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Company registration number.. 11751009
Charity registration number= 1184700
Downside School
IA company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 August 2024

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Downside School
Contents
Reference and Administrative Details
Ito2
Governors, Report
3to12
Structure, governance and management
Objects, aims, objectives and activities
Academic results
io
Financial review
io
Plans for future periods
12
Statement of Governors, Responsibilities
13
Independent Auditors, Report
14to19
Statement of Financial Activities
20to21
Balance Sheet
22to23
Statement of Cash Flows
24to25
Notes to the Financial Statements
26to42

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Downside School
Reference and Administrative Details
Governors (also members)
J M Ludlow S#+
C M Hughes O.B.E #
ACMartinS
TJ Wilcox #-
A C G Griffin S
J M T Ogilvy-stuart #
R J G Jenkins S
A Barrett #
D Hall S lappointed 2 January 20241
H A H Dickinson # (resigned 16 October 20241
Right Rev. Dom N P Wetz # Iresigned 16 April 20251
S Member of general finance and resources committee
# Member of education committee
+ Responsibility for health and safety
Responsibility for safeguarding
Head
A Hobbs (resigned 27 June 20251
Acting Head
M Randall (appointed 27 June 20251
Clerk to the Governors
V Locke
Charity Registration Number
1184700
Company Registration Number
11751009
Registered Office
Stratton-on-the-Fosse
Radstock
Somerset
BA3 4RJ
Audltors
Crowe U.K. LLP
4th Floor, St. James, House
St. James, Square
Cheltenham
GL50 3PR
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Reference and Administrative Details
Bankers
Barclays Bank PLC
4 Queen Street
Bath
BAI IHE
Solicitors:
Stone King
13 Queens Square
Bath
BAI 2HJ
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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, present
their annual report and the audited financial statements for the year ended 31 August 2024.
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 (second edition) and the Financial Reporting
Standard applicable in the United Kingdom and the Republic of Ireland IFRS 102).
Reference and adminstrative details
Downside School Separated from Downside Abbey General Trust {DAGTI, which owned and
ran the School, on 11 September 2019. The School maintains a close relationship with DAGT.
with which it shares part of the site and some facilities and resources. The legal governance
arrangements between the School and DAGT include appropriate and robust provisions for
pupil safeguarding.
The Company is limited by guarantee, with registered number 11751009. The School is also
Charity, registered number 1184700. The Governors, executive officers, professional
advisers and principal address of the School are listed on page l.
Structure, governance and management
document
Nature o
overnin
The Charity is governed by its Memorandum and Articles of Association as amended on 22
July 2019.
Recruitment and a
ointment o
Governors
The Board of Governors includes the Abbot of Downside Abbey ex officio lor an individual
appointed by him) and one Governor appointed by the Bishop of the Roman Catholic
diocese in which any school operated by the Charity is located, plus 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
subjert to personal competence, specialist skills and availability. New Governors are
inducted into the workings of the Charity and the management of the school, including its
policies and procedures, at training meetings organised for them by the Chair, the Head, the
Burser and the Clerk to the Governors. Governors, training needs are assessed on an
individual basis and training is given as appropriate. All Governors are required to undertake
mandatory safeguarding trainin& and they are sent regular guidance notes and information
by the Clerk to the Governors.
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Senior personnel are recruited on the basis of national advertisement and selection by
Governors and other senior personnel. The Governors, General Finance Committee
considers the remuneration of senior personnel where appropriate at their summer term
meeting. Consideration is given to benchmarking information, as well as performance and
experience in the role.
ani5ationol structure
The Governors are legally responsible for the overall management and control of the School
and meet, either in person or virtually, at least three times a year.
In addition to the meetings of the full governing body there are three sub-committees, each
of which meets termly in advance of the respective plenary meeting. The sub-committees
are as follows-
Education Committee IECI,.
General Finance Committee IGFCI,.
Estates and Operations Committee IEOCI.
The members of each sub-committee are listed on page l. In addition, there are nominated
Governors with specific responsibilities, including..
Safeguarding ITerri Wilcoxl,.
Health & Safety (John Ludlowl.
The day-to-day running of the School is delegated to the Head, supported by the 'Core
Group,. which comprises the Deputy Head, Bursar, and Director of Human Resources. The
Head attends all Governors, meetings; the Bursar attends all Governors, meeting5 except
the Education Committee: other members of the Core Group, Senior Leadership Team, and
wider staff body attend relevant meetings as required.
Governors, indemnities
As permitted by the Articles of A550ciation, the Governors have the benefit of an indemnity
which is a qualifying third-party indemnity provision as defined by Section 234 of the
Companies Act 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 period Governors, and Officers, liability insurance in respect of itself and its
Governors.
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Princi
le risks ond their mano
ement
The Governors are responsible for the management of the risks faced by the Charity.
Detailed consideration of these risks is delegated to the General Finance Committee. which
is attended by the Head, Deputy Head and Bursar.
The key controls used by the Charity to ensure that risks are properly identified and
managed are..
Formal agendas for all Committee and Plenary meetings:
Detailed terms of reference for all Committees,.
Comprehensive strategic planning, budgeting and management accounting;
Established organisational structure and lines of reporting,.
Formal written policies and procedures;
Clear financial processes, authorisation and approval levels,. and
Vetting procedures as required by law.
The principal risks identified to which the School is exposed are..
The imposition of Value Added Tax IVATI on pupils, fees has had, and may continue to
have, a negative effect on pupil numbers;
Global economic and political uncertainty may also adversely affect domestic and
international demand for pupil places at the School;
The School may not be able to raise the funding that it requires for investment in the slte
and its operations.
The School is mitigating these risks by:
Opening a new Sixth Form Centre in the former monks, refectory in September 2024 to
improve retention post-GCSE;
Enhancing our marketing and communications in order to attract and retain more pupils;
Diversifying and expanding our educational offering through English Language
Foundation and Immersion courses for international students from September 2025-
Reducing and controlling operating costs, so as to keep fees as low and competitive as
possible without compromising the high quality of education and pastoral care provided
to our pupils,.
Developing a business plan and proposals for ownership of the School's property so that
the site can be used to its full potential,.
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Raising donations in excess of £2.5m between April 2025 and September 2025 to support
the School's ongoin8 operations, the purchase of its site, and associated developments.
Objects, alms, objectives and activitles
Charitable ob ects
The School's charitable objects are:
l. To advance Roman Catholic education in the Benedirtine tradition and the Roman
Catholic faith in particular, but without prejudice to the generality of the foregoing, by
running a school known as Downside School,.
