2022-07-31-accounts

Charity No: 1062748 Company No: 2590761 THE ST. GABRIEL SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

THE ST. GABRIEL SCHOOLS FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS PAGE Governors, Officers and Advisors Report of the Charity Trustees (Governors, Report) 3- 11 Auditorfs Report 12-15 Slatem&nlDf FinancialAclivilies 16 8alanceSheet 17 Cash Flowstatement 18 Notes to the Financial Statements 19-38

THE ST. GABRIEL SCHOOLS FOUNDATION GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2022 GOVERNORS Mr S Barrett Mrs S Bowen Mr N Garland- Chairman Mrs J Hewod Mrs S Hutton Mr D Peaple Mr N Rankin- Vice Chaimian Mr S Ryan Mr M Scholl Mrs J Whitehead THE PRINCIPAL Mr Richard Smith THE BURSAR AND CLERK TO THE BOARD OF GOVERNORS Mrs Penny Setter OTHER MEMBERS OF THE EXECUTIVE Vlce Principal Mrs Anggla Chapman Head of Junlor School Mr Peter Dove ADDRESS Thè St. G8brlel Schools Foundation Sandlèford Priory Newbury Berkshire RG20 9BD Page 1

THE ST. GABRIEL SCHOOLS FOUNDATION GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2022 ADVISERS Banker5 National Westminster Bank plc 30 Market Plac Newbury Berkshire RG14 5AJ Solicltors Godwins Solicitors LLP 12 St Thomas Street Winchester Hampshire S023 9HF Audltor Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL Insurers Marsh Limited Capital House 1-5 Perrymount Road Haywards Heath Wesl Sussex RH16 3SY Assoclatlons Gi￿. Schools AssocAalion Independent As50cialion of Preparaloryschools Independent Schools, Council Association of School and College Leaders Independent Schools Bursars, Association Page 2

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITYTRUSTEES (GOVERNORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 The Directors, who are also Governors of the scht)ol and charkytruslees for the purposes of the Charities Act 2011, present their annual report in compliance with both that Act and the Companies Act 2006, together with the financial statements prepared under the latter Act, for the Feriod ending 31 July 2022. DIRECTORS, REPORT REFERENCE AND ADMINISTRATVIE INFORMATION The St. Gabriel S¢hools Foundation is a company limit￿ by guarantee, company number 2590761 and a registered charty number 1062748. 11 operates under the trading names of "St. Gabriel's" or °St. Gabriel's School. or'sandleford" and has a subsidiary company "Sl. Gabriel's School Sports Centre Ltd". Company Registration No 4250689 (currently domantl. The principal address and registered office is Sandleford Priory, Newbury, Berkshire. Mr N Garland is the sole Director of St. Gabriel's Sports Centre Ltd. Mrs P S8tter is Company Secretaryto t)oth companies and Clerk to the Governors. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The Governing Document is a Declaration of Trust dated 1 May 1974 and as amended by a scheme approved by the Charttycommission on 4 October 1991. Governlng body The list of Governots is shown at page 1 of this report Election. recruitment and tralnlng New Governors are elected by the existing Trustees and are selected from nominations from individuals on that Board and the Principal. Govemors serve for a term of three years and may be re-elected. The Chair of Govemors is elected from wthin the 8oard for a term of three years and may be rg-elecled. Govemors are selected to mainl8in a balance of relevant exptrrien¢e, proftrsslonal knowledge and Competen￿ on the Board. The Board seeks and appoints persons wth educational, financial, busine5S, pastoral, legal, religious and parental experience. Induth"on and then further training, as required, are providod to build on individual skills and qualifications. Organl$atlonal management The Goveming Body is supported by the Finance & General Purposes sub-committee. the Education su committee Ire-estsblished in January 20171, the Marketing sub<ommittee leslablished JanLJary 20201 and the COVID19 sub-committee lestsblished April 20201. The day-to-day running of the school is delegated to the Executive as key management personnel. The Executive attend all meetings of the Governing Bodls committees. The leadership structure of the school is made up of The Executive IPrinapal, Bursar, ViceThPrincipal and Head of Junior School), the Senior Leadership Team ISLT} and the Junior Leadership Team IJLTI. Tha Principal ¢ondu¢is strategi¢ conversations with the SLT, JLT and Heads of Departments and members of staff which inform the Executive's strategic proposals lo Govemors. Govemors review, consider and amend these proposals prior lo fomally approving development and educational strategies which the Executive are tasked with implementing. A Heads of Department ¢ommitt0g. Chairgd by the Director of Teaching and Learning coordinates cross phase and interdepartmental acad&mic matters. The remuneration of the key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhan¢gd performance and of rewarding them fairly and responsibly for Ihelr individual contributions to the Company's success. P8g8 3

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2022 The appropriateness and relevance of the remuneration policy 15 reviewed annually, including reference lo comparisons with other independent schools lo ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. We airn to recruit. where practicable, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the School's charitable vision and purpose is primarily dependent on our key management personnel and stsff costs ar8 the largest single element of our Gharitsble expenditure. OBJECTS. AIMS. OBJECTIVES AND ACTIVITIES Charitable objects The charitable objects are to promote and provide for the advancement of education of the pupils at the School and in Connection with that lo expand and dev¢1op the school wth a curriculum in accordance with the principals of the Church of England. The promotion of this education is in itself of public benefit and this is being pursued with th8 same vigour as il has always been. In accordance with the trust deed of 1974 the Governors lake account of the financial ¢iT¢umstan¢es of all its pupils and makes awards and bursaries so that its charitable aims aro available to the whole population by the provision of means tested awards. In seeking to promote these objects the GovernoTS take full account of the appropriate guidan￿ issued bythe Charity Commission. The Sl. Gabriel Schools Foundation aims to.. Provide, wthin the framework of a safe, secure and happy Christk4n onvironmenl. an academic 9ducation which will enable each individual to develop: o Hislher abil￿e$ to the full o A wide range of interests and extra<urricular aclmlies o A sense of personal values Make education a challenging and posilwe experience in which each pupil can feel a measureof success and acquire confidence and seff-esteern Prepare pupils forlhe challenge5 of the 21st Cenluryan¢J in particularforwork in a changing sooety. Sl. Gabriel's seeks to achieve these charitable objects with the assistance of local educational, cultural and charitable bodies and il is a poll¢y of the school to seek to provide and achieve the highest standards in education, to build on the partnership wth a local stsle school and promote education with the local community through a series of events as well as widening access to the schoo18 facilities. Page 4

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Trustees (who are also directors of The Sl. Gabriel Schools Foundation for the purposes of company lawl are responsible for preparing the Governors. Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally AC￿pIed Accounting Practi￿ (United Kingdom Accounting Stsndardsl. Company law requirès the Trustees lo prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. inclLJding the income and expenditure, of the charitab5e company for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislendy., observe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent- stsle whether applicable UK acGounling stsndards have been followed, subject to any rnalerial departures disc105ed and explained in the financial statements.. and prepare the financlal statements on the going concem basis unlass it is inappropriate to presume that the charitable company wll continue In buslness. The Trustees are responsible for keeping adequate a¢¢ounting records that are sufficient to show and explain the charitable company's transactions, disc105e wtth reasonable a¢¢uracy al any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charitls constitution. fhey are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention an dete¢tion of fraud and oth8r irregularlcies. PROVISION OF INFORMATION TO AUDITOR Each of the persons who arè directors at the tirne when thls Dlrectors, report is approved has conflrmed that.. so far as that director is aware, there is no reJ8vant audit infornialion of which the Companys auditors are unaware, and that the director has tsken all the steps that ought to have been taken as a director in order to be aware of any infomiation needed by the Companls auditors in connection wth preparing their report and lo establish that the Companls audtiors arg aware of that information. AUDITORS In accordance with Section 485 of tho Companies Act 2006, a re501ution proposing the reappointment of Crowe Clark Whilehill LLP as auditors of the company will be put lo the Annual General Mooling. Page 5

