2020-08-31-accounts

Registered number.. 5884126 Charity number.. 1117998 MOUNT ST MARY'S IA ¢ompzny limlted by guaranteel TRUSTÈES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ALIGUST 2020

MOUNT 5T MARVS {A company Ilmlted byguaranteel CONTENTS Page Reference and administrative details of the charitvi Its Trustees and advisors Trustees, report 3-16 Independent auditor's report on the financial statements 17-19 Consolidated statement of financial activities 20 Consolidated balance sheet 21-22 Charity balance sheet 23-24 Con501idated statemeni of cash IIow5 25 Notes to the fin3ncial statements 26-53

MOUNT ST MAR Y'S IA company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE5 AND ADVISERS FOR THE YEAR ENDED 31 AUGUST2Q20 Trustees Father A Porter SJ (Appointed Interim Chairman August 2020, Resigned October 20211 Mrs N Adams (Appointed October 20211 Reverend M Beattie SJ Mrs J M Bolton Mr M Burrowes Mrs S Clarkson (Appointed September 20191 Father S Elli5 Dr R Field IResigned July 20201 Mr M Killick, Co-opted member (Resigned August 20201 Mr G Leverett (Appointed Ottober 20211 Mr l Murphv Mr J Norton (Appointed October 20211 Dr H Philips. Chair (Resigned July 20201 Mr J Phinn MrG Shaw Mr Hardip Singh (Appointed September 20191 Professor M J M Staub (Resigned October 20211 Mr T Wrag£ (Appointed September 20191 Mr M Wilson (Appointed Ottober 20211 l Foundation Members Company fegisteied number 05884126 Charity registered number 1117998 Registered office MouTht St Mary's Derbyshire S213YL Company secretary lan Ford. FCCA Senior management team Mr G Chapman, CEO of the Mount Trust (Appointed l April 20201 Dr N Cuddihy B.Rel.Sc.M5c.Ed.D, Headmaster IResigned 31 August 20201 Mr5 K Keaton BMu5c (Hon51, PGCE, Head of Barlborou8h Mrs A Monga 8Sc. MSC. NPQH, Head of Mount St Mary's (Appointed 6 January 2020 fixed term contract until August 20211 Mr D Wright M.A. (Honsl (St And) M. Ed Icantabl PGCE. Headmaste¥ (Appointed August 20211 lan Ford. Bursar Page I

MOUNT ST MARY'S IA ¢ompany limited byguaranteel REFERENCE AND ADMINISTRATIVE DETAILS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2020 Independent audltor BHP LLP Ch3rtered Accountants 2 Rutland Park Sheffield SIO 2PD Bankers National Westminster Bank PIC 5 Market Place Chesterfield Derbyshire S40 ITY Soli¢itor$ Keebles LLB Commercial House 14 Commercial Street Sheffield SI 2AT Investment adviser Rathbone5 159 New Bond Street London W152UD Land aeents Youngs RPS 80-81 High Street Nonballenon North Yorkshire DL7 8EG Page 2

MOUNT ST MAR Y'S IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST2020 The Governing Body, who are the Trustees, present their annual report and the audited financial statement5 of Mount St Mary's for the year ended 31 August 2020. The Trustees have adopted the provision5 of the Statement of Recommended Practice ISORPI "Accountin8 and Reportin8 by Chaflties" in preparing the annual report and financial starements of th charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the aicounts Jnd comply with the charity'5 governing document, the Charities Act 2011 and Accounting and Reportin8 by Charities.. Statement of Recommended Practice applicable to charities preparing their accokJnt5 in accordance with the Financial Reporting Standard applic3ble in the UK and Republic of Ireland published in October 2019. The School's Objertlves Charitable objertives The charitls objects, as set out in the Articles of Association, are to advance the Roman Catholic religion by the conduct of a Roman Catholic school or schools, and by ancillary religiou5 and educational activit￿e5 for the benefit of the community at large. Statement of values Mount St Mary's College and its Prep School, Barlborough Hall School, 15 a day/boarding School for pupils from the ages of 3 to 18, whose principal activity 15 the edutation and pastoral c£¥e of its student5. It aims to support children in reaching their potential in all are35 of their activity at the school, and in the wider community. This may be in acadeTTIiC subjects but could just as easily be reflected in Success in art. drama, sport Of music. Our principal aim is to provide a first class Jesuit education In the two schoo15. We aim to produc@'well rounded, individuals who are able to make a positive contribution to society by offering pupils and staff a vision of education that has a global perspective, through the international network of Jesuit schools. and a con515tent focus on Individ￿al needs and gifts,. collectively encompassed and identified as'men and wornen for others,. To ensure the School fulfi15 those aims it will.. provide a stimulating learning environment in which pupils can develop their academic potential to the full,. provide 8 happy and Secure pastoral environment in which pupils can learn to live together and thus 105ter a sense of community. respect for one other 3nd good citizenship,. allow our pupils to be provd to have belonged to a Jesuit School community with developed respect for its values and those who taught them., provide pupils with the opportunity to take advantage of a breadth of co-curricular activities, including a Combined Cadet Force. in order to develop positively all aspect5 of their character.. provide pupi15 Wlth the opportunity to take decisions based on their own judgement and to communicate those deci5ion5 appropriately and effecrivelv,. allow pupils to deepen their understanding of who Christ is and the ability to live out their faith more fullv.. provide financial support, via a 8ur5ary programme. to enable children whose parents are unable to afford the full fees to benefit from a Mount education,. and have ensured that on eventually leaving the School that the'mount Spirit. remains Wlth them for life Page 3

MOUNT ST MARVS IA Company limited byguarantèÈl TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED31 AUGusf2020 Objedives for the year The following objectives were set lor the 201912020 academic year.. to build on the already high academic standards,. to continue to improve the school's facilitie5 through a capital inve5trnent programme. collectively known as Mouni 400., to provide a clear pastoral strU￿ure in which every child is known.. to create an environment in which all students have respor&sibility for others. welfare and in which older student5 have clear pastoral le3dershsp respon5ibilities.' to develop the extra-curricular programme.. to review and reform the timings. working and structure of the school week., to encourage students to show leadership in a variety of ways,. and to review and rationalise our management and administrative structures. Strategies to achieve objectives The School's strategies for achieving its objectives were.. to review the school structure to Bive greater clarity in terms of hierarchy. role and communication lines. This will be linked with the introductiors of role profiles for every position,. to develop the school office into a data / management information centre to support the effective leadership and administration of the school., to continue to review the academic curriculum to ensure it is both broad and challengin8', to review the school day to create a more focussed timetable with a sharpef focus and faster pace to the day allowing for good quality interventions and a range of enrichment activities for years 7-10., to prepare lor the introduction ol tritical maps and the underpinning critical content.. to discard the use of attainment grades and for clarity to use only Target, Effort and Predicted grades,. to build a new 6, Form study tentre and common roorn and to refresh / upgrade the MSM and BH5 reception areas a5 the next phase in the Mount 400 development prograrnrne.. funded through the disposal of non-essential elernent5 of the School e5tate,' and to introduce the Examen Into the everyday life of the whole school. Review of the yearfs achlevements and performan¢e The principal activity of the School is the delivery of education to pupils ranging from 3 to 18 years of age. We a150 operète camps for children during the holiday periods under the auspices of Mount Conferences Limited. The school saw a 51ight reduction in student Thurnbers which 15 a trend we will be hoping to reverse over the course of the vear. 201912020 201812019 Senior School junior School Nursery 344 171 24 353 176 24 Total 539 553 Page 4

MOUNT ST MARY'S IA company limited by guaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST2Q20 In addition to these numbers. Ihe senior school has a numbe¥ of pupils from overseas who stay. as boarder5. for a duration of one or two terrns. Exceptional and unplanned a¢hle¥ement The well laid plans for both 2019120 and future academic year5 ended in March 2020 with the lockdown of the country due to Covid-19. Daunting as this was it a150 showed the true'mount Spirit, with major changes and new woikillg PI3Ctice5 taken on-board by the staff. The negative impacts of Covid-19 are highlighted in many of the following sectlOn5 of the Annual report and can be very clearly seen in the financi31 statements, however positives drawn from the situation include.. over 25 key worker children were educated daily throughout the first national lock-down,. remote learning programme was created. and over 4.000 lessons. covering all subjects. were taught through the summer ierm,. a full 5POrt and pastoral programme continued to be delivered alongside the 3ca¢Jemic lessorns.. GCSE and A Level result5 were the best achieved in the last 3 years.. major building works were completed. a5 500n as government lock-down rnez5ures allowed,. senior management, while continuing to work, took voluntary pay cuts in line with those staff on furlough,. internal arTrd external communications taken to new levels during lock down.. the enforced absence of pupils and visitor5 enabled an extensive decoration programme to be undertaken., Covid secure operational and working practice5 created and brought iTrto place,. video footage created. and held six Open Days virtually and thereafter Maintained a full admission pro8ramme.' summer c3mp run11.100 Children daysl through July and August and a Rugby and Hockey camp. each hosting 36 children over a five day period., and opened our athletics track, the only one open locally, to enable both our own and elite athletes to rnaintain their training prograrnmes. While the individual impacts of Covid-19 and the a550ciated 8overnment restrictions continue to be felt throughout the School. both pupils and staff have adapted positively to the ever evolving new-norms. A£adern￿c results The School offers a broad curriculum and educates children wtth a wide range of ability, witnessed by a highly successful SEN programrne. While the exarninations programme was severely impacted by Covid-19 related festrtrctions. the results from the teacher lead Bsse55ments were particularly pleasing and Saw the continued trend of improving GCSE and A-level results. GCSE Results.. Year Grades 7-9 Grades 5-9 Grades 4-9 Grad&$ 1-9 2020 40% 77% 91% loo% 2019 22% S5% 73% 97% A-Level Results.. Year 2020 43% 71% 94% loo% 2019 23% 56% 79% loo% Page 5

