. During the period. the School received a Government Grant in
respect of the Coronavirus Job Retention Scherne ICJRSI for.the period from March to
August 2020 whilst the School was closed.
Page 12

Downside School
Strategic Report for the Year Ended 31 January 2021
Reserve5 policy
The Charity commenced trading on 11 September 2019 with nil reserves. During its first
trading period to 31 January 2021 it made a 1055 and therefore there are negative reserves
at the start of this period. The Charity's assets are sufficient to meet its obligations, however
income for the period wa5 imparted by COVID-19 and had a significant effect on working
capital. At the end of the period131 January 20211. there were no restricted funds and no
material amounts designated or otherwise committed. The reserves policy now and in the
future is to build up resources by means of annual operating surpluses whilst continuing to
invest in resources for current and future pupils.
Investment policy and objertives
The School has a beneficial interest in shares in the Bank of New York at a value of £145,656
at 31 January 2021 {2020- £153.6131- These are 23% ofthe shares held by Downside Abbev
General Trust and remain in the name of the Trust. The percentage transferred to the
school's ownership is stated in the legal Separation Agreement between the Trust and the
School. The School also has a beneficial interst in shares in Telecom Plus PLC to the value of
£78.240 a5 31 January 202112020 - £90.7201. These are also held in the name of Downside
Abbey General Trust and stated as transferred to the School under the term5 Qf the
Separation Agreement.
Principal rlsks and uncertainties
The Governors are responsible foT the rnan3Eement of the risks faced by the Charity.
Detailed considerations of the risks are delegated to the General Finance and Resources
Committee, which is assisted by the Head and the Director of Finance. Risks are identified.
assessed and controls are established throughout the year. A forrnal review of the Charity's
"Risk Management process 15 undertaken on an annual basis. The key controls used by the
Charity include
Formal agendas for all Committee and Board activities-
Detailed terms of reference for all Committees:
Comprehensive strate8ic plannin& budgetingand management atcountin&
Established organisational structure and lines of reportin&
Formal written policies:
Clear authorisation and approved levels,- and
Vetting procedures as required by law for the protectlon of the vulnerable.
Through the risk management process established for the Charity. the Governors are
satisfied that major risks are identified and appropriately mitigated where necessary.
Principal risks are identified as being:
Page 13

Dthvnside School
Strategic Report for the Year Ended 31 January 2021
Maintaining pupil numbers: and
The bank withdrawing its loan facility.
It is recognised that systems can only provide reasonable but not absolute assurance that
major risks have been adequately managed.
Financial risk management
The CharitVs operations expose it to a variety of financial risks that include the effects of
changes in credit risk, liquidity risk and interest rate risk. The School is exposed to credit risk
as its main customers are the parents of pupils. The School is active in discussing payment
terms with parents and agreeing payment plans where required. The School 15 exposed to
liquidity risk but minimises the exposure by artively monitoring its monthly cash flow.
Similarly, the School is also exposed to a rise in interest rates which it minimises by ensuring
a reasonable contin8ency amount within the appropriate budget heading. In addition, the
Charity has in place a risk management programme that seeks to limit the adverse effett on
the financial performance of the Charity. The School has some boarding pupils from
European countries and this market may be affected by the recent exit from the European
Union.
Going concern
The School has prepared detailed forecasts through to"August 2024 which reflect the
School's strategy to generate surpluses and positive cash flows. The Governors and
Downside Abbey General Trust have also agreed to repurpose the latter's financial support
amounting to £4m, under the School'5 Seperation Agreement with it, è5 set out in nate 22.
This is to ensure that the School has sufficient financial resources to meet its operational
needs and to ensure repayment of the bank loan whihc it has taken over from Downside
Abbey General Trust.
The School is currentty facing new cost of living and inflation related pressures, which are
anticipated to. have an impact and have been factored in to its financial forecasts and
planning. Notwithstanding these pressures. the School is forecasting surpluses and positive
cash flows and as such the Governors are of the opinion that the accounts should be
prepared on a going concern basis.
Plans for future periods
The School is continuing to formulate strong and robust strategic targets that focus on key
areas including academic, pastoral. marketing and admissions. business development and
community outreach. The key strategies are outlined under the objective5 for the year.
These are being developed and acted on and will be reviewed and revised in the light of the
second year of trading.
Page 14

Downside School
Strategic Report for the Year Ended 31 January 2021
The strate8ic report was approved by the Governors of the charity on 2511112022 and
signed on its behalf bv:
M F T Bernard
Governor
Page 15

