Rgglstered numbor: 04482913 Charity numbor: 1097781 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guaranteel TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ST. AUGUSTINE'S PRIORY SCHOOL UMITED A company limitod by guaranteel CONTENTS Page Roferonc8 and admlnlstratlve d•tall$ of the School, Its Trustees and advisers Trustees. report Indopondent auditor's report on the financial statements Statement of financial activit105 3- 11 12-16 17 Balancg shoat 18 Stat•ment of cash flows 19 Notes to th¢ financlal $tatsments 20-37 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {A Company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021 Trust8&s Mrs C Copel8nd Mrs F Baker Ilo 31 December 20201 Mr R Beeslon Iffom 18 March 20211 Ms M B￿er Mr B C8ssidy Mr P D'Arcy, Chair Mr J Davies Dr B Marino Mr H Parmar Mrs C Phillips Mrs A Sparks Ifrom 18 hAarch 20211 Dom M Slaplefofd Mr F Sleadman Company regl$terèd numbor 04482913 Charity rogistered number 1097781 Registored office st. Augustines Prlory Hillcresl Road Ealing London W5 2JL company secr¢tary and Clark to tho Governors Mr J Philpoti Headtea¢hor Mr8 S Raffray Ind•pènd&nt audltor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Page I ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Bankers Barclays Bank PIC Acorn House 36-38 Park Royal Road London NW10 7JA Sollcltors Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS1 5WS Page 2 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company lirnltsd by guarantsèl TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2021 The trustees, who are also directors of the chafily for the purposes ol the Companies Act 2006 and governor8 of the school, present their report wlh the financial slatemenls ol the charity for the year ended 31 July 2021. Referred to hereafter in this report as governors, they have adopted the provisions of the Charities Statement of Recommended Practice ISORPI IFRS1021. Objectives and activitios Pollciès and objoctives The Charity's object, as sel out in Section 3 of the Memorandum of Association, is the advancement of education in the Roman Catholic Iradilion. The principal activity of the Charity, in the period under review, continues lo be that of providing a complete education for glils. of the highest standard. founded on the Catholic f811h. We a￿ an all-through. inclusive Catholic girls, school, ￿rith boys in the Nursery. A3 8 girf$' s¢hotsl we are ¢ommilled to preparing girls for life long effectiveness and success. As part of Ihelr journey. girls will leam of intellectual risk-laking and emotional strength, reflection and self-knowledge, persuasiveness and leam building as well as a cultural Curiosity for an enriched enjoyment of life. In 13 acre$ of grounds, girls have a physical freedom unique in Central London. We aim to instil in them the emotional freedom lo grow intellectually and spiritually and lo understand the truth about Ihem3elve$, tslherg and our complex world. We will give them the courage lo be ambitious and compassionate and we will provide a secure, happy and nurturing community in which to explore all of the above. To this end we seek, develop and relain the be81 teachers who value wg11- being and the individual progress of each gill as much as they are relentless their pursuit of academic $xcellen¢e. Their goal is life.long success for ea¢h girl and they set the pace of energy and dynamism within which the girls flourish. Achiovgments and porformanco A-1ov81 Results at A-level and GCSE compared with 2020 are set out bebw. These results derive from teacher assessed grades as pupils did not sil public exams in 2021 due to the Covid-19 pandemic. st Augustine's Priory girls enjoyed exceptional 2021 A Level results. 85% of grades IA Level & EPQI were A"lA, 98% were A'IAIB and 1000/0 of grades were A. to C. Grade A'orA A'loB A'loc 2020 ercenl ercent ercenl 2021 72 91 97 85 98 100 ercent ercenl r¢erbl Page 3 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 JULY 2021 Achlevements and p¢rformance Icontinuodl GCSE Our GCSE puplls deservedly received outstanding results wlh 79% being Grades 9. 8 and 7, which is A'_A in the old currency. Gradg 2020 2021 77 99 ercent ercenl 79 98 rcent Qrcenl In othar araas, In splts of thè rèstrlctlons of Covid-19. the following achievements are worthy of note: The Senior. Intermediate and Junior maths challenges were entered a$ online version8. Overall there were 13 golds, 7 silvers and 31 bronzes. In addition there were 14 qualifications for the European Kangaroo rounds. and o Olympiad qualifications (Junior and Intemiediale leve131. Maki Mizunoe, achieved a Distinction in 2020. The annual Soton Cipher Challenge produced ￿ teams, led by Sophi¢ Fung and Riko Nakagawa. who finished the sel of seven increasingly complex decryptions. 