MOUNT ST MARY'S IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGusf2020 Barlborou h Hall School In May 2020, there were no external SAT'S examination5 due to Covid-19 however the expected grades for the children were above average in both Key Stage One and Two. Our small group sizes, expert tuition and individual support ensure that every individual redefines their own potential. As previously noted the Schools aim to offer far more than a Strong academic performance. Particular importance is p13ced on pastoral care, sUPPOrt and guidance for all pupils while offering a broad range of sporting, musical and artistic opportunitie5. Other achievements durSn8 the year Unlversity admissions Thirty-5ix Rhetoricians (Year 131 left Mount St Marfs College irt Summer 2020. Four of these weTht to oversea5 universities while 51Xteen studenis144% of the cohort) were aecepted at Russell Group univer51ties, making this one of our most successful years in this regard. This included one student who wa5 accepted at King's College, Cambridge IEngineeringl and another student at Keble College, Oxford IPhysicsl. Thi5 cohort had a particularly strong profile in the sciences bui our student5 went on to study a range ol subject5 including Modern Languages, Politics, History, Law, Cornputer Science and a range of courses in B￿sineSs/ Man3gementl Accounting. One studenr successfully applied to Drama School. Covid-19 brought a particular Set of challenges for students awaiting confirmation of their university places on A level results day. Some students whose Centre Assessed Grades had been downgraded by the Ofqual algtsrithm lost out on conditiona1 offer as a result of ihis. Many of these offers were then subsequently reinstated once the Government reviewed its position on A level grade5. Thi5 wa5 an exceptionally stressful time for students at Mount St Marws and indeed acrtsss the country,. we worked hard to provide pastoral support as well as practical and academic guidance. A number of RhetO¥lC13ns chose to apply post-A level rather than go to university this year. The school is continuing to support and advise them on their applications. Value added The average value score from both Rhetoric and Syntax (Year 111 were up (with the actual scores standing at -0.1 and + 0.63 respectivelyl which is excellent new5 and the best that the school has achieved in the last three years. There are still areas for additional focu5 and we will be working on these durinB the current academit yeèr. Music The music department delivered a comprehensive progrèmme throughout the year including during the summer term when both schools were in ltsckdown. During the latter. 187 online lessons were delivered per week. In addition the department ctsntinued to deliver online events including a chamber choir concert. Overall a very positive year in which new and effective ways of working and teachin8 have been developed to ensure that è115tudents can access the wealth of experience in the music department and achieve their best. Sport Pupils continue to achieve well in sport. with over 50% of the pupils regLtlarly representing the school in sports teams. While Thumerous students have represented the sports of.. Hockey, Netball, Cricket, Swimmin8, and Ru8by, at regional and county level with some going on to National level. Page 6

MOUNT ST MARY'S IA company limSted byguaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST2Q20 Throu8h the Covid-19 pandemic period the sptsrts departmenr have been aèle to run a full range of sporting aetivities, including both a Hockey and Rugby camp. while always complying with the approprlate sporting governing bodies guidelines. Drama The Drama department delivered all timetabled drama lessons every week, with the departmeFIt's GCSE and A level uptake continuing to grow year on year Inumber5 are up 500% over the past 4 years). Drama GCSE and A-Level results continue to be some ol the highest in the school. with positive value added. 100% of A Level pupi15 achieving gratles 8+ and 73% of GCSE pupils achievin£ 7+. Subsequently, de5Plte being a largely practical and collaborative subject, all drama lessons conrinued to be deltvered throughout lockdown. along with two virtual theatre trip5 organised for. and attended by, the school communitv. This ye3r also saw the introduction of the Gold Arts Award in Higher Line, which students completed with a 100% pass rate. This award joins the bronze and silver which are already being successfully run in lower and middle school. In 2020- 21. the entire year group of Upper Elements W￿11 have the opportunity to be entered lor the bronze award. In the first term of the year. pre Covid-19, over 50 pupils took part in the rehearsa15 a￿d performance of the whole school pantomime'Dick Whittington., performed in the Mount theatre over two nights, to audiences of over 200 per night. Combined Cadet Force ICCFI and outdoor educatlon Following the extension of CCF to Year 9 student5 there are currently over 175 Cadets within the Army and RAF sections at Mount St Mary's College which is a $18nificant boost on historic numbers., with 4101 the cadets on the Bronze level D of E. The Cadet5 have also benefitted from the introduction of the new school day which allows for an increase in weekly training time. The Arrny and RAF se£tlon5 actively encourage Leadership skills and team building qualitie5 amongst their Cadet5. The training and discipline associated with this h35 helped to build a strong NCO te3m of Senior Cadets who work closely with the CCF staff to run a successftsl Contingent. Independent Schools Inspertor3te IISII The School passed the ISI inspection on 28 November 2019. Both schools met the standards in all areas, with the areas under review including-. Quality of educatton Provided Spiritual moral and cultural Welfare health and $2fety Suitability of Supply staff Premises and accommodation Core provision ol information Complaint handl￿ng Quality of leadership and management Page 7

MOUNT ST MARY'S IA company Ilmlted by8uaranttel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AU6UST2020 Improving faciltties Mount 4100 moved into Its second phase which saw the completion of the major new Sixth form study centre and common room together with 5UPPOrting meeting rooms and office5,' these works were dovetailed into the continuing programme of refurbishing and upgradin8 of classrooms at Mount St Mary's. While at Barlborough the car park was completely redesigned and extended to irnprove the ease of drop-off and pick-up for the Browing numbers of pupils while improving the safety and well-being of all concerned. Plans for future years The key objectives of the Governing Bodvs strategit plan are outlined below, however those are all encapsulated in the overarching plan, Mount 4(K), which see5 the largest ever investment in the redevelopment and upgrading of the whtsle site, which compliments the planned changes and improvements to the academic prograrnrne and educational Standard5. Mount 400 is intended to build on the already strong brand and ensure 3 business model 15 created which enables the educational aspirations of the School to be met. Key to its succe55 will be.. academic excellence- continuing to exceed expectations.. active engagement in Sport, Music, Adventure, including the CCF,. develop existing markets and br03den marketing base to Brow pupil numbers.. attracting and retaining the best quality of teaching and support staff,. develop stronger links with Jesuit communitie5 and 5choo15 throughout the world.. continued refinement and extension of the Mount 400 Plan,. and continued reduttion in overall Cost base. While the objective5 for next year remain as outlined above the impact ol Covid-19 on the School, the local. national and international economie5 and overseas markets has had a severe impaet on the finance5 of the School135 indeed it has on all independent boarding schools) and therefore far greater emphasis ￿5 being placed on growing the pupil base across both schools. Public benefit obje¢ttves In the provision of Its charitable objectives Mount St Marfs seeks to meet the public benefit requirement5 of the Charity Commission. In sett¢ng objectives the Governing Body have also given careful consideration to the Charity Commission's 8eneral guidance on public benefit. The Governing Body are committed to the Jesuit ideals Set out in the Mount St Marvs Mission Statement, at the heart of which is the formation of well-educated men and wornen of conscience and compassion who will be at the seryice of others. Mount St Marfs airn5 furthermore to support and promote the apostolic works of the Society of Jesus in Britain. Mount St Marfs continues to provide access to young people who would otherwise be excluded due to the level of fees and means tested bursaries are awarded each year. The School 15 inclusive, outward looking and welcoming to all, locally, regionally. nationally and internationally, with currently pupils coming from 12 different countries. Page 8

MOUNT 5T MARVS IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST2020 Bursafies The Governing Body view bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our entry requirements and are made solely on the bèsis of parental means or to relieve hardship where a pupil's education 3nd future prospects would otherwise be at risk. for example in the case of redundancy. In assessing means we use the methodology promulgated by the ISBA. Our school doe5 not have an endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom Make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. The bursary awards have in the past, in exceptional circurnstances, raneed up to 100% remission of fees. Informètion about lee assistance ihrough bursaries is provided to all who ask. All awards are reviewed on a periodic ba51S. This year the value of means tested bursaries totalled £518.56812019.. £497,002). Scholarships The purpose ol our scholarship awards is to recognise high academic, musical or sportinE Potential or the ability to excel in our co-curricular attivities. Where further assistance is required, scholarship 2ward5 rnay be 5upplemenied L)v a rneans tested bursary. The school awarded scholarships this year totalling £614,12712019.. £S74,0901. The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is in line with their abilities. No scholarship5 were withdrawn in the year as a result of these rev￿ews. Community actionloutreach Students. drawn from across the senior school, a150 take part in the Annual Diocesan Pilgrimage to Louldes. a 51te of Catholic pilgrimage for the sick. supporting the disabled and ill of the H8llarn Diocese in Sheffield. Al Barlborough Hall School, fegular visits from pupils and staff of other Jesuit schoo15 both in UK and across the world help to strengthen our links with the wider comrnunity. This included attending the annual 'Jesuit Ignite confererice,. joining children from all other Jesuit Schoo15 in England and Scotland. Through fundraising, or8anised by the pupils, the College has SUPPOrted the Jesuit Missions around the world and also the Je5UIt Refugee Service5, who work with vulnerable and displaced persons both in the UK and overseas. The College has also provided support to the St Wilfr@d's Centre, a shelter for the hotnele5s in Sheffield, as well 3$ running fundraising initiative5 foT Other local and national charities. 8arlborough support three local charities- Pathways Horneless Charity. Assist Refv8ee Service and the Barlborou8h Luncheon Club. Page 9

MOUNT ST MARVS (Atompzny limlted by 8uaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGU5f2020 Contrlbutlon to lotal tomrnunlty and schools Mount St Marfs enjoys a long standlng ielation5hip with the village of Spinkhill and provides significant benefit5 to the local Community. Our grounds are shared by the people of the villages of Spinkhill and Barlborough and the wider locality. The facilities in both schools are enjoyed by many local groups and individuals. The khool makes a point of invol¥in8 our neighbours in the many specSal event5. cultural programmes and activities that take pla£e throughout the year, including.. offerin8 Mass each Sunday. which 15 accessed by a nt¢mber of local residents: the Mount Commvnity Choir which. pre-Covid-19. met weekly in the College and performed at school functions, is comprised of some 30 ad¢Jlts drawn from the local community,. the College's Annual Remembrance Day Service5 engage the local community and are an important component of the village calendar. but sadlywas a much smaller and low-key event this year,. a variety of events which are open to local schools including an annual children'5 theatre event, regular swim galas and sports days held at our sports stadium. again limited to pre-lockdown event5 this year; It is hoped that in the fullness of lime the fortnightly. Tuesday Club trips which take students to work with adults with learning difficulties in Derby can lecommen￿. The school is attively engaged with the network of local 5choo15. Those l¢nks with the local maintained sector have been further enhanced with the School's active involvernent in the Diocese of Hallam Schools. We are particularly close to our neighbours in Immaculate Coneeption Catholic Primary School. Spinkhill with whom we enjoy a very positive relaiionship. including support and assistance in the area5 of sport. the teaching of languages and music. This is in addition to providing access to our swimming pool and sports facilities. Fundralsing At present the Schools do not activelyfundrai5e. However £4,90712019- £8.6131 was reteived in donations and legacies from Old Mountaineers (past pupi151. The Mourbt Charitable Fund also provided donatlon5 of £355.00012019.. £73,4501 to support pupils through the provision of means tested bursaries. Flnanclal revlew The Governing Body having reviewed the detailed income and expenditure plans and the related cashflow requirements for the coming years and ale satisfied that the charity has adequate resources to cOntin￿e ITh operational existence for the foreseeable future. For this reason. they continue to adopt the 801118 toncern basis in preparing the financial statements. Further detai15 regarding the adoption of the B0SnB concern basi5 can be found in the accounting polities. The Governing Body. under the guidance of the Finance and Strategy Committee, took the decision to have the School revalued. recognising that it had been some years Since such an exercise had been undertaken and during that time period there have been significant changes in the cguntry IBrexii and Covid to name but two). in the independent Schools secto¥, and In the make-up and composition of the School's estate. The trend of year￿￿-year significant reductions in the operating deficit was abruptly halted this year as è result of Covid- 19 impacting on the financial operations of the School; thi5. together with the impact of the revaluation resulted in reported Net movement in Funds as a deficit of £3,847.53312019.. deficit of £412,970). Page 10