O(wnside S¢hool
Statement of Govemors, Responsibilities
The Governors (who are also the directors of Downside School for the purposes of company
lawl are responsible for preparing the Governors. report and the financial statements in
accordance with the Untted Kin8dom Accounting Standards (United Kingdom Generally
Accepted Accounting Prarticel and applicable law and re8ulation5.
Company law requires the Governors to prepare financial statements for each financial year.
Under company law the Governors must not approve the financial statements unless thev
are satisfied that they give a true and fair view of the state of affairs of the charitable
company and of its incoming resource5 and application of resourtes, including its income
and expenditure, for that per•od. In preparing these financial statements. the Governors are
required to-
• select suitable accounting policies and apply them consistently:
observe the methods and principles in the Charities SORP.
make judgements and estimates that are reasonable and prudent-
state whether applicable UK Accounting Standards have been followed, subjert to anv
material departures disclosed and explained in the financial statements- and
prepare the financial statements on the going contern basis unless It is inappropriate to
presume that the charitable company will continue in business.
The Governors are responsible for keeping adequate accounting records that are suffi'cient
to show and explain the charitable company's Iransactions and disclose with reasonable
accuracy at any lime 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 detertion of fraud and other irregularities.
Approved by the Governors of the charity on 2511V2022 and signed on its behalf bv-
M F T Bernard
Governor
Page 16

Downside S¢h¢)ol
Independent Auditor's Report to the Members of Downside School
Opinion
We have audited the financial statements of Downside School (the 'charity'l for the year
ended 31 January 2021, which comprise the Statement of Financial Activities, Balance Sheet.
Statement of Cash Flows. and Notes to the Financial Statements, including a 5urnmary of
significant accounting policies. The financial reporting framework that has been applied in
their preparation is United Kingdom Accounting Standards. comprising Charities SORP - FRS
102 'The Financial Reporting Standard applitable in the UK and Republic of Ireland, and
applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial 5tatements=
give a true and fair view of the state of the charity's affair5 35 at 31 January 2021 and of
its incoming resources and application of resoufces, including its income and
expenditure. 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 wtth International Standards on Auditing IUKI IISAS
IUKII and applicable law. Our responsibilities under those Standards are further described in
the auditor responsibilities for the audit of the financial statements section of our report.
We are independent of the charity in accordonce with the ethical requirements that are
relevant to our audit of the financial statements in the UK. including the FRC'S Ethical
Standard. and the provisions available for small entities. in the circumstances set out in note
to the financial statements. and we have fulfilled our other ethical responsibilities i
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 ￿nCern
We have nothing to report in respect of the following matter5 in relation to which the ISAS
IUKI require us to report to you where..
the Governors use of the going concern basis of accounting in the preparation of the
financial statements is not appropriate- or
the Governors have not disclosed in the financial statements any identified material
uncertainties that may cast significant doubt about the charit¢5 ability to continue to
adopt the going concern basis of accounting for a period of at least twelve month5 from
the date when the financial statements are authorised for issue.
Page 17

Downside School
Independent Audltor's Report to the Members of Downslde School
Other infomiatlon
The Governors are responsible for the other infomiation. The other information comprises
the information included in the annual report. other than the financial statements and our
auditorfs report thereon. Our opinion on the financial statements does not cover the other
information and, except to the extent othe￿1$e 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 50. consider whether the other information is materially
incon5iStent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially mi55tated. 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 re83rd.
Optnion on other rnatters prescribed by the Companies Art 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Strategic Report and Governors. Report for the financial year
for which the.financial statements are prepared is consistent with the financial
statements,. and
the Strategic Report and Govemors. Report have been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained
in'the course of the audit, we have not identified material misstatement5 in the Strate8lC
Report and the Governors, Report.
We have nothing to report in respect of the following Ynatters where the Companies Att
2006 requires us to report to you if. in our opinion:
adequate accounting records have not been kept. or returns adequate for our audit have
not been received from branches not visited by us- or
the financial statements are not in agreement with the accounting records and returns:
or
ertain disclosures of Governors. remuneration specified by law are not made- or
• we have not received all the information and explanations we require for our audit.
Page 18

Downside School
Independent Auditor's Report to the Mernbers of Downside School
Responsibilitie5 of Governors
As explained more fully in the Statement of Governors. Responsibilities (set out on page 161.
the Governors 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 Governors
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 Governors are responsible for assessing the
charity's ability to continue as a going toncern, disclosing, as applicable, matter5 related to
going concern and usinE the going concern basis of accounting unle55 the Governors either
intend to liquidate the charity or to cease operations. or have no realistic alternative but to
do so.
Auditor responslbllltles for the audit of the finanaal staternents
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 auditorfs 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 ISA5 IUKI will
always detert a material mi5Statement when it exists. Misstatements can arise from fraud or
error and are considered material if. individually or in the aggregate. they could reasonablv
be expected to influence the economic decisions of .users taken on the basis of these
financial statements.
The extent to which our procedures are capable of detectin8 irregularities. including fraud is
detailed below..
Page 19