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY2022 STRATEGIC REPORT OBJECTIVES Objectives forthe perlod The prime objeclives have beèn: Continued preparation and implementation of A levels courses creallng an appropriate and attraclive 6tr1 form offering., Continue preparalron and implementslbn of GCSE courses., ConsolidalDn and prudence in financial management., Updab'ng and refinement of School policies in line with new leglslailon- IT facilities Senior School Coedu¢8tion launch Enhancing the whole school experience. Strategies to achiève the objectives There have been severya strands to the strategic action required lo tske forward this periods obj'ectives.. ReSnforclng the financial stability of the school; Reviewng the academic curriculum including the number ofsubjocts on offer al A level and GCSE and the time allocated to each subject in the timetable., Continued Implernentslion of fully means-tested assessment for financial assistance in order to enhance the accessibility and thus the public beneff( offered bylhe charily, Investment lo enhance the facilities and appearance of the school.. Marketing campaign for Coeducalion from Septernber 2022 Upgrade ICT fa¢S1ities During the period under revlew Sl. Gabr￿l'S School had 368 ftjll lime pupils in Re￿ption to Year 13 witt) furth8r 82 children in the nursery Ifull-time and part-tirnel in the school al the start of the year, kthid) rose to 96 for the summer tenn. At the start of September 2022, there were 401 pupils on roll for Reception to Year 13 and a furthor 71 chlldren in the nurserywhich is predicted to rise durfng the ccHJrse of the year. GRANT-MAKING POLICY This year, the value of scholarshlps, grants, prizes and other awards made to the Schools, pupils exceeded £138,664. The Govemors, policy. in line with that of other Independent Schools, is lo make these awards on the basis of the individual's educational potgnlial, subject lo the particular conditions imposed by the original donor where the award is out of reslrlcted funds. Further means-tested awards lotalling £494,072 in bursaries and allowances were made to support 36 pupiLs would not otherwise be able lo attend the school or to ￿lieve hardship where the pupil's education and future prospects woul otherwise be al risk. 25 puplls received bursaries of 50% or more of the annual fees, with 18 of these receiving a minimum bursary of 85010 and the majority of these pupils also received support with school transport, educational visits and mL*SiC tuition. Page 6

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITYTRUSTEES (GOVERNORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 COMMUNrrY Independentistate School Partnerships and Links We have formed a partnership with a local stale secondary school. The two schools have worked together closely on a number of initiatives which represents a highly innovative and cost-effective approach to tho collaborative delivery of enhanced curriculum provision for students between an independent girls, school and an 11-18 mlxed converter academy. This initial provision has subsequently been developed and extended lo extra-curricular and gifted and talented enrichment opportunities. Most recenuy il has also deepened further lo include shared professional development for leaching staff, with a joint leadership development prograrnme for female teachers and reciprocal teaching provision offering support for teachers The school normally embarks on a wide range of links and collaborations with other schools. Unfortunately due to the COVID pandemic this was not possible in 2020121. In 2021122 the school began to reinlroduce these activities which included a downsized Maths Challenge with 96 pupils visiting from 12 schools. For the 2022123 academic year the followng activities are planned.. Sixih fomi students and stsff visits to local schools offering adwce and guidance on subject choices 8t A level 8nd their impact on highér education 8nd caieers. Invitation lo pupils from local prirnary schools to take part in a rnaths challenge. Transport is also provided to collect pupils from their local schools. The Head of Classics wll visit local primary schools throughout the year lo teach Outreach Lalln to 80 pupils. Modern Foreign Languages Olympics for pupils from 4 local primary schools136 pupils} Mandarin teacher lo visEt local schools from September lo March to deliver outreach Mandarin. Chinese New Year celebrations to be hosted by St Gabriel's for 2 lo￿1 schools. Drama festival for summer 2023. Sharing expertise with stsff from local sch¢xsls. Communlty Llnks A Community Link Project starts in year 9 which ancouragès pupils to identrfy and meet a variety of needs within the local community which they continue In subsequent years. Senior pupils. as part of their Duke of Edinburgh Service element, participate in a community project. Pupils parbcipate in a wide range of fundraising activities. This year the school raised £8,582 for other charities. The nursery would nomally run several parent and toddler mornings for the local community during year. COVID restrictions prevented these from taking place the last year. In previous years there were 3 events attended by 7 families. Slxth form students have the opportunity to participate in a Worfcl Challenge Expedilion12012 Ecijador, 2014 Peru, 2016 Thailand and Cambodia, 2018 Borneo) where they spend a week volunteering and living in a local comrnunily working on an education based project. The next expedition which was due to tska place in July 2020 to Vietnam and Laos was regrettably cancelled due lo the W0￿￿wIde COVID19 pandemic. The Governors have re-estsblished Ihls OPPOrtunily with the next expedition being to Malawi in 2024. Students, including those considering a career in medicine or other Caring professions, partlclpale in voluntary work in local care homes. Page 7

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 C¢mmunty Access The school supports a number of local gTOUPS by providing ils facilities free or charge or at a reduced fee, induding: a meeting venue for PALS. a West Berkshlre charity which provides soci81 and leisure actimlies for physically disabled children. Wesl Berkshire Schools Sports Network events. County chess championships. Friends of Young Carers charity quiz night. Public benefit The Governors confirm that they have complied with the duty in Section 17151 of the Charities Act 2011, lo have due regard lo the Charity Commission's guidance on public benefit. FACILITIES In Seplèmbar 2014 the Junior School be¢ome co-educational and a 50 week per year day nursery was opened catering for children from aged 6 months to 5 years and from 7'.30am to 6.'30pm. The nursery is now successfully feeding boys and girfs into the coeducational Junior School. A new 61h Form centre was converted during 2016117, and opened al the start of the autumn term 2017, providing leaching rooms and study areas for many subjects. During 2018119 the school built upon the 2017118 Invest to Impress programme wlh the aim of upgrading many of the schools facililies. Much of the summer 2020 works were concentrated on ensuring the school was prepared for the September return of pupils under COVID 19 guidance. In February 2021 the school announced that the Senior School would admit boys in year 7 from September 2022, becorning fully Co-Ed by 2026. The summer works for 2022 concentrated on refurbishing existing welfare facilities for gids and the creation of new facilities for boys. With the increasing numbers on roll the Govemors are aware of the need to use existing facilities efficiently and to carefully consider what new facilitie5 may be required. To assist with this process during 2021122 architects were appointed to produce a Master Plan. The findings from this will be presented to Governors in Autumn Temi. REVEEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD You will be aware that this year GCSES and A Level results were once again based on final examination results rather than on Teacher Assessed Grades. Advanced notice was given on some of the examination content and slight modif1cations were made to the examination process. However overall il was a much more sSmllar experSence to thal of 2019 and previous years. Acadoml¢- A Lovel The follo￿ng table shows trends al A l&vel results over the last 5 years (%) 2017 27 36 23 10 2018 39 41 16 2019 29 39 26 2020 30 41 25 2021 31 31 28 2022 21 28 27 19 Page 8