3.600 entrants. in nearly 2,000 teams started this national competition. Our teams wère p18ced 9th and 5181, our best performancè lo dale. Four teams of three sixlh formers entered the ICAEW Base Challenge, in which th¢y la¢kled differ&nt problems and 5ubmilled their video recordings in response lo a specific scenario. We were delighled that ono team were $ele¢led as one of 20 national finalists and participated in the final in June 2021. Our Emmaus Partnership Ambass8dc*rs continued to strengthen our relationship with our partner schools, including coordinating a ￿M¢>t¢ liturgy filmed across the four school lo celebrate Easter and the theme of 'Hope'. We also developed our UCAS collaboration, creating Our "Futures Fortnight" lo which we invited all the Emmaus Schools and Ellen Wilkinson School for Girls, hosted lectures from Oxford, Kings College, London, 8irmingham, Royal Holknway and Birkbeck Universities as well as sessions on allernalive pathways such as Apprenticeships and Degree Apprenticeships, Medical. Veterinary Medicine and Dentsslry applications and applications lo non-UK universities. Sl Augustine's pupils each attended a subject interview wth a carefully matched professional to develop their Interview skllls In preparats.on for their lulure3. Priory Sixth Students participated in essay competitions such as the New College of Humanities Philosophy essay competitions. One sludenl was shortlisted as a finalist in this section of the competitlon. Computer Science students look part in numerous national Challenges including Cambridge University's compulalional Ihinking challenge, 8ebras,' GCHQ'S Cyber Dis¢overy and a team of Lower Ivs made il lo the rinals of the GCHQ Cyber First competition. This was a national competition and although they did not win, they were placed 6th of all London schools. The competition consists of students hacking websites (safely and elhicallyll as well as deciphering dues and breaking codes. Upper IV took part in a virtual IBM cyber-security schem¢ of work whl¢h Is aimed al glrls studying Computs'ng. The course consisted of activities and talks from females working in the industry. Page4 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarant¢el TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 A¢hlevomènts and performance Icontinuedl Over 25% of students learn a musical inslrumenl. During the COVID crisis we managed to continue music lessons online and in a blended approach once we returned. We produced several virtual concerts. wth sllsdents working independently at home, learnin9 music as well as new technological skills. We also produced a live- streamed musi¢ competition during Lent 2020 that was a great succes8. LAMDA exams are huge￿ popular, over a third of the school participate, with 100% pass rale and over 70% achieving Distinctions. De8pile the ¢on81r8inls imposed by Covid five pupils managed lo complete the Silver Duke of Edinburgh's Award and thirty six ¢ompleted the Bronze Award, many of whom have now embarked on Silver. 11 ha$ been a very disruptive year for sport wlh team sport8 and the maln Competitions only really starting again since Easter. We successfully delivered a range of lockdown le8son8, workouts and a virtual dance showcase lo kegp all girls and families healthy. We restarted the season with 8 Vlrtu81 London pulse netball session and a military fitness a¢livily lo glve 9irls new experiences. We have safely rebuilt girls, fitness with a variety of sporting aclivilles including four sports days which saw many school records being broken. We saw some excellent performances at the English Schools Athletics where we finlshed seconLI In the Middlesex Round in the U141U15. Individually. girls qualified to compete In Middlesex for Hockey, Netball and Alhlets'cs and gir13 are playing for the London Pulse Netball Academy. We look fonNard to a more normal and successful season next ye8r where we will launch a Senior Netball Academy 81 Sl Augustine's Priory. Flnanclal revlew Financial Position Total incoming resources decreased by approximately 1.5 per cent from £7,073.482 10 £6.967,579 and total resources expended decreased by approximately 2 per cent fiom £7. 053.993 to £6,909,015. The nel surplus for the year was £58.564 {2020.. £48.3901 before the unrealised gain on investments of £213.574 12020.. unrealised loss £75,936). Net current assets al the year end were £1.634,82112020.' £1,749,679). Financial Key Performance Indicators IKPlsl Incoming resources per pupil.. £14,887 {2020.. £14,725). Wages cost per pupil.. £10.61912020. £10,2141- Principal fundSng sources The prin¢ipal funding source ol the school's charitable activities continues to be tuition fees and extras. Page 5 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA Company Ilmltsd by guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Re$erves policy The governors. target for free reserves for normal educational activities is in line with the generally accepted view in the independent schools sector, that the ideal level should be equivalent lo approximately three months. normal expenditure. Al the year-end lolal funds stood at £4,324,553. Of this £1.891,274 was held in free reserves against a tsrget of £1.7m. Accumulated reserves a￿ earmarked lo fund the next phase of building development. Inv8$tm•nt pollcy and obJ¢¢tlv•8 Section 4151 of the Memorandum ol Association aulhorises the governors to invogl the money of the Company in, or on, the security of such stock. funds, shares, securities or other investments of any kind as may be thought fit. bul 3ubject to such conditions lil any} and consents lif any) as may be imposed or required by law. The objective of the g¢hool's investment policy is lo ensuie the creation of 3ufficienl income and capital growth lo enable the school to carry out ils purposes Consistently year by year wlh due and proper consideration for future need5 and the maintenance ol and. if possible, enhancement of the value of the invested fund$ whilst they are retained. The investment policy is reviewed annually by the Finance Committee to ensure that il remains compatible wlh the school's objects and reguiremenls. The performance ol the investment is reviewed ￿gUlarlY and assessed against appropriate industry benchmarks. Structure. governan¢e and managemont History and charity status The school, known as Sl Augustine's