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 2025
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
Downside School Referen and Administrative Details Governors {also members) J M Ludlow S#" C M Hughes O.B.E # ACMartinS TJ Wilcoxl J M T Ogilvy-stuart # R J G Jenkin5 S A Barrett # DHallS K J Colgan A+ (appointed 31 March 20261 H A H Dickinson # (resigned 16 October 20241 Right Rev. Dom N P Wetz # Iresigned 16 April 20251 A C G Griffin ' Iresi8ned 31 December 20251 S Member of general finance committee
Member of education committee
A Member of estates and ops + Responsibility for health and safety Responsibility for safe8uardin8 Head A Hobbs {resi8ned 31 Au8USt 20251 Actin8 Head M Randall (appointed I September 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 Auditors Crowe U.K. LLP 4th Floor. St. James, House St. James, Square Cheltenham GL50 3PR Page I
Downside School Referen and Administrative Details Bankers Barclays Bank PLC 4 Queen Street Bath BAI IHE Sollcltors: Stone King 13 Queens Square Bath BAI 2HJ Page 2
Downside School Governors, Report The Governors of Downside School. who are also the Direttors 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 2025. 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 Reportin8 Standard applicable in the United Kingdom and the Republic of Ireland IFRS 1021. Reference and adminstrative details Downside School separated from Downside Abbey General Trust IDAGTI, 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 safeguardin8. The Company is limited by guarantee. with re8iStered number 11751009. The School is also Charity, re8lStered number 11847CNJ. The Governors, executive officers, professional advisers and principal address of the School are listed on page l. Strurture, governance and management NL7ture o overnin document The Charity is governed by its Memorandum and Articles of Association as amended on 22 July 2019. Recruitment and o ointment o Governors The Articles of Association set out the requirements for Trustees (Governors), which should be no fewerthan eight and not more than 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 workings of the Charity and the management of the school, including its policies and procedures, at trainin8 meetin8s or8anised 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. Page 3
Downside School Governors, Report Senior personnel are recruited on the basis of national advertisement and selection bv 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. anisationol 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 meetin8. 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, includin8'. Safe8uardin8.'Terri Wilcox Health & Safety.. John Ludlow The day-to-day running of the School is delegated to the Head, supported by the Senior Leadership Team. The Head attends all Governors, meetings: the Bursar attends all Governors, meetings except the Education Committee; other members of the Senior Leadership Team, and wider staff body. attend relevant meetings as required. Governors, indemnities As permitted by the Articles of Association, 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. Page 4
Downside School Governors, Report Princi al 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 Vettin8 procedures as required by law. The principal risks identified to which the School is exposed are: A sustained drop in pupil numbers following the imposition of VAT on fees, as well as wider global and domestic economic and political uncertainty; Continued additional operating costs imposed by government policy. including the removal of business rates relief and increases in employment costs includin8 National Insurance and National Minimum Wage: The effects of climate change and the cost of taking remedial artion. We are mitigating these risks bv: Reducing and controllin8 operatin8 Costs in order to keep fees as low and competitive as possible without compromising the quality of education and pastoral care provided to our pupils.. Improving our offer to pupils and prospective pupils, and ensurin8 effective marketin8 and communications, in order to attract and retain more pupils- Diversifying and increasing our income through commercial lettings. overseas franchising, and appropriate development of the School slte. Page 5
Downside School Governors, Report Through the processes identified above, the Governors are satisfied that major risks are identified and appropriately mitigated where possible. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Objects, alms, oblertlves and artlvltles Choritoble ob ects The School's charitable objects are: l. To advance Roman Catholic education in the Benedictine tradition and the Roman Catholic faith in particular, but without prejudice to the generality of the foregoing, bv 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 a 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 confidence and self-esteem necessary to flourish in our rapidly changing world. Whilst we protect and nurture our children, we also challen8e and extend them in order to build their ability to thrive as adults in the future. We strive to ensure that individuals, minds are broadened. and perspectives widened. We encourage learning, 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. Page 6
