2023-08-31-accounts

Downe House Trust Annual report and financial statements for the year ended 31 August 2023 Registered Charity Number: 309091

Downe House Trust Annual report and flnancial statements for the year ended 31 August 2023 Contents Pages Trustèè and advisors Report of the Trustee Independent auditors, report ststemenl of financial activities Balance sheet io Notes lo the financial ststsments

Downe House Trust Trustee and advisors Trustee Downe House Schoo5 was the sole Trustee la company limited by guarantee) through th8 yèar and al the date the financial stslemenls were approved. The Trustees, Governors and Directors of Downe House School on 4 December 2023 are.. Mr T Boucher Ms EJ Clarke Mrs VJ Richards IExelby} Ms AF Hazlitt Mrs FM Holmes Mr NJD Woods Dr C O'Kane Mrs Cl Ratnage Mr MK Ridley Mf JJ Smith Ms P Diana Ms SK McNair Scott Ms CE Ross BA, FCA MlnslF{Certl MA BA Bcomm MA, MB Bchlr, MSC, DPhil MBChB, MRCGP BA. MA, MRICS BA. Mad. PGCE Headmlstress of Downe House School Mrs E McKendrick BA Se¢retary of Down• Hou$¢ S¢ho01 Mr EFP Valletta Addre$s Downe House School Downe House Cold Ash Thatcham Berkshire RG18 9JJ Independgnt Auditors Solicitors Pric&waterhouseCoopers LLP One Chamberfaln Square Birmingham B3 3AX Farrer & Co 66 Lincoln's Inn FSelds London WC2A 3LH Banker$ Lloyds Bank plc S Bridge Street Newbury Berkshire RG14 58Q

Downe House Trust Report of the Trustee for the year ended 31 August 2023 The Trust88 presents the annual report and the audited financial statements for the year ended 31 August 2023. The infomation with respect to the Trustee and advisors sel out on page 1 forms part of this report. The financial statements comply with the Stalement of Recommended Practice 'Accounling and Reporting by Charities IFRS 102}" Irevised 20151. STRUCTURE. GOVERNANCE AND MANAGEMENT Status and Adminlstration The Trust was estsblished as Downe House School by Trust Deed on 1 January 1944. On 2 August 1993, the Charity Commission approved a scheme wher6by the operating activities of the School were transferred to Downe House School, a charitable company limited by guarantee, and the property used by the School was retained by the Trust, wh￿h changod its name to the Cold Ash Trust on that dale. During the year ended 31 August 2001 the Trusttre resolved lo change the name ofthe Trustto Down& Houso Trust. The change of name was effected by the Charity Commission on 15 October 2001. Induction and training of Trustees All new Trustees of Downe House School undertake an induction process the detsiled content of which depends on the individual's knowledge of the School and professional experience. Trustees are encouraged lo allend seminars arrang8d by AGBIS IAsso¢iation of Goveming Bodies of Independent Schools} and other such bodigs. The Trusttos, Organlsational Structure and de¢l$lon maklng The sole Trustee is Downe House School. a company limited by guarantee. The strategic direckn'on of the Trust is sel by the Trustees of Downe House School I'lhe Governing Body'l who approve the plans and budgets presented by the Headmistress and management team. Tho day lo day running of the Trust is delegated lo the Headmistress and management team of Downe House School. The Trustees of Downe House School have a number of committees of which the most significant lo the Downe House Trust are= Flnance and Gèneral Purposes Committee The members oflhis Committee meet al least four times a yearto submit roports and recommendations lo the Board of Tnjslees on the following mallers.. To fomulate business plans and annual budgets. in accordance with the School's aims and objectives, for ￿nsideratiOn by the Board of Trustees and to monitor their exewlion once approved. To recommend an annual programma of capital expenditure to the Board of Trustees. To recommend the level of fees for the forthcoming year to the Board of Trustees. To deterrnine appropriate financial controls and procedures. To propose policy objectives lo the Board of TnLStees on.. Charging and fee remissions Salarias Bursaries Contrads Investments iv.