Priory, was estsblished in France in 1634, and moved to Ealing in 1911, establishing itself on the present site in 1914-15. The schotsl was first registered by the Charity Commission on 27 September 1965, and was given ils own charity number13073771. Incorporatlon The school's reconslilulion as a charitable company was authorised by the Charity Commission by way of a Charity Commlssitsn Scheme dated 1 August 2002. case number 238258, sealing 112lsl 02, by which the assets of the school in ils unincorporated stsle were transferred to the newty-lormed charitable company, St. Augustine's Priory School Llmiled. The affairs of the charilable company are regulated by its Memtsrandum and Arti¢les of Association. The day-t day running of the school is carried on in accordance with ils Instrument of Government, dated 14 May 2015. St Augu$tino's Priory Trust I'the 1941 TTu5VI The 1941 TTLISI (charity number 2453671 is a $ep8rale enlily which owns the land and buildings of Sl Augusline. Priory. The school has no fomial lease, but has occupied the property rent free since 1915. During the year the 1941 Trust donated £91.82812020.' £91,828) t¢)wards scholarships. Page 6 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 structure. goveman¢e and managomont (continued) Trusteesi governors and dlrectors Thg company's Arbcles of Association provide for there being no fewer th8n six and no more than fourteen govemors. They are appointed and retire in accordance wlh the Articles ol Association. The Artkle8 permit the charitable company lo lake out indemnity insurance for the govern(>rs. New governors are inducted into the workings of the charity and the school, Including board pollcies and procedures. Governor8 are also invited lo attend relevant external training courses. Organisational structurg The Board of Govemors is legal￿ responsible for the overall direction and control of the school. Da￿10-daY management is delegated lo the Headteacher who is supported by a senior leadership team which comprises tho Deputy Head Pastoral {Seniorsl, the Deputy Head Academic (Seniors), The Deputy Head Pastoral lJuniorsl, the Deputy Head Academi¢ (Juniors). the Oirector of the Sixm Form, the Bursar, the Registrar and the Dlreclor of Operations & Marketing. Rgmunoratlon Remuneration of the Headleacher and Bursar is reviewed by the Board of Governors with advice from an independent consullanl. The Finance Committee reviews leaching and support staff remuneration. taking into account factors such a5 inflation and salarie$ paid in comparable organisalions. Page 7 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Stru¢thrn, governance and managemont {continu&dl Rlsk managemant The governors re¢ognise their duty lo identify and review the risks tts which the charity is exposed and lo ensur appropriate controls are in pla¢e to provide reasonable assurance against fraud 8nd error. The governors continue lo review the principal areas of the school's operations in Order lo identify risks that could 8ffect the day-lorflay operations of the school. In the* opinion of the govemors, the charity has established resources and review systems which, under normal conditions, should allow these risks to be miligaled lo an aGceplable level, in ils day-to4ay operations. The governors consider the following lo be the principal risks on which the Gharily needs lo focus.. Risk Mltl atlon School prepared for lockdown or partial closure in event of resurgence of Covid- 19. CompreheThsive risk assessment under continuous review. Safeguardin& child protection and antl-bullying ptslieies are in place. Staff are appointed only In accordance with Safer Recruitment pollcy wlth the full range of pre-employment checks. strong leadership of pastoral care in partnership wlth school nurse. Designated Safeguarding Leads trained and monitOTed by Safeguardin8 Commlttee. Site secured and acTrss controlled. ccrv monitoring. TWi￿-d3]Iy registration. Well-rehearsed missing child plan. Welfare, health or safety of a chlld or staff member is compromlsed IT audlt conducted and recommendations implemented. Requlrements of GeneTal Data Protection Regulations implemented. Bu51ne55 Continuity Plan reviewed and updated. System security includes frequent back-up5, firewalls and penetration tests. Fallure or Ios5 of data or IT systems Fees remain Competitlve with local market. School performance through lockdown underlined added value and pipeline is strong. Contingency plan for VAT on fee5 or1955 of discretlonary rate relief in place. Affordability Pa9e 8 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {A compak)y limit•d by yuaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Going concorn The Governors have assessed the school's ability lo ctsnlinue as a going concern. The Governors have considered Several factors when forming their conclusion as lo whether the use of the going concern basls IS appropriate when preparing these financial slalemenls including a Teview ol updated forecast lo July 2023 and a consideration of the key risks, including Covid-19, that ¢ould negatively affect the school. The balance sheet Is positive and improving due lo annual surpluses. Potential risks to the school's viability are mitigated through a strong relationship with the landlord, a reputation for providing an oulslanding education al a price which compares well wlh nearby independent schools and a healthy pipeline of future pupils whose parents are attracted by the special Èthos of a single sex, all-through Catholic School. Investments in strong leaching staff and physical