Stowe School Limited (Limited by Guarantee) Financial statements 31 August 2024 together with Tru5tees' and Auditorfs reports Registered number: 187251 Charity number: 310639 1 Stowe School Limited Directors and Officers Dirertors Simon Charles Creedy Smith BA, FCA The Reverend Canon Peter Michael Ackroyd MA, MBA, MA, PhD Rowena Bolton BSC, BArch. RIBA, ARB Patrick Bradshaw BA Her Honour Judge Rebecca Brown BA Haydn Cole BA, MRICS, MCR Simon Cuerden BA, ACA Rupert Fordham BA (Cantabl John Philip Cardain Frost BSC, MRICS Sunjeewa Jayawardena BSC, MBA Andrea Karen Johnson BSC, PGCE Mairi Johnstone LLB, DipLP, BSC, MBA, GradCG Catriona Helen Lloyd MA (Cantabl Alexander Muirhead Jena Ntumba BSC, Mcom, Msc ChristopherJohn Tate BA. MIMC Emma Taylor MA (Oxonl PGCE Hugh Taylor BA (appointed 28 February 20251 Christopherjames Wheeler BA, MBA, PGCE, FRSA Company Secretary Michael Porter BA, Msc (resigned 31 July 20241 Andrew Butterworth MA, DChA (appointed 31 July 20241 Reglstered and Principal Offlce Stowe School Stowe Buckingham MK18 5EH Independent Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers Investment Managers CCLA Barclay5 Bank PIC Wytham Court 11 West Way Oxford OX2 OJB One Angel Lane London EC4R 3AB 2 Stowe School Limited Trustees, report For the year ended 31 August 2024 Financial Statements The Directors, who are also referred to as Governors and who are also Charity Trustee5 35 defined in the Charities Act 2011, present their annual report and audited financial statements for the year ended 31 August 2024. The financial statements comply with the Companies Act 2006, Charities Act 2011, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS1021. Statement of Directors, Responsibilities The Directors are responsible for preparing the Trustees, Report, includin8 the Strategic Report and the financial statements, in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that year. In preparing these financial statements, the Directors are required to.. selett sultable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgements and accounting estimates that are reasonable and prudent,. state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from le8islation in other jurisdictions. In so far as the Directors are aware, there is no relevant audit information of which the charitable company's auditors are unaware and the Directors have taken all steps that they ought to have taken to make themselves aware of anv relevant audit information and to establish that the auditors are aware of that information. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Company is limited by guarantee and governed by the provisions in the Articles of Association adopted by Special Resolution on 6 October 2020,. these replaced the Memorandum and Articles of Association, dated 20 January 1923 las altered by Special Resolution on 25 September 19511. Each of the seven Members has undertaken to contribute an amount not exceeding £1 lone poundl toward5 the assets of the Company in the event ofthe same being wound up and the assets being insu￿1clent to cover the CompanWs debts and liabilities. Stowe School Limited is a member of the Allied Schools group of independent schoo15, all of which were founded by the Martyrs, Memorial and Church of England Trust IMMTI. On 26 September 2013, the Allied Schools signed a new Management Agreement with MMT by which the members ofthe group agreed to the appointment ofthe Allied Schools Agency Limited to oversee the performance of the schools and to monitor their adherence to the foundational religious principles on behalf of MMT. 3 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Charitable Status The Company is a registered charity with registered charity number 310639. Governin8 Body The Directors constitute the Governing Body and are elected by the Governing Body, except that two Directors are nominated by the MMT if the total does not exceed twelve, three if the number exceeds twelve but does not exceed eighteen and four if the number exceeds eighteen. The Directors nominated by the MMT are The Reverend Peter Ackroyd, Mrs Johnstone, Mrs Taylor and Mr Wheeler. The Directors of the Company serving since I September 2023 were as follows.. Simon Charles Creedy Smith BA, FCA The Reverend Canon Peter Michael Ackroyd MA, MBA, MA, PhD Jonathan Michael Arundell Bewes BA, FCA Iresi8ned 2 December 20231 Rowena Bolton BSC, BArch, RIBA lappointed 25 January 20241 Patrick Bradshaw BA Her Honour Judge Rebecca Brown BA Julie Christine Brunskill BSC, MRICS Iresigned 31 October 20241 Haydn Cole BA, MRICS, MCR (appointed 25 January 20241 Simon Cuerden BA, ACA Elizabeth de Burgh Sidley BA, FRICS {resigned 27 February 20241 Rupert Fordham BA Icantabl John Philip Cardain Frost Bsc MRICS Richard Greaves BA (resigned 15 March 20241 Will Jakeman BSC, PGCE (resigned 6 January 20251 Sunjeewa Jayawardena BSC, MBA Mairi Johnstone LLB. DipLP, Bsc, MBA, GradCG Andrea Karen Johnson BSC, PGCE Catriona Helen Lloyd MA (Cantabl Alexander Muirhead Jena Ntumba BSC, Mcom. Msc Christopher John Tate BA, MIMC Emma Taylor MA (Oxonl PGCE lappointed 6 October 20231 Hugh Taylor lappointed 28 February 20251 ChristopherJames Wheeler BA, MBA, PGCE, FRSA In accordance with the Article5 of Association Mrs Bolton. Mr Cole, Mrs Lloyd, Mrs Ntumba, Mr Tate. Mrs Taylor and Mr Taylor retire by rotation and being eligible offer themselves for re-elettion. Induction and Tralning of Directors When new Directors are appointed, care is taken to ensure that the appropriate skills and experience relevant to the Governing Body are represented. Each new Director is provided with an information pack and a list of relevant training courses, some of which they are expected to attend. They are inducted into the workings of Stowe School Limited through a visit programme, discussion and an introductory pack. All Directors receive information on governor training update courses. 4 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Governance The Directors are responsible for the overall management and control of Stowe School Limited and meet four times year. The work of overseeing the implementation of the group's policies is carried out by committees appointed by the Directors for that purpose (Executive- Education. Estates; Finance,. Marketing & Admissions,. Nomination & Remuneration and Prep School), which usually meet in the weeks preceding meetings of the full Governing Body. These committees perform detailed reviews within their areas of responsibility. The day to day running of Stowe School Limited is delegated to the Head of Stowe School and the Executive Leadership Team IELTI, who are considered the key managernent personnel of the charity. Head of Stowe School Senior Deputy Head Deputy Head Pastoral Deputy Head Academic Designated Safeguarding Lead IDSLI Finance Strate8ic Development & Fundraising Marketing and Admissions Estates Dr Anthony Wallersteiner Liam Copley Michael Rickner Dr Julie Potter Michael Rickner Mark Greaves Colin Dudgeon Tori Roddy Judith Lane Aditya Gupta Nick Holloway Antonia Lee Colin Macintosh Head of Swanbourne House Head of Winchester House Head of Ashfold The Head and members of the ELT attend meetings of the above committees, as appropriate. Key Management Personnel Remuneration The pay of the Head of Stowe School is reviewed annually by the Nomination & Remuneration Committee. The pay of the remaining members of the ELT is reviewed annually by the Head and by the Nomination & Remuneration Comrnirtee. Pay is subject to performance and market forces. All Directors give freely of their time and no Direttor remuneration was paid in the year. Details of Directors, expenses and related party transactions are disclosed in the financial statements. Directors are required to disclose all relevant interests in accordance with our policy and withdraw from decisions where a conflict of interest arises. The Stowe Group of Schools On 5 January 2021, the mergers of Swanbourne House School ISHS) and Winchester House School IWHSI (together the Prep Schools) with stowe School were completed. Stowe School has taken on all the assets and liabilities of both preparatory schools. Both schools have a long tradition of sending pupils to Stowe School. On 28 February 2025, the merger of Ashfold School with Stowe School was completed. Stowe School has taken on all the assets and liabilities of the Ashfold School Trust Limited. The Stowe group of schools now offers an educational pathway for over 1,800 children from 3-18 years old. It allows member schools to benefit from a wealth of shared expertise and enables all preparatory schools to benefit from the many facilities and opportunitie5 that the Stowe group provide5. It also provides opportunitie5 for sharing strategic leadership, resources for professional development and idea5 as well as deliverin8 Cost efficiencies across the group. 