2023-08-31-accounts - Downside School

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`ReferenceandAdministrativeDetails`
`Governors’Report`
`Structure,governanceandmanagement`
`Objects,aims,objectivesandactivities`
`Academicandpastoralreviewfortheyear`
`Financialreviewandresultsfortheyear`
`Plansforfutureperiods`
`StatementofGovernors’Responsibilities`
`IndependentAuditors’Report`	`16to21`
`StatementofFinancialActivities`	`22to23`
`BalanceSheet`	`24to25`
`StatementofCashFlows`	`26to27`
`NotestotheFinancialStatements`	`28to45`

	`Reference`	`andAdministrativeDetails`
`Head`		`AHobbs`
`ClerktotheGovernors`		`VLocke`
`CharityRegistrationNumber`		`1184700`
`CompanyRegistration`	`Number`	`11751009`
`RegisteredOffice`		`Stratton-on-the-Fosse`
		`Radstock`
		`Somerset`
		`BA34RJ`
`Auditors`		`CroweU.K.LLP`
		`AthFloor,St.James'House`
		`St.James'Square`
		`Cheltenham`
		`GLS503PR`
`Bankers`		`BarclaysBankPLC`
		`4QueenStreet`
		`Bath`
		`BA11HE`
`Solicitors:`		`StoneKing`
		`13QueensSquare`
		`Bath`
		`BA12H)`

DocuSign Envelope ID: E103F492-42A3-4027-BB07-189687537C43

Downside School

Independent Auditor's Report to the Members of Downside School

Guy Biggin {Senior Statutory Auditor) For and on behalf of Crowe U.K. LLP, Statutory Auditor 4th Floor, St. James' House St. James' Square Cheltenham GLSO 3PR

Date: 30 May 2024

Page 21

				`Total`
		`Unrestricted`	`Restricted`	`31August`
		`funds`	`funds`	`2023`
	`Note`	`£`	`£`	`£`
`IncomeandEndowmentsfrom:`
`Donationsandlegacies`	`3`	`993,325`	`277,180`	`1,270,505`
`Charitableactivities`	`2`	`9,635,711`	`-`	`9,635,711`
`Othertradingactivities`	`5`	`149,881`	`-`	`149,881`
`Investmentincome`		`4,596`	`-`	`4,596`
`Otherincome`	`6`	`477,652`	`-`	`477,652`
`Totalincome`		`11,261,165`	`277,180`	`11,538,345`
`Expenditureon:`
`Raisingfunds`		`(328,571)`	`-`	`(328,571)`
`Charitableactivities`	`7`	`(11,153,614)`	`(1,300)`	`(11,154,914)`
`Totalexpenditure`		`(11,482,185)`	`(1,300)`	`(11,483,485)`
`Gains/lossesoninvestmentassets`		`(21,600)`	`-`	`(21,600)`
`Net(expenditure)/income`		`(242,620)`	`275,880`	`33,260`
`Transfersbetweenfunds`		`265,634`	`(265,634)`	`-`
`Netmovementinfunds`		`23,014`	`10,246`	`33,260`
`Reconciliationoffunds`
`Totalfundsbroughtforward`		`(2,578,450)`	`126,625`	`(2,451,825)`
`Totalfundscarriedforward`	`18`	`(2,555,436)`	`136,871`	`(2,418,565)`

					`Total`
		`Unrestricted`	`Restricted`		`31August`
		`funds`	`funds`		`2022`
	`Note`	`£`	`£`		`£`
`IncomeandEndowmentsfrom:`
`Donationsandlegacies`	`3`	`662,368`	`126,625`		`788,993`
`Charitableactivities`	`2`	`8,760,448`		`-`	`8,760,448`
`Othertradingactivities`	`5`	`139,043`		`-`	`139,043`
`Investmentincome`		`5,131`		`-`	`5,131`
`Otherincome`	`6`	`403,335`		`-`	`403,335`
`Totalincome`		`9,970,325`	`126,625`		`10,096,950`
`Expenditureon:`
`Raisingfunds`		`(392,756)`		`-`	`(392,756)`
`Charitableactivities`	`7`	`(10,337,549)`		`-`	`(10,337,549)`
`Totalexpenditure`		`(10,730,305)`		`-`	`(10,730,305)`
`Gains/lossesoninvestmentassets`		`55,200`		`-`	`55,200`
`Net(expenditure)/income`		`(704,780)`	`126,625`		`(578,155)`
`Netmovementinfunds`		`(704,780)`	`126,625`		`(578,155)`
`Reconciliationoffunds`
`Totalfundsbroughtforward`		`(1,873,670)`		`-`	`(1,873,670)`
`Totalfundscarriedforward`	`18`	`(2,578,450)`	`126,625`		`(2,451,825)`