Downside Sthool
Independent Auditor'5 Report to the Member5 of Downside School
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 re5pert of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities. including fraud. is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the
ompany and the industry in which it operates, and considered the risk of acts. by the
company that were contrary to applicable laws and regulations. including fraud. We
designed audit procedures to respond to the risk. recognising that 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 mi5repre5entation5. or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the
financial statements, includin& but not limited to. the Cornpanie5 Art 2006 and UK tax
legislation. Our tests included a8reeing the financial statement disclosures to underlying
supporting documentation and enquiries with management. There are inherent limitations
in the audit procedures described above and, the further removed non-compliance with
laws and regulations 15 frorn the events and transadions reflected in the financial
statements, the less likely we would become aware of it. We did not identify any key audit
matter5 relating to irregularities. including fraud. As in all our audits, we also addressed the
risk of management override of internal controls. including testing journals and evaluating
whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud
A further description of our responsibilities is available on the Financial Reportin8 Council'5
.website at.. www.frc.or8.uk/auditorsresponsibilities. This description forms part of our
auditof's report.
Use of our report
This report is made solely to the charitable company's Governors. as a body, in accordance
with Chapter 3 of Part 16 of the Companies Art 2006. Our audit work ha5 been undertaken
50 that we might state to the charity's Govemors those matters we afe 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
its Governors as a body. for our audit work. for this report. or for the opinions we have
formed.
Page 20

Downside 5th001
Independent Audltor's Report to the Members of Downside School
Guy Bi88in15enior Statutory Auditor)
For and on behalf of Crowe U.K. LLP. StatutoryAuditor
4th Floor. St. Jame5, House
St. James. Square
Cheltenham
GL50 3PR
Date= 25 November 2022
Page 21

Downside School
Statement of Flnancial Activities for the Year Ended 31 January 2021
(Including Income and Expenditure Account and Statement of Total Re¢o8nised Gains and
Losses)
Total
Unrestricted 31 January
funds
2021
Note
Income and Endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investment income
1,551.259
7,225.084
5.600
6.509
77,667
1,551,259
7,225.084
5.600
6.509
77,667
Other income
Total income
8.866,119
8,866,119
Expendlture on:
Raising funds
Charitable activities
1513.774}
1513,7741
18,544,272) {8,544,2721
Total expenditure
Gains/losses on investment assets
19,058,046) 19.058.046)
120.4371
120,4371
Net expenditure
1212,3641
1212.364)
Net movement in funds
{212.3641
1212,3641
Reconciliation of fund5
Total funds brought forward
1451,9991
1451,9991
Total funds carried forward
{664,3631
1664.3631
The notes on pages 27 to 46 form an integral part of these financial statements.
Page 22

Downside School
Stalement of Flnanclal Actlvltles for the Year Ended 31 January 2021
Ilncluding Incorne and Expenditure Account and Statement of Total Recogni5ed Gains and
Lossesl
Total
4 January
2019 to 31
January
2020
Unrestricted
funds
Note
Income and Endowments from:
Oonations and legacies
Charitable artivities
333.349
3,322.818
333.349
3,322,818
Total income
3.656, 167
3.656.167
Empenditure on:
Raising fund5
Charitable activities
133.701)
133.701)
14.103,3261 {4.103,3261
Total expenditure
Gainsllosses on investment assets
{4.137,027) 14.137.027)
28.861
28,861
Net expendlture
1451,9991
1451.9991
Net movement in funds
1451,9991
1451,9991
Reconciliation of funds
Total funds carried forward
1451,9991
1451.9991
All of the"charity's activities derive from continuing operations during the above two"
periods.
The funds breakdown for 2020 is shown in note 22.
The notes on pages 27 to 46 form an integral part of these financial statements.
Page 23

Downside Sthool
(Registration number: 117510091
Balance Sheet as at 31 January 2021
4January
2019 to 31
January
2020
31January
2021
Note
Fixed assets
Tangible assets
Investments
li
1.664,178
223.896
1,914,541
244.333
12
1.888,074
2.158,874
Current assets
Stocks
13
28,460
2.780,283
1.325.897
Debtors
14
2,102.002
1,549.572
Cash at bank and in hand
3,651,574
4,134,640
Credltors: Amounts fallin8 due within one year
15
13,777,269} (4,173,389)
Net current liabilities
1125.6951
138.7491
Total assels less curreni liabilities
1,762,379
2,120,125
Creditors: Amounls falling due after more than one
year
16
12,426,742) 12,572,124)
Net liabilities
1664.3631
{451,999)
Funds of the tharity:
Unrestrirted income funds
Unrestricted funds
19
1664,3631
{451.999)
Total funds
1664,3631
1451,9991
The financial statements on pages 22 to 46 were approved by the Governors. and
authorised for issue on 2511112022 and signed on their behalf by=
M F T Bernard
Governor
The notes on pages 27 to 46 form an integral part of these financial statements.
Pa8e 24

