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.
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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.
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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.
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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 . 

Page 19 



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
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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