		`31August`	`31August`
		`2023`	`2022`
	`Note`	`£`	`£`
`Fixedassets`
`Tangibleassets`	`11`	`2,236,843`	`2,111,430`
`Investments`	`12`	`95,400`	`117,000`
		`2,332,243`	`2,228,430`
`Currentassets`
`Stocks`	`13`	`124,316`	`125,456`
`Debtors`	`14`	`2,430,088`	`919,327`
`Cashatbankandinhand`		`966,277`	`1,027,449`
		`3,520,681`	`2,072,232`
`Creditors:Amountsfallingduewithinoneyear`	`15`	`(8,271,489)`	`(4,485,662)`
`Netcurrentliabilities`		`(4,750,808)`	`(2,413,430)`
`Totalassetslesscurrentliabilities`		`(2,418,565)`	`(185,000)`
`Creditors:Amountsfallingdueaftermorethanone`
`year`	`16`	`-`	`(2,266,825)`
`Netliabilities`		`(2,418,565)`	`(2,451,825)`
`Fundsofthecharity:`
`Restrictedincomefunds`
`Restrictedfunds`		`136,871`	`126,625`
`Unrestrictedincomefunds`
`Unrestrictedfunds`		`(2,555,436)`	`(2,578,450)`
`Totalfunds`		`(2,418,565)`	`(2,451,825)`

		`31August`	`31August`
		`2023`	`2022`
	`Note`	`£`	`£`
`Cashflowsfromoperatingactivities`
`Netcashincome/(expenditure)`		`33,260`	`(578,155)`
`Adjustmentstocashflowsfromnon-cashitems`
`Depreciation`		`326,442`	`359,265`
`Revaluationofinvestments`		`21,600`	`(55,200)`
		`381,302`	`(274,090)`
`Workingcapitaladjustments`
`Decrease/(increase)instocks`	`13`	`1,140`	`(8,412)`
`Increaseindebtors`	`14`	`(1,510,761)`	`(5,844)`
`Increaseincreditors`	`15`	`277,778`	`430,251`
`Increaseindeferredincome`	`16`	`1,241,224`	`411,807`
`Netcashflowsfromoperatingactivities`		`390,683`	`553,712`
`Cashflowsfrominvestingactivities`
`Purchaseoftangiblefixedassets`	`11`	`(452,807)`	`(610,409)`
`Saleoftangiblefixedassets`		`952`	`-`
`Saleofinvestments`		`-`	`165,613`
`Netcashflowsfrominvestingactivities`		`(451,855)`	`(444,796)`
`Cashflowsfromfinancingactivities`
`Valueofnewloansobtainedduringtheperiod`		`-`	`500,000`
`Repaymentofloansandborrowings`	`15`	`-`	`(578,380)`
`Netcashflowsfromfinancingactivities`		`-`	`(78,380)`
`Net(decrease)/increaseincashandcashequivalents`		`(61,172)`	`30,536`
`Cashandcashequivalentsat1 September2022`		`1,027,449`	`996,913`
`Cashandcashequivalentsat31August2023`		`966,277`	`1,027,449`

	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Reconciliationofnetcashflowtomovementinnetfunds`
`(Decrease)/increaseincash`	`(61,172)`	`30,536`
`Cashoutflowfromrepaymentofloans`	`-`	`(78,380)`
`Changeinnetdebtresultingfromcashflows`	`(61,172)`	`(47,844)`
`Netfundsat1 September2022(2021)`	`1,027,449`	`996,913`
`Netfundsat31August2023(2022)`	`966,277`	`949,069`

