2025-08-31-accounts

Stowe School Limited

(Limited by Guarantee)

Financial statements 31 August 2025 together with Trustees’ and Auditor’s reports

Registered number: 187251 Charity number: 310639

1 Stowe School Limited

Directors and Officers

Directors

Simon Charles Creedy Smith BA, FCA The Reverend Canon Peter Michael Ackroyd MA, MBA, MA, PhD Joanna Grace Blackmore BSc, PGCE (appointed 4 March 2026) Rowena Bolton BSc, BArch, RIBA, ARB Patrick Bradshaw BA Her Honour Judge Rebecca Brown BA Luke Chauveau (appointed 6 February 2026) Haydn Cole BA, MRICS, MCR Simon Cuerden BA, ACA Rupert Fordham BA (Cantab) 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 (Cantab) Victor Maxwell BEng, MSc, PGCE, NPQLTD Alexander Muirhead Jena Ntumba BSc, MCom, MSc Emma LC Taylor MA (Oxon) PGCE Hugh Taylor BA (appointed 28 February 2025) Christopher James Wheeler BA, MBA, PGCE, FRSA

Company Secretary

Andrew Butterworth MA, DChA

Registered and Principal Office

Stowe School Stowe Buckingham MK18 5EH

Independent Auditors

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

Bankers

Investment Managers

Barclays Bank Plc CCLA Wytham Court One Angel Lane 11 West Way London Oxford OX2 0JB EC4R 3AB

2 Stowe School Limited

For the year ended 31 August 2025

Trustees’ report

Financial Statements

The Directors, who are also referred to as Governors and who are also Charity Trustees as defined in the Charities Act 2011, present their annual report and audited financial statements for the year ended 31 August 2025.

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 (FRS102).

Statement of Directors’ Responsibilities

The Directors are responsible for preparing the Trustees’ Report, including the Strategic Report and the financial statements, in accordance with applicable law and United Kingdom 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:

• select suitable 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 legislation 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 any 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 (as altered by Special Resolution on 25 September 1951). Each of the seven Members has undertaken to contribute an amount not exceeding £1 (one pound) towards the assets of the Company in the event of the same being wound up and the assets being insufficient to cover the Company’s debts and liabilities.

Stowe School Limited is a member of the Allied Schools group of independent schools, all of which were founded by the Martyrs’ Memorial and Church of England Trust (MMT). On 26 September 2013, the Allied Schools signed a new Management Agreement with MMT by which the members of the group agreed to the appointment of the 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.

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For the year ended 31 August 2025

Trustees’ report (continued)

Charitable Status

The Company is a registered charity with registered charity number 310639.

Governing 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 1 September 2024 were as follows: Simon Charles Creedy Smith BA, FCA The Reverend Canon Peter Michael Ackroyd MA, MBA, MA, PhD Joanna Grace Blackmore BSc, PGCE (appointed 4 March 2026) Rowena Bolton BSc, BArch, RIBA Patrick Bradshaw BA Her Honour Judge Rebecca Brown BA Luke Chauveau (appointed 6 February 2026) Haydn Cole BA, MRICS, MCR Simon Cuerden BA, ACA Rupert Fordham BA (Cantab) John Philip Cardain Frost BSc MRICS Margaret Hope ARICS (appointed 13 May 2025 and resigned 1 September 2025) Will Jakeman BSc, PGCE (resigned 6 January 2025) Sunjeewa Jayawardena BSc, MBA Andrea Karen Johnson BSc, PGCE Mairi Johnstone LLB, DipLP, BSc, MBA, GradCG Catriona Helen Lloyd MA (Cantab) Victor Maxwell BEng, MSc, PGCE, NPQLTD (appointed 22 April 2025) Alexander Muirhead Jena Ntumba BSc, MCom, MSc Christopher John Tate BA, MIMC (resigned 29 November 2025) Emma LC Taylor MA (Oxon) PGCE Hugh Taylor BA (appointed 28 February 2025) Christopher James Wheeler BA, MBA, PGCE, FRSA

In accordance with the Articles of Association Mr Creedy Smith, Rev Ackroyd, Mr Cuerden and Mr Maxwell will retire by rotation and being eligible offer themselves for re-election. Mr Creedy Smith has indicated his intention to step down from his position as Chair of Governors at the end of the 2025/26 academic year, following ten years of distinguished service. Ms Catriona (Kitty) Lloyd has been elected as the new Chair. Mr Creedy Smith will remain on the Governing Body, subject to his successful re-election. Mr Tate retired from both the Governing Body and his position as Vice Chair on 29 November 2025 after more than 23 years of dedicated service. Mr Patrick Bradshaw and Mrs Andrea Johnson have been appointed as co-Vice Chairs.

Induction and Training 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

For the year ended 31 August 2025

Trustees’ report (continued)

Governance

The Directors are responsible for the overall management and control of Stowe School Limited and meet four times a 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 (ELT), who are considered the key management personnel of the charity.

Head of Stowe School Dr Anthony Wallersteiner Senior Deputy Head Liam Copley Deputy Head Pastoral Liz Huxley-Capurro Deputy Head Academic Dr Julie Potter Finance Simon Cope Strategic Development & Fundraising Colin Dudgeon Marketing and Admissions Tori Roddy Estates Judith Lane ICT Aditya Gupta Head of Swanbourne House Nick Holloway Head of Winchester House Antonia Lee Head of Ashfold Mike Rickner

The Head and members of the ELT attend meetings of the above committees, as appropriate. Mrs Huxley-Capurro also acts as Stowe School’s Designated Safeguarding Lead (DSL).

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 Committee. Pay is subject to performance and market forces.

All Directors give freely of their time and no Director 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 Company policy and withdraw from decisions where a conflict of interest arises.

The Stowe Group of Schools

On 28 February 2025, the merger of Ashfold School (Ashfold) with Stowe School Limited was completed. Stowe School Limited has taken on all the assets and liabilities of the Ashfold School Trust Limited.

Ashfold has long standing connections with Stowe, including a tradition of sending pupils to Stowe School, and adds a further local prep school with an excellent academic and pastoral record to the Stowe Group’s existing Prep Schools Swanbourne House School (SHS) and Winchester House School (WHS) (together with Ashfold, the ‘Prep Schools.’)

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 Prep Schools to benefit from the many facilities and opportunities that the Stowe Group provides. It also provides opportunities for sharing strategic leadership, resources for professional development and ideas as well as delivering cost efficiencies across the Group.

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Trustees’ report (continued)

For the year ended 31 August 2025

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 (SEL), which operates the School shop and makes available the facilities of the Schools to the public and various organisations for events, educational and leisure purposes. SEL owns the trading subsidiary Winchester House Trading Limited (WHT) and operates across the Stowe Group of schools. Stowe School Limited owns the whole of the issued ordinary share capital of Stowe School Developments Limited, which provides consultancy services for international development projects.

Stowe School Limited, in conjunction with its partners on the Stowe site, being The National Trust and The Stowe House Preservation Trust Limited (SHPT), 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 and in 2024/25 welcomed more than 11,000 visitors.