2. To advance education by providing facilities for the education and training of children and
young people provided that such provision shall be ancillary or incidental only to the
running of a school known as Downside School in accordance with the above;
3. To support the work of Downside Abbey General Trust.
Downside's vision, as a Catholic and Benedictine school with Christ at its centre, is to be
bright light in education and to inspire service in our world.
Our mission is to provide a secure, happy and inclusive environment where children develop
the inner confidence and self-esteem necessary to flourish in our rapidly changing world.
Whilst we protert and nurture our children, we also challenge and extend them in order to
build their ability to thrive a5 adults in the future.
We strive to ensure that individuals, minds are broadened, and perspectives widened. We
encourage learnin& independence of thought and the cultivation of self-belief, skills,
wisdom and curiosity.
We prepare our pupils to live life to the full, encouraging them to act responsibly and
thoughtfully and to embrace, with energy and enthusiasm, the great opportunities that lie
ahead. It is our sincere desire that each child will use their compassion, knowledge, passions
and energies to make the world a better place - and believe they can do so. Every child has
an inherent value, which is exceptional and exclusive to them.
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Governors. Report
Public bene
it oims and intended im
oct
The Trustees confirm that they have complied with their duty under section 17 of the
Charities Act 2011 to have due regard to the Charity Commission's guidance on public
benefit.
The School makes generous provision for children from families who would not otherwise
be able to afford our fees to benefit from the excellent education that we offer. During the
year £2,625,263 12023: £2,624,705) was given in scholarships, bursaries and other fee
assistance. This amounts to 22.3% of gross fees12023= 22.3¥0I.
A total of 18 pupils received means-tested bursaries of 85% or more, with 5 pupils receiving
100%, 7 on 95% and 3 on 90% fee remission (with the School additionally providing support
to several of these families with the purchase of uniforms, school trips, travel and other
items to enable full participation in the life of the School). Such awards are truly
transformational for the pupils, their families and the wider community.
As an educational provider, we actively support and promote the attainment of high
standards in academic achievement, curriculum development and pastoral care. We nurture
and encourage our pupils to realise their potential as contributors to society, developing
character, moral courage, integrity and service to others. In sport we foster high standards,
both in performance and sportsmanship. In performing arts and across a wide range of
extra-curricular activities, we give children an appreciation of the 'poetry of life. and a sense
of its beauty, form, mystery and joy.
Since September 2022 the School has developed and run a full calendar of events to
welcome pupils from local schools, giving them access to our extensive facilities and
specialist teachers, and providing an opportunity for Downside pupils to support the
younger children in their learning. Over the past 2 years we have welcomed over 1,500
pupils from 14 local schools to 28 whole-day activities including..
Forensic detectives Ipupils collect, survey and catalogue evidence from a 'crime scene'l-
Art and design technology (creating piece5 of art Using different technique5 including
book binding and printmaking as well as creating the 'Tower of Downside, puzzle using
resistant material in the Design Workshop),.
Choral workshops (learning different songs and giving a performance in the Abbey
Church),.
Languages lintroduction to modern languages involving quizzes, treasure hunts and
Christma5 cards);
Musical Theatre (learning a song, dance routine and improvisation on our theatre stage);
Debating (researching characters using the library and taking part in a balloon debate);
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Outdoor adventure Ibushcraft, teambuilding, archery and basic Combined Cadet Force
ICCFI ski1151,' and
Sports masterclass lintroduction to hockey, rugby and netball).
The days are hosted, managed, staffed and catered at no cost to the visiting school. They
are led by specialist staff who have volunteered their time and include free transportation
to and from Downside. Each event also includes a guided tour of the Abbey Church by our
Chaplain. with a brief history of the church and its architecture.
The School also contributes to the Camino Partnership of Catholic Schools in the southern
part of the Diocese of Clifton to promote Catholic education. The partnership provides a
network of support to fellow schools and shares expertise from Chaplaincy and the teaching
of religious studies to Heads and Governors of schools.
Pupils participate in a number of community service activities, including a weekly soup run
in Bath with Help for Homeless, which involves handing out hot food, sanitary products and
clothing. They also take part in an annual overnight sleepout to raise awareness and funds
for the charity.
The School routinely raises funds in support of Mary's Meals and CAFOD. In addition, each
House chooses its own local, national or international charity for further fundraising
activities.
Wider bene
Its to the econom
The Independent Schoo15 Council IISCI and Oxford Economics provide a tool for schools to
assess their impact on the national and local economy. The calculations for Downside School
for the year are..
Contribution to UK GDP- £14.1 million:
Of which, contribution to Mendip local authority GDP.. £8.6 million:
Number of UK jobs supported by the School's activities: 299;
Of which, number of jobs in the Mendip local authority area.. 218;
UK tax supported by the School's activities.. £3.6 million;
Additional savings to the UK taxpayer: £1.5 million.
The additional savings to the UK taxpayer highlighted above are based on the 218 pupils in
the school IBrit15h or EEA nationals with parent5 resident in the UK) who would otherwise
be entitled to take up a free UK state school place.
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Ob-ectives
or the
eor
The Charit¢s overarching 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 four key principles that guide us in determining our objectives are..
Our purpose is to awaken and nurture a lifelong commitment to learning and growin8
Iconversatio morum - Rule of St. Benedictl-
We challenge the transactional and utilitarian view of education-
The relationship between the family and the School is one of dedicated and accountable
partners;
We need specific and measurable results to indicate how well the partnership is working.
These principles are derived from the parable of the talents, which is our model for gauging
performance,. and the parables of the105t sheep and the prodigal son, which underpin our
pastoral care.
In furtherance of these principles our objectives for the year were to..
continue to build a strong faith-based culture that challenges our pupils to make their
unique contribution to society-
establish a programme of staff retreats to underpin the Catholic and Benedictine culture
of the School,.
embed the Relationship and Sex Education IRSEI programme so that respect is at the
heart of every relationship in our community:
work with the wider Downside Community to provide one fully-funded academic
scholarship in each year group by 2026:
strengthen the School's financial controls and reporting to ensure that it is operating as
efficiently and effectively as possible.
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Academic results
Downside is proud to be academically non-selective. Nevertheless the 2024 A-level grades
139 % A'/A and 650A A°_Bl and GCSE results146% 9-7 and 940/0 9-41 show that our pupils
performed extremely well.
We encourage our pupils to pursue the subjects they are passionate about studying, rather
than promoting subject choices solely with an eye on the likely outcome. Nevertheless, over