Oownside khool
Statement of Cash Flows for the Year Ended 31 January 2021
4 January
2019 to 31
January
2020
31 January
2021
Note
Cash flows from operating artivitles
Net cash expenditure
1212,3641
(451,9991
Adjustments to c35h Ilows from non-osh items
Depreciation
Revaluation of investments
376.646
20,437
134.579
{28.8611
184.719
1346,2811
Working capital adjustments
Decrease/{increasel in stocks
Decreasel{increasel in debtors
Increase in creditors
IDecreasel/increase in deferred income
13
28,460
678,281
53.910
{455.1331
128,4601
{2.780,2831
1,766.128
2,266.982
14
15
16
Net cash flows from operating activities
490,237
878,086
Cash flows from investinz artivities
Purchase of tangible fixed assets
Purchase of investments
li
{126.2831 12,049,120)
1215,472}
12
Net cash flows from investing activitie5
1126.2831 12.264.592>
Cash flows from financing activities
Value of new loans obtained during the period
Repayment tsf loans and borrowings
2,712.403
15
{140,2791
. Net cash flows from financing activities
1140.2791
2.712,403
Net increase in cash and cash equivalents
223,675
1.325.897
Cash and cash equivalent5 at l February 2020
1.325.897
Cash and cash equivalents at 31 January 2021
1.549.572
1.325,897
The notes on pages 27 to 46 form an integral part of these financial statements.
Page 25

Downside School
Statement of Cash Fl¢)ws for the Year Ended 31 January 2021
Reconciliation of net cash flow to movement In net fvnds
Increase in cash
223,675
1140,2791
1.325.897
2.572,124
Cash outflow from repayment of loans
Change in net funds resulting from cash flows
Other non-cash movements
83,396
5.103
3,898,021
Movement in net funds
88.499
3.898,021
Net funds at l February 2020
1.325.897
Net funds ai 31 January 2021
1.414.396
3.898,021
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 27 to 46 form an integral part of these financial statements.
Page 26

Downside School
Notes to the Flnanc6al Statements for the Year Ended 31 January 2021
l A¢¢ountlng policies
Company inforniation
Downside School is a charity. registered number 1184700. is a Publit Benefit Entity
registered as a Charity in England and Wales and is a Company Limited by Guarantee.
The accounting polices of the School. which have been applied consistently throughout the
year, are listed below.
Basis of accounting
The financial statements have been prepared in accordance with the 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 IFRS 10211
{issued in October 20191- (Charities SORP IFRS 10211. the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companie5 Art 2006.
The financial statements are prepared in sterlin& which is the functional currency of the
School. Monetary amounts in these financial statements are rounded to the nearest pound.
Golng concern
The Governors have prepared the finantial statements on a going concern basis as, in their
opinion, the School is able to meet its obligations as they fall due.
The School has prepared detailed financial forecasts through to August 2024 which reflect
the School's strategy to generate surpluses and positive cash flows. The Governors and
Downside Abbey General Trust hève also agreed to repufpose the latter's financial support,
amounting to £4m, under the School's Seperation Agreement with it. as Set out in note 22.
This is to ensure that the School has sufficient financial resources to meet its operational
needs and to ensure repayment of the bank loan. which it has taken over from Downside
Abbey General Trust.
The School is currently facing new cost of living and inflation related pressures, which are
anticipated to have an impact and have been fartored in to its financial forecasts and
planning. Notwithstanding these pre55ures the School is forecasting surpluses and positive
cash flows and as such the Governors are of the opinion that the accounts should be
prepared on a going concern basis.
Page 27

Downside School
r4otes to the Finanaal Statements for the Yeai Ended 31 January 2021
Group accounts not prepared
Downside School has a wholly owned non-charitablÈ subsidiary. Downside School Enterprise
Limited. These financial statements have not been consolidated as the re5uIt5 of Downside
School Enterprise Limited are not material to the Group.
Incoming resour
Income is recognised in the period in which the School is entitled to receipt and the amount
can be measured with reasonable tertainty-
Fees receivable and charges for services and use of the premises are accountable for In the
period in which the service is provided. Fees receivable are stated after deductin8
allowances, scholarships and other remissions granted by the School. The School offers
means tested bursaries and scholarships which carry a monetary value of remission which is
dedurted from gross fees. Discounts are also offered to siblings of current pupils. militarv
families and pupi15 wh05e parents and grandparents previously attended the School.
Donation5 and legacie5
Oonations and any associated income tax reclaimable from HM Revenue and Customs are
recognised on a receivable basis. Donations received for the general purpose of the Charity
are credited to unrestricted funds. Donations subject to specific wishes are carried to
relevant festricted fund5.
Legacies are accounted for as they are receNed or if, befofe receipt, it becomes reasonablv
certain that the legacy will be received and the value of the legacy can be measures with
reasonable certainty.
Grants receivoble
Grant5 are recognised when the charity has an entitlement to the fund5 and any conditions
linked to the grant5 have been met. Where performance conditions are attached to the
grant and are yet to be met, the income is recogni5ed a5 a liability and included on the
balance sheet as deferred income to be released.
Page 28

