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← St Mary's School, Hampstead

2025-08-31-accounts

ST. MARY’S SCHOOL, HAMPSTEAD (A Company Limited by Guarantee)

Annual report and financial statements

For the year ended

31 August 2025

Company No: 2643515 Charity registered in England No: 1006411

ST. MARY’S SCHOOL, HAMPSTEAD

Joint Chairs’ Introduction

Year ended 31 August 2025

The Chair of Governors and the Chair of Trustees are pleased to present this year's annual report and financial statements.

2024-25 was a particularly challenging year for the independent education sector. The introduction of VAT on school fees and associated services, the removal of Charitable Business Rate Relief, and rising employer National Insurance contributions all contributed to significantly higher operating costs. Despite these pressures, the School has maintained a strong financial position, with a very healthy balance sheet. We have continued to support families by keeping fee increases as low as possible through targeted subsidies. Through prudent management and disciplined cost control, we are once again pleased to report a surplus for the School charity. Every surplus generated is reinvested directly into our educational provision. We remain firmly committed to supporting our community and to providing an outstanding education for our pupils.

We were delighted to be recognised once again (for the second consecutive year) among the Top 5 UK Prep Schools in the Catholic Good Schools Guide, alongside our shortlisting for Small Independent School of the Year. Our scheduled visit from the Independent Schools Inspectorate (ISI) in October 2025 also confirmed that we had met all required standards in both compliance and educational quality.

Further details on the School’s activities and financial results for the year can be found in the Trustees’ Report starting on page 2.

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C Barry-Walsh Sean Murphy
Chair of Trustees Chair of Governors
3 December 2025 3 December 2025
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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees' Report

Year ended 31 August 2025

The Trustees have prepared their annual report for the year ended 31 August 2025 in accordance with the Companies Act 2006, the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (FRS102).

AIMS, OBJECTIVES & MISSION

a. Our Aims

St Mary’s School, Hampstead aims to provide preparatory school education within a secure, friendly learning environment where there is a strong emphasis placed on both social and academic development. The achievement of this aim enables the School to fulfil its legal purposes of promoting and providing for the advancement of Roman Catholic education and the Roman Catholic religion. The Trustees seek to achieve a fair balance between benefits provided and the need for the School to maintain a prudent financial position when exercising their powers and duties in setting fees charged by the School and when identifying the benefits provided by the School in relation to its aims.

b. Our Objectives

The objects are set out in the Memorandum of Association as the promotion and provision for the advancement of Roman Catholic education and the Roman Catholic religion in particular by the acquisition, provision, conduct and development or one or more Independent Roman Catholic Schools for the advancement of the education of girls (and at the discretion of the Trustees, boys). The School’s policy is to enable each child to develop their full potential both academically and socially in accordance with the School’s Mission Statement and to prepare them for the senior schools oftheir choice.

In furthering the charity’s objects, the Trustees have complied with the duty in Section 175(5) of the Charities Act 2011 to have due regard to the guidance on public benefit published by the Charity Commission concerning the operation ofthe Public Benefit Requirement under that Act, The Charities Act 2022 has not amended this obligation, and the Trustees continue to have due regard to the Commission’s guidance on Public Benefit in the discharge of their duties.

ce, Our Mission

The School’s mission is to provide an outstanding education firmly founded on the Catholic faith.

Spiritual and moral principles are nurtured in a way that is reflected in daily life.

Within a happy and caring environment and based on the recognition of the dignity, worth and wellbeing of each child, high standards are expected. Intellectual development is emphasised and fostered along with the pursuit of academic excellence.

St Mary’s values the unique contribution of every child within the school community.

St Mary’s is inclusive and welcomes girls from all communities and faith backgrounds, or none, and believes that all benefit from the School’s values.

St Mary’s aims to encourage an active partnership between home, school, parish and the wider community.

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Trustees’ Report (continued)

ST. MARY’S SCHOOL, HAMPSTEAD

Year ended 31 August 2025

ACHIEVEMENTS & PERFORMANCE

a. Curriculum & Academic Achievements

Pupils at the School continued to perform at a level well in excess of the national standard expectation for their age groups. Despite being non-selective on entry, Year 6 pupils typically achieve standardised scores in Maths and English assessments of 115-120, compared to the national average for independent schools of 110-115 and all schools of 100. The highest achievable score is 131.

The Senior School Entrance Examination results show that the School continues to secure places and scholarships for its pupils at a wide range of leading London day schools and out-of-London boarding schools. Typical destinations for girls leaving at the end of Year 6 include Channing School; City of London School for Girls; Francis Holland, Regent’s Park: Godolphin and Latymer School; Highgate School; Latymer Upper School; North London Collegiate School; Queen’s College, London; Queen’s Gate School; Queenswood; South Hampstead High School; St Mary’s School, Ascot; St Michael's Catholic Grammar School; Woldingham School; and Wycombe Abbey.

The School provides its pupils with an education that is rich, varied and tailored to their needs to enable them to discover their full potential. The learning environment is supportive and positive yet challenging. We believe that real learning stems from nurturing a love of and curiosity for the subjects being taught.

At St. Mary’s School, we teach using the Creative Curriculum. This approach uses a single topic, which permeates through many aspects of the curriculum. Placing creativity at the centre of our curriculum ensures its children remain at the forefront of educational practices. We have seen that it enables them to take greater risks, make tangible connections in their learning and think deeply about real-world problems.

We are immensely proud of our pioneering Global Learning Centre. The space includes a cutting-edge Engineering and Robotics Lab, Virtual Reality Launch Pad, Art and Design Studio as well as a Green Room. This modern, innovative centre has been specially designed to promote STEAM at St Mary’s. STEAM is a holistic approach that combines Science, Technology, Engineering, Art and Maths within their learning.

b. Pupil Numbers

The School has continued to provide a Catholic preparatory education for girls aged 2 2 to 11. The pupil numbers for the year averaged 206, 50% Catholic (2024: 213, 48% Catholic).

c. Developing Sporting Talent

Sport is an essential and fun part of the day at St Mary’s School. The P.E. Department is passionate about inspiring children to fall in love with sport, so we provide a wide range of options to ensure they find their special talent.

Our sports programme is inclusive and every pupil from Nursery to Year 6 will participate in at least two P.E. lessons a week. The lessons are supported by a plethora of sports clubs before, during and after school.

We benefit from a well-equipped hall on-site for gymnastics and a spacious outside play area. Climbing equipment has been installed and a full-size netball court allows for football, rugby, cricket, tennis, netball and hockey lessons.

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees’ Report (continued)

Year ended 31 August 2025

The School also uses excellent local facilities such as Hampstead Heath for athletics and Swiss Cottage Leisure Centre for swimming.

Children show great enthusiasm and an appropriate competitive spirit for the individual and team events. Pupils also enjoy participating in many fixtures and tournaments against local schools and competing in national events. The School achieves considerable success across the board. In 2024-25, 262 matcheswere played, with the girls winning 82%. Some highlights include:

We were delighted for our sporting achievements to be recognised in September 2024 with a Highly Commended Award for Outstanding Sport from the Independent Schools Association.

d. Creativity Outside the Classroom

Music, Drama and Art form an important part of the creative curriculum and involve everyone, from Nursery upwards. The lessons are lively, engaging, fun and of an extremely high quality.