Stowe School Limited works closely with The Stowe School Foundation (SSF), 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, as 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, nominated by Stowe School Limited, and up to four co-opted Trustees appointed by the Trustees.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charity’s objects and aims

The primary objects of the charity as set out in its 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 schools’ reputation as a centre of excellence in education, culture and heritage at a local, regional and national level by:

• maintaining 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 its supplementary public benefit guidance on advancing education, when reviewing the future aims and objectives.

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For the year ended 31 August 2025

Trustees’ report (continued)

Strategies and objectives 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 reading, creativity, intellectual risk-taking 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 900 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 900 pupils following the Ashfold merger.

Main objectives for the year

• 2025 targets: 72% AB grades for A-Level or D/D at BTEC; 43% 7-9 or A*A grades for GCSE. 75% of Upper Sixth leavers to be awarded places at QS Top 200 universities. To be recognised by ALPS as in the top 10% of schools nationally for value-added at GCSE and the top 25% of schools at A-level.

• 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.

• Developing the theme of the distinctive Change Maker ethos 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 through its updated ‘STOICS’ values of Stoicism, Teamwork, Open-mindedness, Inquisitiveness, Creativity and Staying positive.

Strategies for Sport, Music, 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 forms and that pupils need to be supported to discover and enjoy success no matter where their talents lie.

Main objectives for the year

• Maintaining a wide variety of sport, music, art and drama available to all.

• Developing a cultural programme to attract pupils to drama and musical productions, in support of the curriculum.

Strategies 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 protecting the interests of the School.

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For the year ended 31 August 2025

Trustees’ report (continued)

Main objectives for the year

• Working with SHPT to complete the restoration of Stowe House, including the Eastern Grand Stairs and Landing wall paintings, restoring the Leoni Arches and general maintenance.

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 schools’ facilities to the local community.

• Provide access for the public to music, art, sport, drama and science activities at Stowe.

Main objectives 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.

Strategies for Fundraising

• Build and sustain the Campaign for Stowe to generate funds each year to augment operating surpluses and to enable the steady implementation of the Development Plan and of Change 100.

Main objectives for the year

• Generating, through the Campaign for Stowe, funds of a minimum of £2 million per annum towards bursaries and scholarships;

• Launching fundraising initiatives in support of the Stowe Sport Masterplan, an ambitious, phased redevelopment of Stowe School’s Bourbon and indoor sports facilities that will complete the development of infrastructure needed by the School to promote physical fitness, build a sense of sporting community and inspire the next generation of sporting champions;

• 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 constitutes the Strategic Report for the purposes of the Companies Act 2006.

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Trustees’ report (continued)

For the year ended 31 August 2025

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 899 (2024: 903) pupils. The Prep Schools averaged 653 (2024: 618), with a further 267 Ashfold pupils joining the Stowe Group following the Ashfold merger.

Public Benefit

Scholarships and bursaries are promoted in recruitment literature, on Stowe School’s website and through advertising. Scholarships at Stowe School are typically awarded at entry at 13+ and 16+ for academic, musical, artistic, sporting or allround 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 2025 there were 29 (2024: 25) fully funded places at Stowe School and five fully funded places at the Prep Schools.

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 governor arrangements, teaching and sharing best practice and facilities.

The StoweEd conference, normally attended by both state and independent schools, was held again this year and focused on Maximising Potential.

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 2025.

Fee Support

Stowe School, together with SSF and other outside Trusts, supported 422 (2024: 406) pupils, through the provision of scholarships and bursaries during the year.

Stowe School and SSF allocated £3,910,765 (2024: £3,560,762), being 10.7% (2024: 10.1%) of fee income to scholarships, bursaries, sibling discounts and Stowe Group remission. Included in this total are means-tested bursaries, awarded in addition to scholarships, which allow access for pupils from all backgrounds, with 81 (2024: 84) pupils receiving such awards. External trusts also provided funds of £4,000 (2024: £3,961) towards individual pupils’ fees.

The Prep Schools continue to offer bursaries and allowances totalling £1,124,242 (2024: £949,479), with an additional £138,749 offered by Ashfold Prep School from March 2025.

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Trustees’ report (continued)

For the year ended 31 August 2025

Education

Academic Standards

This summer’s A Level results saw Stoics achieving 67% A*B (2024 66%). The GCSE results saw Stoics achieving 46% at grade 7 or above (2024: 47%).

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, 92% (2024: 60%) at Level 6 and 50% (2024:20%) at Level 7. SHS achieved 16 (2024:13) scholarship and exhibition awards to senior schools, while WHS achieved 33 (2024:16) and Ashfold achieved 6 awards (30% of the cohort) to senior schools.

Pastoral 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 (DSL) for Stowe School is Liz Huxley-Capurro, who is supported by four Deputy DSLs, and there are DSLs at all Prep Schools.

The Group’s policies for Safeguarding and Child Protection accord with the requirements of the relevant Safeguarding Children Board. It applies to all school employees, governors and to any volunteers 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 boarding houses in all three schools is expected to continue next year.

Culture - Sport, Music 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.stowe.co.uk . There are links from there to the Prep School websites.

Heritage/Restoration

On 7 March 2018 Stowe School Limited agreed the Asset Exchange with The National Trust. This exchange of various leasehold interests in land and buildings is enabling The National Trust to restore the Western Garden to its 18[th] 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.

Fundraising

The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities. SSF changed its objects to be able to support the Prep Schools as well as Stowe School. This took effect from 1 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 generation of voluntary funding from alumni, patrons of the School and supporters of independent education. During the SSF year to 31 July 2025, funds of some £2.5 million (2024: £3 million) were raised. These included £1.2 million for Change 100, £82k for scholarships and bursaries and £1.2 million towards specific facilities improvements. The costs of the Campaign Office of £580,758 (2024: £639,702) were borne by Stowe School.

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Trustees’ report (continued)

For the year ended 31 August 2025

SECTION 172 (1) STATEMENT

The Stowe Group of schools (“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 172 (1) 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 this 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 needs of the business.

Having regard to the interests of the Group’s employees

The Governing Body has regard to the interests of the Group’s employees and it recognises the importance of effective employee engagement in the successful functioning of the Group. Governors engage with employees both formally 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 periodic employee surveys.

• The Pay and Conditions Committee allows pay and reward matters 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.

Disabled Employees

The Group is committed to equal opportunities for all. It is the policy of the Group that no job applicant or employee receives 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.

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For the year ended 31 August 2025

Trustees’ report (continued)

Having regard to the need to foster the Group’s business 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.

Suppliers

The Group deals with 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 wider community

The Group is very mindful of its responsibilities to the wider community and of its relationships with its partners, including SHPT, the National Trust, the UTC at Silverstone and the Stowe Golf Club members as well as the local community.

Regulators

The Group is regulated both by the Government, through Ofsted and ISI, and the Charity Commission. The Governing Body considers its reporting and dealings with the Regulators as of the utmost importance.

Having regard to the impact of the Company’s operations on the community and the environment

A summary of the Company’s Streamlined Energy and Carbon report is set out below under Environmental Reporting.

Having regard to the desirability of the Company to maintain a reputation for high standards of business conduct

Corporate governance

Details of the Company’s corporate governance are set out on pages 3 to 6 of the annual report.