Downside School
Notes to the Financial Statements for the Year Ended 31 January 2021
Resources expended
Resources expended are atcounted for in the period in which they are incurred. Any
irrecoverable element of Value Added Tax is included with the item of expense to which is
relates.
Where an item of expenditure falls directly within one cost category, it is attributed to that
category onty. Where expenditure involves more than on cateEory, it is apportioned on a
reasonable and justifiable basis.
Governance c05ts
These include the costs attributable to the charitrf5 compliance with constitutional and
statutory requirements. including audit, strategic management and governors, meetings and
reimbursed expenses.
Tangible fixed assets
Tangible assets are held on the balance sheet at cost less accumulated depreciation. Cost
includes the purchase price of the asset plus all costs incurred in bringing the asset in to Use.
Subsequent expenditure is capitalised where it extends the life or increase5 the value of the.
asset.
Depreciation and amortisation
Tangible fixed assets are depreciated on a straight line basis over the following periods=
Asset class
Equipment, fixtures and fittings
Motor vehicles
Depreciation rnethod and rate
3 to 20 years straight line
5 years straight line
Listed investments
Investments are shown In the balance sheet at market value at the balance sheet date.
Realised and.unrealised 8ains and losses on investment assets are included in the Statement
of Financial Activities in the year in which they arise. Investment income is credited to
income on an accruals basis.
Stock
Stocks are stated at the lower of cost and net realisable value. They exclude purchases of
supplies allocated to the subsequent academic year. C05t represents purchase price on a
first in first out bas15. Net realisable value Is based on estimated sellin8 price.
Pa8e 29

Downside School
Notes to the Financlal Statements for the Year Ended 31 January 2021
Trade debtor5
Oebtors are recognised at the corresponding transadion value.
Trade credltors
Creditors are recognised where the School has a present obligation which result5 from
past event that in 311 probability. will result in the transfer of funds to a third party and the
amount due to settle the obligation can be reliably measured.
Deferred income
The School offers parents.the opportunity to pay for up to five year5 tuition fee5 in advance
in accordance with a written contract. This is treated as deferred income until the pupil joins
the School whereupon. the fee for each School term are charged against the remaining
balance and taken to incorne. All amounts are included within creditors due within one year
as the amounts are repayable on demand if the pupil leaves.
Retirement benefits
The School contributed to the Teachers, Pension Defined Benefits Scheme at rates sei by the
Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is
multi employer pension scheme and it is not possible to identify the assets and liabilities of
the scheme which are attributable to the School. In accordance with FRS 17, the scheme is
accounted for as a defined contribution scheme.
The School has exited the Teachers, Pension Scheme with. effect from 31 December 2020.
and a new defined contribution scheme with A¥iva has been provided in its place.
All other pension arrangements are defined contribution schemes where the assets of the
schemes are held separately from those of the School in an independently administered
fund.
In all case5, the pension cost charges represent contributions payable by the khool to the
fund.
Charltable funds
Unrestricted funds are available for use at the discretion of the Governors in furtherance of
the general objectives of the School and have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrirtions
imposed by the donors or which have been raised by the School for a specific purpose.. The
cost5 of raising and administering fund5 are charged against the specific fund. The aim of
each restricted fund is set out in the notes to the financial ststements.
Page 30

Downside Sthool
Notes to the Financial Statements for the Year Ended 31 January 2021
Crltical accounting judgements and estimation uncertalnty
The following are considered to be critical accounting judgements made in applyin'g the
School's accounting policies:
The Teacher's Pension Defined Benefits Scheme is a multi-employer pension scheme and it
is not possible to identify the assets and liabilities of the scheme which are attributable to
the School. In accordance with FRS 102. the scherne is accounted for as a defined
contribution stherne and contributions are charges to the Statement of Financial Activities
when payable.
The following 5ignifitant estimates and assumptions have been made in applying the
School's accountin8 policies:
The annual depreciation charge for fixed assets is sensitive to changes in the estimated
useful economic lives of assets. Estimated lives are rea55e55ed annualby and considered to
reflect the remaining life of an asset.
The School makes an estimate of the recoverable value of trade and other debtors. Factors
such as the ageing profile of the debtors and historical experience are taken Into account.
Bad debts are considered on a case by case basis by taking into account the likelihood of
recovery. Debts are written off by approval of the'Governors if this is deemed appropriate.
Government grants
Government grants are reco8nised based on the accrual model and are measured at the fair
valLJe of the a55el received or receivable. Grants are classified as relating either to revenue
or to assets. Grants relating to revenue are recognised in income over the period in which
the related costs are recognised. Grants relating to assets are recognised over the expected
useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised
as deferred income.
2 Income from charftable aLlivities
4January
2019 to 31
January
2020
Unrestrlcted
funds
31January
2021
Fee income
7.225.084
7.225,084
3.322,818
Page 31