Downside School Governors, Report Public bene it oims ond intended im art 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 £2,523,638 12024: £2,625,263} was given in scholarships, bursaries and other fee assistance. This amounts to 24.0% of gross fees12024: 22.3%). During the year. a total of 20 pupils received means-tested bursaries of 85% or more, with 6 pupils receivin8 100%, 6 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 for pupils from local schools, giving them access to our extensive facilities and specialist teachers, and providin8 an opportunity for Downside pupils to SUPPOrt the younBer children in their learning. During the year ended 31 August 2025. we have welcomed over 320 pupils from 11 different local schools to 9 whole-day activities including: Forensic detectives (pupils collect, survey and catalogue evidence from a 'crime scene'l,. Art and design technology (creating pieces of art using different techniques); Book binding and printmaking las well as creating the 'Tower of Downside, puzzle using resistant material in the DesiBn Workshop); Choral workshops Ilearning different son8s and givin8 a performance in the Abbey Churchl- Languages (introduction to modern languages involving quizzes, treasure hunts and Christmas cards); Musical Theatre Ilearnin8 a son& dance routine and improvisation on our theatre stage); Debating (researching characters using the library and taking part in a balloon debate); Page 7
Downside School Governors, Report Outdoor adventure (bushcraft. teambuildin& archery and basic Combined Cadet Force ICCFI skillsl- and Sports masterclass (introduction to hockey, rugby and netball). The days are hosted, mana8ed, staffed and catered at no cost to the visitin8 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 handin8 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 Marfs 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 Schools 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: £13.1 million; Of which, contribution to Somerset local authority GDP: £9.0 million; Number of UK jobs supported by the School's activities: 268; Of which, number ofjobs in the Somerset local authority area.. 196,. UK tax supported by the School's activities.. £3.3 million- Additional savings to the UK taxpayer- £1.5 million. The additional savings to the UK taxpayer highlighted above are based on the 215 pupi15 in the school (British or EEA nationals with parents resident in the UK) who would otherwise be entitled to take up a free UK state school place. Page 8
Downside School Governors, Report Ob ectives or the eor The Charity'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 growing 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 workin8. These principles are derived from the parable of the talents. which is our model for gauging performance; and the parables of the lost 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 societv: • establish a programme of staff retreats to underpin the Catholic and Benedictine culture of the School; embed the Relationship and Sex Education IRSE} 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. Page 9
Downside School Governors, Report Academlc results Downside is proud to be academically non-selective. Nevertheless, the 2025 A-level grades 131% A'/A and 49% A'_Bl and GCSE results148% 9-7 and 87% 9-4) show that our pupils performed extremely well in public examinations. 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. A fifth of the year group achieved 3 or more grades of A'IA. or equivalent. in their A Level examinations. Chemistry achieved 75% A'IA and further Mathematics 80% A'/A. The Value Added IVA) score for the School was +2.6, meaning that l in 4 grades was better than would be expected given 'ba5eline' testing when the pupil joined the School. For comparison, the average VA score for independent schools nationally was +1.6. Almost all pupils secured a place at their first-choice university. Destinations land subjects) included Bath Isports Mana8ementl; Cambridge (Economics); Durham (Lawl,. Edinburgh (Social Anthropologyl,. Exeter (Geographyl: Leeds (Medicine),. Newcastle (History); Royal Veterinary Colle8e (Veterinary Medicine); and York IEn81ishl. Of the Lower Sixth pupils who submitted an Extended Project Qualification IEPQI, 88% achieved an A or A grade, with topics includin8 the small boat crisis, fast fashion, ancient Chinese jurisprudence and the Penlee lifeboat disaster. For the second year in a row, we also had a musical composition, this time a concerto based on the last three days of Christ's In GCSES, over a quarter of the grades gained by our pupils were 8 or 9, with nearly half bein8 a 8rade 7 or above. Average Value Added score was +1, against an average VA score at GCSE in independent schools nationally of +0.86. Financial review The Charity's net expenditure {deficitl for the year was £542,869 12024: net income Isurplusl of £2,233,383). Resetves olic As at 31 August 2025, the Balance Sheet showed net liabilities of £728,051 12024: net liabilities £185,183). The School has no free reserves. This 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 a8ainst the need to continue investin8 in its facilities and infrastructure. Page 10