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY2022 At A level, 76% of the grades were al A'.B. We also saw 49% of grades al A'IA which compares to 36.4% nationally. Whilst these Tesutts are lower than the last two years this was the pattem nationally due lo first Centre Assessed and then Teacher Assessed Grad85. Our results were similar to those achieved in 2019 and significantly higher than the results achieved prior lo this, particularly al the A. level. Acad8mic- GCSE AI GCSE 60.4Vo of grades al 7-9 and 42Vo of these were at grade 8 OT 9. We were also particularly pleased that 18./9 of the results were at grade 9 which compared to 6.6Yo nation811y. 99.3% of grades were at 94 and this Included IOO*o of resutts at 94 in both Malh8matics and English Language. 1000/0 of our Year 11 pupils also secured 5 or more 94 grades including English Language and Malhernalics which is an excellent results. We were also delighted that 20Vo of Year 11 pupils achieved al least 9 grades at either grade 8 or 9. FINANCIAL REVIEW AND RESULTS FOR THE PERIOD The results are a return of circa 1 Yo which was better than a￿t￿Ipated by the Govemors. Throughout the year Ihe Governors have continually reassessed the Schools financial position and its ability to continue as a going concern. This has included the development of several budget scenarios and cash flow forecasts all of which have been robustly stress lesled. During this period the Governors also consulted with leaching sl8ff to withdrawfrom the Teachers Pension Scheme. Agreernenl was met8nd the school leftthe scheme on 31108121 and join the APTIS scheme run by Aviva. The maintenance of a sufficient and prudent margin in the order of &12Yts wll undoubtedly prove challenging but the Govemors are resolved to pursue measures lo mainlaln rinancial slabilty. The Governors continue to identify priorities for the school in temis of incrèasing recruitment and relentlon, reducing costs and developing the school. Reserves Pollcy The School's unrestricted funds stood at £3,034,388 {2021.' £2,985,572J at the end of the period. After adjusting for unrestri¢ted functional fixed assets for the charity's own use. borrowings against thorn and the effect of revaluation of fixed assets al a time of lower property prices there were free reserves of £493,045 las defined by the Charity Commission} (2021.. £512,542J. The Governors consider that free reserves would ideally be equivalent lo one tsrms operating costs, in order lo cover the risks and uncertainties of operating 8$ an independent educational establishment. The long term policy Is therefore to retum to bullding Ltp reserves out of annual net incoming resources until that level is reached, subject lo thè prior demands of fiJrth8r capitsl expenditure to equip the School with the up-to4ale facilities neèded lo maintsin the stsndard of educattonal services currenuy provided. Fundral$lng A separate charity the Sl Gabriel's Parent Teachers Associa￿On which is operated by parents of the school raises funds towards facilities and equipment for the school by running so¢ial events during the year. In the year 2021122 the PTA donated £4.925 to the school following these activities. The school does not engage in large scale fundraising a¢livilies like mass mailings, telephone fundraising or door to door campaigns. Any small level fundraising activities focus on the current parents and other individuals or organisations connected wth the school rather than the wlder ¢ommunity. During the financial year, the School did not re￿1ve any fundraising complaints requiring action by the Fundraising Regulator. FUTURE PLANS The Stratog￿ conversations which the Prin¢lpal conducts forrnally wllh all Heads of Departments before th8ir budget submissions each year provide a detailed insight Into the curriculum requirernents pèrc8ived by the Heads of Departments. Th8sè aspirations are funnelled in ￿ directions.. firsfjy into short terni plans for departmental budgets and more strategically into curriculum development and the resources required to support it. Page 9

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITYTRUSTEES (GOVERNORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 In addition. the Governors have considered the strategic direction of the school against a backdrop of redLicing dernand for single sex education. the requirements for childcare for working parents and the aspirations of pupils for an enhanced 6lh Form. The school will be admitbng boys to year 7 from 2022 and will grow lo bg fully coeducational by 2026. Prlnclpal risks and uncertalntles The Board of Governors is responsible for the management of the risks faced by the school. In Novernber 2001 the school commissioned a risk assessment from a specialist adwsor and a full review and action plan with regard lo the risks was pmduced. The risk assessment report is used as a current working document and is formally revlewed by the B08rd of Govemors on an annual basis. From 5 January 2021. the School was physically closed with immediate effect as part ofthe national response lo the COVID-19 coronavirus pandemic. Despite the physl¢al closure of the School, the School was able to serve ils pupils effectively throughout the period by offering a full and comprehensive distance learning programme. As a result, Governors deckged lo offor a reduction of 15 /0 to the Spring Temi fees for each week of ￿mOte working. In order lo presetve the School's strong financial position, operab'ng expenses were reduced by furloughing 53 staff members las part of the Governments Coronavirus Job Retention Scheme) and catering activities ceased. All bul necessary capital expenditure was put on hold. In March 2021 the School was able to fully reopen. The nursery continued to operate fully throL￿hOLtl this p&riod, with only 2 episodes of partial and full closure due to Coronavirus cases. The costs incurred due lo the Coronavirus pandemic have been oxtensive and the Govemors agreed that a porbon of the Schools resetves should be used to support the school through this Challenging period. The Governors have undertaken a robust review of thè ¢urriculum and staffing and have adjusted both where required. The school has also stress tested the cash flow forecast against a number of scenarios, including further remote teaching and changes lo pupil numbers. The Coeducalion announcement has generated a lol of interest in the school. September 2022 numbers on roll have increased considerably further consolidating the school financial fooling. Because of the action taken, the Govemors consider it appropriate for the going concern basis lo be adopted for these accounts. The principal risks and uncertainties currently facing the Company are considered to be, the current political situation and its effect on schools strategic plans. the UK'S economi¢ outlook, pressures brought by the war in Ukraine, energy crises. rise in cost of living, price competition frorn rival independent schools investing heavily in state-of-the-art technology an(t facilities. the increasing competition for high-quality leaching and support staff and its effed on succession-planning and severe reputational damage in the unlikely event of 8 high profile legal a¢lion alleging lack of due care over our pupils as vulnerable beneffciaries. Our plans and strategies for managing risk include maintaining effective internal controls, risk registerg. in¢ident-reporting and monitoring systems and insurance cover wherever appropriate. The key controls used by the charity to Mrffl￿ include.. Fomial agendas for all Board, Committee and management team aclivty,. Comprehensive strategic plannlng, budgeting and manag8menl; Well established organisalional slructijre and lines of reporting., Formal written polieies., Vetting procedures as require(t for the protection of the vulnerable.. Monitoring compelilion., Implementing and Monitoring progress against the school development plan.. Maintaining accurate records and making relevant interventions where appropriate. Through the rlsk management processes established by the school, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems Can only provide reasonable bul not absolute assurance that major risks have been adequately rnanaged. Page 10

THE ST. GABRIEL SCHOOLS FOUNDATION REPORT OF THE CHARITY TRUSTEES (GOVERNORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

