2020-08-31-accounts - Stowe School Limited

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Head			Dr A K Wallersteiner MA (Cantab), PhD
Senior Deputy Head			Mark Wellington BSc
Deputy Head Pastoral			Liam Copley BA, MEd
Deputy Head Academic			Dr Julie Potter BA (Oxon), MPhil, PhD
Designated Safeguarding		Lead (DSL)	Michael Rickner BA, MSc (Oxon)
Finance			Mark Greaves BA, ACA
Operations &Estates			Mark Kerrigan
Strategic Development	&	Fundraising	Colin Dudgeon BA (Oxon)
Marketing and Admissions			Tori Roddy BSc,MSc

Failure to govern effectively	Governing	Body, Nomination	8 Remuneration
Failure to deliver educational objectives	Education	Committee
Failure to safeguard pupil welfare	Governing	Body, Education	and Estates Committees
Regulatory non-compliance	All Committees
Fire in Stowe House	Estates Committee
Impact ofeconomic and political climate	Governing	Body and Finance	Committee
Major fraud or financial mismanagement	Finance Committee
Major operational failure	Governing	Body and All Committees
Reputational risk	Governing	Body and All Committees
Temporary closure ofthe School	Governing	Body and Finance	Committee

		General	Restricted
		Fund	Funds	2020	2019
	Notes	f	F.	f	f
Income from:
Charitable Activities
School fees receivable	1	22,101,879		22,101,879	25,994,763
Ancillary trading income	2	643,162		643,162	722,469
Other trading activities
Non-ancillary trading income (covenants)	12	610,564		610,564	399,779
Other activities	3	17,151		17,151	13,635
Investments
Bank and other interest		27,314	55,531	82,845	45,183
Voluntary sources
Grants and donations	5	1,876,738		1,876,738	243,051
Total incoming resources		25,276,808	55,531	25,332,339	27,418,880
Expenditure on:
Raising funds
Financing costs		45,620	66,183	111,803	99,290
Fundraising and Development		525,128		525,128	511,162
Total deductible costs		570,748	66,183	636,931	610,452
Charitable activities
Education		24,360,379		24,360,379	24,207,605
Total expenditure	6	24,931,127	66,183	24,997,310	24,818,057
		345,681	(10,652)	335,029	2,600,823
Net Investment losses			(111,634)	(111,634)	(7,783)
Net income		345,681	(122,286)	223,395	2,593,040
Other recognised gains and losses:
Actuarial (loss)/gains on defined benefit pension schemes	22	(1,797)		(1,797)	119,000
Net movement in funds		343,884	(122,286)	221,598	2,712,040
Reconciliation offunds:
Total funds brought forward	18	48,503,938	364,303	48,868,241	46,156,201
Total funds carried forward	18	48,847,822	242,017	49,089,839	48,868,241

						Notes	2020	2019
							f	f
Fixed Assets
Tangible assets						9	48,774,432	50,798,465
Investment in subsidiary		undertakings				11	164,300	164,300
Composition fee fund investments						16	2,594,087	3,550,296
							51,532,819	54,513,061
Current Assets
Stocks						13	204,077	233,056
Debtors						14	7,199,716	990,185
Cash and deposits							8,451,204	5,557,868
							15,854,997	6,781,109
Creditors: amounts	falling due within one year					15	(16,677,908)	(10,147,223)
Net Current Liabilities							(822,911)	(3,366,114)
Total Assets less Current		Liabilities					50,709,908	51,146,947
Long-term Liabilities
Creditors payable after one year
Composition fees						16	(1,399,231)	(2,013,334)
Other creditors						17	(24,661)	(31,466)
							(1,423,892)	(2,044,800)
Net assets and liabilities		excluding		pension	liability		49,286,016	49,102,147
Defined benefit pens	ion scheme		lia	bi lity		22	(196,177)	(233,906)
Net assets							49,089,839	48,868,241
The funds ofthe charity
Unrestricted funds:
General reserve							49,043,999	48,737,844
Pension reserve						22	(196,177)	(233,906)
							48,847,822	48,503,938
Restricted funds
General reserve						18	78,462	78,343
Revaluation reserve						18	163,555	285,960
							242,017	364,303
Total funds						18	49,089,839	48,868,241