5 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Group Structure and Relationships Stowe School Limited now comprises the assets and liabilities of all four schools in one charitable body with one set of Governors. Stowe School Limited has a wholly owned non-charitable trading subsidiary, Stowe Enterprises Limited ISELI, which operates the School shop and makes available the facilities of the School to the public and various organisations for events, educational and leisure purposes. SEL owns the trading subsidiary Winchester House Trading Limited IWHT) and operates across the Stowe group of schools. Stowe School Limited, in conjunction with its partner5 on the Stowe site, being The National Trust and The Stowe House Preservation Trust Limited ISHPTI, assists in the restoration of Stowe (Stowe House and Stowe Landscape Garden) and the improvement of the visitor experience. Stowe House is open to the public on over 200 days in a normal year. Stowe School Limited works closely with The Stowe School Foundation ISSFI, a separate charity. The Trustees of SSF can apply the capital and income of the trust, both for the provision of educational resource and facilities at the School and for scholarships and bursaries, 35 well as the provision of any other financial support to Stowe School Limited as the Trustees may from time to time decide. SSF has three ex officio Trustees, between two and six nominated Trustees, appointed by Stowe School Limited, and up to four co-opted Trustees appointed by the Trustees. OBJEcfs, AIMS, OBJECTIVES AND ACTIVITIES Charltvs objects and aims The primary objects of the charity as set out in it5 Articles of Association are to provide education in accordance with the Protestant principles of the Church of England. The main aim of the charity is to provide public benefit through the use of the Stowe group of schools for the provision of education (which includes an understanding of culture and heritage) to its pupils. To achieve this aim the charity seeks to maintain the Stowe group of schoo15' reputation as a centre of excellence in education, culture and heritage at a local, regional and national level by: maintainin8 and promoting the Stowe group of schools as one of Britain's best, national co-educational group of boarding and day schools for fee-paying and supported pupils, offering a combination of high academic standards and outstanding pastoral care, with first class facilities and infrastructure that provide an efficient and cost effective education: delivering a rich provision in sport, music, art, drama and other activities in an inspiring, sustainable environment,. and working in partnership with The National Trust and SHPT to make the internationally significant Stowe landscaped Gardens and Mansion accessible to members of the public, as a means of widening access and sharing the heritage and history of Stowe with a diverse audience, which in turn contributes to achieving the charity's primary object of education. The Directors have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and in particular to it5 supplementary public benefit guidance on advancin8 education, when reviewing the future aims and objectives. 6 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Strate8ies and objertives for the year The main strategies and objectives for the charity to achieve the aims have included.. Strategies for Education Promote a supportive, secure and nurturing environment that places a high premium on the emotional, physical and mental well-being of every pupil by providing the highest standards of pastoral care and a culture of responsibility, tolerance, attachment and inclusiveness with equality of opportunity for all. Promote the highest standards of teaching in the curriculum as well as fostering curiosity, love of subject, wider readin& creativity, intellectual risk-takin8 and the pursuit of individual or specialised talents in the belief that all pupils have the capacity to respond to and benefit from greater stretching and higher expectations. Steady recruitment to maintain a full school with a pupil roll of up to 950 pupils at Stowe School with applications exceeding capacity and an appropriate balance between UK and overseas students, whilst safeguarding Stowe as a co-educational. predominantly boarding school. Steady recruitment for the Prep Schools with a pupil roll of over 600 pupils. Main objectives for the year 2024 targets for A levels- 75% A'B grades,. for GCSE.. 54% 7-9 or A'A 8rades. For the Prep Schools to achieve entry to pupils, first choice of a wide range of secondary schools and a wide range of scholarships and exhibitions to Senior Schools. Developin8 the theme of Change Makers to maintain the group's reputation for innovation by building on previous themes such as Growth Mindset, Marginal Gains, Effective Teaching and Learning and the Learning Power Approach. The group emphasises character virtues such as grit, resilience, determination and perseverance. Strategies for Sport. Muslc, Art and Drama Provide a rich diet of cultural activities that mixes classroom and academic achievement with personal cultural development through sport, music. art and drama supported by a wide range of activities such as concerts, plays. exhibitions, lectures, trips and weekend activities. Promote the belief that ability comes in many forrns and that pupils need to be supported to discover and enjoy success no matter where their talents lie. Main objectives for the year Maintainin8 a wide variety of sport, Music, art and drama available to all. Developin8 a cultural programme to attract pupi15 to drama and musical productions, in support of the curriculum. Strate8ie5 for Heritage and Restoration Participate, through an effective partnership with The National Trust and SHPT, in the heritage restoration of the landscape gardens and mansion at Stowe while protectin8 the interests of the School. Main objectives for the year Working with SHPT to complete the restoration of Stowe House, including the Eastern Staircase and landing and general maintenance. 7 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Strategies for Public Benefit The following strategies are designed to ensure that Public Benefit remains intrinsic to all of the Charity's activities.. Promote scholarships and bursaries to allow access for pupils from all backgrounds. Promote participation with State Schools. Provide access to Stowe's heritage, in partnership with The National Trust and SHPT. Promote good citizenship through participation in external activities and initiatives. Provide access to school facilities to the local community. Provide access for the public to music, art, sport. drama and science activities at Stowe. Main objectlves for the year Progressing educational initiatives with Silverstone UTC, local State Schools and the University of Buckingham. Promoting participation in Service@Stowe, CCF, Duke of Edinburgh Award scheme and 'green team,. Providing high level bursaries to deserving applicants who would otherwise not be able to attend Stowe School. Strategles for Fundraising Build and sustain the Campaign for Stowe to generate funds each year to au8ment operating surpluses and to enable the steady implementation of the Development Plan and of Change 100. Main objertlves for the year Generating, through the Campaign for Stowe, funds of a minimum of £2 million per annurn towards bursaries and scholarships- planning future fundraising initiatives in the areas of Sport and other masterplans. Continued pursuit of Change 100- Stowe's ambitious mission to generate an endowment of £100 million that will provide means-tested bursarial support to change the lives of talented and deserving children from much less-advantaged backgrounds, whose world can be transformed through an education in the Stowe group. The aim of Change 100 is to provide full funding for 100 pupils in the Stowe group, every year in perpetuity. Fundraising for specific projects for the Prep Schools. The remainder of the Trustees, Report also constitute5 the Strategic Report for the purposes of the Companies Act 2006. 8 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE The principal activity of the Company continued to be the provision of education in a boarding and day school environment for pupils aged 3 to 18. This academic year Stowe School averaged 90312023.. 898) pupils. The Prep Schools averaged 61812023.. 5961. Publlc Benefit Scholarships and bursaries are promoted in recruitment literature, on Stowe School's website and through advertising. Scholarships at Stowe School are awarded at entry at 13+ and 16+ for academic, musical, artistic, sporting or all-round merit. Scholarships at Stowe School are awarded with a fixed remission of fees of between 5% and 25%. Scholarships may be supplemented by means-tested bursaries. Bursaries are awarded on the basis of financial need and principally to those pupils who for financial reasons might not be able to come to the Stowe group of schools or who might not be able to remain to complete their education. Bursary awards are made on the basis of full financial disclosure and are reviewable annually. At least two fully funded places are available each year, subject to financial need - during 2024 there were 2512023: 211 fully funded places at Stowe School. Community programmes operated by staff and pupils are encouraged, with emphasis on the elderly and disabled and on widening SUPPOrt to local schools and the local community. The School's partnership with Silverstone UTC, announced in July 2017, continues to flourish and to provide enhanced educational and co-curricular opportunities for pupils at both educational establishments. The partnership is intended to demonstrate the best that can be achieved by independent and state schools working together. The partnership involves reciprocal 8overnor arrangements. teaching and sharing best practice and facilities. The StoweEd conference, normally attended by both state and independent schools. was held this year and focused on The Science of Learnin8. The Head continues to chair Street Child, which works in conflict and post-conflict countries and has helped over 200,000 children to attend schools. The School invited local clubs to use its sports facilities and equipment at subsidised rates and encouraged staff to coach sport in the community. Stowe House attracts the wider and local community to enjoy its heritage, through being open to the public for weddings, corporate, commercial, and charitable events. A full Summer of events took place in the Summer of 2024. Fee Support Stowe School, together with SSF and other outside Trusts, supported 40612023.. 3981 pupils. through the provision of scholarships and bursaries durin8 the year. Stowe School and SSF allocated £3.560,76212023'. £3,084,310), being 10.1%12023.' 9.3%} of fee income, to scholarships and bursaries. Included in this total are means-tested bursaries. awarded in addition to scholarships. which allow access for pupi15 from all backgrounds, with 8412023.. 871 pupils receiving such awards. 