2023-08-31-accounts

St. Margaret's School Bushey (A Company Limited by Guarantee) Incorporated in England and Wales No. 03201182 Registered Charity No. 1056228 GOVERNORS. REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2023

St. Margaret's School Bushey CONTENTS for the ear ended 31 Au ust 2023 Page Govemors, Rgport Auditors, Report 18 Statement of Financial Activities 22 8818nce Sheet 23 Cash Flow Statement 24 Notes lo the Financial Statements 25

49 ST MARGARET'S SCHOOL Annual Report 2023 CONTENTS o ChaSr of Governor's Introduction o Head's Report 0 22123 at a Glance o Objectives and Aims o Academic Vision o Bursaries and Scholarships o Campus and Facilities o Partnerships and Pupil Volunteering o Equality. Dlversity and Inclusion o Sustainability o Report of the Governors o Slructuro. Governance and Management Strategic Report o Risk o Commercial o Future o Financial Performance o Reference Details for Governor's and Advisors Page 1

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 Chalr of Governor's Introduction Following several years of investment by the Goveming Board of St Margaret's School, the school can report another year of continued growih which has seen the pupil roll grow from 450 pupils in 2019 10 755 al the end of the current academic year. Investment has been made acros5 the school in Senior Leaders, expertly lead by our inspirational Headteacher Lara Péchard, In teachers. welfare and support staff of the highest calibre and a full revamp of the Administrative and Operational functions. The Board strongly believe that investing in people will sel the school up lo grow and thrive in the coming years. Offering all-through education for children from to eighteen years in the North London l Hertfordshlre area Sl Margaret's is a very speci81 space and a unique family school. this could not be done without the people that work at and support the school in so many ways. The move lo C(￿eduCatiOnal has been a great success and has sel the school up for an exciling future. Investments of over £2,000,000 have been made in Ihe building$, facilities and resources which are the first stages of a longer-term plan lo continue to invest in the school lo ensure that it prospers, develops and serves ils community- The Governors intend to continue to look after. preserve and develop the beautiful 60-acre site sel in the Bushey green bell centred on the hlstoric grade 2 listed Waterhouse building. The school will continue to be a modern, progressive, co-educational all-through school wilh a focus on happiness and success. The Goveming Board expects to see the return on their investment over the ¢oming years as this wonderful and very special school continues lo grow and flourish in the years ahead. Page 2

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 Head's Report- Lara Péchard A School Focused on Happiness and Success st Margaret's is proud of ils rich history and tradition for providing an educational experien￿ that enriches and transforms young lives in an environment that is open minded, and wami hearted. Throughout the last academic year, we have worked collaboratively with our pupils on nurturing a strong spirit of community, compassion and honesty lo ensure the best learning outcomes. We have also made ff( a priority to embed our core values around mutual respect and openness which are central to the personality and culture of the school. Our belief is that every child should feel a sense of belonging and should be celebrated for their unique passions, skills, and potential. Our new film released earfier this year titled.. What's Your Name? and our This is Me Day where pupils and staff dressed in clothes that represented their identity and heritage, are just some of the many ways we are Gelebraling nclusivity and the cultural richness of our school. We are incredibly proud of the remarkable progress and resilience demonstrated by our pupils, during what has been another busy and challenging year of examinations. This year we have seen pupils excel in their GCSE and A-lev81 results with 710/0 achieving grade A'_B al A-level wth pupils heading off lo study a range of subjects at some prestigious UK universities with a high number achieving places at Russell Group I Ivy League universities, including Medicine al KCL, Law al QMU, Ersglish and Drama at Exeter. Neuroscience al WaNick, Pharmacy al UCL and Drama al The Liverpool Institute of Perft)rming Arts. Two pupils headed to the US to study and another took a place on a degree apprenticeship with Deloitte. 56/¢J of our pupils achieved grade ￿7 in core GCSE subjects. with three of our pupils individually commended by OCR for producing some of the highest quality Art and Photography work this examination board saw nationally. This success is lestamenl to their determination and positive work ethic. Highlights of other pupil achievements this year include a Sixth Form pupil reaching the British Junior Powerlifting Championships, and the U15 Cricket Team becoming county Champions. Sl Margaret's will celebrate four years as a co-educational school in January 2024. As a family school, we strive to ensure that every child in our community from Nursery right through lo Sixth Form, thrives in an inspiring. safe and happy environment. Over the next year our focus will move towards more inclusive provision with a var¢ety of wrap-around options to support families across the school. This year. we have also made significant inve51menls in our school building facilities with suslainabilily in mind, particularly in our Sixth Form and our staff facilities as part of a larger £2 million refurbishment project includlng Investment In all parts of the school. In the upcoming year, we will also continue lo heavily invest in our wellbeing provision at St Margaret's to ensure that every chlld recelves the necessary support to make continuous strides in their progress. We will also be developing and enhancing our creative arts and sporting facilities. Paga 3

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 2022123 At A Glance Giving Back 28 puplls In school have rècelvod a bursary More than 400 hours of communlty servlce has been undertaken by pupils and staff Building a CtFeduc8tlonal Community C&lebrallng 4 years as a cood school 755 pupils on school roll Isopt 2023} 44•/0 of puplls in our Junlor School are now boys 25 /• of puplls In our Senior School are now boys Striving for ExcÉ)Ilence 57% of leavers made it to thelr flrst4holc6 univarsity 78 puplls awardgd scholarshlps In school Objectives and Aims o Robust pastoral care provlslon - to ensure a safe environment where safeguarding and wèllbeing is the top priority. This means increasing the volume of pupil voice, reviewing our pastoral support structure and the intersection of pastoral and discipline through new systems and structures at the heart of the school's wellbeing hub to triage pastoral priority. o Flrst-¢las$ ¢o-GurriGularprovlslon-to ensur8 the co-curricular programme offers a rich variety of activities that are reflecllve of the high standards, b￿adth of interest and skills of all pupils within our community and which create stronger links between our curricular and pastoral work. To audit, monitor and evaluate pupil engagement and for all children to undertake voluntary support for the local community annually. Ac•demlc excellencg lo foster a diverse culture that nurtures academic confidence, Independen￿ and a passion for learning, with a focus on engagement through a modern and relevant curriculum that includes more skills-based subjects for the future, alongside value-add opportunities and examination achievernent. To invest in the scholarship programme, and mutually beneficial programme with other schools and universities, and lo model eng8gemenl between younger and oldor pupils. Page 4

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 o Invest in facilities and seNicg$- lo ensure that our school is safe. and that we make the most of the space and resources onsite to best support outcomes for pupils. To improve major buildings gxlernally and undertake any ossenlial maintenance and make incremental improvements to sporting facilities. o Commitment to staff culture and progression- to be recognised as a modem employer that values positive relationships and is commilled to the professional development of individuals and the health and wellbeing of all staff. To offer multiple training pathways for teachers, flexible benefits and greater visibility around career progression. Academic Wision During the last year. a full Educational Quality Inspection found the quality of pupils, academic achievements lo be excellent, noting pupils, excellent subject knowledge and confident altitude lo leaming. Inspectors commented on the academic confidence of pupils, and the pride they look in sharing their work with the inspection team. .2022 marked the return to pre-pandemic standards of public examination grading and the school was delighted to celebrate superb results at GCSE and A-level, with 560k of GCSE grades awarded al 9-7 and 37¥0 of A-level grades awarded al A'_A. High levels of value added as well as excellent raw examination scores are key markers of SUGGess for our pupils and value added was improved at both GCSE and A-level from 2019's results. Developing the offer is a key aspect of our academic vision and this yearwill see a slgnificant expansion of the curriculum. Dance will enter the curriculurn as an examined option at GCSE and al A-level, with new facilities in development to house this subject area. In the coming years, the school will offer a broader range of Level 3 vocational courses within its Sixth Form offering, including Sport and Children's Leaming, Play and Development. Sixth Form pupils will also have the option to lake Film Studies As part of our expanded offering. This year, we wlll also contlnue lo expand our broad CPD offering lo stsff, with a focus on the development of middle leadership. Investing in our staff and their development is key lo our future growth. Bursarles and Scholarshlps Ac¢gs$ and Recognltlon Broadening access to a high standard of education has always been important lo Sl Margaret's, Pago 5

