2022-08-31-accounts - Stowe School Limited

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Head ofStowe School		Dr Anthony Wallersteiner
Senior Deputy Head		Liam Copley
Deputy Head Pastoral		Michael Rickner
Deputy Head Academic		Dr Julie Potter
Designated Safeguarding	Lead (DSL)	Michael Rickner
Finance		Mark Greaves
Strategic Development	&Fundraising	Colin Dudgeon
Marketing and Admissions		Tori Roddy
Head of People		Jaime Chahal
Group Head of ICT		Aditya Gupta
Head ofSwanbourne House		Simone Mitchell (acting Head)
Head ofWinchester House		Antonia Lee

								Tonnes COze	Tonnes COze
						2022	2021	Variance	2022	2021	Vari ance
						lotation-	location-	location-	market-	market-	market-
Emisslons from						based	based	based	based	based	based
Scope 1(Fuel combustion			in buildings)			363	232	57SS	363	232	579f
Scope 1(Fuel combustion			in vehicles)			87	32	175'I	87	32	175SS
Scope 1(Fuel combustion			in mobile and static plant)			1,763	1,931	-9SS	1,763	1,931	-99S
Scope 2 (Electricity)						673	678	-1'X	136	106	28SS
Total						2+85			2+49
Company's chosen		intensity		metric:	tCOze/Pupil
						2022			2022
						location-			market-
						ba d			based		Variance
Emlssions re orted		er Pu	il			2.018			1.637		237S
Scope 3 Global	GHG emission			data for period:
Emission from									2022	2021	Variance
Business travel (air,		rail and vehicles)							10	5	115SS
Underlying global		energy	data	for period:
Ener use (kwh)									2022	2021	Variance
Electricity									3878g19	3,192,240	9SS
Natural Gas									1+87692	1265 781	57SS
Mobile and Static	Plant Fuel								7+45+41	7,978,798	-876
Transport Fuel									404,745	152,585	165SS
Total									13/16,697	12,589,404	5ss
Renewable Ener	Percent					2022	2021	Variance
Electricity						809f	849f	-5ss

							2022	2021
								f
Net income							2,076,180	4,697,084
Less:
Charitable	merger of	the Prep Schools		—majority	non cash (note	5b)		(3,973,058)
Grants and	donations	—(see breakdown		below)			(1,729,640)	(912,812)
Operating	surplus/(deficit) ofthe group			ofschools			346,540	(188,786)
							2022	2021
							f	f
Grants and	donations	(note 5a):
Funds from	SSFto development		ofnew	facilities and enhancement		ofexisting ones	1,542,462	233,508
Funds from	SSFfor other purposes						184,741	148,415
Government	furlough	scheme					2,437	530,889
							1,729,640	912,812

			Unrestricted	Restricted
			funds	funds	2022	2021
		Notes	E	E	f	E
Income from:
Charitable activities
School fees receivable		1	36,529,460		36,529,460	28,896,512
Ancillary trading income		2	1,745,407		1,745,407	1,190,761
Other trading activities
Non-ancillary trading income (covenants)		12	385,735		385,735	141,778
Other activities		3	29,364		29,364	23,583
Investments
Bank and other interest			31,516	58,485	90,001	29,197
Voluntary sources
Grants and donations		Sa	1,729,400		1,729,640	912,812
Charitable acquisition	donations	5b				3,973,058
Total incoming resources			40,450,882	58,725	40,509,607	35,167,701
Expenditure on:
Raising funds
Financing costs			77,981	4,468	82,449	95,739
Fundraising and development			575,742		575,742	516,566
Total deductible costs			653,723	4,468	658,191	612,305
Charitable activities
Education			37,693,412		37,693,412	29,954,533
Total expenditure		6	38,347,135	4,468	38,351,603	30,566,838
Net Investment (losses)/gains		16	2,103,747	54,257 ~(81,824	2,158,004 (81,824)	4,600,863 96,221
Net income			2,103,747	(27,567)	2,076,180	4,697,084
Other recognised gains and losses:
Actuarial gains on defined benefit
pension schemes		22	110,252		110,252
Net movement in funds			2,213,999	(27,567)	2,186,432	4,697,292
Reconciliation offunds:
Total funds brought forward		18	53,360,402	426,729	53,787,131	49,089,839
Total funds carried forward		18	55,574,401	399,162	55,973,563	53,787,131

