MARYMOUNT INTERNATIONAL SCHOOL CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Haysmacintyre LLP Chartered Accountants Registered Audiiors London Reuistered Charity Number.. 1117786 Registered Company Number.. 05325717 MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS. REPORT YEAR ENDED 31 AUGUST 2020 The Governors present the accounts for ihe year ended 31 August 2020. REFERENCE AND ADMINISTRATIVE DETAILS OFFICERS Mrs MargaTe( Frazier (Headmistress io J01061201 Mr Nicholas Marcou (School Leader from 01107120) MT Alan Fernandes (Bursar) ADDRESS Mar)qnount InteTnational School Georue Road Kingston upon ThaTnes Surrey KT2 7PE ADVISORS Bankers National Wesirninster Bapk PIC 64 Hiuh Sireet New Malden SU￿eY KT3 4HB Barclays Bank PIC I Churchill Place London E14 5HP Solicitors Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS15WS Auditor Haysmacintyre LLP 10 Queen Sireet Place London EC4R IAG In5uraNce Brokers Hettle Andrews Lid I l Brindley Place 2 Brunswick Square Birniingham BI 2LP MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT (continued) YEAR ENDED 31 AUGUST 2020 The accounts have been prepared accordance with the requirements of the Companies Act 2006, the Charitie5 Act 201 I, the Staternent of Recominended Practice for Charitie5 (SORP 2015) Isecond Edition. effective l January 20191 and the School's governing document. STRUCTURE. GOVERNANCE AND MANAGEMENT Board of Governors The Governors are ihe Direciors and the Trusrees of Marymount Inrernaiional School. The Board of Governors is responsible for deiermining the overall conduci of the School. The Goveming Body seis and reviews the policies. plans and procedures that will ensure the best possible educaiion for present and future students of the School, including the proper control of its finances, Ms Cristiiia Serraiio Sister Mary Jo Manin RSHM Mr Andre Brenninkmeijer Ms Julie Darwent Mr Aiidre Guimaraes Mrs Helena Reimnitz Mr Mark Rigotti Sister Catherine Vincie RSHM Ms Karina Govindji Ms Paloma Maninez M5 Atnanda Ciowley Mr Joaquin de Valenzuela M5 Pati'ice Bevans (Chairinan) (Vice-chair) IResigJed 22nd January 20201 (Resigned 7, May 20201 (Appoinied 4, Febrnary 20201 (Appoinied 7, May 2020) (Appoinied 7 May 2020) Status Bnd Administration Marymount It]ternational School is registered as a Charity in England & Wales Inuinber 1117786) and a company limited by guarantee re¥istered in England & Wales (number 053257171. It operate5 under the name of Marymount Intemational School London Imai'ymouiitl. The School was founded in 1955 and was pieviously conducted by the Religious of the Sacred Heart of Mary. a congregation founded in 1849 in Bezier5, France by the Reverend Jean Antoine GaillTrac and Mother St Jean Cure. The Company metnbers land Persons of Sigiiificanl Controll are tl)e Provincial and her two Councillors of the Eastern American Province of the Religious of the Sacred Heart of Mary which maintain5 Its PTovincial Offi¢e in New York, U.S.A. On 29 February 2008, the school operating activities and the assets (excluding property) of the Religiou5 of the Sacred Heart of Mary, Immaculate Virgin. EAP (Charity number 2283651 were transferred to Maryrnount International School (Coinpany number 05325717 and regisiered Charity number 1117786). The Religious of the Sacred Heart of Mary, Iinmaculate Virgin, EAP (Charity nurnber 2283651 also donaied 20/0 of the value of the school premises to Maryinount International School. No value for property has beeii included in these accounts as the preinise5 are still owned by RSHM. On 12 May 2008, Incorporated Truste¢s of th¢ Religious of the Sacred Heart of Mary contracted to lease the school premises to Marymount International S¢hool on a 99 year lease. The Company cominei)ced trading on l Marcli 2008. Its net asset5 at that date and the business opeTations of the School were transferred to it at nil consideration by the Religious of the Sacred Heart of Mary, ImTnaculate Virgiii, EAP, a Charity registered in England & Wales (number 228365). Recruiiment and Training of Govemors The Cumpany members are responsible foi the ic ppointnient of Governors. The Board of Governors seeks to recruit and recommend additional Governors with appropriate skills and expertise to ensure that the Board of Govemors has sufficient depth and breadth of composition to enable the competent discharge of ils r¢spoiisibilities. Following appointment, a comprehensive information pack 15 given to the new GoveTnor and induction programme put in place. Regular inforn)aiion is provided to all MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT (eontinuedl YEAR ENDED 31 AUGUST 2020 Governors on WOTkshops thai may be helpful to Iheir function. The Board of Govemors is SUPPOrted in their Irainin￿ and development by the Association of Goveining Bodies of Independent Schools (AGBISI. Governors Tncet regularly at the Scliool And also are encouraged to visit the School on an individual ba515. Organisaiional Managetnent The Governors determine the general policy of the School. The day EO day managemeni of the School is delegated to the Headmistress, assisted by the Senior Leadership Team coinprising of the Deputy Head IAcademic), Deputy Head (Safeguarding}, Assistant Headmistress, College Counsellor, Middle Scliool Coordinator, Spiritual Life Coordinator, Head of Boarding, Bursar, Admissions Director and DevelopTnent Director. The Governors consider that they, together with the Headmistress, the Biirsar and the Senior Leadership Teain comprise the Key Manageinent Personnel (see note 7 to the accounts). Tlie Governors give of their tiTne freely and the pay and remuneration of the Headmistress i5 set by the Chair and Finance Coinmittee. The Headmistres5 sets the pay and remuneration of all senior siaff ivhich 15 kept under annual review. A nuinber of criteria are used in setting pay.. nature of the role and responsibilities cotnpeiitor salaries natlOHlc Ily and inteinationally the secior average salary for comparable positions using the Remuneration Survey of the Association of Goveining Bodies of Independent Schools IAGBIS) The School intends to be in the upper quartile for pay for seni(Trr roles in the independent school sector. The Governors have given delegated authority to the Headmistress with regard to pay, and budgei for the recruitment and retention of exceptional staff. Delivery of the School's charitable visioii and purpose is primarily dependent on our key manageinent peisonnel and staff costs are the largest single ele2nent of our charitable expendiiure. OBJECTIVES AND AcfiviTIES Objeci The objeci of the charity 15 to advance the Roman Catholic religion by tlie conduct of a Roman Catholic school or schools aiid by ancillary religious and educaiional activities for the benefit of the publTrc', and to advance the charitable purposes of the Order, the Religious of the Sacred Heart of Mary. Aims Marymount International School, London, is a private, Catholic, day and boarding school for girls, providing an education based on Christian values. All religions are accepted and resp£cted. The School is dedicated to developing each student's full pofential, thus providing a stable foundation io help Ineei the demands of a ¢hanging world. The School educates students io be responsible. compassioiiaie and caring members of the community wsih skills thai will enable them to think creatEvely, reason critically, communicate effectively and learn continuously. Marymount offer5 a sirong academic progra￿Me based on tlie Inlemarional Baccalaureate (IBI curricula io meet the needs of its international siudent body, thus providing a unique environmeni of ciiltural exchange and understanding. Marymount is dedicaied to promoiing diuniry and developing the integriry of each person in a atin05phere of justice, love and respect in which Students, faculty, staff and parents cooperate towards attaining our objectives. Inextiicably linked with tlii5 object IS the aim of providing publEc benefit to the local, national and intematioiial cominunity. Objectives for the Year Maiymount seeks to creaie a community of mutual purpose and shared concem among those participating in the siudent's educaiion - her family, her fellow student5 and her teachers. Within such 8 framework of supportive relationships, each student finds Ihe challenging freedom and necessary stimulus to grow in knowledoe PLnd wisdom, and attains, through learnii)g, the joy of growing up in the strength of faith and love. It is wiiliin this frameivoTk, too, that the related goals of the School are achieved. In setting ihe School's objectives the Governors have given careful consideration to the Charity Commis5i0n's general guidance on public benefit. Principal Activity Marymount is a boarding and day school and provides education to girls from the ages of 11 18 years. MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT (continued) YEAR ENDED 31 AUGUST 2020 Grani-making The policy of the Governors is to make Bursary awards on the ba515 of parental means or to relieve hardship where the student's education and future prospects would otherwise be at risk. Bursarie5 are assessed by a means tested application for both incotne and wealih. In so doing, Ihe School seeks to provide such awards to students who would not otherwise be able to attend Marymount and so widen public access 10 the School's excellent educational provi5i0n. Fiindrdising The Scliool retogn15es the importance of meeting the highest Standards of practice and care in relation to fundraising activities. The school keeps benefactors informed about fiindr3i5ing activities through regular updates. All fundraising activity Is carried out by the School's staff, and ￿ndS are only raised froin past students. parents, and those with a personal connection with tlie Scliool. The School does not undertake fundraising campaigns EO members of the public. No complaints have been received. The School raises funds for specific ¢apital projects wlien they are required. Donations received in response to appeals are recounised witliin an appropriate restricted fi]iid. Following the Trustees, decision in 2019 not to pursue the build of the performing arts centre. donors who gave towards thi5 project in prior years were coniacted by the School io confimi that they would be happy for their donation to be uiilized on alternative Capital projects. Accordingly. in 2020 a transfer of £446,070 was made from restricted fi]nds to desigiiated fui)ds. STRATEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE Marymount a5 a Charity applies all net income to maintaining the educational purposes and fabric of the School. In recent years the Trusiees have focused on strengtliening the financial position of the School and carefully managing risks. The School has recruited talented faculty, boarding and support staff to continue providing