2512023- 211 of these benefited from a full remission of fees. External trusts also provided funds of £3,96112023- £8,667) towards individual pupils, fees. The Prep Schools continue to offer bursaries and allowance5 totalling £949,47912023: £928,147). 9 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Education Academic Standards This summerfs A Level results saw Stoics achieving 66% A'B grade512023 64%1. The GCSE results saw Stoics achievin8 47% at grade 7 or above12023'. 51%). The Prep Schools had all their top year leavers accepted into their first choice of a wide range of senior schools and SHS exceeded their PSB objectives with 100% achieving Level 5 in eight or more subjects, 60% at Level 6 and 20% at Level 7. SHS achieved13 scholarship and exhibition awards to senior schools, while WHS achieved 16. Postoral Care The group is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share in this commitment. The Designated Safeguarding Lead IDSLI for Stowe School is Michael Rickner, who is supported by three Deputy DSLS, and there are DSLS at all Prep Schools. The group's policies for Safeguarding and Child Protettion accord with the requirements of the relevant Safeguarding Children Board. It applies to all school employees, governors and to any volunteer5 working in the Stowe group. There are processes of safeguarding induction and training in place. involving staff, governors, volunteers and contractors, which aim to ensure that this policy and safeguarding procedures are known and understood by those within the Stowe group community. A programme of continuous improvements to the boardin8 houses in all three schools is expected to continue next year. Culture- Sport, Muslc and Drama and other activities The group maintained its reputation in a wide range of sports and other extra-curricular activities, with pupils encouraged to take part in school, county and national competitions. Full details of Stowe School's sporting and extra-curricular achievements can be found on the Stowe website: www.5towe.co.uk. There are links frorn there to the Prep School websites. Herltage/Restoration On 7 March 2018 Stowe School Limited agreed the Asset Exchan8e with The National Trust. This exchange of various th leasehold interests in land and buildings is enabling The National Trust to restore the Western Garden to its 18 Century condition and Stowe School has built a replacement golf course and intends to use the Home Farm development in the future. Stowe House was open to the public as normal this year. The School provides support on the historical archives and supports SHPT. Stowe School has worked with SHPT as it continues to develop future plans. SHPT has completed the restoration of the State Dining Room and continues to seek funding to complete the future phases of the restoration project. Fundralsin8 The Trustees take their responsibilities under the Charities IProtection and Social Investment} Act 2016 seriously and have considered the implications on their fundraising activities. 55F changed its object5 to be able to support the Prep Schools as well as the School. This took effect from l August 2022. The charity does not carry out any fundraising activity in order to raise funds from the general public. The charity does not work directly with commercial sponsors or engage professional fundraisers. The Trustees are not aware of any complaints made in respect of fundraising during the year. The focus of SSF. supported by Stowe School, has continued to be on the 8eneration of voluntary funding from alumni, patrons of the School and supporter5 of independent education. Durin8 the SSF year to 31 July 2024, funds of some £3 million12023.- £3.3 million) were raised. These included £1.7m for Change 100. £151k for scholarships and bursaries and £1.2rn towards specific facilities improvements. The costs of the Campaign Office of £639,70212023.' £610,771) were borne by Stowe School. 10 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 SEcfioN 172 (1) STATEMENT The Stowe group of schools I'the group") depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The welfare of the group's pupils is of primary concern and the group seeks to put their interests at the forefront of everything it does. The group invests in its employees and supports the communities in which it operates. The group seeks to generate appropriate operating surpluses to maintain its investment in both scholarships and bursaries and in its facilities. The Trustees of Stowe School Limited have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its stakeholders as a whole, having regard to the matters set out in section 172111 of the Companies Act 2006. Section 172 considerations are embedded in decision making at Governing Body level and throughout the organisation. The stakeholders. which the Trustees have considered, are set out below. Having regard to the likely consequences of any decision in the long term The Governing Body is mindful that its Strategic decisions have long-term implications for the business and its stakeholders and these are carefully assessed by the group's various committees and by the Governing Body (see the section on Structure, Governance and Management on pages 3 to 6 of the annual report). This is particularly the case in setting the group's budget for the year when the Board balances the need for affordable education with the capital need5 of the business. Having regard to the interest5 of the group's employees The Governing Body has regard to the interests of the 8roup's employees and it recognises the importance of effective employee engagement in the successful functioning of the group. Governors engage with employees both formallv through the various Governor committees and informally, for example, through dinners held prior to Governing Body meetings. The group has a number of effective workforce engagement mechanisms in place.. Employees are kept informed of performance and strategy through regular briefings from the Head and ELT, Including termly training days. The Head provides termly updates to the Governing Body on staffing matters and staff matters are discussed at the weekly ELT meeting in term time. Employees can channel views through an employee representative body and through annual employee surveys. The Pay and Conditions Committee allows pay and reward matter5 to be discussed and reviewed. The Governing Body considers that, taken together, these arrangements deliver an effective means of ensuring the Board stays alert to the views of the workforce. Dlsabled Employees The group is committed to equal opportunities for all. It 15 the policy of the group that no job applicant or employee receive5 less favourable treatment on the grounds of disability. If an employee becomes disabled during the course of their employment, every effort is made to find suitable alternative employment within the group and re-training is given if this is necessary. Stowe School Limited continues to train and encourage the career development of disabled persons in its employment. 11 stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Having regard to the need to foster the group's buslness relationships with customers, suppliers, and others. Customers As a large fee-paying group, the Governing Body regularly reviews the academic and financial performance of the group and its pupils and the affordability of its fee structure. The Heads of each school in the group communicate regularly with both parents and pupils. In addition, pupil and parental surveys are regularly commissioned. Supplier5 The group dea15 Wlth hundreds of different suppliers and major contracts are reviewed and put out to tender where appropriate and are signed off by appropriate members of ELT and Governors. The group reports its payment practices every six months. The report to 31 August 2024 showed that 83 per cent of invoices were paid within 30 days and the average time taken to pay invoices was 25 days. The wider community The group is very mindful of its responsibilities to the wider community and of its relationships with its partner5, including SHPT, the National Trust, the UTC at Silverstone and the Stowe Golf Club members as well as the local community. Requlutors The group is regulated both by the Government, through Ofsted and ISI. and the Charity Commission. The Governing Body considers its reporting and dealin8S With the Regulators as of the utm05t importance. Having regard to the impact of the Companvs operations on the Communlty and the environment A summary of the Company's Streamlined Ener8y and Carbon report is set out below under Environmental Reporting. Having regard to the deslrability of the Company malntalnln8 a reputation for hlgh standards of business condurt Corporate governonce Detai15 Of the Company's corporate governance are set out on pages 3 to 6 of the annual report. Polltlcal donotions No donations were made for political purp05es12023.' £nil). 12 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 ENVIRONMENTAL REPORTING Under the Energy and Carbon Report Regulations 2018, the Company is required to report on its environmental impacts. The key environmental impacts for the Company are gas, kerosene and electricity use across the site and the use of business and personal vehicles. Energy Usage has been calculated using consumption in the year. Transport mileage has been estimated from recorded mileage for group vehicles from fuel cards and invoices and from mileage claims for personal vehicles. The group considers energy efficiency a5 part of its evaluation of projects. The Company has continued to replace lights with LED fittings. UK Greenhouse gas emissions and energy use data for the period I September 2023 to 31 August 2024 Streamline Ener8y and Carbon Reporting Dlsclosure Global energy Scope l and 2 GHG emission data for period.. Tonne5 CQe 2024 2023 Variance location- location- location- based based based 2024 market- based 2023 market- based Variance market- based Emlsslons from Scope I (Fuel combustion in buildings) Scope I IFuel combustion In vehicles) Scope I (Fuel combustion in mobile and static plantl Scope 2 IElectricityl Total 407 319 28% 407 319 28% 127 123 4% 127 123 4% 1,705 1,699 1,705 1,699 794 723 io% 794 679 17% 3,033 3,033 Company's chosen Intensity metric.. tCO2e/pupil 2024 location- based 2024 Market- based Variance Emisslons reported per pupll 1.994 1.994 0% Scope 3 Global GHG emi55ion data for period.. Emlsslon from 2024 2023 Variance 8usiness travel lalr, rail and vehicles) 21% Underlying global energy data for period.. Ener use kwh 2024 2023 Varlance Electricity Natural Gas a,833,842 3,493,341 io% 2,223,962 1,741,783 28% Mobile and Static Plant Fuel 7,113,984 7,149,395 0% Transport Fuel Total 570,854 544,242 5% 13,742,643 12,928,761 Renewable Ene Electricity Percenta 2024 2023 Variance -loo% 13 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Financial Results The Stowe group of schools, financial results for the year were positively impacted by donations, principally towards the new DT&E building, and an easing of the prior yearfs energy crisis. The underlying performance net of grants and donation5 is set out below.. 