The major risks to the continued success of the school are assessed as: reputation, recruitment and health & safety. These risks are managed by a balanced approach to insurance, controls, emergency planning, and training.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of The St. Gabriel Schools Foundation on 28 November 2022 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by: A9t nd NC G'an

Chairman of the Board of Governors

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Crowe

Crowe U.K. LLP Chartered Acco<1ntants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RGl lPL, UK Tel [phone] Fax +44 (0}118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ST. GABRIEL SCHOOLS FOUNDATION

Opinion

We have audited the financial statements of St. Gabriel Schools Foundation for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheets, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 July 2022 and of the group's incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue

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Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP ’ s members is available at the registered office. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

A Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ST. GABRIEL SCHOOLS FOUNDATION Other Infomiation The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial 51alements and our audil0rf5 report thereon. Our opinion on the financial stslemenls does not coverthe Other information and, exceptto the extent otherwise explicidy slated in our report, we do not express any forni of assurance condusion Ihereon. In Connection with our audit of the financi81 slatemenls, our responsibility is lo rèad the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our kno￿edge obtsined in the audit or otherwise 8ppÈars to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statemenls, we are required lo determine whether there is a matèrial misslalemenl in the finan¢ial statements or a material misstaternent of the other information. If. based on the work we have performed, we condude 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. Oplnlons on other matters proscribed by the Companlo$ Act 2006 In our opinion based on the work undertaken in the COUTse of our audit the infomialion given in the trustees. report. ￿lch includes the directors, report and the strategic report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consisltsnl with the financial statements; and the strategic report and the directors, report included within the Iruslees, report have been prepared in accordance with applicable legal requirements. Mattors on which we are r¢qulrèd to report by exceptlon In Ilghl of the knowledge and understanding of the group and the charttable company and IheirenvSronm8nl obtained in the course of the audit, we have not identified material misslalements in the strategic ￿pOrt or the directors, report included within the Iruslees, report. We have nothing lo report in respect of the following mattors in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. the charity has not kept adequats a¢￿UntIng records., or the charlty financia statements are not in a9reement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made.. or we have not received all the Information and explanations we requlr8 for our audit. Responslbillties of the Govemors As explained more fully in thtr Ststement of Governors, R8sponsibililies set out on page 5, the Governors (who are also the directors of the charitable company for the purposes of company lawl are ￿sponsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemiine is necessary lo tsnable the preparation of financial statements that are ftee from material misstatement. whether due to fraud or error. Page 13

Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ST. GABRIEL SCHOOLS FOUNDATION In preparing the financial statements, the trustees are responsible for assessing the group's or the charitable company's ability to continue as a going concern, disclosing. as applicable, matters related lo going concern and using the going ¢on¢ern basis of aG¢ounling unless the trustees either intend to liquidate the charitsble company or lo ￿ase operations, or have no realistic altemative but lo do so. Auditor's responslbllities tor the audit of th8 flnan¢ial Statements Our obj8ctives are lo obtain reasonable assijrance about whether the financial statements as a whole are free from material wisstatement. whether due to fraud or error. and to issue an auditols report that includgs our opinion. Reasonable assurance is a high level of assurancg. bul is not 8 guarantee that an audll conducted in accordance with ISAS IUKI wll always dglocl a material misstatement when it exlsls. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stslemenls. A further description of our rosponsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website al= www.frc.or .uklaudilorsres onsibililies. This description foms part of our audilor's report. Extent to whl¢h the audit was consldèr8d capable of dete¢ting Irregularltles, Including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statem6nts from irregularities, whether due to fraud Dr error, and discussed these between our audit team members. We then designad and perfomed audit procedures responsive to those risks, including obtalning audit evidence sufficient and approprk?le lo provide a basis for our opinion. We obtained an understsnding of the legal and regulatoryframeworks wthin which the charitable company operates, fo¢using on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial statements. The law5 and regulab'ons we Considered in this context were the Companies Act 2006. Charities Act together with the Charities SORP {FRS 102}- We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls bul compliance with which might be fundatnental lo the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist wilhin the charitable company for fraud. The laws 8nd regulations we considered in this conlexi for the UK operations were The Education Ilndependenl School Standards) RègLJlations 2014, Health and Safely, General Data Protectlon Regulations, Safeguarding and Food Standards. Auditing stsndards limit the required audit procedures to Identrfy non￿cOmplian￿ with these laws and regulations lo enquiry of the Govemors and other management and inspection of rggulatory and legal correspondence. if any. The greatest risk of materfal impact on the financial ststements is from Irregularllles, including fraud. to be within certain in¢ome streams and the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management, and the Finance and General Purposes Committee about their own idenlificalion and assessment of the risks of irregularities, sample lesling on the posting of journals. sampl& testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate. Ofsled and reading minutes of meetings of those charged with governance. Page 14

Crowe INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE ST. GABRIEL SCHOOLS FOUNDATION Owing lo the inherent limi18tions of an audit. there is an unavoidable risk that we may not have detected some material misslalemenls in the financial slalemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the financial ststements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgory, intentional omissions, misrepre5enlalions, or the override of internal controls. We are not responsible for preventing non-cornpliance and cannot bè oxpected to detect non- compliance wth all laws and regulations. U$• of our report This report is tnade solely lo the charitable CoMpan￿S members, as a body. in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable cornpany's members those matters we are required lo 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 assum& responsibi5ity 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 fornied. Janette Joyce Senior Statutory Auditor For and on behalf of Crow8 U.K. LLP Slalutory Auditor Reading 4￿51 Blagrave Street Reading Berkshire RG11PL Dale.. 7 D8cemb81 2022 Page 15

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING AN INCOME AND EXPENDITUREACCOUN7) FOR THE YEAR ENDED 31 JULY 2022 Pèrmanent Notss Unrnltrlctèd Restricted Endowmént Fund# Funds Fund Year to 31 July 2022 Year to 31 July 202t INCOME FROM Charltable actfvlth• School fees receivable Ancillary trading incorne Income from g&norat¢d funds: Non-ancillary tradlng Income Voluntary Incomo: Donations and grant Income 6,535,936 514,260 6.535,936 514.260 5,264,014 344,956 42,561 42,561 17,364 Totsl 7 100446 7 100446 71 EXPENDrruRE ON Charitabl• Actlvlti•8 School operating costs Ral$lng funds FSnance costs 6.966.544 8,683 6,975,227 6,221, 120 10 Total 7 031630 . ￿683 7040313 Net In¢om•l{oxptndlturn) l>tfore transfers 11 68.816 (8,683} 60.133 (582.302) Transfers Nat movomgnt In funds 68.816 18,6831 60.133 (582,302) Funds balances 1 August 2021 2 965 572 597 723 3 563 295 Funds balan¢e$ 31 Juty 2022 The notes crt) pages 19 10 38 lom) part of these ac¢ounts Page 18

COMPANY NUMBER: 2590761 THE ST. GABRIEL SCHOOLS FOUNDATION BALANCE SHEET AS AT 31 JULY 2022

Notes FIXED ASSETS Tangible assets 13 Intangible assets 12 Investment assets 14 CURRENT ASSETS Stock Debtors 15 Cash at bank and in hand CREDITORS:Amount due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:Amount due after more thanone year 17 NET ASSETS FINANCED BY Unrestricted funds 21 Endowed funds 20	2022 4,878,930 1 4,878,931 546 2,272,245 1,079,917 3,352,708 (2,925,948) 426,760 5,305,691 (1,682,263) ~~3 623 428~~ 3,034,388 589,040 3,623,428		2021 4,820,201 551 1 4,820,753 1,349 2,059,014 1,031,412 3,091,775 (2,600,307) 491 468 5,312,221 (1,748,926) 3.563.295 2,965,572 597,723 3, 513. 29_5

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 28 November 2022. ~~=~~ --< ~~_~~ fi�N ~~6;s~~ .Ga,C ~~L~~ _, Governor _S'.