MOUNT ST MARY'S IA Company limlted by 8uaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST2020 However, thi5 Net movement in Fvnd5 includes a valuation adjustment comprising an impairrnent charge of £3,673.32J which reflects the recently revalued &st3te of Mount St Mary'5 School and an increase in valuation of £1.073,181 which rellects the recently revalued estate of Barlborough Hall School. Stripping out the effects of the revaluations of property and investments results in an operating deficit of £1,223.36512019.. £408,914). which reflects the impact of Covid-lg on the School's finances- see table below. The negative financial impacts of Covid-19 and its associated governmental restriction is included.. net fee income fallinE to £5,830,00912019.. £6,879,850) reflecting a reduction in short terrn boarders and, more SiEnificantly, discoursts of up to 50% offered to pupils In the Summer term, as a result ol the Schools closing and despite providing a comprehensive remote le2rning package. Total income fell to £7.165,97612019.. £7.585,8261 a decrease of £419,850 reflecting both the lee income reduction and è fall in other trading activity. This decline wa5 however partially offset by increased funding for bursaries received from the Mount Charitable Fund, and E534,716 Furlough receipts from the Government. Expenditure increased by Just under 5% to E8,389,34112019.. £7.994,7401 an increase of £394,601 which reflects the ongoinE contfol of expenditure. Staff costs remain the single largest expenditure item, accounting for £5,548,37412019.. £5,137,51513 £410,859 inirease over the previous year, with contributory factors bein£ an increase in teachinE and welfare staff161, and the significant impact of the in£reased contributions to the Teacher5, Pension Scheme. The trading company results were significantly impacted by Covid-19 being unable to hire out the School's facilities particularly during the holidèy period5 which represents Its busiest and most profitable time. Thi5 resulted in Mount Conferences Ltd sustaining losses of £134,39412019.. surplus ol £1,738). The total net financi31 impart of Covid -19 is sumrnari5ed below.. £0005 Covid relates dis£ounts Lost fee income. including short term boarders and term time lets Mount Conferences Ltd- lost letting income Reduced expenditure in Mount Conferences limited and School Furlough receipts 643 340 362 1831 15351 Total cost of Covid 727 The underlying results for the year. excStsding Covld-19 and the revaluation reveals an operating deficit of £496,365 12019.. Deficit £408,914). Term borrowing is in p13ce with the Society of Jesus ITRCPI to the sum of £3,387.08812019.. £3,204,598). This borrowing is secured against the13nd/bU￿ldlng assets of the Trust. During the course of the year the option to take out a loan under the government backed Coronavirus Business Interruption Loan Scheme ICBILSI wa5 exercised. with £660,000 drawn down via the National Westminster Bank. A £250,000 loan has been taken with Rathbone5, secured against the investment portfolio managed by rhem. Capital expenditure of £615,26312019.. £SOS,2231 conrsnued the trend of increasin8 year-on-year spend with investment arising from the compl￿10￿ of Phase11 of the Mount 400 project. Reserves policy The School has substantial unrestricted reserves. comprising building5. land and liquid investments of £5.890.11012019.. £9.737,6431 and restricted fund5 of £76,08112019.. £76,081). While free reserves are at a negative balance. this to a large extent refletts the continued heavy investment in the School. Page 11

MOUNT ST MARY'S IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST2020 The Governors will be reviewing the reserve5 policy in the coming 12 months as an integr31 part of the formal planning process linked to,. the revaluation of the estate, the Mount 400 development plan and, as importantly. to reflect the chan8ed financial dynamic5 as a result of Covid-19. Investment performante The companvs Articles of Association perm￿1 funds to be invested in such manner as the Governing Body sees fit, providing that such powers of Investrnent are only exercised for the purpose of attaining the objects and in a manner that is legally charitable. Rathbone provide the necessary specialist advice in respect of the portfolio of invested funds. Following the year's activitie5 the value of the listed Investrllents stood at £1,223,14112019.. £1,434,012). Key drivers for the Governing Body are a low risk level and ease of access to funds. A5 a result no specific perforrnance benchmark5 are Set but actual performance is rnonitored to previous years,. with a yield this year of 3.44% compared to 4.22% in 2018-19 being regarded as satlsfactory considering the turmoil that has hit all economies in 2019-20. Gging ¢on¢ern Notwithstanding that rhe group had an underlying operating deficit In the year. and it is acknowledged that as a Te5ult of Covid. a further deficit will result next year. ended 31 August 2021, the trustees have considered the level ol funds held, and the expetted level of Income and expenditure for the next 12 months from the date of approval of this report, tts 30 November 2022, and have concluded that the group reTnain5 a going concern. As a result they will continue to adopt 80ing concern basis for the preparation for these financial statemerlts. The reasons for adopting 3 going ioncern basis include.. The trustees recognise that uncertainty exists regarding any final travel restrictions, but note there are already small but significant instance5 of a more normal/pre-Covid view returning. This Is translating into new boarders coming to the School. When coupled with the si8nificant work that is being undertaken in the international market place, in which the School has been the first to undertake physical trips abroad, there is every reason to be optimistic. At home there have been more tangible results where virtual and actual open dèv5 coupled w*th a significant marketing programme has generated more interest and more confirmed places for the 2022123 academic year than has ever been the case at this poifjt in tirne in previous year5. Throughout the pandemic the Trustees for Roman Catholic Purposes ITRCPI have been hugely supportive to the School particularly in 3 financial sense, where they have provided a loan repayment holiday through until November 2022 on the existing loan of £3,387.088. They have also been supportive and flexible in allowing the sale of property and land and in utilising those sale proceeds for ongoing capital development works. The School pertormed very well academically during Covid-19 and with the appointment of a new dynamic Headmaster, whose focus is purely on the educational and pastoral side of the Mount, this success is forecast to continue. In combinatlon this has led to a positive upturn in both pupll numbers and retention rates. Given the above and with the continued financial contro15 in place. coupled with a return of the commercial let5, this has led to the trustees to conclude that the 8roup remains a going concern. Page 12

MOUNT ST MARV'S IA company Irmited by guaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST202Q Governan￿ and management Group structvre and relationships The School has a wholly owned non-charitable subsidiary, Mount Conferences Ltd. It undertakes commercial activities that do not conflict with the educational and reli8tOU5 character of the schools. It5 annual profits are donated to the School under the Gift Aid scheme. Throts8h membership of Head Masier5 Conference IHMCI, Association of Governing Bodies of Independent Schools IAGBISI, Independent Association of Preparatory Schoo15 IIAPSI and the Independent Schools Bursars Association1158AI and associated networking wtth peer 8fOUPS, the Schi)ol ensures that it has access to key personnel and standard setters in the sector. The School is regulated through tts membershirTr of llldependent Schools Inspectorate IISII. Constitution Mount St Mary's is registered as a charitable company limited by guarantee and was Set up by a Memorandum of Association. The Company is governed by Articles of Association as incorporated under the Memorandum of Association on 21 July 2006. They permit lund5 to be managed in such a manner as the directors see fit. provided that such power5 are onlv exercised for the purposes of attaining the objects and in a manner which 15 legally charitable. The principal object for which the charity was established is to advance the Roman Catholic religion by the ctsnduct of a Roman Catholic school or schools and by ancillary religious and educational activities for the benefit of the community at lar8e. The Governing Body consists of 3 Foundation Members appointed by the Society of Jesus Trustee and a further 9 to 13 governors, appointed by the Foundation Members, at their Annual General Meeting. The governors are the charity trustees and thus have control of the charity and its property and funds. The Governin8 Body 15 re5pon5ible for the overbll rnanagement and contiol of the School and meets ai least tsnce a term. Its principal responsibilities are to.. ensure that the school is run in attordance with its charitable objectives and that all the function5 of the school are authorised by the power5 provided by its statutes and regulations and by charity law., act in the best interests of the School and current and future beneficia¥ie5 at all times.. appoint the CEO and Head Teachers and approve their terms and conditions., in consultalioA Wlth the CEO ar¢d his managementteam. set the strateEY and policies bywhich the School will be run,. approve the Sirategic Plan.. ensure that the School meets the objectives that the Governing Body sets from time to time.. control finance by approving realistic budgets and longer term plans and by approving systems and safeguard5 that optimise the chance5 that they will be achieved.. ensure the effective and efficient 3dministration of the School and its resources. Striving for best practice in good governance,. ensure that the School is eompliant with appropriate slatutory and adv*sory Tegulations and aims for best practice in this area,. understand the extent ol dutie5 in relation to risk managernent and to legal complSance and be satisfied that there is a rolling programme for meeting them., ensure that competent professional advice is taken when nece55ary,' appoint new governor5, having due regard lor the skill sets and experience required.. Page 13

MOUNT ST MARY'S IA ¢ompany limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST2Q20 appoint members to its committees,. and review and approve the terms of reference and the output of these committees. The governors who Served during the year are detailed at the front of this document. None of the governors has anv beneficial interest in the charitable company, all are volunteers providing their time for free to support the governance of the School. Methods of appolntment or election of trustees All governors apart from the Foundation Mernber5, are recruited on the basis of nominations from school coniatts and from selection when a post become5 available. The Governing Body looks to ensure a mix of skills and selects new governors on the basis of background. competence and special￿St skills. Organisational strncture and de¢lslon-making pollcies The School is governed by the Governing Body which delegates work to the following committees, who meet at least once per term.. Finance and Strategy Committee Education Committee HR and Compliance Committee The day to day management of the company is delegated to the CEO, the Head teachers of Mount St Mary's aThd B3rlborough H311 Schools, the Bursar, Pfead of Admissions and Marketing and Head of HR as the Key Management personnel overseeing educational, pastoral and administrative functions in consultation with the senior staff. Key management personnel The CEO and Key Management personnel are invited to attend all Governors, meetings. with the CEO and appropriate other Key Management personnel attendin8 all Committee meeting5. Pay poll<y for key management personnel The remuneration of key management personnel is recommended by the HR and Compliance Committee and approved by the Governing Body with the objettive of rewarding them appropriately and fairly for ttte￿r individu31 contributions to the School's success. The appropriatene55 and fairness of the School's wider remuneration poliry is reviewed annually, including reference to compari50n5 Wlth other independent schools to Ènsure that the School remains Sensitive to the broader issues of pay and employment conditions elsewhere. Policies adopted for the Indurtion ènd tralnlng of Governors Governors are provided with an induction by the CEO. Bursar and staff and a wider programme of trainin8 events is or8anised by AGBIS, whtch Governors are encouraged to attend. Trustees, indemnffiies The charity holds trustees. and officers, insurance on behalf of the Governors. Page 14