Downside School
Notes to the Financial Statements for the Year Ended 31 January 20ZI
Fee income comprises of the following:
4 January
Z019 to 31
January
2020
31 January
2021
Gr055 fees
Less- total scholarships. bursarie5 and fee assistance
Other fee income
9.804.068
{2,791.4851
208.727
3.774
4,079.804
1908.2181
140,544
10,688
Registration fees
7.225,084
3,322,818
3 Donations and legaaes
Total
4January
2019 to 31
January
2020
Total
31 January
2021
Unrestricted
funds
Donations and gifts
Grants, including capital grants:
Government grants
1.159.043
1.159.043
333,349
392,216
392,216
1.551.259
1.551.259
333.349
Government 8rant income relates to the Covid Job Retention Scheme.
Page 32

Downside School
Notes to the Flnanflal Statements for the Year Ended 31 January 2021
4 Trading subsidiary
The School has a wholly-owned trading subsidiary which is incorporated in the UK.
Downside School Enterprises Limited (registered company number 024561681 operates a
shop and the letting of the School during the school holiday's. The subsidiary company was
removed from the Register on 30 March 2021 and is currently going through the process to
be reinstated.
Durin8 the year ended 31 August 2020. Downside School Enterprises Limited achieved sales
of £101.037 and generated a net profit of £43.740. Net assets of the subsidiary totalled
£43,741.
5 Net expenditure
The net expenditure for the period is Stated after charging:
4 January
2019 to 31
January
2020
31 January
2021
Depreciation.
Auditor5 remuneration
Loan interest
375,610
16,500
87,450
4,053
134.579
10.750
21.944
2.254
Bank charges
483.613
169.527
6 Incorne froffl other trading artivitie5
4January
2019 to 31
January.
2020
Unrestricted
funds
2021
Events income:
Other events income
5.600
I.IS9.043
208.727
77.667
5,6CKJ
1.159.043
208,727
77.667
Appeals and donations
Pupil extras
Other income
333,349
140.544
1.451,037
1,451.037
473.893
Page 33

Downside School
Note5 to the Financial Statements for the Year Ended 31 January 2021
7 Expenditure on charitable artivltles
Teaching Welfare Premises Support Total 2021 Total 2020
3.467.768 693.553 462.369 1.155,923
5,779.613
2,323.030
Staff costs
Expenditure on
raising funds
Depreciation
and impairment
Other costs
513,774
513,774
33,701
374,046
598,231 559.892 508.456 636.059
374.046
2.302.638
134.579
1.622.175
Governance
costs
87.975
87.975
23,542
4.065,999 1.253.445 1.344.871 2.393,731
9,058.046
4.137,027
Analysis by fund
Unrestricted
funds
4,065,999 1.253.445 1.344.871 2.393,731
9.058,046
For the period
ended 31
January 2020.
Unrestricted
funds
1,867,369 369.601 1.043.323 856.734
4.137.027
8 Analysis of governance and 5UPPOrt costs
Governance costs
Unre5trirted
fvnds
2021
2020
Audit fees
Audit of the financi31"statements
Legal and professional fees
Governors expenses
16.500
63,202
8.273
16,5(Xl
63,202
8.273
10.750
2,541
10.251
87.975
87.975
23,542
Page 34

Downside Sch¢)ol
Notes to the Financial Staternent5 for the Year Ended 31 January 2021
9 Staff costs
The aggregate payro'll costs were as follows=
4January
2019 to 31
January
2020
31 January
2021
Staff costs during the year were:
Wages and salaries
Social Security costs
Pension costs
Other staff c05tS
4.655.508
430.264
645.727
48.114
2,173,075
77,899
72.056
5.779.613
2,323,030
The monthly average number of pers0115 (including senior rnanagernent I leadership team)
employed by the charity during the year was as follows:
4 January
2019 to 31
January
2020
No
.31January
2021
No
Teaching
Other
94
103
94
116
197
210
During the year. Ihe charity made termination payments which totalled £32.489 12020
£Nill.
Key Management personnel of the School are deemed to be the Senior Leadership Team.
The total amount paid to key management personnel, includinB employers pension.
National Insurance contributions and any benefrts in kind was £594.15312020- £294,035).
The Governors received no remuneration. Governors were reimbursed travel and training
expenses totalling £8,27312020 - £10.251).
Page 35

Downside School
Notes to the Financial Statements for the Year Ended 31 January 2021
The numberof employees whose emolumentsfell within the following bandswas:
4 January
2019 to 31
January
2020
No
31 January
2021
No
£60,(KII- £70.000
£70.(M)1- £80,OCA)
£120.001- £130,(KK)
The pension contributions included within the above band5 amounts to £89.005 12020
£13,236).
IOTaxatlon
The School is a registered charity and AS such. is entitled to certain tax exemptions on
income and profits from investments and surpluses on any trading activitie5 carried on in
furtherance of the School's primary objectives if these profits and surpluses are applied
solely for charitable purposes.
Page 36