				Notes	2020	2019
Net cash inflow from operating activities				20	3,018,703	5,288,684
Cashflows from investing activities
Interest received					44,583	56,437
Additions to composition fee investments					(495,366)	(1,245,398)
Realisation ofcomposition fee investments					1,339,897	1,243,311
Transfer or refunds ofcomposition fee investments						2,931
Donations and grants received					264,366	243,051
Payments for tangible fixed assets					(1,291,287)	(5,655,329)
Proceeds from sale oftangible fixed assets					12,440	3,638
Net cash outflow from investing activities					(125,367)	(5,351,360)
Change in cash and cash equivalents in the reporting		year			2,893,336	(62,675)
Cash and cash equivalents at the beginning	ofthe reporting		year		5,557,868	5,620,543
Cash and cash equivalents at the end ofthe	reporting	year			8,451,204	5,557,868
Net cash movement				21	2,893,336	(62,675)

Astroturf	facility	10years	Central	heating	20 years
Technology equipment		4to 10years	Freehold	buildings	15to 50years
Furniture,	fixtures and fittings	5to 25 years	Motor vehicles		4to 7years
Plant and	equipment	5to 25 years	Property	improvements	5to 50years

				2020	2019
				E	E
Gross	school fees			24,468,357	28,378,856
Less:	Scholarships,	bursaries	and allowances	(2,366,478)	(2,384,093)
				22,101,879	25,994,763

					2020	2019
					E	E
Pupil extras					330,892	426,855
Registration	fees				115,893	135,675
Rental income					66,848	56,165
Other income					129,529	103,774
					643,162	722,469
3 Other activities					2020	2019
					E	E
Interest on overdue accounts					17,151	13,635
4 Bank and	other interest				2020	2019
					E	E
Interest and	dividends	on Composition	fee investments	(note 16)	55,412
Bank interest	receivable				24,553	42,276
Interest from	SELon school shop stock		loan		2,880	2,907
					82,845	45,183
5 Grants and Donations					2020	2019
Donations					264,366	243,051
Government	Furlough	Scheme			1,612,372
					1,876,738	243,051

		staff	Other
		Costs	Costs	Depreciation	2020
		f	f	E	E
Expenditure on raising funds
Fina nci ng costs (Note 7)			111,803		111,803
Fun dra is ing and Development		447,550	77,578		525,128
Total costs ofgenerating	funds	447,550	189,381		636,931
Charitable activities
Teaching		9,562,820	955,620	509,529	11,027,969
Welfare		2,768,542	1,096,396	67,344	3,932,282
Premises repairs and maintenance		1,688,127	3,043,893	1,852,775	6,584,795
Support costs and governa nce		1,511,239	1,192,644	111,450	2,815,333
Total charitable expenditure		15,530,728	6,288,553	2,541,098	24,360,379
Total expenditure		15,978,278	6,477,934	2,541,098	24,997,310
		staff	Other
		Costs	Costs	Depreciation	2019
		E	E	E	E
Expenditure on raising funds
Financing costs (Note 7)			99,290		99,290
Fun dra is ing and Devel op	ment	422,559	88,603		511,162
Total costs ofgenerating	funds	422,559	187,893		610,452
Charitable activities
Teaching		8,540,680	1,292,876	491,189	10,324,745
Welfare		2,740,962	1,206,131	70,360	4,017,453
Premises repairs and maintenance		1,587,375	3,885,582	1,658,152	7,131,109
support costs and governance		1,382,185	1,266,384	85,729	2,734,298
Total charitable expenditure		14,251,202	7,650,973	2,305,430	24,207,605
Total expenditure		14,673,761	7,838,866	2,305,430	24,818,057