Political donations

No donations were made for political purposes (2024: £nil).

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For the year ended 31 August 2025

Trustees’ report (continued)

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, LPG 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 as part of its evaluation of projects and continues to take opportunities to reduce energy usage where possible.

UK Greenhouse gas emissions and energy use data for the period 1 September 2024 to 31 August 2025

Streamline Energy and Carbon Reporting Disclosure

Global energy Scope 1 and 2 GHG emission data for period:

Emissions from	Tonnes CO 2 e
	2025 location- based 2024 location- based Variance location- based 2025 market- based 2024 market- based Variance market- based
Scope 1 (Fuel combustion in buildings)	361 407 (11)% 361 407 (11)%
Scope 1 (Fuel combustion in vehicles)	118 127 (7)% 118 127 (7)%
Scope 1 (Fuel combustion in mobile and static plant)	1,770 1,705 0% 1,770 1,705 0%
Scope 2 (Electricity)	635 794 (20)% 635 794 (20)%
Total Company's chosen intensity metric: 2 tCO e/pupil	Variance 2,533 2,884 2,884 2025 location- based 2025 market- based Variance 2024 location- based 2024 based market- 2,533 (14)% (14)%
Emissions reported per pupil	1.71 1.71 (14)% 1.99 1.99 (14)%
Scope 3 Global GHG emission data for period: Emission from	2025 2024 Variance 8 9 (11)%
Business travel(air, rail and vehicles)

Underlying global energy data for period:

Energy use (kWh)	2025	2024	Variance
Electricity	3,587,216	3,833,842	(6)%
Natural Gas	2,323,417	2,223,962	(4)%
Mobile and Static Plant Fuel	7,048,373	7,113,984	0%
Transport Fuel	612,395	570,854	7%
Total	13,571,401	13,742,642	(1)%

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Trustees’ report (continued)

For the year ended 31 August 2025

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Financial Results

The Stowe Group of schools’ financial result for the year has been negatively impacted by the Government’s decision to (a) implement VAT on School Fees charged to parents by Independent Schools, impacting on pupil numbers and the Group’s ability to pass on increases in its cost base to parents; (b) remove Charitable Relief on business rates previously available to Independent Schools; and (c) increase the National Minimum Wage above inflation and lower National Insurance thresholds and increase rates. The Group took measures to reduce the impact of these external structural impacts but nonetheless has seen pressure on pupil numbers and an increase in its cost base as a consequence.

The underlying performance net of grants and donations is set out below, with the Group experiencing a marked decline year on year, recording a small net loss in the year ended 31 August 2025:

Net income Less: Grants and donations – (see breakdown below) Charitable acquisition donations (see note 5b) Net (loss) / income before grants and donations Grants and donations (note 5a): Funds from SSF for Scholarships, Bursaries and pupil extras Funds from SSF to develop new facilities and enhance existing ones Funds from SSF for other purposes Funds from Stowe Harvard Funds from other sources	2025 £ 4,240,093 (2,046,981) (2,231,982) _ (38,870) ____ 2025 £ 1,471,976 383,664 81,555 25,000 84,786 _ 2,046,981 ____	2024 £ 7,443,264 (6,178,543) - ____ 1,264,721
		____ 2024 £ - 6,078,829 46,838 46,666 6,210 ____ 6,178,543 ____

The grants and donations received are required to be recognised in the Statement of Financial Activities (SoFA), which incorporates an income and expenditure account, even though for grants and donations for the purchase of new facilities, the corresponding expenditure is included in the Statement of Financial Position, within fixed asset additions.

Similarly, it is an accounting requirement that the charitable donation by Ashfold School Trust Limited of the net assets of Ashfold School is shown in the SoFA as a credit to net income; the associated net assets are included in the Statement of Financial Position. Whilst shown as income, the accounting gain is a non-cash item.

Excluding the impact of grants and donations, the School made a net loss for the year of £38,870 (2024: net gain £1,264,721).

Net investment gains of £32,967 (2024: £84,677) have been transferred to the Restricted funds, which reflects the net movement in the composition fee fund.

Overall a gain of £4,161,906 (2024: gain £7,361,568) has been allocated to the Unrestricted general fund and a gain of £78,187 (2024: loss £81,689) to the Restricted Fund.

14 Stowe School Limited

Trustees’ report (continued)

For the year ended 31 August 2025

From 1 January 2025, the Group was required to levy VAT at 20% on school fee bills. As a VAT registered company, the VAT element of school fee receipts is paid to HMRC as part of the School’s quarterly VAT return and is not retained by the School. School fee income figures presented below are shown net of VAT.

School fees receivable increased from £42.0 million in 2024 to £45.1 million, including £2.3 million relating to Ashfold in the period following the merger. In 2025, Stowe School, SHS and WHS initially maintained the same level of net fees as 2024. Following the imposition of VAT from 1 January 2025, the Group mitigated the impact of the VAT increase for parents by discounting the net fee by 5%.

Total income (excluding school fees receivable) decreased from £9.3 million to £8.5 million, with a £4.1 million reduction in grant and donation income offset by the impact of voluntary income of £2.2m representing the fair value of the net assets of Ashfold, additional billing for pupil extras and higher bank interest income.

Resources expended during the year totalled £49.4 million (2024: £44.0 million), including expenditure by Ashfold in the period following the merger of £2.6 million. During 2025, the School’s cost base was adversely impacted by the removal of charitable business rates relief from 1 January 2025, together with the increase in Employer’s National Insurance contributions from April 2025 and the increase in the National Minimum Wage.

During the year, the Group invested £5.4 million (2024: £7.7 million) in capital projects. In addition, £2.8 million of fixed assets were transferred as part of the Ashfold merger.

Cash and bank balances at 31 August 2025 stood at £14.3 million (2024: £23.2 million). The 2024 cash balance included a higher than normal level of fees paid in advance, which has regularised in 2025. The Company renewed a Revolving Credit Facility (RCF) for 5 years, from June 2022. There had been no drawdown on the RCF as at 31 August 2025.

Total funds at 31 August 2024 were £67.6 million (2024: £63.3 million), of which £67.1 million (2024: £62.9 million) 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 facilities for use by the public. SEL generated a turnover for its own financial year ended 31 December 2024 of £2.4 million (2023: £2.3 million) and a profit before donation of £0.8 million (2024: £0.6 million).

Consolidated group financial statements have not been prepared as it is considered that the inclusion of the financial result and financial position of SEL do not materially impact the overall presentation of the Stowe School Limited financial information.

Reserves Policy

The financial statements show that at 31 August 2025, the unrestricted funds totalled £67.1 million (2024: £62.9 million) and restricted funds £0.5 million (2024: £0.4 million).

Total unrestricted reserves no longer include a funding deficit (2024: £4,796) in respect of the notional funding deficit on the defined benefit pension plan for non-teaching staff.

The Company’s unrestricted reserves are substantially represented by tangible fixed assets and are not readily available for spending.