infrastructure position the school well in a compelrtive market. The school has a realistic 5-year plan for gro￿, Annual budgets are sel lo be able to seNice a substantial bank loan lo fund the riexl phase of development.. and performance is ¢108ely s¢wlinised and monitored by the governing body and ils sub- ¢ommitte¢s. Public bènefit The governors have complied wlh the duly prescribed in Section 17 of the Charities Act 2006 to have du¢ reg8rd lo guidance published by The Gharity Commission, including public benefit guidance. Although inevitably reslricled by social distancing and infection control measures, in normal limes our sports facilities including the astro-turf are used almost every d8y by local clubs. The Chapel is the focus of retreats by local groups. Indoor and outdoo¥ stages are much enjoyed by drama groupy. A French school uses our classrooms and other facilities al weekends., and holiday activity clubs use the school al half terms and in school holidays. Two senior members of staff 1$ a governor of a local slate schools. During the year the school awarded a total of £691,694 12020.. £620,900 plus £204,707 of Covid 19 Hardship Grants) in respect of bursaries, scholarships. remissions, discounts etc. This represents some 10 percent 12020.. 8.9 per¢enl plus 2.g•A in Covid-191 of fee income. 11 had been the governors, intention to increase the value of awards given from the s¢heme lo be￿een 9 and 10 percent ol the lolal fee income. The school's charitable collections during the year lolalled £2,82412020.' £3,172). This amount was dispersed lo charitable inslilulions induding Catholic Children's Society, CAFOD, Ealing Foodbank, Sl Anselm's Catholic Primary School and Fundacion Anpuy where we sponsor a Child in Argentina and Lubasi Children's Home in Zambia. The Margaret Dormer Scheme, initiated by the school for publlc benefit, is a designated fund for the PTovision of buTsaries for children from families whose paren15 would not olh$rwise be able lo afford an independent education. During the year, following a compelillve lender, management ol the portfolio was tranSfer￿d to Smith & Williamson. At 31 July 2021 the combined funds stood at market value of £677.08312020'. £452,403). Page g ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limitod by guarantsal TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Futurg dovolopments The school's govemor8 have fomiulated an ambitious development plan which incorporates their desire lo maximise the polentbal of the 13 acres of land as well as to ensure the buildingg are fil for current and future purpose. Under continuous review is the optimum number of pupils,. whlle we want lo makè an excellent Catholic education available to more girls we do not want to compromise on class sizes or the special family atmosphere of a reasonably small school. We have continued three form entry to the senlor school which began in 2019. During the year we obtained planning permission for a Learning Resource Centre ILRCI at the heart of the school, new classrooms and a sports facility to enable the school lo continue to deliver a first class all-round education to generations of gid8 IL) come. The Govemors have decided thal the first priorily are the Classrooms and LRC which vwill fom Phase 2A and that the sports facility will be built as part of Phase 2B. ststemont of Trusts08' rèsponslbllltles The Trustees I￿0 are also Ihe directors of the School for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with 8pplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra￿l¢e1. Company law requires the Trustees lo prepare financial 51alemenls for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view ol the state of affairs of the School and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, the Trustee$ a￿ required lo.. select suitable accounting policies and then apply them consistently., observe the methods and prin¢iple$ of the Charities SORP IFRS 1021,. make judgments and accounting estimates that are reasonable and pruLlent', stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departure5 disclosed and explained in the financial slalemenls., prepare the financial slalemenls on th& going concern basis unless il is inappropriate lo presume that the School will continue in business. The Trustees are responsible for keepbng adequate accounting records that are sufficient to show and expl¥in the School's Iransactlons and disclose with reasonable accuracy al any lirne the financial position rjf the School and enable them lo ensure that the financial slalemenls Comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the School and hence for taking reasonable steps for the prevenlign and detection of fraud and other irregularilies. Dls¢losuro of information to auditor Each of the persons who are Trustees at the lime when this Trustees, report is approved has confimied that.. so far as that Trustee is aware. there is no relevant audit information ol which the charity's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audlt information and lo establish that the chariV5 auditor is aware of that information. Page 10 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA Company limlted by guaranteDI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Audltor The audSlor, Crowe U.K. LLP, ha8 indl¢aled hSs willingness to continue in office. The designated Trustees will propose a mots'on reappointlng the auditor at a me8ting of the Truste85. Approved by order of the membgr$ of the board of Trustees and signed on their behalf by.. Mr P D'Arcy Chalr Date.. 6*