At St Mary’s, we believe that a love of music gained in childhood lasts a lifetime and that making music with others is a social and uplifting experience. The children are taught the essential skills of performing, composing and appreciating a variety of musical styles. Some of our year groups have had the opportunity to work with the London Symphony Orchestra at the Barbican and all year groups have performed in our interhouse music competition. Our one-to-one instrument lessons are hugely popular and we nurture our musicians from a young age. We benefit from talented peripatetic teachers who offer individual or group tuition in piano, violin, flute, recorder and voice, We are very proud of the superb results our pupils gain in external music exams.

In 2024-25, 93 girls benefited from music lessons, some taking lessons in more than one instrum ent, and 23 external music exams were taken with ABRSM.

Drama and role play are used across all curriculum areas, building confidence and allowing individual talents and strengths to develop.

We plan weekly Praying Together Services where all the children are encouraged to speak, sing and dance in front of an audience. These invaluable opportunities broaden the imagination, foster creativity and develop communication skills.

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees' Report (continued)

Year ended 31 August 2025

e. Enriching and Extending the School Day

We offer a variety of school clubs that take place before school, at lunchtime and after school to support the truly well-rounded education that our girls receive. The current club list numbers over 70 and this excellent extracurricular provision encourages pupils to stretch their imaginations and find their confidence.

The successful After School Club provides high-quality and stimulating wraparound care to support working St Mary’s families until 6pm (Monday to Friday).

The Holiday club, introduced in 2022-23 and operating from 8am to 6pm in eight weeks of the school holiday, continues to thrive and provide parents with an excellent option for holiday childcare.

f. Religious & Pastoral Life

The School develops its religious and pastoral life with the ongoing service and dedication of our Chaplain, Father Chris Connor, in conjunction with the Leaders of Learning for Religious Education and the support of all staff. The Catholic life of the School and the Catholic education it delivers were both found to be outstanding in the June 2019 Inspection by the Diocese of Westminster.

The School has assisted current potential members of the Roman Catholic Church through preparing fifteen girls to make their First Reconciliation (2024: eleven) and fifteen (2024: twelve) girls to receive their First Holy Communion in the School Chapel.

The School made its first appearance on Radio Maria while celebrating Ascension Day Mass in our School Chapel in May 2024. This was broadcast live to Radio Maria listeners and the School’s Christmas Carol Concert was broadcast live in December 2024. A future interview with girls about their favourite carols is planned for December 2025.

Children in Year 6 in December 2024 had the opportunity to join the Woldingham School Carol Service at Westminster Cathedral at Christmas time (for the second year running), allowing for musical collaboration between two Catholic girls’ schools.

The School holds weekly Masses for parents, staff and children. There is an Act ofCollective Worship everyday which links to the Sunday Gospel reading, The children take part in a service or a Mass or exposition ofthe Blessed Sacrament each week as well as Sacred Singing. The School has active Pupil Chaplains consisting ofYear 6 children who promote the Catholic faith to younger members ofthe School.

In line with the School’s Catholic ethos, acts of charity are an important part of school life. The School has a chosen charity each year to which it offers financial support; in the academic year 2024-2025, this was St John’s Hospice. The School also supports other charities throughout the year, often with a Catholic link, such as CAFOD’s Brighten

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees’ Report (continued)

Year ended 31 August 2025

Up Day, but national charities are also supported, such as Children in Need. Throughout Lent, Lenten Promises are made by each class to help deliver something useful to either the School or local community, such as litter picking in and around Hampstead.

The School was delighted to be placed in the top five Catholic prep schools in the Catholic Good Schools Guide in 2024 and again in 2025.

g. Bursaries

Bursary funds are limited and those applicants judged most suitable in accordance with the School’s Admissions Policy are given priority. Bursaries and hardship payments are awarded based on financial means testing. The amount awarded to any pupil may vary depending on individual family circumstances, Awards are normally made for up to 95% of the school fees plus other costs connected to attendance (such as school lunches and residential trips), although higher awards can be made where the circumstances require.

During the year bursaries worth £254,812 (2024: £269,830) were awarded to 20 pupils (2024: 17 pupils) in line with the School’s policy on financial support, including 6 pupils receiving new financial awards to support their families with the impact of the imposition ofVAT on fees from January 2025.

Awards are normally reviewed annually. Prospective parents are made aware of the Bursary policy through a variety of ways, including a prominent position on the School’s website. As of the Autumn Term 2025, 15 pupils are benefiting from bursaries.

h. Staff Professional Development

School staffcontinue to participate in high quality external Professional Development courses and in-house training. All this serves to enrich the knowledge, skillset and potential of all School staff. and continues to be an important aspect of the Appraisal Policy. There were five whole School INSET days during the year at which staff training was delivered as well as a regular programme of short-focused training sessions that were delivered during and after school during term-time.

i. Community Activities

The School hosted and attended sporting competitions with other schools locally and nationally, with St Mary’s being a favoured location due to the quality of its facilities and famed “match tea”.

Mini St. Mary’s, which launched in January 2022, continues to be in high demand. This free 1-hour session, run twice a week, provides a stimulating and fun range of structured activities for children from 6 months — 3 years, including free play, malleable play, dance, music, movement, Bee-Bots, arts, crafts and storytelling. The families attending have reported how grateful they have been to find such an important resource to support them and their children.

During the year, the School supported the education of five pupils with Education and Healthcare Plans (2024: four pupils) as well as other girls with additional educational needs for whom the Local Authority has not yet provided an Education and Healthcare Plan. The School worked with the parents of one girl (2024: two girls) to ensure her needs were recognised by their Local Authority and this girl has now successfully obtained an Education and Healthcare Plan.

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Trustees’ Report (continued)

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The School co-operates with and supports as many charities as possible in its ongoing endeavours to widen public access to the schooling it provides and to awaken in its pupils an awareness ofthe wider social context ofthe education they receive at the School.

The School encourages charitable activities with various fundraising activities. During the course of the year £6,220 (2024: £9,216) was raised through fundraising activities within the School, including by the PTA (now known as the Friends of St Mary’s (FoSM)), for a number of third-party charities and appeals. These included St John’s Hospice, CAFOD, Jeans 4 Genes, Children in Need, Royal British Legion, and Food Bank Aid. A further £7,601 was raised by the FoSM, for the purposes of funding a new audio system in the Chapel and other future projects.

Practical donations of food, clothing and toiletries were also made and donated to Food Bank Aid; gifts were collected, as part of our annual giving-tree initiative, for patients at St John’s Hospice; toys were collected and donated to The Toy Project; and books were collected for the Children’s Book Project. The girls also collected for and prepared “care bags” which they distributed to homeless people as part of an in-house initiative called The Community Hope Project.

