2023-08-31-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
People			Jaime Chahal
ICT			Aditya Gupta
Head ofSwanbourne	House		Nick Holloway
Head ofWinchester House			Antonia Lee

Global energy Scop data for period:	e 1an	d 2 GHG emission
					Tonnes COze
			2023	2022	Variance	2023	2022	Variance
			location-	location-	location-	market-	market-	market-
Emissions from			based	based	based	based	based	based
Sco e 1(Fuel combustion		in buildings)	319	439	-27Yo	319	439	-27'Yo
Scope 1(Fuel combustion		in vehicles)	123	87	419o	123	87	419o
Scope 1(Fuel combustion plant)		in mobile and static	1699	1,763	-4Yo	1699	1,763	-49o
Scope 2 (Electricity)			726	673	8'Yo	681	136	401Yo
Total			2,867			2,822		290
Company's chosen metric:	intensity tCO&e/pu pil
			2023			2023
			location-			rnarket-
			based			based		Variance
Emissions reported	per pupil		1.899					29o
Scope 3Global GHG emission data for period:
Emission from			2023	2022	Variance
Business travel (air,	rail and vehicles)			10	-269o
Underlying global energy		data for period:
Energy use (kWh)			2023	2022	Variance
Electricity			3503~9	3,478,897	1'Yo
Natural Gas			1741,183	2,403,441	-289o
Mobile and Static Plant Fuel			713684S	7,345,341	-39o
Transport Fuel			551,038	404,886	369o
Total			12,93353S	13,632,565	-59o

						2023	2022
						E	E
Net (loss)/income						(72,604)	2,076,180
Less:
Grants and	donations	—(see breakdown		below)		(365,947)	(1,729,640)
Operating	(deficit)/surplus		ofthe group	ofschools		(438,551)	346,540
						2023	2022
						E	E
Grants and	donations	(note	5):
Funds from	SSFto develop		new facilities	and enhance	existing ones	91,790	1,542,462
Funds from	SSFfor other purposes					176,239	164,141
Funds from	American	Friends ofStowe				77,318
Funds from	Stowe Harvard					20,600	20,600
Government	furlough	scheme					2,437
						365,947	1,729,640

For the year ended 31 August 2023
		Unrestricted	Restricted
		funds	funds	2023	2022
	Notes		f	f	f
Income from:
Charitable activities
School fees receivable		39,090,684		39,090,684	36,529,460
Ancillary trading income		1,493,407		1,493,407	1,745,407
Other trading activities
Non-ancillary trading income (covenants)	12	595,477		595,477	385,735
Other activities	3	74,734		74,734	29,364
Investments
Bank and other interest		318,786	33,116	351,902	90,001
Voluntary sources
Grants and donations		288,604	77,343	365,947	1,729,640
Total incoming resources		41,861,692	110,459	41,972,151	40,509,607
Expenditure on:
Raising funds
Financing costs		43,037	100,382	143,419	82,449
Fundraising and development		610,771		610,771	575,742
Total deductible costs		653,808	100,382	754,190	658,191
Charitable activities
Education		41,247,109	41,200	41,288,309	37,693,412
Total expenditure		41,900,917	141,582	42,042,499	38,351,603
		(39,225)	(31,123)	(70,348)	2,158,004
Net Investment (losses)/gains			(2,256)	(2,256)	(81,824)
Net income		(39,225)	(33,379)	(72,604)	2,076,180
Other recognised gains and losses:
Actuarial gains on defined benefit
pension schemes	22	230		230	110,252
Net movement in funds		(38,995)	(33,379)	(72,374)	2,186,432
Reconciliation offunds:
Total funds brought forward	18	55,574,401	399,162	55,973,563	53,787,131
Total funds carried forward	18	55,535,406	365,783	55,901,189	55,973,563

Balance Sheet	Balance Sheet
As at 31 August 2023
				Notes	2023	2022
					f	E
Fixed assets
Tangible assets				9	54,814,907	54,970,327
Investment in subsidiary		undertakings		11	164,200	164,200
Composition fee fund investments				16	1,607,917	2,329,801
					56,587,024	57,464,328
Current assets
Stocks				13	240,783	269,382
Debtors				14	12,491,621	11,623,721
Cash and deposits					10,630,734	10,557,342
					23,363,138	22,450,445
Creditors: amounts	falling due within one year			15	(23,361,428)	(22,711,534)
Net current assets/(liabilities)					1,710	(261,089)
Total assets less current		liabilities			56,588,734	57,203,239
Long-term liabilities
Creditors payable after		one	year
Composition fees				16	(670,791)	(1,124,602)
Other creditors				17		(76,519)
					(670,791)	(1,201,121)
Net assets excluding	pension		liability		55,917,943	56,002,118
Defined benefit pension		scheme liability		22	(16,754)	(28,555)
Net assets					55,901,189	55,973,563
The funds ofthe charity
Unrestricted funds:
General reserve					55,552,160	55,602,956
Pension reserve				22	(16,754)	(28,555)
					55,535,406	55,574,401
Restricted funds:
General reserve				18	226,615	189,014
Revaluation reserve				18	139,168	210,148
					365,783	399,162
Total funds				18	55,901,189	55,973,563