the highest possible standard of suppon in all aspects of school life for both day students and boarders. The prolessional development budget was disbursed to provide borh in-house and extemal professional development 10 faculty and siaff. focusing primaiily on recent changes io IB Diploma and IB Middle Years Programme curricula and enliancements to the School's Advisor Ipastoial) structures. In a year disrupted by ihe Covid 19 pandemie resultin¥ in a lockdown, students nianaged to participate and achieve well in a ranue ol cu￿1¢Ular and exts'a_CUlTiculaT activities, Trncludinu Matheinatics aiid Science competitions (iiational and internatioiial), literary coinpetitions, Model United Nations, Iniernational Schools Theatre Associatlon, International School Sports As5tsciation (local and overseas maiehes and touimamelltsl, and a raiiue of service-related activities such as the School's 'Satuiday School, protsi"am. In advance of ihe Covid-19 lockdown, international boarders were supported in returning home safely and during tlie global lockdown the school successfully implemented retnote leaTning. Academic Achievement5 The 2019120 acadeinic yeai. once again saw the gradiiating class achieve the best overall results in the School's history. With a I OOO/o pass rate lor the third yeai in a row and the fifth titne in the last 7 years, and with a record average IB Diploma points total of i8, Marymount student5 achieved we51 above both the global av¢rage (29) aiid the UK average1361. These results eiiabled our graduates lo take lip places at prestigious universitthes iii tlie UK, including Durham. King's College London, Edinburgh, UCL. Imperial, Nottinghatn, Leeds, Warwick, St. Andrews, Royal Holloway and Manchester, and overseas, including Waseda (Japan). Cardenal H¢nera Ispaii)), Le Harvre Norinandie (France), Paris Descanes (France), Univei'sily of Central Florida (USA), Emory (USA), UCLA (USA) aiid Toi'onto Icanadal. reinforcing the high regard in which ￿'adUate5 of the IB Diploina are held. Ovei. 400/0 of the nraduating class achieved 40 points or more and 650/0 of studenis achieved 38 points or moTe. placing them in an elite group of tlie top perfonning students worldwide. Over 81 /0 of Students achieved i6 points gr more, the optimal score for entry into Russell Group universities in the UK. As in past year5, the truly international nature of the graduating class was evident in the nuinber of students awarded a Bilingual Diploma, which in 2020 was over 36¢/0. MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT leontinued) YEAR ENDED 31 AUGUST 2020 Arts Tlie Perfomiing Afts department consists of the DTama, Music and Dance departnienls. The tTnportance of ¢reativiiy and the Arts was once again highlighted in the receni COVID lockdom'n. All perforinance Tnoved online from March 2020 June 2020 and a virtual Summer concen was streained online with high quality performances fiom all J departments. Tlie Drama DepartTnent is a vibrani departinent with all Middle and HIJ School students receivinu classes. IB Theatre is a popular choice in the Diploma Pi'ogramme and ouisranding results are acliieved. Highljuhts in class performance liave been the nlitinu the Grade 9 and l O perforrnance davs where the students have collaborated on an ouiconies-based unit of work, higlili. importance of Drama as an integral facilitation and life skills subjeci. The annuic I production in 2020 was Urineiown and over 110 students from all Grades were iiivolved in perforjning. cosiume design. set and IiLTrhting desiun. technical and backst&oe support. Members of the conimunity and local school stiidents were invited to the matinee performances of tl)e production. Marymount Is proud to be a global patron of ISTA Ilnternational Schools Theatre Association). The IB Theaire students attended a 4-day ISTA syinposium in London with over 100 students developin¥ ereatsve learning and internationalisTn through tlieatre. We also attended an ISTA HS festival lield ai (he International School of Zug and Lucerne in Switzerland. It was atiended by 6 intemaiional schoo15, and over ihe 3 days the sllldeiits were involved in WOTkshops led by internaiional artists who are experis in their fields, focusing on Performance, Theairical De5itsn and Technical TheatTe. The festival culininated in a final perforniance on Sunday morniiig showcasing ihe students. learning and creative outpui. Such festivals provide young people wilh the opporiunity to collaborate with others from different countries, exchange ideas and cultural perspectives, and develop new Iheatre skills. Previous festivals have taken place in Germany, the Netherlands, Turkey, Norway, Luxenibourg and Switzerland. The RSHM Performing Arts Festival involving the European RSHM Schoo15 was unfortunately cancelled because of tl)e pandemic, bui we look forward to when it will be held again. The LAMDA Speech and Drama Programme is extremely popular aDd is led by two peripatetic teachers, with onsiie examinations taking place. All Grades attend theatre productions throughout the year, either to West End theatres OT more gvaRt garde venlles. The Music Department continues to be busy and dynan)ic, with nuTneTOU5 oppo￿}nItieS for eacli student to contt"ibute in her own way to the musical life of ihe School. Within the classrooin, we continue to develop the IB MYP and Diploma Programme curticuluin, providing opportunities to explore tnusie from a range of cultures, Iraditions and iiine periods, underpinned at every level wilh elements of cotnposirioii, listenin& analysis and perfomiance. Our peripatetic tuiors offer expert tuitioii in a full raiige of instruments, including piano, violin, viola, cello, guiiar, drums, flute, clarinet, saxophone. bra55, and voice. Additionally, the School ChoiT and the Chamber Ensemble offer many performance opportiinities thi'oughout the year. including Lessons and Carols at Christmas, the annual Chatnber Concert. whole-school music assemblies in Novembei. and March, the Summer PeTforniing Arts Celebration, and the annual Choir Tour, which ha5 seen the Choir perform in a variety of European cities over the past number of years. The Dance Departrnent has moved froin strength to strength since it was iiitroduced in 2018. li now lias a dedicated Dance studio and this has firmly cemenied the subject into an already POPLilar and complimeiitaiy subject alongside Drama and Music. Duriiig the weekly curricular lesson's students explore dance thTough practical and theory lessons looking ai the history of dgncc, key piactitioners, cultural and national dance as well as safe practice, anatomy and the physical and mental benefits dance can have on the siudent's life. The extracurricular dapce program is very popular offering graded examinations in Ballet, Tap and Modem a5 well as Fitness and Cotnpany Dance Classes in styles such as Contemporary and Jazz. The school Musical ivas a highlighi for all students ynd was a big success. Mgthematics As usual, mar￿lO￿nt girls were entered for all the UKMT Individual Challenges and ihe following results were achieved. Two Students in grade I I took tlie Maths Olympiad for Girls (MOGI: Ihis is a very difficult set of questions and both achieved above average scores to receive a certificate, but ii was not quite enough 10 qualify for the BMO I coinpeliiion. Iii the Senior Maths Challenge. students gained 2 gold certificaies, I silver certificate and 8 bronze certTrficaEes. 2 qualified for the addiiional Senior Kangaroo challenge with I gaining a meril certificate in this competition. This coinpetition is aimed ai grade I l and grade 12 siudents and it was encouraging to see 3 students in grade 10 and l in grade 9 attempting the competition and achieving a reasonable result. MARYMOUNT 1Tr4TERNATIONAL SCHOOL GOVERNORS, REPORT {continu¢d) YEAR EiYDED 31 AUGUST 2020 In the UKMT Intermediate Challenge. which is aimed at students in grades 8,9, and 10, 34 studenis were entered. Results were 2 Gold. 5 Silver and 4 Bioii£e ceriificales. I student who gained a Gold had a store sufficieni to advance theni to the follow-on round, called the Kangai"oo round. The Junior Challenge is held in April and doe 10 (he lockdown did noi lake place. We continued our participation in the American Scholastic Mathematies Association competitions. which ctsnslSt5 of 6 rounds of questions from October through March. This year siudents again took pari in boih ihe Junior and Senior levels of the competition, which led to thein trying a wide variety of mathemaiical problems and broadening their appreciation of probletn solving. One student in particular achieved an excelleni score each month in the Senior Level. The weekly Maihs Clubs are aimed at students who enjoy mathematics and are keen to tackle unusual enrichment questions. Aiiendance is sn)all, but consistent, and they used a variety of problems, including the UKMT Mentoring Sheets to develop their ability to apply their knowledge to a range of question types. The clubs are also designed to provide a clinic approach for students who Iiave difficulty and require more time and sllpport for uiiderstanding of new concepts. Atteiidance is opiional. certain siudents are encouraged io attend and those who did beiiefit in terms of both understanding and confidence. The Maths Masterclasses run by grade l O and grade I I students at the nearby Holy Cross junior school coniinued with a group of 18 students involved in the projeci. This is a very successful scheine enjoyed by the young people at Holy Cross and our studeiit teacheTS who gain an insight into Ihe demands of teaching. Some are keen to develop their leaching skills and have become 2nvolved as peer liitors within Marymoiinl. Regreiiably, Covid 19 pul a sudden end to these Masierclasses. A group of 12 sludenrs from grade I I were also involved in the Saturday school programme and lead a number of vibrant sessions for the visiting young people. Several trips were planned for the second half of the year bui did noi take place due to lockdown. The IB results based 011 Predicted Grades and Iniernal assessments were strong. Mathen)atscs is one of tlie few subjects in the school which oftei's the opiion of taking ihe exam at Ihe end of grade I l as ali anticipated subject at Standard Level. 