Governance included in support c	osts:
		2020	2019
Remuneration paid to auditors for	audit services	19,500	18,943
Directors —travel and subsistence	costs	6,855	9,499
Other governance costs		7,231	6,976
		33,586	35,418

7 Financing	costs
						2020	2019
						f	f
Commitment	fee on rolling credit facility					35,096	35,000
Movement in	present value ofComposition			fees and admin fees (note 16)		66,183	47,979
Bank charges						8,467	10,311
Pension Scheme financing		costs				2,057	6,000
						111,803	99,290
8 Staff costs
						2020	2019
Total staff costs were:						f	f
Salaries and wages						13,043,394	12,339,399
Social security	costs					1,259,392	1,178,893
Other pension	costs					1,675,492	1,155,469
						15,978,278	14,673,761
The aggregate	employee	remuneration	and	benefits ofthe key management	personnel
were:						1,217,818	1,168,882

The aggregate	employee	remuneration	and	benefits	ofthe	key	management	personnel
were:

Notes to the financial state	ments (co	nti	nued)
				2020	2019
				Number	Number
The average number ofemployees	ofthe company		during the financial year was as follows:
Teaching and teaching support staff				169	162
Visiting music teachers				30	32
Establishment and administrative	staff			318	323
				517	517
The average FTE ofemployees of	the company	during the financial year was as follows:
Teaching and teaching support staff				146	139
Visiting music teachers
Establishment and administrative	staff			220	217
				372	363
The number ofstaff in pension schemes was as		follows:
Money Purchase				302	299
Teachers' Pensions				122	113
				424	412

2019, which required staff November 2022.	2019, which required staff November 2022.	who opted out to	elect to be enrolled or opt out agai	n. The next re-enrolme	nt date is 1
The number ofemployees		whose emoluments	exceeded f60,000were:	2020	2019
				Number	Number
E60,001	- f70,000			16	14
E70,001	- E80,000
E80,001	—E90,000
E90,001	—E100,000
E130,001	- E140,000
E210,001	—E220,000
E260,001	—E270,000
E270,001	—E280,000

Tangible fixed assets
		Property			Furmture,
	Freehold	Improve-	Plant &	Computer	Fixtures &	Motor
	Property	ments	Equipment	Equipment	Fittings	Vehicles	Total
Cost
1Septe m be r 2019	28,909,673	32,449,156	2,277,894	2,020,852	4,056,770	654,551	70,368,896
Additions	151,117	170,800	67,505	55,548	43,912	46,448	535,330
Disposa ls	(10,410)	(4,688)	(5,543)			(5,823)	(26,464)
31August 2020	29,050,380	32,615,268	2,339,856	2,076,400	4,100,682	695,176	70,877,762
Depreciation
1September 2019	4,242,247	9,158,352	1,875,784	1,467,092	2,458,595	368,361	19,570,431
Charge for Year	644,804	1,211,492	117,558	162,695	305,018	99,531	2,541,098
Dispos a Is			(2,376)			(5,823)	(8,199)
31August 2020	4,887,051	10,369,844	1,990,966	1,629,787	2,763,613	462,069	22,103,330
Net Book Value
31August 2020	24,163,329	22,245,424	348,890	446,613	1,337,069	233,107	48,774,432
31August 2019	24,667,426	23,290,804	402,110	553,760	1,598,175	286,190	50,798,465

The last audited accounts of SELwere for the year ended 3 respect ofSEL:	1December 2019.The following information	is disclosed in
	31December	31December
	2019	201&
Turnover	1,919,466	1,611,311
Expenditure	(1,308,902)	(1,211,532)
Profit for the financial year	610,564	399,779
Donated to the school	(610,564)	(399,779)
Result for the year
Balance ofcapital and reserves	629,012	418,227