Downe House Trust Report of the Trustee for the year ended 31 August 2023 {cont'd) Estates Sub¢ommlttee The members of this Sub-committeè rn&el al least four times a y&ar lo submit reports and recommèndations to the Board of Trustees andlor the Finance and General Purposes Committee on thg following matters.. The overall development of the School's buiklings and properties. The planning, design and management of ajrrenl and future construction projects. The annual Maintenan￿ and improvement programme for the School's buildings, including Health and Safety issues. Any other buildings or property ￿lated matters referred lo the Sub-committee by the Board Governors or the Finance and General Purposes Committee. iv. Related partles and connected organlsatlons The Trust's relationship wlth t)owne House School and Downe House Foundation is dlsclosed above. Risk Assessment In the light of the Corporate Governance guidance contained within the Slalement of Rec0Mn￿nded Practice 'Acwunting and Reporting by Charities IFRS 1021° Irevised 20151 the Trustee has examined the major risks faced by the Trust. A system of controls has been pul In place lo rnonitor and mitigate, wher8 possible, the major risks identified and their impact on the Trust. Risks are identified and assessed and controls are established throughout the year. A formal review of the Trust's risk management process is undertaken on a lermly basis. OBJECllVES AND AcTIV￿lEs Oblect The object of the Downe House Trust is the provision and conduct al or near Cold Ash. near Newbury, of a day or day and boarding school for girls. Alms, oblectlves and strategy for the year The Trust provides. and intends lo continue to provide, the 110 acre sile and properties used by Downe House School. The other objective of the Trust for the year was to continue the Downe House Trust 21sI Century Appeal. The TTUSI seeks to demonslrale the full Public 8enefrt that (( provtdes. having regard lo the general guidance on Public Benefit from the Charity Commission and where possible enhance that benefit. Further details are disclosed in the Annual report and financial statements of Downe House Sch(x)l.

Downe House Trust Report of the Trustee for the year ended 31 August 2023 {cont'd) ACHIEVEMENTS AND PERFORMANCE Revlew The Tnjsl continues lo provide the properties used by Downe House School. The Downe House Trust 218t Century Appeal was launched in October 2001. The aim of the Appeal was lo raise money for a number of capital projects. Following completion of the construction of the Sports Pavilion in April 2003, construction of the Performing Arts Centre was completed in Augusl 2004. Construction of an al￿Weather pitch was commenced in June 2008 and was completed in November 2008. For detsils of the income received by the Appeal fund during the year and the year end fund balances see nots 8. During the year the Appeal fund received donations of £22012022 £Nill, in line with expectations. Major fundraising is now undertaken by the Downe House Foundation, charity number 7159259. The buildings slralegy of the Trust is monitored by the Eslales su￿COmmittee of Downe House School and the Finan¢a and General Purposes Committee of Downe House School. The Trustees of Down8 Hous9 School consider a wide range of factors that may affect the achievement of the Trust's objg¢tiv¢s as part of their risk assèssment procedures described on page 3. Some of these fa¢lors such as economic conditions, the Charities Act 2011 and other legislation are outside the control of the Trust. Investmont Perforrnance Investment performance 15 r8vlewed regularly and investments have performed adequately in the year. Tho Trustee has revalued the invostment assets at the year end to market value. increasing net assets by £Nil12022.. £NIII. FINANCIAL REVIEW Investmént Powers and Policy The Trust has the powers to invest in its own name and to delegate these powers to professional investrnenl managers. Investments are held lo create income and Capital growth pending utilisats'on on specific objects or lo match liabilities as appropriate. Reserves policy The Trusfs tangible assets are all hdd for use by the Schod. Invesbn8nts are held lo create incom8 and Capital growth pending ulilisation on specific Dbjects or lo match liabilities as approprialg. As described in notè 8 the Trust's unrestrirted resetves are fully represonted by tangible fixéd assets and associated liabilrties. Th6r8 are no Iree funds beyond the exlenl of these assets and commitments. The Trustee considers that the existing level of reseNes is appropriate for the needs of the Trust. This policy is reviewed 81 least annually. Flnanclal results Full results are shown in the ffinandal ststements and notes thereto on pages 8 to 16. The nel outgoing resources for the year were £2,163.WO (2022.. outgcmng resources £899,000). Going Concern Downe House School. the Trustee, has a clear understanding of the strategy and business plan of the Trus( including tho Tnjsl's projected funding ￿qUIrementS lor al least the next 12 months. Downe House School will not seek the repayment of arnounls advanced lo the Trust by the Schi)ol unltsss adequate alternative financing has been secured by the Trust.