5 students availed themselves of ihis opportunity,. their Internal Assessn)eni was completed under the difficuli siluaiion of lockdown and ihe results were Inost cominendable. The Inarhemaiics department was I teacher short for the year and another teacher left ai Easter. A replacement was engaged but Ihere was a last minute problem and lor the final lerni with online teachinb, we were 2 teachers short. It was a considerable achieveineni to coinplete the syllabus for each grade and conduct online examinations for the first tiine. Despite some difficulties. this was largely a positive experience for both teachers and Students and tnuch wa5 leamed foi. the future. Interdisciplinary curriculu¥ The 2019120 academie year reinforced the model of termly interdisciplinary trips and Ilie continuing development of an auihenlic and meaningful STEAM pl"o￿a￿l￿t. The model of lermly inlerdi5ciplinary trips reduces disruptioii and allows foi greater continuity of learning. In the 2019120 academic year, the following trips and workshops took place.. Grade I l - Hampton Court Palace (Theory of Knowledge) Grade 10- African Druinming and Dance Workshop Imusic. Drama and PEI Grade 9- Dance & Drama workshop @ MMI IDance and Dratnal Grade 9 - Altemative London Walking Tour Ivisual Art and Dramal Grade 8 - Tate Modem Iworld Languages. Religion and Visual Artl Grade 8 Criminology & Forensic Science workshop @ MMI IPSHEE & Sciencel Grade 7 The Globe IHisiory and English Liieratiirel Grade 7- Lion King workshop and production IDan¢el Grade 6- Royal Museum's Greenwich Icore aiid Sciencel Grade 6 - Tutankhamun exhibit, Saatchi Gallery IHistory and Visual Artl A third inter-disciplinary day scheduled for late March 2020 was cancelled due to lockdown restrictions. Similarly, Middle School students weTe not able to participate in the scheduled RSHM Festivals in late March 2020. Further to ihe achievements last academic year on STEAM, the STEAM coordinator held two STEAM inter-disciplinary days for all Middle School students ai the end of Seinester l and Semesier 2. The latter was held on-line through TEAMS. and this platforin worked well to allow students to explore inter4isciplinary learning. A Careers Fair was alsg held for all MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT (continued) YEAR ENDED 31 AUGUST 2020 High School Students at the end of Semester I, which saw alutnnae and professionals from a range of industries vislt Marymount to speak to oui. students about a range of careers. including aviation. law, fashion and film. Sport The Marymount sports prograinme continues to achieve lop results in Sport, both at the local and inteinational level. During the first tertn of the 201912020 school year, Marynount London coniinued to run Varsiry, Junior Varsitv and two middle school ieams for Volleyball. Due to added interest and tlie level of skill, we had a Junior Varsity Soccer team along with the Var51ty and Middle school teams. Additionally, Marymouni London had Middle School and High School Cross Country teain5. The prooramme offers at least one team and one individual sport per tenn. Mar)rynount remains exiremely competitive in gan)es and tournament5. MMI participated in ihe firsi annual ISAA Cross Country Meet and placed 41h place as a teain against teains from the UK. Israel and The Netherlands. The Varsity Volleyball team placed 3rd in the ISSA iournament sn Aberdeen. The Varsity Soccer team placed 2 in the ISSA tournament in Portugal. In the winter terni, the Varsity Basketball team finished 1st plaee at the ISSA Tournatnent h05ted by Marymounr at ACS Egham'5 facilities in March. We continue to have a large iumout for High School and Middle School Basketball teams. We continiie to provide Level I refeTeeing and Level 2 coaching opponuniiies for many of our Hiah School players. These qualifications provide the gi115 Wlth a better understandinu of the sport while also allowitig thein to coacli and refeiee local club games. The idea is tliat we invest in their training and development and they invesi back into our middle school prouramme. Two students continued with this training and are now serving as coaches in the local Kingston community. Due to Covid-19, Temi 3 spons were cancelled. The PEISports department created the Marymount Marathon and Ultra Marathon Challeiige for all ￿emberS of ihe community, In total, the school loxoed 4,490km in tlie last iiionth of school. 29 students and 18 members of staff participated in ihe challenge. In total, 26 participants completed the l Ookm Ultra Marathon and 9 compleied the 42km Marathon. Students and Sta￿ also competed in a virtual LSSA 5POrts competition. Overall. middle school sports continue to remain as a no-cut policy. This encourages students to step outside their colliforl zones and try new sports. CoinpetitlOll5 are strictly friendly and the LSSA organisaiion does noi record overall results. Maryinount competes in regular weekly fixtures and Saturday tournatnent5 In the local LSSA (Londoii Schools Sports Association) competition and the Surrey League for Badminton. We also participate in end of season tournaineiits for our Varsity ieams through the ISSA and ISAA organisations. Overall student participation in the Marymouni sports proorams reinaiiis high, wilh ihe majority of Middle School Students participaiing in one or more sports team5 thtoughout the year. Student Leader5hlp With the Tnove to online learning in March 2020. a range of leadership opportunitSe5 were offered to student5 in 2019120. These include.. September 2019 'Leadership workshop, hosted by a female leader in business, and open to all student5 leaders in NHS, Student Council. SGIC, Boarding Council and House Captains. September 2019 RSHM Leadership Conference, hosted by Istituto Rome on the theme of Human Slavery and Hornelessness. January 2020.. The Model United Naiions in The Ha.￿ut attended by 24 High School students. Throughout the academic year. Ihe student leaders in the NHS, Student Council, SGIC, Boarding Council and House Captains ran events in school, and also supported events running outside of school. Community Service anil Exlrgmural Activities Mar)qnouni students take part in a rich and varied Community Service programme. See"Public Benefit" below. Extramural clubs are always popular with our girls. including Art and Design. Marymount Me5senuer, the School newspaper and Choir, as well as a host of regular clubs and activities for the boarders. MARYMOUNT INTERNATIONAL SCHOOL GOVERIYORS, REPORT (continued) YEAR ENDED 31 AUGUST 2020 Ski Trip During February hall'_tem 26 siudents and 6 staff enjoyed 5 days of alpine skiing Valfurva, Italy. The trip involved students with a range of skiing abilities, but by weeks, end everyone was zooming down the slopesl The snacks in the mountain cafes definiiely helped to keep energy and warmth levels up. The ski (rip was a great opportunity to build physical skills as well as io get to know peer5 and teachers better. This was no doubt helped by the fun après activities, including sledging, disco night. swimming and a pizza evening. RSHM Mission The academic year 2019-20 began with our staff retreat day. Mass was celebrated by Fr JitR Lie5 and the retreat activities were led by Dr Simon Utiley. The retreat focussed on 'Virtues in the authentic Catholic school practice tnakes perfe¢t'. Grade 9 tnade tlie aiinual pilgrimage jouiiiey to Béziers in September, to visit the Motherhouse of the RSHM. They participated in workshops led by the Sisters of the RSHM, they toured the house and listened to historical accounts of the Order as they walked througli the town. They had the opportviiity to consider Fr Gailhac and Mere St Jean as rL)le models for theiT own lsves as Sr Terese-marie guided the group in a reflection 'in the footsteps of Fr Jean Gailhac,. Fr Gailhac's words and advice are preserved ij) the many letters lie wrote to the S￿Sters and Grade 9 were able to sit in the Chapel and write their own letter. placing their hopes and concerns into God's hands. The day in Beziers fijiished with a lityrgy in the beautiful circular chapel. The ii'ip a150 incliided 24 hours in Albi, a World Heritage Site, with a memoTable visit to the Cathedral of St Cecilia. All Grades have enjoyed a Retreat under the leadership of the Spiriiual Life Coordinator. A key theme for the Grade Retreats this year has been 'Time to Shine, Each student was given the oppoilunity 10 identify their gifts and talents and reflect oil their relaiionship with God the Father. The girls discussed the challenges and joys of educational and personal gTOMth and liad the opporiuniiy 10 learn aboui how io be more emoiionally resilient and whai siraiegies to employ in order to thrive in the school seiting and beyond. There was an emphasis on building authentic and Positive relationships in order to grow a5 a cominunity and develop a relationship wilh God. Grade reireats have been a special lime away frotn the busy schedule of the school day and academic worl on opportunity io strengthen friendships. improve self-esteem and focus on spiritual well-being and dreams for the future. Staff Induction.. The Spiritual life Coordinator also led sessions with new staff as part of their induction and fomation into a Maryinounl school. sharing with them our RSHM heritage, the Mission, goals and hisiory of the School. The spiri￿al Life Coordinator prepared all the Thursday Grade Masses and Liturgie5, whole School Masses and the Sunday Masses throughout the year. The school no longer has a pemianeni priest atiached to the school but rather a small group of priests who suppon ihe sacrainental life of the school as and wheii they can. Fr Jim Lies CSC eelebraied the beauiiful whole school Mass ai the staii of the academic year and Fr Andrew Ebrahijn SDB celebrated Sunday Mass for the Boarding community on several occasions. Deacon Alex Burke has also supported the spiritual life of the school and led our Ash Wednesday Liturgy atjd distribution of ashes along with coiitributing to the Graduation Liturgy and end of year service. Whole school celebi'ations during the year included.. Opening Mass, All Saints Mass Thanksgiving Liturgy - Lessons and Carols preceded by a Motl)er and Daughter Tea, Ash Wednesday Liturgy and tlie Cliristmas Liturgy. Preparations for the Thanksgiving liturgy involved every Inember of the coinmuiiity receiviiig a booklet with an linage of the blue door of tlie Sacred Heart of Mary Convent at 21 Rue Erniengaud in Beziers and a task to reflect on 21 blessings in life. It was also a celebration and ihanksgiving for the work and charism of Fr Gailhac and the RSHM. The Liiurgical season of Advent allowed us re-focus on prayer and good works. As is traditioii, each morning in the Inain house a different group froin the school community was iiivited to open an Adveiit stocking that coiitained an extract from a letter of Fr Gailhac. This was an opportunity to reflect on how Fr Gailhac's words still speak to us down the ceiituries. The season of Lent Saw the school commuiiity focus oi) prayer, fa5tlDg and good works. Ash Wednesday was marked with a liturgy and the tiaditional disiribution of Aslies. Lent and Adveni were Inarked by collections for a local foodbank that allowed staff aiid studeiits 10 reach out in support of local families in need. This Lent also saw the installation of the 'Leni Tent, in Ihe chapel. It was desigFned as a 'tent of tneeting. and 