					Notes	2023	2022
Net cash inflow from operating activities					20	1,383,733	770,306
Cashflows from investing activities
Interest received						394,978	60,939
Additions to composition fee investments						(324,924)	(867,797)
Realisation ofcomposition fee investments						975,187	930,290
Donations and grants received						365,947	1,727,203
Payments for tangible fixed assets						(2,722,365)	(3,143,130)
Proceeds from sale oftangible fixed	assets					836	9,290
Net cash outflow from investing activities						(1,310,341)	(1,283,205)
Change in cash and cash equivalents	in the	reporting	year			73,392	(512,899)
Cash and cash equivalents at the beginning		ofthe reporting		year		10,557,342	11,070,241
Cash and cash equivalents at the end	ofthe	reporting	year			10,630,734	10,557,342
Net cash movement					21	73,392	(512,899)

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

							2023	2022
							f	f
Gross school fees							43,361,272	40,286,115
Less: Scholarships,	bursaries		and allowances				(4,270,588)	(3,756,655)
							39,090,684	36,529,460
2 Ancillary trading		income
							2023	2022
							f	f
Pupil extras							1,000,829	809,941
Registration fees							186,109	159,629
Rental income							100,068	138,632
Other income							206,401	637,205
							1,493,407	1,745,407
3 Other activities							2023	2022
							f	f
Interest on overdue	accounts						74,734	29,364
4 Bank and other interest							2023	2022
							f	f
Interest and dividends		on composition		fee investments		(note 16)	31,658	27,706
Bank interest receivable							312,270	29,253
Net present value movement			on composition		fee investment			30,720
Interest from SELloan							7,974	2,322
							351,902	90,001
5 Grants and donation							2023	2022
							f	f
Donations							365,947	1,727,203
Government furlough		scheme						2,437
							365,947	1,729,640

		Staff	Other
		costs	costs	Depredation	2023
		f	f	f	f
Expenditure on raising	funds
Financing costs (note 7)			143,419		143,419
Fundraising and development		519,701	91,070		610,771
Total costs ofgenerating	funds	519,701	234489		754,190
Charitable activities
Teaching		16,020,736	1,721,624	442,523	18,184,883
Welfare		3,482,878	3,368,251	134,102	6,985,231
Premises repairs and maintenance		2,162,009	6,396,352	2,234,145	10,792,506
Support costs and governance		2,798,325	2,460,349	67,015	5,325,689
Total charitable expenditure		24,463,948	13,946 576	2,877 785	41,288,309
Total expenditure		24,983,649	14,181,065	2,877,785	42,042,499
		Staff	Other
		costs	costs	Depreciation	2022
		f	f	f	f
Expenditure on raising funds
Fina nc ing costs (note 7)			82,449		82,449
Fundraising and development		459,947	115,795		575,742
Total costs ofgenerating	funds	459,947	198244		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
Premi ses repa irs and ma	intena nce	2,051,247	5,323,542	2,167,149	9,541,938
Supportcosts and governance		2,416,573	2,131,450	86,345	4,634,368
Total charitable expenditure		23 009355	11837227	2 846 830	37693412
Total expenditure		23,469,302	12,035,471	2,846,830	38,351,603

		2023	2022
Remuneration paid to auditors for	audit services	38,297	37,366
Directors —travel and subsistence	costs	9,027	7,018
Other governance costs		4,996	5,729
		52,320	50,113

7 Financing	costs
								2023	2022
								f	f
Commitment	fee on rolling credit facility							29,041	35,000
Net present value movement			on composition			fee investment		96,939
Investment charges on		composition		fees investments			(note 16)	3,443	4,389
Bank charges								13,996	43,060
								143,419	82,449
8 Staff costs
								2023	2022
Total staff costs were:								f	E
Salaries and wages								20,470,541	19,204,740
Social security	costs							2,008,272	1,904,325
Other pension	costs							2,504,836	2,360,237
								24,983,649	23,469,302
The aggregate	employee	remuneration			and benefits		ofthe key management
personnel were:								1,658,867	1,601,827

						2023	2022
						Number	Number
The average number of employees		ofthe Company		during the financial year was as follows:
Teaching and teaching support	staff					324	318
Visiting music teachers						38
Establishment and administrative		staff				366	381
						728	734
The average FTE ofemployees	ofthe Company		during the financial		year was as follows:
Teaching and teaching support	staff					268	258
Visiting music teachers						10
Establishment and administrative		staff				263	260
						541	527
The number ofstaff in pension	schemes was as		follows:
Money purchase schemes						477	469
Teachers' pensions scheme						123	121
						600	590