					Notes	2022	2021
						f
Net cash inflow from operating activities					20	770,306	5,305,479
Cashflows from investing activities
Interest received						60,939	52,780
Additions to composition fee investments						(867,797)	(778,237)
Realisation ofcomposition fee investments						930,290	1,063,844
Donations and grants received						1,727,203	381,923
Cash acquired on charitable acquisitions							660,994
Merger costs							(752,562)
Payments for tangible fixed assets						(3,143,130)	(3,315,184)
Proceeds from sale oftangible fixed	assets					9,290
Net cash ouNow from investing activities						(1,283,205)	(2,686,442)
Change in cash and cash equivalents	in the	reporting	year			(512,899)	2,619,037
Cash and cash equivalents at the beginning		ofthe reporting		year		11,070,241	8,451,204
Cash and cash equivalents at the end	ofthe	reporting	year			10,557,342	11,070,241
Net cash movement					21	(512,899)	2,619,037

Astroturf	facility	10years	Central	heating	20years
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

				2022	2021
				f	f
Gross	school fees			40,286,115	32,029,564
Less:	Scholarships,	bursaries	and allowances	(3,756,655)	(3,133,052)
				36,529,460	28,896,512

							2022	2021
								f
Pupil extras							809,941	834,290
Registration	fees						159,629	146,091
Rental income							138,632	109,286
Other income							637,205	101,094
							1,745,407	1,190,761
3 Other activities							2022	2021
							E
Interest on overdue accounts							29,364	23,583
4 Bank and other interest							2022	2021
							E	f
Interest and	dividends	on composition		fee investments		(note 16)	27,706	27,463
Bank interest	receivable						29,253	294
Net present value movement			on composition		fee investment		30,720
Interest from	SELloan						2 322	1,440
							90,001	29,197
5a) Grants and donations							2022	2021
Donations							1,727,203	381,923
Government	furlough	scheme					2,437	530,889
							1,729,640	912,812

relevant co	sts. The breakdown is as follows:
		SHS	WHS	Total
		E	E	E
Fixed assets		1,774,629	3,430,679	5,205,308
Cash		153,889	507,105	660,994
Net current	liabilities	(466,273)	(674,409)	(1,140,682)
Less:
Acquisition	costs	(33,071)	(719,491)	(752,562)
		1,429,174	2,543,884	3,973,058

			Staff	Other
			costs	costs	Depreciation	2022
			E	E	E	E
Expenditure on	raising funds
Financing costs	(note 7)			82,449		82,449
Fundraising and	development		459,947	115,795		575,742
Total costs ofgenerating		funds	459,947	198,244		658,191
Charitable activities
Teaching			15,117,121	1,769,200	457,830	17,344,151
Welfare			3,424,414	2,613,035	135,506	6,172,955
Premises repairs	and
maintenance			2,051,247	5,323,542	2,167,149	9,541,938
Support costs and governance			2,416,573	2,131,450	86,345	4,634,368
Total charitable	expenditure		23,009,355	11,837,227	2,846,830	37,693,412
Total expenditure			23,469,302	12,035,471	2,846,830	38,351,603

			Staff	Other
			costs	costs	Depreciation	2021
			f	E		E
Expenditure on raising funds
Financing costs (note 7)			0	95,739		95,739
Fundraising and development			425,805	90,761		516,566
Total costs ofgenerating	funds		425,805	186,500		612,305
Charitable activities
Teaching			12,441,938	1,085,835	478,704	14,006,476
Welfare			3,270,960	1,601,178	65,834	4,937,971
Premises repairs and maintenance			1,951,446	3,802,131	1,987,466	7,741,043
Support costs and governance			1,986,788	1,193,748	88,505	3,269,041
Total charitable expenditure			19,651,132	7,682,892	2,620,509	29,954,533
Total expenditure			20,076,937	7,869,391	2,620,509	30,566,838
Governance included in	support	costs:
					2022	2021
Remuneration paid to auditors for audit services					37,366	35,967
Directors —travel and subsistence		costs			7,018	2,687
Other governance costs					5,729	4,367
					50,113	43,021

