2021-08-31-accounts

Registered number.. 05884126 Charity number: 1117998 MOUNT ST MARY'S (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

MOUNT ST MARY'S IA company Ilmlted by guarantee) CONTENTS Page Reference and administrative details of the charity. its Trustee5 and advisers Trustees, report 3-17 Independent auditor's report on the financial statements 18-21 Consolldated statement of financlal actlvltles 22 Consolidated balance Shèet 23-24 Charity balance sheet 25-26 Consolidated statement of cash flows 27 Note5 to the financial statement5 28-55

MOUNT ST MARY'S IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST2021 Trustees Father A Porter SJ. Interim Chairman (August 2020 to October 20211 (resigned 4 October 202111 Mrs N Adams lappointed 4 October 20211 Reverend M Beattie SJ1 Mrs J M Bolton (resigned 25 February 20211 Mr M Burrowe5 Mrs S Clarkson Mr G Leverett (appointed 4 October 2021, resigned 16 May 20221 Mr l Murphy Mr J Norton lappointed 4 October 20211 Mrj Phinn MrGShaw Mr H Singh Professor M J M Staub Iresigned 4 October 20211 Mr M Wilson (appointed 4 October 20211 MrTWragg Foundation Members Company reglstered number 05884126 Charlty reglstered number 1117998 Registered office Mount St Mary's Derbyshire S213YL Company secretarv lan Ford FCCA (resigned November 20211 Nicola Ruth Self (appointed l December 20211 Senior management team Mr G Chapman, CEO of the Mount Trust Mr5 A Monga BSC. MSC. NPQH, Head of Mount St Mar￿S (Appointed 6 January 2020 fixed term contract until August 20211 Mr D Wright M.A. (Honsl (St And) M. Ed (Cantabl PGCE, Headmaster (Appointed Aueust 20211 Mr5 K Keaton Bmusc (Honsl, PGCE, Head of Barlborough lan Ford, 8ursar (until November 20211 Independent auditor BHP LLP Chartered Accountant5 Statutory Auditor 2 Rutland Park Sheffield SIO 2PD Page I

MOUNT ST MARY'S IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Bankers National Westminster Bank PIC 5 Market Place Chesterfield Derbyshire S40 ITY Solicitors Knight5 LLP Commercial House 14 Commercial Street Sheffield SI 2AT Investment Advlser Rathbones 159 New Bond Street London WIS 2UD Land Agents Younes RP5 80-81 High Street Nortballerton North Yorkshire DL7 8EG Page 2

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST2021 The Governing Body, who are the Trustees, present their annual report and the audited financial statements of Mount St Mary's for the year ended 31 August 2021. The annual report serves the purpose of a directors, report and strategic report for the purpose of Company Law. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" in preparing the annual report and financial 5tatement% of the charity. The financial statements have been prepared in accordance with the accounting policies set out in note5 to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their actounts in accordance with the Financial Reporting Standard applicable IN the UK and Republic of Ireland published in October 2019. Objectlves and uctlvitles a. Pollcles and oblectlves The charity's object5, as set out in the Articles of Assoclation, are to advance the Roman Catholic religion by the condurt of a Roman Catholic school or schoo15, and by ancillary religiou5 and educational activities for the benefit of the community at large. Statement of values Mount St Marls College and its Prep School, Barlborough Hall School, are daylboardin8 schools for pupils from the ages of 3 to 18, whose principal activity is the education and pastoral care of its students. They aim to support children in reaching their potential in all areas of their activity at the school, and in the wider community. This may be in academic subject5 but could just as easily be reflected in success in art, drama, sport or musit. Our principal aim is to provide a first cla55 Jesuit education in the two schoo15. We aim to produce '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 consistent focus on individual needs and gifts.. collectively encompassed and identified as 'Men and women for others,. To ensure the Schools fulfil those aims they will.. provide a stimulating learning environment in which pupils tan develop their academit potential to the full provide a happy and secure pastoral environrnent in which pupils can learn to live together and thus foster a Sense of community, respect for one other and good citizenship allow our pupils to be proud to have belonged to a Jesuit school community with developed respect for its values nd 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 aspects of their character provide pupils with the opportunity to take decisions based on their own judgement and to communicate those decisions appropriately and effectively allow pupils to deepen their understanding of who Christ is and the ability to live out their faith more fully provide financial support. via a Bursary programme, to enable children whose parents are unable to afford the full fees to benefit from a Mount education ensure that on eventually leaving the School that the'mount Spirit, remains with them for life Page 3

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Objectives and artivities Icontinuedl Objectives for the year The following objectives were set for the 202012021 academic year= to build on the already high academic standard5 despite the impact of Covid-19 to continue to improve the school's facilities through a capital investment programme to provide a clear pastoral structure in which every child is known to create an environment in which all students have responsibility for others, welfare and in whith older students have clear pastoral leadership re5pon5ibilitie5 to develop the extra-curricular programme to review and reform the timings. working and structure of the school week to entourage students to show leadership in a variety of ways to review and rationali5e our management and administrative structures to provide normality after the challenges of the Covid-19 pandemic and to retain the positive aspects of remote learning in a face to face culture b. Stratègies for athièving objertivès The School's 5trate8ie5 for achieving its objectives were.. to review the school structure to give greater clarity in terms of hierarchy, role and communication lines. This will be linked with the introduction of role profiles for every position to review internal school communication to ensure absolute clarity of vision and purpose for all staff 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 challenging to review the school day to create a more focu55ed tirnetable with a sharper focus and faster pace to the day allowing for good quality interventions and a range of enrichment activities for years 7-10 to introduce recognised data analysis tools including SISRA and ALPS to ensure the effective tracking of student piogress and where necessary the delivery of appropriate interventions to review the School's property profile to provide funds for continual refurbi5hmeNt through disposal of non- essential elements of the school estate to continue with the Examen as part of the everyday life of the school t. Artivities undertaken to achieve objectivès 8ursaries 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 basi5 of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at risk, for example in the case of redundancy. In assessing means we use the methodology promulgated by the 15BA. Our school does 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 together with any other fee remission may total up to 50Yo of the fees. Information about fee aSS15tante through bursaries is provided to all who ask. All awards are reviewed on a periodic basis. Page 4