The total taxable	profits donated to the School were:	2020	2019
Stowe Enterprises	Limited (SEL)	610,564	399,779

13 Stocks
		2020	2019
		f	f
Raw materials	and consumables	204,077	233,056

14 Debtors
				2020	2019
Debtors in respect ofSchool		fees		6,419,102	325,551
Other debtors				61,183	70,455
Prepayments	and accrued income			654,973	396,252
Amounts owed by subsidiary		undertakings	(note 12)	64,458	197,927
				7,199,716	990,185

15 Cred	itors: amounts falling	due within one year
			2020	2019
Deferred	income		8,835,338
School fees paid on account			1,566,834	3,163,403
Deposits	paid on account		3,141,941	2,947,166
Trade creditors			464,756	852,943
Other creditors			363,530	271,547
Taxation	and social security		320,833	303,981
Accruals			953,375	1,357,181
Current	portion ofComposition	fees (note 16)	1,031,301	1,251,002
			16,677,908	10,147,223

The movement on the composition	The movement on the composition	fee fund	was:		2020	2019
Market value at 1September					3,550,296	3,558,079
Composition fees received and invested					446,264	1,197,458
Composition fees transferred	or refunded					(2,931)
Net income arising reinvested					49,058	47,939
Applied to school fees					(1,339,897)	(1,243,311)
Investment loss during the year					(111,634)	(6,938)
Market Value at 31August					2,594,087	3,550,296
Historical Cost at 31August					2,400,756	3,216,417
Investments comprise:
Listed investments:
UK Fixed Interest:
I Shares III Pic					1,223,734	1,517,530
Smith 5 Williamson Investment		Funds			620,275	761,373
					1,844,009	2,278,903
UK Equities: J P Morgan Asset	Management		Ltd		654,206	745,397
					2,498,215	3,024,300
Client Money					44,756	9,241
Total Investments					2,542,971	3,033,541
Cash at Bank					51,116	516,755
Total Composition fee fund investments					2,594,087	3,550,296
Assuming pupils remain at the	School, advance fees will be applied			as follows:
Greater than five years					81,602	118,386
Between two and five years					702,757	1,053,868
Between one and two years					614,872	841,080
					1,399,231	2,013,334
In one year or less					1,031,301	1,251,002
Net Present Value					2,430,532	3,264,336

						2020	2019
						f	f
Greater than one year						24,661	31,466
In one year or	less					6,725	6,534
						31,386	38,000
18 The funds ofthe Charity
			Unrestricted	Composition	Stowe Harvard	Total
			General	Fee	Restricted	Restricted	Total
			Fund	Restricted Fund	Fund	Funds	Funds
			f	f	f	f
At 1September	2019		48,503,938	285,960	78,343	364,303	48,868,241
Net movement	in funds		343,884	(122,405)	119	(122,286)	221,598
At 31August 2020			48,847,822	163,555	78,462	242,017	49,089,839
Analysis of Net	Assets
Tangible Fixed Assets			48,774,432				48,774,432
Investments			164,300	2,594,087		2,594,087	2,758,387
Current Assets			15,776,535		78,462	78,462	15,854,997
Creditors amounts		falling due	(15,646,607)	(1,031,301)		(1,031,301)	(16,677,908)
within one year
Creditors payable after one year			(24,661)	(1,399,231)		(1,399,231)	(1,423,892)
Provisions			(196,177)				(196,177)
At 31August 2020			48,847,822	163,555	78,462	242,017	49,089,839

		2020	2019
		f	f
Less than one year		108,461	131,090
Between two and five years		148,841	228,199
Over five years			10,410
During the year f136,091(2019:f149,328)was spent on operating	leases.