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 especially for those families with talented children who don't have the financial means to support an independent education. In these cases, the school offers a limited number of means-tesled support across two categorie5 of pupils. those who are new lo the school and those who are currently al school bul have become financially unable lo afford the fees. For those new to the school, ils bursary awards are available lo those who meet its entry Criteria,. the value being assessed against a number of factors which include income. nel assets and extraordinary circumstances, which may impact on family expenditure. Bursary awards range from 5% to 100tyh. Since 2007. St Margaret's has been able lo offer one 1000/0 bursary to al least one pupil on entry to Year 7 on an annual b8$1$. During the last academic year, the school offered 7 new bursaries, Tanging from 15¥0 10 1000A. Scholarships al 11+ and 13+ are awarded on the basis of success in entrance examinations and interviews. This year. St Margaret's awarded 78 scholarships lo talented pupils across a wide range of subjects. At 16+ speclalisl scholarships are also awarded for contribution lo the St Margaret's community. The Governors consider that they have complied with Section 17 of tho Charities Act 2011, including the guidance'public ben@fil.' running a charity {PB2)." Campus and Facllltles Spaces to rèlax and build academic Confidence The increase in pupil numbers, and predicted growth in th8 next few years, has enabled the school to plan the investment and redevelopment of ils superb 60-acre site confidently. and in a way that will enrich ils pupils, learning environment. As such, the school has invested considerably in its spacious facilities during the last academic year. It is part of the schools, ongoing strategy lo make the best use of the space and facilities available to best support pupil outcomes. This year Sl Margaret's upgraded ils Sixth Form facilities as part of a larger £2 million refurbishment project. designed lo enhance provision for pupils and staff. School environments are a key faclor in a student's learning and progression and the new Sixth Form common room provides a light and airy open plan space for students lo build academic confidence and to sociallse and learn independently. While a brand-new Sixth Form Café offers a warm, relaxed setting lo take a break and grab a bite lo eat during a busy day of lessons. Pag8 6

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 The facilities have been updated to boost the overall student experience and to provide a variety of modern spaces lo work collaboratively and independendy as well as bringing a fresh new look to the Sixth Form cenlre. With sustainability at the forefront of mind, many maler181s used were eco-friendly, with carpel tlles belng made from old fishlng nel$ and fl(K)ring that removed the need for adhesives. Many of the old light fittlngs were also exchanged for more environmentally friendly LED options. The school has also completely refurbished its main staff room, creating a friendly relaxed atmosphere not dissimilar to an upmarket coffee shop, with space lo relax and unwind, complete with high quality coffee machine and an adjoining touchdown workspace where staff can plug in their laptops and work qUi8tly if they wish. Earlier in the academic year, Sl Margaret's, invested in a new Weware o￿lcer to provide tsilored, profession81 support lo pupils who are struggling with barriers lo learning. The impact of the pandemic has seen a significant rise in the number of children experiencing anxiety and other mentsl health concerns. which is affecting their ability to learn in school. The purpose of the Welfare Officer is lo ensure that pupils develop more clarity in understanding Iheir own personal needs and that they are nurtured to advocate for themselves. The school completed a refurbishment of our Welfare centre and Medical facilities over th8 summer of 2023 to provide a moro welcoming space. We continue to invest in our wellbeing provislon.. To allow for the continued expansion of pupil numbers. the school completed the conversion of the top floor of the Junior School creating three new modern, light filled classrooms lo house year 6 puplls, with 3 form entry now in years 2 and 6. Partnershlps and Pupll Volunteerlng Rea¢hlng Out and In St Margaret's is a school steeped in a history of service and charitable works. The school was founded to support the orphaned children of clergymen and it has continued to prioritise kindness ever since. The lake-up of the school's pupil-led mentoring programme is always very high as a result. Al the beginning of the twentieth century the sGhool look on Ils name and promotes many of ils namesake's princlples through volunteering projects with care homes and through ils charitable initiatives including for local homeless charities. The school's pupil led student Council is activety focLTrsed on charity work and pupils place significant importance on the imp8Ct they make. Page 7

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 Reaching out and in is a conc6pl that the school is focused on as il moves forward. This moans engaging experts in wellbeing. careers and acad8mics.11 also means interacting with alumni to support the school Gommunity and developing outreach locally too $0 that the SGhool can Gonlinue to provide a programme of leadership and service. Outreach lo other schools and universibes is also important, as is volunteering so that every pupil is involved in setving the local community. Further and rather uniquely, St Margaret's fosters opportunilles also for its staff body to volunteer for service during school hours,. rellecling the school's value5 and embodying intention to underpin service al every level of our school community. During this academic year, the enrichment slot will be developed lo provide service opportunities for all our sixth formers, encouraging their development as thoughfful and empalhelic young people. st Margaret's has developed a collaborative approach to identifyillg opportunities across local and wider geographic regions where it can offer meaningful educational value and support to partner schools. Currently. St Margaret's is looking to partner with Ashfield Junior School to offer the Minimus programme to its pupils, facilitating th@ teaching of Latin lo children who may not olhenNise have this opportunity. Additionally, the school is in the process of forming partnerships with 8ushey Festival, the Merry Hill Woodland Trust, Hand on Heart, Comfort Cases, Small Acts of Kindnèss. a local food bank and local care homes lo estsblish real relationships with local charities and create a powerful and meaningful presence for the school In the local communlty. Further. every child in the school lakes part in service for others., supporting diverse causes from foster children lo the homeless. Service is delivered via enrichment period, during St Margaret's Day and throughout the year. Our pupils pul on concerts, serve lea and pack bags for the homeless.. they crochet blankets, raise money and donate toys. The school is making links with schools in Bangalore and South Africa to form supportive and mutualty enriching ties and is working towards The Olive Branch Award with the charity Solutions Not Sides. with the aim of making Sl Margaret'$ School a hub for other schools in the local area. The school also works hard lo ensure that the grounds and our facilities can be used by the community for certain causes and events. For example, we host Charity coffee mornings, charity music recitals, a STEAM event for other schools and tea parties for the elderly. We are planning a relaxed music setvice which will host children with special needs and invite local schools to see our productions. The school also runs speaker panels on topics su¢h as the media. law and medicine in whiGh experts in their field come in lo talk to sixth formers. Local schools are invited to join these events. Our sports facilities are avallable to the local community and local schools use our swmming pool for free. We hosted the county cross-counlry championship in February this year. Examples of charities and organisalions that have used the school include Macmillan. the Royal Horticultural Society, the Zydre Artistic School of Music, Bushey Symphony Orchestra and NCT. Vve intend to Page 8

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 grow this part of the school's identity. Equality, Diversity and Inclusion Ordlnary. Extraordlnary The school prides itself on being a famlly school and ensuring every child flourishes In a safe. happy and inclusive environment. Championing its diverse community Sl Margaret's is keen lo deepen social awareness and Ljnderslanding of differences by celebrating the cultural richness of the school. For instance, this year the school held a 'This is Me, day, giving the whole school the opportunity lo come lo school dressed in clothes that best represented their identity and heritage. This included a student and slaff-18d exhibition Govering everything from the Iranian Revolution and Afrobeal music, lo Jewish celebrations. Chinese New Year, Diwali celebrations, Persian and Ilrab weddings and more. The school has also welcomed inspirational talks from visitors such as Claire Harvey, MBE and former British Paralympian, who spoke lo senior pupils about striving for goals in the face of adversity. Likewise, Rachel Smith, who rowed across the Allanlic in 76 days and securing two Guinness World Records gave an uplifling talk to the lower school children this last year on what il felt like lo carry the Olympic torch and achieve your dreams. Similarly. pupils were also given two days off timetable to celebrate why Ihey are extraordinary, in recognition of their courage, creativity, progress, endeavours and perseverance, with a great number of individual awards being presented across various year groups. Staff involvement in the schools, student diversity and inclusion groups for its South East Asian society, as well as its Jsoc (Jewish Society) has provided those staff involved with the opportunity lo celebrate difference. to talk Gandidly about the effects of prejudice with pupi58. Staff involvement in topics like inclusion and diversity also elevates the discussion around progress and has provided tutelage in managing this complex and difficult terrain. The school has @mbedded an EDI calendar onto the sch(iol calendar. this in turn is used to inform the PSHE topics as well as being ijsed to help f8cililale grass root involvement on these focus points. The school together with the diversity and inclusion groups have marked Rosh Hashanah, Black History Month and Diwali to date. The community came together to partlcipale in.. apples and honey, rangoli art and candle decorating which brought falths together. All events are marked with a display providing key information and refiections that are displayed on the diversity notice board, students contribute both to this and their themed assembly. Pag8 9