Downe House Trust Report of the Trustee for the year ended 31 August 2023 (cont'd) PLANS FOR FUTURE PERIODS The Trust Intends lo provide the slle and properties used by Downe House School. Trustee's Responsibilities Statement The Trustee is responsible for preparing the Trusleo's Report and Ihg financial slalements in accordance with applicable law and regulations. The law applicable lo charities in England and Wales requires the Trustee lo prepare financial statements for each financial year. Under that law the Trustee has prepared the financial statements in acwrdance with United Kingdom Generally A¢¢&pted AccoLtnling Practice Iuniltsd Kingdom Accounting Standards and applicabl& lawl. Under that law the Trustee musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slala of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these finanaal staternents, the Trustee is required lo.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent slate whether applicable UK Accounting SlandaTds have been followed, subject lo any matarial departures disclosed and explained in the financi81 stalernenls., and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in business. The Trustee is responsible frir keeping accounting records that are sufficient lo show and explain the charity's Ir8nsaclions and disclose wf(h reasonable accuracy al any time the flnancial pos((ion of the charity and enable il to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provision of the Irust deed. The Trustee is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement on dl$¢losure of Infomiatlon to the audltors So far as the Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware. The Trustee has taken all the steps (such as making enquirie5 of the auditors and any other steps required by the Trustee's duty lo exercise due care, skill and diligence) that it ought to have taken in its duty as a Trustee in order to make il aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Independent Auditors The auditors, Pricewalerhousecoopers LLP, have indicated their willingness to continue in office and a resolution concerning their appointment will be proposed al the Annual General Meeb'ng. Signed on behalf ol the Trustee. Downe House School T Boucher Trustoa 4 December 2023

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Downe House Trust

Independent auditors’ report to the trustee of Downe House Trust

Report on the audit of the financial statements

Opinion

In our opinion, Downe House Trust ’s financial statements (the financial statements”):

• give a true and fair view of the state of the charity’s affairs as at 31 August 2023 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and

• have been prepared in accordance with the requirements of the Charities Act 2011 and Regulation 8 of The Charities (Accounts and Reports) Regulations 2008).

We have audited the financial statements, included within the Annual Report and financial statements (the “Annual Report”), which comprise: the balance sheet as at 31 August 2023; the statement of financial activities for the year then ended, and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charity’s ability to continue as a going concern.

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

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.

Based on our work undertaken in the course of the audit, the Charities Act 2011 requires us also to report certain opinions and matters as described below.

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Downe House Trust

Report of the Trustee

Under the Charities Act 2011 we are required to report to you if, in our opinion the information given in the Report of the Trustee is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.

Responsibilities for the financial statements and the audit

Responsibilities of the Trustee for the financial statements

As explained more fully in the Trustee’s Responsibilities Statement, the trustee is responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustee is also responsible for such internal control as they 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 trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We are eligible to act and have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditors’ 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 (UK) 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charity/industry, we identified that the principal risks of non-compliance with laws and regulations related to employer related legislation, health and safety law and standards imposed by the Independent Schools Inspectorate, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011 and relevant regulations made or having an effect thereunder, including The Charities (Accounts and Reports) Regulations 2008. We evaluated the incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) by the trustee and those responsible for, or involved in, the preparation of the financial statements, and determined that the principal risks were related to fraudulent transactions designed to overstate the financial performance and position of the charity. Audit procedures performed included:

• Reviewing Board minutes and holding discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

• Using computer based audit techniques to identify and test higher risk manual journals, in particular those having unusual account combinations;

• Understanding the design and implementation of controls in relation to management override of control;

• Challenging key judgements and estimates; and

• Incorporating unpredictability into the nature, timing and/or extent of our testing.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charity’s trustee as a body in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act (Part 4 of The Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these

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Downe House Trust

opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Charities Act 2011 exception reporting

Under the Charities Act 2011 we are required to report to you if, in our opinion:

• we have not received all the information and explanations we require for our audit; or

• sufficient accounting records have not been kept by the charity; or

• the financial statements are not in agreement with the accounting records.