2024 2023 Net income/lloss) Less: 7,443.264 172,6041 Grants and donations - (see breakdown below) {6,178,5431 1365,9471 Operating surpluslldeficitl of the group of schools 1,264.721 1438,5511 2024 2023 Grants and donations Inote 51.. Funds from S5F to develop new facilities and enhance existing ones Funds from SSF for other purposes Funds from American Friends of Stowe Funds from Stowe Harvard Funds from other sources 6,078,829 46,838 91,790 176,239 77.318 20,600 46,666 6,210 6,178,543 365.947 Some of the grants and donations received, which are required to be recognised in the Statement of Financial Activities ISOFAI, which incorporates an income and expenditure account, were in respect of new facilities, the corresponding expenditure for which 15 included in fixed asset additions. In summary, therefore, the associated Erants and donations are included within net income for 2024, whereas the related expenditure is capitalised in the balance sheet. Investment gains of £84.67712023.. losses £2,256) have been transferred to the Restricted funds, which reflects the net movement in the composition fee fund. Actuarial10sses on defined benefit pension schemes resulted in a transfer of £712023.. gains £2301 to the Unrestricted general fund in relation to the pension deficit re-measurement due to change5 in assumptions. Overall a gain of £7,361.56812023- loss £38,995) has been allocated to the Unrestricted general fund and a gain of £81.68912023'. loss £33,379) to the Restricted Fund. School fees receivable increased from £39,090.684 in 2023 to £42.059,599 in 2024. Total income increased from £42.0 million to £51.0 million. Resources expended during the year were £43,993.61112023'. £42,042.4991. In addition, the group has invested £7.7 million12023'. £2.7 million) in capital expenditure. Cash and bank balances at 31 August 2024 stood at £23,185,29312023'. £10,630,734). The Company renewed a Revolving Credit Facility IRCFI for 5 years, from June 2022. There had been no drawdown on the RCF as at 31 August 2024. 14 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Total funds at 31 August 2024 were £63,344,44612023'. £55,901,189), of which £62,896,97412023.' £55,535.4061 were unrestricted. The financial results for the year are reported in the SOFA. Through its subsidiary, SEL, Stowe School Limited makes available its sporting and other amenities for use by the public. SEL produced a turnover for the year ended 31 December 2023 of £2,258,34512022'. £1,940,360) and a profit before donation of £625.65312022'. £542,057). Consolidated group financial statements have not been prepared as it is considered that they would be of no real value, in view of the insignificant overall effect of including the results of SEL. Reserves Policy The financial statements show that at 31 August 2024, the unrestricted funds totalled £62,896.97412023.' £55,535,406) and restricted funds £447,47212023.' £365,783). Total unrestricted reserves include a funding deficit of £4,79612023.' £16,754) calculated under FRS102 in respect of the notional funding deficit on the defined benefit pension plan for non-teaching staff. The Directors believe that this notional funding calculation, which can vary between surplus and deficit, depending on the assumptions used at each year end, has no material effect on the Company's cash flows in the short term and that in the longer term its effects are manageable out of future income. The Company's unrestricted reserves are substantially represented by tangible fixed asset5 and are not readily available for spending. Excluding the FRS102 pension reserve and revaluation reserve above. the general unrestricted reserves were £62,901,74312023.' £55.552,1601, of which £59,654,12312023.' £54,814,9071 is represented by fixed assets. The surplus on free reserves at 31 August 2024 of £3,247,62012023: £737.2531 has significantly increased as a result of the annual surplus after taking account of the increase in fixed assets. This is consistent with the longer-term Development Plan cash flows. which are updated and reviewed by the Direttors on a regular basis. Whilst the Directors onsider that higher positive free reserves would be desirable, they recognise the demands of capital expenditure to equip the group with up-to-date facilities and to maintain the high standard of educational services provided. Therefore, achieving the desired positive free reserves level remains a longer term objective. The policy is managed prudently by ensuring that sufficient liquid assets are available. Investment pollcy and objectives The Company's Articles of Association empower it to invest and deal with the monies of the Company not immediately required as it thinks fit. Composition fee funds for the Stowe group of schools are held under trust and administered by Stowe School Limited. FUTURE PLANS The key objectives for the 8roup for the following year are consistent with those stated above, with particular emphasis on.. 2025 targets for A-level.. 70% A¥B grades; for GCSE.. 47% 7-9 grades All Prep School children being accepted into their first choice of senior schools Developing and consolidating the themes of the Learning Power Approach and Change Makers Working with SHPT to continue to restore and maintain Stowe House Finalising the new Design, Technology and Engineerin8 building Generatin& through the Campaign for Stowe, money towards bursarie5 lincluding Change 1001 and scholarships and for specific projects, including sport5 facilities Continued integration of the Prep Schools into the Stowe group of schools 15 Stowe School Limited Trustees, report (continued) For the year ended 31 August 2024 Post Balance Sheet Event On 21 November 2024, Stowe School Limited agreed a merger with Ashfold School Trust Limited IAshfoldl. Completion took place on 28 February 2025 and all asset5 and liabilities of Ashfold were transferred as of that date. The merger is expected to increase Stowe School Limited's net assets. Ashfold's results are not included in the results for the year to 31 August 2024. Principal Risks and Uncertainties The Governing Body is responsible for the management of the risks faced by the group and reviews the major risks and measures for mitigation as p3rt of an allnual process. The major risks are considered to be those that would prevent the group from carrying out its charitable object5 permanently. Individual committees are responsible for reviewing and monitoring the management of risk in their particular area. The Governors are sat15fied that the mitigation of the currently identif led major risks, detailed below, has been or is being addressed as follows.. Failure to govern effectively Failure to deliver educational objectives Failure to safeguard pupil welfare Regulatory non-compliance Fire in Stowe House / Prep Schools Impact of economic and political climate Major fraud or f inancial mismanagement Major operational failure Reputational risk Temporary closure of the Schools Governing 8ody, Nomination & Remuneration Committee Education and Prep School Committee Governing Body, Education, Prep School and Estate5 Committees All Committees Estates Committee Governing Body and Finance Committee Finance Committee Governing Body and All Committees Governing Body and All Committees Governing Body and Finance Committee In assessing the risks, the impact on group activity, disruption, injury or property damaEe, Ios5 of income. reputation, management focus, missed opportunity and strategic direction change are all considered. Risks are recorded in a register and assessed as to their impact and likelihood of matei.iali5ing, with the register including controls and mitigation plans. Risks are classed as key, medium concef n or manageable. The risk register is updated termly by the ELT and reviewed by Committees at least annually. Auditors Saffery LLP has expressed their willingnes5 to remain in office as auditors of the Company. This report, including the Strategic Report, was approved by the Board on 14 March 2025. Andr Butterworth. Company Secretary 16 Stowe SGhool Limited Stowe School Limited Independent auditor's report to the members For the year ended 31 August 2024 Opinion We have audited the financial statements of Stowe School Limited for the year ended 31 August 2024, which comprise the statement of financial activities. balance sheet, cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements.. give a true and fair view of the charitable company's state of affairs as at 31 August 2024 and of its incorning resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial staternents section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of the 80ing concern basis of accounting in the preparation of the financial statements is appropriate. 