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Objectives and artivities Icontinuedl This year the value of means tested bursaries totalled £434,68012020- £604,773). Stholarships The purpose of our scholarship awards is to recognise high academic, musical or sporting potential or the ability to excel in our co-curricular activities. Where further assistance is required, scholarship awards may be supplemented by a means tested bursarv. The school awarded scholarships this year totalling £712,69512020.' £605,615>. The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is in line with their abilities. No scholar5hip5 were withdrawn in the year as a result of these review5. Communlty actSonlOutreach Student5, drawn from across the senior school, a150 take part in the Annual Diocesan Pilgrimage to Lourdes, a site of Catholic pilgrimage for the sick, supporting the disabled and ill of the Hallam Diocese in Sheffield. At Barlborough Hall School, regular visits from pupils and staff of other Jesuit sthools both in UK and across the world help to strengthen our links With the wider community. This included attending the annual 'le5UIt 18nite conference,, joining children from all other jesuit Schools in England and Scotland. Contribution to local tommunity and sthools Mount Saint Marls enjoys a long standing relationship with the village of Spinkhill and provides significant benefits to the local community. Our grounds are shared by the people of the villages of Spinkhill and Barlborough and the wider localitv. The facilities in both schools are enjoyed by mèny local groups and individuals. The School makes a point of involving our neighbour5 In the many special events, cultural pro8ramme5 and activities that take place throughout the year, including.. offering Mass each Sunday, which is accessed by a number of local residents the Mount Community Choir which is comprised of 30 adults from the local community and which meets weekly in the College and which perform5 both within the College and at local event5 the College's Annual Remembrance Day Services engage the local community and are an important component of the village calendar variety of events which are open to local schools including an annual children's theatre event, regular swim galas and 5POrt5 day5 held at our sports stadium The school is actively engaged with the network of local schools. Those links with the local maintained sector have been further enhanced with the School's active involvement in the Diotese of Hallam Schools. We are particularly close to our neighbours in Immaculate Conception Catholic Primary School, Spinkhill with whom we enjoy a very positive relationship, including support and assistance in the areas of sport, the teaching of languages and music. Thi5 is in addition to providing access to our swimming pool and sports facilities. Fundraising At present the Schools do not actively fundraise, however, £3,48912020-.£4,9071 was received in d(>nations and legacies from Old Mountaineer5 Ipast pupils). The Mount Charitable Fund also provided donations of £229,86612020.. £355,000) to support pupils through the provision of means tested bursaries. Page 5

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Objectives and artivities Icontinuedl d. Publlc benefit objectives In the provision of its charitable objectives Mount Saint Mary's seeks to meet the public benefit requirements of the Charity Commission. In setting objectives the Governing Body have 3150 given careful tonsideration to the Charity Cornrnission'5 general guidance on public benefil. The Governing 8ody are committed to the Jesuit ideals set out in the Mount Saint Mary's Mission Statement, at the heart of which is the formation of well-educated men and women of conscience and compassion who will be at the service of others. Mount Saint Mary's aims furthermore to support and promote the apostolic works of the Society of jesus in Britain. Mount Saint Mary's continues to provide access to young people who would otherwise be excluded due to the level of fee5 and mean5 tested bursarie5 are awarded each year. The School is inclusive, outward looking and welcoming to all, locally, regionally, nationally and internationally, with currently pupils coming from 12 different countries. Strateglc report Athievements tsndperfom70nte a. Main achievement5 of the charity The principal activity of the School is the delivery of education to pupils ranging from 3 to 18 years of age. We also operate camps IRugbylHockey/Cricket/Holidayl for children during the holiday periods under the auspices of Mount Conferences Limited. The school saw a slight reduction in student numbers at the start of the year, primarily linked to the Covid-19 pandemic, but this rose from a start point of 509 at the beginning of the Autumn Term to 524 by the end of the academic year. 202112022 356 202012021 306 201912020 344 Senior School Junior School 209 561 218 524 195 539 Exceptlonal and unplanned achlevement The well laid plans for 2020121, where it was hoped that the school would see a return to normality took a significant blow with the continuing and significant impact of Covid-19 through the Autumn term and then a full return to lockdown for much of the Spring term. Daunting as this was the same spirit shown through the first Covid-19 lockdown continued and both Schools continued to deliver the comprehensive and broad education for which they are well known. The Positives frorr this period included.. Full educational provision on site for all students when allowed, with a comprehensive remote learning programme for those impacted by Covid-19 All children of key workers were accorrmodated during the periods of National Lockdown A full sport and pastoral programme was delivered throughout Page 6

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Strate8ic report Icontinuedl Achievements and performance Icontinuedl GCSE and A Level results remained very good. with 44Yo of all -A" level students achieving A'/A and 39% of GCSE students achieving between grade 9-7. This wa% a particularly Eood as results were è combination of Teacher Assessed Grades ITAGI and exam5, the latter being a test on the full curriculum and not just selected elernents a5 adopted by many schools Building work and school improvement continued throughout despite very challenging market and labour conditions A new Headmaster was recruited and inducted in preparation for the start of the September 2021 Autumn term; Communication continued to improve throughout the period as both schools showed tremendous agilitv responding to rapidly changing circumstances and often late notification from Government Covid-19 secure operational and working practices were maintained throughout the period Open days continued, remotely at Mount St Marls and Live at Barlborou8h Hall in line with the Covid-19 restrictions in force at the time Holiday camps continued to run and were well attended through all of the major breaks and in addition the school delivered cricket, hockey and rugby tamps Where allowed in line with Covid-19 guideline5, the school kept it facilitie5 open for use by both internal students and external lets Throughout the peritsd both pupils and staff have adapted positively to the ever evolving new-norms and innovative ways of working. b. Key performance indicators Academlc results The School offer5 a broad curriculum and educate5 children with a wide ran8e of ability, witnessed by a highly successful SEN programme. Through the period it continued to broaden its'A' Level and GCSE options with the addition of CTEC'S in Digital Media, Sport & Physical Activity plus the inclusion of Business and Economics. While the examinations programme was severely impacted by Covid-19 related restrictions, the results from a combination of the teacher lead assessments and physical exams were particularly pleasing and saw the maintenance of some very positive results with 44% of all students at A level achieving A'/A and 39% of students at GCSE achieving between Grade 9-7. GCSE Results: Year Grade$ 9-7 Grades 9.5 Grades94 Grade 9.1 2020 2021 38/ 39Y. 76% 76% 90Y. 92Y. loo% loo% A-Level Results: Year 2020 2021 43Y, 44/0 70% 64% 94Yo 84Yo loo% loo% Page 7