0￿ered a varieiy of prayer aciivities. or just a simple place to meet with others and God iii prayer. MARYMOUNT IiYTERNATIONAL SCHOOL GOVERNORS, REPORT (continued) YEAR ENDED 31 AUGUST 2020 Ten Middle School siudent5 and two High School student5 also completed the Confirmation prep￿iratiOn course that ciilininated wilh a d8y retreat at the Kairos Centre. Bishop Paul is cominitted to celebraring the sacrament with the girls as soon as restrictions are lifted. In response to the national lockdown Marytnount's spiritual life went fully on- line. Weeklv guided prayer for Grade groups continued with a ¢ombinalion of pre-recorded mediiations, based on the Daily Examen. live input from the Spiritual Life Team and Heads of Year. The Daily Bulleiin becaTne a key point of contact for encouraging and Sustaining spiritual growth and tlTre daily prayer and reflection was a150 seni out to alumni io support them diiring the paiidemic. A new Prayer Space on 'Teains' a150 becaine a virtual place to share morning aiid evening prayer along with resources to support meditation and Èndividual prayer. Our Graduaiion Liturgy was also ¢elebrated on- line and Grade 12 students wrote and recorded prayers in iheir mother tonuue and students from across the Grade read fi'om Scripture and saiig. Families were able to waich live and shal'e Ihe service wsth fainily and friends. The whole experience was an opportunity to reach out to girls and families acr055 inteniational divides to celebnte and give thanks together. Network meetings events Tlie annual RSHM Shjdent Leadership Conference was held in Rome. This anniial event help5 to fosier new link5 between ihe schools for both students and siaff alike. Four Students represented Marymouiit London: the High School student% took Pclrt in a conference on human slavery whilst the Middle School students had the opportunity to work at the Caiitas homeless shelter in Rotne for a day. Alumnae and Community Relations The aim of the Developmeni Office is to retain the deep affection alumnae. parents, past parents and past faculty feel for the School by providiiig opportunities to retum and be involved. This has proven challenging in the academic year 2019-20. The Parents. Association (PAI enjoyed some stability in leadership in the academic year. A hugely success￿1 Sutnmer BBQ kicked off the year ID a t)pically lively and fun way, with plenty of new activitie5 for families to be involved in. A particular highlight were ihe popular smoothie bikes, providing an opportunity for a fruity snack whilst usiiio up sonie eiieTgy. The PA was able to hold an incredible Christmas Fair, Wlth record numbers of donations for the ever-popular Tombo11c siall, and hosted a reception after the Lessons and Carols whicli was well aitended. The Iniernarioiial Festival came at the beginning of Mairh, where seven countries compeied for the title of "Top Chef, and Intemational Baskets raised over £2,000 for Marymount. Understandably, attendance was lower than in previous years given increasing concern at the time oveT the spread of the coroi)avirus. With regards to Alumnae, a project piloted in 2018-2019 for Grade I I students was Continued in the Autumn term 2019. Alumnae spoke infomially over lunch to small groups of students, and once again these lunches wei'e well received. Tliis project will continue in 2020-2021 in a revised format for Grade 10 and above students, with meetings taking place over Zootn iaiher than in person. January 2020 also saw the inaugural Marylnount London Networking Event, with speakers from every corner of the communily speaking on a panel about their varied experiences on tlie career, jungle gym" The event was held in central Loiidon after school. The students who attended were delighted with their experienLe and were able to meei all the panellis15 as well as tlie guests, who ranged froTn young alumnae to past parents. After tht School closed, the priority of the Senior Leadership Team became the support of our students, education. The feedback from ihe PA was that parents had enough to do and had srrong support networks within the 5cliool, and so the PA shoiild take a step back to avoid ovenvhelTning parents with information. In light of ihis feedback. the PA took a much lighter appioach to communications. The planned Gala inevitably had to be cancelled, and over half those who purchased tickets decided to donate these to the Marymount Hardship Recovery fund. Th¢ key events held normally in the summer for alutnnae, namely the Young and London Alumnae Reunion and the Alumnae Induction Ceremony, could not be held due to the campus being c105ed and restrictions on gatherings. MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT {continuedl YEAR ENDED 31 AUGUST 2020 Coiiiinunity magazine Marymount Matiers was Still able to have two editl0115 this year, published in December and July. The December issue shone a spotlight on 'Legacy and Memory" Wlth articles about the history of the School and how the memory of Father Gailhac, Mother Builer and oui RSHM Sisters live on in today'5 Marymount. Students wrote about their experiences in Béziers and the issue included stories of RSHM SisteT5 past and present. The July issue, published this suminer, focussed 01) being together whilst apart. Articles ran¥ed fi.om alutnnae expcriences of lockdown to the words of boarders adapting to learning from holme. All articles were all tied to RSHM School Goals, to show how the School is continues to fulfil its mission whatever the context. Public Benefit There are four eleinents to the public benefit programme at Marymount.. l) The provision of bursaries Marymount continues to operate an assisted education scheme to widen its appeal to students from all backgrounds. During the Academic Year 2019-20 means-tesied financial assistance totalling £163,999 12018119.. £148.618) was provided to 16 students who oiherwise would have been unable to attend the School. This assistance spans a wide range of support from 20010 to l OOO/o of tuition and boarding costs. The School is strongly coinmitted to the provision of means-iested bursaries and Seeks to increase the availability of financial support. In response 10 the Covid-19 pandeTnic on the e¢onoiny and to secure the continued education of students part way through (heir education at Marymouiit, a Hardship Fund was launched to provide support foi those faTnilies affected by a loss of Encome. Donations from fainilies and benefactors raised £94.085 of which £15,985 wa5 distributed to 2 Students, education in 2019120. The balance has beei) carried forward into the next academic year to support 7 sMdents and the School is budgeting to provide further resollrc¢s. 21 Sharing of resources and facilities The Saturday School Enrichment Programme continues to be a success, rui)iiing on Saturday mornings for 10 weeks between October and February. The Programme is aiiended by a mixed group of 18 Year 5 and Year 6 students lage 9-101 from St. Joseph's Catholic Primary School. Kingston. Lessons are rui) by Mai'yinount Interiiatioiial School students. who are supervised by Maryinollnt staff, Subjects covered are English, Mat115, Science, and tksign. Maryinount studeiits sign up for the prosran)me at the beuinning of the year as part of the Sttident Goals and Iinpleineiitation Cominittee. Planning sessions take plate on Monday5 and students are supponed across the week by theii. subjeci teachers. who review their lessons. They are supervised on the day by the Programme Coordinator and the Academic Coordinator, as well as by the volunteer staff, who sign up to asslst the programme. St. Joseph's management team have reptsiied positively on the programme. and St. Joseph'5 Students appear to enjoy their time at the school. The lessons are active and enuagFing and transport provided by siaff free of chaiue. 31 Charitable giving Keeping the ideology of giving in mind. Marytnount students continue to be active in community and Service activities both locally as ivell as globally. The studenis took part in mtjliiple service activities during the year; some are listed here.. Students donated over 100 boxes to the Operation Christinas Child Appeal and colleciion of Christmas Hamper5 for donaiion to St Ann's CongreDation by GTade l O siudent Students ran a number of initsatives to raise funds for the work of the RSHM Sisters in Africa: £2.290 Ron Pickering M¢iiiorial Fund £170 Mowenibei. Mens, Health £175 ActionAid £109 'Wear It Pink, Day to raise funds for a cancer charity.. £175 MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT (continued) YEAR ENDED 31 AUGUST 2020 Centrepoint Hornele55 Charity £372 NHS iaised funds for World Wild Life Fund.. £76 Treloar's, Enabling education for disabled young people £114 CAS Activities - Students from all Grades Icombinedl partake in meaningfvl fi]pdraisers to support the essential work of certain chariiies. B¢low are some examples of group fundraisers.. Sleep Easy Event on cainpus Iytsuth Homelessness UK) Feed the Hungry (Dr. Lester Siiinrall-s Foundation Internationall ClotlieObooks donations for refugees in Calais (Intemaiionall Hopes alld Homes for Children (UK) Operation Christmas Child (Samariian's Purse- Internationall Wear It Pink Campaign {Breast Cancer Awarene55 UK) St Vincent de Paul Society (in 5uppon of Homeless People- UK) Rwanda Project lin support of an orphanage - International) Boardin￿ Fundiaising (in support of the School's African Missions) Macmillaii Coffee Morning (Cancer Research UK) Runathon on Ca￿puS to support tlie Ron Pickering Memorial (UK) SOS Children Village Pakistan (Internationall 41 Community and service In a year disrupted by the Covid-19 pandemic. staff at the School worked wilh local charities to open the Fab-Lab and create face shields for the NFIS. Safety glasses fvom Science were donated to the NHS. li) addition, students from all Grades {combined or as isolated individuals) have taken part in volunteering events to contrsbute to local. national and intemaiional &ppealslorganizations with 2 view to makiiig a difference in ihe world at large. Below are sonie exaniples.. Volunteering at hospitals in UK and abroad. Volunteeriiig at orphanages and anin)al sheliei's abi'oad. Environmental initiatives iii tlie local area with The Hatn & Petersham Asso¢iation, UK. Marie Curie Daffodil Appeal, UK Rallelagh Half Marathon. Richinond Hamtnersmith Japanese Garden cleaning event, UK Finally, students from all Grades have been involved in Se￿l¢e activitie5 at School ro support each other. Below are just a few examples.. Backstage, make-up, stage design for Drama School Production 14osiing for RSHM fesiivals on campus Saturday Enricliment Programine NHS. SGIC, MUN, Boarding, Schola, Choir, PE department, House Teams, Sttiderti Council Plant And Facilities During the year the School invested £598,546 10 enhance