The notes on pages 19 to 38 form part of these accounts

Page 17

THE ST. GABRIEL SCHOOLS FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022 Notes 2022 2021 Nel movement in funds Loss on sale of assets Decreasglllncreasel in stock Decreasellincrease) in debtors {Decrease} in ¢r8dilors Incrèase in deposits Dèpreciatson charge Amottysation of inlanglble asset Hire purchase interest Bank inlerost Release of capital grant 60,133 1,545 803 {213,2311 244,493 31,175 232.775 551 (582,302) 1.445 {1, 191) (306,836) 433,211 32,675 253.450 3,250 60,275 53,458 Net Cash provlded by 0￿ratIng actlvltles 114826 Cash Flow8 from Inves￿n9 actlvltle8 Purchase of Intsngible assets Purthase of tangible fixed assets Not cash usod In Inv•$tlng actlvltles 293 049 ash flows from flnanclng acllvltl•$ Repaymenl of loan New loan 8ank interest paid (21,072) (1.581,908J 1, 770,000 (43,015) 155.893) Advanced f•• schema: Receipts from new conlracts Amounts ulillsed and repaid Net cash flows usad In Ilnancing actlvities 138 201 Change in cash and cash èquivalents In the ygar 26.27 48,505 (26.287) Cash and cash 8quNalents at the beglnning of the year Total cash and ￿$h oqulval8nts at tha end of the year notes on pages 19 10 38 fcffm part of these acwints Page 18

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 CHARI￿ INFORMATION The Sl. Gabrf81 Schools Foundation has the registered charlty number 1062748. It OPgTates undor the trading names of "St. Gabriel's" or 'St. Gabriel's School" or "Sandl8ford" and has a subsidiary company "Sl. Gabriel's School Sports Cenlrfj Ltd., Company Rggistralion No 4250669 Icurrenlly dormant). The principal address and regisl8rod offic* is Sandleford Priory. Newbury, Berkshire. It was incorporated in England on 12 March 1991 1￿MpanY number.. 2590761} and registered as a charity on 9 June 1997 (charity number.. 10627481 (previously ¢hadty number 3250601 and the charity is govemed by the Declaration of Trust dated 1 May 1974 and as amended by a scheme approved by the Charity Commission on 4 October 1991. ACCOUNTING POLICIES Ba$ls of preparatlon The financial slatoments have be&n propared in accordance with th8 Financial Reportlng Standard applicab￿ in the UK and Republic of Ireland IFRS 102}- effaclivo 1 January 2015. the Companiès Act 2006 and the Stslgment of Recommendgd Practiee applicable to charities. The School is a Public Benefit Enlty reglstered as a charity In England and Wales and a company Ilmited by guarantee. The accwnts are drawn up on the histWiC810)st basis of a¢￿inting, unless otheryAsg staled in the relevant accounting policy notelsl. Consolidated accounts have not baen prepargd on the grounds that the subsldlary Is nOr￿tradIng and would make an immaterial change to the rasults of tho Charity. Golng Con¢•m Managemènt have produ¢ed financial modgls shovAng the revtsed cash flows and fvturo budgets. which have subsequently been reviewed by the Board of Governors. As part of their nomal risk management process. the GovemoTS have examined the major risks to the School and Ihe mitigating actions taken and av8ilable to be taken. The Govemors cLJnsider there are no material uncertainties relatlng to going concem and that the School has adequate resources lo ojntinue its aclivitigs for at least the twelve months to 310e¢ember 2022. Acwrdingly, they continue lo operate the going coneern basis in preparing the financial ststements. bl Fe•$ and slmllar Income Faes Te¢eIVab￿ and charges for servic68 and use of premi8as are ac￿Unted for In the pericd in which the service Is provided. Fees receNable are ststed after deducting 811owanc8s and other remissions allowed by the school. Fees received in advance of education to bo provlded in future years under an Advance Fee Payment Schema Contract are held until either tsken lo income in the terrn when used or else refLbnded. D¢nations and grant Income Voluntary incomlng resources are accounted for as and when th6 entitlement arlses. thè amount can be reliably quanlffied and the economic bènefit lo the School 1$ considered probabl8. Voluntary Income receivad for the general purpos68 of the School Is accounted for as unrastricted and is credited to unrestricted funds. Volunlary income subject to specffic wishes of the donors are carried to the relev8nt restricted fund. During the year the Charity received £nll 12021.. £75,790) from the UK Government under the Coronaviru$ Job Retention Schema. Page 19

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 2. ACCOUNTING POLICIES {contlnu•d) d) Other Incomlng resourc•s Other IncomSng resources are Included in the Slalemenl of Financlal A¢Uvllles when the Sch¢yJl Is legally entitled lo the income and the amount can be quantified with reasonable accuracy. •} Resourcos expended Expenditu￿ is accrued as soon as 8 liabilty is considered probable. Expenditure attributable lo more than one cost category in the SOFA is apportioned over the relevant categories on the basis of management eslmales of the amount allribulable to that activity in the year. either by reference lo staff lime or activity l¢yJging as appropriate. The I￿0verable element of VAT is included wthin the Item of expense lo which il relates. C08ts of charttable a¢lfvlUes are those CA)sts Incurrgj In providing an edu￿t￿ft and runnlng the schcd in accordance with tho oblects and aims of the ch8trty. Govomance costs comprise the cost of runnlng the charty to include those that tKovide the govemance infraslruelure th81 allows the school lo operate and lo generate the information required for public accounlabilily. These include strategic planning for future developments, exlemal audit. any legal advice to the school's govemors and all the costs of ¢ornplw'ng with constitutional and slalulory requirements such as the costs of board and committee meellngs and of preparing statutcry accounts and of Sati￿ng public accountabilty. TAnglble Flxed Assets Expenditure on th8 8cqul8ition of land, bulldlngs, vehlcles, fumllur6. ICT equipmgnl and infraslruclure and other equipment costing more than £2,500 is capilalised and carried In Ihg balance sheet at historical cost. Other ex￿nditUre on equipment incurred in the norrnal d8y to day running of the School is charged to the Statsment of Financial Activities as incurred. With the exception of the Famhouse ￿rrenllY al histor￿1 cost. from 1 August 2015 the School has applied the 'deemed o)sl' promsions of FRS102 in that valuations of previously revalued land and buildings wlll no longer be renewed. gl Intanglble Flxed Ass•t8 WebsSte SO￿are is ￿pitalised at purchas8 cost where there is an expectation of fviure economic benefit deriving from the on-line registration process. Costs assochled m8intsining the ccrfnpuler sofvare are recognised as an expense when incurred. The website sofNvare 18 8ubsequenlly carrled at cost less a￿uMulated amortisation and accumulated impairmgnl losses. The costs arg amortised to the income and expenditure account uslng the straighl-line mgthod over thg estimated useful life of threo years. The amorbsalion peri¢xl and amortisation method of intangible assets are remewed al lèast each balance sheet date. fhg effects of any revision are recognised in tho income and expendiluro a¢cwnt when the changes orise. Page 20