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Strate8ic report Icontinuedl Achievements and performance Icontinuedl Barlborou h Hall School In May 2021, there were no external SAT'S examinations due to Covid-19, however, we still sat past papers with years two and six as would be normal, to ensure that we gained a standardised score for the children. Although there is no in year comparison, when compared with previous years. the outcomes were either ahead of or in line with the National Standard. When it is considered that this National Standard was achieved in a non Covid-19 period, this reflects very well on progre55 and the work undertaken by mean5 of remote learning and throu8h what was a very challengiN8 period. In May 2022. both Key Stage One and Key Stage Two sat the national papers and we await the results in July. As previously identified the aim of the school is to offer far more than just a strong academic performance, with significant focus being placed on pastoral care as well as offering a broad range of sportin& musical and artistic opportunities. c. Other achlevements durSng the year University admissions Thirty-seven Rhetoricians Iyear 131 left Mount St Mary's College in Summer 2021. Five of these went to overseas universities while 13 students148% of the cohort) were accepted at Russell Group universities. making this one of our most succe55ful year5 in this regard. Business, actountancy and rnanagement were popular courses through the year, although there wa5 Still good representation for sciences, computing and language5. Value added The average value score from Syntax (Year 111 was 0.5 which wa5 comparable to 2020's score of 0.63. This was a pleasing result which indicates successive years of positive performance academicallv. Overall, the school was awarded ALPS I for the performance of its students at A level, indicating that comparatively, the Sixth Form outperformed the top 25% of Sixth Form providers nationally. Muslc The academic year 2020-21 was challenging for the music departrnent, as it Wa5 across the country. With no opportunity for live performance, the school was faced with the loss of many of its showpiece events for which it is renowned. Despite this the students continued to practise in their bespoke areas and to work together, where restrictions allowed, to ensure that they continued to hone and develop their ski115 in line with the Magis. In total 37 students took live Associated Board of the Royal School of Music IABRSMI practical grades and achieved some very impressive results. Other students engaged in new online recorded exams, with a variety of exam boards. and chieved considerable success and the new style online music theory exams saw more students than ever pass this important milestone allowing them to access advanced practical grade5. Despite there being no live concerts as a result of Covid-19 restrictions the school were still able to deliver the Chamber Concert, an online event where the Head of Music and Deputy Head introduced individual students and we enjoyed a fantastic range of repertoire. The school also pre-recorded an online Carol Service which included student5 from all age groups working with staff to deliver prayers, readings as well as singing a range of traditional and contemporary choral Page 8

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Strate8ic report Icontinuedl Achievements and performance Icontinuedl music. This was relayed around the world to all parts of the Mount Community and was very well received at this challenging time. Sport Throughout the year whether in lockdown or back at school but working in bubbles, sport continued to be a very important part of school life. IN lockdown weekly exercise booklets were produced for both students and parent5 and daily remote learning periods were conducted for all age groups with remote competitions ensuring both a drive for excellence along with fun participation. At both schools participation was very high and the skill and fitness levels maintained were a significant factor in the school's quick recovery and success coming out of lockdown. This has been witnessed in all sports but perhaps a highlight was winning the National U18 Vase for rugby at Twickenham. Following lockdown participation levels reached a new high with over 80% of pupils regularly representing the school in sports tearns. The school 3150 hès numerou5 Students representing both at county and national level in.. Hockey, Netball, Swimming, Cricket, Athletics and Rugby. Sport has always been a strength of the school but the reformed sporting structure with dedicated sports coaches, all of whom have both performed and coached at a senior level h35 been transformational, and is setting the foundation for a very p051tive future. Orama The Drama department delivered all timetabled drarna les50n5 every week, with the department's GCSE and A Level uptake continuing to grow year on year (numbers are up 500% over the past 5 yearsl. Drama GCSE and A-Level results continue to be some of the highest in the school. GCSE Drama results were IOOYO grade 9- 4, 83% 9-5 and it Wa5 the hi8he5t value added subject. There were no A Level drama results for this acadernic year. Subsequently, despite being a largely practical and collaborative subject, all drama lessons continued to be delivered throughout any periods of lockdown to ensure curriculum maps were adhered to and that good progress was made by all pupils. This year was the first year of submission for LAMDA exams across both sites. Exams were taken in both acting and public speaking disciplines, from grade I through to 8. The result5 were 100% merit or above, with 83% distinction grades. The number of pupi15 Opting for additional one to one LAMDA le550ns continues to 8row at a steady pace. Comblned Cadet For￿ ICCFI and outdoor educatSon Following the extension of CCF to Year 9 students there are currently over 197 Cadets within the Arrny and RAF sections which is up from 175. The same was also true in relation the Duke of Edinburgh awards where we had 26 students on the Bronze award joining the 41 pupils from the previous year. In combination this represents the larger cohort that we have seen with 67 students participating. The Cadets also Continue to benefit from the introduction of the new school day which has allowed for an increase in weekly training time. With the continued increase in size, both the Army and RAF sections actively encourage leadership skills and team building qualities amongst their cadets. For the first tirne in the recent history of the Mount CCF, both sertions have attended cross service courses with RAF cadets attending the Army led 'SeNior Cadet Instructor Course, ISCICI and an Page 9

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Strate8ic report Icontinuedl Achievements and performance Icontinuedl Army cadet attending the RAF led 'Junior Leaders. course. This has had enormous benefits and is something that we will look to repeat. The contingent has also forged strong links with the local Army Cadet Force IACFI, actively running courses for both within the College grounds for the benefit of all cadets. The training and discipline associated with this has helped to build a strong NCO team of Senior Cadets resulting in numerous achievements which include- Flying Scholarship- Air Cadet Pilot Scheme Flight staff Cadet attached to 644 VGS (Gliding Squadron) Adventure Training Courses Iwalesl National Level Music Carnps Across all activities the CCF staff and NCO team continue to work closely together to run this very successful ContinEent. Improving facilities Despite the challenges of Covid -19 the school continued to invest in its infrastructure, replacing its old fire alarm system, undertaking lots of internal detoration and the ongoing refurbishment and upgrade of its classroom and sporting d. Imiestment pollcy and performance The charitvs Articles of Association permit funds to be invested in such manner as the directors see fit, providing that such powers of investment 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 main portfolio of invested fund5, the majority of which are intended to be held in the medium term, thus generating investment income for the School. Following the year's activities the value of the listed investments stood at £1,073,61112019.. £1,223,141). Finunciol review a. Goin8 concern and financlal revlew The Governing Body has reviewed the detailed financial forecasts over a period of 12 months to December 2023 based upon known Costs and projected fee income, the latter of which is supported by the sthool's current admissions register and Student forecast. The School has achieved strong growth in pupil numbers and associated fee revenue despite the impact of Covid in recent vear5. Admissions attivity has increased significantly, especially in new and emerging overseas markets with a significant number of enquirie5 and registrations for September 2023. From the recent success of the latest exam results and other achievements for example in the area of sports and music. The Governing Body feel positive about the School. However, the Governing Body recognise there are further challenges post Covid from recent events, including the impact of the war in Ukraine, Brexit, predictions by the Bank of England of a national recession and uncertainties regarding Page 10