The surplus on free reserves at 31 August 2025 of £2.4 million (2024: £3.2 million) has fallen following a one off increase in 2024 as a result of the higher level of fee prepayments which have now normalised in 2025. The 2025 surplus is consistent with the longer-term Development Plan cash flows, which are updated and reviewed by the Directors on a regular basis. Whilst the Directors consider 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.

15 Stowe School Limited

Trustees’ report (continued)

For the year ended 31 August 2025

Investment policy 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 Group for the following year are consistent with those stated above, with particular emphasis

on:

• 2025 targets: 72% AB grades for A-Level or D/D at BTEC; 43% 7-9 grades for GCSE

• 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

• Progressing the Stowe Sports Masterplan, with a particular focus on plans for upgraded outdoor sports facilities

• Generating, through the Campaign for Stowe, money towards bursaries (including Change 100) and scholarships and for specific projects, including the Stowe Sports Masterplan

• Continued integration of the Prep Schools into the Stowe Group of schools

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 part of an annual process. The major risks are considered to be those that would prevent the Group from carrying out its charitable objects permanently. Individual committees are responsible for reviewing and monitoring the management of risk in their particular area. The Governors are satisfied that the mitigation of the currently identified major risks, detailed below, has been or is being addressed as follows:

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

In assessing the risks, the impact on Group activity, disruption, injury or property damage, loss 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 materialising, with the register including controls and mitigation plans. Risks are classed as key, medium concern or manageable. The risk register is updated termly by the ELT and reviewed by Committees at least annually.

The Governing Body is aware of the wider impact on the independent schools’ sector as a consequence of the imposition of VAT on School Fees and the removal of Charitable relief on business rates, along with the increase in employment

16 Stowe School Limited

Stowe School Limited Independent auditor’s report to the members For the year ended 31 August 2025

Opinion

We have audited the financial statements of Stowe School Limited for the year ended 31 August 2025, 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 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

• give a true and fair view of the charitable company’s state of affairs as at 31 August 2025 and of its incoming 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 opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements 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 going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going 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 authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. 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 matters 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.

18 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 us 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.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 3, the trustees (who are also Directors of the charitable company for the purposes of company law) 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 financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern 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 audit 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 guarantee that an audit conducted in accordance with ISAs (UK) 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 meeting, updating our record of internal controls and ensuring 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 is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the charitable company’s operations. We identified the most significant laws and regulations to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

19 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 items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’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 partner’s 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 from 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.org.uk/auditorsresponsibilities. 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 has 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 Statutory Auditor) for and on behalf of Saffery LLP

71 Queen Victoria Street London Statutory Auditors EC4V 4BE

18 March 2026 Date:

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

20 Stowe School Limited

Statement of Financial Activities (incorporating an income and expenditure account)

For the year ended 31 August 2025

Notes Income from: Charitable activities School fees receivable 1 Ancillary trading income 2 Other trading activities Non-ancillary trading income (covenants) 12 Other activities 3 Investments Bank and other interest 4 Voluntary sources Grants and donations 5a Charitable acquisition donations 5b Total incoming resources Expenditure on: Raising funds Financing costs 7 Fundraising and development Total deductible costs Charitable activities Education Total expenditure 6 Net Investment gains 16 Net income Other recognised gains and losses: Actuarial losses on defined benefit pension schemes 23 Net movement in funds Reconciliation of funds: Total funds brought forward 19 Total funds carried forward 19	Unrestricted funds £ 45,131,762 2,123,499 801,273 174,246 775,772 2,046,981 2,231,982 53,285,515 50,619 580,758 631,377 48,492,232 49,123,609 4,161,906 - 4,161,906 - 4,161,906 62,896,974 67,058,880	Restricted funds £ - - - - 337,873 - - 337,873 267,653 - 267,653 25,000 292,653 ~~-~~ 45,220 32,967 78,187 - 78,187 447,472 525,659	2025 2024 £ £ 45,131,762 42,059,599 2,123,499 1,693,406 801,273 661,341 174,246 90,338 1,113,645 668,971 2,046,981 6,178,543 2,231,982 - 53,623,388 51,352,198 318,272 46,191 580,758 639,702 899,030 685,893 48,517,232 43,307,718 49,416,262 43,993,611 4,207,126 7,358,587 32,967 84,677 4,240,093 7,443,264 - (7) 4,240,093 7,443,257 63,344,446 55,901,189 67,584,539 63,344,446

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.

21 Stowe School Limited

Balance Sheet

As at 31 August 2025

Notes Fixed assets Tangible assets 9 Investment in subsidiary undertakings 11 Composition fee fund investments 16 Current assets Stocks 13 Debtors 14 Cash and deposits Creditors: amounts falling due within one year 15 Net current (liabilities) / assets Total assets less current liabilities Creditors payable after one year Composition fees 16 Other Creditors 17 Net assets excluding pension liability Defined benefit pension scheme liability 23 Net assets The funds of the charity Unrestricted funds: General reserve Pension reserve 23 Restricted funds: General reserve 19 Revaluation reserve 19 Total funds 19	2025 £ 64,670,433 164,200 9,015,055 73,849,688 244,770 14,316,621 14,260,420 28,821,811 (30,162,225) (1,340,414) 72,509,274 (4,707,321) (217,414) (4,924,735) 67,584,539 - 67,584,539 67,058,880 - 67,058,880 157,680 367,979 525,659 67,584,539	2024 £ 59,654,123 164,200 8,145,380
		67,963,703
		234,108 32,741,381 23,185,293
		56,160,782 (52,895,480)
		3,265,302
		71,229,005 (7,879,790) -
		(7,879,790)
		63,349,215 (4,769)
		63,344,446
		62,901,743 (4,769)
		62,896,974 181,882 265,590
		447,472
		63,344,446

22 Stowe School Limited

Cash Flow Statement

For the year ended 31 August 2025

Notes Net cash (outflow) / inflow from operating activities 21 Cashflows from investing activities Interest received Additions to composition fee investments Realisation of composition fee investments Payments for tangible fixed assets Cash acquired on charitable acquisitions Merger costs Transfer or refunds of composition fee investments Proceeds from sale of tangible fixed assets Net cash outflow from investing activities Change in cash and cash equivalents in the reporting year Cash and cash equivalents at the beginning of the reporting year Cash and cash equivalents at the end of the reporting year Net cash movement 22	2025 £ (3,848,336) 1,008,849 (1,424,663) 96,481 (6,632,510) 1,585,315 (208,542) 491,474 7,059 (5,076,537) (8,924,873) 23,185,293 14,260,420 (8,924,873)	2024 £ 24,888,932 716,750 (10,021,396) 3,568,610 (6,598,954) - - - 617
		(12,334,373)
		12,554,559
		10,630,734 23,185,293
		12,554,559

24 Stowe School Limited

Notes to the financial statements

For the year ended 31 August 2025

Accounting policies

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102), Charities SORP (FRS 102), 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 (SoFA) 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 (S405(2)) exemption not to prepare Group 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, notwithstanding the net current liability position, 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 Company’s financial statements.

a) Income and expenditure

School fees and operating expenses are included in the financial statements on an accruals basis. Registration fees 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 and is shown net of the impact of VAT.