Downside School Governors, Report 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 negative effect on 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 undertook a comprehensive review of staffing and expenditure. with over £1.2m of annual savings made without adversely affetting the high levels of service that our parents and pupils rightly expect. We have also taken steps to increase pupil recruitment and retention, including a comprehensive overhaul of admissions and marketing; increased engagement with feeder prep schools and overseas agents,. and opening a new sixth from centre in September 2024 to help retain more pupils post-GCSE and attract local day pupils. The strategy is already showing encouraging signs, with pupil numbers increasin8 durin8 academic year 2025-26, and a further increase forecast for September 2026. Longer-term plans to diversify income streams and unlock the potential of the school site are outlined in the Governors Report. Plans for future periods. on page 12. Governors acknowledge that, as a result of all the fattors 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 8oin8 concern basis. Page 11
Downside School Governors, Report Plans for future periods Aims ond 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. They offered to sell the latter to the School at a significant discount to its open market value. Following a successful fundraising campaign by the School, it was agreed that the core site would be purchased from Downside Abbey General Trust and arrangements are proceeding accordingly. Once completed, the acquisition of the freehold, including the former monastery in due course. will allow the School to exploit various development opportunities to diversify its income and strengthen its financial position. Dlsclosure of Informatlon to audltor 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 know the auditor is unaware. The annual report was approved by the Governors of the charlty on 27 August 2026 and signed on its behalf by: J M Ludlow Governor Page 12
Downside School Statement of Governors, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and 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 preparin8 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 statement5,' 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 inte8rity 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 bythe Governors of the charity on 27 August 2026 and signed on its behalf by: J M Ludlow Governor Page 13
Downside School Independent Auditor's Report to the Members of Downside School Oplnion We have audited the financial statements of Downside School (the 'charity'l for the year ended 31 August 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows. and Notes to the Financial Statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinlon 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. Page 14
Downside School Independent Auditor's Report to the Members of Downside School Material uncertainty related to going concern We draw attention to the disc105ure5 made in note I 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 robvst fee debtor collection process in order to ensure the School can continue to meet its obligations as they fall due. As stated in note I, these events or conditions along with other matters as set forth in note I, indicate that a material uncertainty exists that may cause 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 InformatSon 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 connettion 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. Page 15
Downside School Independent Auditor's Report to the Members of Downside School Oplnion 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 understandin8 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 accountin8 records have not been kept, or the financial statements are not in agreement with the accountin8 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. Responslbllltles of Governors As explained more fully in the Statement of Governors, Responsibilities Iset out on page 131, the Governors Iwho 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. disclosin8, 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 operation5, or have no realistic alternative but to do so. Page 16
Downside School Independent Auditor's Report to the Members of Downside School Audltor responsibllities 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 is 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 exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 law5 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 8roup operates, focusin8 on those laws and re8ulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and re8ulations 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 dirett effect on the financial statements but compliance with which mi8ht 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 Standardsl Re8ulations 2014. Page 17
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 refletted in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, a5 Wlth 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 detert 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.or8.uk/auditorsresponsibilities. This description forms part of our auditor'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 Act 2006. Our audit work has been undertaken 50 that we mi8ht 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 forthe opinions we have formed. Page 18
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: . 28 August 2026 .