MOUNT 5T MARY'S IA company limited by £uaranteel TRUSTEES, REPOR T IcontinLtedl FOR THE YEAR ENDED 31 AUGLIST2Q20 Principal risks and flsk management The Governing Body is responsible for the identification and management ol risks. The major risks to which the charity 15 exposed, a5 identified by the CEO and the Key Management personnel, have been fully reviewed during 2019120 and System5 or procedures have beenlare being established io manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the CEO and his Executive Team and the proce55 15 overseen by the respective Committees at every one of their meetings and by the Governing Body with it5 annual review of the Risk Register. The principal ri5k5 to which the School is exposed to Include.. Impacts of Covid-19 on the School. including.. positive test5 on pupils and staff self-isolation of pupils and staff o quarantine and travel restriction5 Impacts on pupil numbers, both recruitment and retention, and parents ability to pay overarching financial pressures as a result of the above, 1055 of key personnel.. poor academic results,. Health and Safety issues through non-compliance; child safeguarding and protection,. and lack of funds and liquidity to meet future cash and capital commitment5. The key controls used by the school include-. formal agendas and minute5 for all meetings ol the Governing Body and Committees,. Terms of Reference for all Corllmittee5.' comprehensive strategic and business planning, financial forecasting, budgeting and managernent accounting,. established and identifiable organisational structure5 and reportin8 liTres' comprehensive formal written policie5.' clear authorisation limit5.' and vetting procedures, as required by law, for protection of the vulnerable. The School develop$ Strategic plans, having regard for risk. The Executive provide the Governing Body with regular reports to ensure that effective governance can be provided and evidenced. The Governor5 have assessed the major risks io which the Group and the charity are exposed, in particular those related to the operations and finances of the Group and the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the rnajor risks. Page 15

MOUNT ST MARY'S IA company Ilmlted byguaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST2Q20 Statement of trustees, responslbillties The trustees (who are èlso the directors of the charity for the purposes of company lawl are responsible for preparing the Tru5tees' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdorn Generally Aciepted Accounting Practicel. Company law requires the trustees to prepare financial statements for each financial year. Under company law. the trustees must not 3pprove the financial statements unle5$ they are Satisfied that they give a true and fair view of the state of affairs of the Group ond the charity and of their incoming resources and application of resources, includin8 their income and expenditure, for ihat period. In preparing these financial statement5, the trustees are required to.. selert suitable accounting policies and then apply them £onststently.' observe the methods and principles of the Charities SORP IFRS 1021.. make judgements and accounting estimate5 that are reasonable and prudent,. state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going £oncein basis unless ¢t is inappropriate lo presume that the Group will continue in busines5. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the charitable company's tran5aCtion5 and disclose with reasonable accuracy at any time the financial position ol the Group and the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also re5pon5ible for safeguarding the assets of the Group and the charitable company and hence for takin8 ¥easonable steps for the prevention ènd deteciion of fraud and other irregularities. Disc105ure of informatlon to audltor Each of the person5 who are trustees at the time when this Trustees. report 15 approved has confirmed that.. $0 far as that trustee 15 aware, there is no relevant audit information of which the charitable group's aud¢tor is unaware. and that trustee has taken all the steps that ou8ht to have been taken as a trustee in order to be aware of any relevant audir information and to establish that the charitable group's auditor is aware of that informètion. Ayditor The auditor. BHP LLP. who was appointed during the yea¥, ha5 indicated his willingness to corftinue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the trustees. Approve y order ol the members of the board of trustees and si8ned on their behalf by.. MrTWragg (Chair of Finance and Strategy Committee) Date.. Page 16

MOUNT ST MARY'S IA company limited by guarantèe) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOUNT ST MARY'S Oplnlon We have audited the financial statements of Mount 5t Mary's (the 'parent charitable company'l and Its sub5idiarie5 (the 'group'l for the year ended 31 August 2020 which comprise the Consolidated 513tement ol financial activities. the Con501idèted balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and rhe related ntstes, including a summary of significant accounting policies. The financial reporting framework ihat has been applied in their preparation 15 applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financial Reportin8 standard applicable in the UK and Republic ol Ireland, Iunited Kingdom Generally Accepted Accounting Practi£el. In our opinion the financial staternent5'. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 August 2020 and of the Group's incoming resources ènd application of fesource5, including it5 income and expenditure lor the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Acctsunting Practice.. and have been prepared in accordance with the requirements of the Companies Att 2006. Basis for oplnSon We conducted our audit in accordance with International Standards on Auditln8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the èudit of the financial statemenfs section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statement5 in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 3 basis for our opinion. Contlusions relating to going concem We have nothing to report in respect of the following matters in relation to which the ISA5 IUKI require us to report to you where.. the trustee5' use of the going concern bèsi5 of Bccounting in the preparation of the financial staternent5 is not appropriate.. or the trustees have not disclosed in the financia1 statements any identified material uncertaintie5 that may cast significant doubt about the Group'5 or the parent charitable company's ability to continue to adopt the Eoing concern basis of accounting for a period of at least twelve months frotn the date when the financial statements are authorised for issue. PaBe 17

MOUNT ST MARY'S IA company limtted by guarantee) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF MOUNTST MARY'S ICONTINUEDI Other infom)atlon The trustees are responsible for the other information. The other information cornprises the information included in the Annual report, other than the financial statements and our Auditor's weport thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othetwise explicitly stated in our report. we do not expres5 any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing 50, consider whether the other information is rnaterially inconsistent with the financial statement5 or our knowledge obtained in the 3udit or otherwise appears to be materially misstèted. 11 we identify such m8terial inconslstencies or apparent material misstètements. we are required to determine whether there is a material misstatement in the financial statements or a rnaterial misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlon on other matter5 prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audil.. the information given in the Trustee5' report lincorporatin8 the strategic report and the directors, report) for the financial year for which the financial Statements are prepared Is consistent with the financial statements,. and. the strategic report and the directors, report have been prepared in accordance with applicable leg31 requirements. Matters on which we are required to report by exception In the lighi of our knowledge and understanding of the charitable company and its environment obtained in the course ol the audit, we have not identified material rni5Statements in the stKate8lC feport and the diiector5' report.. We have nothing to report in respect of the following matters in relation to which Companies Aci 2006 require5 US to report to you if. in our opinion= adequate and sufficient accounting records have not been kept by the parent charitable cornpany. or returns adequate for our audit have not been received from branches not visited by us.. or the parent charitable company financial Statements are not in agreement with the accounting record5 and retums,. or certain disclosures of trustees, rernuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. Page 18

MOUNT ST MARY'S IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MOUNT ST MARY'S ICONTINUEDI Responsiblllties of trustees As explatned more fully in the Trii<tpgÉ' responsibilities statement, tha trustees Iwho are 31s0 the dirc£tors of the charitèble company for the purpose5 of company lawl are responsible for the preparation of the financial statements and roi beiiix 56l15fied that Ihey give a Irue and fair view. 3nd tor such internal control as the trustee5 determine Is nÈce5sary to enable the preparation of financial statements that are free from materia1 misEtatpment whether due to fr?ud or error. In preparinE the financial statements, the trustee5 are resptsn<iblp fnr A<ÉpÉsine the GTOUP'S 2nd the pargnt charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern b85is of accounting unle55 the trustees eilher intend to liquidate the fjro(tp or the parent charitable cornpany or to cease operations, or have no realistic alternative but to do 50. Auditgr's iespon5ibllltle5 for ihe audlt of the financial xatements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whtsle are free from Inoterlal rnl55raternenT, whether due to fraud or error. ènd to issue an Auditor's report that includes our Opin￿On. Reagonable assurance is a hiRh level of assurance. but is not a £uar3ntÈp thal An 2iiAit condiicted in accordance with ISAS IUKI will always detect a materi31 misstaternent when it exist5. Mi5Statements can arise from fraud tsr error and are considered material if, individually or in the aggre8ate, they could reasonably be expected to Influence the economic decisions ol users taken on the basis of these financial statement5. A further description of our respon5ibilitie5 for the audlt of the financial staiement5 15 located on the Financial Reporting Council's website at." www.frc.or audirorsre5 onsibilities. This description form5 part of our Auditor'5 report. ljse uf report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Pan 16 of the Companie5 Act 2000. Our audit work ttas been un¢Yertaken $0 that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and fnr nn nthpr purpose To the fullÈst extent permitted by law. we do not accept or assume responsibility to anyone other than the charitèble company and the charitable company's members, a5 a body. for our audit work, for this report. or for the opinions we have formed. IPL Jane Marshall Isènior Statutory auditor) for and on behalf of BHP LLP Chartered Accountants Statutory Auditor 2 Rutland Park Sheffield 510 2P0 Nov 15, 2021 Date.. Pège 19

MOUNT ST MARY'S IA company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST2020 Unrestrlcted fund5 2020 Restrirted funds 2020 Total fvnds 2020 Total funds 2019 Note Intome from.. Donations and legacies Charitable activitie5 4,907 5,B30,009 238.164 101,789 636,107 355,(100 359,907 5,830.009 238,164 101,789 636.107 82,063 6.879,850 Other trading activities Investmenis 481,066 113,083 29.764 Other income Total rncome 6.810.976 355.000 7,165,976 7,585.826 Expenditure on.. Rai51n8 funds Charitable activities.. 457.736 457,736 490.985 Charitable activities ongoing Charitable activitie5- impairment 7,581,605 3.673,321 350,000 7.931.605 3.673.321 7,503,755 Total expenditure Net gainslllossesl on investments 11.712.662 350.000 12.062,662 7,994,740 15 124.0281 124,0281 14,0561 Net lexpenditurellincome Transfers between funds 14,925.7141 5,000 14,920,714) 1412,9701 20 5,000 15.1)001 Net movement in funds before other re¢o8nlsed 88ins Other recogni5ed gains: Gain5 on revaluation of fixed assets 14.920,7141 14.920.714) 1412.9701 14 1.073,181 1.073,181 Net movement in funds 13,847.5331 13,847,533) 1412,9701 Reton¢iliation ol funds- Total fund5 brought forward Net movement in funds 9,737,643 13,847.5331 76.081 9,813.724 13,847,533) 10,226.694 1412,9701 Total fvnds ¢arrled forward 5,890.110 76.081 5.966,191 9.813,724 The Consolidated statement of financial activities includes all gain5 and losse5 recognised in the year. Page 20