The number ofemployees	The number ofemployees	2023	2022
		Number	Number
E60,001	—E70,000	23	20
E70,001	—E80,000
E80,001	- E90,000
E90,001	- E100,000
E100,001	—E110,000
E110,001	—E120,000
E130,001	- E140,000
F140,001	- E150,000
E200,001	- E210,000
E210,001	- E220,000
E290,001	- E300,000

					Furniture,
	Freehold	Property	Plant 8	Computer	Fixtures &	Motor
	Property	Improvements	Equipment	Equipment	Fittings	Vehides	Total
	E	E	E	E	E	E	f
Cost
15eptember 2022	32,791,613	39,374,611	2,669,969	1,736,617	4,237,909	974,852	81,785,571
Reclassification
Additions	871,701	1,424,596	180,473	55,140	76,145	114,310	2,722,365
Disposals				(8,056)			(8,056)
31August 2023	33,663,314	40,799,207	2,850,442	1,783,701	4,314,054	1,089,162	84,499,880
Depreciation
1September 2022	6,185,092	13,238,595	2,181,827	1,466,706	3,120,058	622,966	26,815,244
Reclassification
Charge for Year	684,153	1,563,777	128,040	131,113	239,840	130,862	2,877,785
Disposals				(8,056)			(8,056)
31August 20?3	6,869,245	14,802,372	2,309,867	1,589,763	3,359,898	753,828	29,684,973
Net BookValue
31August 2023	26,794,069	25,996,835	540,575	193,938	954,156	335,334	54,814,907
1September 2022	26,606,521	26,136,016	488,142	269,911	1,117,851	351,886	54,970,327

The last audited accounts of SELwere for the year ended 3 respect of SEL:	1December 2022. The following information	is disclosed in
	31December	31December
	2022	2021
Turnover	1,940,360	1,311,266
Expenditure	(1,398,303)	(925,531)
Profit for the financial year	542,057	385,735
Donated to the school	(542,057)	(385,735)
Result for the year
Balance ofcapital and reserves	560,505	404,183

The t	otal tax	able prof	its donated to the Company were:
				2023	2022
SEL				542,057	385,735
WHS	Trading	Limited	(WHT)	53,420
				595,477	385,735

13 Stocks
								2023	2022
								f
Raw materials		and consumables						240,783	269,382
The replacement			cost	ofstocks		is not considered to be materially		different from their historical cost.
14 Debtors
								2023	2022
Debtors in respect of				school fees				10,700,726	10,192,287
Other debtors								201,459	183,328
Prepayments	and		accrued income					1,281,835	1,040,382
Amounts owed		by subsidiary			undertakings		(note 12)	307,601	207,724
								12,491,621	11,623,721
15 Creditors:	amounts			falling	due within		one year
								2023	2022
Deferred income								13,884,936	12,784,430
School fees paid		on account						1,286,735	1,549,439
Deposits paid on account								3,361,714	3,409,564
Trade creditors								1,103,452	1,364,094
Other creditors								468,082	739,138
Taxation and social security								489,809	483,128
Accruals								1,968,742	1,386,690
Current portion ofComposition						fees (note	16)	797,958	995,051
								23,361,428	22,711,534

LLP (formerly Smit	h 8	Willi	amson Inve	stmen	t Management LLP).
							2023	2022
Market value at 1	September						2,329,801	2,404,700
Composition fees	received		and invested				441,219	699,969
Composition fees	received		in error				(69,418)	69,418
Cash in transit (to)/from		group					(144,511)	144,511
Net income arising	reinvested						28,269	23,317
Applied to school	fees						(975,187)	(930,290)
Investment (loss)/gain during the year							(2,256)	(81,824)
Market value at 31August							1,607,917	2,329,801
Historical cost at 31August							1,457,098	2,157,207
Listed investments:
UK Fixed Interest:
I Shares III Pic							622,436	788,097
Sanlam SHT							320,610	395,559
							943,046	1,183,656
UK Equities: J P Morgan		Asset Management			Ltd		330,202	398,612
							1,273,248	1,582,268
Client Money							25,409	20,363
Totalinvestments							1,298,657	1,602,631
Cash at Bank							309,260	582,659
Cash in Transit from the		group						144,511
Total Composition	fee fund		investments				1,607,917	2,329,801
Assuming pupils remain		at the relevant		school, advance fees will be applied		as follows:
Greater than five years								43,348
Between two and five years							338,596	412,419
Between one and two years							332,195	668,835
							670,791	1,124,602
In one year or less							797,958	995,051
Net present value							1,468,749	2,119,653