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 2. ACCOUNTING POLICIES {continued} h) Depr¢elatlon Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalmenls over their expected useful economic Inies as follows.. Freehold Land Freehold buildings Computer Equipment and other similar equipment Electronic and Infrastru¢tura equipment Playground facilities Furniture and equipment for new building Furniture and equipment Motor Vehicles Kitchen equipment Straight line over 50 years Sliaight line over 3 years straight line over 517 years Slraighl line over 10 years 200/0 on roducing balance 150/0 on r8ducing balance Straight line over 4 years Str8ight line over 7 years l) Leased a$$ot$ Operating leases are charged lo the statement of financial activities on a straight-line basis over the lease term. Assets obtained under hire purchase contracts or finance leases are capilaSised within the balance sheet and are depreciated over their useful economic lives. The interest element of these leases is charged to the ststemenl of financial activities account over the lease period. The capital element of the future payments is Ireat8d as a liability. jl Fund a¢counting unrestrict￿ income belongs to the School's general operatlonal funds, spendable al the discretion of the Governors either to further the School's objects or to benefit the School itself. Restri¢ted income ￿mpriseS gifts and don8Uons where the donor has spe¢ifi8d the gift lo be used for a spectfic purpos8. Endowed funds are the original propety from which the school operated in 1947. The use of the property is restricted in accordance wl(h terms of the TTUSI Deed of 1974. k} Stock Stock is carried at the lower of cost and net realisable value. 11 Parents. deposlts The Governors have reviewed the contract tems under which Pupil fee deposits are held by the School. Although under nomal circumstances these will be repaid over future years when thtr pupils complete their education al the school. pupils can leave al earfier dales. The School does not therefore have an unconditional right lo retain the individual deposits for at least 12 months after the balance sheet dale and, in line with the requirements in FRS 102. the balance of the deposits held has been ir*duded within Currènt liabilities. Page 21

THE ST. GABRIEL SCHOOLS FOUNDATION STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 2. ACCOUNTING POLICIES {continued) m) Pen$lon$ Rellrement benefits to employees of the School were provlded through thr&e penslon schemes, one defined benefit and two Llefined contribution schemès. {a} The Teachers. Pension Scheme, exf(ed 3110812021- This scheme is a multl-employer pension scheme.11 is not possible lo identify the School's share of the undedying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS 102, tho School accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations ofthe GovernmentAcluary, are charged in the period in which the salaries to which they relate are payable. {bl St. Gabriel's Group Personal Pension Plan This is 8 defined contribution group personal pension plan with Royal London for non-teaching staff. Employels pension costs are charged in the period in which the salarTes lo which thèy relate are payable. This scheme replaced the defined Contribution scheme with Clerical Medical in May 2016, which was group money purchase sch&m8. {cl APTIS from 0110912021 APTIS is part of a master trust run by Aviva and lookad after by IrKlependenl and experienced members of the Aviva maslfrr trust trustee board. n) Flnanclal Instruments Basic financial instruments include debtors and creditors. Debtors and creditors ar& initially recognised at transaction value and subsequently measured at amortised cost. Note 25 provides more information on financial instruments where future cash ffows are anticipated. with financial assets referring to cash, debtor balances excluding prepayments, and financial liabilities referring lo all cr￿ltOr balances excluding deferred income and social security and other taxes. 3. Crltlcal a¢￿untIng judgements and key sources of estimatlon uncortalnty In application of the accounling policies, Trustees are required to make judgement. estimatas and assumptions about the carying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors Ihal are considered to be relevant. Actual resu￿5 may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions 10 accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainly. Page 22

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 INCOMING RESOURCES 2022 2021 Fees receivable Consist of.. Gross fees Less.. Scholarships, Bursaries and Allowances 7.168,672 632 7361 5,784,009 519 995 Scholarships, bursaries and oth&r awards were paid lo 77 12021.. 64J pupils. Within this means-tsstgd Iwrsaries lolalling £494,072 {2021.' £405.324) were paid to 36 (2021.. 30 pupil$J. ANCILLARY TRADING INCOME 2022 2021 Music fees at)d additional sessions Grant funding for individual fees Registration fees and fees in lieu of nollce School bus ReGovgrable expenses and school trlps Café takings and other income including late SUTcharges 105,826 26,532 43,967 158,029 169,490 99,122 21,535 61,972 100,049 57,379 NON ANCILLARY TRADING INCOME 2022 2021 Hire of facilities GRANTS AND DONATIONS 2022 2021 Parent Teacher Association Chartwells release of capital grant Parents, stsff and alumni for theatre plaques Other donations Parents waiver of 15% discount on fees WB eady years grant Grants lo the School from.. HMRC SMP rebate HMRC JRS Furlough grant 4.925 1.236 1.986 1.670 660 6,478 3.000 1.094 Page 23

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 TOTAL RESOURCES EXPENDED Staff Costs Depreclatloi Other Total 2022 Total 2021 Charitsble Expendlture Teaching costs WeKare costs Premises costs Supwrt costs 4.244.055 55,502 56.727 5,967 234.759 169,281 478 624 289,413 469,391 423,159 4.588,970 4, 189,211 532.085 383,515 827,199 T45,358 1 026 973 903 036 5.014,165 232,775 1.728,287 6,975,227 6.221, 120 Cost of gon8rating funds Finance Costs Inole 101 Governanco Included in support costs 2022 2021 Auditors remuneration Auditors remuneration- other services Governors expenses Other governance costs 15,275 12, 140 965 75 1.400 325 19 Travel and course expenses amounting to £75 (2021.. £325) were reclaimed by 1 member (2021.. 2) of the goveming body. Page 24

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 RESOURCES EXPENDED 2021 Icontlnuedl steff Costs Depreciation other Total 2021 Total 2020 CharNt&ble Expenditur Teaching costs Welfare costs Premises costs Support costs 3,906.749 53,112 230,330 483 803 56,877 4,791 163, f 09 225,645 325,612 351,919 390 500 4,189,211 383,515 745,358 903 036 4.214,323 356,450 738,932 880 425 4.673,994 253,450 1,293.676 6,221, 120 6, 190. 730 Cost of gener8ling funds Finance Gosl$ (note 10) STAFF COSTS 2022 2021 Wages and salaries Social security costs Pension contributions 3,716.151 327.933 745 496 3,592,941 327,376 647 574 4.789.580 4,567.891 Agency and other costs 224 585 106 103 Totsl Staff ¢o$ts No. No. The average number of employees in the period was= Teaching staff Support staff 123 t17 32 Page 25