`Feeincomecomprisesofthefollowing:`
	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Grossfees`	`11,787,849`	`11,281,388`
`Less:totalscholarships,bursaries andfeeassistance`	`(2,624,705)`	`(2,717,046)`
`Otherfeeincome`	`452,836`	`177,452`
`Registrationfees`	`19,731`	`18,654`
	`9,635,711`	`8,760,448`

`Donations`	`and`	`legacies`
			`Unrestricted`		`31August`	`31August`
			`funds`	`Restricted`	`2023`	`2022`
			`£`	`£`	`£`	`£`
`Donations`	`and`	`gifts`	`993,325`	`277,180`	`1,270,505`	`788,993`
			`993,325`	`277,180`	`1,270,505`	`788,993`

	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Depreciation`	`326,442`	`359,265`
`Auditorsremuneration`	`42,175`	`18,870`
`Loaninterest`	`166,593`	`85,684`
`Bankcharges`	`20,676`	`17,165`
`Baddebtprovision`	`190,059`	`57,001`
	`745,945`	`537,985`

`5` `Incomefromothertradingactivities`
	`Unrestricted`	`31August`	`31August`
	`funds`	`2023`	`2022`
	`£`	`£`	`£`
`Tradingincome;`
`Schoolshop`	`102,075`	`102,075`	`96,935`
`Pitchandnetshire`	`2,873`	`2,873`	`1,175`
`Eventsincome;`
`Showsandevents`	`1,740`	`1,740`	`160`
`Othercommercialincome`	`40,321`	`40,321`	`-`
`RechargestoDownsideAbbeyGeneralTrust`	`2,872`	`2,872`	`40,773`
	`149,881`	`149,881`	`139,043`
`6` `Otherincome`
	`Unrestricted`	`31August`	`31August`
	`funds`	`2023`	`2022`
	`£`	`£`	`£`
`Cafetakings`	`22,537`	`22,537`	`19,344`
`Rentalincome`	`389,396`	`389,396`	`383,991`
`Otherincome`	`2,884`	`2,884`		`-`
`Sundryincome`	`62,247`	`62,247`		`-`
`Interestonoverdueaccounts`	`588`	`588`		`-`
	`477,652`	`477,652`	`403,335`

						`Total31`	`Total31`
	`Teaching`	`Welfare`	`Premises`	`Support`		`August2023`	`August2022`
`Staffcosts`	`4,014,944`	`904,693`	`428,554`	`1,211,394`		`6,559,585`	`6,103,505`
`Expenditureon`
`raisingfunds`	`-`	`-`	`-`	`314,082`		`314,082`	`392,756`
`Depreciation`
`andimpairment`	`-`	`-`	`315,713`		`-`	`315,713`	`355,027`
`Othercosts`	`656,352`	`1,349,350`	`1,114,280`	`1,062,417`		`4,182,399`	`3,737,922`
`Governance`
`costs`	`-`	`-`	`-`	`111,706`		`111,706`	`141,095`
	`4,671,296`	`2,254,043`	`1,858,547`	`2,699,599`		`11,483,485`	`10,730,305`
`Analysisbyfund`
`Unrestricted`
`funds`	`4,671,296`	`2,254,043`	`1,858,547`	`2,699,599`		`11,483,485`	`-`
`31August2022`
`Unrestricted`
`funds`	`4,388,913`	`2,016,499`	`2,006,928`	`2,317,965`		`-`	`10,730,305`
`8` `Analysisofgovernance`		`andsupport`	`costs`
`Governancecosts`
			`Unrestricted`			`31August`	`31August`
				`funds`		`2023`	`2022`
				`£`		`£`	`£`
`Auditfees`
`Auditofthefinancialstatements`				`42,175`		`42,175`	`18,870`
`Legalandprofessionalfees`				`67,481`		`67,481`	`119,578`
`Governorsexpenses`				`2,050`		`2,050`	`2,646`
				`111,706`		`111,706`	`141,094`

`Theaggregatepayrollcostswereasfollows:`
	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Staffcostsduringtheyearwere:`
`Wagesandsalaries`	`5,362,250`	`5,011,405`
`Socialsecuritycosts`	`502,004`	`464,854`
`Pensioncosts`	`563,223`	`522,749`
`Otherstaffcosts`	`132,108`	`104,497`
	`6,559,585`	`6,103,505`