21% achieved straight A or A, passes in 3 or 4 subjects. In Latin and Greek, all achieved A,
grades.
Almost all pupils secured a place at their first-choice university, including one pupil who
secured a place at Leeds to read Medicine with 4 A grades, 3 in natural sciences and the
4th in Classical Greek. Another pupil, with straight A s, won a place to read Classics at
Oxford.
Other destinations included Warwick, Bristol, Glasgow, Newcastle, Durham, Cardiff, London
School of Economics, York, Bath, St Andrews, Edinburgh, Exeter and elsewhere. Subjects
include Modern Languages, Criminology, Arabic, Nursing, Real Estate, Sports Management,
Physiotherapy, History of Art, Psychology, Computer Science, Archaeology and
Anthropology. We are also delighted that one of this year's cohort secured a prestigious
degree apprenticeship place in Wealth Management at UBS.
Of the Lower Sixth pupils who submitted an EPQ this year, all achieved an A or A grade,
with one pupil scoring full marks for a complete musical, including libretto, score and script -
an extraordinary accomplishment.
In GCSES, over a quarter of the grades gained by our pupils were 8 or 9, with nearly half
being a grade 7 or above. One pupil achieved straight grade 9s across all ten of their
subjects, and two more gained nine grade 9s and two grade 8s in their eleven subjects.
Flnanclal revlew
The Charity achieved a surplus for the year of £2,233,38312023- £33,260).
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Reserves
olic
As at 31 August 2024 the Balance Sheet showed net liabilities of £185,182 12023: net
liabilities £2,418.5651. This is largely due to DAGT having repaid an outstanding loan on
behalf of the School, the outstanding balance for which was £2,528,623.
The School has no free reserves. Thi5 is typical of many independent schools due to the
need for continuing expenditure from retained reserves to support our charitable objects.
The School's policy over time is to build up resources by means of annual operating
surpluses, balanced against the need to continue investing in its facilities and infrastructure.
Investment olic
The School has a beneficial interest in shares in Telecom Plus PLC to the value of £110,640
as at 31 August 202412023: £95,400). These are held in the name of DAGT and stated as
transferred to the School under the terms of the Separation Agreement.
Goin
The Governors have prepared the financial statements on a going concern basis as, in their
opinion, the School is able to meet its obligations as they fall due.
concern
The School continues to face challenges brought about by the onset and introduction of VAT
on fees from January 2025, and the consequent drop in pupil numbers. This is compounded
by significant increases in expenditure caused by the loss of Mandatory Business Rates
Relief and a substantial rise in Employers, National Insurance liability from April 2025. To
mitigate these, the School has undertaken a comprehensive review of staffing and
expenditure, with over £lm of savings planned for the forthcoming year. These can be
achieved without adversely affecting the high levels of service that our parents and pupils
rightly expect.
We have also taken steps to increase pupil recruitment and retention, including opening a
new sixth from centre in September 2024 to help retain more pupils post-GCSE and attract
local day pupils. Longer-term plans to diversify income streams and unlock the potential of
the school site are detailed below. A fundraising appeal in support of this was launched on
12 August 2025 and pledges and donations totalling over £800k had been received within 2
weeks.
Governors acknowledge that as a result of all the factors mentioned above. a material
uncertainty exist5 that may cast doubt on the School's ability to continue a5 a going concern.
However, having considered all of the circumstances and mitigating actions, the Governors
consider it appropriate that the accounts are prepared on a going concern basis.
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Plans for future periods
Aims and ke
ob ectives
or
uture
eriods
There are no plans to alter the Charity's objects or strategic aims.
The Community of St Gregory the Great announced in March 2025 that they would shortly
be moving to Hereford to begin exploring the possibility of a union with Belmont Abbey. The
Monks, whilst remaining committed to owning and caring for the Downside Abbey Church
and Library. indicated that they would like to sell other parts of the Estate, including the
former monastery, and the land and freehold of Downside School.
This represents an exciting opportunity for the School to acquire its own freehold and other
assets, allowing it to unlock the enormous potential of the wider site in order to bolster its
financial resilience and diversify income streams. DAGT has indicated that it is willing to sell
to the School at a very significant discount to the open market value and a fund-raising
initiative has been launched. This has received a very positive response and substantial
donations from the Old Gregorian IOGI and wider community, as well as interest from
potential investors and funders.
Disc105ure of inforrnation to auditor
Each Governor has taken step5 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 know the auditor is unaware.
The annual report was approved by the Governors of the charity on 28 September212
on its behalf by:
signed
Sw￿dby."
J M Ludlow
Governor
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Statement of Governors. Responsibilities
The Governors Iwho 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 applicable law and United Kingdom Accounting Standards Iunited Kingdom
Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting
Standard applicable in the UKand Republic of Ireland"
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 they
are satisfied that they give a true and fair view of the state of affairs of the charitable
company and of the incoming resources and application of resources, including its income
and expenditure, of the charitable company for that period. 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 Statement of Recommended Practice
ISORPI;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards, comprising FRS 102 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.
The Governors are responsible for keeping proper accounting records that can disclose with
reasonable accuracy at any 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 Governors are responsible for the maintenance and integrity of the corporate and
financial information included on the charitable company's website. Legislation governing
the preparation and dissemination of financial statements may differ from legislation in
other jurisdictions.
Approved by the Governors of the charity on
28 September 202
signed on its behalf by:
8b3Mdby.'
J M Ludlow
Governor
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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 August 2024, which comprise the Statement of Financial Activities, Balance Sheet,
Statement of Cash Flows, and Note5 to the Financial Statements, including significant
accounting policies. The financial reporting framework that has been applied in their
preparation is United Kingdom Accounting Standard5, including Financial Reporting
Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
Iunited Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements-
give a true and fair view of the state of the charity's affairs a5 at 31 August 2024 and of it5
incoming resources and application of resources, 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 ofthe Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS
IUKII and applicable law. Our responsibilities under those standards are further described in
the auditor responsibilities for the audit of the financial statements section of our report.
We are independent of the charitable company in accordance with the ethical requirements
that are relevant to our audit of the financial statements in the UK, including the FRC'S
Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufFicient and
appropriate to provide a basis for our opinion.
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## **Downside School** 