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Downside School Statement of Financial Activities for the Year Ended 31 August 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 31 August 2025 Unrestrlrted Restrlrted funds funds Note Income and Endowments from: Donations and legacies Charitable activities 585,444 8,318,441 206,777 48,453 466,031 585,444 8,318,441 206,777 48,453 466,031 Other trading activities Investment income Other income Total income 9,625,146 9,625,146 Expenditure on: Raising funds Charitable artivities 1131,8521 19,981,815) 1131,8521 152,3081 110,034,123) Total expenditure Gains/losses on investment assets {10,113,6671 12,0401 152,3081 110,165,975) 12,0401 Net expenditure 1490,5611 152,3081 1542,8691 Net movement in funds 1490,5611 152,3081 1542,8691 Reconclllatlon of funds Total funds brought forward 1303,8041 118,622 1185,1821 Total funds carried forward 18 1794,3651 66,314 1728,0511 The notes on pages 26 to 42 form an integral part of these financial statements. Page 20
Downside School Statement of Financial Activities for the Year Ended 31 August 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 31 August 2024 Unrestrlrted Restrlrted 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 artivities 1491.5131 110,665,429) 1491,5131 118,7441 110,684,173) Total expenditure Gains/losses on investment assets {11,156,9421 15,240 118,7441 111,175,686) 15,240 Net income/lexpenditure) Transfers between funds 2,251,564 68 118,1811 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 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
Downside School (Registration number: 117510091 Balance Sheet as at 31 August 2025 31 August 2025 31 August 2024 Note Fixed assets Tangible assets Investments io 1,975,562 108,600 2,181,235 110,640 li 2,084,162 2,291,875 Current assets Stocks Debtors 12 137,965 1,372,666 SS2,594 119,576 1,343,462 2,284,555 13 Cash at bank and in hand 2,063,225 3,747,593 CredStors: Amounts fallin8 due withln one year 14 14,805,627) 15,867,368) Net current liabllities 12,742,402) 12,119,775) Total assets less current liabilitles 1658,2401 172,100 Credltors: Amounts falllng due after more than one year 16 169,8111 1357,2821 Net Ilabllltles 1728,0511 1185,1821 Funds of the charlty: Restricted incorne funds Restricted funds 66,314 118,622 Unrestrlcted Income funds Unrestricted funds 1794,3651 1303,8041 Total funds 1728,0511 1185,1821 The notes on pages 26 to 42 form an integral part of these financial statements. Page 22
Downside School (Registration number: 117510091 Balance Sheet as at 31 August 2025 The financial statements on pages 20 to 42 were approved by the Governors. and authorised for issue on 27 August 2026 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
Downside School Statement of Cash Flows for the Year Ended 31 August 2025 31 August 2025 31 August 2024 Note Cash flows from operating activitie5 Net cash lexpenditurellincome 1542,8691 2,233,383 Adjustments to cash flows from non-cash items Depreciation Revaluation of investments 273,744 2,040 299,816 115,2401 1267,0851 2,517,959 Worklng capital adlustments Ilncreaselldecrease in stocks Ilncreaselldecrease in debtors Decrease in creditors IDecreasel/increase in deferred income 12 118,3891 129,2041 1221,2761 11,127,936) 4,740 1,086,626 1239,4711 613,974 13 14 16 Net cash flows from operating artivities 11,663,890) 3,983,828 Cash flows from Investlng artlvltles Purchase of tan8ible fixed assets Sale of tangible fixed assets io 168,0711 1248,1581 3,950 Net cash flows from investin8 activities 168,0711 1244,2081 Cash flows from financing activities Value of new loans obtained during the period Repayment of loans and borrowings 500,000 12,921,342) 14 Net cash flows from financing activities 12,421,342) Net Idecreasel/increase in cash and cash equivalents 11,731,961) 1,318,278 Cash and cash equivalents at I September 2024 2,284,555 966,277 Cash and cash equivalents at 31 August 2025 552,594 2,284,555 The notes on pages 26 to 42 form an integral part of these financial statements. Page 24
Downside School Statement of Cash Flows for the Year Ended 31 August 2025 31 August 2025 31 August 2024 Reconciliation of net cash flow to movement in net funds IDecreasel/increase in cash 11.731,9611 1,318,278 Net funds at I September 202412023) 2,284,555 966,277 Net funds at 31 August 202512024) 552,594 2,284,555 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