MOUNT ST MARY'S IA company Ilmlted by 8uaranteel REGISTERED NUMBER.. 05884126 CONSOLIDATED BALANCE SHEET ASA T31 AUGUST2020 2020 2019 Note Fixed ass¢ts Tangible assets Investment5 14 9.932.556 1.301.585 12,512,469 1.462,861 15 11.234.141 13.975.330 Currènt assets Stocks 16 42,766 395,366 452,143 58,784 607,127 521.480 Dethors 17 Cash at bank and in hand S￿.2?$ 1,187.391 Creditors.. amourtts fallin8 due within one yea 18 11.544.052) 11.969,2251 Net current Ilabllbtl•s 1653.777) 1781.8341 Tot•1 assets less turrent Il•blllties 10.580.364 13.193.496 Creditor5.' amounts falling due after rnore than oTre year 19 {4,614.1731 13,379,772) Total net assets 5,966.191 9.813.724 Charltyfvnds Restricted lunds 20 76,081 76,081 Unrestricted funds lincludin8 revaluation rèserve £324,60312019.. £383.49011 20 5.890.110 9.737.643 Total funds 5,966.191 9,813,724 The trustees acknowledge their responsibilities for complylng with the requirement5 of the Act with respect io accountin8 records and preparation ol linarbcial statements. The fina cial statements were approved and authori5ed for issue by the trustees and signed on their behalf bv.. MrTWra (Chair ol Firnance and Strate8y Cornmitteel Page 21

MOUNT ST MARV'S

(A company limited by guarantee) REGISTERED NUMBER: 05884126

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2020

Date: 12 November 2021

The notes on pages 26 to 53 form part of these financial statements.

Page 22

MOUNT ST MARY'S IA company limlted by Euaranteel REGISTERED NUMBER.. 05884126 CHARITY BALANCE SHEET ASAT31 AUGUST2020 2020 2019 Note Fixed assets Tangible assets Investments 14 9.918,544 1,301,587 12,493,845 1.462,863 15 11,220,131 13.956.708 Current asset5 Stocks 16 8,930 361,785 425,477 9,649 Debtors 17 699,028 429,995 Cash at bank and in hanij 796,192 1,138,672 Creditors.. amounts falling due within one year 18 11,528,463) 11,905,6261 Net turrent liabilities 1732,2711 1766,9541 7gtal assets less turrent liabilities 10,487,860 13,189.754 Cred¢tors.' amounts fallin8 due after more than one year 19 14,614.1731 13.379,7721 Total net assets 5.873,687 9,809,982 Charity funds Restricted fund5 20 76.081 76.081 Unrestricted funds (including revaluation reserve £324,60312019.. £383,49011 20 5,797.606 9,733,901 Total funds 5,873,687 9,809.982 The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial 5tatementS. The ncial statements were approved and authorised for issue by the trustees and signed on their behalf by.. Mr T Wragg (Chair of Finance and Strategy Committeel Page 23

MOUNT ST MARY'S

(A company limited by guarantee)

REGISTERED NUMBER: 05884126

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2020

Date: 12 November 2021

The notes on pages 26 to 53 form part of these financial statements.

Page 24

MOUNT ST MARY'S IA company limlted by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2020 2020 2019 Note Cash flows from operating a¢tlvltles Net cash used in operating activitie5 23 1777,5541 1355,8521 Cash flows from investing a¢tlvbtles Dividend5, interests and rent5 from investments Proceed5 from the sale of tan8ible fixed assets Purchase of tangible fixed assets Proceeds from Sale ol investments 101.789 187,355 161S.2631 294,125 1107.2821 113,083 12.834 1505,2231 144,083 1114.4651 Purchase of investments Net cash used in investing activities 1139.2761 1349,6881 Cash flows from Ilnancing activitie5 Cash inflows from new borrowing Repayments OF borrowin8 910,000 112,9121 235,(M)O 1468,6591 Net cash provided bylluse¢J inl financlng attivities 897,088 1233.6591 Change in cash and cash equlvalents In the year 119.7421 1939,1991 Cash and cash equivalen15 at the beginning of the year S38,035 1,477,234 Cash and cash equivalents at the end of the year 24 518.293 538,035 The notes on paees 26 to 53 form part of these financial statements Page 25

MOUNT ST MARY'S IA company limited by guarantee) NOTE5 TO THE FINANCIAL STATEMENTS FOR fHE YEAR ENDED 31 AUGusf2020 Accountlng policies 1.1 80sis oAprep#ration offinoncialstotements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Chaiitie5'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. the Fin3nci31 Reporting Standarij applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Companies A£t 2006. Mount St Mary's meets the definition of a public benefii entity under FRS 102. Assets and liabilities are initially re£o8nised at historical cost or transaction value unle55 Otherwise stated in the relevant accounting polic¥. The financial statements are presented in sterling which is the funttional Cufrency ol the charity and rounded to the nearest £1. The Consolidated statement of financial activitie5 ISOFAI and Consolidated balance sheet con501idate the financial statements of the Group arsd its 5ub5idiary undenaking. The results of the subsidiary are consolidated on a line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Cornpanies Act 2(KJ6 and has not presented its own Statement of financial activities in these financial st3tements. 1.2 Going con¢ern Notwithstanding that the Broup had an underlying operating deficit in the year, and it is acknowledeed that as a result of Covid, a further deficit will result next year. ended 31 August 2021, the trustees have Eonsidered the level of funds held, and the expected level of incorne and expenditure for the next 12 months from the date of approval of this report, to 30 November 2022, ènd have concluded that the group remains a goin8 concern. As a result they will continue to adopt a goin8 collcern ba515 for the preparation for these financial statements. The rea50n5 for adopting a going ttsncern ba51s Include.. The t¥U5tees recognise that uncertainty exists regarding any final travel restriction5. but note there are already small but significant instances of a more normal/pre-Covid view returning. This is translatinE into new boarders cominR to the School. When coupled with the Significant work that ts being undertaken in the internatiollal market place, in which the Sehool ha5 been the first to undertake physical trips abroad, there is every reason to be optimistic. At htsme there have been more tangible result5 where virtual and actual open day5 coupled with a signiflcant mafketing programme has generated more interest and more ctsnfirrned places for the 2022123 academic year than ha5 ever been the case at this point in time in previous years. Throughout the pandemic the Trustees for Roman Catholic Purposes ITRCPI have been hugely supportive to the School particularly in a financial sense, where they have provided a loan repayment holiday through until November 2022 on the existin8 loan of £3.387,088. They have also been 5UPPOrtive and flexible in allowing the sale of property and land and in utilising those sale proceeds for ongoing capital development works. The School performed very well ècademicèlly during Covid-19 and with the appointment of a new dynamic Headmaster, whose focus is purely on the educational and pastoral side of the Mount, this success is forecast to continue. In combination thi5 has led to a positive upturn in both pupil numbers and retention rates. Given the above and with the ctsntinued financial controls in place, coupled with a return of the commertial Page 26

MOUNT ST MARY'S IA company Ilmited by guarantee) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 Accountln8 polities Icontinuedl 1.2 Going concern fcontinuedl lets, thi5 ha5 led to the trustees to conclude that the group remains a 8oirng concern. 1.3 Income All income is recognised once the charity has entitlement to the income, it Is probable that the income will be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed asset. it 15 me3sured at fair value. unless It is irnpractica1 to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recoEnised as tncome frorn donations and a corresponding amount 15 included in the appropriate fixed a$5et class and depreciatecl over the useful economic life in accordance with the charity's atCOL*nting policie5. On receipt. donated professional services and facilities are recognised on the basis of the value of the gift to the ch3rity which is the amount it would have been willin8 to pay to obtain Services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then reco8nised in expenditure in the period of receipt. Other income is recognised in the period in which it is receivable and to the extent the goods have been p¥ovided or on completion of the service. Other intome include5 grant income received from the Government to cover the salaries of furloughed employees through the Coronavirus Job Retelltion Scheme. Certain types of Inctsme are shown in the Consolidated statement of financial activities net of expendittsre a5 follows.. Income from charitable activite5 is shown in the Consolidated statement of financial activites net of lee remi55ions1£2,121,6001 and agency c05t51£54.8711. These are analysed in note 4 - income from charitable 1.4 Expendlture Expenditure is recognised once there 15 a legal or constructive obligation to transfer economic benefit to 3 third party, it is probable that a transfer of economic benefit5 will be required in settlement and the 2mDunt of the obligation can be measured reliably. Expenditure is classified by activily. The costs of each activity are made up of the total of direct C05t5 and shared costs, including support C05t5 involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attriburable to a single activity are apportioned between those activities on a basis consistent with the use of re50urce5. Central staff costs are allocated on the basis of tirne spent. 3nd depreciation char8e5 allocated on the portion of the asset's use. Expenditure on raising funds includes all expend4ture incurred by the Group to raise funds for its charitable purposes and includes ctssts of all fundraising activities events and non-charitèble trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives. as well as any associated support C05tS. Page 27

MOUNT ST MARY'S IA company limited by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf2020 Accountlng policie5 Icontinuedl 1.4 Expendlture {¢ontlnued) All expenditure 15 inclusive of irrecoverable VAT. 1.5 Toxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tèx purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.6 Tonglblefixed tsssets onddepreciotlon Tangible fixed assets costing £1,000 or more are capitalised and recoEnlsed when future economic benefit5 are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recogni5ed at cost. After recogniiion, under the cost model. tangible fixed assets are measured at C05t les5 accumulated depreciation and any accumulated Impairrnent 1055es. All costs incurred to bring a tangible fixed asset into Its intended working condition should be included in ihe measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed a55ets le5S their residual value over their estimated useful lives, on a straight line and reducillg balance basis.. Depreciation is provided on the followir¢g basis.. Freehold property Plant and machinery Motor vehicles Fixture5 and litting5 Computer equipment 2% straighi line. 20% reducing balance. 25% reducing balance. 20% reducing balance. 25% reducing balance. The charity holds è$5ets relatiF)g to Barlborough Hall School and park, which are Grade l and Grade 11 listecl respectively. The hall was built as a private residence in 1583-4 since when it has been subject to èlteraiions and addition5 Wlth the principal outbuildin85 erected in the mid 17th century. Since 1939 the buildin85 have been adapted and extended lor use ol educational purposes. These properties had previously been classified as heritage a5set5. however they have been reclassified as tangible fixed assets from the current year, as discussed in note 1.18. Page 28