We have no exceptions to report arising from this responsibility.

Mark Billingham (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Birmingham 4 December 2023

Downe House Trust statement of financial activities for the year ended 31 August 2023 Unrestricted Restrictèd funds funds £'ooo £'ooo Total 2023 £'ooo Total 2022 £'ooo Not8 INCOMING RESOURCES In¢omlng resources: Donations and Legacies In¢om• from Charitable a¢tivitie$ Prop&rty Rentsl 646 646 646 Total Income and Endowments 646 640 646 RESOURCES EXPENDED Exp8ndltur• on Charltable actlvltles: Premisgs 1955} 11,7801 118} 14) IS21 11,OOn 11,7801 1181. (41 19681 15741 Financing costs Other costs Governance costs 13} Total expendlturo 12.7571 152) 12,8091 11,5451 1521 12,1631 NET EXPENDITURE 12.111} (8991 Total funds brought forward 1,290 581 1,871 2,770 Total funds carried forward {8211 529 {2921 1,871 All amounts derive from continuing activities. I gains and losses recognised in the year are induded in the slalernenl of financial activities. There is no difference beiween the net incoming resources stated above and ils historical cost equivalent.

Downe House Trust 10 Balance Sheet as at 31 August 2023 2023 £'ooo 2022 £'ooo Note Flxèd assets Tangibl& assets 27,091 27.439 27.091 27,439 Current Assèts Debtors 12.379 11.733 Investmènts 10 10 Cash al bank and in hand 12,391 11.745 Creditors- amounts falling due within one year 137.908) 135.4471 Net curront Ilablllties {2S,5171 123,7021 Total assets less current li3bilitlès 1,574 3,737 Creditors: amounts falllng due after more than one year (1,8661 {1,8661 Ngt Illabllltiesllassets {2921 1,871 Rgprosented by: Restricted funds 529 581 Unrestricted funds 18211 1,290 12921 1.871 The financlal stslements on pages g 10 17 were approved by the Trustee on 4 December 2023 and sign8d on behalf of the Trusl&e. Downe House School, by.. T Boucher Trustoo

Downe House Trust 11 Notes to the financial statements for the year ended 31 August 2023 Principal accounting policies The financial slalemenls have been prepared in a￿OrdanCe wllh applicable Accounting Standards in the United Kingdom including Financial Reporting Standard 102 IFRS 1021 and the Charities Act 2011. In prepariny the financial stslemenls the Trust has followed best practice as sel out in the Statement of Recommended Practice Accounting and Reporting by Charities IFRS 1021° Irèvised 20151. A summary of the more important accounting policies of the Trust. which have been 8pplied consislenlly. is sel out bèlow. Bas1$ of a¢countlng The financial statements have been prepared on a gotng concern and a¢cruals basis under the historical cost convention modified by the revaluation of inveslmenls. The functional and presentational currency is £ Sterling. The Trustee considers il appropriate lo adopt the going concern basis and has not identified any material uncertainties in the period of at least 12 months from tho date of approval of the financial slalemenls. After making enquirie5 th6 Trustèe has a reasonable expectation that the Trust has adequate resources to continue in operation for the foreseeable ftjture. The exemption under s1.12 of FRS 102 has been taken not lo disclose full details of the Company's financial instruments as these delalls are included wblhin the consolidated financial statements of Downe House School. Fund accounting Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretSon of the Trustee in further8nce of thè general charitable objectives. Restricted funds are funds subject to specific conditions imposed by the donors. Property rèntal The Trust owns propety used by Downe House School for which il received ￿ntaI payments of £646,00012022= £646.0001 for the year. Income is recognised on a receivable basis. Voluntary Incom• All voluntary income comprises donations which are shown in the statement of finanaal activities under Incoming resources and are accounted for on a receivable basis. Galns on disposal of fixed as$èls On disposal of tangible fixed assets, the proff( or loss on disposal is accounted for as the difference between the net sale proceeds and the nel carying amount of the tangible fixed asset. The profil or loss on disposal of tangible fixed assets is recognised in the Stslemenl of Financial Activities for the year in which the disposal occurs. Expènditure All expenditure is included on an accnjals basis arKI is rgcognised when there Is a legal or conslruclive obligation lo pay for expenditure. Overhead and other costs not directy attributable lo particular functional categories are apportioned over the relevant categorie5 on the basis of management estimates of the amount attributable to that activity in the year. by Teference to the level of costs in Ihe fvnctional categories. Govemance costs Comprise the costs of running the Trust, including external audit, any legal advice for the Trustee and all Ihe costs of complying with conslilutional and statutory requirements such as the costs of Board and Committee meetings.