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 (donations) is accounted for as and when entitlement arises, the amount can be reliably measured and it is probable that the economic benefit will flow to the Company. 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 as a result of charitable mergers are accounted for within the SoFA as the fair value of net assets donated less any relevant merger costs incurred.

d) Grants

Grants are credited to income when receivable, irrespective of when the related expenditure is incurred.

25 Stowe School Limited

Notes to the financial statements (continued)

Accounting policies (continued)

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 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 appropriate. Irrecoverable VAT is included with the item 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 and 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 Directors 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 impairment. Depreciation is provided on tangible assets other than land and historic buildings (the cost of which is not significant) in 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	15 to 50 years
Furniture, fixtures and fittings	5 to 25 years	Motor vehicles	4 to 7 years
Plant and equipment	5 to 25 years	Property improvements	5 to 50 years

Assets costing less than £5,000 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 1 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 assets.

i) Investments and Investment properties

Investments are shown at market value, less any provision for diminution 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) Stocks

Stocks are stated at the lower of cost and net realisable value.

26 Stowe School Limited

Notes to the financial statements (continued)

Accounting policies (continued)

k) Debtors

Debtors in respect of school fees are recognised at the point of issuing invoices and after reserving for bad and doubtful debts. If the pupil withdraws before the start of term, without providing the requisite notice, the next term’s fees are remain due for settlement. In the year to 31 August 2024, fee invoices were raised for the whole of the academic year 2024/25. In the year to 31 August 2025, fee invoices were raised only relating to the first term of the 2025/26 academic year.

Trade and other debtors 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.

l) Cash at bank and in hand

Cash at bank and in hand includes cash and short-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 related 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 settlement amount after allowing for any trade discounts due.

o) Leases

Assets held under operating leases are not capitalised. The costs associated with hire rental are charged directly to income as they arise.

p) Pensions

The majority of Stowe School staff are members of a defined contribution scheme, the assets of which are held separately from those of the Company’s in independently administered funds. A small number of the School’s professional teaching staff remain members of a Superannuation Scheme operated by the Department for Education. This is a multi-employer defined benefit scheme and individual schools are not able to identify their share of the underlying assets and liabilities of the scheme. The company ceased to offer membership of this Superannuation scheme for new employees from 1 September 2024.

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) Composition fees

Composition fees represent payments in advance in respect of school fees for pupils, present and future, and 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.

27 Stowe School Limited

Notes to the financial statements (continued)

Accounting policies (continued)

r) Support costs

Support costs are administration and other costs incurred in supporting the charitable activities.

s) Critical 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 carrying 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.

1 School fees receivable

Gross school fees Less: Scholarships, bursaries and allowances 2 Ancillary trading income Pupil extras Registration fees Rental income Other income 3 Other activities Interest on overdue accounts 4 Bank and other interest Interest and dividends on composition fee investments (note 16) Bank interest receivable Net present value movement on composition fee investment Interest from SEL loan	2025 £ 51,400,321 (6,268,559) _ 45,131,762 ____ 2025 £ 1,502,655 141,895 141,481 337,468 _ 2,123,499 ____ 2025 £ 174,246 ____ 2025 £ 337,051 767,474 - 9,120 ____ 1,113,645 ____	2024 £ 46,694,363 (4,634,764) _ 42,059,599 ____ 2024 £ 1,148,977 181,190 111,126 252,113 ______ 1,693,406
		____ 2024 £ 90,338 ____ 2024 £ 25,906 616,168 16,653 10,244 ____ 668,971 ____

28 Stowe School Limited

Notes to the financial statements (continued)

5a) Grants and donations

Donations	2025 £ 2,046,981 ____	2024 £ 6,178,543 ____

5b) Charitable acquisition donations

Charitable acquisition donations represent the fair value of the net assets of Ashfold School, donated by Ashfold School Trust Limited as a result of the merger of Stowe School with Ashfold. Accounting convention requires that the equal and opposite credit entry to the net assets that are brought into the balance sheet is included within the SoFA. The assets were transferred on 28[th] February 2025 at fair value, less relevant costs. The breakdown is as follows:

Fixed Assets Cash Creditors: amounts falling due within one year Creditors: amounts falling due after one year Less: Merger costs	£ 2,882,217 1,585,315 (2,007,234) (19,774) (208,542) ____ 2,231,982 ____

6 Analysis of total expenditure

Expenditure on raising funds Financing costs (note 7) Fundraising and development Total costs of generating funds Charitable activities Teaching Welfare Premises repairs and maintenance Support costs and governance Total charitable expenditure Total expenditure	Staff costs £ - 485,693 485,693 18,563,065 3,218,098 2,579,631 3,079,277 27,440,071 27,925,764	Other costs £ 318,272 95,065 413,337 2,060,342 4,846,997 7,964,009 2,960,824 17,832,172 18,245,509	Depreciation £ - - - 399,974 124,021 2,675,781 45,213 3,244,989 3,244,989	2025 £ 318,272 580,758
				899,030
				21,023,381 8,189,116 13,219,421 6,085,314
				48,517,232
				49,416,262

29 Stowe School Limited

Notes to the financial statements (continued)

Governance included in support costs: Remuneration to auditors for statutory audit services Directors – travel and subsistence costs Other governance costs Expenditure on raising funds Financing costs (note 7) Fundraising and development Total costs of generating funds Charitable activities Teaching Welfare Premises repairs and maintenance Support costs and governance Total charitable expenditure Total expenditure	Staff costs £ - 498,663 498,663 16,863,892 2,864,834 2,479,239 2,871,279 25,079,244 25,577,907	Other costs £ 46,191 141,039 187,230 1,828,784 4,647,053 5,945,219 2,897,736 15,318,792 15,506,022		2025 £ 35,230 9,453 4,518 ____ 49,201 ____ Depreciation £ - - - 401,470 125,154 2,310,211 72,847 2,909,682 2,909,682		2024 £ 47,031 10,198 5,232 ____ 62,461 ____ 2024 £ 46,191 639,702 685,893 19,094,146 7,637,041 10,734,669 5,841,862 43,307,718 43,993,611

The Directors and Company Secretary did not receive any emoluments during the year (2024: £nil) and none received retirement or other benefits from the school. Travel and subsistence expenses were claimed by 22 (2024: 25) individuals, who were reimbursed directly or indirectly.

In addition to the above statutory audit remuneration, the auditors performed other services with fees totalling £45,344 (2024: £1,584), this included assurance services of £1,404, employment tax services of £2,860 and consultancy services relating to the merger with Ashfold School of £41,080.