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 Parental webinars have also been well received on diversity topics as il can be useful in helping families to understand the generational divide. Opening up more conversations within the wider school community has also been successful especially where parents have external experiences in leading the diversity and inclusion agenda in their own workplaces. There is much schools can learn from the corporate world in this case. The Vestry has been transformed into a Multi Faith Prayer room for both staff and students, to make use of for prayer, meditation and readings. In order to display inclusivity and our cohesiveness, the community also came together to create a piece of art that displayed both their individual flair, with each Pl￿ then tying in together to make a display piece. Sustainability Passion for our Planet The school previously 8slablished an Environment and Sustainability Group which is responsible for the development and adoption of Ihe Environmental Policy for the school. Initiatives over this last year have included.. Development of 8 more detailed and specific Environmental Policy Rolling out of Recycling Bins in various spaces across the school to encourage recycling of Plastics. Paper & Card which have all been well received by staff and pupils. The school has also progressed in ils waste management procedures this year, including.. Market-lesling our Waste Management contract resulting in a 40/0 reduction in GolleGtions and a far greater percentage of our waste being fed directly into recycling streams. Placing a real emphasis on portion control and food waste resulting in a steadily declining volume of food waste which has resulted in a dramatic deGrease in waste across the schi)ol community. Other new eco initiatives include.. The ongoing prografflme of replac¢ng older-style light fittings with LEDS, coupled with an onsite evening patrol lo ensure lights are all switched off Replacement of our school buses with more environmentally friendly vehicles A he8vy emphasis on reducing printing, encouraging use of technology in both teaching activities & meetings Close per-bullding monitoring of healing lo ensure healing is used only as Ss absolutely necessary Specific and deliberate re-use of timber and grounds-related waste across th8 school estate. Page 10

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 REPORT OF THE GOVERNORS Structure, Governance and Management All Governors give of their time freely and no remuneration is paid. No Governor or person related lo a Govemor recelved any benefll from bursary or scholarship awards lo our pupils. Goveming Document St. Margaret's School Bushey is an independent school founded by the Clergy Orphan Corporation in 1749. The School is govemed by ils Memorandum and Articles of Association d81ed 20 May 1996 las amended 20181. The company is limited by guarantee and is a registered charity. Recrultment. Induclion and Tralnlng of Govornors The School's Govemors are appointed at a meeting of the Board of Govemors following nomination by the Governance and Nominations Committee. Nominations are proposed on the basis of adding specialist skills lo the Governing body. New Governors are fomially inducted into their role through a series of briefings with the Chair, Vice Chair, the Head and the Clerk to Ihe Governors. The Governors are offered training and are informed of seminars and courses that are beneficial to their governance and their responsibilities as Charity Trustees. Specifically, the charity governance code has been inslrumonlal in the Governors, approach to increasing diversity on the Board. The school has invested in state-of-the-art conference facilities, which enable effective meetings in mixod mode, satisfying the needs of those who are unable to meet in person when this is permissible for others. A by-product of this technology is the ability now lo increase the geographical area from which Governors can be recruited. Organlsational Management The Governors are responsible for the policy and strategic direction of the School with strategic and oporalional management delegated to the Head and her Senior Management Team. The Board delegates certain a￿aS of responsibility lo the following committees.. Education, Finance Estates and General Purposes, Governance and Nominations, Pastoral and Marketing and Admissions. These committees and the Board itself meet at least three limes per annum. Page11

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 The Governors also regularly r9VigW the school's performance versus a nurnber of acadgmic. co.curri¢ular & welfare. marketlng & admissions, and financial kgy porfomiance Sndlcators. The key financial KPI'S are cash surplus. cash surplus as a percentage of f68s, pupilltèacher ratlos, avfrragg Class sizg and debtors. Good progress has been made against all Indicators vorsus last yoar. Group Structuro and Relatlonshlps The School has a wholly owned non-charilable trading subsidiary, St Margaret's Enterprises Limited company riUbl)ber 055650551, whose principal activtty is the management of the use of the School's facilities when not needed by the School. The financial slal@menls of the subsidiary have been consolidated within those of the School. Following a review of the recent historical performance of St Margaret's Enlorprises Limited and future cashflow projections, the Board decided that effective March 1, 2023 St Margaret's Enterprises activities were incorporated back into the School. with Sl Margaret's Enlerpris8s remaining in operation merely as the party to fixed term utility contracts for the Sports Centre. St Margaret's Enterprises will become dormant as soon as the fixed term utility contracts expire. The School has close links with many local and national $chools, groups and charities which are addres%ed in detail earlier in this report under the roview of our achievements. STRATEGIC REPORT Tle Board of Govemors is responsible for the management of risks faced by the School. The Senior Management Team and the commillees identify and 8ssess risks and implement contro15 to mitigate against these. The Full Board regularty reviews the main risks identified by the committees. The key controls implemented by the School are ag follows.. Formal agendas for all Board and Committee aclivilies.. Strategic planning, budgeting and management accounting- slablished organisational structure and lines of reporting- Formal written policies.. and Authorisation and approval procedures and processes. The m81n rlsks lo the school idenlrfied by Governors are.. Risks due lo recent rapid pupil growth in the school. These are managed via regular feedback from parents and pupils plus investments in advance in the required people and school facilities. Economic and political risks lo the independent school sector. These are managed through regular, robust strategic reviews, financial plans, and scenario planning. Pag8 12

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 Risks of cyber allack. The school's network resilienc8 is robustwith firewalls. mulliplo discrete backups, security protocols and regular staff training on cyber threats. The school also has a cyber insurance policy. Through the established systems for managing risk, the Governors are satisfied that all foreseeable, major risks have been identified and managed appropriately. 11 is, of course, recognised by the Governors that systems can only provide reasonable assurance that major risks have been adequately managed. The Govemors Closely monitor the working capital of the school, and are satisfied that the school has sufficient reserves to continue its operations. An overdraft facility is in place to resolve any short-term cash fluclualions. Therefore. having assessed the school's financial position. and the plans for the foreseeable future, thé risk's lo which the school is exposed lo and the detailed cash projections, the Govemors are satisfied that it remains appropriate to prepare the financial statements on 8 going concern basis. Through the established systems for managing risk, the Governors are satisfied that all foreseeable, major risks have beell identified and managed appropriately. It is, of course, recognised by the Governors that systems can only provide reasonable assurance that major risks have been adequately managed. Commerclal The Sports Centre, comprising a full-size sports hall, a 25m swimming pool. dance studio, gym and outside courts are open to public for use outside the school timetable. The facility was recently upgraded with the installation of new lighting, and there are plans lo significantly upgrade the gym in the coming year. Sl Margaret's also hosted a residential summer language school, and continue to expand our offering of holiday camps run by an external provider. Si Margaret's has a wond8rful campus and facilities that is available for hire outside of school hours. Future A School with Famity al its Hoart Ovor the next three yoars, Sl Margaret's aims to continue to increase its pupil roll to benefit pupll experien￿ and outcomes. It wlll develop Its bulldlngs on campus both internally and externally with Page 13

st. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 37 August 2023 suslainabilily in mind. Provision will move towards more inclusive options that continue the wrap-around care for 811 families across the school community. The school will also consider its boarding facilities and how Waterhouse is best deployed to serve the pupil community. As a family school, St Margaret's is passionate about supporting parents practically to make family life easier. From transport and parking lo after school care and communications, the school will continue lo offer parenting support as well as advice through specially created events, webinars and through future seminars with wellbeing experts. Looking after its pupils and staff. with excellence in safeguarding. security and wellness al its heart, also means developing more p8rsonalised pathways for those requiring additional support - that means listening to and Ljnderstanding pupil feedback, creating opportunities foT more personalised and open communication around pupil progress on a regular basis. Financial Performance Income and Expendlture As detailed on Page 23, in the period lo 31 August 2023, despite an increase in income by some £2.3m, the School experienced 8 net loss forthe year. This is due lo the Governors, commitment during 2022123 to a strategy of investing in improving and developing the School's educational offering, resources and facilities as the school continues its rapid recent growth. A key indicator of the success of this strategy is the increase in pupil numbers. These are due to exceed 800 by September 2024. This represents a significant increase of over 350 since 2020. The progress to being fully co-educational continues apace and is a contributor to this increase with boys now in all school years. The Junior School is also expanding notably to ￿0 or three form entry throughout. There is now also a much-enhanced nursery provision, and numbers continue lo grow with fvrther expansion planned during 2024. The investment in enhanclng our staff continued with a wave of new teaching appointments during summer 2023 bringing talent and diverse interests lo our School. This is evident in both the classroom and our excellent Co-CLJrri￿1ar offer. In summary, we look forward with confidence to a strong and improving sustainable financial position which will enable further Investment in the School in the immediate future for the bonofit of our pupils and all the Schools, stakeholders. The School's subsidiary St Margaret's Enterprises Limited made a loss of £6,816 for lap year. From March 1. 2023, the main activities of St Margaret's Enterprises Limited have been absorbed back into the school. Pagè14

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the y&ar ended 31 August 2023 Flxed assets The movements in fixed assets are shown in Note 13 to the financial stslemenls. Reserves pollcy The School currently holds free resetves of £18.8m. The School aims to hold reserves foT the following reasons.. To ensure sufficient support for those who have been offered assistance with fees To provide sufficient working capital To build up a fund for capital improvement The target sums associated with these three strands are as follows Fees assistance 6.5-7.5tyA of gross fees Worklng c8Pltal £2m13 months of expenditure excluding depreciation) Capital Expenditure of at least £1.5m pa. on average per ye8r The School has a long term strategic vision tied into our Master Plan for redeveloping the sile. This plan includes building our reserves through sustainable operating surpluses of around 100/¢ of nel fee income which will support the implementation of key strands of our Master Plan lo modernise and upgrade our facilities over the next 20 years. The Govemors recognise that the level of reserves will flucluale during periods of substantial Investment in the facilities of the School. The reserves policy is reviewed on an annual basis. Based on cash flows generated from continuing operations and avgilable banking facilities. the Govemors are sa115fied that the School has sufficient working capital lo meet its foreseeable financial obligations, including the ongoing commitment lo bursaries and scholarships. Remuneratlon Pollcy The Governance and Nominations Committee acts as the remuneration committee. The Committee is responsible for selling the remuneration of the senior leadership team, including the Head and the Director of Finance and Operations. ensuring that they are fairly rewarded using external benchmarking wherever possible. statement of Govgrnors. Rosponsibilitig$ The Governors (who are also directors of the charity for the purposes of company lawl are responsible for preparing the Governors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law foquires the Govemors lo prepare financial statements for each financial period which Page15

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 give a true and fair view of the stale of affairs of the charitable company and the group and of the Incoming resources and application of resources, including the income and expenditure, of the charttable comp8ny and the group for the period. In preparing these financial statements. the Governors are required to.. Select suitable accounting policies and then apply them consistently., Obsetve the methods and principles in the Charities SORP., Make judgements and estimates that are reasonable and prudent., State whether applicable UK AccoLJnting standard5 have been followed, subject to any material departures disclosed and explained in the financial slatemenls. and Prepare the financial statements on Ihe going concern basis unless il is inappropriate to presume that the charftable company will continue in business. The Gov8mors are r8sponsible for keeping proper accounting records that disclose with reasonable accuracy at any tlme the fillancial position of the chaTltable company and the group and enable them lo ensure that the financial ststemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Governors are aware.. There is no relevant audit information of which the charitable company's auditor is unaware., and The Governors have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. In approving this Govemors. Report the Governors are also approving the Strategie Report in accordance with Companies Act 2006 Islralegic Report and Directors, Report) Regulations 2013 in their capacity as company directors. Auditors Moore Kingston Smith LLP were appoinlod as auditor lo the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be reappointed will be put al a General Meeting. Signed on behalf of the Board on 20 March 2024 Laurence Miller ireclorl Chair of Govemors Page 16

St. Margaret's School Bushey REPORT OF THE GOVERNORS for the year ended 31 August 2023 REFERENCE DETAILS FOR GOVERNORS AND ADVISORS The Governors are members of the Governing Body, Charity Trustees and Directors of the Company. The serving Govemors during the period are indicated below.. Ms J Fenn Board Chair IPasloralll (Governance and Nominations G&N} lex-officio member, Finance Esl8tes & General Purposes IFEGPI.. resigned 31st March 2023 Mr L Miller IFEGPI IM&AI= Interim Board Chair from 1st April 2023, Board Chair from 29th January 2024 Mr B T Coulshed (Educalionl IFEGP} Mrs R Hodgson (Pastorall IG&NI (Marketing & Admissions IM&AII Ms Y Jones-H8nry IPastorall IM&AI Mr M Spooner IFEGPI.. Interim Vice Chair from 1 st April 2023 Mr T Calvey (Education} Dr K Jeyarajah {Educalionl Mr T O'Brien= Vic8 Chair IFEGPI {G&NI.' resigned as Vice Chair 31st March 2023 Mrs S Hambury IM&AI: resigned 31st March 2023 Mrs C Jessop (Paslorall {Educationl Mr G Budd IEducalionl.' appointed 5th January 2023 Mr M WoolflM&AI'. appointed 11th January 2024 Mrs M Longlon IPastorall.' appointed Isl February 2024 The Head.. Ms L Pechard Director of Finance and Operations.. Mr A Francombe Registered Office.. St. Margaret's School, Merry Hill Road. Bushey, Herts, WD23 1 DT SolicitOfS- Harrl8on Clark Rickerbys 62 Cornhill London EC3V 3NH Bankers.. Barclays Bank PLC 11 Bank Court Hemel Hempstead Hertfordshire HP1 1BX Auditors.. Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP Registered Charity No 1056228 Registered Company No 03201182 Page17

St. Margaret's School Bushey INDEPENDENT AUDITORS REPORT for the year ended 31 August 2023 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARGARET'S SCHOOL BUSHEY Oplnlon We have audited the financial statements of St Margaret's School Bushey (the 'parenl charitable company'l and ils subsidiaries (the 'group'l for the year ended 31 August 2023 which comprise of the Group Statement of Financial Activities, the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes lo the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable 18w 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 AccoLJnting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the group's and the parent charitable company's affairs as al 31 August 2023 and of the group's incoming resources and application of resources, including ils income and expenditure, for the year then ended.. have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounting Pra¢lice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Inlemalional Standards on Auditing (UK) IISASIUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's ResFionsibilities for the audit of the financial slalemenls 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 financi81 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 lo provide a basis for our opinion. Conclusions rglating to going concern In auditing the financial slalemenls, we have concluded that the trustees, use of the going eoncem 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 doubl on the group's and parent charitable company's ability to continue as a going conc6rn for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concem are described in the relevant sections of this report. Other information The other information comprises the infomialion included in the annual report, other than the financial slalemenls and our auditor's report Ihereon. The Iruslees are responsible for the other information contained in the annual report. Our opinion on the financial slalernents does not cover the other information and, except lo the exlenl otherwise explicitly slated 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 inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such m8terlal inconsistencies or apparent material misstatements, we are required lo determine whether there is a Pag8 18