`employedbythecharityduringthey`	`earwasasfollows:`
	`31`	`August`	`31`	`August`
		`2023`		`2022`
		`No`		`No`
`Teaching`		`67`		`70`
`Other`		`128`		`127`
		`195`		`197`

`Thenumb`	`e`	`rofemployeeswhoseemoluments`	`fellwithinthefollowingban`	`s`	`as:`
			`31August`		`31August`
			`2023`		`2022`
			`No`		`No`
`£60,001`	`-`	`£70,000perannum`
`£70,001`	`-`	`£80,000perannum`		`1`
`£130,001`		`-£140,000`		`1`		`1`

`11Tangiblefixedassets`
				`Furniture`
	`Land`	`and`		`and`	`Motor`
	`buildings`			`equipment`	`vehicles`		`Total`
	`£`			`£`	`£`		`£`
`Cost`
`At1 September2022`	`421,023`			`2,765,780`	`4,000`		`3,190,803`
`Additions`		`8,378`		`444,429`		`-`	`452,807`
`Disposals`			`-`	`(4,070)`		`-`	`(4,070)`
`At31August2023`	`429,401`			`3,206,139`	`4,000`		`3,639,540`
`Depreciation`
`At1 September2022`		`4,513`		`1,072,793`	`2,067`		`1,079,373`
`Chargefortheyear`		`3,506`		`322,136`	`800`		`326,442`
`Eliminatedondisposals`			`-`	`(3,118)`		`-`	`(3,118)`
`At31August2023`		`8,019`		`1,391,811`	`2,867`		`1,402,697`
`Netbookvalue`
`At31August2023`	`421,382`			`1,814,328`	`1,133`		`2,236,843`
`At31August2022`	`416,510`			`1,692,987`	`1,933`		`2,111,430`

`12Fixedassetinvestments`
	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Otherinvestments`	`95,400`	`117,000`
`Otherinvestments`
	`Listed`
	`investments`	`Total`
	`£`	`£`
`CostorValuation`
`At1 September2022`	`117,000`	`117,000`
`Revaluation`	`(21,600)`	`(21,600)`
`At31August2023`	`95,400`	`95,400`
`Netbookvalue`
`At31August2023`	`95,400`	`95,400`
`At31August2022`	`117,000`	`117,000`

`31`	`August`	`31`	`August`
	`2023`		`2022`
	`£`		`£`
	`124,316`		`125,456`

`14Debtors`
	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Tradedebtors`	`1,741,808`	`367,616`
`Prepaymentsandaccruedincome`	`414,777`	`391,649`
`Otherdebtors`	`273,503`	`160,062`
	`2,430,088`	`919,327`

	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Bankborrowings`	`2,421,342`	`154,517`
`Tradecreditors`	`428,456`	`352,500`
`Othertaxationandsocialsecurity`	`256,333`	`221,139`
`Othercreditors`	`1,659,274`	`1,320,588`
`Accruals`	`325,338`	`497,396`
`Feesinadvance`	`3,057,789`	`1,657,701`
`Advancefeesscheme`	`122,957`	`281,821`
	`8,271,489`	`4,485,662`

					`August`	`August`
					`2023`	`2022`
					`£`	`£`
`Within`	`1`	`to`	`2`	`years`	`101,698`	`129,073`
`Within`	`2`	`to`	`5`	`years`	`21,259`	`152,748`
					`122,957`	`281,821`

	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Balancebroughtforward`	`281,821`	`187,119`
`Newcontracts`	`-`	`190,192`
`Amountsutilised`	`(158,864)`	`(95,490)`
	`122,957`	`281,821`
`16Creditors:amountsfallingdueafteroneyear`
	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Bankloan`	`-`	`2,266,825`

`ThebankloanwasadoptedaspartoftheseparationoftheSchoolfrom`	`ThebankloanwasadoptedaspartoftheseparationoftheSchoolfrom`	`DownsideAbbey`	`DownsideAbbey`	`DownsideAbbey`
`GeneralTrustandhas` `atermoffiveyearsfromthe`	`separationdate.The`		`bankloan`	`is`
`securedagainstthemainSchoolsitewhichisleasedfromDownsideAbbey`		`GeneralTrustfor`
`aperiodof125years.`
`Theageingofthebankloanfallstoberepaidasfollows:`
	`31August`		`31August`
	`2023`		`2022`
	`£`		`£`
`Duewithinoneyear`	`2,421,342`		`154,517`
`Duewithinonetotwoyears`		`-`	`2,266,825`
	`2,421,342`		`2,421,342`