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for issue. Our responsibilitie5 and the responsibilities of the trustees Wlth respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infor mation. The other information comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard. Opinions on other matter5 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit-. the information given in the Trustees, Annual Report which includes the Directors, Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, Annual Report which includes the Directors, Report and the Strategic Report has been prepared in accordance with applicable legal requirements. 17 Stowe School Limited Independent auditor's report to the members (continued) Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Annual Report and Strategic Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires u5 to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 3, the trustee5 {who are also Directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 financi315tatements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable. matters related to going contern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. Auditor's responsibilities for the audlt of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 8uarantee that an audit conducted in accordance with ISAS IUKI 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities. including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the charitable company's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meetin8, updating our record of internal controls and ensurin8 these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales. Further the charitable company 15 subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosure5 in the financial statements. through significant fine, litigation or restrictions on the charitable company's operations. We identified the most significant laws and regulation5 to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education. 18 Stowe School Limited Independent auditor's report to the members (continued) Audit response to risks identified-. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement item5 including a review of financial statement disclosures. We reviewed the charitable company's records of breaches of laws and regulations, minutes of rneetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable compan(s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas, which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, Suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting frorn error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have formed. Cara Turtington (Senior Statut for and on behalf of Saffery LbP Auditor) 71 Queen Victoria Street London EC4V 4BE Statutory Auditors Date.. 3irf k?0&5 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 19 Stowe School Limited Statement of Financial Activities (incorporating an income and expenditure account) For the year ended 31 August 2024 Unrestricted funds Restricted funds 2024 2023 Notes Income from: Charitable artivitles School fees rece ivable Ancillarytrading income Other trading artivities Non-anci Ilary trading i ncome Icovenantsl 12 Other activities Investment5 Bank and other i nterest Voluntary sources Grants and donations 42,059,599 1,693,406 42,059,599 1,693,406 39,090,684 1,493,407 661.341 90,338 661,341 90,338 595,477 74,734 624.446 44,525 668.971 351,902 6,178,543 6,178,543 365,947 Total incomlng resources 51,307,673 44,525 51,352,198 41,972, 151 Expenditure on: Raising fund5 Financi ng costs Fundraising and development Total dedurtlble costs 45,344 639.702 685,046 46, 191 639,702 685,893 143,419 610,771 754, 190 847 Charftable activities Education 43,261,052 46,666 43,307.718 41,288,309 Total expenditure 43,946,098 47,513 43,993,611 42,042,499 7,361.575 {2,9881 84,677 81.689 7.358,587 84,677 7,443.264 170.3481 12,2561 172,6041 Net Investment gainslllossesl Net Income 16 7,361.575 Other recognised gains and losses: Actuarial11055esl/gains on defi ned benefit pension scheme5 Net movement in funds 21 171 7,361,568 {71 7,443,257 230 172.3741 81,689 Reconciliation of funds: Total funds brought forward 17 55,535,4 365,783 55,901, 189 55.973,563 Total funds carried forward 17 62,896,974 447,472 63,344.446 55,901, 189 All operations of the Company continued throughout both years and no operations were discontinued in either year. All recognised gains and losses during the year are included within the SOFA. The accompanying notes are an integral part of this SOFA. 20 Stowe School Limited Balance Sheet As at 31 August 2024 Notes 2024 2023 Fixed assets Tangible assets Investment in subsidiary undertakings Composition fee fund investments 59,654,123 164,200 8,145,380 54,814,907 164,200 1,607,917 li 16 67,963,703 56,587,024 Current assets Stocks Debtors Cash and deposit5 13 14 234,108 32,741,381 23,185,293 240,783 12,491.621 10,630,734 56.160,782 152,895,480) 23,363,138 123,361,428) Creditors: amounts fallin8 due within one year 15 Net current assets 3,265.302 1,710 Total assets less current liabilities Long-term liabilities Credltors payable after one year Composition fees 71,229,005 56,588,734 16 17,879.7901 1670,7911 17.879,7901 1670,7911 Net assets excluding pension liability 63,349.215 55.917.943 Defined benefit pension scheme liability 21 14,7691 116,7541 Net assets 63,344,446 55,901,189 The funds of the Charlty Unrestrirted fund5.' General reserve Pension reserve 62,901,743 14,7691 55,552,160 116.7541 21 62,896,974 55.535,406 Restricted funds: General reserve Revaluation reserve 17 17 181.882 265,590 226,615 139,168 447.472 365.783 Total funds 17 63,344,446 55.901,189 21 Stowe School Limited Balance Sheet As at 31 August 2024 The flnancial statements on page5 20 to 41 were approved by the board of Trustee5 on 14 March 2025 and signed on thelr behalf by= Simon Creedy Smith Trustee Simon Cuerden Trustee Company number 187251 The accompanying notes are an integral part of these financial statements. 22 Stowe School Limited Cash Flow Statement For the year ended 31 August 2024 Notes 2024 2023 Net cash inflow from operatin8 artivities 20 20,543,618 1,383,733 Cashflows from investing activities Interest received 716,750 {10,021,3961 3,568,610 394.978 1324,9241 975,187 365,947 12,722,3651 836 Additions to composition fee investments Realisation of composition fee investment5 Donations and grants received Payments for tangible fixed asset5 Proceeds from sale of tangible fixed assets 4,345,314 16,598,954) 617 Net cash outflow from Investin8 activitie5 16,155,830) 11,310,341) Change in cash and cash equlvalents In the reporting year 12,554,559 73,392 Cash and cash equivalents at the beginning of the reporting year Cash and cash equivalents at the end of the reporting year 10.630,734 23,185.293 10,557,342 10,630,734 Net cash movement 21 12,554,559 73,392 23 Stowe School Limited Notes to the financial statements For the year ended 31 August 2024 Accounting policies The accounts have been prepared in accordance with Accounting and Reporting by Charities.. the Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021, Charities SORP IFRS 1021, the Charities Act 2011 and the Companies Act 2006. Stowe School Limited meets the definition of a public benefit entity under FRS102. The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments. The accounts include a Statement of Financial Activities ISOFAI rather than a profit and loss account. The financial information is presented for Stowe School Limited as an individual undertaking and not for the group. The Directors have taken advantage of the SORP and of the Companies Act 2006 IS4051211 exernption not to prepare 8roup financial statements as they consider the effects of any changes would not be material to the financial Statements of Stowe School Limited. Having reviewed the funding facilities available to the Company. together with the expected ongoing demand for places and the Company's future projected cash flows, the Directors have a reasonable expectation that the Company has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The functional currency is pounds sterling. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Companvs financial statements. o) Income and expenditure School fees and operating expenses are included in the financial statements on an accruals basis. Registration fee5 are credited to income in the year in which they are received. All income and expenditure included in the financial statements is from continuing operations. b) Investment income Investment income is principally from bank balances and is accounted for on an accruals basis. c) Income from voluntary sources Income from voluntary sources Idonationsl is accounted for as and when entitlement arises. the amount can be reliably quantified and the economic benefit to the Company is considered probable. Donations are accounted for as unrestricted income and credited to General Funds, as they relate to specific in year projects, and Trustees do not consider it necessary to set up separate restricted funds for each project. Donations of tangible assets are capitalised at the estimated value as at the date of donation. Other donations are accounted for within the SOFA. Donations from charitable mergers are accounted for within the SOFA as the fair value of net assets donated less any relevant merger costs incurred. d) Gn7nts Grants are credited to income when receivable, irrespective of when the related expenditure is incurred. e) Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use of the underlying assets, as 24 Stowe School Limited Notes to the financial statements (continued) appropriate. Irrecoverable VAT is included with the itern of expenditure to which it relates. Repairs and maintenance expenditure is charged as an operating expense in the year in which it is incurred. f) Governance costs Governance costs are those incurred in complying with statutory requirements and governance matters. g) Tangible assets und depreciation Expenditure relating to the acquisition of and extensions to freehold land and buildings together with the initial equipping thereof is capitalised and is stated in the financial statements at cost less depreciation. The Dirertors