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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|
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|Failure to govern effectively|Governing|Body, Nomination|8 Remuneration|Committee|
|---|---|---|---|---|
|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||
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##
|||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)|
##
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##
##
##
|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|