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 STAFF COSTS {CONTINUED} 2022 No. 2021 No. The number of employees whose emoluments exceeded £60,000 wer8.. £60,000- £70,000 £70,000- £80,000 £80,000- £90,000 £90,000- £100,000 £100,000- £110,000 Over £110,000 Number of higher paSd employees contributing to a pension scheme Total cost of employer's contributions in relation to the above The governors received no remuneration or other benefits for the year. Key management personnel includes the govemors and officers listed on page 1. Key fnanagement personnel received aggregate remuneration (including employer's pension, employers National Insurance and Benefits in Kindl of £440,002 {2021.' £423, 7231. During the year, the School paid redundancy costs totalling £44,485 (2021.. £4.072J to l (2021.. 2) employe8s. The nature of the payment in 2021 was statutory redundancy pay for employees. The nature of the payment in 2022 was ill health retirement pay. There was no further funding provision at the balance sheet dale. 10. FINANCE 2022 2021 Bank loan interest Bank charges Hire Purchase interest other interest Bad debts written off Bad debts provisionllreleasel 60.275 3,833 53,458 17,081 1,918 940 19.852 11. NET INCOMEIIEXPENDITURE} 2022 2021 Net income Is stated after charglng: Depreciation - owned assets Depreciation - assets under hire purchase Auditor's Remuneration Operating leases 232,775 253.450 1S,275 13.890 Page 26

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 12. INTANGIBLE FIXED ASSETS Wgbsite Total Cost 1 August 2021 Additions at cost 9.750 9,750 31 July 2022 Amortisatlon 1 Aijgust 2021 Charge for the year 9.199 551 9,199 551 31 July 2022 Net book values 31 July 2022 31 July 2021 13. TANGIBLE FIXED ASs￿s The Freehold Property shown in the Accounts is lil a 1983 permanent endowment owned by a spe¢ial trust, the S Gabriel and Falkland S Gabriel Charity, (previously registered as Ch8ri1y Number- 3250601, now administered by the Company as solè corporate trustee, and li1} subsequent improvements to the School buildings made out of unrestricted funds owned by the Company as corporate property, as indicated below. UndeT a scheme approved by the Charity Commission. on 4 October 1991, Clavse 2111 and {21 (rf the stheme makes the followlng provlsion.. Trust¢e and vesting 111 The body corporate called The Sl. Gabriel Schools Foundation shall be the Trustee of the Charity. 12} The land wtth the bulldings thereon specified in the schedule hereto is hereby vested in the said body corporate for all the estste and interest therein belonging to or held in Iwst for the Charity. The Proprietor of the Property as sel out In the HM Land Registry Property Register dated 2 Apr51 1992 Is therefore "The St. Gabriel Schools Foundation.. The property is pledged as security for certain lending provlded by the National Westminster Bank PIC wtth the consent of the Charity Commission. Page 27

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 13. TANGIBLE FIXED ASSETS Icontinuedl Freehold Land and Bulldlng$ Furnitur• Freehold and Motor Improvement Equlpmènt V•hieles Assets under constructlon Total Deemed Cost 1 August 2021 Additions al cost Disposals at cost Change of category 4,775.000 173,511 1,953.230 171.138 116.7061 280,284 39,000 10,195 82,911 7.192,220 293.049 {16,7061 31 July 2022 4 775 000 173 511 2 107662 319 284 7 468 583 Depreclatlon 1 August 2021 Charge for year Adjuslmenl on disposal 715.779 90.614 13,014 1,362,942 3,470 137.066 280,284 1,625 2,372,019 232,775 31 July 2022 16484 1484 847 281909 2 $89 633 Net book values 31 July 2022 37 July 2021 22 Page 28

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 13. TANGIBLE FiXED ASSETS ICONTINUED} From 1 August 2015 the School has applied Ihe'deemed cost provisions of FRS102 in that valuations of previously revalued land and buildings will no longer be renewed. The deemed cost as al 1 August 2015 is represented by.. Freehold Property Endowment Fr¢•hold Prop•rty (Corporate Property} Totsl Historical costs less depreciation Valuation increase 1993 Valuation incTease 1994 Valuation incTease 2000 Valuation increase 2003 Valuation decrease 2008 Valuation decrease 2013 Sandleford Famhouse 325,450 361,015 147, 714 267,412 1g,460 f263,679J f190.185J 3.895,654 644, [53 115,OT2 295,002 37.507 (897,902) (90T,273) 925 000 4,221, 104 1.005, 768 262, 786 562,414 56,967 Total Depreciation relating lo the Freehold Property Endowment totalling £8.683 has been charged direcdy to the Endowment Fund. 14. FIXED ASSET INVESTMENTS 2022 2021 COST Unlisted investments at 31 July 2021 and 31 July 2022 The School owns 1000/0 of the ordinary share capital and voting rights of St. Gabriel's Sports Centre Limited. The Sl Gabriel's Sports Centre Limited was dormant throughout the period under r8view. The registered office of St Gabriel's Sports Centre is St Gabriel's School. Sandleford Priory, Newbury, Berkshire. RG20 gBD. Page 29

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 15. DEBTORS 2022 2021 Trade debtors Other debtors Prepayments 2.103,323 54,502 114420 1,867,523 41,Q52 150 439 16. CREDITORS.. Amounts falling due within one year 2022 2021 Bank loans and overdrafts INote 181 Trad8 ¢redilors Deposits held Social security & other tsxes Other creditors Accruals Deferred in￿me- fees billed in advance 66,665 168,474 207,750 93.733 192.048 64,833 2 132 445 21,074 261,881 176,575 82, 785 98,760 54,478 1904 754 17. CREDITORS.. Amounts falling due after more than one year 2022 2021 Bank Loans and Overdrafts {Nole 18} 1682 263 1748 926 Page 30

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 18. LOANS AND OVERDRAFTS An analysis of the maturity of loans and overdrafts is as follows.. 2022 2021 Arnounls f811ing duè within one year or on demand Bank loans 21 Amounts falling due within one year- Totsl 66,665 21,074 Amounts falling due be￿e￿n one and years - Bank loans Amounts falling due between two and five years Bank loans Arnounts falling due after more than five y&ars- Bank loans 80,359 224,708 1 377 196 65.9T5 217,481 1465470 A loan of £1,770,0110 was taken out in May 2021 under the National Westminster Bank Plc's Fixed Rate Loan Terms, but the actual term of the loan is 10 years. Interest is Charged at 3.4°k per annum. The instslmenl amounts are based on a 20-yeaT period from 11 May 2021. The school has taken a repayment holiday on capital Instslments from May 2021 to May 2022. All loans and overdrafts aro secured by a mortgage and legal charge dated 11 Oclober 2004 and 31 January 2014 respectively in the favtsur of National Westminster Bank PIC over the freehold land and buildings of St Gabriel's School. Sandleford PTlOry, Newiown Road, Newbury 2nd Sandleford Farmhouse, Sandleford Priory. Newiown. Newbury. Page 31

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. ADVANCE FEE PAYMENTS Parents may enter into a contract to pay the school tuition fees in advance. The money may be rglurned subjectto specific condits'ons on th8 r8c8ipt of one tem's notice. Assuming pupils wll remain In the school. advance fees will be applied as follows.. 2022 2021 Within 1 10 2 years Within 1 year The balance represents the accrued liability under the contracts. The movements during the year were:. Balance at 1 Augu812021 New contracts 6.876 Amounts accrued to contracts Amounts utilised in payment of fees to the s¢hool Amounts repaid 6.876 (6,876J Balance at 31 July 2022 Pago 32