St. Margaret's School Bushey INDEPENDENT AUDITORS REPORT for the year ended 31 August 2023 material missl8lement in the financi81 statements themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Oplnlons on other rnattgrs prescribed by the Companies A¢t 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the strategic report and the trustees, annual report for the financial year for which th8 financial slalemenls ar8 prepared is consislenl with the financial statements., and Ithe strategic report and Ihel Iruslees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are roquired to report by exception In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identrfied material misslatemenls in the strategic report or the trustees. annual report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report to you if. in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial slalomenls are not in agreement with the accounting records and returns., or certain disclosures of trustees. remuneration specified by law ar6 not made., or we have not received all the information and explanations we require for our audit. Respon$ibilitie$ of trustees As explained more fully in the Iruslees, responsibilities statement, the trustees {who are also the directors of the chaTltable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such inlemal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the group and parent charitable company's ability to continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate tho group or parent charitable company or to cease operations. or have no realistic allernalive but lo do so. Audltor's responslbllltles for the audit of the financial statomgnts Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are froe from material misslalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl when il exists. Misslat&ments 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 financi21 slalements. PagÉ 19

St. Margaret's School Bushey INDEPENDENT AUDITORS REPORT for the year ended 31 August 2023 As part of an audit in accordance with ISAS {UKI we exercise professional judgement and maintain professional scepli¢ism throughout the audit. We also.. Identify and assess the risks of material misslatemenl of the financlal slatemenls, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the Override of internal control. Ob18in an understanding of intemal control relevant to the audit in order lo design audit procedures Ih8t are appropriate in the circumstances, bLrt not for the purposes of expressing 8n opinion on the effectiveness of the group and parent charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures madÈ by the trustees. Conclude on the appropriateness of the Iruslees, use of the going concern basis of accounting and, based on the audit evidence oblainod, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the group and pa￿nI charitable company's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw attention in our auditor's report lo the related disclosures in the financial statements or, if such disclosures are inadequale, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audilorfs report. However, future events or conditions may cause the groltp or parent charitsble company lo cease to continue as a going concern. Evaluale the overall presentation, structure and content of the financial statements, including the disclosures, and whetherthe financial slalements represent the underlying transactions and events in a manner Ih8t achieves fair presentation. Obtain sufficlent appropriate audit evidence regarding the financial infomialion of the entities or business activities within the group lo express an opinion on the consolidated financial stalemenls. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with govemance 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. Explanatlon as to what extent thg audit was considered capable of detecting irregularltiès, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities, including fraud. The exlenl lo whirh our procedures are Capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are,. lo identify and assess the risks of material misslalement of the financial slalemenls due lo fraud,. lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due lo fraud, through designing and implementing appropriate responses lo those assessed risks,. and lo respond appropriately lo instances of fraud or SLJspecled fraud identified during the audit. However. the primary responsibility for the prevention and detection of Iraud rests with both managernenl and those charged with govemance of the charitable company. Pgge 20

St. Margaret's School Bushey CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement for the ear ended 31 Au ust 2023 Total 2023 Total 2022 Notes INCOME FROM.. Charltable Actlvltles School fees Other educational income Other income Other trading income Investments Investment Income Interest received Rental incom8 Voluntary sources Grants and donations 11,448,785 541.003 9,131,115 384,504 360,058 393,332 10,582 4,268 22.255 21,000 8.399 Total income and gndowments 12,391,082 9,934,219 EXPENDITURE ON: Costs of ralslng funds Trading costs Other trading costs Interest and other costs 130,471 256,241 59,191 605,759 30,153 Charitable activities Education 12,476,704 10,020.558 Total gxpgndlturg 12.922,607 10.656.470 Net operating Incomellexpendlture) 1531,5251 {722,2511 Net Incomel{expendlture) 12 1531,5251 {722,2511 Transfer be￿een funds Net movemgnt In funds 1531,5251 {722,2511 Fund balances brought forward 20,096,542 20,818,793 Fund balances carried forward 18, 19 19,565,017 20.096,542 The stslement of finanGial activities includes all gains and losses in the year and therefore a statement of lotsl recognised gains and losses has not been prepared. All of the above amounts r8lale to continuing aclivllies. The accompanying notes form part of these financial stalemenls. Page 22

St. Margaret's School Bushey CONSOLIDATED AND CHARITY BALANCE SHEET asat31 Au ust 2023 Group 2023 Group 2022 School 2023 School 2022 No18S FIXED ASSETS Tangible assets Investments 13 14 23,264,705 22,765,449 23.232,009 22,707.179 23,264.705 22,765,449 23.232,010 22,707.18Q CURRENT ASSETS Debtors Cash at bank and in hand 15 367,519 498,860 484,002 1.315,884 452,795 441,196 484,509 1,281.507 866,379 1,799.886 893.991 1,766,016 CREDITORS.. Amounts f8lllng due within one year 16 13,489,S781 13.117.314) 13,467,729} {3,012,4111 NET CURRENT LIABILITIES 2.623,199 1,317.4281 2.573,738) 1,246,395 TOTAL ASSETS LESS CURRENT LIABILITIES 20.641,506 21,448,021 20,658.272 21,460.785 CREDITORS: Amounts falling due after more than one year 17 11,076,489) 11,351.4791 {1,076,489) (1,351,479) NET ASSETS 19,565.017 20,096,542 19,581.783 20,109.306 FUNDS Unrgslricted funds- general Unreslricled funds- designated Rev8luallon reserve 18 18 18 19.565.017 18.332.204 711.000 1,053,338 19,581,783 18,344,968 711,000 1,053,338 19.565.017 20,096,542 19,581,783 20,109,306 As permilled by the s408 Companies Act 2008, the School has not presented ils own income statement and related notes. The Schoof$ defiol for the year was £1527.523131 August 2022: £1912,0361. Approved an authorised for issue by the Board of Governors on and signed on their behalf by.. Laurence Mille director) Chair of Governors 20 March 2024 The accompanying notes form part of these financial ststements. Company Number.. 03201182 Page 23

St. Margaret's School Bushey CONSOLIDATED CASHFLOW STATEMENT for the ear ended 31 Au ust 2023 CASH FLOW STATEMENT Notes 2023 2022 Nel cash inflow from operating activities 23 844.920 1,163,407 Cash flows from investing activities.. Bank interest re￿iVed Investmgnt income Interest payable Payments lo acquire fixed assets 10.582 4.268 158,836) 130,1531 {1,313.6901 12,362,663) Nel cash oulfiow from investing activities 1361944 2,388,548 Financing.. Loans repaid 1300,000) 1300,0001 Nel cash oufflow from financing activities 300 000 300,000 Increaselldecreasel in cash 1817,024) {1,525,1411 Cash and cash equivalents al the beginning of Ihe reporting period 1.315.884 2,841,025 Cash and cash equivalents 8t the end of the reporting period 498.860 1.315.884 Page 24

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 1 ACCOUNTING POLICIES St. Margaret's School Bushey is a company limited by guarantee ￿th regIste￿d number 03201182, incorporated and domiciled in England and Wales. Its registered office is St Margaret's School, Mery Hill Road, Bushey, Herts, WD23 1DT. 1.1 BASIS OF PREPARATION The financial statements have be'en prepared in aGcordan¢e with the Financial Reporting Standard applicablo in the UK and Republic of Ireland IFRS 1021. The School is a public benefit entity for the purposes of FRS 102 and therefore the School also prepared ils financial statements in accordance with the Ststemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI, the Companies Act 2006 and the Charities Act 2011. The financial slalemenls are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest pound. These financi81 stslements are prepared on the going COTr￿rn basis, under the historical cost Convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are sel out below. Basis of consolidation the group comprises of Sl Margarets School, Bushey and St Margaret's Enterprises Limited. The assets and liabilities and results of the wholly owned subsidiary are consolidated into theseo financial statements. Summarised details of the subsidiary company ar8 sel out in note 13. 1.2 GOING CONCERN The financial slalemenls are prepared on a going concern basls which assumes tha charitable group wlll continu¢ In operallonal existence for the loresee8ble future. The Governors have assessed whether the use of the going concem basis is appropTiale and have considered possible events or conditions that might cast significant doubt on the ability of the School lo continue as a going concern. The Govemors have made this assessment for a period of al least one year from the dale of approval of the flnanci81 statements. In particular the Governors have considered the School's forecasts and projections and have taken account of pressures on fee income and the material uncertainly around pupil numbers, particularly in light of the current economSc climate and the parents ability to P8y school fees as they arlse. In addition the Govemors have taken into account the impact on the Enterprises company, which has also been detailed in the Govemors Annual Report. The Governors accept that whilst there cannot be any certainly in these matters and having made the appropriate enqLriries the Governors have concluded that there is a reasonable expectation thal the School has adequate resources to meet its ongoing liabilities and lo continue in operational existence for a period of al least 12 months from th8 dale of approval of the financial statements. On this basis the Governors have continued lo prepare the financial statements on a going concern basis. 1.3 COMPANY LIMITED BY GUARANTEE The Schtsol is a company limited by guarantee, the guarantors al the present tlme being the Govemors. lo the extent of £1 each. 1.4 INCOME All income is recognised once the School has entitlement lo the income, it is probable that the income will be received and the amount of income receivable Can be measured reliably. Fee income comprises general school fees and disbursements and extras recharged are accounted for in the period in which the service is provided. Page 25