are aware that the realisable value is considerably greater than the original cost less depreciation. Tangible assets are stated at cost less accumulated depreciation and any provision for impairrnent. Depreciation is provided on tangible assets other than land and historic buildings Ithe cost of which is not Significantl on the first full month of use, so as to write off their cost by equal instalments over the expected useful lives of the assets concerned. The estimated useful lives are considered to be as follows: Astroturf facility 10 years Central heating 20 years Technology equipment 4 to 10 years Freehold buildings IS to 50 years Furniture, fixtures and fittings S to 25 years Motor vehicles 4 to 7 years Plant and equipment S to 25 years Property irnprovements 5 to 50 years Assets costing under £1,000 are not capitalised. Land and buildings are reviewed annually for impairment. Assets in the course of construction are not depreciated until they are brought into use. h) Heritage assets Stowe School acquired Stowe House in 1923,. the House is leased to SHPT with a coterminous leaseback to Stowe School for 99 years effective from l January 2000. The House is occupied by the School as an operational asset. Stowe House is included in the balance sheet at cost. The School considers that its owned paintings, statues and busts on display and in archive are operational asset5. i) Investments ond Investment properties Investments are shown at market value, less any provision foi dirninution in value. Gains and losses are included in the SOFA. Investments in subsidiary undertakings are shown at cost, less any provision for permanent diminution in value. j) Stock5 Stocks are stated at the lower of cost and net reali5able value. k) Debtors Debtors in respect of school fees are recognised at the point of i55uing invoices and after the bad debt provision. If the pupil withdraws before the start of term, the next term's fees are still due for settlement. In the year to 31 August 2024, fee invoices were raised for the whole of the academic year 2024125. Trade and other debtor5 are recognised at the Settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 25 Stowe School Limited Notes to the financial statements (continued) Accounting policies (continued) IJ C05h at bonk and in hand Cash at bank and in hand includes cash and 5hort-term. highly liquid investments with a short maturity of one year or less from the date of acquisition or opening of the deposit account or similar account. m) Deferred income Deferred income represents income after scholarships, bursaries and discounts awarded for the first term of the following academic year and therefore relates to the following financial year. In the year to 31 August 2024, deferred income relates to the entire academic year. n) Creditors and provisions Creditors and provisions are recognised where the Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlernent amount after allowing for any trade discounts due. o) Operoting leose5 Assets held under operating leases are not capitalised. The costs associated with hire rental are charged directly to income as they arise. p) Pen5ion5 Stowe school's professional teaching staff are members of a Superannuation Scheme operated by the Department for Education. This is a rnulti-employer defined benefit scheme and individual schools are not able to identify their share of the underlying assets and liabilities of the scheme. Other staff are members of a defined contribution scheme or a multi-employer defined benefit scheme. The amount charged to the SOFA in respect of pension costs is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. q) Composltion fees Composition fees represent payrnents in advance in respect of school fees for pupils, present and future, and, in respect of Stowe School only. are deposited with Stowe School Limited, as Trustee, for investment. A transfer to the SOFA is made each term in respect of school fees which are then due. r) Support costs Support costs are administration and other costs incurred in supporting the charitable activities. sj Criticol accounting judgement and key sources of estimation uncertainty In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carryin8 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years. 26 Stowe School Limiled Notes to the financial statements (continued) 1 School fees receivable 2024 2023 Gross school fees 46,694,363 {4.634,7641 43,361,272 14,270.5881 Less.. Scholarships. bursaries and allowances 42,059,599 39,090,684 2 Ancillary tradlng Income 2024 2023 Pupil extras Registration fees Rental income 1,148,977 181.190 111,126 252,113 1,000,829 186.109 100,068 206,401 Other income 1,693,406 1,493,407 3 Other artlvltles 2024 2023 Interest on overdue accounts 90,338 74,734 4 Bank and other interest 2024 2023 Interest and dividends on composition fee investments Inote 161 Bank interest receivable 25.906 616,168 16,653 10.244 31,658 312,270 Net present value movement on cornposition fee investment Interest from SEL loan 7.974 668,971 351,902 5 Grants and donation5 2024 2023 Donations 6, 178,543 365,947 27 Stowe School Limited Notes to the financial statements (continued) 6 Analysis of total expenditure Staff costs Other costs Depreaation 2024 Expenditure on raising fund5 Fi nanci ng costs (note 71 Fundraising a nd development 46,191 141,039 46.191 639,702 498,663 Total costs of generating funds 498,663 187 230 685,893 Charitable artivities Teaching Welfa re Premises repa i rs a nd ma i ntenance Support tosts a nd governance 16,863,892 2,864.834 2,479,239 2.871,279 1,828,784 4,647,053 5,945,219 2,897,736 401,470 125,154 2,3 10,211 72,847 19,094,146 7,637,041 10,734,669 5,841,862 Total charitable expenditure 25,079 244 15 318792 2,909 682 43 307,718 Total expenditure 25,577,907 15 506 022 2 909,682 43 993,611 Staff Other Costs costs Depredatlon 2023 Expenditure on raising funds Fi nanci ng costs (note 71 Fundrai si ng a nd development 143,419 91,070 143,419 610,771 519,701 Total costs of generatlng funds 519 701 234 489 754,190 Charitable artivities Teaching Welfare Premi ses repa i rs a nd mai ntena nce Support costs and governa nce 16,020,736 3,482,878 2,162,009 2,798,325 1,721,624 3,368,251 6,396,352 2,460,349 442,523 134,102 2,234,145 67,015 18,184,883 6,985,231 10,792,506 5,325,689 Total charitable expendlture 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 28 Stowe School Limited Notes to the financial statements (continued) Governan￿ included in support costs: 2024 2023 Remuneration paid to auditors for audit services Direttors - travel and subsistence costs 47,031 10,198 5.232 38,297 9.027 4,996 Other governance costs 62,461 52,320 The Directors and Company Secretary did not receive any emoluments during the year12023.' £nill and none received retirement or other benefits from the School. Travel and subsistence expenses were claimed by 2512023.. 191 individual5, who were reimbursed directly or indirectly. In addition to the above audit remuneration, the auditors performed other services with fees totalling £1,58412023.' £5,638). 7 Financing costs 2024 Z024 Commitment fee on rolling credit facility Net present value movement on composition fee investment Investment charges on composition fees investments (note 161 Bank charges 29,851 29,041 96,939 3,443 13,996 813 15,527 46,191 143,419 8 Staff costs 2024 2023 Total staff costs were: Salaries and wages Social security costs Other pension costs 20,914,420 1,987,388 2,676,099 20.470,541 2.008,272 2,504,836 25,577,907 24.983,649 The aggregate employee remuneration and benefits of the key management personnel were.. 1,584,857 1,658,867 The total staff cost5 above include payments relating to departing staff of £208,84212023- £175,861). 29 Stowe School Limited Notes to the financial statements (continued) 2024 Number 2023 Number The average number of employee5 of the Company during the financial year was as follows: Teaching and teaching support staff Visiting music teachers Establishment and administrative staff 326 324 40 38 341 366 707 728 The average FTE of employees of the Company during the financial year was as follows.. Teaching and teaching support staff Visiting music teachers Establishrnent and administrative staff 268 268 io io 251 263 529 541 The number of staff in pension schemes was as follows: Money purchase schemes Teachers, pensions scheme 492 477 iio 123 602 600 The staging date for pension auto enrolment was October 2013 and the most recent re-enrolment date was l November 2022, which required staff who opted out to elect to be enrolled or opt out again. The number of employee5 whose emoluments exceeded £60,000 were: 2024 2023 Number Number £60,001 - £70.000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £ioo,ooi - £iio,000 £110,001- £120.000 23 23 12 £130,001- £140,000 £140,001- £150,000 £150,001- £160,000 £210,001- £220.000 £290,001- £300,000 £300,001- £310,000 Stowe School Limited's pension contributions for the above 4612023.. 401 employees totalled £581,62312023: £457,387), divided between Teachers. Pensions £392,25912023: £334,043) and other schemes £189.36412023.' £123,3441. The emoluments of the highest paid employee reflect the fact that employer pension contributions of 16.48% of salary to the Teachers, Pensions Scheme ceased with effect from 31 May 2016. at which time the salary was increased by an amount equivalent to the contributions foregone. 