7 Financing	costs
					2022	2021
					f	f
Commitment	fee on rolling credit facility				35,000	35,000
Investment charges on		composition	fees investments	(note 16)	4,389	49,305
Bank charges					43,060	11,434
					82,449	95,739
8 Staff costs
					2022	2021
Total staff costs were:					f	f
Salaries and wages					19,204,740	16,580,771
Social security	costs				1,904,325	1,539,402
Other pension	costs				2,360,237	2,006,938
					23,469,302	20,127,111
The aggregate	employee	remuneration	and benefits ofthe key management
personnel were:					1,601,827	1,343,579

						2022	2021
						Number	Number
The average	number ofemployees ofthe Company			during the financial year was as follows:
Teaching and teaching support		staff				318	305
Visiting music teachers						35	45
Establishment	and administrative staff					381	384
						734	734
The average	FTEofemployees	ofthe Company	during the financial		year was as follows:
Teaching and	teaching support	staff				258	252
Visiting music	teachers					9	15
Establishment	and administrative staff					260	279
						527	546
The number ofstaff in pension		schemes was as	follows:
Money purchase schemes						469	459
Teachers' pensions scheme						121	121
						590	580

The number ofemployees	2022	2021
	Number	Number
E60,001 - E70,000	20	17
E70,001 - E80,000
E80,001 - E90,000
E90,001 - E100,000
E100,001-f110,000
E130,001 - E140,000
E140,001 - E150,000
f200,001 - f210,000
E280,001 - E290,000

	Freehold	Property	Plant &	Computer	Fixtures &	Motor
	Property	Improvements	Equipment	Equipment	Fittings	Vehicles	Total
	E	E	E	E	E	E	E
Cost
15eptember 2021	32,299,314	37,264,339	2,588,959	2,063,025	4,262,466	799,324	79,277,427
Reclassification			(3,738)		3,738
Additions	492,299	2,110,272	139,358	68,958	138,633	193,610	3,143,130
Disposals			(54,610)	(395,366)	(166,928)	(18,082)	(634,986)
31August 2022	32,791,613	39,374,611	2,669,969	1,736,617	4,237,909	974,852	81,785,571
Depreciation
1September 2021	5,531,763	11,719,185	2,112,677	1,712,975	3,029,011	497,403	24,603,014
Reclassification			(2,244)		2,244
Charge for Year	653,329	1,519,410	125,617	149,097	255,731	143,645	2,846,829
Disposals			(54,223)	(395,366)	(166,928)	(18,082)	(634,599)
31August 2022	6,185,092	13,238,595	2,181,827	1,466,706	3,120,058	622,966	26,815,244
Net BookValue
31August 2022	26,606,521	26,136,016	488,142	269,911	1,117,851	351,886	54,970,327
1 September 2021	26,767,551	25,545,154	476,282	350,050	1,233,455	301,921	54,674,413

The last audited accounts of SELwere for the year ended respect ofSEL:	31December 2021.The following information	is disclosed in
	31December	31December
	2021	2020
Turnover	1,311,266	835,129
Expenditure	(925,531)	(693,351)
Profit for the financial year	385,735	141,778
Donated to the school	(385,735)	(141,778)
Result for the year
Balance ofcapital and reserves	404,183	160,226

amo	unt	owed by	SELto	the Scho	ol	was	E163,911	(2021:E78,412).
The	total	taxable	profits	donated	to	the	Company	were:	2022	2021
SEL									385,735	141,778

13 Stocks
		2022	2021
		f
Raw materials	and consumables	269,382	178,280
The replacement	cost ofstocks is not considered to be materially	different from their historical cost.