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 possible changes in the Government. The effects of these event5 on the School include sharp rises in both interest rates and inflation, the latter being most manifest in the exceptional increases in energy costs which were well beyond initial budgetary expectations. It 15 also recogni5ed that while pupil number5 have consistently grown since the 2020 Summer Term, there will always be an element of uncertainty in any projection beyond the end of the current academic year. The current indications, however, are that student numbers will continue to grow in line with previous years. To combat the identified concernsluncertainties, the Trust has taken proactive steps both from a revenue and cost management perspective and has undertaken significant sensitivity testing on the many possible scenarios, to ensure that all options have been considered in the event of movement away from current projections. The Trust has also invested heavily in Marketing and Adrnission5 to ensure that the Many achievernent5 of both Schools are well represented in the marketplace, and that both schools are in the best position to continue the significant growth that has been seen in recent years. In 5urnmary, having reviewed the many positives achieved by both schools, and the associated and rapid increase in student numbers, the Governing Body are of the opinion that despite the significant challenges of increasing interest rates. inflation and the all-encompassing economic situation the school has adequate resources to meet its financial obligation5, and to continue in operational existente for the remainder of this academic year to 31 August 2023 and beyond to 31st December 2023. As a result the Trust has adopted the Going Concern basis of financial accounts preparation. The operating deficit ha5 continued to suffer the impact of Covid-19 this year a5 in the previous year, however we were starting to see improvements towards the end of the year as the Covid-19 situation started to improve. Based on current forecasts in relation to student numbers and our reduced cost base we are optimistic that through the next financial year the Trust will achieve a break even position or better. The previous year was heavily impacted by Covid-19 and the impact of a site valuation which reflected a deterioration of the estate by £2,600,140. The year Shown an operating deficit of £1,217,95412020'. £3,847,533). Net fee income fell to £5,571,92512020.. £5,830,009) reflecting a reduction in short term boarders for a full year and having to continue to offer di5count5 to pupi15 of up to 6% as a result of the schoo15 closing due to the Winter 2021 lockdown to none key worker pupils, despite providing a comprehensive remote learning package. Total income fell to £6,234,42412020: £7,165.9761 a decrease of £931,552 reflecting both the fee income reduction and a fall in other trading ctivitv. Expenditure lexcluding that relating to impairment) reduced by just under 9% to £7,643,101 12020- £8,389,341> a reduction of £746,240 which reflects the ongoing control of expenditure. Staff costs remain the single largest expenditure itern, accounting for £5,314,845 12020.. £5,548,37413 £233,529 reduction equating to 4.2%. The reduction reflects ongoing control over staffing costs further to review5 which were necessary durin8 Covid-19 times. The trading company results continued to be siEnificantly impacted by Covid-19 for the full year. being unable to fully hire out the Sthool'5 facilities particularly during the holiday period5 which represent the busiest tirne5 compared to pre-Covid- 19 times. Whilst the previous year was also impacted from loss of income during the Summer term, the current year had to suffer the full yearfs reduction in lettings activity. This resulted in Mount Conferences Ltd. sustaining losses of £196,542 12020.. deficit of £134,394). With more bookings in the pipeline for the Summer 2022, we are hopeful that we will revert back to pre-Covid-19 tirnes in the near future. Term borrowing is in place with the Society of Jesus ITRCPI to the sum of £3,387,08812020'. £3,387,088). This borrowing is secured against the land/building assets of the Trust. During the year we repaid £172,000 of the government backed Page 11

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Coronavirus Business Interruption Loan Scheme ICBILSI loan via the National Westrninster Bank reducin8 the balance down to £488.00012020'. £660,000). During the year we repaid the loan of £250,000 taken with Rathbones secured against our investment portfolio reducing the balance to £Nil12020.. £250,000). Capital expenditure of £253,81612020.. £615,263> wa5 incurred during the year to continue to invest in facilities arising from the Mount 400 project, whilst limiting expenditure due to the impact of Covid-19 on cash flow. b. Reserves pollcy The School has unrestritted reserves, Comprising buildings, land and liquid investments of £4,510,39512020= £5,890,110) and restricted funds of £237,84212020.. £76,081). While free reserves. calculated as unrestricted funds excluding fixed assets but including fixed asset investments. stand at negative position of £14,391,107112020.. £14,042,446). The Governors will be reviewing the reserves policy in the toming 12 rnonths as an integral part of the formal planning process and, more importantly, to reflect the changed financial dynamics as a result of Covid-19. c. Investments performance The company's Articles of Association permit funds to be invested in such manner as the Governing Body sees fit, providing that such powers of investment 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 activities the value of the listed investments stood at £1,073,61112020.. £1,223,141). d. Principal risks and uncertainties The Governing Body is responsible for the identification and management of risks. The major risks to which the charity is exposed, as identified by the CEO and the Key Management personnel, have been fully reviewed during 2020121 and Systems or procedure5 have been/are being established to manage those risks. Detailed examination of the risks and establi5hrnent of contro15 to mitl8ate them is delegated to the CEO and his Executive Team and the process 15 overseen by the respective Committees at every one of their meetings and by the Governing Body with its annual review of the Risk Register. The principal risk5 to which the School is exposed to include= Impacts of Covid-19 on the School, including.. loss of key personnel- poor academic results,. Health and Safety issues through non-compliance- child safeguarding and protection.. and lack of fund5 and liquidity to meet future cash and capital commitments. Page 12

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 The key controls used by the School include.. formal agendas and minutes for all meetings Of the Governing Body and Committees., Terms of Reference for all Committees,. omprehensive strategic and business planning, financial forecasting, budgeting and managernent accountin8,' established and identifiable organisational structures and reporting lines- comprehensive formal written policies- clear authorisation limits.. and vetting procedure5, as required by law, for protection of the vulnerable. The School develops strategic plans, having regard for risk. The Executive provide the Governing Body with regular reports to ensure that effective governance tan be provided and evidenced. The Governors have assessed the major risks to 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 major risks. Structure. qovernqnce gnd manaqement a. 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 funds to be managed in such a manner as the directors see fit. provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The principèl object for which the charity was established is to advance the Roman Catholic religion by the conduct of a Roman Catholic school or schools and by ancillary religious and educational activities for the benefit of the community at large. The Governing Body tonsists of 3 Ftsundation Members appointed by the Society of Jesus Trustee and a further 9 to 13 governors, appointed by the Foundation Members, at their Annual General Meetln8. The governors are the charity trustees and thus have control of the charity and its property and funds. The Governing Body is responsible for the overall management and tontrol of the School and meets at least once a term. Its principal respon5ibilitie5 are to.. ensure that the school is run in accordance with its charitable objectives and that all the functions of the school are uthori5ed by the powers provided by its statutes and regulations and by Charity law act in the best interests of the School and current and future beneficiarie5 at all time5 appoint the CEO and Head Teachers and approve their terms and conditions in consultation with the CEO and his management team. set the strategy and policies by which the School will be run approve the Strategic 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 safeguards that optimi5e the chance5 that they will be achieved ensure the effective and efficient administration of the School and it5 resources, striving for best practice in good governance Page 13