Over the course of the academic year, the staff and parents have raised money through the Christmas Fair, Big Breakfasts, holding second hand uniform and cake sales, participating in CAFOD’s Big Lent Walk and enjoying a quiz night and our now annual Art Fair. The children have also raised money through selling Christmas cards that they have designed, dressing up in home clothes and numerous other small events created and organised by the pupils themselves. We are enormously proud of the work done by the whole school community in order to raise funds for these good causes.

We were also delighted to be able to collect second-hand books for the Children’s Library at St Peter's Italian Church in Clerkenwell.

The School continued to coordinate and provide support to early years staff at our School and those from other settings. In November 2024, the School was delighted to be able to host local early years providers for a catchup. Further CPD sessions were held covering adaptive teaching (March 2025) and, in June 2025, we ran an EYFSP moderation session with five other schools. We will do this again in June 2026 as it was very useful to all.

j. External Recognition

The Schoo! was delighted to be recognised once again among the Top 5 UK Prep Schools in the Catholic Good Schools Guide 2025 - for the second consecutive year. We were also proud to receive the AMCIS Impact Award 2025 for Strategic Marketing and to be shortlisted for Small Independent School of the Year 2025. In addition, the School achieved Eco-Schools Green Flag accreditation in recognition of our ongoing commitment to sustainability. We were delighted for our sporting achievements to be recognised in September 2024 with a Highly Commended Award for Outstanding Sport from the Independent School Association. Following our ISI Inspection in October 2025, we were pleased to have met the required standards in all areas of compliance and education.

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees’ Report (continued)

Year ended 31 August 2025

k. Relationships

The School is an active member of the following organisations:

FINANCIAL RESULTS

The principal source of funding for the School is its termly fees, which supports the key objective of providing a Roman Catholic education.

In setting the fees, the Trustees have regard to the level offees that are appropriate for the educational services provided and are competitive in the local market. The Trustees aim to set the fee levels with the intent for the School to produce a surplus which can be employed in providing bursaries to those who could not afford to pay the fees and to fund the use of the School's facilities, resources and staff to provide for the advancement of the objectives and aims of the School and to provide public benefit by other means to members of the wider community.

The total incoming resources for the year were £4,478,171 (2024: £4,341,3 18). The total outgoing resources were £4,446,856 (2024: £4,101,263). The net incoming resources for the year amounted to a surplus of £31,315 (2024: £240,055).

Within total incoming resources, £10,268 (2024: £19,096) were restricted funds received by way of parental donations towards bursaries, the expenditure of which also shows within incoming resources for the year and £756 (2024: Enil) reflecting a grant made by an external body to support a child in receipt of a bursary with extra-curricular activities.

At 31 August 2025, the total funds of the School were £4,672,085 (2024: £4,640,770). All the School funds as at 31 August 2025 are unrestricted and are held for use by the School. Its assets are sufficient to meet its obligations. The funds are being used to help finance current and future operational and capital projects.

RESERVES POLICY

Reserves are primarily held to enable the continuity of services and activities undertaken by the School.

Specific reasons to hold reserves are:

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees’ Report (continued)

Year ended 31 August 2025

In considering the level of reserves that should be held, the Trustees test the policy level against various scenarios to ensure that adequate levels of reserves are held. In doing so, the Trustees have set a target range for free reserves (being total funds less any restricted funds and fixed assets) equivalent to the annual fee value resulting from a drop in pupil numbers often to thirty-three percent. At 31 August 2025, this range was between £411,303 and £1,371,008.

At 31 August 2025, the total funds of the School were £4,672,085 (2024: £4,640,770) while the net book value of fixed assets totaled £3,030,966 (2024: £3,123.757) resulting in free reserves of £1,641,119 (2024: £1,517,013).

The Trustees have reviewed areas of uncertainties that may impact the School’s free reserves. Pupil numbers are an uncertainty as they are challenging to forecast accurately and are impacted by factors outside the School’s control. The post-pandemic years (2021-22 and forward) have been financially challenging for the School due to the drop in pupil numbers. There continues to be a higher demand for bursary assistance as the current financial environment, in the form of inflationary pressures and rising interest rates and taxes, impacts parental ability to pay fees.

However, due to the careful stewardship by the School’s leadership team, the School’s free reserves have been maintained. Forecasts have been prepared for 2025-26 and 2026-27 taking into account the additional costs that the School will incur as a result of supporting parents with the additional cost that the imposition ofVAT on school fees from 1 January 2025 has created and from the removal ofCharitable Business Rate Relieffrom 1 April 2025. Despite these additional costs, including the support provided to parents to mitigate the impact of the introduction of VAT in 2024-25, due to higher than expected pupil numbers and good cost control, the School has managed to achieve a small surplus. The impact of the imposition ofVAT and wider fiscal uncertainties facing parents at this current time, continue to lead to uncertainties in pupil numbers. The School expects it will need to draw on its reserves in 202526 in order to continue to support parents and meet its aim of ensuring every girl can remain at the School, despite the addition ofVAT to the school fees, Beyond the current transition phase, it is expected that the School will operate at a breakeven point before returning to a small surplus.

The Trustees are satisfied that the free reserves are sufficient and will continue to be managed within the target range of free reserves (general reserves) and that there is adequate working capital for the going concern status of the School to be assured.

PLANS FOR THE FUTURE

The Trustees intend for the School to continually improve its educational offering in line with its objectives and to maximise the benefits it provides to the wider community.

During the year to 31 August 2026, the School’s focus is on continuing to: ensure that wellbeing remains at the heart of all that the School does and is embedded into all areas of pastoral care - this also includes working towards the Wellbeing Award for Schools; ensure that academics remain rigorous with a “challenge for all” approach consistently embedded into all lessons; ensure that both ISI and Catholic Inspection standards are met in all areas; strengthen our links with Catholic schools and local parishes; strengthen staff professional development and the induction process for new staff; and continue to maintain our Eco-Schools Award status as we maintain a focus on sustainability. The School is also keen to market its academic success and develop its association for alumni.

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees' Report (continued)

Year ended 31 August 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

St Mary’s School, Hampstead is incorporated as a company limited by guarantee, number 2643515 and is a registered charity, number 1006411. It’s registered office and principal address is 47 Fitzjohn’s Avenue, London, NW3 6PG.

The School is governed by the Memorandum of Association dated 10 June 1991 which was amended on & October 1991, 23 April 1993, 14 June 1993, 26 April 2006 and 18 March 2020 and its Articles of Association which were amended on 8 October 1991, 20 April 2005 and 23 March 2021. The Governors serve under Regulations as revised on 23 March 2021.

Trustees and Governors

St Mary’s School, Hampstead has a two-tier structure of governance: The Trustees and the Governors.

The Trustees are responsible for maintaining the objects ofthe charity, its administration and finances, risk assessment and overall strategy, as well as ensuring that the School complies with company and charity law and regulations. The Trustees appoint the Headmistress. The Trustees have overall responsibility for the School and exercise the oversight of some ofthe School’s educational activities together with the Governors.