MOUNT ST MARY'S IA company limited by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 Accounting policles Icontinuedl 1.6 fongiblefixed assets depreciotion fcontlnuedj The valuation 15 based upon a survey done by property consultants Lambert Smith Hampton on 31 July 2005 for its existing use and market values. In the opinion of the Governors, there has been no change to ihis valuation. 1.7 Investn￿￿t5 Investments are included at their market valLte at the Balance sheet date. Un¥ealised 8ain5 and 1055e5 arising on revaluation of investments are credited or char8ed to the Statement of financial activities. 1.8 Stocks Stocks are valued at the lower of cost and net realisable value after makin8 due allowance for obsolete and slow-rnoving stocks. 1.9 Debtor5 Trade and other debtors are recoEnised at the settlement amount after any trade discount offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due. 1.10 Cush otbank ond In htsnd Cash at bank and in hand include5 cash and short_term highly liquid invesiments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar aciount. 1.11 Ilubllltles ondpmvisions liabilities are recognised when there is an obli8ation at the Bal3nce sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in Settlement, and the amount of the settlement ian be estimated reliably. Liabilities are recognised at the amount thèt the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 1.12 Finonciolinstruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. 8asic financial instrument5 ale initially recognised at transaction value and 5ub5equently measured at their settlement value with the exception ot bank loan5 which are subsequently measured at amortised cost using the effective interest method. 1.13 Operotffng leose5 Rentals paid under oper3tin8 lease5 are charged to the Con501idated statement of financial activitie5 on a straight line basis over the lease term. PaBe 29

MOUNTST MARY'S IA company limited by guaranteel NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGU5T2020 Accountln8 poll¢les Icontlnuedl 1.14 Pensions The charity operates a defined contribution pension scheme for its non-teaching staff. Contributions payable to the pension scheme are charged to the Statement of financial activities in the period to which rhey relate. The charity contributes to the Teachers Superènnuation scherne, which is a defined benefit scheme. Contributions are charged in the Statement of financi313ctivities so as to spread the cost of the pens￿On over the employees working lives with the schools. The charity participates in the Teacher's Pension Scheme ITPSI which is a defined benefit scheme. The assets of the scheme are held separately from those of the trust. The TPS is an unfunded scheme and contributions are caliulaied $0 as to spread the cost of pensions over ernployees, working lives with the charity in such a way that the pension c051 is a substantially level percentage of Current and future pensionable payroll. The contributions are determined by the government actuary on a basis of quadrennial valuations using a prospettive unit credit rnethod. As stared in note 28 the TPS is a multi-employer scheme and the trust is unable to identify its share ol the underlying assets and liabilities of the scheme on a consistent and reliable basis. The TPS is therefore treated as a defined contribution scherne for accounting purposes ènd the contributions recoEnised ID the period io which they relate. A group money purchase scheme (defined contribution schemel is open to all for non-teaching staff members. Minimum contributions 013% are matched by the trust. The trust also operates a workplace pension scheme with Nest pensions to meet its auto-enrolment responsibilities. All contributions are charged to the Statement of financi31 activities as they become payable in accordance with the rules of the schemes. 1.15 Fundoccountin9 General funds are unrestricted funds which are available for use at the discretion of the trusrees in furtherance of the general objectives of the Group and which have not been designated for Other purposes. Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by donors or which h3ve been raised by the charity for particular purposes. The costs of raising and administering such funds are charged ag3Snst the specific fuftd. The aim and use of each restricted fund 15 set out in the notes to the financial statements. 1.16 Employee benefrt5 When employees have rendered service to the charity. short-term employee benefits to which the employees are entitled are recogn￿Sed at the undiscounted arnount expected to be paid in exchange for that service. Page 30

MOUNT ST MARY'S IA company limited by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 Accounting pollcles l¢ontlnuedl 1.17 Redundoncy and termln47tlon puyments Redundancy benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in ex£hange for these benefits. The Group recognises redundancy benefits when it is comrnitted to terminating the employment of current employee5 according to a deiailed formal plan without possibility of withdrawal. 1.18 Prior yearre¢lasslflc#tion The charity holds assets relating to Barlborough Hall School and park. which are Grade l and Grade 11 listed respectively. The assets were classified as heritage assets, however they have been recl3s5ified a5 tangible fixed assets frorn the current year. as mentioned in note 1.6. Critical uccountlng estimutes ond oreos oljudqement Estimates and judgements are continually evaluated and are based on historical experience ènd other factors. including expectatitsn5 of future events that ar& believed to be reasonable under the circumstances. Critical accounting estimates and assumptions-. Support costs are those thèt assist the work of the chèrity but do not directly represent charitable activities and include office costs, governance costs. administrative payro11 costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where 5UPPOrt costs cannot be directly attributed to particular headings they have been allocated to cost of raising lunds and expenditure on charitable activitie5 on a basis consistent with use of the resources. Page 31

MOUNT ST MARY'S IA company limited by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 Income from donations and lega¢ies Unrèstricted funds 2020 Restrlrted fund5 2020 Tot31 funds 2020 Total funds 2019 Donations 4.907 355.1X)O 359,907 82.063 Total 2019 8,613 73,450 82,063 Income from charitable artlvlties 2020 2019 Gr055 fee income 7.6S6.480 8,392.648 12.121,6001 11.492.358) 154.8711 190.4401 350,000 70,000 Dedurt.. fee remission5 Agency costs Bursaries paid by restricted funds 5,830,009 6.879,850 In both years. all income from charitable activities was unrestricted. Page 32

MOUNT ST MARV'S IA company limited by £uaranteel NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 Income from other trading activities Income from non tharltable trading artivltles Unrestrlded funds 2020 Total funds 2020 Total funds 2019 Mount Conferences Limited turnover 238.164 238,164 481,066 Total 2019 481,066 481,066 Investment Income Unrestrrcted tund5 2020 Total funds 2020 Total funds 2019 Rents received 52,182 49,514 52.182 46,602 Dividends and interest 49,514 93 65,836 645 Dep051t account interest 93 101,789 101,789 113,083 Total 2019 113,083 113,083 Page 33

MOUNT ST MARY'S IA company limited by guarantee) NOTES TO TFSE FINANCIAL STATEMENTS FOR TAE YEAR ENDED 31 AUGUST2020 Other incomln8 resources Vnrestrl¢ted fund5 2020 Total lund5 2020 Total funds 2019 Other income 16.289 16,289 534.716 85.102 29,764 Fvrlough Brant Profit on disposal of tangible fixed assets 534.716 85.102 636,107 636,107 29,764 Total 2019 29.764 29,764 Cost of raislng funds 2020 2019 Investment management costs Mount Confrrences Limited expenditure 9.705 11.657 Staff costs 298,990 4,367 144.674 266,101 4.713 208.514 Depreciation Other costs 457,736 490,985 In both years all costs of raising funds were unrestricted. Pase 34

MOUNT ST MARY'S IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 Analysis of expenditure on charitable artlvltles Summary bylund type Unrestricted funds 2020 Restyirted funds 2020 rotal funds 2020 Total fund5 2019 Teaching Welfare 3,943,256 711,133 5,019,026 350,OLNJ 4.293.256 711,133 5,019,026 3.819,239 776,118 1.392,058 Premises Support costs of schooling 1,581,511 1,581.511 1,516,340 Toto12020 11,254,926 350,(M)O 11,604,926 7,503,755 Total 2019 7,430,305 73,450 7,503,755 Summary by expenditure type Depre¢iation Staff costs & impairment 2020 2020 Total funds 2020 Total funds 2019 Other costs 2020 Teaching Welfare 3,613,726 534,642 236,426 864,590 679.530 176,491 4,293,256 711,133 3.819.239 776,118 Premises 4.016.642 49,427 765.9S8 667,494 5,019,026 1,581,511 1,392,058 1,516,340 Support costs ol schotsling 5,249,384 4,066,069 2.289,473 11,604,926 7.503.755 Total 2019 4,871.414 391,980 2,240,361 7,503,755 The depreciation & impairment heading above includes £392.748 of depreciation and £3,673,321 of impairment on the Mount St Mary's properties held at cost. Pa8e 35

MOUNf 5T MARY'S IA company limited byguaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 io. Support ¢osts Charltable activitie5 Total funds 2020 Toial funds 2019 2020 Governance 50,366 118,812 50,366 118.812 46,474 135,970 102.434 10.410 54.472 62,163 736.216 22.593 Finance Information technologv Human resources 96,906 60.484 49.427 67,082 829.773 36,017 272,644 96,906 60,484 49.427 67,082 829.773 36,017 272,644 Depreciation Office costs Salaries Pension contributions Other 345,608 Totu12020 1.581,511 1,581,511 1,516.340 Toral 2019 1,516.340 1,516,340 The support costs have been allocated by 35signing expenses to specific support cost centres. ii. Audltor's remuneration 2020 2019 Fees payable to the £hèrity's auditor for the SUd￿t gf the charity's annual accounts 10,8ty) iO,CM)o Fees payable to the charity's auditor in respect of.. All non-audit services not included above 4.360 4.360 Page 36

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGU5T2020 l2. Staff costs Group Group 2019 Charity 2020 Chafitv 2019 2020 Wages and salaries Social security costs Contributions to defined contribution pension schemes 4.S43,290 395,897 4,336,324 377,913 4,265,765 381,469 4,088,(K)6 365,396 609,187 423.278 602,150 418,012 5,548,374 5,137,515 5,249.384 4,871,414 Total redundancyltermination payments amounted to £126.83912019.. £89,302). The average nurnber of per50n5 employed by the group and charity during the year was as follows.. Group Group 2019 No. Charity Charity 2019 No. 2020 No. 2020 No. Teaching staff Welfare 103 ioi 103 ioi 59 55 59 55 Prerni5e5 and grounds Administration 12 12 12 12 28 29 29 Transport li li li li 213 208 213 208 The nurnber of employees whose employee benefits lexcluding employer pension costsl exceeded £60.000 was.. Group 2020 No. Group 2019 No. In the band £6D.001- £70,000 In the band £lOO.001- £IIO,000 Total employer pension contributions fof the higher paid staff totalled £40,59812019.. £28,383). The charity consider5 Its key rnanagement personnel comprise the senior management team as detailed on page l. The total employment benefits including employer's national insurance and employer pension contributions of its key mana8ement personnel is £494.271 12019.. £294,186). The increase in costs reflects a transition and handover period between the former headmaster of MSM and the new CEO 3ppointment. Page 37