14 Debtors
				2022	2021
Debtors in respect ofschool		fees		10,192,287	8,450,187
Other debtors				183,328	74,688
Prepayments	and accrued income			1,040,382	752,740
Amounts owed by subsidiary		undertakings	(note 12)	207,724	124,068
				11,623,721	9,401,683

15 Creditors: amounts	due within one year
		2022	2021
Deferred income		12,784,430	12,515,078
School fees paid on account		1,549,439	1,418,713
Deposits paid on account		3,409,564	3,485,483
Trade creditors		1,364,094	2,074,931
Other creditors		739,138	589,246
Taxation and social security		483,128	414,636
Accruals		1,386,690	1,479,179
Current portion ofComposition	fees (note 16)	995,051	827,499
		22,711,534	22,804,765

LLP (formerly Smith 5	Will	iamson	Inv	estme	nt Management LLP).
						2022	2021
Market value at 1September						2,404,700	2,594,087
Composition fees received		and invested				699,969	755,309
Composition fees received		in error				69,418
Cash in transit from group						144,511
Net income arising reinvested						23,317	22,927
Applied to school fees						(930,290)	(1,063,844)
Investment (loss)/profit	during the		year			(81,824)	96,221
Market value at 31August						2,329,801	2,404,700
Historical cost at 31August						2,157,207	2,141,964
Usted investments:
UK Fixed Interest:
I Shares lil Pic						788,097	1,054,196
Sanlam SHT						395,559
Smith R Williamson	Investment		Funds
							528,835
						1,183,656	1,583,031
UK Equities: J P Morgan	Asset Management				Ltd	398,612	539,126
						1,582,268	2,122,157
Client Money						20,363	4,963
Total Investments						1,602,631	2,127,120
Cash at Bank						582,659	277,580
Cash in Transit from the	group					144,511
Total Composition fee fund		investments				2,329,801	2,404,700
Assuming pupils remain	at the relevant			school, advance fees will be appliecf as follows:
Greater than five years						43,348	126,646
Between two and five years						412,419	573,439
Between one and two years						668,835	639,181
						1,124,602	1,339,266
In one year or less						995,051	827,500
Net present value						2,119,653	2,166,766

						2022	2021
Allied Schools Agency pension		deficit (see note	22)			622	17,651
Other (less than 2	years)					75,897	12,277
						76,519	29,928
18 The funds ofthe Charity
		Unrestricted	Composition	Stowe Harvard	Other	Total
		general	fee	restricted	restricted	restricted	Total
		funds	restricted	funds	funds	funds	funds
			funds
			f
At 1September 2021		53,360,402	237,935	86,139	102,655	426,729	53,787,131
Net movement in funds		2,213,999	(27,787)	60	160	(27,567)	2,186,432
At 31August 2022		55,574,401	210,148	86,199	102,815	399,162	55,973,563
Analysis ofnet assets
Tangible fixed assets		54,970,327					54,970,327
Investments		164,200	2,329,801			2,329,801	2,494,001
Current assets		22,261,431		86,199	102,815	189,014	22,450,445
Creditors amounts	falling	(21,716,483)	(995,051)			(995,051)	(22,711,534)
due within one year
Creditors payable after		(76,519)	(1,124,602)			(1,124,602)	(1,201,121)
one year
Provisions		(28,555)					(28,555)
At 31August 2022		55,574,401	210,148	86,199	102,815	399,162	55,973,563

					2022	2021
					E	E
Prize fund					38	38
Bursary fund					38,232	38,072
Gifts fund					1,751	1,751
Development	fund				62,794	62,794
					102,815	102,655
19 Operating	leases
Other Assets - Total commitments		relating to operating	leases:
					2022	2021
					E	E
Less than one	year				161,913	148,042
Between two and five years					240,626	188,317
During the year E162,189(2021:E145,640) was spent on			operating	leases.