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 20. ENDOWED FUNDS The Sl Gabriel and Falkland St Gabriel Schools Charity own the permanent endowment. Under the 1991 scheme Isee Note 131 the endowment would have been handed over to continuing trustees of the Sl Gabriel and Falk18nd Sl Gabriel Schools in the event of the Foundation ceasing to operate the school. 11 is therefore shown as trust proparty (Endowed Fundsl. 21. UNRESTRICTED FUNDS 2022 Incoming resources Outgoing Re$ourcès 2021 Transfers 2022 De$lgnated Funds: M Frenkel Fund General Fund 390 2 965 182 1101 7 031 620 380 3 034 008 7 100446 2021 Incomlng resources Oulgoing ResOu￿&S 2020 Transfers 2021 Designated Funds.. M Frenkel Fund General Fund 400 (ioj 6 289 093 5 715484 2 965 182 Page 33

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022 Net Current Assets Intangible Assets Fixed Assets Creditors

one year Total Endowment Funds Restricted Funds Unrestricted Funds 589.040 589,040 4 289 891 426 720 ￿ 3 034 388 2021 Intangible Assets Fixgd Assets Net Currant Assets Creditors one year Tot81 Endowmertl Funds Raslncled Funds Unrestricted Funds 597, 723 597,723 551 4 222 479 1 748 926 491468 ￿ 2 965 572 23. CAPITAL COMMrrMENTS 2022 2021 Future expenditure not otherwtse induded in these accounts Contract8d for 2& OPERATING LEASE COMMITMENTS At 31 July 2022 the school had future minimum lease payments under non- cancellable operating leases as follows- 2022 2021 Within one year B8tw8on two and five years 48.747 35,153 Page 34

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. FINANCIAL INSTRUMENTS Financial assets held at amortised cost are trade debtors, other debtors, amounts due from the subsidiary company, and cash al bank. Financlal liabilities held al 8mortised Cost are bank loans, trade creditors, other creditors, and accruals. 2022 2021 Financial assets rneasured at amortised cost Finan¢ial liabilities measured at amortised cost 3,237,742 2.382,033 2.939,987 2,361,694 The school's Income, expense, gains and losses in respect of financial Instruments are summ8ri8ed b81ow: Interest expense for financial liabilities held at amorbsad cost Impairment lossllgainl. 60.275 {9401 53.458 (13. 725) 26. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2022 2021 Incr8a8elldecrèasel In Cash In the year Loan Movements 48,505 (26,287) 198 107 Change in nel debt 69,577 (224.394) Net debt a11 August 738 5881 514 194 NET IDEBT)IFUNDS AT 31 JULY 27. ANALYSIS OF CHANGE IN NET DEBT Net debt os ot l August 2021 Cash Change Non-cash change Net dtrbt a$ at 31 July 2022 Cash al bank and in hand Loans 1,031,412 1770 000 48.505 1,079,917 1748 928 Page 35

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 28. RELATED PARTY TRANSACTIONS Mrs Heywood IGoveTnor} has threè children al the School and is in receipt of a sibling discount which amounted lo £10.87212021.. £14,997>. The discount was awarded before Mrs Heywood was appointed as a Governor and was made in accordance with the School policies al that tim¢. Mrs Bowen (Govemorl has a daughter employed at the School under a stsndard Contract of employment. Mrs Bowen was not included in awarding the contract PENSION COSTS Defined Benefit Scheme The sthoDI joined the APTIS pension scheme from 1st September 2021. APTIS is part of a master twst run by Aviva and looked after by independent and experienced members of th& Aviva master trust trustee board. The School run the pension as a salary exchange programme. giving allowance for tax and Nl relief. St Gabriel's pay 17Q/o of basic salary into the pension scheme and the employee can choose their contribution level, it musl ￿ a minimum of 5 /0 required by law. The pension charge for the year includos contributions payable to APTIS of £575.49012021.. £0) and al the year-end £111,335.1812021.. £61,885) was accrued in respect of contributions to this scheme. The School participated in the Teachers, Pension Scheme (England and Wales) I'the TPS'I for its tea¢hing stsff until 31 August 2021. The pension charge for the year includes ¢onlribulions payable lo the TPS of £62,805 12027.. £541,680) and al the year-end £61,885 12021.. £66,980> was accrued in respect of contributions to this scheme. The TPS is an unfunded mulli-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 ¢redited lo th& Exchequer. Retirement and other pension benefits are paid by public funds provided by Parfiament. The employer contribution rate is sel by the Secretsry of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, whi¢h was published in March 2019, confirrned that the employer contribution rale for the TPS would In¢￿8$e from 16.40/0 10 23.60/0 from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08010 giving a lolal employer contribLJtion rate of 23.68 /.. The 31 March 2016 Valuation Report was prepared In accordance with the beneflls set out In the scheme regulations and under the approach specified in the Directions, as they applied al S March 2019. However, the assurnplions were considered and sel by the Department for Education prior to the ruling in the 'McCloudlSargeanl case,. This case has required the courts to consider cases regarding the implementation of the 2015 refoms lo Public Serwce Pensions including the Teachets, Pensions. Page 36

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 29. PENSION COSTS Icontinuedl On 27 June 2019 the Supreme Court denied the govemmenl permission to appeal the Court of Appeal's judgment that transitional provisions introduced lo the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision anrl has said it will engage fully with the Employment Tribunal as well as employer and member represenlalives to agree how the discriminations wll be reinedied. The govemmenl announced on 4 February 2021 that it inlgnds to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefils in respect of their service during the period between 1 April 2015 and 31 March 2022 at the polnl they become payable. The TPS is subject to a cost cap mechanism which was pul in place lo protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a paus8 to the cost cap mechanism followng the Court of Appeal's ruling in the Mccloudlsargèant 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 June on proposed Changes lo the cost control mechanism following a review by the Govemment A¢tuary. Following a public consultation, the Government have accepted three key proposals recommended by the Govemment Actuary, and are aiming lo implernent these changes in lime for the 2020 valuali()ns. The 2016 cost control v8lu8tions have since been completed in January 2022, and the osults indicated that there would be no ehanges lo benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confimied that any changes lo the employer contribution rate resulting from the 2020 valuations will lake effect in April 2024. Until tho 2020 valuation is completed il is not possible to wnclude 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 slalements. In addition to the above. the company operates a defined contribution pension scheme. The assets of the plans arè held separately from those of the company in separately administered funds. Contributions totalling £108,121 {2021.- £105,894) were payable to these funds for the year. Page 37

THE ST. GABRIEL SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

30. COMPARATIVE 2021 STATEMENT OF FINANCIAL ACTIVITIES

INCOME FROM Charitable activities School_fees_receivable Ancillar trading income Income from generted funds: Non-anciar trading income Voluntar income: Donations and grant income Ttal EXPENDITURE ON Charitable Activities School operating_costs _Raising funds Finance costs Ttal Net (expenditure) before transfers Tnsfers Net movement in funds Funds balances 1 August 2020 Funds balances 31 July 2021	Unrestrcted Funds £ 5,264,014 344,956 17,364 89,150 5,715,484 6,212,437 76 666 6,289.103 (573,619 (573,619) 3,539,191 2.965.572	Restricted Funds	Permanent Endowment Fund £ 8,683 8 683 (8,683) (8,683 606,406 597 73	Year to 31 July 2021 £ 5,264,014 344,956 17,364 89.150 5.15,484 6,221,120 76,666 6,297,786 (582,302) (582,302) 4.145,597 3 563 295

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