## **Independent Auditor's Report to the Members of Downside School** 

## **Material uncertainty related to going concern** 

We draw attention to the disclosures made in note 1 to the financial statements concerning the School's ability to continue as a going concern. The School continues to face challenges, including managing its cash flows and maintaining pupil numbers. The School's performance and cash position continue to be closely monitored and management continually consider cost saving measures along with maintaining a robust fee debtor collection process in order to ensure the School can continue to meet its obligations as they fall due. As stated in note 1, these events or conditions, along with other matters as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the School's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The Governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

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. 

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Independent Auditor's Report to the Members of Downside School
Opinion on other matter 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 Governors, report, which includes the Governors, report
prepared for the purposes of company law, for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
the Governors, report has 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 charitable company and its
environment obtained in the course of the audit, we have not identified material
misstatements in the Governors, Report.
We have nothing to report in respect of the following matters where the Companies Act
2006 requires us to report to you if, in our opinion-
adequate accounting records have not been kept, or
the financial statements are not in agreement with the accounting records and returns;
or
certain 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.
Responsibilities of Governors
As explained more fully in the Statement of Governors, Responsibilities (set out on page 131,
the Governors (who are also the directors of the charitable company for the purposes of
company lawl 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
charitable company's ability to continue as a going concern, disclosing, as applicable.
matters related to going concern and using the going concern basis of accounting unless the
Governors either intend to liquidate the charitable company or to cease operations, or have
no realistic alternative but to do so.
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Auditor responsibilities for the audit of the financial statements
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 auditor's report that includes our opinion. Reasonable assurance 15 a high level of
assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will
always detect a material misstatement when it exist5.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below..
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.
We obtained an understanding of the legal and regulatory frameworks within which the
charity and group operates, focusing on those laws and regulations that have a direct effect
on the determination of material amounts and disclosures in the financial statements. The
laws and regulations we considered in this context were the Charities Act 2011 together
with the Charities SORP IFRS1021. We assessed the required compliance with these laws and
regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct
effect on the financial statements but compliance with which might be fundamental to the
school's and the group's ability to operate or to avoid a material penalty. We also
considered the opportunities and incentives that may exist within the charity and the group
for fraud. The laws and regulations we considered in this context for the UK operations were
The Education Ilndependent School Standards) Regulations 2014.
Page 17

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Independent Auditor's Report to the Members of Downside School
We identified the greatest risk of material impact on the financial statements from
irregularities, including fraud, to be within fee scholarships, bursaries and discounts and the
override of controls by management. Our audit procedures to respond to these risks
included enquiries of management about their own identification and assessment of the
risks of irregularities, sample testing fee scholarships, bursaries and discounts, sample
testing on the posting of journals, reviewing accounting estimates for biases, reviewing
regulatory correspondence with the Charity Commission and the Independent Schools
Inspectorate, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not
have detected some material misstatements in the financial statements, even though we
have properly planned and performed our audit in accordance with auditing standards. For
example, the further removed non-compliance with laws and regulations lirregularitiesl is
from the events and transactions reflected in the financial statements, the less likely the
inherently limited procedures required by auditing standards would identify it. In addition.
as with any audit, there remained a higher risk of non-detection of irregularities, as these
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing noncompliance and cannot be
expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's
website at: www.frc.org.uk/auditorsre5pon5ibilities. This description forms part of our
auditorfs report.
Use of our report
This report Is made solely to the charitable company's Governor5, 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 Governors 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 Governors as a body, for our audit
work, for this report, or for the opinions we have formed.
Page 18