the facilities on Campus for the whole School conimunity. £3JO,478 relates to the completion of the STEAM Hub which was opened in September 2019 and created two large classrooms to support the Science progamme and timetabling. To support the IB programme of Dance and Dr8ma, a new Dance Centre was created in the south-west corner of the Campus. At 1005qm with a specialist dance floor it can accommodate, dance. ballei and draTna which are some of the key subjects that girls enjoy at Marymount. MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT (¢ontinu¢d) YEAR ENDED 31 AUGUST 2020 At part of a long term plan to build on the successes of the tennis programme and to encourage more students to take up iennis the Upper Tenni5 Court was iefurbished. Plans to develop the lower tennis court area into an all-weather surface and the refurbishment of the Sports F1311 a5 part of the Marymount 'Gir15 in Motion, campaign were postponed due to the pandemic. with the aim of relaunching in 2021. To provide a welcome and improve security a new School Office and Boarding Reception wa5 created in Gailhac Hall. This Provides a single entry and exit point for all students. The auditorium ha5 benefited from a nuTnber of upgrades over the years and to coiiclllde the project electric dropdown blackout blinds were installed. The system allows natural light io be controlled dependenr on the function all the way through to full blackout for the drama programme. Future Developtnents During the year the Board fociised developing the Govemance Inodel to belter support the School strategically and to manage risks. boih financially and operationally. Notable chaiiges during the year included recruitment of a Governaii¢e and Risk Management Consultant, and a Health and Safely Advisor. Governors carried out a broad range of training and updates were made to ihe Temis of Reference and the MemoranduTll and Articles. The Risk Register was carefully scrutinised and decisions made to mitigate against risks. In the year of Covid-19 lockdowns, the Board was supportive of the School and dedicated lime to meet regularly to manage the risks materialising, incllldiiig the lockdown closure of boarding. siviich 10 remote learnints BREXIT, a change of Leadership and loss of the SummeT School for August 2020. Particular atteniion was paid to the financial model with tlie 5 year cash model scwtinised and a review of scenarios based on studeni and boarding numbers. The governors concluded that the School is a going concern and that lo better Inanage risk. individual risks on the risk register should be allocated to cotnmittees for detailed reviews and a new Strategic Plan prepared in2021 During the year the Headmistress. Mrs Mar¥aret FrazEer announced tliat she would be retuming io the USA to take vp post as the Head of School ai Sacred Heart Greenwich lor the next academic year. An intemational search was carried out by a specialist educational recruiltnent agTenCy and after a rigorous process. Mrs Margaret Giblin frotn WoldinaJatn School was appointed stclrtinu in January 2021. In the ii)terim, Mr Nicholas Marcou ihe Cuttent Deputy Head {Academicl will cover the post as School Leader. The Board have every Confidence in Mr Marcou with this wealth of experience in the IB in leading ihe School duriiig the inl£rim period and Mrs Giblin who in her current role a5 Deputy Head (Pastorall at a Catholic. all girls Day and Boarding School in leading the future developinent of the School. Financial Review The lolal iiicome generated for the year amounted to £7,727,481 (2019.. £7,360.4741. Of this £7,233.882 12019.. £6.761,0051 related to fees and other educational income. Student enrolEnent at the begiiining of the year was 25112019.. 241). Total expenditure for the y¢ar amounted to £7,790.328 {2019.' £8,257,817), 99.301. (2019.. 99.1 /ol of which was attributable to School Operating Costs. The Iiet income for the year IbefLire pension scheme actuarial gainslllosses)) amounted to £162,847) (2019: £897,343). The School aiins to maintain an annual operating surplu5 foT future developmeni of the School and to finance capital expendi￿re on improving buildings. equipment and other facilities as needed. The reserves policy of one third of budgeted expenditure ensures the School can meet all lis obligcltions and tliere is no dependence on bank loans or benefactors. Reserves Marymount operates a reserves policy based on the prudent management principle of having adequate resources to satisfy all liabilities and coinmitments as ihey fall due. Such i'esources have been establEshed as those sufficient to meet expenditure falling due for oiie third of the year. Marymount's current level of general reserves is £3,939,033 of which £2.755.092 is applied towards fixed assets. leaving free reserves of £l,183.941. Marymount's policy implies a level of reserves of £2,45i,039 resultinu in a deficit of £1,269,098. The School is committed to a Master Plan for development of the Campus which is eontingenl upon the level of surpluses held. 12 MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT {¢ontinued) YEAR ENDED 31 AUGUST 2020 The School has restricted funds at the year-end of £523.609 (2019.. £876,515). Further details are given in note 13. In a year affected by the Covid-19 global pandetnic, special attention ha5 been paid to tlie international element of the School and in particiilar boarding students. The School implemenied a credit to families against saving5 during lockdowll a full credit for boarding services which were closed for the summer ierm. Flexibility in fees payments has been offered to families to support the continued educaiion of children and secure student numbers. Invest￿eTht Powers, Policy #nd Performance There are no restrictions on Marytnount's power of investment. Investments are held in deposit accounts where risk levels are low and funds are easily accessible. Given the current low rates of interest. the returns Dn investments are in line with the expectation of the Governors. Principal Risk5 The Board of Governors reviews the risk reuister anpually to tnitigale against some 30 identified risk5 in relation lo the School. In a year when 5 risks materialised including a pandemic and ehange of Leadei'ship the School closed the year with a small defiLIt. Mitsgating against some of the principal ii5ks that ELf95e during the year were insurance, reserves, and the ability to respond to an unprecedenied pandemic including., The decision to close the School in advance of the lockdown to ensure international students returned hoTne safely An early trial and switch to Remoie LearTring for all grade5 ensuring ihal the educational provision continues uninterrupted and io a hivh standard Crediting fees in relation to the summer tertn Savings and boarding closure to ensui'e goodwill toward5 current families and secure places Flexibiliiy in the payment of fees foi the next acadernic year to secure places Postponetnent of substantial capital expenditure in relation to the Sports Hall re￿rbIShmtn1 Setting up of a Hardship Fund to support fainilies affected by the economic downturn Reopening Boarding in August 2020 for student5 required to quarantine and sharing plan5 for the next acadetnic year to support the return of all siudents Adjusttnent5 10 the 2020121 budget and Capital Expenditure focused on the safety and wellbeii)g of the whole School Community and the academic delivery of the IB Curriculum The llltimate impact of COVID-19 on the UK and world's economy and in turn on the Charity is yet to be seen. However, through appropriate consideration of risks as part of its nonnal risk manaueinent processes and initsgating actions both already taken and available to be takeii, Govemors consider appropriate action has been and will continue io be takeii to ensure ihese risks to the future of the School are tnitigared such that the going concern basis should continue to be adopted for these accounts. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also director5 of Marymount Internaiional School for the purposes of company lawl are responsible for preparing the Governors, Report and the financial stateTnents in accordance with applicable law and United Kingdoin Accouniing Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Govemors to prepare financial statemtnts for each financial year which give a true and fair view of the State of affairs of the charitable eompany and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for tliat period. In preparing these financial statemenis, the Governor5 ale required to.. Select suitable accounting policies and then apply (hem consistently; Observe the method5 and principles in the Charities SORP., Make judgements and estimates that are reasonable and prudent; State whether applicable UK Accounting standards have been followed, subject to any maierial departures disclosed and explained in the financial statements. and 13 MARYMOUNT INTERNATIONAL SCHOOL GOVERNORS, REPORT (continued) YEAR ENDED JI AUGUST 2020 Piepare the financial statements on the going concern basis unless it is inappropriate io presume that the Charitable coinpany will coiitinue in busin¢ss The G0vel￿Or5 are responsible for keeping adequate accounting records that are sufficient io show and explain the Group's and tlie School's trdnsactions, disclose with re8sonable accuracy at any time the Iinancial position of the charitable company and the group ai)d enable thein to ensure that the fiiiancial starements comply with ihe Companies Act 2006. They are also responsible for safeguarding the assets of tlie charitable ¢ompany and the group and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Governors i5 aware at the titne the report is approved.. There is no relevant audit inforniatioii of which the charitable company's auditoi is unaware. and The Govemors have iaken all steps that they ought to have taken to make theniselves aware of any relevant audit infornialion and to establish Ihat the auditOT is aware of that inforn)ation. AUDITOR H&ysinacintyre LLP have expressed their williiigness to continue in office as auditor and a resolution proposing their re-appointn)ent will be submitted at the Aniiual General Meeting. Approved by the Governors of Marymount International School. including in their capacity as company dIre￿orS, approving the Directors, and Strategic Reports contsiiied therein, and signed on iheir behalf by.. Ms Cristiiia Serrano Chair, Board of Governors Date.. 5, November 2020 14 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARYMOUIYT INTERNATIONAL SCHOOL Opinion We have audited ihe con501idated financial statements of Marymount International School for the year ended 31 August 2020 which coinprise the Consolidated Statement of Financial Activities, the Coiisolidaied and Charitable Company Balance Slieets, Ihe Consolidated