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the earended 31 Au ust 2023 Donations received for the goneral purpose of the School are credited to unrestricted funds. Donations subject lo specific wishes of the donors are credited lo reslricled funds. Gifts in kind are included in income and the corresponding asset included in fixed asset additlons or charged against the statement of financial activities as appropriate. 1.5 INTEREST RECEIVABLE Interest on funds held on deposit is includ8d when recelvable and the amount can be measured reliably by the School,. this is nomally upon nolificab'on of the Interest paid or payable by the Bank. 1.6 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefll lo a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obllg8llon can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs allributabl8 lo a single activity a￿ allocated directly lo that aclivlty. Shared costs whlch contribute to more than one activity and support costs which are not attributable lo a single activity are apporboned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on tho portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the Costs of disseminating infomialion in support of the charitabl8 aclivi118s. Support costs ar8 those costs incurred directly in support of expenditu￿ on the objects of the School. Governance costs are those incurred in connection ￿th administration of the School and compliance with constitutional and statutory requirements. Governance costs comprise the costs of running the School, including strategic planning for its future development. extemal audit. and all other costs of complyng Wlth constitutional and statutory requirements. 1.7 TEACHING COSTS Supplies of games equipment,. books, stationery and Sundry materials are WTillen off when the expenditu￿ is incurred. 1.8 FIXED ASSETS AND DEPRECIATION All fixed asset5 are used in direct fL¢rtherance of the sthool's objectives. Fixed assets are included in these financial statements al their origlnal cost less depreciation and accumulated impairment losses promded to date. All assets costing more than £1.500 are capilalis8d. Depreclalion Is provlded on all tangible fixed assets, other than freehold land, at rates calculated lo write off the costs less estimated residual value of each asset, by equal annual inslalmenls, over their expected useful lives which are considered to be= Freehold Property Building services Furniture, Fixtures and Fittings IT Hardware Vehicles Artificial Pitches . 2¥0 on cost .2% on cost . 33D/D on cost . 33D/o on cost . 25YD on cost . 12.5Q/o on cost Paga 26

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 1.9 PENSIONS Full-lime and part-time leaching Staff gmploy8d under a contract of seNice are eligiblg lo contribute lo the Teachers, Pension Schome ITPSI. The TPS, a slalulory, conlribulory, final salary scheme is administered by Capila Teachers, Pensions on behalf of the Department for Education and Skills. Costs includ8 normal and supplementary contributions. The regular cost is the nomal conlribulion, expressed as a percentage of salary of a teacher newly entering service, which would defray the cost of benefits payable in respect of that service. Variations from the regular pension ¢osl are mel by a supplementary contribution. This occurs if. as a result of the actuarial investigation, it is found that th8 accumulated liabilities for benefits lo past and present teachers are not fully covered by normal contributions lo be paid in the future and by the fund built up from past conlribulions. The normal and suppleTnentary contributions S￿ charged to the income and expenditure account in the year. The School also contributes to an auto-enrolmonl Work Save Pension Scheme run by Royal London for all eligible non-teaching staff. This is a defined contribution scheme and the School's liability is restricted lo the amount of contributions made. 1.10 LEASES AND HIRE PURCHASE CONTFiACTS Rentals under operating leases are charged lo the Statement of Financial Acts'vilies IncoTporaling Income and Expenditure Account on a slraighl line basis over the lease lem. 1.11 INVESTMENTS Fixed asset Investments are a fom of financial instrument and are initially recognisert al their transaction cost and subsequently measured at market value at the Balance She61 date, unless market value cannot be measured reliably in which case il is measured al cost lèss impairm8nl. Investment gains and losses, whether realised OT unrealised. are combined and shown in the heading 'Gainslllosses) on investments, in the Statement of Financial Activities incorporating the Income arsd Expenditure Account. 1.12 CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-terni liquid investments wth original maturities of three months or less. 1.13 FINANCIAL INSTRUMENTS The School only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measurod at arTh)rtised cost using the effective interest method. 1.14 TAXATION The School is a registered charity and is exempl from taxation as afforded by Section 505 ICTA 1988. 1.15 EMPLOYEE BENEFITS The costs of short-term employee benefits are recognised as a liability and an expense. Page 27

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 2 KEY ESTIMATES & JUDGEMENTS In the application of the School's accounting policies. the School Is 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 assoclated assumptions are based on historical experience and other factors that are onsidered ID be relevant. Actual results may differ from these eslimales. The estimates and undertying assumptions are reviewed on an on-going basis. Revisions lo accounting eslimales are rgcognised in thg period in which the estimate is revisgd, if the revision affects only Ihal period, or in the period of th8 revision and future periods if the revision affects both current and future periods. In the opinion of the Governors, the eslimales and assLJmptiorbS which have a significant risk of causing a material adjuslmenl to the carrying amount of assets and liabilili8s ar8 outlined below. Critical judgfymgnts Useful economic lives The annual depreciation charge for property, plant and equipment is sensltlve lo changes In the estimated useful economic lives and residual values of the assets. The useful economic lives and residual valLJes are re-assessed annually. They are amended when ne￿SSary to reflect current estimates, based on technological advancement, future investments, economic ulilisation and the physical condition of the assets. Recoverable value of fee debtors The School makes an 8slimale of the recoverable value of trade and other debtors. When assessing impaimient of trade and other debtors. management conslders factors Including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Pag8 28

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 3 FEE INCOME The School's activities are Carried out within the UK. The school's fee income comprised.. 2023 2022 Gross fees Less.. bursaries, grants and allowances 12,265,734 1816,949} 9,757.552 {626,4371 11,448,785 9,131.115 4 OTHER EDUCATIONAL INCOME 2023 2022 Extras and disbursements Registration fees Retained pupil deposits Other income 467,709 60,959 10,025 2,310 315,541 54,518 13,682 763 541,003 384,504 5 OTHER TRADING INCOME Trading income consists of income generated by the School's subsidiary, St Margarets Enterprise Limited. Seo note 14 for further detail. 6 INVESTMENT INCOME 2023 2022 Inv8slmenl incom8 Rental income 10,582 22,255 4,268 21,000 32,837 25,268 7 DONATIONS AND GRANTS 2023 2022 Donations and gifts 8.399 8.399 Paga 29