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 l Accounting policies Company information 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. Golng concern The Governors have prepared the financial statements on a 80ing 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 undertook a comprehensive review of staffin8 and expenditure, with over £1.2m of annual savings made without adversely affectin8 the hi8h levels of service that our parent5 and pupi15 rightly expect. We have also taken steps to increase pupil recruitment and retention, includin8 a comprehensive overhaul of admissions and marketing- increased engagement with feeder prep schools and overseas agents; and opening a new sixth from centre in September 2024 to help retain more pupils post-GCSE and attract local day pupils. The strategy is already showing encoura8ing signs, with pupil numbers increasing during academic year 2025-26, and a further increase forecast for September 2026. Longer-term plans to diversify income streams and unlock the potential of the school site are outlined in the Governors Report. Plans for future periods. on page 12. Governors acknowledge that. as a result of all the fattors 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
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 Basls of accounting The financial statements have been prepared in accordance with the Charities- Statement of Recommended Practice (applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in January 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial statements are prepared in sterling, 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 certaintv. 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. Donotlons and legacles 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 is 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
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic mana8ement 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 increases the value of the asset. Depreciation and arnortisation 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 8ain or loss arisin8 on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and 15 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 buildin8S. Usted investments Investments are shown in the balance sheet at market value at the balance sheet date. Realised and unrealised 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 recoBnised at the corresponding transaction value. Page 28
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 Trade creditors Creditors are recognised where the School has a present obligation which results from a 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 contrart. This is treated as deferred income until the pupil joins the School whereupon, the fee for each School term are charged a8ainst the remainin8 balance and taken to income. All amounts are included within creditors due within one year as the amounts are repayable on demand ifthe pupil leaves. Retlrement beneflts 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 effect 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. Charitable 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
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 Crltical accounting judgements and estimatlon 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 remainin8 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 strai8ht line basis over the lease term. 2 Income from charltable artlvltles Unrestrlrted funds 31 August 2025 31 August 2024 Fee income 8,318,441 8,318,441 9,585,943 Page 30
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 Fee income comprises of the following: 31 August 2025 31 August 2024 Gross fees 10,498,499 11,789,169 12,575,946) 12,639,258) 52,308 13,995 330,375 404,768 13,205 17,269 Less.. total scholarships. bursaries and fee assistance Add: Scholarship paid for from restricted funds Other fee income Registration fees 8,318,441 9,585,943 3 Donatlons and legacles Unrestrlrted funds 31 August 2025 31 August 2024 Donations and gifts 585,444 585,444 3,166,023 585,444 585,444 3,166,023 4 Net expendlture The net expenditure for the period is stated after char8in8: 31 August 2025 31 August 2024 Depreciation Auditors remuneration 273,745 20,833 5,328 14,214 24,133 299,816 24,066 109,219 16,725 58,787 Loan interest Bank char8es Bad debt provision 338,253 508,613 Page 31