Statement of Cash Flows and notes to the financial statements, inelliding a summary of siunificanl accounting policies. The fipancial reporting frainework thai has been applied in iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Siandard 102 The FI￿0￿¢1￿[ Repoi't117g Stundurd applicable the UK and RgpublFC oj'lrelund (United Kingdom Generally Accepied Accounting Practice). In our opinion. Ihe financial statements.. give a true and fair view of tlie state of the group's and of the parent cliaritable company's affairs as at 31 August 2020 and of the group's and pareni charitable company's net movement in funds, includin(T the income and expenditure, for ihe year tlien 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} IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described in the Auditor's responsibilities for the audit of tlie finaiicial statements section of our report. We are independent oftlie group in accordance ivith the ethical IEquirements thai are relevant to OUT audii of the financial statements in tlie UK, including the FRC'S Ethical Standard, and we have fulfilled oiir other ethical Tesponsibilities in accordance with these requiremenis. We believe thai rhe audit evidence we have obtained is Sufficient and appropriate to provide a basis for our opinion. Responsibilities of trustee5 for the financial statement$ As explained more fully in the governors. respoiisibilities Statement set out on page 13. the governors (who are a150 Ihe diiector5 of the cliariiable company for the purposes of company lawl are responsible for the preparation of the financial siatements and for beinD satisfied that they give a true aiid fail view, and for such internal control as the irusiees determine is necessary to enable the preparation of financial statements that are free from Inaterial misstatement, whethei due to fraud or error. In prepar2ng the financial statements, the govemors are responsible for asse55ing the ￿0up'S and the parent chai"itable coinpany'5 ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concei basis of accounting unless tl)e triistees either intend 10 liquidate the group or the parent charitable company or to cease operatioiis, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial stateinents as a whole ale free from material nii5Staiement, whether due to fraud or error, and to issue an auditor's report that include5 our opinion. Reasonable assurance is a hioh level of assurance, but is not a guarantee thai an audit conducted in accordance with ISAS (UK) will always deieci a Inaterial mi5siaiement when it exists. Missiatements can arise from fraud or etror and are consideTed maierial if, individuall JJ or in Ilie gregaie, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A ￿rther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Collncil's website at.. www.frc.oi' .uk/audiiorsres on ibilitse5. This description fomis part of our auditor's report. Conelusions relating to goiDg concern We have nothlng to report ill respeci of the following matters in relation lo which the ISAS (UK) require us to report to you where.. the governors. use of the going concern basis of accouniing in the preparation of the financial statements is not appropriate., or the governors have not disclosed in the financial statements any identified material un¢ertainties ihai may cast significant doubt about the group's or the parent 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. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARYMOUNT INTERNATIONAL SCHOOL (CONTINUED) Other inlormation Tlie goven)ors are responsible for the other infortnation. The other infoTmation comprises the infortnation included in the Governoi's, Report. Our opinion on the financial siatetnents doe5 not cover the other infoirnation and, except to the extent otherwise explicitly stated in our ieport. we do not express any form of assuiance conclusion thereon. In connectioii with our audit of the financial s￿le[nents. oui responsibility is to read the other infonnation and, in doing so, cot15ider whethei. the other infoitnation is maierially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be mateisally inis5tated. If we identify such material incon51Stencies 01 apparent tnateTial misstatements, we are required to detertnine whether there is a material misstatement in the financial 5tatement5 or a material Inisstatement of tlie otlier inforination. If, based on the work we have perfortned, we conclude that there is a material tnisstatenient ofihis other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other tN#tters preseribed by the Companles Aet 2006 In our opinion, based on ihe work undertaken in the course of the audit.. the infoi'imation given in the Governors, Report (which incorporate5 the strategic report and the direct015' ieport} for the finaiicial yeai for which the financial statetnents are prepaied 15 consistent with the financial statements; and the Governors, Report (which incotporates the strategic report and the directors. report) has been prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exception In the li¥hi of tlie knowledue and undeTStanding of the ¥roup and the parent charitable company and its environment obtained in the course of the audii. we have not identified maierial misstaiemen15 in ihe Governors, Repon (which incorporates the strategic reporl and the directors, repon}. We have Iioihing 10 report in respeci of the following maiters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accouiiting records have not beeii kept by the parent charitable coinpany, or returns adequate for our audit have not been received from branches not visited by us. or the pareni chariiable company financial siatements are noi in agreement with the accounting records and returns,. 01 certain di5c105llre5 of uoveTnor5' remuneL"ation specified by law are not Inade" or we l)ave not received all the infoi'ination and explanatioiis we require for our audit. Use of this report This repoi1 is made solely to the charitable company's members. as a body, in accordance with Chapier 3 of Parl 16 of the Coinpanies Aci 2006. Our audit work has been undertaken so that we might Stale io ihe charitable company's meTnber5 th05e matters we are requiTed to state to them in an Audiior's report and foT no other PUTpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone oihei than the charitable cotnpany and the charitable company's meinbers as a body, for our audit work, for this report, or for the opinions we have fomied Lee Siokcs (Senior Statutory Auditor) for and on behalf of Haysmacinwe LLP, Statutory Auditors 10 Queen Street Pla¢e Londoii EC4R IAG Date.. 9 November 2020 16 MARYMOUNT INTERNATIONAL SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Aceountl YEAR ENDED 31 AUGUST 2020 Unrestricted Fund5 Restricted Funds Total 2020 Total 2019 Notes INCOME FROM.. Charitable ActlVLty: Fee5 receivable Other fees Other educational income 6,054,586 1,004,124 175,172 6,054,586 1,004,124 175,172 5,294.203 1,201,200 265.602 Other trading activitie5 Trading incoine 22,371 22,371 153.206 Investments 51.292 51.292 51,076 Gr8nts and donations 383.619 36,317 419.936 395,187 Total Income 7.691.164 36,317 7,727,481 7,360,474 EXPENDITURE ON: R2ising (unds: Ti"ading expenditure Finance and other costs 22.371 34,417 22,371 34,417 47,988 26,282 56,788 56,788 74,270 Charitahle Activity: Scliool Opeiaiing Costs Teachina costs Welfare costs Piemises costs Support and governance costs Donations 3,628,647 767,166 1,855,706 1.459,619 6,416 3,628,647 767,166 1,855,706 1.459,619 22,402 3,637.571 897,589 2,433.190 ,211.224 3.973 15.986 7.717,554 15.986 7.733,540 8.183,547 Total Expenditure 7,774,342 15,986 7.790,328 ,257.817 Net lexpenditure)lincome before transfers (83,178} 20,331 (62.847) (897,3431 Transfers between fvnds 373.237 {373,237) Net (expenditurellincome 290.059 {i52,906) (62,847) {897,3431 Pension ScheTne aciuarial {lossesllgains 17 {92,000) (92.0001 1879,0001 Net movement in funds 198,059 1352.9061 1154,8471 11.776,3431 Balances brought forward 5,108,824 876.515 5,985,339 7,761,682 Balances carried forward 5.306,883 523.609 5,830,492 5,985.339 A summary Income and Expenditure account has noi been prepared as this information is given above. The results above are in respect of continuing activities. The notes on pages 20 to 3i form part ofthese financial statements. Details of comparative rigures by fund are disclosed in note 20. MARYMOUNT INTERNATIONAL SCHOOL Company Nurnber.. 05325717 BALANCE SHEET AS AT 31 AUGUST 2020 Group School 2020 2019 2020 2019 Notes TANGIBLE FIXED ASSETS 2.755,092 2.818,840 2.755,092 2,818,840 CURRENT ASSETS Investment5 Debtors Cash at bank and in hand 7.793,125 2,982,811 161,484 9.414,31 2.265,830 127,366 7,793.225 2,982.811 161.384 9,414,411 2,265,830 127,266 10 10.937,420 11.807,507 10,937.420 11,807,507 CURRENT LIABILITIES CREDITORS.. Amounts due within one year (7,803,070) (8,520,558) (7,803,070) (8.520,558} NET CURRENT ASSETS 3,134,350 3.286,949 3,134.350 3,286,949 TOTAL ASSETS LESS CURRENT LIABILITIF.S 5,889,442 6,105,789 5.889.442 6,105,789 CREDITORS.. Amounts due after iiioie thali one year 12 158,9501 {120,450} {58.950) 1120,450) TOTAL NET ASSETS before pension seheme asset 5,830,492 5,985,339 5.830,492 5,985,339 Pension seheme asset TOTAL NET ASSETS 5.830,492 5.985,3i9 5,830,492 5,985.339 Unrestricted Funds Genei'al Pe115ion reserve Desigiiated fund5 13 3,939,033 3,850.815 3,939,033 3.850,815 1.367.850 1,258.009 1.367,850 1,258,009 Restricted Funds 13 523,609 876,515 523,609 876,515 14 5,830,492 5,985,339 5,830.492 5,985,339 The net income of the School for the year was £(62,847)12019.. (£897,343)). The financial statements were approved and authoTised for issue by the Board of Govemors on 5 Novembei 2020 and were signed below on its behalf by.. Ms Crislina Serrano Chair, Board of Governors The noies on pages 20 to 33 forni part of these financial s￿leMentS. MARYMOUNT INTERIYATIONAL SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2020 2020 2019 Casli tlows from operating aetivities: ei crtsli provideil by operfiliiig fictivilies (1,093,466) 1,348,513 Cash floivs from investing activiti¢s: Bank interest received Payineiits for tangible fixed assets 51.292 1598,5461 51,076 (260,1041 Nei c¢ish usediii iiivestiitg éicliiyjljes 1547,254) (209,0281 Change in cash and cgsh equivalent5 in the reporting period (1,640,720) 1,139,485 Cash and cash equivalent5 at the beginning of the reporting period 9,541,677 8,402,192 Cash cash equivalents at the end of the reporting period 7,900,957 9,541,677 Reconeiliation of net ineotne to llet cash flow from operating activitie5 2020 2019 Net ineome for the reporting period {a5 per the statement of financial actlVLties) Adjustments lor: Depreciation charges Bank inteiEsl received Disposal of fixed a55ets Decreasellincreasel in debtors Increase in creditors Decrease in fees in advance scheme creditors Decrease in deposits (154.8471 (897.343) 662.294 {51.2921 606,767 151,076) 624.928 (232,385) 124,240) 1,314,262 7,600 1716,9811 (156,4061 (667,8841 {8,3501 Net cash provided by operating a¢tivitie5 11.093,4661 l.i48,51 i Analysis of cash gnd cash equivalents 2020 2019 Cash in hand Notice deposits (les5 than 3 months) Oveidraft 161,384 7,793,225 (53,957) 127,366 9,414,311 Tot31 cash and eash equivAlents 7,900,957 9,541,677 MARYMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2020 i) ACCOUNTING POLICIES The financial staiement5 have been pi'epared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102), the Companies Act 2006 and the Statement of Recommended PractTCe applicable to charities preparing iheir accounts in accordance witli the Statement of Recommended Practice for Charities ISORP 20151 (Second Edition, el'fetiive l January 20191 The functional currency of the School is considered to be GBP because that l5 the currency of the primary econoTnic enVirOn￿ent in which tli¢ School operate5. The School has taken advantage of the exempiion available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Statemeiit with the consolidated financial statement5. The School is a Public Benefit Entity registered as a charity in England and Wale5 and a company limited by guarante¢ (conipany number.. 