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for Ihe ear ended 31 Au ust 2023 8 EXPENDITURE (a) Costs of Ralslng Funds Staff costs (note 91 Total 2023 Other Depreciation Trading company costs Loan interest Trading ar,tivity costs 144,155 86,512 59,191 25,574 256.241 59.191 130,471 130.471 Total Costs of Ralslng Funds 274,626 145,703 25.574 445.903 Charltable expendlture Staff costs (note 91 Total 2023 Other Depreciation Teaching Welfare Premises and Estates Administration Pupil resales and &xtras Finance Costs tsovernance 5.554,838 980,546 240,404 1,202,291 673.587 605,041 790,848 943,418 606,?.09 19,871 70,791 6,228,425 1.585.587 1.820.112 2.145,709 606.209 19,871 70.791 788,860 Total Charitablft Expenditure 7,978,079 3,709,765 788,860 12.476.704 Total Expènded 8,252,705 3,855,468 814,434 12.922.607 CrJ$ts ofRal$lng Fund$ Stamcosts (note 9) Total 2022 other Depreciation Ttsding costs Loan interest 396,617 173,719 30,153 35,423 605,759 30.153 Total Costs of Ralsing Funds 396.617 203,872 35,423 635.912 Charltable expendlturo Staff costs (note 9) Total 2022 other Depreciation reaching Welfare Prefflises and Est8tes Adminislrdtion Pupil resales and extras Finance Govemanog 4. 105,425 874,057 220.987 1,073,541 471,931 322,526 729.396 841,507 488,469 9,023 133.125 4,577,356 1. 196,583 1, 700,954 1.915,048 488,469 9.023 133. 125 750.571 Total Charltable Expenditure 6,274,010 2,995,977 750,571 10.020,558 Total Expended 6,670,627 3, 199,849 785, 994 10,656,470 Page 30

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 {bl Other Govgrnance Costs include: 2023 2022 Auditors, remuneratlon Audit Fees underprovision from previous year - Accountancy Fees Other Audllors remunerallon Professional fees Governorfs expenses 29,539 13,385 4.500 12,952 8.578 1.837 20,790 21,459 2.850 8.207 71.168 8,651 9 STAFF COSTS 2023 2022 Wages and salaries Redundancy and settlement costs Social security costs Other pension costs Other staff costs 6.672.008 10,431 606,271 934,484 29.511 5,424.582 478,296 767.749 8 252 705 6 670 627 The average monthly number of employees during the ye8r was as follows-. 2023 No. 83 100 2022 No. 67 64 Teaching Other Trading 183 131 The number of employees whose £60,000 in the year was as follows: 2023 2022 £60,000- £70,000 £70,001- £80,000 £80,001- £90,000 £110.001- £120,000 £120.001- £130,000 11 10 GOVERNORS REMUNERATION AND BENEFITS There were no Governors, remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. Travel and training expenses of £448 (2022: £5731 for 6 governors131 August 2022.. 5} were paid by the charity during the year. Key management personnel include the Govenors and the senior executives which are made up of the Head and the Director of Finance and Operations. The total pay and benefits received by key management personnel were £261,85812022.. £262,1091. Page 31

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 11 PENSIONS The School participates In the Teachers, Pension Scheme I'the TPS'I for its leaching staff. The pension charge for the year includes employer contributions payable to the TPS of £871,732 12022.. £637,312) and al the yèar 8nd £99,47912022:£254.2931 was accrued in respect of contribLJtions to this scheme. The TPS is an unfunded mU￿1-eMployer defined benefits pension scheme governed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a pay as you go. basis with contributions from members and the employer being credited lo th8 Exchequer. Reliremgnt and other pension benefits are paid by public funds provided by Parliament. The employer conlribt4tion rate is set by the Secretary of Slate following scheme valuations undertaken by the Government ACtua￿S Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report. which was published in March 2019, confirmed that the employer wnlribution rate for the TPS would increase from 16.40/0 10 23.60/0 from 1 September 2019. Employers are also required to pay scheme administration levy of 0.080/0 giving a total employer contribution rate of 23.68Vo. The 31 March 2016 Valuation Report was prepa￿d in accordance with the benefi'ts sel out in the scheme regulations and under the approach specified in the Directions. as they applied al 5 March 2019. However. the assumptions were considered and s8t by the Department for Educaty'on prior lo the ruling in the 'McCloudlSargeanl case,. This case has required the courts to consider cases regarding the implementation of the 2015 refomis lo Public Servlce Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government pemiission lo appeal the Court of Appeal's judgment that transitional provisions introduced to the refomied pension schemes in 2015 gave rise to unlawtul age discrimination. The government is respecting the Court's decision and has said it wll engage fully wth the Employment Tribunal as well as employer and member representatives to agree how the discriminations ¥MII be remedied. The govemmenl announced on 4 February 2021 that it intends to proceed with 8 deferred choice underpin under which members will be able lo choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in schem& costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost e8p mechanism, in January 2019 announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl case and until there is certainly about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 JLtne on proposed Changes to the cost control mechanism following a review by the Government Actuary. The consuttalion closed to response on 19 August 2021 and the Govemment is currently analysing the responses. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with remsed benefits and suitably revised assumptions would weld different results than those contained in the Actuarial Valuation. Until the cost cap mechanism review is completed il is not possible to conclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial slaloments. Al the point of signing these accounts it was announced that the employers contributions would increase by a further 5¥0 from 1 April 2024. The non-teaching staff and some teachers are members of the Sl Margaret's School Group Personal Defined Contribution Scheme. During the period the school contributed 5Yo of the employees, gross pay and the employees contributed 5/0. The contributions are invested in and benefits under the scheme are secured by policies with Royal London {previously Scottish Lifel. The School has no commitment to make good any actuarial deficit. Page 32

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 12 NET INCOME FOR THE YEAR 2023 2022 Nel income is slated after charging.. Depreciation of tangible fixed assets Operating lease rentals- other 814,434 22,590 785,994 18,878 13 TANGIBLE FIXED ASSETS GROUP Pl8nl Freghold Property Equipment Total Cost.. Al 1 Septembgr 2022 Additions DIsPOsals 26.992.164 825,437 2,793.196 29,785.360 488,253 1,313,690 154,1691 {54.169) At 31 August 2023 27.817,601 3,227.280 31,044.881 Depreciation.. At 1 September 2022 Charge for year Disposals 4,529,117 505,703 2,490,794 308,731 154,1691 7,019.911 814,434 {$4,169} At 31 August 2023 5,034,820 2,745,356 7,780.176 Net book value.. Al 31 August 2023 22,782,781 481,924 23,264,705 Al 1 September 2022 22,463,047 302,402 22 765 449 SCHOOL Equipment Freehold Propety Vehicles Total Cost.. At 1 September 2022 Additions 26,794,112 825,437 2,528,965 29,323,077 488,253 1,313,690 At 31 August 2023 27.619,549 3.017,218 30,636,767 Depreciation.. Al 1 September 2022 Charge for year 4.383.614 480,946 2.232,284 307,914 6.615.898 788,860 Al 31 August 2023 4,864,560 2,540,198 7.404,758 Nel book value.. Al 31 August 2023 22.754.989 477.020 23,232,009 At 1 September 2022 22.410.498 296.681 707.179

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for Ihe ear ended 31 Au ust 2023 14 INVESTMENTS Investments consist of the wholly owned share Capital of one share of £1 in St. Margaret's Enterprises Limited, Company Number 05565055. The companls principal activity is the management of the exlemal activities of the School, such as third paty use of the Sports Cenlre. Ils results for the year ended 31 August 2023 are as follows.. Proflt and lo$s a¢¢ounts for thg ygar ended 31 August 2023 2023 2022 Turnover Expenditure Other operating income Interest payable Loss for the perlod 252,855 {259,0551 586,143 1605,7931 212,941 729 192,562 616 6,816 Net assets at 31 August 2023 Fixed assets Debtors Cash Due lo parent undertakings Other creditors 32.696 58,270 132,854 34,377 1130,5161 104,937 9.952 57.661 (85.243 21.882 Capital and reserves 9,952 Following a review of recent historical pgrformance of St Margaret's Enterprises Limited and future cashflow projections. the board decided that effective 1 March 2023 that the activities within the company were incorporated back into the school wth the company remaining in operation merely as the party to fixed term utility contracts for the sports centre. Sl Margaret's Enterprises Limited wll become dom)anl as soon as the fixed lemi utility contract expires. 15 DEBTORS Group Group School School 2023 2022 2023 2022 Trade debtors Fees and extras Less provision for doubfful debts Other debtors Prepayments and accrued income Amount due from group undertaking 126,539 291.428 {124,8841 3.504 187,416 180.878 {99,296) 4,119 281,818 180,878 199,296) 4.119 281.818 85.276 291.428 1124.8841 187,416 130.549 367 519 484 003 452 795 Arnount due from group undertaking includes a 108n to St Margaret's Enterprises Limited of £73,092 from 1st December 2019 and 27 September 2021 2021 repayable in 12 equal quarterly instalmenls with an interest rale of 0.25Vo over the Bank of England base rate. Included in the balance is £nil12022.. £Nill that is due after one year. Pagé 34