DoGusign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
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
GL50 3PR
Date..
08 October 2025
Page 19

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Statement of Financial Artivities for the Year Ended 31 August 2024
{Includin8 Income and Expenditure Account and Statement of Total Recognised Gains and
Losses)
Total
31 August
2024
Unrestrirted Restricted
funds
funds
Note
Income and Endowments from:
Donations and legacies
Charitable activities
3,165,460
9,585,943
173,218
46,781
421,864
563
3,166,023
9,585,943
173,218
46,781
421,864
Other trading activities
Investment income
Other income
Total income
13,393,266
563
13,393,829
Expenditure on:
Raising funds
Charitable activities
1491,5131
110,665,429)
1491.5131
118,7441 110,684,173)
Total expenditure
Gains/losses on investment assets
111,156,942)
15,240
118,7441 111,175,686)
15,240
Net income/lexpenditurel
Transfers between funds
2,251,564
68
{18,1811
1681
2,233,383
Net movement in funds
2,251,632
118,2491
2,233,383
Reconciliation of funds
Total funds brought forward
12,555,436)
136,871
12,418,565)
Total funds carried forward
18
1303,8041
118,622
1185.1821
The notes on pages 26 to 42 form an integral part of these financial statements.
Page 20

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Statement of Financial Artivities for the Year Ended 31 August 2024
{Includin8 Income and Expenditure Account and Statement of Total Recognised Gains and
Losses)
Total
31 August
2023
Unrestrirted Restricted
funds
funds
Note
Income and Endowments from:
Donations and legacies
Charitable activities
993,325
9,635,711
149,881
4,596
477,652
277,180
1,270,505
9,635,711
149,881
4,596
477,652
Other trading activities
Investment income
Other income
Total income
11,261,165
277,180
11,538,345
Expenditure on:
Raising funds
Charitable activities
1328,5711
111,153,614)
1328.5711
11,3001 111,154,914)
Total expenditure
Gains/losses on investment assets
111,482,185)
121,6001
11,3001 111,483,485)
121,6001
Net lexpenditurel/income
Transfers between funds
1242,6201
265,634
275,880
1265,6341
33,260
Net movement in funds
23,014
10,246
33,260
Reconciliation of funds
Total funds brought forward
12,578,450)
126,625
12,451,825)
Total funds carried forward
18
12,555,436)
136,871
12.418,5651
All of the charity's activities derive from continuing operations during the above two
periods.
The notes on pages 26 to 42 form an integral part of these financial statements.
Page 21

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
(Registration number: 117510091
Balance Sheet as at 31 August 2024
31 August
2024
31 August
2023
Note
Fixed assets
Tangible a55ets
Investments
io
2,181,235
110,640
2,236,843
95,400
li
2,291,875
2,332,243
Current assets
Stocks
12
119,576
1,343,462
2,284,555
124,316
2,430,088
966,277
Debtors
13
Cash at bank and in hand
3,747,593
3,520,681
Creditors: Amounts falling due within one year
14
15,867,368) 18,271,489)
Net current liabilities
12,119,775) 14,750,808)
Total assets less current liabilities
172,100
12,418,565)
Creditors: Amounts falling due after more than one
year
16
1357,2821
Net liabilities
1185,1821 12,418,565)
Funds of the charity:
Restrlrted income funds
Restricted funds
118,622
136,871
Unrestricted income funds
Unrestricted funds
1303,8041 12,555,436)
Total funds
1185,1821 12,418,565)
The notes on pages 26 to 42 form an integral part of these financial statements.
Page 22

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
(Registration number: 117510091
Balance Sheet as at 31 August 2024
The financial statements on pages 20 to 42 were approved by the Governors, and
authorised for issue on
28 September 2025
and signed on their behalf by:
J M Ludlow
Governor
The notes on pages 26 to 42 form an integral part of these financial statements.
Page 23

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Statement of Cash Flows for the Year Ended 31 August 2024
31 August
2024
31 August
2023
Note
Cash flows from operating activities
Net cash income
2,233,383
33,260
Adjustments to cash flows from non-cash items
Depreciation
Revaluation of investments
299,816
115,2401
326,442
21,600
2,517,959
381,302
Worklng capital adjustments
Decrease in stocks
12
4,740
1,086,626
1239,4711
613,974
1,140
11,510,761)
277,778
1,241,224
Decreasellincreasel in debtors
IDecreasel/increase in creditors
Increase in deferred income
13
14
16
Net cash flows from operating activities
3,983,828
390,683
Cash flows from investing artivities
Purchase of tangible fixed assets
Sale of tangible fixed assets
io
1248,1581
3,950
1452,8071
952
Net cash flows from investing activities
1244,2081
1451,8551
Cash flows from financing activities
Value of new loans obtained during the period
Repayment of loans and borrowings
500,000
1500,0001
14
12,421,342)
Net cash flows from financing activities
12,421,342)
Net increaselldecreasel in cash and cash equivalents
1,318,278
161,1721
Cash and cash equivalents at I September 2023
966,277
1,027,449
Cash and cash equivalents at 31 August 2024
2,284,555
966,277
The notes on pages 26 to 42 form an integral part of these financial statements.
Page 24