Downside Sthool
Notes to the Flnanclal Statements for the Year Ended 31 January 2021
11 Tangible fixed assets
Furniture
and
equipment
Land and
buildings
Motor
vehicles
Total
Cost
At l February 2020
Additions
2.042.467
92,926
2,042,467
126.283
29.357
4.000
At 31January2021
29,357
2,135.393
4.000 2,168,750
Depreciation
At l February 2020
Charge for the year
127.926
375,611
127.926
800 376.646
.235
At 31January 2021
235
503.537
800 . 504,572
Net book value
At 31 January 2021
29,122
1,631,856
3,200 1,664,178
At 31 January 2020
1.914.541
1.914,541
12 Flxed asset investments
4 January
2019 to 31
January
2020
31 January
2021
Other investments
223.896
244,333.
Page 37

Downside School
Notes to the Finandal Staternents for the Year Ended 31 January 2021
Other investments
Listed
Unlisted
inve￿meThts In¥e￿rnents
Total
Cost or Valuation
At l February 2020
Revaluation
90.720
112.4801
153.613
244,333
17,9571 120,4371
At 31 January 2021
78.240
145.656
223,896
Net book value
At 31 January 2021
78.240
145,656
223,896
At 31 January 2020
90.720
153.613
244,333
Downside School owfis shares in an investment fund jointly with Downside Abbey General
Trust. The School holds 22% of the joint holding.
The listed investment represents 6.000 shares held in Telecom Plus PLC.
13 Stock
4 January
2019 to 31
January
2020
31 January
2021
hool stores
28.460
Page 38

Oownside School
Notes to the Financial Statements for the Year Ended 31 January 2021
14 Debtors
4 January
2019 to 31
January
2020
31 January
2021
Trade debtors
Due from Group undertakings
Prepayments and accrued income
Other debtor5
1.642,776
51.892
254,710
152,624
928.508
115.918
143.154
1.592.703
2.102.002
2,780,283
15Creditors: amounts falling duewithin one year
4January
2019 to 31
January
2020
31 January
2021
Bank borrowings
"Trade creditors
Other taxation and social security
Other creditors
Accruals
Fees in advance
Advance fees schRme
145,382
116,720
101,342
1.380.911
221,065
1.514,813
297,036
140,279
273,070
92.875
1.097.738 _
302,445
1.922.415
344,567
3,777,269
4.173,389
Pa8e 39

Downside School
Notes to the Financial Staternents for the Year Ended 31 January 2021
Fees received under the fees in advance Scheme will be applied as follows:
4January
2019 to 31
January
2020
31 January
2021
Wiihin I to 2 years
Within 2 to 5 years
179.812
117,224
226,343
118.224
297.036
344,567
The advanced fees balance represents the accrued liability under the contracts. Capital
movements durin8 the pefiod were=
4January
2019 to 31
January
2020
31January
2021
Balance brought forward
Contracts transferred from DAGT
New contracts
344.567
390,929
84,631
1130,9931
129.240
{176,7711
Amounts utilised
297,036
.344,567
16 Creditors: amounts falling due"after one year
4 January
2019to 31
January
2020
31 January
2021
Bank loan
2,426,742
2,572,124
Page 40

Downside Sthool
Notes to the Financlal Statements for the Year Ended 31 January 2021
The bank loan was adopted as part of the separation of the School from Downside Abbey
General Trust and has a term of five years from the separation date. The bank loan is
secured against the rnain School site which is leased from Downside Abbey General Trust for
a period of 125 years.
The ageing of ihe bank loan falls to be repaid as follows=
41anuary
2019 to 31
January
2020
31 January
2021
Due within one year
Due within one lo two years
Due within two to five years
145.382
151.686
2,275,056
140,279
94.928
2,477,196
2.572,124
2,712,403
17Acquisitlons
On the 11 September 2019, Downside School acquireil the School trading busine55 of
Downside Abbey General Trust for no cash consideration.
This transaction has been accounted for by the acquisition method of accounting as applied
to a Public Benefit Entity Combination.
In accordance with FRS 102, assets have been brou8ht in at fair value.
The assets and liabilitie5 acquired were:
Page 41

Downside Sthool
Notes to the Flnancial Statements for the Year Ended 31 January 2021
£'ooo
Fixed assets
2.049
215
Investments
Stock
28
Debtors
57
Donation from the Trust
2.180
11,6261
(2,7121
Creditors
Treasury loan
191
18 Obligations under leases and hire purchase ¢ontracts
The annual commitments under non-cancellable operatin8 leases Nvere-
4 January
2019 to 31
January
2020
31 January
2021
land and buildings
Within one year
Between one and five years
After five years
406,768
1.405,683
50,291.664
425.000
1,700,000
51,000.000
52.104.115
53.125.000
Fixtures and fittlnES
Within one year
Between one and five years
54,923
31,916
11.607
34,821
86,839
46,428
Page 42