30 Stowe School Limited

Notes to the financial statements (continued)

7 Financing costs 2025 £ Commitment fee on rolling credit facility 30,000 Net present value movement on composition fee investment 267,541 Bank charges 17,229 Finance lease interest 3,415 Investment charges on composition fees investments (note 16) 87 _ 318,272 ____ 8 Staff costs 2025 Total staff costs were: £ Salaries and wages 22,633,502 Social security costs 2,376,903 Other pension costs 2,915,359 _ 27,925,764 ____ The aggregate employee remuneration and benefits of the key management personnel were: 1,728,699 ____ The total staff costs above include payments relating to departing staff of £94,521 (2024: £208,842). 2025 Number The average number of employees of the Company during the financial year was as follows: Teaching and teaching support staff 386 Visiting music teachers 40 Establishment and administrative staff 360 _ 786 ___ The average FTE of employees of the Company during the financial year was as follows: Teaching and teaching support staff 288 Visiting music teachers 11 Establishment and administrative staff 254 _ 553 ___ The number of staff in pension schemes was as follows: Money purchase schemes 643 Teachers’ pensions scheme 15 ___ 658 ___

2024 £ 29,851 - 15,527 - 813 _ 46,191 ____ 2024 £ 20,914,420 1,987,388 2,676,099 _ 25,577,907 ____ 1,584,857 ____ 2024 Number 326 40 341 _ 707 ____ 268 10 251 _ 529 ____ 492 110 ___ 602 ____

31 Stowe School Limited

Notes to the financial statements (continued)

The staging date for pension auto enrolment was October 2013 and the most recent re-enrolment date was 1 November 2025. On this date, staff who opted out were automatically re-enrolled and had the option to re-elect to opt out.

The number of employees whose emoluments exceeded £60,000 were: £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £100,001 - £110,000 £110,001 - £120,000 £150,001 - £160,000 £190,001 - £200,000 £210,001 - £220,000 £300,001 - £310,000	2025 Number 24 9 6 - 3 3 - 1 - 1 ____	2024 Number 23 12 2 3 2 1 1 - 1 1 ____

Stowe School Limited’s pension contributions for the above 46 (2024: 46) employees totalled £635,439 (2024: £581,623), divided between Teachers’ Pensions £8,918 (2024: £392,259) and other schemes £626,521 (2024: £189,364).

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.

32 Stowe School Limited

Notes to the financial statements (continued)

9 Tangible fixed assets

Cost 1 September 2024 Fair value on acquisition Additions Disposals 31 August 2025 Depreciation 1 September 2024 Charge for Year Disposals 31 August 2025 Net Book Value 31 August 2025 1 September 2024	Freehold Property £ 39,388,247 2,882,217 847,762 - 43,118,226 7,540,058 796,087 - 8,336,145 34,782,081 31,848,189	Property Improvements £ 42,044,099 4,034,028 - 46,078,127 16,453,029 1,812,462 - 18,265,491 27,812,636 25,591,070	Plant & Equipment £ 3,062,366 90,404 - 3,152,770 2,439,087 143,800 - 2,582,887 569,883 623,279	Computer Equipment £ 1,857,220 42,608 - 1,899,828 1,699,894 72,852 - 1,772,746 127,082 157,326	Fixtures & Fittings £ 4,768,465 228,507 - 4,996,972 3,571,956 277,341 - 3,849,297 1,147,675 1,196,509	Motor Vehicles £ 1,128,381 143,384 (51,400) 1,220,365 890,631 142,447 (43,789) 989,289 231,076 237,750	Total £ 92,248,778 2,882,217 5,386,693 (51,400)
							100,466,288
							32,594,655 3,244,989 (43,789)
							35,795,855
							64,670,433
							59,654,123

The assets acquired from Ashfold School are included at their fair value as at 28 February 2025, being the date of the charitable merger.

Within additions, £nil (2024: £6,901,397) of assets are under construction. £383,664 (2024: £6,078,829) of donations and grants received in the year were used to fund capital additions, notably DTE at Stowe and School Hall at WHS.

10 Capital commitments

There was £nil of capital expenditure authorised and contracted for at the balance sheet date (2024: £1,482,189).

11 Investment in subsidiary undertakings

Stowe Enterprises Limited - shares at cost Stowe Enterprises Limited - interest bearing loan Stowe School Developments Limited – shares at cost	2025 £ 100 164,000 100 ____ 164,200 ____	2024 £ 100 164,000 100 ____ 164,200 ____

For additional information refer to note 12 – Subsidiary information (including related party transactions).

33 Stowe School Limited

Notes to the financial statements (continued)

12 Subsidiary information (including related party transactions)

Stowe School Limited owns the whole of the issued ordinary share capital of Stowe Enterprises Limited (SEL), a company registered in England. Stowe School Limited allows SEL to make available the facilities of the Schools for use by the public and to operate the School shop.

SEL prepares its annual accounts 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 2024. The following information is disclosed in respect of SEL:

respect of SEL:
	31 December	31 December
	2024	2023
	£	£
Turnover	2,427,032	2,258,345
Expenditure	(1,657,974)	(1,632,692)
	____	____
Profit for the financial year	769,058	625,653
Donated to the school	(769,058)	(625,653)
	____	____
Result for the year	-	-
	____	____
Balance of capital and reserves	787,507	644,102
	____	____

Stowe School Limited recharged costs to SEL during the year of £465,069 (2024: £478,379). SEL received income from the School for purchases made in the School shop during the year of £87,768 (2024: £99,516). At the year end the amount owed to SEL by the School was £79,976 (Owed by SEL to the School in 2024: £112,822).

The total taxable profits donated to the Company were:

SEL WHS Trading Limited (WHT)	2025 £ 769,058 32,215 ____ 801,273 ____	2024 £ 625,653 35,688 ____ 661,341 ____

As part of the acquisition in January 2021 of WHS, WHS’s trading company, WHT, was transferred to become a subsidiary of SEL.

The last audited accounts of WHT were for the year ended 31 December 2024. The following information is disclosed in respect of WHT:

34 Stowe School Limited

Notes to the financial statements (continued)

	31 December	31 December
	2024	2023
	£	£
Turnover	53,698	53,888
Expenditure	(21,483)	(18,200)
	____	____
Profit for the financial year	32,215	35,688
Donated to the school	(32,215)	(35,688)
	____	____
Result for the year	-	-
	____	____
Balance of capital and reserves	50,246	53,719
	____	____

Winchester House recharged costs to WHTL during the year of £6,327. WHTL received income of £266 from the School for purchases made from stock during the year. No amounts were owed by WHT to the Company at either the current or previous year ends.

Stowe School Limited owns the whole of the issued ordinary share capital of Stowe School Developments Limited (SSDL), a company registered in England. SSDL prepares its annual accounts to 31 December, an accounting date which the Directors of SSDL consider to be appropriate for administrative reasons.

The last accounts of SSDL were for the year ended 31 December 2024. The company had turnover of £nil (2023: £nil) and made a loss of £29,540 (2023: loss of £9,638). At the year end the amount owed by SSDL to the Company was £79,781 (2024: £58,772).

SSDL owns the whole of the issued share capital of Stowe UAE Limited and Stowe China Limited. Stowe UAE received no income in the year to 31 December 2024 (2023: £nil). At the year end the amount owed by Stowe UAE to the Company was £3,472 (2024: £3,438). Stowe China received no income in the year to 31 December 2024 (2023: £nil). At the year end the amount owed to the Company by Stowe China was £629 (2024: £595).

13 Stocks

Raw materials and consumables	2025 £ 244,770 ____	2024 £ 234,108 ____

The replacement cost of stocks is not considered to be materially different from their historical cost.