MOUNT ST MARY'S IA cornpany limlted by 8uaranteel NOTESTO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 AUGUST2020 13. Trustees, rèmuneration and expenses During the year, no trustees received any remuneration or other benefit$12019- £NILI. During the year ended 31 August 2020. expenses totallin8 £945 were reimbursed or paid directly to 5 trustees 12019- £1.369 to 3 trustees) for travel expenses. 14. Tangible fixed z5sets Group Freehold property Plani and machinery Motor vehi¢le5 Fixtures and fittings Computer equ4pment Totsl Cost At I September 2019 Additions 14.171A71 118,199 1258,3331 2.063,209 434.721 323.458 69.783 1.174,478 62,343 17.802.399 615,263 1261.5191 Disp05a15 Transfers between lasses 13.1861 2.443,127 720,113 12.443.127) Revaluations 720.113 At 31 August 2020 17.194,577 54A03 320,272 69.783 1,236,821 18.876,2S6 DepreciGtffon At I September 2019 Charge for the year On di5P05a15 Transfers between classes 2.435,340 223.932 160,6571 1.479,212 127.779 315.890 69.783 989,705 5.289.930 IA32 43,572 397.115 163.5981 12,9411 1,561.709 3.673.321 1353,0681 11.561,7091 Impairment charge On revalued assets 3.673,321 1353.0681 At 31 August 2020 7A80.577 45,282 314,781 69.783 1.033,277 ,941.7(N) Netbook volue At 31 August 2020 9,714,000 9.521 5.491 203,544 9.932,556 At 31 August 2019 11,736,131 583,997 7.568 184.773 12.512.469 Pa8e 38

MOUNT ST MARY'S IA company limlted by 8uaranteel NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 AUGUST2020 14. Tanglble flxed assets Icontinuedl Charitv Freehold propertv Plant and machinery Motor vehi¢le5 Computer equlpment Total Cost At I September 2019 AdditlOn5 14,171,471 118.199 12S8.3331 2,443.IZ7 720.113 2,008.406 434.721 278,544 1.170.551 62,343 17,628.972 615.263 1258,3331 Di5pos3Is Transfers between cla55es 12,443,127) Revaluation5 720,113 At 31 August 2020 17.194,577 278.544 1,232,894 18.706.015 Depredutlon At 15eptember 2019 Charge for the year On disposals Tran5fer5 between classes 2.435.340 223.932 160,6571 1,561,709 3.673,321 1353,0681 1,437,103 124,606 274.419 1.031 988,265 5.135,127 43.179 392,748 160.6571 11,561.7091 Impairment charge On revalued assets 3,673.321 1353,0681 At 31 August 2020 7.480,577 275.450 1,031.444 8.787,471 Net book volue At 31 August 2020 9,714,000 3,094 201,450 9,918,544 At 31 August 2019 11,736.131 S71,303 4.125 182,286 12,493,845 Page 39

MOUNT ST MARY'S IA company limited by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUSf2020 14. Tangible fixed assets lcontlnuedl During the year Barlborough Hall School ha5 been reclassified from heritage a$5ets to freehold property. Plant and Machinery which is an integral part of the properties hès also been reclassified. Barlborough Hall School is carried in the accounts at valuation, the rest of the property a55et5. Including Mount St Mary's College. are included at cost. A valuation of all the property assets was undenaken on l July 2021 on a market value basis by Aitchison Raffetv. The valuation for 8arlborough Hall School is £3,065,000 and foi Mount St Mary's College and the other assets held at C05t is £5,725,000. After 31 August 2020 various properties have been sold and these have been added to the valuation prepared by Aitchison Rattety to give a total value for Mount St Mary's College and the other assets as at 31 August 2020 of £6.649,000. In the opinion of the trustees the external vèluation together with the proceeds from the properties sold post year end reflects the value 3$ at 31 August 2020. In accordance with the Charities SORP IFR51021 the valuation movement on Barlborough Hall School is shown throu£h other recognised gains and losses on the Statement of Financial Activitie5. whereas the impairment ol the as5et5 held at cost is shown separately as part ol chaiitable activities. 15. FSxed asstt investments Other fixed asset in¥estment5 Listed investments Total 2020 Total 2019 6rotsp Cort or vtsluotion At I Septernber 2019 Additions 1,434,012 12,294 1.446.306 1,479.980 107,282 107,282 114,46S Disposals Revaluations 1294,1251 1294.1251 1144,0831 124.0281 124,0281 14,0561 At 31 August 2020 1.223,141 12,294 1.235.435 1,446.306 Investment cash 66.ISO 66.150 16.S55 At 31 August 2020 1,289,291 12,294 1,301,585 1,462.861 Historical cost 964.688 12,294 976.982 Page 40

MOUNT Sf MARY'S IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 15. Fixed asset iftvestrnent5 Icontinuedl Investments in subsidlary tompanies other fixed asset Investments Listed investments Total Churity Cost or valuation At I September 2019 Additions 1.434,012 107,282 1294,1251 124,0281 66.150 12.294 1.446,308 107,282 1294,1251 124.0281 66.150 Disp05a15 Rev31uations Investment cash At 31 August 2020 1,289,291 12.294 1.301,587 Netbook value At 31 August2020 1.289,291 12.294 1.301,587 At 31 August 2019 1.434.012 12.294 1,446,308 Principal subsidiaries The following was a Subsidiary undertaking of the charitv.. Name Company Registered offlce number Principal activity Class of Holdlng shares Mount Conferences Limited 02487135 Mount St. Mary's College Lettings, operation Ordinary of tuck shop and uniform sale5 loo% The financial results of the subsidiary for the year were.. Name Income Expenditure Profit/lL0551 lor the year Net Ilablllties Mount Conference5 Limited 313,637 1448.0311 1134,3941 1130.6501 Paee 41

MOUNT ST MARY'S IA company Ilmitèd by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR TIIE YEAR ENDED 31 AUGusf2020 16. Stotk5 Group Group 2019 Charity 20ZO Charity 2019 2020 Stoiks 42,766 58,784 8.930 9,649 17. Debtors Grpyp Group 2019 Charlty 2020 Charrty 2019 2020 Trade debtors 277,087 2.160 488.531 243.506 420,478 161,670 49,045 67.835 Amounts owed by group undertaking5 Other debiors 2,160 49,554 66,565 49,554 66,565 50,761 67,835 Prepayments and accrued income 395,366 607,127 361,785 699,028 Page 42

MOUNT ST MARY'S IA company Ilmlted by Kuaranteel NOTES TO THE FINANCIAL STATEMENTS FOR TFIE YEAR ENDED 31 AUGUST2020 18. Creditors.. Amtsunts falling due within one year Group Group 2019 Charity 2020 Charity 2019 2020 Bank loans 22.000 22.OLYI TRCP loan 195.402 370,360 195,402 338,734 93.793 Trade creditors 200.552 217,501 83.752 I,OZO,247 188,323 214.141 83,752 1,020,247 Other taxation and social 5ecuritv Other creditors 125,766 59.802 1,217,895 59,802 Accruals and deferred income 1,217.895 l.S44.052 1,969,225 1.528,463 1,905,626 Charity 2020 ChaTItv 2019 Deferred income at I September 2019 Resources deferred during the year Amounts released from previous periods 1,088.977 1.400,557 642.712 1.088.977 11.088.977) 11,400,557) 642,712 1.088,977 Deferred income represents fees in advance and deposits. Page 43

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGU5f2020 19. Credltors.. Arnounts falling due after more than one year Group Group 2019 Charity 2020 Charity 2019 2020 TRCP loan 3,387,OB8 888,000 339.085 3.204,598 3,387.088 888,(N)O 339,085 3,204.598 Other loan5 Other creditors 175,174 175.174 4,614,173 3,379,772 4,614.173 3,379,772 The aggregate 3mount of liabilitie5 payable or repayable wholly or in part more than five year5 after the reporting date is.. Group Group 2019 Charity Charity 2019 2020 2020 Payable or repayable by instalments 3,043.648 2,266,667 3,043,648 2,266.667 3,043,648 2,266.667 3.043,648 2,266,667 The loan frorn TRCP of £3,387,088 is to be repèid In quarterly instalments from 30 November 2022 and interest ol £25,64112019.. £74.9691 has been charged in these accounts at 1.5% above The Bank of England base rate. The Rathbones loèn of £250.000 is to be repaid on expiry of 5 year5 and interest is to be charged at 2.75% per annum. The Coronavirus 8usines5 Interruption Loan ICBILSI of £660,000 is a 6 year term loan. to be repaid monthly from 24 July 2021 and interest is to be charged at 3.39% starting on 26 June 2021. The loan from TRCP is secured on the properties of Mount St Mary's. The Rathbones loan is secured on èll the bonds, stock5, share5 and other securities held on Mount St Mary's, behalf within the Rathbones portfolio. The CBILS loan is to be secvred on the properties of Mount St Mary's. Page 44

MOUNT ST MARY'S IA company14mited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 20. Statement of funds Statement of fund5- current year Balance at I September 2019 Trahslèrs Inlout Gain51 Oalantt at 31 ILossesl August 2020 Income Expendittsrè Unrestrirted funds General Funds 9,733,901 6,497,339 111,264,6311 1.049,153 6,020.762 Mount Conferences Limited 3.742 313,637 1448.0311 1130,6521 9.737,643 6,810,976 111.712,6621 1,049,153 5,890,110 Rertrirtedfvnd5 Finn Prize Fund 268 Julie Kennv James Lee IAOO 575 1,800 575 Fundraising Project Mount 175 Assisted Places 12.500 12.S(Kl 938 938 Rudston Fund 60.000 60,000 Mount St Mary's Ch3ritable Trust Fund 350,000 5,000 1350,0001 BHPA 15.OODI 76.081 355.000 1350,0001 15,0001 76,081 Totol oflunds 9,813.724 7.165,976 112,062,662> 1,049,153 5,966,191 Paee 45

MOUNT ST MARY'S IA company limlted by 8uaranteel NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 20. Statement of funds Icontinuedl Statement gf funds- prior year Balance èt I September 2018 Balance at 31 August 2019 Gainsl IL05se51 Income Expenditure UnrestrirtedAunds General Funds 10,148.609 7.031.314 481.062 17.441.966) 1479.3241 14,0561 9,733,901 3.742 Mount Conferences Limited 10.150.613 7.512,376 17.921,2901 14,0561 9.737.643 Restrirtedfvnds Finn Prize Fund 268 268 Julie Kenny James Lee 1.800 575 1,800 575 Fundraising Project Mount 175 Assisted Places 12.500 938 12,500 938 Rudston Fund 60,000 60.000 Musical donatioas 1.924 11,9241 11.5001 1261 Hymn book donations School Play Fund Mount St Mary'5 Charitable Trust Fund 1,500 26 70,000 I70.￿0) 76,081 73,450 173,4501 76,081 Totul ollunds 10.226.694 7,S85,826 17,994,740) 14,0561 9,813,724 Page 46

MOUNT ST MARY'S IA company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 Unrestricted funds comprise accumu13ted surpluses on general fund5, including unrealised surpluses and deficits on revaluations of investments and tangible fixed assets that are not allocated specifically to restricted fund5. These funds are available for use at the discretion of the governors in furtherance of 311 of the charity's objects. Restricted funds comprise of..- The Finn Prize Fund was established by a donation for the award of a prize for science. The Julie Kenny Fund aTises from donations for the purchase of equipment for the music department. The James Lee Prize Fund was established by a donation for the award of a prize lor music. The Fundraising Project Fund aTlSe5 from an initi31 donation of £10,000. along with the a5SOC13ted tax credit, given for the purpose of the appeal to be13unched in the near future. The Mount 175 Assisted Places Fund arise from donations for the funding of 35515ted places in recognition ol the 175 year anniversary. The Rudston Fund was due to 3 donation from Rudston College for bursaries to be given to former pupils of that College, the fund has been carried forward as no bursaries have yet been given. MSM Charitable Trust F￿nd provide donations to the college lor the benefit of bursaries. The MSM Charitable Trust fund has been tr8nsferred to the control of Mount St Mary's and administered by Ihe Chairman of Governors. Chairm3n of the Finance Comrnittee and one other Governor. BHPA (Barlborough Hall Parents As50ciationl fund represents monies raised specifically for the School to acquire a new playground and this donation has been fully utilised to contribute towards the cost of a new playground lor 8arlborough Hall during the year. Musical donations are rnonie5 for the pupils musicals which take place during the year. Hymn book donations have been received and spent in the year on hymn book5 for the pupils. School play fund represents monies received and Spent on the pantomime in the year. Tiansfers between restricted and unrestricted fvnds represent money donated towards the cost of fixed a55et additions. PaEe 4?