30 Stowe School Limited Notes to the financial statements (continued) 9 Tangible fixed assets Furnituve, Fixture5 & Fittings Freehold Pvoperty Property Improvement5 Plant & Computer £quFpment Motor Equ*pment Vehif les Total Cost I September 2023 Reclassification Additions Djsposals 33.663,314 40.799,206 2,850.443 1,783.701 4,314.055 1,089.102 84.499,881 5,724,933 1,244,893 211,923 ?3,519 454,410 39.219 7.748,897 41 Au8Us12024 39,388.247 42.044.099 3,062.366 1,857.220 4.768,465 1,128,381 92,248.778 DepTecsation I September 2023 Reclassification Charge for Year DIspos315 6.869,245 14,802.372 2,309.867 1,589,763 3.359,898 753.828 29.684,97J 670.813 1.650.657 129,220 310,131 212,058 136.803 2,909,682 11 August 2024 7.540.058 16,453,029 2,439,087 1,699.894 3.571,956 890.631 32,594,655 Net Book Value 31 August 2024 31.848,189 25.591,070 623,279 157,326 1.196.509 237,750 59,654.123 I September 2023 26.794.069 25,996,836 SqO,575 193.938 954,156 335.334 54.814.908 The assets acquired from the Prep Schools are included at their fair value as at January 2021, when the Prep Schools were acquired by means of charitable mergers. Within additions, £6.901.39712023'. £855,245) of assets are under construction, most notably the Design, Technology and Engineering building and the conversion of Bruce House from a boys to a girls house. £6,078,82912023- £91.7901 of donations and grants were used to fund capital additions in the year. 10 Capital commitments There was £1,482,189 of capital expenditure authorised and contracted for at the balance sheet date 12023- £796,814). 11 Investment in subsidlary undertakings 2024 2023 Stowe Enterprises Limited shares at cost Stowe Enterprises Limited interest bearing loan Stowe School Developments Limited - shares at cost loo loo 164,000 164,000 loo loo 164,200 164,200 For additional information refer to note 12 - Related party transactions. 12 Related party transactions Stowe School Limited owns the whole of the issued ordinary share capital of Stowe Enterprises Limited ISELI, a company registered in England. Stowe School Limited allows SEL to make available the facilities ot the School for use by the public and to operate the School shop. 31 Stowe School Limited Notes to the financial statements (continued) SEL prepares its annual account5 to 31 December, an accounting date which the Directors of SEL consider to be appropriate for administrative reasons. The taxable profits of SEL are donated to the School each year. The last audited accounts of SEL were for the year ended 31 December 2023. The following information is disclosed in respect of SEL-. 31 December 31 December 2023 2022 Turnover 2,258,345 11,632,692) 1,940,360 11,398,303) Expenditure Profit for the financial year Donated to the school 625,653 1625,653) 542,057 1542,0571 Result for the year Balance of capital and reserves 644.102 560,505 Stowe School Limited recharged costs to SEL during the year of £478,37912023.' £458,944). SEL received income from the School for purchases made in the School shop during the year of £99,51612023.' £127,915). At the year end the amount owed by SEL to the School was £110,67112023'. £262,857). The total taxable profits donated to the Company were.. 2024 2023 SEL 625.653 35,688 542,057 WHS Trading Limited IWHTI 53,420 661,341 595,477 As part of the acquisition in January 2021 of WHS, WHS'S trading company, WHT, wa5 transferred to become a subsidiary of SEL. The last audited accounts of WHT were for the year ended 31 December 2023. The following information is disclosed in respect of WHT.. 31 December 31 December 2023 2022 Turnover 53,888 118,2001 73,073 Expenditure 119,6521 Profit for the financial year Donated to the school 35,688 135,6881 53,421 153.4211 Result for the year Balance of capital and reserves 53,719 71,452 No recharges were made to WHT by the Company. At the year end the amount owed by WHT to the Company was £1,446 and at 31 August 2023 the Company owed WHT £5,360. 32 Stowe School Limited Notes to the financial statements (continued) During the year to 31 July 2011 the Company acquired the whole of the issued ordinary share capital of Stowe School Developments Limited ISSDLI, a company registered in England. The company had turnover of £nil12022: £50,000) and made a1055 of £9,63812022.' profit of £9,547) in the year to 31 December 2023. At the year end the amount owed by 5SDL to the Company was £58,77212023- £40,737). SSDL owns the whole of the i55ued share capital of Stowe UAE Limited and Stowe China Limited. Stowe UAE received no income in the year to 31 December 202312022.. £nill. At the year end the amount owed by Stowe UAE to the Company was £3.43812023.' £3,425). Stowe China received no income in the year to 31 December 202312022.. £nill. At the year end the amount owed to the Company by Stowe China was £59512023-. £582}. A company controlled by Mr R Greaves, a former Trustee, and his family provided supplies to the Company totalling £1,455 in 2023. Mr R Greaves has resigned from his position of a Trustee now, and the reporting obligation has ceased. 13 Stocks 2024 2023 Raw materials and consurnables 234,108 240,783 The replacement cost of stocks is not considered to be materially different from their historical cost. 14 Debtors 2024 2023 Debtors in respect of School fees Other debtors 29,200,352 10,700,726 235,095 201,459 3,130,306 1,281,835 175,628 307,601 Prepayments and accrued income Amounts owed by subsidiary undertakings (note 12) 32.741,381 12,491,621 Debtors increased in 2024 following a decision to invoice for the whole academic year 2024125 in July 2024. IS Creditor5: amounts falllng due within one year 2024 2023 Deferred income 43,291,262 363,266 3.467,611 2,439,214 540.607 472,981 2,320.539 13,884,936 1,286,735 3,361,714 1,103,452 468,082 489,809 1,968,742 797,958 School fees paid on account Deposits paid on account Trade creditors Other creditors Taxation and social security Accruals Current portion of Composition fees (note 161 52,895,480 23,361.428 Deferred income represents income relatin8 to the next financial year. 33 Stowe School Limited Notes to the financial statements (continued) 16 Composltion fee fund investments Composition fees represent fees paid by parents to the Stowe group of schools up to the equivalent of five years, fees in advance and are held separately from the general funds of the company, with Stowe School Limited as Trustee. The Directors have delegated the day-to-day management of the investments to CCLA, to whom the investments were transferred durinE the year from Evelyn Partners Investment Management LLP. 2024 2023 Market value at I September Composition fees received and invested Composition fees received in error Cash in transit Itollfrom group Net income arising reinvested Applied to school fees Investment gain/llossl during the year 1,607,917 2,329,801 9,996,367 441,219 169,4181 1144,511} 28,269 25,029 13,568,610) 84,677 1975.1871 12,256) Market value at 31 August 8.145,380 1,607,917 Historical c05t at 31 August 7,911,436 1,457.098 Llsted investments". UK Fixed Interest 629.007 943,046 UK Equities 630,898 330,202 1,259,905 1,273,248 Deposit Account 6,838,315 25.409 Total Investments 8,098,220 1,298,657 Cash at Bank 226.198 309,260 Cash in Transit from the group 1179,0381 Total Composition fee fund investments 8,145,380 1,607,917 Assuming pupils remain at the relevant school. advance fees will be applied as follows.. Greater than five years Between two and five years Between one and two years 688,491 3,380.724 3.810,575 338,596 332,195 7,879,790 670,791 797,958 In one year or les5 Net present value 7.879,790 1.468.749 34 Stowe School Limited Notes to the financial statements (continued) 17 The funds of the Charity Unrestricted Composition Stowe Harvard general fee restricted funds restricted funds funds Other restricted funds Total restrirted funds Total fund5 At I September 2023 Net movement in funds 55.535,406 7,361,568 139,168 126,422 123,774 144,7331 102,841 365.783 81,689 55.901,189 7.443,257 At 31 August 2024 62,896,974 265,590 79,041 102,841 447,472 63,344,446 Analysls of net asset5 Tangible fixed assets Investments 59,654,123 164,200 55.978,900 152,895,480) 59,654,123 8,309,580 56,160,782 152,895,480) 8,145,380 8,145.380 181,882 Current assets 79,041 102,841 Creditors amounts falling due within one year Creditors payable after one year Provisions 17,879,790) 17,879,790) 17,879,790) 14.7691 14,7691 At 31 August 2024 62.896,974 265,590 79,041 102,841 447,472 63,344,446 Unrestrlrted funds Within the Unrestricted funds is a pension reserve of £4.76912023: £16.7541 relating to a defined benefit scheme provision (see note 211. Restricted fund5 (Composition and Stowe Harvard} Within the Restricted funds is £79,04112023= £123,774) relating to the Stowe Harvard Fund. whose funds are to be used towards the costs of the Stowe Harvard Fellowship and a revaluation reserve of £265.59012023'. £139, 1681 which reflects the difference between the market value of the composition fee investments and the net present value of future fee commitments at 31 Au8USt 202415ee note 161. An analysis of the Funds of the Company for last year can be found at note 25. 35 Stowe School Limited Notes to the financial statements (continued) Other Restricted Funds These represent the following restricted funds at WHS.. 2024 2023 Prize fund 64 64 Bursary fund Gifts fund 38.232 1,751 62,794 38,232 1.751 62,794 Development fund 102,841 102,841 18 Operatlng leases Other Assets - Total commitments relating to operating leases.. 2024 2023 Less than one year 219,022 217,751 Between two and five years 306,537 286,120 Over five years 16,982 During the year £273,20412023'. £192,304) was spent on operating leases. Property Assets- Total commitments relating to operating le3ses'. Stowe House.. The house has been leased to SHPT, with a coterminous leaseback to Stowe School Ltd for 99 years, effective from l January 2000 Ino break clauses). The arrangements were confirmed under Charity Order 0149530D dated 10 November 1999. The lease charge represents the rent payable to SHPT for the School's occupation of Stowe House. The lease charge is reviewed every five years Inext review 20281,. the charge for the year is £202,48612023.' £185,791). The total minimum lease payments remaining on this lease are £7.5 million, over the remaining 75 years. National Trust- An agreement was made on 29 March 1990 between the Company and the National Trust to lease, surrender and develop various premises and land at Stowe, Buckinghamshire for 190 years. The lease charge represents the rent payable to the National Trust for the School's occupation of certain properties. The lease charge is reviewed every five year5 Inext review March 20271. The charge for the year 15 £15.60212023.' £15,609). The tot31 minimum lease payments remaining on this lease at the current rate of charge are £2.4 million, over the remaining 157 years. The exact amount payable depends on the properties used by the School. SHS: An agreement was made on 5 January 2021 between SH5 and its landlord to lease various parts of the Prep School for 27 year5, Wlth payments starting from I September 2021. The charge for the year was £111.14512023- £83,189). The total minimum lease payments remaining on these leases are £1.2 million, over the rernaining periods of the leases. The exact amount payable depends in part on pupil numbers. SHS also rents one residential property. The lease payment for the year was £2,15012023-. £25,800). The lease ended October 2023. 