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Statement of Cash Flows for the Year Ended 31 August 2024
31 August
2024
31 August
2023
Reconciliation of net cash flow to movement in net funds
Increaselldecreasel in cash
1,318,278
161,1721
Net funds at I September 2023120221
966,277
1,027,449
Net funds at 31 August 2024120231
2,284,555
966,277
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 26 to 42 form an integral part of these financial statements.
Page 25

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
l Accounting policies
Company Informatlon
Downside School is a charity, registered number 1184700, is a Public 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.
Going concern
The Governors have prepared the financial statements on a going concern basis as, in their
opinion, the School is able to meet its obligations as they fall due.
The School continues to face challenges brought about by the onset and introduction of VAT
on fees from January 2025, and the consequent drop in pupil numbers. This is compounded
by significant increases in expenditure caused by the loss of Mandatory Business Rates
Relief and a substantial rise in Employers, National Insurance liability from April 2025. To
mitigate these, the School has undertaken a comprehensive review of staffing and
expenditure, with over £lm of savings planned for the forthcoming year. These can be
achieved without adversely affecting the high levels of service that our parents and pupils
rightly expect.
We have also taken steps to increase pupil recruitment and retention, including opening a
new sixth from centre in September 2024 to help retain more pupils post-GCSE and attract
local day pupils. Longer-term plans to diversify income streams and unlock the potential of
the school site are detailed below. A fundraising appeal in support of this was launched on
12 August 2025 and pled8e5 and donations totallin8 over £800k had been received within 2
weeks.
Governors acknowledge that as a result of all the factors mentioned above, a material
uncertainty exists that may cast doubt on the School's ability to continue as a going concern.
However, having considered all of the circumstances and mitigating actions, the Governors
consider it appropriate that the accounts are prepared on a going concern basis.
Page 26

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
Basis of accountin8
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
lissued in January 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companie5 Act 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.
Incoming resources
Income is recognised in the period in which the School is entitled to receipt and the amount
can be measured with reasonable certainty.
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 deducting
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
deducted from gross fees. Discounts are also offered to siblings of current pupils, military
families and pupils whose parents and grandparents previously attended the School.
Donotions and legocies
Donations 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 restricted funds.
Legacies are accounted for as they are received or if, before receipt, it becomes reasonably
certain that the legacy will be received and the value of the legacy can be measured with
reasonable certainty.
Resources expended
Resources expended are accounted 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 15
relates.
Where an item of expenditure falls directly within one cost category, it is attributed to that
category only. Where expenditure involves more than one category, it is apportioned on a
reasonable and justifiable basis.
Page 27

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
Governance costs
These include the costs attributable to the charity's compliance with constitutional and
statutory requirements, including audit, strategic management and governors, meetings and
reimbursed expense5.
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 increases the value of the
asset.
Depreciation and amortisation
Tangible fixed assets are depreciated on a straight line basis over the following periods:
Asset class
Depreciation method and rate
Equipment, fixtures and fittings
3 to 20 years straight line
Motor vehicles
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between
the sale proceeds and the carrying value of the asset, and is recognised in net
income/lexpenditurel for the year.
The freehold land and buildings of the School were revalued in 1980. The governors are of
the opinion that the current open market value on an existing use basis is in excess of book
value.
The School has taken advantage of the transitional arrangements of FRS 102 Section 17
Property, Plant and Equipment not to update its valuation of land and buildings.
Listed investment5
Investments are shown in the balance sheet at market value at the balance sheet date.
Realised and unreali5ed gains 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.
Trade debtors
Debtors are recognised at the corresponding transaction value.
Page 28

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
Trade creditors
Creditors are recognised where the School has a present obligation which results from
past event that in all 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 years tuition fees 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 income. All amounts are included within creditors due within one year
as the amounts are repayable on demand if the pupil leaves.
Retirement benefits
Prior to 31 December 2020, the School contributed to the Teachers, Pension Defined
Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the
Scheme Administrator. That 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 17, the Scheme has been accounted for as a defined
contribution scheme.
The School exited the Teachers, Pension Scheme with effert from 31 December 2020 and a
new defined contribution scheme with Aviva 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 cases. the pension cost charges represent contributions payable by the School 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 restrictions
imposed by the donors or which have been raised by the School for a specific purpose. The
costs of raising and administering funds are charged against the specific fund. The aim of
each restricted fund is set out in the notes to the financial statements.
Page 29

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
Critical accounting judgements and estimation uncertainty
The following are considered to be critical accounting judgements made in applying the
School's accounting policies..
The following significant estimates and assumptions have been made in applying the
School's accounting policies..
The annual depreciation charge for fixed assets is sensitive to changes in the estimated
useful economic lives of assets. Estimated lives are reassessed annually 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the
lessor are classified as operating leases. Rentals payable under operating leases are charged
in the Statement of Financial Activities on a straight line basis over the lease term.
2 Income from charitable artivities
Unrestrirted
funds
31 August
2024
31 August
2023
Fee income
9,585,943
9,585,943
9,635,711
Page 30