						2020	2019
						f	f
Net income						223,395	2,593,040
Donations	received					(264,366)	(243,051)
Interest received						(44,583)	(58,818)
Operating	surplus for the year					(85,554)	2,291,171
Depreciation charges						2,541,098	2,305,430
Profit/(Loss) on disposal offixed			assets			5,825	125,873
Unrealised	loss/(gain)	arising on	revaluation	of investments		111,634	7,783
Decrease	in stocks					28,979	2,470
(increase)	in debtors					(6,209,531)	(33,982)
Decrease	in creditors					6,667,835	638,154
(Decrease) in provision						(41,583)	(48,215)
Net cash	inflow from operating		activities			3,018,703	5,288,684
21 Analysis ofchanges		in net debt
					At 1September		At 31August
					2019	Cash flows	2020
					f	f	f
Cash and	cash equivalents
Cash					5,557,868	2,893,336	8,451,204
					5,557,868	2,893,336	8,451,204

Net present value	of Prov	ision
						2020	2019
						f	f
Net present value	of provision					196,177	233,906
Reconciliation of	opening	and closing Provision
						2020	2019
						f	f
Provision at start ofyear						233,906	395,121
Unwinding ofthe	discount	factor (interest		expense)		2,057	6,000
Deficit contribution	paid					(41,583)	(48,215)
Re-measurements	—impact of any		change	in assumptions		1,797	4,000
Re-measurements	—amendments		to the contribution		schedule		(123,000)
Provision at end ofyear						196,177	233,906
Income and Expenditure		Impact
						2020	2019
Interest expense						2,057	6,000
Re-measurements	—impact of any		change	in assumptions		1,797	4,000
Costs recognised in income and expenditure				account		41,583	48,215
Re-measurements	—amendments		to the contribution		schedule		(123,000)
Impact at end ofthe year						45,437	(64,785)

		General	Restricted
		Fund	Funds	2019
	Notes	E	E	E
Income from:
Charitable Activities
School fees receivable		25,994,763		25,994,763
Ancillary trading income		722,469		722,469
Other trading activities
Non-ancillary trading income (covenants)	12	399,779		399,779
Other activities	3	13,635		13,635
Investments
Bank and other interest		45,032	151	45,183
Voluntary sources
Grants and donations		243,051		243,051
Total incoming resources		27,418,729	151	27,418,880
Expenditure on:
Raising funds
Financing costs		51,311	47,979	99,290
Fundraising and Development		511,162		511,162
Total deductible costs		562,473	47,979	610,452
Charitable activities
Education		24,207,605		24,207,605
Total expenditure		24,770,078	47,979	24,818,057
		2,648,651	(47,828)	2,600,823
Net Investment (losses)/ga ins			(7,783)	(7,783)
Net income		2,648,651	(55,611)	2,593,040
Other recognised gains and losses:
Actuarial gains on defined benefit pension schemes	22	119,000		119,000
Net movement in funds		2,767,651	(55,611)	2,712,040
Reconciliation offunds:
Total funds brought forward	18	45,736,287	419,914	46,156,201
Total funds carried forward	18	48,503,938	364,303	48,868,241

			Unrestricted	Composition	Stowe Harvard	Total
			General	Fee	Restricted	Restricted	Total
			Fund	Restricted	Fund	Funds	Funds
				Fund
				f	f
At 1September	2018		45,736,287	341,722	78,192	419,914	46,156,201
Net movement	in funds		2,767,651	(55,762)	151	(55,611)	2,712,040
At 31August 2019			48,503,938	285,960	78,343	364,303	48,868,241
Analysis of Net	Assets
Tangible Fixed Assets			50,798,465				50,798,465
Investments			164,300	3,550,296		3,550,296	3,714,596
Current Assets			6,702,766		78,343	78,343	6,781,109
Creditors amounts		falling due	(8,896,221)	(1,251,002)		(1,251,002)	(10,147,223)
within one year
Creditors payable after one			(31,466)	(2,013,334)		(2,013,334)	(2,044,800)
year
Provisions			(233,906)				(233,906)
At 31August 2019			48,503,938	285,960	78,343	364,303	48,868,241