The Trustees, who are the directors of the company, who served during the year and up to the date of this report, were as follows:

Ms C Barry-Walsh (Chairman) Mr KK Wilkins (Treasurer) Mr R M Carlysle Mrs S McCarron Mr § Murphy

Trustees are elected by the Members of the company. One third of Trustees retire by rotation at each Annual General Meeting (AGM) and are eligible for re-election. The Trustees who retire each year are those who have been longest in office since their last election. The Trustees who retired by rotation and were re-elected at the AGM held on 26 March 2025, were Mr R Carlysle and Mr S Murphy.

The Governors, who are appointed by the Trustees, are responsible for the general direction, policies and priorities of the School within the budgets and objectives established by the Trustees. They offer support and guidance to the Headmistress, and also hold the School to account for the quality of education it provides and the standards it achieves. The Governors and Trustees ensure the safety of the School environment and review the effectiveness of the School’s child protection policies. Five of the Governors are also Trustees.

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees’ Report (continued)

Year ended 31 August 2025

The Governors who served during the year and up to the date of this report, were as follows were as follows:-

Mr S Murphy '” (Chairman) Mr K K Wilkins ! (Ex-Officio) Ms C Barry-Walsh (Ex-Officio) Mr R M Carlysle Mrs C Del Toro Reyes ' Mrs A Devlin ? Mrs D Einoeder* Miss F Hagerty * Mrs S McCarron Mrs C Wright ° Miss J Zammit-Mangion *

| Member of the Finance and General Purposes Committee

? Member of the Health and Safety Committee

3 Member of the Education and Staffing Committee

The Trustees record their gratitude to the Board of Governors, and to Miss Owen and her staff for their contribution to the continued success of the School during the 2024-25 school year.

Recruitment, Appointment, Induction and Training of Trustees and Governors

The Trustees are responsible for the selection and appointment of new Trustees and Governors. This is a legal responsibility that cannot be delegated, although the Nominations Committee, comprising the Headmistress and Chair of Governors will, after discussion and research, put forward recommendations for new Trustees and Governors to the Trustees. As charity trustees, the Trustees are aware of the importance of identifying the appropriate mixture of skills and experience that they and their successors need to manage the multi-faceted affairs of a modern school which is also a company limited by guarantee, a medium sized business and an important local employer. Each appointment of a Governor or Trustee made by the Trustees is for an initial period ofthree years, which may be renewed.

To facilitate communication, induction and training at Governor and Trustee level, the Governors’ Handbook is regularly updated.

Roles and responsibilities are covered with main job descriptions and responsibilities, Terms of Reference are included for all committees, along with membership lists and the key policies and documents.

All Trustees and Governors are encouraged to attend in-house and external training courses, including those run by the Association of Governing Bodies of Independent Schools (AGBIS). Training in certain topics, such as Keeping Children Safe in Education, the Prevent Duty and data protection is mandatory and undertaken by all members of the governing body. Numerous on-line training courses are also undertaken by the Trustees and Governors.

A list of school policies is available on the School’s website. To ensure full compliance with Safeguarding issues the Headmistress, Deputy Head, Deputy Head (Academic), Bursar, Head of EYFS and a number of Trustees have completed Safer Recruitment Training. The named Governor and Trustee for Safeguarding has lead responsibility for all Safeguarding matters to ensure that the School is fully compliant with all current regulations.

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees' Report (continued)

Year ended 31 August 2025

Trustees make available to parents on the School’s website a clear and succinct set of replies to questions that parents often ask about governance. The information covering Frequently Asked Questions is provided to enhance communication between Trustees and the parent body and to encourage them to share in the School’s vision for the future.

All Governors and Trustees give their time on a voluntary basis to the governance of the charity.

Third Party Indemnity Provision for Trustees & Governors Qualifying third party indemnity insurance is in place covering the governing body of the School.

Organisational Management

The Governing Body meets as a Board at least three times a year to determine the general strategy of the Charity and review its overall management and control, for which they are legally responsible. Trustees and Governors convene jointly with a separate session for Trustees only. The Trustees and Governors also attend the Annual General Meeting.

The Key Management Personnel are the Trustees, Governors and the Senior Leadership Team. Day to day management of the School is delegated by the Governors to the Senior Leadership Team as below, led by the Headmistress.

Facilities Management Management of the school facilities is overseen by the Bursar and Premises Manager and is monitored by the Health and Safety Committee which continues to ensure full compliance with all legislative requirements as well as incorporating rolling repairs with a programme to upgrade facilities on a carefully structured basis.

The School is part ofthe Brent and Camden Business Climate Challenge and is taking steps to reduce its energy usage. The School is in the process of implementing plans to install solar panels that will further help manage the challenges of the current energy price crisis, as well as prepare the School for the future and reduce our carbon footprint.

The Bursar, Premises Manager and Network Manager oversee development works including improvements to the IT infrastructure. During the year, the School continued its programme of rolling renewal of its IT hardware with the purchase of new iPads, Promethean boards, Chromebooks, staff laptops and servers.

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ST. MARY’S SCHOOL, HAMPSTEAD

Trustees’ Report (continued)

Year ended 31 August 2025

Remuneration of Key Management Personnel Trustees and Governors do not receive any remuneration for their services. The remuneration of the Headmistress and Bursar is set by the Trustees, with the policy objective ofensuring that they are provided with appropriate compensation to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the School’s success. The remuneration of the rest of the Senior Leadership Team is determined by the Headmistress within the parameters set by the Trustees and Governors. The appropriateness and relevance of the remuneration policy is reviewed annually, including comparisons with other independent schools and the state sector to ensure that the School remains sensitive to the sector wide issues of pay and employment conditions. Delivery of the School’s charitable vision and purpose is primarily dependent on the Senior Leadership Team.

SENIOR LEADERSHIP TEAM AND PROFESSIONAL ADVISORS

Headmistress Miss Charlotte Owen Bursar & Company Secretary Mrs Sara Gibbins Deputy Head Miss Philippa d° Aquino Director of Studies (to 31 August 2025) Mr Martin Otter Deputy Head (Academic) (from 1 September 2025) Miss Imogen Mendelssohn Head of EYFS (joined Senior Leadership Team from 1 September 2025) Mrs Amanda Jennings Independent Auditor Moore Kingston Smith LLP 9 Appold Street London, EC2A 2AP Bankers Barclays Bank PLC 28 Hampstead High Street London, NW3 1QB Solicitors Veale Wasbrough Vizards Orchard Court, Orchard Lane Bristol, BS1 5WS

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees, who are also directors of St Mary’s School, Hampstead for the purposes of company law, are responsible for preparing this Trustees’ 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 Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs ofthe charitable company and of the incoming resources and application of resources, including

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Trustees' Report (continued)

Year ended 31 August 2025

the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate 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 ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the School’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Principal Risks and Uncertainties

The Trustees undertake an annual risk review to identify major risks to which’ the Charity is exposed, This review includes a full evaluation and thorough assessment of the primary risks relating to the key areas of the Charity as defined below and how those risks can be best minimised to reduce their potential impact on the School. Responsibility for detailed monitoring of each of the categories of risk identified is allocated to a committee or retained by the full board of Governors and Trustees. The mitigation activities that have been undertaken in the preceding year in response to the risk are discussed in the meetings of the relevant committee/full board and any additional mitigation activities that are required are detailed and monitored.