14 Debtors

Debtors in respect of school fees Other debtors Prepayments and accrued income Amounts owed by subsidiary undertakings (note 12)	2025 £ 12,550,081 42,561 1,640,097 83,882 ____ 14,316,621 ____	2024 £ 29,200,352 235,095 3,130,306 175,628 ____ 32,741,381 ____

In the year to 31 August 2024, fee invoices were raised for the whole of the academic year 2024/25. In the year to 31 August 2025, fee invoices were raised only relating to the first term of the 2025/26 academic year.

35 Stowe School Limited

Notes to the financial statements (continued)

15 Creditors: amounts falling due within one year

Deferred income School fees paid on account Deposits paid on account Trade creditors Other creditors Taxation and social security Accruals Amounts owed to subsidiary undertakings (note 12) Finance leases (note 18) Fees prepayment scheme – Ashfold School Current portion of Composition fees (note 16)	2025 £ 14,022,940 694,939 3,553,213 1,961,064 2,862,650 597,794 1,987,786 79,976 13,700 448,408 3,939,755 ____ 30,162,225 ____	2024 £ 43,291,262 363,266 3,467,611 2,439,214 540,607 472,981 2,320,539 - - - - ____ 52,895,480 ____

Deferred income represents income relating to the next financial year.

36 Stowe School Limited

Notes to the financial statements (continued)

16 Composition 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 acting as Trustee. The Directors have delegated the day-to-day management of the investment of composition fees to CCLA, to whom the investments were transferred during the year from Evelyn Partners Investment Management LLP.

Market value at 1 September Composition fees received and invested Composition fees refunded Net income arising reinvested Applied to school fees Investment gain during the year Market value at 31 August Historical cost at 31 August Listed investments: UK Fixed Interest UK Equities Deposit Account Total Investments Cash at Bank Cash in Transit from the Group Total Composition fee fund investments 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 In one year or less Net present value	2025 £ 8,145,380 1,087,699 (491,474) 336,964 (96,481) 32,967 _ 9,015,055 ____ 8,843,680 ____ £ 667,068 625,804 _ 1,292,872 7,594,735 _ 8,887,607 128,052 (604) _ 9,015,055 ____ £ 595,058 1,944,191 2,168,072 _ 4,707,321 3,939,755 _ 8,647,076 ____	2024 £ 1,607,917 9,996,367 - 25,029 (3,568,610) 84,677 _ 8,145,380 ____ 7,924,443 ____ £ 629,007 630,898 _ 1,259,905 6,838,315 _ 8,098,220 226,198 (179,038) _ 8,145,380 ____ £ 688,491 3,380,724 3,810,575 _ 7,879,790 - _ 7,879,790 ____

37 Stowe School Limited

Notes to the financial statements (continued)

17 Other Creditors: amounts falling due over one year

17 Other Creditors: amounts falling due over one year
School fees paid on account Finance leases (see note 18) 18 Finance Leasing Commitments The aggregate amounts of finance leases are as follows: Due within one year or less, or on demand Due between one and two years Total due Included in Creditors: amounts falling due within one year Included in Creditors: amounts falling due over one year	2025 £ 198,843 18,571 _ 217,414 _ 2025 £ 13,700 18,571 _ 32,271 _ 13,700 ____ 18,571 ____	2024 £ - - ____ -
		_ 2024 £ - - _ -
		____ -
		____ - ____

38 Stowe School Limited

Notes to the financial statements (continued)

19 The funds of the Charity

At 1 September 2024 Net movement in funds At 31 August 2025 Analysis of net assets Tangible fixed assets Investments Current assets Creditors amounts falling due within one year Creditors payable after one year At 31 August 2025	Unrestricted general funds £ 62,896,974 4,161,906 _ 67,058,880 ____ £ 64,670,433 164,200 28,664,131 (26,222,470) (217,414) _ 67,058,880 ____	Composition fee restricted funds £ 265,590 102,389 _ 367,979 ____ £ - 9,015,055 - (3,939,755) (4,707,321) _ 367,979 ____	Stowe Harvard restricted funds £ 79,041 (24,202) _ 54,839 ____ £ - - 54,839 - - _ 54,839 ____ _	Other restricted funds Total restricted funds £ £ 102,841 447,472 - 78,187 _ _ 102,841 525,659 ____ ____ £ £ - - - 9,015,055 102,841 157,680 - (3,939,755) - (4,707,321) _ _ 102,841 525,659 ___ ____	Total funds £ 63,344,446 4,240,093 _ 67,584,539 ____ £ 64,670,433 9,179,255 28,821,811 (30,162,225) (4,924,735) _ 67,584,539 ____
				____ £ - - 102,841 - - ___ 102,841 ___

Unrestricted funds

Within the Unrestricted funds is a pension reserve of £nil (2024: £4,769) relating to a defined benefit scheme provision (see note 23).

Restricted funds (Composition and Stowe Harvard)

Within the Restricted funds is £54,839 (2024: £79,041) relating to the Stowe Harvard Fund, whose funds are to be used towards the costs of the Stowe Harvard Fellowship and a reserve of £367,979 (2024: £265,590) which reflects the difference between the market value of the composition fee investments and the net present value of future fee commitments at 31 August 2025 (see note 16).

An analysis of the Funds of the Company for last year can be found at note 27.

39 Stowe School Limited

Notes to the financial statements (continued)

Other Restricted Funds

These represent the following restricted funds at WHS:

Other Restricted Funds These represent the following restricted funds at WHS:
Prize fund Bursary fund Gifts fund Development fund 20 Operating leases Other Assets - Total commitments relating to operating leases: Less than one year Between two and five years Over five years	2025 £ 64 38,232 1,751 62,794 ____ 102,841 ____ 2025 £ 363,809 ____ 396,009 ____ - ____	_	2024 £ 64 38,232 1,751 62,794 ___ 102,841 ___ 2024 £ 219,022
			____ 306,537
			____ 16,982 ____

During the year £450,630 (2024: £273,204) was spent on operating leases.

Property Assets – Total commitments relating to operating leases:

Stowe House: The House has been leased to SHPT, with a coterminous leaseback to Stowe School Ltd for 99 years, effective from 1 January 2000 (no 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 (next review 2028); the charge for the year is £202,486 (2024: £202,486).

The total minimum lease payments remaining on this lease are £7.3 million, over the remaining 73 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 years (next review March 2030). The charge for the year is £18,020 (2024: £15,602).

The total minimum lease payments remaining on this lease at the current rate of charge are £3.2 million, over the remaining 155 years. The exact amount payable depends on the properties used by the School.

SHS: An agreement was made on 5 January 2021 between SHS and its landlord to lease various parts of the Prep School for 27 years, with payments starting from 1 September 2021. The lease charge is reviewed every five years (next review September 2026). The charge for the year was £116,860 (2024: £111,145).

The total minimum lease payments remaining on these leases are £1.2 million, over the remaining periods of the leases. The exact amount payable depends in part on pupil numbers.