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Structure. 8overnance and mana8ement Icontinuedl ensure that the School is compliant with appropriate statutory and advisory regulations and aims for best practice inthisarea understand the extent of duties in relation to risk management and to legal compliance and be satisfied that there is a rolling programme for meeting them ensure that competent professional advice is taken when necessary appoint new governors, having due regard for the skill sets and experience required ppoint rnembers to its committees review and approve the term5 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 any beneficial interest in the company, all are volunteers providing their time for free to support the governance of the School b. Methods of appointment or elertion of trustees All governors apart from the Foundation Members, are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The Governing Body looks to ensure a mix of skills and selects new governors on the basis of background, competence and specialist skill5. c. Or8anisational structure and decision-making policies 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 Saint Mary's and Barlborough Hall Schoo15, the Bursar, and the respective Heads of Finance, HR and Admi55ion5, all working in consultation with the senior staff at each school. d. PolScles adopted for the Inductlon and tralnlng of trustees Governors are provided with an induction by the CEO, Bursar and staff and a wider programme of training events is organised by AGBIS, which Governors are encouraged to attend. Page 14

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Structure. 8overnance and mana8ement Icontinuedl e. Pay policy for key management personnel The CEO and Key Management personnel are invited to attend all Gtsvernors, meetings, with the CEO and appropriate other Key Management personnel attending 311 Committee meetings. The remuneration of key management personnel is recommended by the HR and Compliance Committee and approved by the Governing Body with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School'5 succe55. The appropriateness and relevance of the School's wider remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere. f. Financial risk mana8ement The trustees have assessed the major risks to 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 major risks. 8. Trustees, indemnitie5 The charity holds trustees, and officers, insurance on behalf of the Governors. Plans for future perlods The key objectives of the Gtsverning Body's strategic plan are outlined below,. however they are all entapsulated in the broader plan which has now superseded the Mount 400 and has been instrumental in the very positive "bounce back" since the challenges of Covid-19. The current plan will continue for a further year as student numbers continue to grow. Thereafter there will be a reversion to an updated Mount 400 which once again will see investment in and re- developrnent of the site. All of the above is intended to build on what is already a Strong brand and to ensure that the school post Covid-19 is once again able to meet or exceed its broad educational aspirations. Key to its success will be.. cademic excellence- tontinuing to exceed expettations active engagement in Sport, Music, Adventure, including the Duke of Edinburgh and CCF the development of existing markets and the creation of new, allowing pupil numbers to grow attracting and retaining the best quality of teaching, sports and support staff the development of stronger links with the Jesult community and schools throughout the world an increase in revenue and relative redurtion in cost base. While the objectives for next year remain as outlined above the impact of Covid-19 should not be underestimated. The impact on the schtsol, the local, national and international economies and the overseas m3rkets has been severe, particularly in relation to finance5 la5 It has on all independent boarding schools) and therefore the above priority sequence with greater focus being placed on growing the pupil base across both schools. Page 15

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Group Structure 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 religious character of the schools. Its annual profits are donated to the Scho(>l under the Gift Aid scheme. Through membership of Head Masters Conference IHMCI, Association of Governing Bodies of Independent Schools IAGBISI. Independent Association of Preparatory Schools IIAPS) and the Independent Schools Bursars Association IISBAI nd a55OClated networking with peer groups, the School ensures that it has access to key personnel and standard setters in the sector. The School is regulated through its membership of Independent Schools Inspectorate Iisil. Employment Policy The School is an equal opportuNitie5 employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees. or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the School as part of the regular staff inset day5. Statement of trustees, responsibilities The trustees Iwho are also the directors of the charity for the purposes of company lawl are responsible for preparing the Tru5tees' report including the Strètegic report and the financial st3tement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Accepted Accounting Practice). Cornpany law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the charity and of their intorning resource5 and application of resources, including their income and expenditure, for that period. In preparin8 these financial statement5, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charities SORP 2019 IFRS 1021.. make judgements and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standard5 IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial 5tatements,' prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Group and the charity and enable them to ensure that the financial statements comply with the Cornpanies Act 2006. They are also re5pon5ible for safeguarding the a55et5 of the Group and the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Page 16

MOUNT ST MARY'S IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2021 Disclosure of information to auditor In so far as the trustees are aware.. there is no relevant audit information of which the charitable group's auditor is unaware, and the trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to e5tabli5h that the auditor 15 aware of that information. Auditor The auditor, BHP LLP has indicated their willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the trustees. Approved by order of the member5 of the board of trustees and signed On their behalf bv.. Trevor Wragg (Dec 19, 13".56 GMT) MrT Wragg Ichair of Finance and Strategy Committee) Date-. Dec 19, 2022 Page 17

MOUNT ST MARY'S IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MOUNT ST MARY'S Opinion We have audited the financial statements of Mount St Mary's (the 'parent charitable company'l and its subsidiaries Ithe 'group'l for the year ended 31 August 2021 which comprise the Consolidated statement of financial activities, the Con501idated balance sheet, the Charity balance sheet, the Consolidated staternent of cash flow5 and the related notes, including a sumrnary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reportine Standard applicable in the UK and Republic of Ireland, (united Kinedom Generally Accepted Accounting Praeticel. In our opinion the financial statements.. Eive a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 August 2021 and of the Group's incoming resources and applicatitsn of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial staternentS Section of our report. We are independent of the Group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 a basis for our opinion. Material uncertainty related to going concern We draw attention to note 1.2 in the financial statements, which indicates the events and conditions that may cast significant doubt on the Group's ability to continue as a going concern. As stated in note 1.2, these events or conditions, along with the other matter5 a5 set forth in note 1.2, indicate that a material uncertainty exists. In forming our opinion, which is not modified, we have considered the adequacy of the disclosures made in note 1.2 of the financial statements concerning the group and parent charitable company's ability to continue as a going concern. The group incurred a net deficit of £1,217,954 during the year ended 31 August 2021 and as at that date the group has net current liabilities of £1,389,507 and negative free reserves of £4,391,107. These conditions, along with the other matters explained in note 1.2 to the financial statements indicate the existence of a material uncertainty which may cast significant doubt on the group's and parent charitable company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Eroup and parent charitable company was unable to continue a5 a going concern. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 18

MOUNT ST MARY'S IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MOUNT ST MARY'S ICONTINUEDI Other information The other information comprises the information included in the Trustees. report other than the financial statements and our Auditor's report thereon. The trustees are responsible for the other information contained within the Trustees, report. Our opinion on the financial statement5 doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify 5Uth material incon5iSteneies or apparent material mi55tatement5, we are required to determine whether thi5 give5 rise to a material misstatement in the financial statements themselves. 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 nothinE to report in thi5 regard. Opinions on other matter5 prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforrnation given in the Trustee5' report (incorporating the strategic report and the directors, report) for the financial year for which the financial staternent5 are prepared is consistent with the financial statements,. and. the strategic report and the directors, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowled@e and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified rnaterial mi55tatements in the strategic report and the director5, report.. We have nothing to report in respect of the following matters in relation to which Companie5 Act 2006 requires us to report to you if, in our opinion.. adequate accounting record5 have not been kept by the parent charitable company, 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 records and returns,. or certain disclosures of directors. remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Page 19