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 5 Income frorn other trading activitles Unrestrirted funds 31 August 2025 31 August 2024 Trading income,. School shop Pitch and nets hire 83.081 10,395 83,081 10,395 115,534 9,916 Events income; Shows and events Other commercial income 4.744 108,557 4,744 108,557 520 47,248 206,777 206,777 173,218 6 Other Income Unrestrlrted funds 31 Au8USt 2025 31 August 2024 Cafe takin8S Rental income 20,707 432,197 12,556 571 20,707 432,197 12,556 571 25,477 388,758 7,051 578 Sundry income Interest on overdue accounts 466,031 466,031 421,864 Page 32
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 7 Expenditure on charitable activitles Total 31 Total 31 Teaching Welfare Premises Support August 2025 August 2024 3,931,955 898.555 389.847 909,004 6,129,361 6,626,852 Staff costs Expenditure on raising funds Depreciation and impairment Other costs 131.852 131,852 491,513 252.105 551,797 1.055.125 1.212.398 755,978 252,105 3,575,298 299,816 3,651,525 Governance costs 77.359 77,359 105,980 4,483,752 1,953,680 1,854,350 1,874,193 10,165,975 11,175,686 Analysls by fund Unrestricted funds Restritted funds 4,483,752 1,953.680 1.854.350 1,821,885 10,113,667 52,308 52,308 4,483,752 1,953,680 1,8S4,350 1,874,193 10,165,975 31 August 2024 Unrestricted funds Restricted funds 4,838,074 2,C(13,034 1,740,495 2,575,339 18,744 11,156,942 18,744 4,838,074 2,(M)3,034 1.740.495 2,594,083 11,175,686 8 Analysis of 8overnance and support costs Governance costs Unrestrirted funds 31 Au8USt 2025 31 Au8USt 2024 Audit fees Audit of the financial statements Legal and professional fees Governors expenses 20,833 56,148 378 20,833 56,148 378 24,066 80,814 I,ioo 77.359 77,359 105,980 Page 33
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 9 Staff costs The a88regate payroll costs were as follows- 31 August 2025 31 August 2024 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs 5,013,064 508,448 509,646 98,203 5,439,033 503,840 561,079 122,900 Other staff costs 6,129,361 6,626,852 The monthly average number of persons (including senior management / leadership team) employed by the charity during the year was as follows.. 31 August 2025 No 31 August 2024 No Teaching Other 53 130 56 137 183 193 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 £458,58912024- £518,064). The Governors received no remuneration. Governors were reimbursed travel and training expenses totalling £37812024- £1,100). Page 34
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 The number of employees whose emolument5fell within the following band5 was: 31 August 31 August 2025 2024 No No £60,001- £70,000 per annum £70,001- £80,000 per annum £80,001- £90.000 per annum £IOO,001- £IIO,000 per annum £130,001- £140,¢JOO per annum During the year termination payments were made totalling £Nil12024 - £2,100). 10 Tan8lble flxed assets Furnlture and equipment Land and buildings Motor vehicles Total Cost At 15eptember 2024 Additions Disposals 600.923 11,932 3,267,213 56,139 19.8861 7,337 3,875,473 68,071 19,8861 At 31 August 2025 612,855 3,313,466 7,337 3,933,658 Depreclatlon At I September 2024 Charge for the year Eliminated on disposals 11.527 20,639 1.678.655 252,105 19.8861 4,056 1,694,238 1,000 273,744 19,8861 At 31 August 2025 32.166 1.920,874 5,056 1,958,096 Net book value At 31 August 2025 580,689 1.392.592 2,281 1,975,562 At 31 August 2024 589.396 1.588,558 3,281 2,181,235 Page 35
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 11 Flxed asset investments 31 August 2025 31 August 2024 Other investments 108,600 110,640 Other investments Listed Investments Total Valuatlon At I September 2024 Revaluation 110.640 12.0401 110,640 12,0401 At 31 August 2025 108,600 108,600 The listed investment represents a beneficial interest in 6,000 shares held in Telecom Plus PLC. Post year end, the entire shareholdin8 was disposed for £109,668. 12 Stock 31 August 2025 31 Au8USt 2024 School shop 137,965 119,576 Page 36
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 13 Debtors 31 August 2025 31 August 2024 Trade debtors 1,229,758 119,268 23,640 904,024 407,704 31,734 Prepayments and accrued income Other debtors 1,372,666 1,343,462 Trade debtors above are stated net of bad debt provisions totalling £235,091 12024 £265,846). 14Credltors: amounts falllng due wlthln one year 31 Au8USt 2025 31 August 2024 Trade creditors Other taxation and Social security Other creditors Accruals 81,099 722,750 1,323,684 100,706 2,280,770 296,618 431,610 199,471 1,381,098 60,469 2,657,637 1,137,083 Fees in advance Advance fees scheme 4,805,627 5,867,368 Fees received under the Advance fees scheme will be applied as follows.. 31 August 2025 31 August 2024 Less than l year Within I to 2 years Within 2 to 5 years 296,618 41,868 27,942 1,137,083 287,473 69,809 366,428 1,494,365 Page 37