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
Fee income comprises of the following:
31 August
2024
31 August
2023
Gross fees
Less: total scholarships, bursaries and fee a5515tance
Add.. Scholarship paid for from restricted funds
Otherfee income
11,789,169
11,787,849
12.639,2581 12.624,7051
13,995
404,768
17,269
452,836
19,731
Re8lStration fees
9,585,943
9,635,711
3 Donations and legacies
Unrestricted
funds
31 August
2024
31 August
2023
Restricted
Donations and gifts
3,165,460
563
3,166,023
1,270,505
3,165,460
563
3,166,023
1,270,505
4 Net expenditure
The net expenditure for the period is stated after charging..
31 August
2024
31 August
2023
Depreciation
Auditors remuneration
299,816
24,066
109,219
16,725
58,787
326,442
42,175
166,593
20,676
190,059
Loan interest
Bank charges
Bad debt provision
508,613
745,945
Page 31

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
5 Income from other trading activities
Unrestricted
funds
31 August
2024
31 August
2023
Trading income;
School shop
Pitch and nets hire
115,534
9,916
115,534
9,916
102,075
2,873
Events income;
Shows and events
520
520
1,740
40,321
2,872
Other commercial income
47,248
47,248
Recharges to Downside Abbey General Trust
173,218
173,218
149,881
6 Other income
Unrestricted
funds
31 August
2024
31 August
2023
Cafe takings
Rental income
25,477
388,758
25,477
388,758
22,537
389,396
2,884
62,247
588
Other income
Sundry income
Interest on overdue accounts
7,051
578
7,051
578
421,864
421,864
477,652
Page 32

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
7 Expenditure on charitable activities
Total 31
Total 31
Teaching Welfare Premises Support August 2024 August 2023
4,243,333 876,392 414,501 1,092,626
6,626,852
6,559,585
Staff costs
Expenditure on
raising funds
Depreciation
and impairment
Other costs
489.313
489,313
314,082
299,816
594,741 1,126,642 1,026,178 906,164
299,816
3,653,725
315,713
4,182,399
Governance
costs
105,980
105,980
111,706
4,838,074 2,003,034 1,740,495 2,594,083 11,175,686 11,483,485
Analysis byfund
Unrestricted
funds
4,838,074 2,003,034 1,740,495 2,594,083 11,175,686
31 August 2023
Unrestricted
funds
4,671,296 2,254,043 1,858,547 2,699,599
11,483,485
8 Analysi5 of governance and sUPPOrt costs
Governance costs
Unrestricted
funds
31 August
2024
31 August
2023
Audit fee5
Audit of the financial statements
24,066
80,814
I,ioo
24,066
80,814
I,ioo
42,175
67,481
2,050
Legal and professional fees
Governors expenses
105,980
105,980
111,706
Page 33

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
9 Staff costs
The aggregate payroll costs were as follows:
31 August
2024
31 August
2023
Staff costs duringthe year were:
Wages and salaries
Social security costs
Pension costs
5,439,033
503,840
561,079
122,900
5,362,250
502,004
563,223
132,108
Other staff costs
6,626,852
6,559,585
The monthly average number of persons (including senior management / leadership team)
employed by the charity during the year was as follows..
31 August
2024
No
31 August
2023
No
Teaching
Other
56
137
67
128
193
195
Key management personnel of the School are deemed to be the Senior Leadership Team.
The total amount paid to key management personnel, including employers pension,
National Insurance contributions and any benefits in kind was £518.06412023 - £519,578).
The Governors received no remuneration.
Governors were reimbursed travel and training expenses totalling £l,10012023 - £2,050).
Page 34

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
The number of employees whose emoluments fell within the following bands was..
31 August
31 August
2024
2023
No
No
£60,001- £70,000 per annum
£70.001- £80,000 per annum
£80,001- £90,000 per annum
£130,001- £140,000 per annum
During the year termination payments were made totalling £2,10012023 - £14,700).
IOTangible fixed assets
Furniture
and
equipment
Land and
buildings
Motor
vehicles
Total
Cost
At I September 2023
Additions
429,401
171,522
3,206,139
73.299
112,2251
4,000 3,639,540
3.337
248,158
112,2251
Disposals
At 31 August 2024
600,923
3,267,213
7.337 3,875,473
Depreciation
At I September 2023
Charge for the year
Eliminated on disposals
8,019
3,508
1,391,811
295,119
18,2751
2.867 1,402,697
1,189
299,816
18,2751
At 31 August 2024
11,527
1,678.655
4,056 1,694,238
Net book value
At 31 August 2024
589,396
1,588,558
3.281 2,181,235
At 31 August 2023
421,382
1,814,328
1,133 2,236,843
Page 35

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
11 Fixed asset investments
31 August
2024
31 August
2023
Other investments
110,640
95,400
Other investments
Listed
investments
Total
Valuation
At I September 2023
Revaluation
95,400
15,240
95,400
15,240
At 31 August 2024
110,640
110,640
The listed investment represents a beneficial interest in 6,000 shares held in Telecom Plus
PLC.
12 Stock
31 August
2024
31 August
2023
School shop
119,576
124,316
Page 36