MOUNT ST MARY'S IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MOUNT ST MARY'S ICONTINUEDI Re5ponsibilitie5 of trustees As explained more fully in the Trustees. responsibilities statement. the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being sat15fied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparation of financial staternents that are free from Material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Group's and the parent charitable company'5 ability to continue 35 a going Concern, disc105ing, a5 applicable, matters related to going concern and using the going concern bas15 of accounting unless the trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable a55urante about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to 155ue an Auditor's report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basi5 of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularitie5, including fraud and non-compliance with laws and re8ulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilitie5 and skills to identify or recognise non-cornpliante with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experiences of the company's sector,. we focussed on specific laws and regulations which we considered may have a direct material effect on the financial Statements or the opeiation5 of the company, including Cornpanies Act 2006, taxation legislation and dat protection, employment and health and safety legislation,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence throu8hout,. identified laws and regulation5 were cornmunicated within the audit team regularly and the teèm remained alert to instances of non-corrpliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud rnight oetur, by- making enquiries of management as to where they considered there wa5 susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- and considering the internal controls in place to mitigate risks of fraud and nc>n-compliance with laws and regulations. Page 20

MOUNT ST MARY'S

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOUNT ST MARY'S (CONTINUED)

• To address the risks of fraud through management bias and override controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so 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 for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Senior statutory auditor)

for and on behalf of

BHP LLP

Chartered Accountants Statutory Auditor 2 Rutland Park Sheffield S10 2PD

Date: 19 December 2022

Page 21

MOUNT ST MARY'S IA company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST2021 Unrestricted funds 2021 Restricted funds 2021 Total fun(Is 2021 Total funds 2020 Note Income from: Donations and legacie5 Charitable activities 3,489 5.571,925 206,304 91,669 232,407 235,896 5.571,925 206,304 91,669 359,907 5,830.009 238,164 101.789 Other trading activities Investments Other income 128,630 128,630 636,107 Total income 6,002,017 232,407 6,234,424 7,165,976 Expenditure on: Raising funds Charitable activities 437,158 6.971,715 437,158 7.205,943 457.736 234,228 11,604,926 Total expenditure 7.408,873 234,228 7.643,101 12,062,662 Net expenditure before net 8ainsll1055esl on investments IIA06,8561 190,723 11,8211 11.408,6771 190,723 14,896,686) 124,0281 Net gains/l1055esl on investments 15 Net expenditure Transfers between funds 11,216,133) 1163,5821 11,8211 163,582 11,217,954) 14,920,714) 20 Net movement in funds before other recognised gains 11.379,7151 161,761 11.217,9541 14,920,714) Other recognised gains: Gains on revaluation of fixed assets 1,073,181 Net movèmènt in funds 11,379,715) 161,761 11,217,954) 13,847,533) Reconciliation of funds.. Total funds brought forward Net movement in funds 5.890,110 11,379,715) 76,081 161,761 5.966,191 11,217,954) 9,813.724 13,847,533) Total funds carried forward 4,510,395 237,842 4,748,237 5,966,191 The Consolidated statement of financial activities includes all gains and losses recognised in the year. Page 22

MOUNT ST MARY'S IA company Ilmlted by guarantee) REGISTERED NUMBER.. 05884126 CONSOLIDATED BALANCE SHEET AS A T31 AUGUST2021 2021 2020 Note Fixed assets Tangible assets Investrnent5 14 8.901,502 1,120,629 9,932.556 1,301,585 15 10,022,131 11,234.141 Current assets Stocks 16 43,030 499.483 42,766 395,366 Debtors 17 Cash at bank and in hand 436.054 452,143 978,567 890,275 Creditors.. amounts falling due within one year 18 12,368.0741 11,544,052) Net current liabilities 11.389,5071 1653,7771 Total asset5 le55 current liabilities 8.632,624 10,580,364 Creditors.. amounts falling due after more than one year 19 13,884,387) 14,614,173) Total net assets 4,748,237 5,966,191 Charlty funds Restricted funds 20 237,842 76,081 Unrestricted funds (including revaluation reserve £336,49912020.. £324,60311 20 4,510,395 5,890,110 Total funds 4.748,237 5,966.191 Page 23

MOUNT ST MARY'S IA company Ilmlted by guarantee) REGISTERED NUMBER.. 05884126 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS A T31 AUGUST2021 The trustees acknowledge their re5pon5ibilitie5 for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the trustees and signed on their behalf by.. Trevor Wragg (Doc 19, 13."56 GMT) MrT Wragg Ichair of Finance and Strategy Committee) Date- Dec 19, 2022 The notes on pages 28 to 55 form part of these financial statements. Page 24

MOUNT ST MARY'S IA company Ilmlted by guarantee) REGISTERED NUMBER.. 05884126 CHARITY BALANCE SHEET AS A T31 AUGUST2021 2021 2020 Note Fixed assets Tangible assets Investrnent5 14 8.893,151 1,120,631 9,918.544 1,301,587 15 10,013,782 11,220.131 Current assets Stocks 16 9,316 461.573 8,930 361,785 Debtors 17 Cash at bank and in hand 383.912 425,477 854,801 796,192 Creditors.. amounts falling due within one year 18 12,347.8641 11,528,463) Net current liabilities 11.493,0631 1732,2711 Total asset5 le55 current liabilities 8.520,719 10,487,860 Creditors.. amounts falling due after more than one year 19 13,884,387) 14,614,173) Total net assets 4,636,332 5,873,687 Charlty funds Restricted funds 20 237,842 76,081 Unrestricted funds (including revaluation reserve £336,49912020.. £324,60311 20 4,398,490 5,797,606 Total funds 4.636,332 5,873.687 The charity'5 net movement in funds for the year wa5 £11,237,355112020. £13,936,29511. Page 25

MOUNT ST MARY'S IA company Ilmlted by guarantee) REGISTERED NUMBER.. 05884126 CHARITY BALANCE SHEET ICONTINUEDI AS A T31 AUGUST2021 The trustees acknowledge their re5pon5ibilitie5 for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the trustees and signed on their behalf by.. Trevor Wragg (Dec 19, 13..56 GMT) MrT Wragg Ichair of Finance and Strategy Committee) Date- Dec 19, 2022 The notes on pages 28 to 55 form part of these financial statements. Page 26