Inflationary pressures during the past few years, alongside the imposition of VAT on school fees, the removal of Charitable Business Rate Reliefand the increase in employer’s National Insurance contributions during 2024-25, have increased the financial pressure on the School. There is a continuing risk of the removal of further beneficial tax treatment from independent schools, The School manages these pressures and risks through ensuring it continues to offer an appropriate bursary programme, while carefully managing its budgets and ensuring that it maintains its reserves within its target range.

In addition to the financial risks arising from the above stated issues, the major risk areas are:

14

ST. MARY’S SCHOOL, HAMPSTEAD

Trustees' Report (continued)

Year ended 31 August 2025

The principal risks identified and receiving a high level of mitigation activity concern the impact of external economic factors and their potential impact on pupil numbers.

The Trustees continue to monitor the School’s performance in relation to teaching, staff movement, Catholicity and the value added provided by the School.

AUDITOR

Moore Kingston Smith act as auditors under section 485 of the Companies Act 2006 and have indicated their willingness to continue as the School’s auditors.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR

The Trustees (who are also company directors) who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that:

This Report was approved by order of the Trustees and signed on their behalf by cwd | 76 Chair 3 December 2025

15

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY’S SCHOOL, HAMPSTEAD

Opinion

We have audited the financial statements of St Mary’s School Hampstead (‘the company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 FRS 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:

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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon, The Trustees are responsible for the other information contained within the annual report. 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.

16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY’S SCHOOL, HAMPSTEAD (continued)

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 there is 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual 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:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 13, the Trustees (who are also the 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 but to do so.

17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY’S SCHOOL, HAMPSTEAD (continued)

Auditor’s responsibilities for the audit of the financial statements

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

18

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY’S SCHOOL, HAMPSTEAD (continued)

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

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.

Moor Liason ruth LP

Shivani Kothari (Senior Statutory Auditor) for and on behalf of: Moore Kingston Smith LLP, Statutory Auditor 6" Floor, 9 Appold Street London EC2A 2AP

IR Dorourpey 2025

19

ST MARY’S SCHOOL, HAMPSTEAD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

==> picture [493 x 535] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |2025|2024| |Note|£|£|£|=| |Income| |Investment|income —|interest receivable|90,868|-|90,868|74,771| |Donations|-|10,268|10,268|19,096| |Grants|-|756|756|-| |Charitable|activities:| |School|operations:|2a| |Gross Fees|receivable|3,888,127|-|3,888,127|3,866,623| |Less:|Bursaries|(244,544)|(10,268)|(254,812)|(269,830)| |3,643,583|(10,268)|3,633,315|3,596,793| |Ancillary Income|2a|742,964|-|742,964|650,658| |4,386,547|(10,268)|4,376,279|4,247,451]| |TOTAL INCOME|4,477,415|756|4,478,171|4,341,318| |Expenditure| |Charitable|activities:| |School|operating costs|(4,446,100)|(756)|(4,446,856)|(4,101,263)| |TOTAL EXPENDITURE|3.|(4,446,100)|(756)|(4,446,856)|(4,101,263)| |Net surplus|and|net|movement|in|funds| |for the year|31,315|-|31,315|240,055| |Reconciliation|offunds| |Total|funds|brought|forward|4.640.770|-|4,640,770|4,400,715| |Total|funds|carried|forward|9|4,672,085|-|4,672,085|4,640,770| |The Statement of Financial|Activities|includes|all|gains and|losses|recognised|in the year.|;| |The notes|on|pages|23|to 35|form|part of these|Financial|Statements.| |All|income and|expenditure|arise|from|the|School’s|continuing operations.|

----- End of picture text -----

20

ST MARY’S SCHOOL, HAMPSTEAD

BALANCE SHEET AT 31 AUGUST 2025

==> picture [488 x 456] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Notes|2025|2024| |&|£|£|£| |Fixed|assets| |Tangible|assets|4|3,030,966|3,123,757| |Current|assets| |Debtors|5|255,831|188,072| |Investments|600,000|980,000| |Cash|at bank and|in|hand|2,180,338|2,011,767| |3,036,169|3,179,839| |Liabilities:|Amounts|falling due| |within|one|year|6|(1,077,614)|(1,284,410)| |Net current assets|1,958,555|1,895,429| |Total|assets|less current|liabilities|4,989,521|5,019,186| |Liabilities:|Amounts|falling due|after| |more than one year|7|(298,764)|(359,744)| |Provisions|for|Liabilities|8|(18,672)|(18,672)| |Net Assets|4,672,085|4,640,770| |Funds| |Unrestricted|Funds:| |General|Funds|9|1,641,119|1,517,013| |Tangible|Fixed|Assets|Fund|9|3,030,966|3,123,757| |Total Funds Funds|4,672,085|4,640,770|

----- End of picture text -----

Total Funds Funds

The Financial Statements were approved by the Board and authorised for issue on 3 December 2025 and signed on its (ouwnw (i bd . ae eon (Charan The notes on pages 23 to 35 form part of the Financial Statements.

2]

ST MARY’S SCHOOL, HAMPSTEAD

STATEMENT OF CASH FLOWS AT 31 AUGUST 2025

2025 2024
£ £
Cash flow (to)/from operating activities 13 (257,375) 303,673
Cash flows from investing activities
Decrease/(Investment) in current asset investments 380,000 (380,000)
Bank interestreceived 90,868 74,771
Purchase ofTangible FixedAssets (86,513) (127,578)
Cash used in investing activities 384,355 (432,807)
Cash flows from financing activities
Cash received from Fees inAdvance Scheme 41,591 $21,595
Cash received from financingactivities 41,591 $21,595
Increase in cash and cash equivalents in theyear 168,571 392,461
Total cashand cash equivalentsand the beginning oftheyear 2,011,767 1,619,306
Total cash and cash equivalents atthe end oftheyear 2,180,338 2,011,767
Analysis ofchanges in netdebt
2025
As at1 Cashflows Asat31August
September
Cashand cash equivalents £ £ £
Cash 2,011,767 168,571 2,180,338
Total 2,011,767 168,571 2,180,338
2024
As atl Cashflows As at31 August
September
Cashand cashequivalents £ £ £
Cash 1,619,306 392,461 2,011,767
Total 1,619,306 392,461 2,011,767
Thenotesonpages23to35formpartoftheFinancialStatements.

22

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. Accounting policies

a. Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standards applicable to the UK and the Republic of Ireland (FRS102) and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS102.

The functional and presentational currency is sterling and amounts are rounded to the nearest pound.

b. Going concern

The School’s key activity of providing a Roman Catholic education is such that fee income represents the majority ofthe School’s income. Fee income in the period from March 2020 has been significantly impacted as a result of the Coronavirus pandemic with a number of families leaving London at short notice and returning to their home countries or moving away from the School. There was also an increased demand for bursary support over the period of the pandemic and this is continuing as high interest rates, inflation and the energy crisis impact parental ability to pay fees. This has been further impacted by VAT being imposed on school fees from January 2025.