	`31August`	`31August`
	`2023`	`2022`
	`£`	`£`
`Landandbuildings`
`Withinoneyear`	`416,566`	`273,940`
`Betweenoneandfiveyears`	`1,700,000`	`1,629,167`
`Afterfiveyears`	`49,299,998`	`49,158,331`
	`51,416,564`	`51,061,438`
`Fixturesandfittings`
`Withinoneyear`	`41,579`	`33,941`
`Betweenoneandfiveyears`	`50,472`	`28,661`
	`92,051`	`62,602`

`18Funds`
	`Balanceat`
	`1`				`Balanceat`
	`September`	`Incoming`	`Resources`		`31August`
	`2022`	`resources`	`expended`	`Transfers`	`2023`
	`£`	`£`	`£`	`£`	`£`
`Unrestrictedfunds`
`Unrestrictedfunds`
`Unrestrictedfunds`	`(2,578,450)`	`11,261,165`	`(11,503,785)`	`265,634`	`(2,555,436)`
`Restrictedfunds`
`SillOrganScholarship`	`126,625`	`-`	`-`	`-`	`126,625`
`PianoFund`	`-`	`265,702`	`-`	`(265,634)`	`68`
`RoseEnrichmentFund`	`-`	`11,478`	`(1,300)`	`-`	`10,178`
`Totalrestrictedfunds`	`126,625`	`277,180`	`(1,300)`	`(265,634)`	`136,871`
`Totalfunds`	`(2,451,825)`	`11,538,345`	`(11,505,085)`	`-`	`(2,418,565)`
	`Balanceat`
	`1`			`Other`	`Balanceat`
	`September`	`Incoming`	`Resources`	`recognised`	`31August`
	`2021`	`resources`	`expended`	`gains/(losses)`	`2022`
	`£`	`£`	`£`	`£`	`£`
`Unrestrictedfunds`
`Unrestrictedfunds`
`Unrestrictedfunds`	`(1,873,670)`	`9,970,325`	`(10,730,305)`	`55,200`	`(2,578,450)`
`Restricted`
`SillOrganScholarship`	`-`	`126,625`	`-`	`-`	`126,625`
`Totalfunds`	`(1,873,670)`	`10,096,950`	`(10,730,305)`	`55,200`	`(2,451,825)`

				`Totalfunds`
	`Unrestricted`	`Restricted`		`31August`
	`funds`	`funds`		`2023`
	`£`	`£`		`£`
`Tangiblefixedassets`	`2,236,843`		`-`	`2,236,843`
`Fixedassetinvestments`	`95,400`		`-`	`95,400`
`Netcurrentassets`	`(4,887,679)`	`136,871`		`(4,750,808)`
`Totalnetliabilities`	`(2,555,436)`	`136,871`		`(2,418,565)`
				`Totalfunds`
	`Unrestricted`	`Restricted`		`31August`
	`funds`	`funds`		`2022`
	`£`	`£`		`£`
`Tangiblefixedassets`	`2,111,430`		`-`	`2,111,430`
`Fixedassetinvestments`	`117,000`		`-`	`117,000`
`Netcurrentassets`	`(2,540,055)`	`126,625`		`(2,413,430)`
`Creditorsover1 year`	`(2,266,825)`		`-`	`(2,266,825)`
`Totalnetliabilities`	`(2,578,450)`	`126,625`		`(2,451,825)`

`schemesasfollows:`
	`31`	`August`	`31`	`August`
		`2023`		`2022`
		`£`		`£`
`Definedcontributionschemes`		`563,223`		`522,749`

`Thefollowingamountshadnotbeenpaidtothe`	`schemesattheyea`	`r-end:`
	`31`	`August`	`31`	`August`
		`2023`		`2022`
		`£`		`£`
`Definedcontributionschemes`		`79,027`		`128,215`