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
13 Debtors
31 August
2024
31 August
2023
Trade debtors
904,024
407,704
31,734
1,741,808
414,777
273,503
Prepayments and accrued income
Other debtors
1,343,462
2,430,088
Trade debtors above are stated net of bad debt provisions totalling £265,846 12023
£302,4191.
14Creditors: amounts falling due within one year
31 August
2024
31 August
2023
Bank borrowings
Trade creditors
2,421,342
428,456
256,333
1,659,274
325,338
3,057,789
122,957
431,610
199,471
1,381,098
60,469
2,657,637
1,137,083
Other taxation and social security
Other creditors
Accruals
Fees in advance
Advance fees scheme
5,867,368
8,271,489
Fees received under the Advance fees scheme will be applied as follows..
31 August
2024
31 August
2023
Less than l year
Within I to 2 years
Within 2 to 5 years
1,137,083
287,473
69,809
101,698
21,259
1,494,365
122,957
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DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
The advanced fee5 balance represent5 the accrued liability under the contracts. Capital
movements during the period were:
31 August
2024
31 August
2023
Balance brought forward
New contracts
122,957
1,442,088
170,6801
281,821
Amounts utilised
1158,8641
1,494,365
122,957
15Taxation
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 activities carried on in
furtherance of the School's primary objectives if these profits and surpluses are applied
solely for charitable purposes.
16Creditors: amounts falling due after one year
31 August
2024
Advance fees scheme
357,282
17 Obligations under leases and hire purchase contracts
The annual commitments under non-cancellable operating leases were..
31 August
2024
31 August
2023
Land and buildings
Within one year
Between one and five years
After five years
55,300
1,700,000
49,016,664
416,566
1,700,000
49,299,998
50,771,964
51,416,564
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DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
31 August
2024
31 August
2023
Fixtures and fittings
Within one year
Between one and five years
After five years
67,500
108,553
12,624
41,579
50,472
188,677
92,051
Operating leases for land and buildings principally relate to the long term lease granted by
Downside Abbey General Trust for the School premises.
18 Funds
Balance at
Balance at
31 August
2024
September
2023
Incoming Resources
resources
expended Transfers
Unrestrlcted funds
Unrestricted funds
12.555,4361 13,408,506 111,156,942)
68
1303,8041
Restricted funds
Sill Organ Scholarship
Piano Fund
126,625
68
563
118,7441
108,444
1681
Rose Enrichment Fund
10,178
10,178
Total restricted funds
136,871
563
118,7441
1681
118,622
Total fund5
12,418,565) 13,409,069 111,175,686)
1185,1821
Page 39

DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
Balance at
Balance at
31 August
2023
£IAs
restated)
September
2022
Incoming Resources
resources
expended Transfers
Unrestricted funds
Unrestricted funds
12.578,4501 11,261,165 111,503,785)
265,634 12,555,436)
Restrirted
Sill Organ Scholarship
Piano Fund
126,625
126,625
68
265,702
11,478
1265,6341
Rose Enrichment Fund
(1,3001
10,178
Total restrlcted funds
126,625
277,180
11,3001 1265,6341
136,871
Total funds
12,451,825) 11,538,345 111,505,085)
12.418,5651
19 Analysis of net liabilities between funds
Total funds
31 August
2024
Unrestricted
funds
Restricted
funds
Tangible fixed assets
Fixed asset investments
2,181,235
110,640
12,238,397)
1357,2821
2,181,235
110,640
12.119,7751
1357,2821
Net current assets
118,622
Creditors over l year
Total net liabilities
1303,8041
118,622
1185.1821
Total funds
31 August
2023
Unrestricted
funds
Restricted
funds
Tangible fixed assets
Fixed asset investments
2,236,843
95,400
14,887,679)
2,236,843
95,400
14,750,808)
Net current a55ets
136,871
Total net liabilities
12,555,436)
136,871
12,418,565)
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DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
20 Pension and other schemes
The School has participated in the following pension scheme..
al 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..
31 August
2024
31 August
2023
Defined contribution schemes
561,079
563,223
The following amounts had not been paid to the schemes at the year-end:
31 August
2024
31 August
2023
Defined contribution schemes
78,737
79,027
21 Contlngent assets
In the previous year, as part of the School's separation Agreement, Downside Abbey General
Trust IDAGTI undertook to contribute funds towards maintenance works to be carried out
on the School estate. These works were capped at £4 million, with payments receivable as
works were carried out. However, in order to support the School as it recovers from the
COVID pandemic and seeks to re-establish profitability and positive cash flow. Downside
Abbey General Trust has formerly agreed to repurpose this contribution in the form of
actual donations of £1 million and reduced rent of premises from £425,000 to £212,500
annually up to 31 December 2023. It has further undertaken to meet all interest and
principal repayment obligations from I September 2023 under the loan in the School's
name and to arrange its repayment in full by August 2024, of which £2.4 million was
outstanding.
The bank loan was repaid by the DAGT in full on 26 March 2024.
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DoGUSign Envelope ID." 5666F324B0064FFE.ADOO-7E2775A71206
Downside School
Notes to the Financial Statements for the Year Ended 31 August 2024
22 Financial instruments
Financial instruments are initially recognised at transaction value and subsequently
measured at amortised cost with the exception of investments which are valued at fair
value. Financial assets held at amortised cost comprising cash at bank and in hand, together
with trade and other debtors and fee debtors. A specific provision is made for debts where
recoverability 15 in doubt. Cash at bank and in hand 15 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 provisions.
Financial assets held at amortised costs total £3,220,31212023 £2,981,588) and held at fair
value total £110,64012023 - £95,400).
Financial liabilities held at amortised costs total £6,025,17912023 - £8,015,156).
23 Related partytransartions
During the year ended 31 August 2024, transactions totalling £528,48312023 - £632,759)
were paid to Downside Abbey General Trust IDAGTI where Right Rev. Dom Nicholas P Wetz
is a Trustee and controller of the Trust. The charges relate to services provided to the School
and were charged at market value.
During the year ended 31 August 2024, no costs were recharged to DAGT12023- £13,893)
During the year, the School received £2,934,07412023 - £nill in donations from DAGT.
The School reimbursed travelling expenses to three Governors totalling £84512023 two
Governor's totalling £1,162) during the year.
The School paid a total of £25512023 - £2,050) in Governors expenses, during the year for
the benefit of all Governors.
Page 42