Despite the increased costs and reduced pupil numbers, due to the careful stewardship by the School’s leadership team, free reserves have remained within or above target throughout the period since 2020. Forecasts have been prepared for 2025-26 and 2026-27 taking into account the additional costs that the School will incur as a result of supporting parents with the additional cost that the imposition of VAT on school fees from 1 January 2025 has created and from the removal of Charitable Business Rate Relief from I April 2025. Despite these additional costs, including the support provided to parents to mitigate the impact of the introduction of VAT in 2024-25, due to higher than expected pupil numbers and good cost control, the School managed to achieve a small surplus in 2024-25. The impact ofthe imposition of VAT and wider fiscal uncertainties facing parents at this current time, continue to lead to uncertainties in pupil numbers. The School expects it will need to draw on its reserves in 2025-26 in order to continue to support parents and meet its aim of ensuring every girl can remain at the School, despite the addition of VAT to the school fees. Beyond the current transition phase, it is expected that the School will operate at a breakeven point before returning to a small surplus.

Although pupil numbers are an uncertainty, they are not a material uncertainty and do not cast doubt on the ability of the School to continue as a going concern, as the uncertainty is being managed through cost management strategies, development of new revenue streams (such as through the Holiday Club, external lettings and increasing investment returns) and a strong focus on marketing. The Trustees are satisfied that the School’s level of free reserves are sufficient for the impact to be managed over the medium-term within the target range of free reserves (general reserves) and that there is adequate working capital for the going concern status of the School to be assured, specifically in the 12 months from the date of the signing of the Financial Statements. The School expects to return to making surpluses following a transition phase after the imposition of VAT on fees and to continue to maintain reserves within the target for free reserves. Accordingly, the Trustees continue to prepare the financial statements on a going concern basis.

c. Income

Fees receivable consist of charges billed for the school year 2024/2025 net ofVAT (which was imposed on school fees from | January 2025). Fees received for education provided in future years are carried

23

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

forward as deferred income (fees received in advance). Fees received in advance, as part of the Fees in Advance Scheme are treated as Financing Activities in the cash flow statement. Where parents are charged fees in lieu of notice this is recognised in the term for which the notice should have been given as parents are encouraged to keep their daughter at our School during this period and these charges are designed to cover the shortfall in income that would otherwise arise in that period. Other fee income consists of additional fees from tuition classes, lunches and registration fees which are accounted for on a receivable basis. Donations and income from fundraising activities are recognised when the School has entitlement to the receipt of the income, it can accurately measure the amount and it is probable that the economic benefits associated with the transaction will flow to the School. Fundraising activities undertaken within the School for other Charities are treated as funds held for third parties and any amounts held at the year-end are shown in the balance sheet.

d. Assets

Fixed assets costing more than £1,000 are shown on the balance sheet at cost less cumulative depreciation. Group purchases of IT, furniture and equipment costing less than £1,000 per item are also capitalised where the estimated life extends over at least the period used under the School’s depreciation policy for the relevant asset and the value of the group purchase exceeds £1,000. Current assets are shown at the lower of cost and net realisable value.

e. Depreciation

Depreciation is provided on all tangible fixed assets retained for the School’s own use, other than freehold land, at rates calculated to write offtheir cost over their estimated useful economic lives at the following rates, on a straight-line basis:

==> picture [303 x 62] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Freehold|buildings|2’4% to|10% on|cost| |Furniture|12.5%|on cost| |Catering|and playground|equipment|10% on|cost| |IT|20%|to 25%|on|cost| |Land|is not depreciated.|

----- End of picture text -----

f. Pension costs

The School contributes to the Teachers’ Pension Scheme (a defined benefit scheme) at rates set by the Scheme Actuary and advised to the School by the Scheme Administrator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with SORP (FRS102) the Scheme is accounted for as a defined contribution scheme and contributions are accounted for when advised as due by the Scheme Administrator.

The School is undertaking a phased withdrawal from the Teachers’ Pension Scheme and from 1 September 2022 contributes to a defined contribution scheme for teachers employed from ] September 2022 and existing teachers wishing to move from the Teachers’ Pension Scheme to this new scheme. The School also contributes to a defined contribution pension schemes for staff other than teachers. Contributions to defined contribution schemes are paid or accrued within the year in which the corresponding salary is earned.

eg. Deposits

Deposits are refundable when a pupil leaves the School and are treated as a long-term liability upon entry to the School except to the extent that they are due to be repaid within one year of the balance sheet date in

24

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

which case they are recorded as a current liability. Forfeited deposits are taken to income. Unclaimed deposits are deemed forfeited one year after a pupil leaves the School.

h. Expenditure

Expenditure is recognised on an accruals basis as soon as a liability is considered probable and has been analysed between School Operating Costs and Educational Grants. Expenditure is summarised under functional headings either on a direct cost basis or, for overhead support costs, apportioned according to management estimates of staff time spent. Expenditure is stated net ofVAT with irrecoverable VAT included within the school administrative costs. Support costs represent school administration costs incurred to support charitable activities and governance.

i.

Termination payments

Employment termination payments do not provide future economic benefits and are therefore recognised as an expense in the Statement of Financial Activities as soon as the Charity is demonstrably committed to terminate the relevant employment (when a formal plan for termination of employment, without the realistic possibility ofwithdrawal, has been established). The amount recognised is the best estimate ofthe expenditure required to settle the obligation at the reporting date.

j.

Operating leases

Operating lease costs are written off to the Statement of Financial Activities on a straight-line basis over the lease period.

k. Financial Instruments

The Charity only holds basic Financial Instruments. Financial Instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets or financial liabilities. The financial assets and financial liabilities of the Charity are as follows:

Debtors — trade and other debtors (including any accrued income) are financial instruments and are debt instruments measured at amortised cost as detailed in note 5. Prepayments are not financial instruments.

Cash at bank — is classified as a basic financial instrument and is measured at face value.

Liabilities — trade creditors, accruals and other creditors are classified as financial instruments, and are measured at amortised cost as detailed in note 6 and 7. Amounts due for taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

I. Cash at bank and in hand

Cash at bank and in hand includes cash and highly liquid assets with a short maturity of 95 days or less.

m. Current asset investments

Current asset investments include cash and other assets with a maturity of over 95 days.

25

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

n. Corporation Tax

The School is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

o. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions - the School makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of[assets][and][liabilities][within][the][ next][financial][ year][ are][discussed][below,]

The School has provided for doubtful debts on the basis of assumptions over which debts at the balance sheet date may not be paid in full. However, due to the low level of debts that had not been paid by the date of preparing the provision, the range of possible outcomes resulting from various assumptions is not material and therefore the estimates used to calculate the provision are not considered critical.