05325717 and charity number.. 1117786). Basis of Preparation The accounts present the consolidated statement of financial activities {SOFAI, the consolidated statement of cash flows and the consolidated and School balance sheets comprising the consolidation of the School and with its wholly owned subsidiai'y Maryinount School Enterprises Limited. No separate SOFA ha5 been presented for the School alone, a5 perniitted by Sectioii 408 of tlie Companies Act 2006. b) Going Concern The accounts are approved during a period when there is mucli uncertaiiity as a result of the emergence and international spread of a coronavirus ICOVID-191. The ultimate impact of COVID-19 on the UK and the world's econoiny and the School is yet to be seen. Howevei., having reviewed the Free and designated reserves together with the cu￿ent and expected student numbers. the Governoi's liave a reasonable expectation that the S¢liool has adequate resources to continue its activities for the foreseeable future and consider that there were no maierial uiicertainties over the School's Iinancial viability. Accordingly, tliey also continue to adopt the going concern basis in preparing the financial siarements. Critical accounting judgements key sourc¢5 of estimation uncertainty In the application of the accounting policies, Governors are required to Inake judgement. estimate5, and a55uinptions about the carrying value of assets and liabilities that are not r¢adily apparent from oiher sources. The estimates and undeTlying assumptions are based on hisiorical experience and other factors that are considered to be relevant. Actual results Inay differ from these estitnates. Tlie estiinates and underlyin¥ assumptions are r¢vi¢wed on an ongoing basi5. Revisions to accounting estimates are recognised in Ihe peiiod in wliich the estiinate is revised if the revisitsn affects only tliat period. or iii th¢ period of the revision and future periods if the revision affected current and future period5. In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilitics at the balance sheet date are likely to result iii a material adjustment io their carying amounts in the next rinancial year. d) Fees and SiN]il2r Income Fees receivable and oihei. fees are accounted for in the period in which the service is provided. Fees receivable represent fees less bursaries and allowai)¢es and other income derived from the School's continuing activiiies. 20 MARYMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES (continued) Investment ineotne Investinent incoiiie from bank balances and fixed interest securities is accounted for on an accruals basis. Donations, legacies, grants aiid other voluntary income Voliintary incoine is accounted for as and when entitleinent arises, the amount can be reliably quantified and the economic benefit to the School 55 considered probable. g) Expenditure ExpeiiditUTe is accounted for on an accrLials basis and are allocated to expense headings on a direct cost basi5. The irrecoverable VAT is included with the stetn ol. expense to which it Telate5. Governance eosls comprise costs incurred in meeting staiutory and constitutional requirements of the School. h) Tangible Fixed Assets Fixed assets are stated as cost less depi'eeiation. Assets costing below £l,QOO are expensed in the year of purchase. Depreciation is provided to write off ihe cost of fixed assets by the following Inethods at the following rates.. Furnitt]re & eqLtipment 12.5 /0 pa straight line Cornputer hardware & software 33. JD/o pa straight line Motor vehicles 20 /0 pa stiaight line Building iinprovements I 00/0 pa straight line A55ets under the course of construction are not depreciated uniil they are coinplete and brought into use. Investments Inve5tmen15 in subsidiaries are valued at cost I￿5 provision for impairment. Pension ScherEie5 al The school operates a defined benefit pension scheme for employees who joined tl)e scheme prior tts 31 August 2002, the assets of whicli are held separaiely froTlI those of the school in an independently administered fund. Tlie schenie was closed to future acci.uals on 31 August 2012. All affecied employees have Tnoved to a defined contribution scheme. For all new employees joining from I September 2002, the school operates a defined contribution scheme. The contributions are charged to the Statement of FitJ8ncial Activities on an ac¢Tuals ba5lS. b) The Teachers, Pension Scheme The School exited this defined benefit pension scheme on the 3 ISI December 2019. All affected faculty have moved to a defined contribuiion scheme. c) The School joined the APTIS Aviva Pension Trust for Independent Schools, a defined contribution schen)e foi a51 employees. k) Unrestricted Funds Unresiricred general ￿ndS are funds which can be used in accordanc¢ with the charitable objects at the discretion of the trustees. Re5trieted Fund5 This represents the monie5 received for specific purposes as di5¢1osed in note 13. m) Operating leases Rentals under operating leases are charged on a straight-line basis over the lease ierm, even if the paymenES are not made on such a basi5. Benefits recetved atld receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. 21 MARYMOUNT INTERNA TIONAL SCHOOL NOTES TO THE ACCOUNTS (ctsntinuedl YEAR ENDED31 AUGUST 2020 ACCOUNTIf4G POLICIES (continued) Financi#l instruments Basic fIiiancial instruments are initially recognTrsed at transaction value and subsequently measured at aTnort15ed with the exception of investments which are held at fair value. Financial assets held amortjsed cosi comprise cash at bai)k and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accoun15 and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and otl)er taxes and provissons. Debtors Trade and other debtors are recognised at the sertlemeni amount due after any trade diseount offered. Prepayments are valued at the amount prepaid net of any trade discoun15 due. p) Cash at bank and in hand Cash at bank and cash in hand includes cash and short terni highly liquid investments. q) Creditors and provisions Creditors and provisions are recognised where the School ha5 a present obligation resulting from a past eveni that will piobably result in the tiansfeT of funds lo a third party and the amount due to settle rhe obligaiion can be measured or estimated reliably. Creditors and provisions ale noTmally recogni5ed at their settleinent amount after allowing for any trade discounts due FEES RECEIVABLE 2020 2019 Gross fees Less bursaries, seholarships, grants and allowances 6,336,731 {282,145) 5.575,285 (281.082) 6.054,586 5,294,203 OTHER FEES 2020 2019 Room and board Luncheons 750.864 253,260 976,535 224,665 1,004.124 1,201,200 OTHER EDUCATIONAL INCOME 2020 2019 Registration fees Forfeiied deposlts Fees in lieu of notice Graduatiotj SundTy incom¢ School bus income 6,100 9.591 10.300 23,732 16.650 22,817 178,988 9,472 150,009 175,172 265,602 22 MARYMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS leontinued) YEAR ENDED 31 AUGUST 2020 INVESTMENT INCOME 2020 2019 Bank interest 51,292 51,076 51.292 51,076 ANALYSIS OF EXPETrIDITURE Staff tosts Depreciation Other Total Costs of raising funds.. Fundraising trading Finance costs 22,371 34,417 22,371 34,417 56,788 56,788 Charitable Aetivity: Teaching costs Welfare ¢05ts Prett]ise5 Costs Support and governance costs Donations 3,019,870 243.752 393,450 764.845 608,777 523,414 799,962 694,774 22,402 3,628,647 767,166 1,855,706 1,459,619 22,402 662.294 4,421.917 662,294 2.649,329 7,733,540 4.421,917 662,294 2.706,117 7,790,328 ANALYSIS OF EXPENDITURE (PRIOR YEAR) Staff costs Depreeiation Other Total Costs of r915ing fund5: Fundraising trading Finance c05t5 47.988 26,282 47,988 26,282 74,270 74,270 Charitable Activity: Teaching ¢ost5 Welfare cosis Premises cosis Support and governance cost5 Donaiions 2,822.257 239,818 443,152 631.092 815.314 657,771 1.383.271 580.132 J,973 3,6i7,571 897,589 2,4i3,190 1,211,224 3,973 606,767 4.136,319 606,767 3.440,441 8,183,527 4,136,319 606,767 3,514.731 8.257.817 23 MARYMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 AUGUST 2020 ANALYSIS OF EXPENDITURE {Continued) Included within 5UPPOrt costs are govemance costs of £28,770 {2019.. £27,544} which represent remuneration paid to auditors. 