40 Stowe School Limited

Notes to the financial statements (continued)

21 Reconciliation of net movement in funds to net cash (outflow)/ inflow from operating activities

Net income Interest received Fair value of assets on acquisition Operating surplus for the year Depreciation charges Loss/(gain) on disposal of fixed assets Unrealised gain arising on revaluation of investments (Increase)/decrease in stocks Decrease/(increase) in debtors (Decrease)/increase in creditors (Decrease) in provision Net cash (outflow) / inflow from operating activities	2025 £ 4,240,093 (950,840) (2,231,982) _ 1,057,271 3,244,989 551 (32,967) (10,662) 18,366,751 (26,469,500) (4,769) _ (3,848,336) ____	2024 £ 7,443,264 (716,750) - _ 6,726,514 2,909,682 (617) (84,677) 6,675 (20,249,760) 35,593,107 (11,992) _ 24,888,932 ____

22 Analysis of changes in net debt

At 1 September 2024 £ Cash and cash equivalents Cash 23,185,293 ____ 23,185,293 ____	Cash flows At 31 August 2025 £ £ (8,924,873) 14,260,420 _ ______ (8,924,873) 14,260,420 ____ ____

23 Pensions Schemes

Teachers’ Pensions

With effect from September 2024, Stowe School partially withdrew from the Teachers' Pensions Scheme (the TPS). New joiners to Stowe School after this date are offered the opportunity to enrol in the Royal London Group Pension Scheme (RLGPS), while existing teaching staff elected either to transfer to the RLGPS or to remain within the TPS, with employer contributions set at the April 2024 rate of 23.68%. Any difference between this rate and employer contribution rate periodically set by TPS is met by the employee. 15 employees chose to remain in the TPS, with all other academic staff choosing to transfer to the RLGPS.

The TPS is an unfunded, multi-employer defined benefits pension scheme governed by the Teachers' Pensions Scheme Regulations 2014. Members contribute on a "pay as you go" basis with contributions 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, with the latest valuation being completed in 2018.

The employers’ contribution rate for the TPS increased to 28.60% (previously 23.60%) from 1 April 2024 and the employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68% (previously 23.68%).

The Prep Schools’ teaching staff are members of the RLGPS.

41 Stowe School Limited

Notes to the financial statements (continued)

The amount expensed in the year for Teachers who elected to remain in the TPS represents the employer contributions payable in the year of £195,973 (2024: £1,297,986). The difference between the contributions payable and contributions actually paid of £18,188 (2024: £147,051) is shown within Creditors: amounts falling due within one year.

Defined Contribution Pension Schemes

Teachers (except those who chose to remain in the TPS) and all Support staff are eligible to join the RLGPS, a defined contribution pension scheme whose assets are held separately from Stowe School in independently administered funds.

The amount expensed for both Teachers and Support staff in respect of the RLGPS represents the contributions payable in the year of £2,719,386 (2024: £1,378,113). The difference between the contributions payable and contributions actually paid of £361,482 (2024: £189,827) is shown within Creditors: amounts falling due within one year.

Pensions Trust Growth Plan

Stowe School’s support staff previously had the opportunity to join either the Pensions Trust Growth Plan Series 4, the Pensions Trust Flexible Retirement Plan or the RLGPS. On 1 September 2024, all remaining active members moved to the RLGPS. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. This triggered a debt on withdrawal from the Growth Plan of £88,068 (including an administration fee of £4,170), which was paid in the year, having been recognised as a liability in the prior year.

24 Legal charges

The Company renewed a Revolving Credit Facility (RCF) for five years, from June 2022. The RCF is secured by legal charges on Stowe School’s domestic properties.

25 Related party transactions

Two directors (Sunjeewa Jayawardena and Alexander Muirhead) are parents of current Stowe pupils. School fees are charged on standard commercial terms and no amounts were due at the year end.

One director (Jena Ntumba) is the parent of a former Stowe pupil. School fees were charged on standard commercial terms with no discounts. Debtors at year end includes £35,775 (2024: £14,603) from this director.

The daughter of Alexander Muirhead was a teacher at Swanbourne House School, although left the school at the end of the 2024/25 academic year. Mr Muirhead was not involved in setting remuneration for the teacher which is within the normal bandings for the Stowe Group of Schools.

Information relating to the subsidiaries is shown in note 12.

42 Stowe School Limited

Notes to the financial statements (continued)

26 Statement of Financial Activities (incorporating an income and expenditure account) for prior year

Notes Income from: Charitable activities School fees receivable 1 Ancillary trading income 2 Other trading activities Non-ancillary trading income (covenants) 12 Other activities 3 Investments Bank and other interest 4 Voluntary sources Grants and donations 5 Total incoming resources Expenditure on: Raising funds Financing costs 7 Fundraising and development Total deductible costs Charitable activities Education Total expenditure 6 Net Investment gains/(losses) 16 Net income Other recognised gains and losses: Actuarial (losses)/gains on defined benefit pension schemes 23 Net movement in funds Reconciliation of funds: Total funds brought forward 19 Total funds carried forward 19	Unrestricted funds £ 42,059,599 1,693,406 661,341 90,338 624,446 6,178,543 51,307,673 45,344 639,702 685,046 43,261,052 43,946,098 7,361,575 - 7,361,575 (7) 7,361,568 55,535,406 62,896,974	Restricted funds £ - - - - 44,525 - 44,525 847 - 847 46,666 47,513 ~~-~~ (2,988) 84,677 81,689 - 81,689 365,783 447,472	2024 £ 42,059,599 1,693,406 661,341 90,338 668,971 6,178,543 51,352,198 46,191 639,702 685,893 43,307,718 43,993,611 7,358,587 84,677 7,443,264 (7) 7,443,257 55,901,189 63,344,446	2023 £ 39,090,684 1,493,407 595,477 74,734 351,902 365,947
				41,972,151
				143,419 610,771
				754,190 41,288,309
				42,042,499
				(70,348) (2,256)
				(72,604) 230
				(72,374) 55,973,563
				55,901,189

43 Stowe School Limited

Notes to the financial statements (continued)

27 The funds of the Company for prior year

At 1 September 2023 Net movement in funds At 31 August 2024 Analysis of net assets Tangible fixed assets Investments Current assets Creditors amount falling due within one year Creditors payable after one year Provisions At 31 August 2024	Unrestricted general funds £ 55,535,406 7,361,568 _ 62,896,974 ____ £ 59,654,123 164,200 55,978,900 (52,895,480) - (4,769) _ 62,896,974 ____	Composition fee restricted funds £ 139,168 126,422 _ 265,590 ____ £ - 8,145,380 - - (7,879,790) - _ 265,590 ____	Stowe Harvard restricted funds £ 123,774 (44,733) _ 79,041 ____ £ - - 79,041 - - - _ 79,041 ____ _	Other restricted funds Total restricted funds £ £ 102,841 365,783 - 81,689 _ _ 102,841 447,472 ____ ____ £ £ - - - 8,145,380 102,841 181,882 - - - (7,879,790) - - _ _ 102,841 447,472 ___ ____	Total funds £ 55,901,189 7,443,257 _ 63,344,446 ____ £ 59,654,123 8,309,580 56,160,782 (52,895,480) (7,879,790) (4,769) _ 63,344,446 ____
				____ £ - - 102,841 - - - ___ 102,841 ___

44 Stowe School Limited