Critical areas of judgment - the depreciation policies used by the School represent a critical judgement as to the useful lives ofthe tangible fixed assets ofthe Charity. The going concern assumptions as outlined in Note lb. rely on judgements considered by the Trustees,

2a. School operation income

School operation income
2025 2025 2025 2024
Unrestricted Restricted Total Total
£ £ = £
Gross School fees receivable 3,888,127 = 3,888,127 3,866,623
Less Bursaries (244,544) (10,268) (254,812) (269,831)
3,643,583 (10,268) 3,633,315 3,596,792
AncillaryIncome:
Extras
Lunches		 447,270
223,881		 -
-		 447,270
223,881		 378,195
215,483
Registrationfees
Other		 16,014
55,799		 -
-		 16,014
55,799		 13,670
43311
742,964 - 742,964 650,659
4,386,547 (10,268) 4.376.279 4247451

In 2025, £10,268 (2024: £19,097) was received as restricted donations for bursaries.

26

2b.

  1. Charitable Expenditure

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

==> picture [463 x 103] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Net|movement|in|funds|2025|2024| |£|£| |Net movement|in|funds|is|stated|after charging:| |Auditor’s|remuneration|(including VAT|in|2024):| |®|Audit services|13,111|19,194| |°|Other|services|6,972|a| |Operating|lease charges|7,567|7,843| |Depreciation|179,304|165,018|

----- End of picture text -----

All these movements are movements in unrestricted funds.

The split of expenditure between restricted and unrestricted funds in the year ended 31 August 2025 is shown below.

==> picture [450 x 327] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|2025| |£|£|£| |2025 Charitable expenditure|-| |School|operating|costs:| |Teaching costs|2,712,910|756|2,713,666| |Catering|221,154|-|221,154| |Premises|594.634|-|594,634| |School|administration|915,098|-|915,098| |Public|benefit|2,304|-|2,304| |4,446,100|756|4,446,856| |Unrestricted|Restricted|Total| |funds|funds|2024| |£|£|£| |2024|Charitable expenditure|-| |School|operating|costs:| |Teaching costs|2,449,464|-|2,449,464| |Catering|240,229|=|240,229| |Premises|588,053|-|588,053| |School|administration|820,674|-|$20,674| |Public benefit|2.843|-|2,543| |4,101,263|-|4,101,263|

----- End of picture text -----

27

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

3. Charitable Expenditure (continued)

Analysis of charitable activities expenditure:

Direct
costs		 Support
costs		 Total
2025
£ £ =
2025 Charitable expenditure -
School operating costs:
Teachingcosts
Catering		 2,713,666
221,154		 -
-		 2,713,666
221,154
Premises 594,634 - 594,634
School administration 275,909 639,189 915,098
Public benefit 2,304 - 2,304
3,807,667 639,189 4,446,856
Direct Support Total
costs costs 2024
£ = £
2024 Charitableexpenditure -
School operating costs:
Teachingcosts 2,449 464 - 2,449 464
Catering
Premises		 240,229
588,053		 -
-		 240,229
588,053
School administration 242,131 578,543 820,674
Public benefit 2,843 = 2,843
3,522,720 578,543 4,101,263
2025 Support costs:
Unrestricted Restricted Total
funds funds
£ £ E
Schooladministration: staffcosts 566,191 - 566,191
Governance costs:
Auditor remuneration:
e
Auditservices		 13,111 - 13,111
e
Otherservices		 6,972 * 6,972
Legal andprofessional fees 51,019 - 31,019
Trustees’ and Governors’ expenses 1,896 - 1,896
639,189 - 639,189

28

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

a

Charitable Expenditure (continued)

==> picture [450 x 315] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2024 Support|costs:| |Unrestricted|Restricted|Total| |funds|funds| |£|£|£| |School|administration:|staff costs|$08,724|-|508,724| |Governance|costs:| |Auditor|remuneration:| |®|Audit|services|19,094|-|19,094| |©|Other|services|=|:|é| |Legal|and professional|fees|48,294|-|48,294| |Trustees’|and|Governors’|expenses|2,431|-|2,431| |578,543|-|578,543| |2025|2024| |£|£| |Staff costs|include:| |Wages and salaries|2,302,671|2,110,987| |Social|security|costs|259,698|221,970| |Pension|contributions|433,433|375,075| |Supply|staff|costs|175,801|165,983| |3,171,603|2,874,015|

----- End of picture text -----

Total employee salaries and other benefits of key management personnel, including employers’ pension contributions and employer's national insurance contributions:

£417,980 £403,197

The members of the key management personnel are Trustees, Governors and the senior leadership team as listed on page 13.

Governors’ and Trustees’ remuneration and expenses

No remuneration or benefits were provided to any Governors or Trustees during the year other than the School purchasing Trustees’ and Governors’ indemnity insurance to provide cover of up to £2 million. The premium for 2025 was £1,109 (2024: £1,109). In the year to 31 August 2025, two Trustees and Governors were reimbursed £523 in respect of travel expenses (2024: £194 was reimbursed to two Trustees and Governors in respect oftravel expenses).

29

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

The number of employees whose emoluments (including salaries and other benefits but excluding employers’ pension contributions and employer’s national insurance contributions) exceeded £60,000 was:

2025 2024
No. No.
£60,000 - £70,000 3 2
£70,000 - £80,000 2 l
£90,000 - £100,000 __33 2

These employees are accruing retirement benefits under the Standard Life Pension Scheme and the Defined Contribution Scheme for Teachers, defined contribution schemes, and the Teachers’ Pension Scheme, a defined benefit scheme.

The averagenumberofemployees duringtheyearwas:
Teaching		 2025
No.
43		 2024
No.
4]
Other 16 16
59 57

4, Tangible fixed assets

Tangible fixed assetsassets
Freehold Furniture&
Land Buildings Equipment Total
£ ta £ £
Cost
At September2024
Additions
Disposals		 1,000,000
-
-		 3,709,240
45,866
-		 1,099,472
40,647
(49,027)
At31 August2025 1,000,000 3,755,106 1,091,092 5,846,198
Depreciation
At September2024
Charge foryear		 -
Es		 1,722,034
129,124		 962,921
50,180
Disposals - - (49,027) (49,027)
At 31 August2025 - 1,851,158 964,074 2,815,232
Net bookvalue
At31 August2025 1,000,000 1,903,948 127,018 3,030,966
Net book value
At31August2024 1,000,000 1,987,206 136,551 3,123,757

There were no contractual commitments to acquire tangible fixed assets at the year end.

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ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

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|||| |---|---|---| |Debtors|2025|2024| |£|£| |Fees|160,645|40,009| |Other debtors|48,390|55,983| |Prepayments|46,796|92,080| |255,831|188,072|

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Fees outstanding are stated aftera provision for doubtful debts of £18,713 (2024: £18,713).

The increase in fee debtors in 2025 is due to a change in timing for the Autumn Term billing from September to July, and reflects the VAT payable to the School on Autumn Term fees outstanding as at 31 August 2025.

6.