Downe House Trust 12 Notes to the financial statements for the year ended 31 August 2023 (continued) Prlncipal accounting pollcies (continued) Tanglblo flxed assets and depreclatlon Freehold land and buildings held on trust are included al cost incurred prior lo completion. Land is not dgprecialed. Buildings are depreciated al rates calculated to write off the cost ltsss their eslimaled residual values on a straight line basis over the expected useful economic life of each building. The range of annual rates used for this purpose is be￿een 10 and 50 years. Assets with a cost below £1.000 are not capkalised. Other langiblg fixed assets are staled at cost, less accumulated depreciation, at rates calculated lo write off the Cost lèss rèsidual value, of each asset ov&r its expected useful life. as follows: Equipment and furnishings 12.5V straight line Recognltion of Ilabllities Liabilities are rewgnised when an obligation arises lo transfer economic benefrts as a result of past transactions or events. Invo$tmonts and Investment In￿m$ Investments are staled at market value. Any gain or loss on revaluation is included in the statement of financial activities. Investrnent income is accounted for in the period in which the Trust is enlilled to re￿Ipl. Cash Flow Statement The Trust does rbot prepare a cash flow statement as its cash flows are included in the cash flow slalement of Downe House School. Concessionary Loans Public benefit entity concessionary loans are loans made or receivod be￿een public benefit entities al below the prevailing market rate of inlorest and are for the purposes of furthering the objectives of the public bonelit entity. The loans are measured at the amount received or paid and are recognised in the Slalement of Financial Position. CrltS¢al accounting judgements and ostlmatlon uncertainty Eslimales and judgemenis are continually evaluated and are based on historical experience and olhor relevant factors including expectations of future events that are believed lo bo reasonable in the circumstances. The Trustee does not believe that critical Judgements have bean made that effect the financial statements bul the followlng significant estimatès have béen made. Depreciation rates have been sel following consideration of the expected useful lives of each assel classification and annual review. Accruals and Prepayments are primarily a reflection of Ilming differences. Where eslimales are required these are based on historical evidence.

Downe House Trust 13 Notes to the financial statements for the year ended 31 August 2023 (continued) Financing costs 2023 £'ooo 2022 £'ooo Interest payable on loans and advances from parent undertaking 1.780 574 Governance costs 2023 £'ooo 2022 £'ooo Auditors, remuneration for audit services exclud1n VAT There were no employees12022'. Nill. Tangible assets Freehold land & Equlpment & buildings furnishings £'ooo £'ooo Total £'ooo Cost 1 September 2022 Additions 38.924 114 39,038 658 658 Dis osals 31Au ust 2023 114 39,696 Accumulated dopreclation 1 September 2022 Charge for the year Dis osals 11,485 114 11,599 1,006 1.006 31Au ust 2023 12,491 114 Ngt book Yalu 31Au ust 2023 27,091 31Au ust 2022 27,439 27.439 Included in freehold land and buildSngs Ss land al a cost of £92,473 12022.. £92.473) which is not depreciated.