MOUNT ST MARY'S IA company Ilmlted by guarantee) CONSOLIDATED STATEMENTOF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2021 2021 2020 Note Cash flows from operatlng actlvltles Net cash used in operating activities 23 11,384.5621 1777,5541 Cash flows from investing activities Dividend5, interests and rent5 from inve5trnent5 Proceeds from the sale of tangible fixed assets Purchase of tangible fixed 3s5ets Proceeds from sale of investments 91,669 1,580.941 1253,8161 531.874 1191,6211 101,789 187,355 161S,2631 294,125 1107,2821 Purchase of investrnent5 Net cash provlded byllused Inl Investlng actlvltles 1,759.047 1139,2761 Cash flows from financlng actlvltles Cash inflows from new borrowing Repayrnent5 of borrowing 910,000 112,9121 1422,OCNJI Net cash lused Inllprovlded by flnanclng actl¥ltles I422.0￿]) 897,088 Change In cash and cash equlvalents In the year 147.5151 119,7421 Cash and cash equivalents at the beginning of the year 518.293 538,035 Cash and cash equivalents at the end of the year 24 470.778 518,293 Page 27

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Accounting policies 1.1 Basis of preporfjtion oAfinqnciolstgtement5 The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in èccordance with the Financial Reporting Standard èpplicable In the UK and Republic of Ireland IFRS 1021 (effective I january 20191, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006. Mount St Mary's meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical tost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in sterling which 15 the functional currency of the charity and rounded to the nearest £1. The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial stètements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basi5. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 1.2 Going contern The Governing Body has reviewed the detailed financial forecasts over a period of 12 month5 to December 2023 based upon known costs and projected fee income, the latter of which is supported by the school's current admissions register and student forecast. The School ha5 achieved strong growth in pupil numbers and a5SOClated fee revenue despite the impact of Covid in recent years. Admission5 activity has increased significantly, especially in new and emerging overseas markets with a significant number of enquiries and registrations for September 2023. From the recent succe55 of the latest exam result5 and other achievement5 for example IN the area of sports and music, The Governing Body feel positive about the School. However, the Governing Body recognise there are further challenges Post Covid from recent evenis, including the impact of the war in Ukraine, Brexit, predictions by the Bank of England of a national recession and uncertainties regarding possible changes in the Government. The effects of these events on the School include sharp rises in both interest rates and inflation. the latter being most manifest in the exceptional increases in energy costs which were well beyond initial budgetary expectations. It is also recognised that while pupil numbers have consistently grown since the 2020 Summer Term, there will always be an element of uncertainty in any projection beyond the end of the current academic year. The current indications, however, are that student numbers will continue to grow in line with previous years. To combat the identified concerns/uncertainties, the Trust has taken proactive steps both from a revenue and cost management perspective and has undertaken significant sensitivity testing on the many possible scenarios. to ensure that all options have been considered in the event of movement away from current projections. The Trust has also invested heavily in Marketing and Admissions to ensure that the many achievements of Page 28

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Accountin8 policies Icontinuedl 1.2 Golng concern fcontlnuedj both schools are well represented in the marketplace. and that both schools are in the best position to continue the significant growth that ha5 been seen in recent years. In summary, having reviewed the many positives achieved by both schools, and the associated and rapid increase in student numbers, the Governing Body are of the opinion that despite the significant challenges of increasing interest rates, inflation and the all-encompassing economic situation the School has adequate resources to rneet it5 financial obligations, and to continue in operational existence for the remainder of this academic year to 31 August 2023 and beyond to 31st December 2023. As a result the Trust ha5 adopted the Going Contern basis of finantial accounts preparation. 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 measured at fair value, unless it is impractical to measure thi5 reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charity's accounting policies. On receipt, donated professional services and facilitie5 are reeognised on the basi5 of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. Other income is retognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. other income includes grant income received from the Government to cover the salaries of furloughed employees through the Coronavirus Job Retention Scheme. Certain types of income are shown in the consolidated Statement of financial activitie5 net of expenditure as follows.. Income from charitable activite% 15 shown in the consolidated statement of financial activite5 net of fee remission51£1,622,1691 and agency costs1£9,3681. These are analysed in note 4 income from charitable Page 29

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Accountin8 policies Icontinuedl 1.4 Expendlture Expenditure is recognised once there is a legal or constructive obliEation to transfer economic benefit to a third party, it 15 probable that a transfer of etonornic benefits will be required in Settlement and the amount of the obligation can be measured reliably. Expenditure 15 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Oirect costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one artivity and Support t05ts which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and include5 C05ts of all fundraising attivities events and non-chhritable trading. Expenditure on charitable activitie5 is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 Taxation The charity is considered to pass the tests set out IN Paragraph I Schedule 6 of the Finance Art 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within cateÉories 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 8ain5 are applied exclusively to charitable purposes. 1.6 TunglbleAlxed ossets anddepreclatlon Tangible fixed assets costing £l.000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the a55et tan be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a taneible fixed asset into its intended working condition should be included in the measurement of Cost. Depreciation 15 charged so as to allocate the cost of tangible fixed assets le55 their residual value over their estimated useful lives, on a straight line and reducing balance basis. Depreciation is provided on the following basis.. Freehold propertv Plant and machinery Motor vehicles Fixtures and fittings Computer equipment 2% straight line. 20% reducin8 balance. 25% reducing balance. 20% reducing balance. 25% reducing balante. Page 30

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Accountin8 policies Icontinuedl 1.6 TanglbleAixed ossets anddepreclatlon {contlnuedJ The valuation of freehold property is based upon a survey done by property consultants Aitchison Raffety on l July 2021 for its existing use and market value5. In the opinion of the Governor5, there has been no change to thi5 valuation. 1.7 Investments Investments are included at their market value at the Balance sheet date. Unrealised gains and losses arising on revaluation of investments are credited or charged to the Statement of financial activities. 1.8 Stoclr5 Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 1.9 Debtors Trade and other debtor5 are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.10 Cosh ut bunk Lynd In hond Cash at bank and in hand includes cash and 5hort-term highly liquid inve5tment5 Wlth a Short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.11 Llublllties undprovlslons Liabilities are recognised when there is an obligation at the Balance 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 can be estimated reliably. Liabilities are recognised at the amount that 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 FIn￿ne101 instruments The Group only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.13 Opernting leu5es Rentals paid under operating leases are charged to the consolidated statement of financial activities on a straight line basis over the lease term. Page31