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||||||| |---|---|---|---|---|---| |Creditors:|Amounts|falling due within|one year|2025|2024| |£|£| |Trade|creditors|100,180|170,057| |Fees|received|in|advance|$59,593|858.444| |Fee deposits|44.700|55,050| |Other taxes and|social|security|237,041|51,689| |Accruals|and|deferred|income|67,030|91,827| |Pension|contributions|4§,727|46,332| |Other|creditors|20,343|11,011| |1,077,614|1,284,410| |Deferred|income,|including|fees in advance|2025|2024| |£|F|3| |Brought forward|at|1|September 2024|904,402|500,727| |Resources deferred|in|the year|596,674|904,402| |Resources|released|to SOFA|in year|(909,052)|(500,727)| |Deferred|Income at 31|August 2025|592,024|904,402|

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Deferred income reflects amounts charged to parents in respect of fees in lieu of notice relating to the Autumn Term 2025 and deposits for residential trips taking place in 2025-26. Fees in advance reflects payments received from parents ahead of the due date (2025: £434,788; 2024: £440,943) as well as fees prepaid under our formal Fees in Advance Scheme (2025: £124,805; 2024: £417,501).

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ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

Ee

Creditors: Amounts falling dueafter morethanoneyear 2025 2024
£ A
Fee deposits:
Between 2-5 years 143,716 138,000
Morethan 5 years 134,167 113,000
Deferred income:
Between2-5 years - 4,650
Fees in advance:
Between2-5 years 20,881 104,094
298,764 359,744
Deferred income, including fees inadvance 2025 2024
£ £
Brought forward at
1 September2024
Resourcesdeferred intheyear		 108,744
-		 11,500
108,744
Resources released toSOFA inyear (87,863) (11,500)
DeferredIncomeat3]August2025 20,881 108,744

Deferred income reflects amounts received from parents who gave notice to defer their children’s places until a term beginning after the end of the next academic year and for whom the amounts already received will be used to pay their daughters’ first term’s fees when they arrive (2025: nil; 2024: £4,650). Fees in advance reflects fees prepaid under our formal Fees in Advance Scheme (2025: £20,881; 2024: £104,094).

8. Provisions for Liabilities

An amount of £24,000 was provided for as at 31 August 2022 in respect of work required to the exterior brickwork of the School building, which commenced in 2023-24. Further work remains to be done in 202526.

2025 2024
2 £
Broughtforward at 1 September2024 18,672 24,000
ReleasedtoSOFA inyear: - (5,328)
Provisionforliabilitiesat 31August2025 18,672 18,672

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ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

9, Restricted and unrestricted funds

Balance at Balance at
1 September
2024		 Incoming
Resources		 Resources
Expended		 Transfers 31August
2025
£ + £ £ £
Unrestricted funds:
General funds 1,517,013 4.477.415 (4,446,100) 92,791 1,641,119
Tangible fixed assets fund 3,123,757 = - (92,791) 3,030,966
4,640,770 4.477.415 (4,446,100) 5 4,672,085
Restricted funds:
Donations
Grants		 -
;		 -
756		 -
(756)		 -
5		 -
:
- 756 (756) - -
4,640,770 4,478,171 (4,446,856) - 4,672,085
The tangible fixed asset fund is represented by the accumulated capitalised expenditure on tangible fixed
netofdepreciation. The amounts transferred intheyearrepresentthe netofdepreciation, additionsanddisposals
intheyear.
In2024-25 and2023-24, therestrictedfunds were donationsmade and used forthe thepurposes offundingbursaries
(the expenditure ofwhich isalso shown within incoming resources)(2025: £10,268;2024: £19,096).
Forcomparativepurposes themovementonfunds in 2023-24 wereas follows:
Balance at Balance at
1September Incoming Resources 31August
2023 Resources Expended Transfers 2024
= £ £ £ £
Unrestricted funds:
General funds 1,239,518 4,341,318 (4,101,263) 37,440 1,517,013
Tangible fixedassets fund 3,161,197 - - (37,440) 3,123,757
4,400,715 4,341,318 (4,101,263) - 4,640,770
Restricted funds:
Donations - - - - -
4,400,715 4341318 (4,101,263) - 4,640,770

The tangible fixed asset fund is represented by the accumulated capitalised expenditure on tangible fixed assets net of depreciation. The amounts transferred in the year represent the net of depreciation, additions and disposals in the year.

In 2024-25 and 2023-24, the restricted funds were donations made and used for the purposes of funding bursaries (the expenditure of which is also shown within incoming resources) (2025: £10,268; 2024: £19,096).

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ST MARY’S SCHOOL, HAMPSTEAD NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

10. Operating leases

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Hire|of|equipment| |Total|of future minimum|lease|payments|under non-cancellable|operating|leases:| |Payments|due within one year|6,774|5,999| |Payments|due|in|one|to two years|6,774|37| |Payments due|in|two to|five years|4,500|-|

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11. Pensions

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £306,835 (2024: £268,079). At the yearend £34,053 (2024: £33,296) was accrued in respect of contributions to this scheme.

TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). 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 School has accounted for its contributions to the scheme as if it were a defined contribution scheme,

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

As a result of the valuation, new employer contribution rates have been set at 28.6% of pensionable pay from | April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a

34

  1. —‘Related party transactions

ST MARY’S SCHOOL, HAMPSTEAD

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2025

0.08% administration levy). The School mitigates its exposure to such increases through a mechanism within teacher’s pay, whereby the additional cost is effectively born by the teachers through a reduction in their basic pay. The School offers an alternative scheme, the Defined Contribution Scheme for Teachers (DCforT), for new teachers employed since 1 September 2022 and those who wish to opt out of the TPS.

Defined Contribution Schemes

Defined Contribution Scheme for Teachers (DCforT)

Following consultation in 2021-22 with teachers regarding the School’s continued participation in the TPS for its teaching staff, the School has entered into a phased withdrawal of the School from the TPS from 1 September 2022. A new defined contribution scheme has been established for teachers who are employed from | September 2022 and for existing teachers who wish to opt out of the TPS and join this scheme.

The School contributes 20% of the teacher’s salary into this scheme. Additional benefits, including group life cover, income protection and critical illness cover are also provided to eligible employees. The cost for the year represents the School’s contribution to the scheme of £60,734 (2024: £49,130). At the year-end £5,957 (2024: £4,821) was accrued in respect of contributions to this scheme.

Defined Contribution Scheme for other staff

The School also runs a pension scheme with Standard Life for those members of staff who are not eligible to join the Teachers’ Pension Scheme. This is a money purchase scheme. The School contributes between 3% and 20% ofan employee’s salary, dependent on length of service. The cost for the year represents the School’s contribution to the scheme of £65,864 (2024: £57,866). At the year-end £8,717 (2024: £8,215) was accrued in respect of contributions to this scheme. For contributions from 1 September 2025, the School is using Aviva to run this scheme instead of Standard Life.

There were no related party transactions in the year other than the Governors’ expenses disclosed in note 3,

13. Reconciliation of movement in funds to net cash flow from operating activities

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|incoming resources|31,315|240,055| |Add:|Depreciation|179,304|165,018| |Less:|Investment|income|and|bank|interest|(90,868)|(74,771)| |Less:|Fees|in|Advance|(41,591)|($21,595)| |(Increase)|in|debtors|(67,759)|(72,599)| |(Decrease)|/|increase|in creditors|(267,776)|567,565| |Net cash|provided by|operating activities|(257,375)|303,673|

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