Downe House Trust 14 Notes to the financial statements for the year ended 31 August 2023 (continued) Investments Restricted Fund £'ooo Total £'ooo Market value 1 Seplember 2022 Addrtions at cost 10 10 Dis osals al Cost 31Au u$t 2023 10 10 Cash and short-lerm de osits 10 10 Historical cost 31 August 2023 31 August 2022 10 10 10

Downe House Trust 15 Notes to the financial statements for the year ended 31 August 2023 (continued) Creditors: amounts falling due within one year 2023 £'ooo 2022 £'ooo Advance from parent undertaking 37,905 35,013 Other creditors and accruals 434 35,447 Interest is payable to the Trusfs parent undertaking, on the amoLsnt due wilhln one year at the rale of 10/0 over bank base rate. Advances from the parent undertaking are unsecured and repayable on demand and are treated as concessionary loans. Creditors". amounts falling due after more than one year 2023 £'ooo 2022 £'ooo Amounts OW8d to arent undartakin 1.866 1,866 Inter8st is payable to th8 Trust's parent undertaking, on loan advancès dug after more than one ye8r in 8x¢ess of £866,000 at the rate of 1 Vo over bank base rate. No Inte￿$1 is paid on Ihe remaining loan advances due after more than one year of £866.000. Advances from the parent undertaking are unsecured and are treated as concessionary loans. Funds 2023 Total funds £'ooo 2022 Total funds £'ooo Restricted funds £'oDo Unreslricled funds £'ooo 1 September 2022 581 1,290 1,871 2,770 Incoming resovrces 646 646 646 Resources expended 1521 12.7571 12,8091 11,5451 31 August 2023 529 18211 12921 1,871 Represented by.. Tangible fixed assets 519 26,572 27,091 27,439 Investments 10 10 10 Nel current liabilities 125.5271 125,5271 123,712} Long-term liabilities 11.866} 11,866} 11,8661 31 August 529 18211 12921 1.871 The restricted fund is the Downe House Trust 21gi Century Appeal which was launched in Odober 2001; il represents donaiions made to Ihe Trust to fund Ihe conslmction of new f8¢iliUes and the nel book value of those facilities.

Downe House Trust 16 Notes to the financial statements for the year ended 31 August 2023 (continued) Contingent liabilities The Trust has guaranteed the bank borrowings ol ils pargnt undertaking, sole Trustee and controlling paty, Downe House School, up lo a maximum of £2,500.00012022 £2,500,000) and has given a legal charge over ea¢h of the I￿ehOld properties ol the Trust. At 31 August 2023 the amount of the bank bo￿oWIng subject lo the guarantee was £2.000,00012022: £1,500,000}- 10 Taxation The Trust is a registered charity and as such tax exemption applies to the income arising from and expendèd on Charitable a¢liviti8s and to its investment income and gains. Investment income is slated inclusive of tax credits. The Trust regislered for VAT with effect from 28 January 2003 and. where applicable, Qxpendiluro is recorded nel of recoverable VAT. 11 Trustee The Trustee receives no remuneration for its services or reimbursement of expenses. No other key managernenl personnel S￿ employed by the Trust. 12 Related party transactions The Trust has taken advantage of the exemption available for wholly owned subsidiari6s in FRS 102 81.12 and not dis¢losed transactions with its parent undertaking. 13 Ultimate parent undertaking and controlling party Downe House School, a company limited by guarantee and registered in England and Wales, is the sole corporate Trustee and controlling party of ihe Downe House Trust. The Trust is managed by the Tiuslees of the School. Group consolidated financial statements are drawn up by the School. Copies of the School's financial ststements can be obtsined from the Company Secretsry, The Bursary, Downe House School. Cold Ash, Thalcham, Berkshire, RG18 9JJ.

Downe House Trust 17 Notes to the financial statements for the year ended 31 August 2023 (continued) 14 Comparative Statement of financial activities for the year ended 31 August 2022 Unreslricled Restricted funds funds £'ooo £'ooo Total 2022 £'ooo Total 2021 £'ooo Note INCOMING RESOURCES In¢omlng resources: Donations and Legacies Income from charitable actlvltie$ Property Rental 646 646 646 Total Incoma and Endowm•nts 646 646 RESOURCES EXPENDED Expenditure on Charltable actlvltles.. Premises 1916) 1574) {3) 1521 19681 15741 (3) 1929> 1370} {3} Financing costs Govemance costs Total expenditure 11,493} 1521 11,5451 11.3021 1521 18991 1655} NET EXPENDITURE 1847) Total funds brought fO￿ard 2,137 633 2.770 3,425 Total funds carrled fO￿ard 1.290 581 1,871 2,770