						2022	2021
						E	E
Net income						2,076,180	4,697,083
Donations received						(1,727,203)	(381,923)
Fair value ofassets on acquisition							(3,973,058)
Interest received						(60,939)	(52,780)
Operating surplus for		the year				288,038	289,322
Depreciation charges						2,846,830	2,620,510
Loss on disposal offixed assets						(8,903)
Unreaiised loss/(gain)		arising on	revaluation	of investments		81,824	(96,221)
{Increase)/decrease	in	stocks				{91,102)	25,797
Increase in debtors						(2,069,789)	(863,661)
(Decrease)/increase	in	creditors				(261,305)	3,371,519
Decrease in provision						(15,287)	(41,787)
Net cash infiow from	operating		activities			770,306	5,305,479
21 Analysis ofchanges		in net debt
					At 1September		At 31August
					2021	Cash flows	2022
					f	f	f
Cash and cash equivalents
Cash					11,070,241	(512,899)	10,557,342
					11,070,241	(512,899)	10,557,342
22 Pensions Schemes

Net present value ofprovision	Net present value ofprovision	Net present value ofprovision
						2022	2021
							f
Net present value ofprovision						28,555	154,094
Reconciliation of		opening and closing provision
						2022	2021
						f	f
Provision at start ofyear						154,094	196,177
Unwinding ofthe		discount factor	(interest	expense)		877	955
Deficit contribution		paid				(30,675)	(42,830)
Re-measurements		—impact of any	change	in assumptions		(1,278)	(208)
Re-measurements		—amendments	to the contribution		schedule	(94,463)
Provision at end	ofyear					28,555	154,094
SoFA impact
						2022	2021
						f
Interest expense						877	955
Re-measurements		—impact of any	change	in assumptions		(1,278)	(208)
Costs recognised	in SoFA					30,675	42,830
Re-measurements		—amendments	to the contribution		schedule	(94,463)
Impact at end ofthe year						(64,189)	43,577

				Unrestricted	Restricted
				funds	funds	2021
		Notes		E	E	E
Income from:
Charitable activities
School fees receivable			1	28,896,512		28,896,512
Ancillary trading income			2	1,190,761		1,190,761
Other trading activities
Non-ancillary trading	income (covenants)		12	141,778		141,778
Other activities			3	23,583		23,583
Investments
Bank and other interest				1,725	27,472	29,197
Voluntary sources
Grants and donations			sa	900,980	11,832	912,812
Charitable acquisition	donations		Sb	3,874,553	98,505	3,973,058
Total incoming resources				35029892	137 809	35167701
Expenditure on:
Raising funds
Financing costs				46,421	49,318	95,739
Fundra ising and devel op ment				516,566		516566
Total deductible costs				562,987	49,318	612,305
Charitable activities
Education				29954,533		29954,533
Total expenditure				30,517,520	49318	30,566838
				4,512,372	88,491	4,600,863
Net investment gains					96,221	96221
Net income				4,512,372	184,712	4,697,084
Other recognised gains and losses:
Actuarial gains on defined benefit pension
schemes				208		208
Net movement in funds				4,512,580	184,712	4,697,292
Recondliation offunds:
Total funds brought forward				48,847,822	242,017	49,089,839
Total funds carried forward			18	53,360,402	426,729	53,787,131

		Unrestricted	Composition	Stowe Harvard	Other	Total
		general	fee	restricted	restricted	restricted	Total
		funds	restricted	funds	funds	funds	funds
			funds
			f
At 1September 2020		48,847,822	163,555	78,462		242,017	49,089,839
Net movement in	funds	4,512,580	74,380	7,677	102,655	184,712	4,697,292
At 31August 2021		53,360,402	237,935	86,139	102,655	426,729	53,787,131
Analysis ofnet assets
Tangible fixed assets		54,674,413					54,674,413
Investments		164,200	2,404,700			2,404,700	2,568,900
Current assets		20,683,077		86,139	102,655	188,794	20,871,871
Creditors amounts	falling	(21,977,266)	(827,499)			(827,499)	(22,804,765)
due within one year
Creditors payable after		(29,928)	(1,339,266)				(1,369,194)
one year						(1,339,266)
Provisions		(154,094)					(154,094)
At 31August 2021		53,360,402	237,935	86,139	102,655	426,729	53,787,131