MOUNTST MARV'S IA ¢ompan¥ Ilmittd by guaranteel NOTES TO THE FINANCIALSTATEMENTS FOR TFIE YEAR ENDED 31 AUGUST2020 21. Summary of funds Summary of funds- current year Balance ai i September 2019 Tran5fÈrs Gainsl ILossesl Balance at 31 Au￿st 2020 Intome ExptTrditu In/0 General funds 9.737,643 76,081 6,810,976 355.000 111.712,6621 1350,0001 1,049,153 5A90,110 76.081 Restricted funds 15.0001 9,813,724 7.165.976 112,062.6621 1,049,153 5.966.191 Surnmary of funds- prlor year Balance at I September 2018 Balance 3t 31 August 2019 Gains/ (Lossesl Income Expenditure General funds 10,150,613 76,081 7.512,376 73,450 17,921,290) 173.4SOI 14,0561 9.737.643 Restricied funds 76,081 10.226,694 7,585.826 17,994,7401 14,0561 9.813,724 22. Analysis of net assets between funds Analysis of net assets between fund5- current period Unre5trirted funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed assets Fixed a55et investments 9,932,556 1,301,585 814.194 11,544.0521 14,614,173) 9.93Z.556 1,301.S85 Current assets 76.081 890,275 11,544,052) 14.614.173) Creditors due within one year Creditors due in more than one year rotsl 5,890,110 76,081 5.966.191 Page 48

MOUNT ST MARY'S IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 22. Analysis of net assets between funds Icontlnuedl Analysis of net assets between funds- prior period Unrestricted funds 2019 Restricted funds 2019 Total funds 2019 Tangible fixed a5set5 Fixed èsset Investments 12.512,469 1,462,861 12.512,469 1,462,861 1.187,391 11,969,225> 13,379,772> Current assets 1,111,310 11.969,2251 13,379,772) 76.081 Creditors due within one year Creditors due in more than one year Total 9,737,643 76,081 9,813,724 23. Reconciliation of net movement in funds to net (ash flow from operating aclivltles Group Group 2019 2020 Net expenditure for the pefiotl las peF Statement of Financial Activities) 14.920.714) 1412,9701 AdjustmentsAor.' Depreciation charges Losses on investments 4.070,436 24,028 1101,7891 10.566 396,693 4,056 1113,0831 112,8341 15.2921 1110,1821 1102.2401 Dividends, lllterests and rents from investments Loss/lprofitl on the sale of fixed assets Decrease/linireasel in stocks Decrease/lin£reasel in debtors (Decrease) in creditors 16.018 211,761 187,8601 Net C05h usedin operotlng ortivities 1777,5541 1355,8521 Page 49

MOUNT ST MARY'S IA company Ibmited by guarantee} NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 24. Analysis of cash and cash equlvalents Group 2020 Group 2019 Cash in hand 4SI,143 66,150 521,480 16,S55 Investment portfolio cash rotolcush ond c¢7sh equivulents 518.293 538.035 25. Analysls of changts in net debt Atl Stptembtr 2019 Other non- At 31 August Cash flows ¢ash changes 2020 Cash at bank and in hand 521,480 1195,4021 13,204,598) 169,3371 19,0881 1888,0001 452.143 182,490 122.0001 1181.4901 14,275,088) Debt due within l year Debt due after l year 12,878,520) 1966,4251 13.844,9451 26. Contingent liabilities Except with PTior written consent of the TRCP. Mount St Mary's is required to pay £3.4 million to the TRCP in the event that either both schools close, merge or are translerred to a third party. The charity has benefited from a grant in 2014115 from English Heritage for the repair of the Gaiebo and Banqueting House of £151.572. which May become repayable if within 10 years. 2025. the conditions of the 8rant are not Satisfied. The charity has benefited from another grant in 2016117 from Historic England for repair grants for heritage at risk of £12.318, which may become repayable if within 10 years, 2027. the conditions of the grant are not satisfied. Page SO

MOUNT 5T MARY'S IA compzny limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AiIGUST2020 27. Capital commltments Group Group 2019 Charity 2020 Charitv 2019 2020 Contn7rtedfor but notpmvtdedin theseAinonciol stotements Acquisltion of tangible fixed a5set5 73,854 73,854 28. Pension Commltments Teacher5, Pension Schemt The tharity participates in the Teachers. Pension Scheme (the TPSI for its teaching staff. The Teachers, Pension Scheme ITPSI is a statutory, contributory, defined benefit scheme, gLiverned by the Teachers. Pension Scheme RegulatiOFlS 2014. Membership is automatic for full-time teacher5 in academies and, from l January 2007, automatic for te8chers in part-time employment following apptsintment or a change of Contract, although they are able to opt out. The TPS is an unfunded scheme and members contribute on a 'pay as you go, basis- these contributions along with those made by employers are credited to the Excheouer. Retirement and other pension benefit5 are paid by public funds provided by Parliament. Valuation of the Tea¢hers' Penslon Scheme The Government Actuary, using normal actuarial principle5, conducts a formèl actuarial ￿VIeW of the TPS in accordance with the Public Setvice Pensions (Valuations and Employer Cost Capl Directions 2014 lamendedl published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scherne valuations are dependent on assumptions about the value of future c05t5, design ol benefits and many other lactors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions IValuation5 and Employer Cost Capl Direction5 2014 lamendedl. The valuation report was published by the Department for Education on S March 2019. The key elernents of the valuation and subsequent consultarion are.. employer contribution rates Set at 23.68% of pensionable pay (including a 0.08% employer administration charge) total scheme liabilities Ipension5 currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets leSt￿Mated future contributiors together with the notiona1 investments held at ihe valuaiion datel of £196,100 million giving a notional past service deficit of £22,000 million the SCAPE rate, set by HMT, is used to determine the notional inve5trnent feturn. The current SCAPE rate is 2.4% above the rate of CPI. assumed real rate of return 1$ 2.4% in excess of price5 and 2% in excess of earning5. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%. The next valuation is due to be Tmplemented from l April 2023. Page 51

MOUNT ST MARY'5 IA tompany limited by gu3ranteel NOTESTO THE FINANCIAL5TATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 28. PensTron cornmitment5 Icontinuedl The pension charge for ihe year includes contributions payable to the TPS of £522,82012019.. £356,299) and at the year end £61,93612019.. £44,070) was accrued in respect of contributions to this stheme. A copy of the valuation reptsrt and 5UPPOrting documentation is on the Teachers. Pensions website. Under the definitions set out in FRS 102. the TPS is an unfunded multi-employer pension scheme. The School has accounted for it5 contribution5 to the scheme as if it were 3 defined contribution scheme. The school has set out above the information available on the scheme. Non Ttachbng Staff Pension Schernes Mount St Mary's also operate5 a Group Personal Pension Scheme which is a defined contributlon scheme available to non teaching staff as well as paying into personal pension schemes on behalf of employees not in the Group Scheme. Contributions are Iharged to the Statement of financial activities as they become pèyable. Contribution5 to the schemes durin8 the year toialled £41.401 12019.. £29.4061. At the year end £4.012 12019.. £S,1501 was accrued in respect of contributions to these schemes. The charity also tsperates the Government backed Nest Pension Scheme to fulfil irs auto-enrolment obligations. Contributions to the scheme during the year totalled £44.96612019.. £32,650) and at the year end £6,92712019.. £5,846) was accrued in respect of contributions to the scheme. 29. Operating lease commitments At 31 Au8USt 2020 the Group and the charity had commitment5 to make future minimum lease payrnent5 under non-cancellable operating lease5 as follows-. Grotsp Group 2019 Charity 2020 Charity 2019 2020 Not later than l year Later th2n l year and not later than 5 years 41,551 56,537 6,502 6,231 26,589 80,038 100.764 12,733 121,589 157,301 12.733 39,322 PaBe 52

MOUNT ST MARY'S IA ¢ompany limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2020 Related party transartions The ch3rity ha5 three members who are appointed by the Trustee of the Society of Jesus ITrustees for Roman Catholic Purposes 'TRCP"l after consultation with the chair of Governors. The charity ha5 received loans totalling £3,387.08812019.. £3,400,0001 from TRCP, as disclosed in the notes to the accounts. The charity ha5 an association via common tru5tee5 Wlth Mount St Mary's Charitable Fund. Charity No 275497. which provides an annual donation for bursaries. The charity has received £350,000 in the current year12019.. £70.0001. Children and grandchildren of four Governors. R Field, J Phinn. H Phillips and H Nijjar. attended ihe school during the year. Their fees were charged net of scholarships, Sibling discounts and staff discounts. N Cuddihy. K Keeton and S Godley, members of the senior management team. have children who also attend the school and are in receipt of staff discounts. N Cuddihy's wife is a member of the teaching staff ai Mount St Mary's. G Chapman'5 wife is a member of the leaching staff at Barlborough Hall School,. while hi5 daughter and 50n work at Mount St Mary's In coaching and administrative functions respectively. There have been transaction5 during the year with the charity's trading subsidiary, Mount Conferences Limited. A bad debt provision has been provided against the balance owed frorn Mount Conferences Limited of £223.156 as at 31 Au8USt 2020 1£161,670 a5 at 31 Au8USt 20191. Expenditure totalling £298,99012019.. £266,101) has been recharged to the subsidiary durin8 the year. Page 53