						2023	2022
Allied Schools Agency pension		deficit (see note	22)				622
Other (less than 2	years)						75,897
							76,519
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	f
At 1September 2022		55,574,401	210,148	86,199	102,815	399,162	55,973,563
Net movement in funds		(38,995)	(70,980)	37,575	26	(33,379)	(72,374)
At 31August 2023		55,535,406	139,168	123,774	102,841	365,783	55,901,189
Analysis ofnet assets
Tangible fixed assets		54,814,907					54,814,907
Investments		164,200	1,607,917			1,607,917	1,772,117
Current assets		23,136,523		123,774	102,841	226,615	23,363,138
Creditors amounts	falling	(22,563,470)	(797,958)			(797,958)	(23,361,428)
due within one year
Creditors payable after			(670,791)			(670,791)	(670,791)
one year
Provisions		(16,754)					(16,754)
At 31August 2023		55,535,406	139,168	123,774	102,841	365,783	55,901,189

							2023	2022
							f	E
Prize fund							64	38
Bursary fund							38,232	38,232
Gifts fund							1,751	1,751
Development	fund						62,794	62,794
							102,841	102,815
19 Operating	leases
Other Assets - Total commitments		relating to operating		leases:			2023	2022
							f	f
Less than one	year						217,751	161,913
Between two and five years							286,120	240,626
During the year f192,304(2022:		f162,189)was spent on			operating	leases.
Property Assets —Total commitments			relating to operating		leases:

							2023	2022
							f.	f
Net income							(72,604)	2,076,180
Donations received							(365,947)	(1,727,203)
Interest received							(394,978)	(60,939)
Operating (deficit)/surplus			for the year				(833,529)	288,038
Depreciation charges							2,877,785	2,846,830
(Loss)/gain on disposal		of	fixed assets				(836)	(8,903)
IJnrealised loss/(gain)		arising on revaluation			of investments		2,256	81,824
Decrease/(increase)	in	stocks					28,599	(91,102)
(Increase)/decrease	in	debtors					(798,482)	(2,069,789)
Increase/(decrease)	in	creditors					119,741	(261,305)
(Decrease)/increase	in	provision					(11,801)	(15,287)
Net cash inflow from operating				activities			1,383,733	770,306
21 Analysis ofchanges		in	net debt
						At 1September		At 31August
						2022	Cash flows	2023
						f	f	f
Cash and cash equivalents
Cash						10,557,342	73,392	10,630,734
						10,557,342	73,392	10,630,734
22 Pensions Schemes
Teachers' Pensions

					2023	2022
					f	f.
Net present value of provision					16,754	28,555
Reconciliation ofopening	and closing provision
					2023	2022
					f	f
Provision at start ofyear					28,555	154,094
Unwinding ofthe discount	factor	(interest	expense)		991	877
Deficit contribution paid					(12,621)	(30,675)
Re-measurements —impact	of any change		in assumptions		(171)	(1,278)
Re-measurements —amendments		to the contribution		schedule		(94,463)
Provision at end ofyear					16,754	28,555

SoFA impact
					2023	2022
					f.
Interest expense					991	877
Re-measurements	—impact of any	change	in assumptions		(171)	(1,278)
Costs recognised	in SoFA				12,621	30,675
Re-measurements	—amendments	to the contribution		schedule		(94,463)
Impact at end of	the year				13,441	(64,189)

	Unrestricted	Restricted
	funds	funds	2022
	E	E	E
Income from:
Charitable activities
School fees receivable	36,529,460		36,529,460
Ancillary trading income	1,745,407		1,745,407
Other trading activities
Non-ancillary trading income (covenants)	385,735		385,735
Other activities	29,364		29,364
Investments
Bank and other interest	31,516	58,485	90,001
Voluntary sources
Grants and donations	1,729,400	240	1,729,640
Charitable acquisition donations
Total incoming resources	40450 882	58 725	40 509607
Expenditure on:
Raising funds
Financing costs	77,981	4,468	82,449
Fundraising and development	575 742		575 742
Total deductible costs	653,723	4,468	658,191
Charitable activities
Education	37693412		37693412
Total expenditure	38347 135	4468	38351603
Net Investment (losses)/gains	2,103,747	54,257 ~81824	2,158,004 ~81824
Net income	2,103,747	(27,567)	2,076,180
Other recognised gains and losses:
Actuarial gains on defined benefit pension
schemes	110252		110252
Net movement in funds	2,213,999	(27,567)	2,186,432
Reconciliation offunds:
Total funds brought forward	53,360,402	426,729	53,787,131
Total funds carried forward	55 574 401	399162	55 973 563

			Unrestricted	Composition	Stowe Harvard	Other	Total
			general	fee	restricted	restricted	restricted	Total
			funds	restricted	funds	funds	funds	funds
				funds
				f	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	2,239,801			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