2020 2019 Total expenditure includes.. Auditor's remuneratio Audii fees Non-audit services Operating lease rentals Depreciation 21,540 7,230 39,803 662,294 22,403 5.141 42,211 606,767 STAFF COSTS 2020 2019 Wages and salaries Social security costs Pension cost5 Other staff Costs 3,383,325 358,9J7 459,785 219,870 3,175,305 324.553 509.510 126,951 4.425,917 4,136.319 The average number of einployees during the year was.. Teachiiig Other 51 36 48 36 87 84 The number of employees whose emolumenis exceeded £60,000 per annum was.. £60,001- £70,000 £70,001 £80.000 £80,001 £90,000 £90,001 £100.000 £120,001 £130,000 The number with retirement benefits accruing in defined Contributioiis schemes was of which contributions amounted to in Defined Benefits schemes was 28,862 25.659 Aggregate employee benefit5 of key management personnel 952,797 905,750 24 MARYMOUNT IP4TERNATIONAL SCHOOL NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 AUGUST 2020 STAFF COSTS (CONTINUED) Two termination payments were made during the year for £28,458 (2019.. £8,470). None of the Governors receiwed any rernui)eration Or benefits from the School or from any connected body12019 none). Tlie ag¥regate amount of reimbursed expenses paid to member5 of the Board of GoveiTroTS was £nil {2019.. £nil). The School atranged and paid for all necessary training for Governors. Duiing the year the School received donations of £13,217 froTn Governors12019.. £34,944 from 3 Govemorsl. TANGIBLE FIXED ASSETS- GROUP AP4D SCHOOL Assets in the course of construction Furniture equipment & cornputers Building irnprovements Molor Vehicles Total COST At I September 2019 Additions 4,331.709 384,224 1,979,118 214,322 9.773 6,320,600 598,546 At 31 Augusi 2020 4,715.933 2, 193,440 9.773 6,919,146 DEPRECIATION At I September 2019 Charge for the year 2,115,872 440,961 1,376,117 221,332 9,77J 3,501.761 662,294 At 31 August 2020 2.556,833 1,597,449 9,773 4,164,055 NET BOOK VALUE At 31 August 2020 2,159,100 595,991 2.755,092 At31 Augu5t2019 2,215,838 603,002 2.818,840 The Religious of the Sacred Heart of Mary. Iminaculate Virgin, EAP (Charity number 228365) doiiated 20°/o of the value of the school premises to MaryThount International Scliool. No value for property has been included in these accounts as the premises are still owned by RSHM. On 12 May 2008, Incoiporated Trustets of the Religious of the Sacred Heart of Mary tontracied to lease the school preTnises to Marymount Intemational School on a 99 year lease. 25 MARYMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2020 INVESTMENTS Group School 2020 2019 2020 2019 Investment in Maryinouni School Enterprises Limited Bank Special Inierest Bearing Accounts High Interest Business Premium Account Business Reserve Account 100 7.773,281 19,196 648 100 9,394,496 19,166 649 7.773.281 19.196 648 9,394,496 19,166 649 7,793,125 9,414,311 7.793,225 9,414,411 The School owns the whole of the share eapital. consi5tin¥ of l 00 ordinary £1 shares, of Marytnount S¢h(K)l Enterprises Limited. Charge5 tnade to the School by Marymount School Enterprises Liinited atnounted to £22,37112019 £9.755). During the year ended 31 August 2020 the subsidiary had turnover ainounting £22,371 {2019.. £9.7551 and expendiiure totalling £22,371 (2019.. £9,755). At the year eiid the subsidiary had debtors of £nil, cash in hand and at bank of £lOO, creditoi's of £nil and share capital of £1 00. io. DEBTORS: Amounts falling due within one year Group School 2020 2019 2020 2019 Fees receivable Other debtors Prepayiiients 2,846,935 32,496 103,380 2.050,320 71,523 143,987 2,846,935 32.490 103.380 2.050,320 71,523 143,987 2,982,811 2,265,830 2,982,811 2.265,830 CREDITORS: falling due within one year Group School 2020 2019 2020 2019 Bank overdraft Fees received in advance Trade creditors Other creditors Social security payable aiid other taxation Accruals Student deposit5 53,652 7.057.923 53,652 7.057,923 7,725,807 340,828 238,288 95,048 89,587 31,000 7,725,807 340,828 238,288 95,048 89,587 31,000 228.241 94.181 151.062 72,900 228,241 94,181 151,062 72,900 7,803,070 8,520,558 7,803,070 8.520,558 12. CREDITORS: Amounts falling due after one year Group School 2020 2019 2020 2019 Student deposits Other creditors 58,950 109,200 11,250 58.950 109,200 1,250 58,950 120,450 58,950 120,450 26 MARYMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2020 13. MOVEMENT IN FUIYDS Ba12nce at I September 2019 Transfers Actuarial GoinsI{L055e5) Balanee at 31 Aiigust 2020 Expenditure Unrestricted - General Fllnd Pension Fund De5ignAÉed Capital fund Transferred Capital Cainpaign 3,850,815 7,428,847 7,774,342 433,713 3.939,033 685,893 572.116 220,868 41,449 1598,5461 446.070 308,215 1,059,635 5,108,824 7,691,164 7,774,342 281.237 5,306,883 Restricted Capital Campaign Main House Refi2rbishment Fund Hardship fund 876.515 13,308 1446.070) 443,753 23,009 15.986 72,833 79,856 876,5 15 36,317 15.986 1373,237) 523,609 TOTAL FUNDS 5.985.339 7,727,481 7,790,328 (92.0001 5,830.492 MOVEMENT IN FUNDS (PRIOR YEAR} FUNDS Balance at Transfers #nd Balance at I September 2018 Actuarial Gains1(Losse5) 31 August 2019 Income Expenditure Unrestricted General Fund Pension Fund De5ign2ted Capital fund Transferred Capital Campaign 4,896,919 879,000 6,999,407 8,257,817 212,306 1879,0001 3.850.815 631,666 158,440 1104,2131 572,116 685.893 572.116 6,407,585 7,157.847 .257,817 {I98,7911 5.108,824 Restrieted Capital Campaign Main House Refurbishment Fund 1,246.004 108.093 202,627 1572,1161 {108,09il 876.515 1,354.097 202.627 {680,2091 876,515 7,761,682 7,360.474 8,257,817 {879,0001 5.985,339 TOTAL FUNDS D£signaledfuKIts.. Tlie capital fund represents reserves which have been s¢t aside by the Governors to contribute towards fuiure capitsl projectslworks. The Capital Campaign represents aTnounts transferred from the restricted capital fund, following consultation with donors who had given towards the performing art5 centre in prior years. 27 MARYMOUNT INTERNA TIONAL SCHOOL NOTES TO THE ACCOUNTS (Continutd) YEAR ENDED 31 AUGUST 2020 Re51ricledfvnds.' Capilul CumpL7ig The capital projects represents donations given to be used PerfoTming Arts. Hardshipfiipjd The Hardship fund was set up in April 2020 in response to the e¢onomi¢ impact of the global pandemic on families with students at the School. Funds were donated from tU￿t￿t pareiit5 and benefactors. 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current assets Long ter Pension scheme asset Fixed assets Total Unrestricted General Fund Designated Capital fund Transf¢)Ted Capital Campaign 2.755,092 1,242,891 (58,9501 3,939,033 308,215 1,059,635 308,215 1,059,635 2.755,092 2,610,741 (58,9501 5,306,883 Restricted Capital Campaigtj 523,609 523,609 523,609 523,609 TOTAL FUNDS 2,755,092 3,134,350 158,9501 5.830,492 28 MAR YMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2020 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Net eurreDt assets Long terEll Pension scheme asset Fixed assets Total Unrestricted General Fund De5ignatcd Capital Fund Transferred Capitsl CaTnpaign 2.818,840 1,152,425 (120,450) 3,850.815 685,893 572,116 685.893 572,116 2,818,840 2.414,434 (120,450) 5,108,824 Restricted Capital Campaign 876,515 876,515 876,515 876,515 TOTAL FUNDS 2,818,840 3.286,949 {120:450) 5,985,339 Is. OPERATING LEASES 2020 2019 The total committnents in respect of operating lease5 for equipment are set out below,. Expiring.. Within one year Between 2 - 5 years 17,572 2,483 21,803 20,408 20,055 42,211 16. TAXATION The School is a registered charity and no taxation is payable on its income. 29 MARYMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2020 17. PENSION COMMITMENTS The Marymount Inte￿￿tiOnal School RetireTnent Benefits Scheme, which is a defined benefit scheme, was available for School employees io join up to 31 Au. usl 2002. The Scheme was closed 10 new entrants on I Septetnbei 2002 and the Scheme closed to future accruals on 31 Au¥ust 2012. Upon the transfer of business undertaking, Marymount Internatioiial School becaine a participating employer in the scheme with Religious of the Sacred Heart of Mary. Immaculate Virgiii. EAP (Charity number 228365) remaining the principal etnployer. Th¢ Charity1228365) has given a guarantee to ￿ett any potential deficii in the scheme. An actuarial review undertaken on I September 2018 shoived the scheme had a deficit of £188.000 120 I5..£1,1 I 1,000). The market value of the scheme's a55et5 as at I Septeniber 2018 was £7,851,000 12019..£6.447.0001. Based on the assumptions used to calculate the pension cost5, the actuarial value of ihe assets al that date represented 97.70/0 of the value of the accrued members benefii. The valuaiion was by a qualified independent actuary. Payments of £ 100,000 (Dec'18) and £92.000 {Dcc"19} I'esuli iii full fiinding of the tecl)nical provisions. Accounting rule5 require the S¢hool to disclose additional information as follow5.. 2020 2019 The amounts reeognised in the balance Sheet are as follows: Fair value of plan assets PTesent value of defined b¢nefit obligations Effect of asset ceiling ,020,000 (7,435,000) (585,000) 8,291,000 {7.795,0001 1496.0001 Net asset recognised in the balance sheet Analysis of amounts charged in the Statement of Financial Activities Net interest (expenses)lincome Total amount charged to the Staternent5 of Financial Activities Net actuarial gain51(1055e5) recognis¢d in the year 192,000) 1879,000) Net cumulative actuariAI losses (2,842,000) {2,750,000) 30 MARYMOUNT INTERNATIONAL SCHOOL OTES TO THE ACCOUNTS (eontinutd) YEAR ENDED 31 AUGUST 2020 17. PENSION COMMITMENTS (eontinuedl 2020 2019 Changes in defined benefit obligation.. Defined benefit obliuation at be(Tinning of period Interest expense Remeasurement arising from changes in assumpiions Remeasurement arising from experience Benefiis paid 7,795.000 121,000 29.000 54,000 1456,0001 6,968,000 177,000 774,000 175.000 1299,0001 Defined benefit obligation at end of period 7,435,000 7,795,000 Changes in plan assets Assets ai beginning of period Interest income Actual return on plan assets, excluding interest income Employer contributions Benefirs paid 8,291,000 129,000 136,0001 92,000 1456,0001 7,847,OOQ 200.000 443,000 100.000 1299,0001 As5et5 at end of period 8,020,000 8,291,000 Reconciligtion of movement5 in present value of plan liabtlTrties and x5sets Nel asset at beginning of period Net interest lexpensellincome Einployer conlribulsons Remeasurement arising from changes in assuinptions Remeasurement arising from experience Actual returii on pl911 assets, excluding interest income 496,000 8,000 92,000 (29,0001 54,000 136,0001 879,000 23,000 100,000 1774,0001 1175,0001 44i,000 Net assets at end of period 585,000 496,000 The assets of the Scheme are held under a Scoiiish Life branded insurance contract wilh Royal London MutU81 Insurance Socieiy Limited li.e. an insurance contracil. The contract Is adininistered on unit linked principles ond allows access to a wide range of available funds. Asset class split Equities Corporate Bonds Gilts Cash 230/0 55°/0 20°/0 2/0 250/0 550/0 200/0 2020 2019 Aclygl return on plan assets 93,000 643,000 Actuarial assumptions used: 31 August 2020 31 August 2019 Discount rate Rental price inflation Consumer price inflation Increases in defernient Increases in payment 1.6/0 3.3/0 2.4Q/o 2.40/0 3.3% 1.60/0 3.30/0 2.40/0 3.30/0 MARYMOUNT INTERNATIONAL SCHOOL NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 AUGUST 2020 17. PENSION COMMITMENTS (continued) Th¢ School's contributions to the Scheme during the year were £92.000 (2019.. £100.0001. In 2019 the frustees of the Marymount Retirement Benefit Scheme carried out iheir triennial ActllaTidl review. The School leached an agreement wiih the Trustees to cover the technical deficit. For new employees from I September 2002. the School has a Group Personal Pension schetne {GPPS)- a money purchase scheme managed by Scottish Equitable and for teaLhin¥ Staff, from l April 2013 to December 2019. the School participated in the Teachers, Pension Scheme (see below)., Teacher5 aTe auto-enrolled in tlie TPS and support staff are auto