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 16 CREDITORS Group Group School School Amounts falling due within one year.. 2023 2022 2023 2022 Loans Trade creditors Taxation and social security costs Fee Deposits Fees in advance Other creditors Accruals 300,000 720,338 160.041 192,901 1,796,586 277.732 41.980 300,000 833,868 167,150 95,500 385,427 590,632 744,737 300,000 718,257 159,171 192,901 1,796,586 262,761 38,053 300,000 775,658 131.437 95,500 385,427 579,652 744,737 3 489 578 3 117314 3 467 729 3012411 Group Group School School Deferred income.. 2023 2022 2023 2022 Brought forwards Released in year Received in year 385,427 1385,427) 1,796,586 919,456 1919,4561 385,427 385,427 1385,427) 1,796,586 919.456 {919,4561 385.427 Carried forwards 1.796,586 385.427 1,796.586 385.427 Deferred income rèlates lo schools fees received in advance for th@ following temi. A debenture was set up in the year for Barclays Bank secured on the schools assets against any potential overdraft that may occur. 17 CREDITORS DUE AFTER ONE YEAR Group Group School School 2023 2022 2023 2022 Amounts falling due after more than one year.. Bank loan Fee deposits Fees in advance 550.000 472,547 53.942 850,000 501,479 550,000 472,547 53,942 850.000 501,479 1076 489 1.351,479 1076 489 1,351,479 2023 2022 Movement on loans In one year or less Between onè and two years Between two and five years 300,000 300,000 250,000 300,000 300,000 5SO,000 850.000 1,150,000 The School's loan balances as at 31 August 2023 consist of the following.. A 108n of £1,500,000 from Barclays PLC drawn down in April 2020. of which the remaining balance al the reporting dale is £850.000 12022.. £1,150.0001. This loan is secured on a charge over the school's freehold property. Interest is charged on a floating rale basis based on the Barik of England base rate, with an interest free period for the first 12 months. The amount is being repaid over 6 years slarbng from July 2021. Page 35

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 18 STATEMENT OF FUNDS GROUP A11 S8plember 2022 Transfer Between Funds Gainsl Ilossesl Al 31 August 2023 Income Expenditure Unrestricted funds.. General reseNe Capital fund Revaluation resetV8 Designated Trading Total funds 13.671,006 12,213,227 112,666,011) 4,886,869 1.053,338 711,000 (225,671 423,356 1,053,338 11,053.3381 1711,000) 287,644 13.641,578 5,940,207 177,855 256,596 16.768 20.096,542 12,391,082 112,922,607} 19,565,017 At1 September 2021 Transfer Between Funds Gainsl {lossesl Al 31 August 2022 Income Expenditure Unrestricted funds.. General reserve Capital fund Revaluation reserve Dosignated Trading 14,370.101 4.886,869 1.053,338 711,000 202,515 9,540,887 110,050.7111 {189,2711 13,671,006 4,886,869 1,053,338 711,000 225,671 393.332 605.759 189,271 Totsl funds 20,818,793 9.934,219 10,656.470 20,096,542 CHARrrY At1 September 2022 Transfer Bètween Funds Gainsl 110ssesl Al 31 August 2023 Income Expenditure Unrestricted funds.. General reserve Capital fund Revaluation reserve Designated Total funds 13,458,099 12,213,488 112,741.0111 4,886.869 1,053,338 711,000 711,000 1,053,338 {1.053,3381 711,000 13,641,576 5,940,207 20,109,306 12,213,488 112,741.0111 19,581,783 A11 September 2021 Transfer Between Funds Gainsl {losses} At 31 August 2022 Income Expenditure Unreslricled funds.. General reserve Capital fund Revaluation reserve Designated 14,370.135 9,541,616 110,453.6521 4.886,869 1,053,338 711,000 13,458,099 4,886,869 1,053,338 711,000 Total funds 21.021.342 9,541.616 110,453.6521 20,109,306 The designated fund is to support bursaries assistance. The transfers are due lo the money being spent in the year on bursariues from unrestricted funds. The capital fund relates to the fixed assals and during the year the revaluation fund has been transferred inlo the capital fund. Pa￿ 36

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS GROUP Unrestriclgd funds Trading ompany Dosignaled funds 2023 Total Tangible fixed ass8ls Current assets Current liabilities Long term liabilits'es 23,232.009 32.696 808.715 57,664 13,382,453> {107,1251 11.076.489> 23.264,70S 866,379 13.489,5781 11.076,4891 Total net assets 19,581,782 16.765 19 565 017 Unrestricted funds Tradlng company Designated funds 2022 Total Tangible fixed assets Current assets Current liabilities Long lemi liabilities 22,707.179 58.270 924,466 164.420 12,668,920) (448,3941 11,351.4791 22.765.449 1,799.886 {3,117.3141 {1,351.4791 711,000 Total nel assets 19.611,246 225,704 711.000 20,096.542 CHARITY Unrestricted funds Designated funds 2023 Total Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 23.232,009 23.232,009 893,991 13,467,729) 11,076,489) 893,991 {3,467,7291 {1.076.4891 Total nel assets 19.581,783 19 581783 Unrestricted funds Designated funds 2022 Total Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 22.707,179 22,707,179 1,055,016 13,012,411) 11,351,479) 711,000 1.766.016 13,012.4111 11.351.479) Total nel assets 19,398,306 711,000 20,109,306 Page 37

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 20 COMMITMENTS UNDER OPERATING LEASES Al 31 August 2023. the School had outstanding commitments for luture minimum lease payments under non- cancellable operating leases, which fall due as follows.. 2023 Plant & Equlpment 2022 Plant & Equipment Due within one year Due be￿99n two and fivg years Due after more than five years 29,821 70,960 34,977 30,487 100781 65,464 21 RELATED PARTIES During the year the school paid MSP Energy Consultant £1.30012022.. £6001 where one govemor is the partner. A child of a member of senior management was paid nil (2022.'£350} for design services. 22 MEMBERS LIABILITY Each member of the charitable company undertakes lo contribute lo the assets of the company in the event of il being wound up while helshe is a member, or within on8 year after helshe ceases to be a member, such amount as may be required. not exceeding £1 for the debts and liabilities contracted before helshe ceases lo be a member. 23 NOTES TO THE CASHFLOW STATEMENT 2023 2022 Reconciliation of operating result to nel cash inflow from operallng acllvllies Nel movement In funds Depreciation Bank intere51 received Interest payable IncreasellDecreasel in creditors {IncreasellDecrease in debtors {531.525) 814.434 (10,5821 58.836 397.273 116,484 1722,2511 783,981 (4,2681 30,153 1,389,834 1313,8421 844 920 1 163407 Page 38

St. Margaret's School Bushey NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2023 25 NOTES TO THE CASHFLOW STATEMENT Icontlnuedl Analysis ol changes in net debt At1 September 2022 Other non- cash changes At31 August 2023 Cash flows Cash and cash equivalents Cash Overdrafts Cash Equivalents 1,315.884 {817,0241 498,860 1.315,884 1817.0241 498,860 Borrowlngs Debt due within one year Debt due after ong y8ar 1300,OODI 850,000 11,150.000} 300,000 {300,0001 300.000 1300,QOQI 550,000 1850,0001 300,000 Total 165 884 517 024 351140 Other non. cash changes September 2021 At31 August 2022 Cash flow$ Cash and cash tquivalents Cash 2,841,025 1,525,141 2.841,025 {1.525.141) 1,315,884 1,315,884 Borrowlngs Debt due within one year Debt due after one year 1300,0001 1,150,000 11.450.000) 300.000 1300,0001 300,000 1300,0001 850,000 11,150,000) 300,000 Total 1.391,025 (1.225,1411 165.884 Page 39