36 Stowe School Limited Notes to the financial statements {continued) 19 Reconciliation of net movement in funds to net cash inflow from operating activities 2024 2023 Net income 7,443,264 16,178,543) 1716,7501 172,6041 1365.9471 1394,9781 Donations received Interest received Operating Ideficitl/5urplus for the year Depreciation charges Gain on disposal of fixed assets Unrealised Igainl/loss arising on revaluation of investments Decrease/lincrease) in stocks Ilncreaselldecrease in debtors Increaselldecreasel in creditors IDecreasel/increase in provision 547,971 2,909,682 16171 184.6771 6,675 118,416,531) 35,593,107 111,992 1833,5291 2,877,785 18361 2,256 28,599 1798,4821 119,741 111,8011 Net cash Inflow from operating actlvities 20,543,618 1,383,733 20 Analysis of changes In net debt At I September 2023 At 31 August 2024 Cash flows Cash and cash Èquivalents Cash 10.630,734 12,554,559 23,185,293 10,630.734 12,554,559 23,185,293 21 Penslons Schemes Teachers, Pensions Stowe School participates in the Teachers, Pensions Scheme (the TPSI for its teaching staff. The pension char8e for the vear includes contributions payable to the TPS of £1,297,98612023'. £1,312.8181 and at the year-end £147.05112023- £145,538) was accrued in respect of contributions to this scheme. With effect from September 2024. Stowe School has partially withdrawn from the TPS. This means that new teachers will join the Royal London Group Pension Scheme IRLGPSI, while existing teaching staff are given the option to remain or opt out. The Prep Schools, teaching staff are all in the RLGPS. As of I September 2024, the vast majority of teachers at Stowe School had opted out ofthe TPS. The TPS is an unfunded, multi-ernployer defined benefits pension scheme governed by the Teachers, Pensions Scherne Regulations 2014. Members contribute on a 'pay as you go basis With contribution5 from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set following Scheme valuations undertaken by the Government Actuary's Department. The latest actuarial valuation was completed in 2018, which determined the opening balance of the cost cap fund and also provided an analysis of the cost cap as required by the Public Service Pensions Act 2013. The employers, contribution rate for the TPS increased to 28.60% (previously 23.60%) from l April 2024 and the employers are a150 required to pay scheme administration levy of 0.08% givin8 a total employer contribution rate of 28.68% (previously 23.68%). 37 Stowe School Limited Notes to the financial statements (continued) Support Staff Pensions Stowe School's support staff used to have the opportunity to join either the Pensions Trust Growth Plan Series 4, the Pensions Trust Flexible Retirement Plan or the RLGPS. These schemes are defined contribution schemes. The School also participates in a Pensions Trust multi-employer scheme li.e. all employers that employed active members before l October 20011 which provides benefits to some 638 non-associated participating employers,. the Growth Plan Serie5 1, 2 and 3 are defined benefit schemes in the UK. It is not possible for the School to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. From I September 2024, all active members moved from this scheme to the RLGPS. The scheme is subject to the funding legislation outlined in the Pension Act 2004 which came into force on 30 Decernber 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standard5 155ued by the Financi31 Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement,. Therefore, the Company 15 Potentially liable for other participating ernployers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal frorn the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m. liabilities of £831.9m, resulting in a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating ernployers to pay additional contributions to the scheme as follows.. Deficit contributions.. from l April 2022 to 31 January 2025 - £3,312,000 per annum (payable monthly). Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. Note that the scheme's previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.Sm. To eliminate this funding shortfall, the Trustee has asked the participating employer5 to pay additional contributions to the scheme as follows-. Deficit contributions.- from l April 2019 to 30 September 2025 - £11.243.000 per annum Ipayable monthly and increasing by 3% on each l April). The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series l and Series 2 scheme liabilities. The additional contributions required from Stowe School Limited from l April 2013 were agreed at £49,507 per annum Irising by inflation annually) for 10 years. The additional contributions made in the year totalled £12,62212023- £12,621). Where the scheme is in deficit and where the Company has agreed to a deficit funding arrangement, the Company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using an appropriate discount rate. The unwinding of the discount rate is recognised as a finance c05t. On I September 2024. all active Members of the Growth Plan were moved to the RLGPS. This will trigger a debt on withdrawal from the Growth Plan. which is yet to be finalised. At 30 September 2023. Stowe School's liability on withdrawal or the "buy out" basis was estimated at £106.537. This was provided for at the year end, whilst the final calculation is determined. The pension charge for the year includes contributions payable to these schemes of £1,378,11312023.' £1,192.0181 and at the year-end £189,82712023'. £111,272) was accrued in respect of contributions to this scheme. 38 Stowe SGhool Limited Notes to the financial statements (continued) Net present value of provision 2024 2023 Net present value of provision 4,769 16,754 Reconciliation of opening and closlng provision 2024 2023 Provision at start of year 16.754 28,555 Unwinding of the discount factor (interest expense) Deficit contribution paid Re-measurements- impact of any change in assumptions 630 991 112,6221 112,6211 11711 Provision at end of year 4,769 16,754 SOFA impact 2024 2023 Interest expense Re-measurements- impact of any change in assumptions Costs recognised in SOFA 630 991 11711 12,621 12,622 Impact at end of the year 13,259 13,441 22 Legal charges The Company renewed a Revolving Credit Facility IRCFI for five years, from June 2022. The RCF is secured by legal charges on Stowe School's domestic propertie5. 23 Post balance sheet event On 21 Novernber 2024, Stowe School Limited agreed a merger with Ashfold School Trust Limited IAshfoldl. Completion took place on 28 February 2025 and all assets and liabilities of Ashfold were transferred a5 of that date. The merger is expected to increase Stowe School Limited's net assets. Ashfold's results are not included in the results for the year to 31 August 2024. 39 Stowe School Limited Notes to the financial statements (continued) 24 Statement of Financial Activities (incorporating an income and expenditure account) for prior year Unrestrlcted funds Restricted funds 2023 2022 Income from: Charltable activities School fees receivable Ancillary trading income Other trading activities Non-ancillary trading income Icovenantsl Other activities Investments Bank and other interest Voluntary sources Grants and donations 39,090,684 1,493,407 39,090,684 1,493,407 36,529,460 1.745.407 595,477 74,734 595,477 74,734 385,735 29,364 318,786 33,116 351,902 90.001 288,604 77,343 365,947 1,729,640 Total incoming resources 41,861,692 110,459 41,972,151 40,509,607 Expenditure on: Raisin8 funds Financing costs Fundraising and development Total deductible costs 43,037 610,771 653,808 100,382 143,419 610,771 754,190 82,449 575,742 658,191 100,382 Charltable artlvltles Education 41,247,109 41.200 41,288,309 37.693,412 Total expendlture 41,900.917 141,582 42,042,499 38,351,603 139,2251 131,1231 12.2561 133,3791 170,3481 12,2561 172,6041 2,158,004 181,8241 2,076,180 Net Investment11055esllgains Net Income 139,2251 Other recognised gains and losses: Actuarial gains on defined benefit pension schemes Net movement in funds 230 138.9951 230 172.3741 110,252 2.186,432 133,3791 Reconciliation of funds: Total funds brought forward 55,574,401 399,162 55.973,563 53,787,131 Total funds carried forward 55,535,406 365,783 55,901,189 55,973,563 40 Stowe School Limited Notes to the financial statements (continued) 25 The funds of the Companyfor prior year Unrestrlcted Composition Stowe Harvard general fee restrirted funds restricted funds funds Other restricted funds Total restricted funds Total funds At I September 2022 Net movement in fund5 55,574,401 138,9951 210,148 170,9801 86,199 37,575 102.815 26 399,162 133.3791 53,787,131 2,186,432 At 31 August 2023 55,535,406 139,168 123,774 102,841 365,783 55,901,189 Analysis of net assets Tangible fixed assets Investments 54,814,907 164,200 23,136.523 Creditors amounts falling 122.563,4701 due within one year Creditors payable after one year 54,814.907 1,607,917 1,607,917 226,615 1797,9581 1,772,117 23,363,138 {23,361,4281 Current assets 123,774 102.841 1797,9581 1670,7911 1670,7911 1670,7911 Provisions 116,754) 116,7541 At 31 Au8USt 2023 55,535.406 139,168 123,774 102,841 365,783 55,901,189 41 Stowe School Limited