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 The advanced fees balance represents the accrued liability under the contracts. Capital movements durin8the period were: 31 August 2025 31 August 2024 Balance brought forward New contracts 1,494,365 57,743 11,185,679) 122,957 1,442,088 170,6801 Amounts utilised 366,429 1,494,365 ISTaxation 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 tradin8 activities carried on in furtherance of the School's primary objectives if these profits and surpluses are applied solely for charitable purposes. 16 Creditors: amounts falling due after one year 31 August 2025 31 August 2024 Advance fees scheme 69,811 357,282 17 Obll8ations under leases and hire purchase contracts The annual commitments under non-cancellable operating leases were: 31 August 2025 31 August 2024 Land and bulldlngs Within one year Between one and five years After five years 41,500 1,700,000 48,591,664 55,300 1,700,000 49,016,664 50,333,164 50,771,964 Page 38
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 31 August 2025 31 August 2024 Fixtures and fittings Within one year Between one and five years After five years 27,813 80,055 67,500 108,553 12,624 107,868 188,677 Operating leases for land and buildings principally relate to the long term lease granted bv Downside Abbey General Trust for the School premises. 18 Funds Balance at I September 2024 Balance at 31 August 2025 Incomlng resources Resources expended Unrestrlcted funds Unrestricted funds 1303,804) 9,625,146 110,115,707) 1794,3651 Restrlcted funds Sill Or8an Scholarship Rose Enrichment Fund 108,444 10,178 152,3081 56,136 10,178 Total restrirted funds 118,622 152,3081 66,314 Total funds 1185,182) 9,625,146 110,168,015) 1728,0511 Page 39
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 Balance at Balance at 31 August 2024 September 2023 Incoming Resources resources expended Transfers Unrestrirted funds Unrestricted funds 12.555.436) 13.408.506 111.156,9421 68 1303,8041 Restricted Sill Organ Scholarship Piano Fund Rose Enrichment Fund 126,625 68 10,178 563 118,7441 108,444 1681 10,178 Total restrlrted funds 136.871 563 118,7441 1681 118,622 Total funds 12.418,5651 13,409,069 111,175,686) 1185,1821 19 Analysls of net liabllities between funds Total funds 31 Au8USt 2025 Unrestrlrted funds Restrlcted funds Tangible fixed assets Fixed asset investments 1,975,562 108,600 12,808,716) 169,8111 1,975,562 108,600 12,742,402) 169,8111 Net current assets 66,314 Creditors over l year Total net liabilities 1794,365) 66,314 1728,0511 Page 40
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 Total funds 31 August 2024 Unrestrirted funds Restricted funds Tangible fixed assets Fixed asset investments 2,181,235 110.640 12.238,3971 1357,282) 2,181,235 110,640 12,119,775) 1357,2821 Net current assets 118,622 Creditors over l year Total net liabilities 1303,804) 118,622 1185,1821 20 Penslon 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 2025 31 August 2024 Defined contribution schemes 509,646 561,079 The following amounts had not been paid to the schemes at the year-end.. 31 August 2025 31 August 2024 Defined contribution schemes 73,417 78,737 Page 41
Downside School Notes to the Financial Statements for the Year Ended 31 August 2025 21 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 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 provisions. Financial assets held at amortised costs total £1.805.99212024 - £3.220,3131 and held at fair value total £108,60012024 - £110,640). Financial liabilities held at amortised costs total £4,082,87712024 - £6,025,179). 22 Related party transactlons During the year ended 31 August 2025, transactions totalling £675,45712024 - £528,483) were paid to Downside Abbey General Trust IDAGTI where Right Rev. Dom Nicholas P Wetz is a Trustee and controller of the Trust. The char8es relate to services provided to the School and were charged at market value. During the year ended 31 August 2025, no costs were recharged to DAGT12024- £nill. During the year, the School received £425.00012024- £2.934.0741 in donations from DAGT in relation to the rent payable on the School site. The School reimbursed travelling expenses to one Governor totalling £378 12024 three Governor's totallin8 £8451 during the year. The School paid a total of £nil12024 £255) in Governors expenses, during the year for the benefit of all Governors. Page 42