Downside School
Notes to the Finanaal Statements for the Year Ended 31 January 2021
19 Funds
. Balance at
l February Incoming Resources
Gain on
2020
re50ur
expended investment
Balance at
31 August
2021
Unrestricted funds
Unrestrirted funds
1451,999) 8,866.119 (9,058,046}
{20,437) {664,3631
Balance at
31 January
2020
Incoming
resources
Resource5
expended
Gain on
investments
Unrestricled funds
Unrestricted funds
3.656.167
{4.137.0271
28,861
{451,999}
20Analysis of net liabilities between funds
Unrestricted Total funds
funds
2021
Tangible fixed assets
Fixed asset investments
Net current assets
1,664,178
1.664.178
223,896
223,896
{125,695)
1125.6951
12,426.7421 12.426,7421
Creditors over l year
Total net liabilities.
1664,3631
1664,3631
Page 43

Downside School
Noles to the Financial Statements for the Year Ended 31 January 2021
Unrestricted Total funds
funds
2020
Tan8ible fixed assets
Fixed asset investments
1.914.541
1.914.541
244.333
244.333
138.7491
138.7491
12,572.1241 12.572.124)
Net current assets
Creditor5 over l year
Total net liabilities
1451,9991
(451.9991
21 Related party transactlons
Renumeration of key management personnel
The remuneration of key m3nagement personnel is as follovts..
During the year ended 31 January 2021. transactions tota51ing £1.114,53112020 - £980,946)
were paid to Downside Abbey General Trust where Very Rev Dom Nicholas P Wetz is
Trustee and controller of the Trust. The charges relate to services provided to the School
and were charged at market value.
As at the balance sheet date the amount due to the School from Downside Abbey General
Trust was £Nil12020 - £1,565,7411- Further analysis of the acquisition from Oownside Abbey
General Trust is included within Note 17.
The School paid a total of £8.27312020 - £10.251} in Governors. expenses.
22 Pension and other schemes
The School has participated in the following pension schemes:
al The Teacher's Pension Scheme Idetined benefitl- and
b) Defined contribution pension schemes. the assets of which are held separately from
those of the School in independently administered funds.
The total pension cost charge represents contributions payable by the School to these
schemes as follows:
Page 44

Downside School
Notes to the Financial Statements for the Year Ended 31 January Z021
4 January
2019 to 31
January
2020
31 January
2021
Defined benefit scheme
Defined contribution schemes
524,874
120,853
254.122
37,508
645.727
291.630
The following amounts had not been paid to the schernes at the year-end-
4 January
2019 to 31
January
2020
31 January
2021
Defined benefit scheme
Defined contribution schemes
70.230
14,229
64,192
64,192
84,459
The School withdrew from the Teacher5, Pension Scheme {"the TPS") on the 31 December.
2020. The pension charge for the year include5 contributions payable to the TPS for the year
ended 31 January 2021 of £524,874 {2020 - £254.1221 and at the year-end. £Nil 12020
£70,230) was accrued in respect of contributions to the scheme.
The TPS 15 an UDfunded multi-employer defined benefit scheme governed by the Teachers,
Pension Regulations 201- las amended) and the Teachers, Pension Scheme Regulations 2014
las amended). Members contribute on a 'pay as you go" basis with contribution5 from
members and the employer being credited to the Exchequer. Retirement and other pension".
benefits are paid by public funds provided by Parliament.
All pension charges are charged to unrestrirted funds, in line with the fund from which
wages and salaries are paid.
Page 45

Downside Sthool
Notes to the Financial Ststernent5 for the Year Ended 31 January 2021
23 Contingent a55etS
As part of the formal separation. Downside Abbey General Trust had agreed to contribute
funds towards maintenance works to be carried out on the School estate. These works were
capped at £4million. with payments receivable as works were carried out. However. in order
to 5UPPOrt the School a5 It recover5 from the COVID pandemic and seeks to reestablish
profitability and positive cash flow. Downside Abbey General Trust has formerly agreed to
repurpose this contribution in the fowm of actual donations of £lmillion. reduced rent of
premisies of £425.000 and an undertaking to repay the bank borrowings that are
outstandin8 by August 2024, currently E2.4million. The balance up to £4m 15 to be di5CU55ed
further with the intention of it being used to support the school.
24 Flnandal Instruments
Financial instruments are initially recognised at transattion value and subsequently
measured at amortised cost with the exception of investments which are valued at fair
value. Financial a55ets held at amortised cost comprise of cash at bank an in hand, together
with trade and other debtOTS and fee debtors. A specific provision is made for debt5 where
recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant
access bank accounts and used as working capital.
Financial liabilities held at amortised cost comprise of all creditors except social security and
other taxes and prowsions.
Financial assets held at amortised costs total £5,315,752 (2020 - £6,049.1811 and held at fair
value total £223,89612020- £244.3331.
Financial liabilitie5 held at amortised costs total £6.204.01112020- £6."475,5131.
Page 46