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Accountin8 policies Icontinuedl 1.14 Penslons The charity operates a defined contribution pension scheme fc>r its non-teachine staff. Contributic>ns payable to the pension scheme are charged to the Statement of financial activities in the period to which they relate. The charity contributes to the Teacher5 Superannuation scherne, which 15 a defined benefit scheme. Contributions are charged in the Statement of financial activities so as to spread the cost of the pension 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 15 an unfunded scheme and contributions are calculated so a5 to Spread the c05t of pen5ion5 over employees, working live5 With the charity in such a way that the pension cost 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 prospective unit credit method. As stated in note 27 the TPS 15 a multi-ernployer Scheme and the trust 15 unable to identify its share of the underlying as5et5 and liabilities of the scheme on a consistent and reliable basis. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. A group money purchase scheme Idefined contribution scheme) 15 open to all for non-teaching staff members. Minimum contributions of 3% are matched by the trust. The trust a150 operates a workplate pension scheme with Nest pensions to meet its auto-enrolment responsibilities. All contributions are charged to the Statement of financial activities as they become payable in accordance with the rule5 of the schemes. 1.15 Fund ¢7ccounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted fund5 are fund5 which are to be used in accordance with specific re5triction5 imposed by donor5 or which have been raised by the charity for particular purposes. The cost5 of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 1.16 Employee beneAits When ernployees have rendered Service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Page 32

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Accountin8 policies Icontinuedl 1.17 Redundancy ond termlnatlon payments Redundancy benefits are payable when employment is terminated before the normal retirement date. or whenever an employee accept5 voluntary redundancy in exchange for these benefits. The Group recogni5es redundancy benefits when it is comrnitted to terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal. Critital attounting estimates and arèas of judgement E5timate5 and judgements are continually evaluated and are based on historical experience and other factor5, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The charity make5 e5timate5 and assumptions concerning the future. The resulting accounting estirnate5 and assumptions will, by definition, seldom equal the related actual result5. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the valuation of the freehold property, which has been obtained using an expert. and the bad debt provision which is based on historical knowledge of recoverability of fee5. Page 33

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Income from donatlons and legacles Unrestrirted funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Donations 3,489 232,407 235.896 359,907 Total 2020 4,907 355,000 359,907 Income from charitable activities 2021 2020 Gross fee income 6,989.7tXI 7,656,480 11,622.1691 12,121.6001 19.3681 154,8711 213.762 350.000 Deduct.. fee remissions Agency costs Bursaries paid by restricted funds 5,571.925 5,830,009 In both years, all income from charitable activitie5 w35 unrestricted. Page 34

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Income from other tradlng actlvltles Incomè from non charitable trading artivities Unrestrlcted funds 2021 Total funds 2021 Total funds 2020 Mount Conferences Limited turnover 206,304 206,304 238,164 Total 2020 238,164 238,164 Investment Income Unrèstricted funds 2021 Total funds 2021 Total funds 2020 Rents received 48,349 43,320 48.349 43,320 52,182 49,514 Dividends and interest Deposit account interest 93 91,669 91.669 101,789 Total 2020 101,789 101,789 Page 35

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 other Incomlng resources Unrestricted funds 2021 Total funds 2021 Total funds 2020 other income 17,021 17,021 16,289 CJRS grant Profit on disposal of tangible fixed assets 111,609 111.609 534,716 85,102 128,630 128,630 636,107 Total 2020 636,107 636,107 Cost of ralsln8 funds 2021 2020 Investment management Costs Mount Conferences Llmltedexpendlture 8.748 9,705 staff costs 272.720 298.990 Depreciation Other costs 3.667 152.023 4,367 144.674 428.410 448,031 437.IS8 457,736 In both years all costs of iai5ing funds were unrestricted. Page 36

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Analysls of expendlture on charltable actlvltSes Summary byAund type Unrestrlcted funds 2021 Restrlcted funds 2021 Total funds 2021 Total funds 2020 Teaching Welfare 3,549,857 683,799 1,208,953 1,529,106 218,123 3,767,980 683.799 1,225,058 1,529.106 4,293,2S6 711,133 5,019,026 1,581,511 Premises 16,105 Support costs of schooling Inote 101 Tot¢712021 6,971,715 234,228 7,205.943 11,604,926 Total 2020 11,254,926 350.000 11,604,926 Summary by expenditure type Total fund5 2021 Total funds 2020 Staff costs 2021 Depreciation Other costs 2021 2021 Teaching Welfare 3,414,281 522.237 353,699 161.562 3,767.980 683.799 4,293,256 711.133 Premise5 188,790 188,130 848,138 1,225.058 5,019,026 Support costs of schooling Inote ioi 916,817 12,908 599,381 1,529,106 1,581,511 5,042,125 201,038 1,962,780 7,205,943 11,604,926 Total 2020 5,249,384 4,066,069 2,289,473 11,604,926 The depreciation heading above includes £191,79712020'. £392,748) of depreciation and the prior year includes £3,673,321 of impairment on the Mount St Mary's properties held at cost. Page 37

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 io. Support costs Charitable actlvities 2021 Total funds 2021 Total funds 2020 Governance 115,518 111,366 121,116 11,458 12,908 59,099 115,518 111.366 121,116 11.4S8 12,908 59.099 50,366 Finance 118,812 96,906 60,484 49,427 67,082 Information technology Human resources Depreciation Office costs Salaries 866,388 51,269 179,984 866,388 51.269 179,984 829,773 36,017 272,644 Pension contributions Other Tota12021 1,529,106 1,529,106 1,581,511 Total 2020 1,581,511 1,581,511 The support costs have been allocated by assigning expenses to specific support cost centres. ii. Auditor's remuneration 2021 2020 Fees payable to the charity's auditor for the audit of the charity's annual accounts 15.358 10.800 Fees payable to the charity's auditor in respect of- Additional audit fees for prior year All non-audit services not included above 20,OCNJ 5.632 4,360 Page 38

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 12. staff costs Group 2021 Group 2020 Charlty 2021 Charity 2020 Wages and salaries Social security costs Contributions to defined contribution pension schemes 4,337.421 392,640 4,543,290 395,897 4,083.135 380,421 4,265,765 381,469 584.784 609.187 578.569 602.150 5,314.845 5,548,374 5,042.125 5,249,384 Total redundancy/termination payments arnounted to £28,97012020.. £126,839). The average number of persons employed by the charity during the year was as follows.. Group Group 2020 No. Charity 2021 No. Charity 2020 No. 2021 No. Teaching staff Welfare 103 103 51 59 51 59 Premises and ground5 Administration 12 12 32 28 32 28 Transport io li io li 195 213 195 213 The number of employees whose employee benefits lexcluding employer pension costs) exceeded £60,000 was.. Group 2021 No. Group 2020 No. In the band £60,001 - £70,000 In the band £70,001- £80.000 In the band £lOO,001- £IIO,000 In the band £IIO,001- £120,000 Total employer pension contributions for the higher paid staff totalled £56,45012020.. £40,598). The charity considers its key management 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 it5 key management personnel is £603,672 12020.. £494,271). The intrea5e in cost5 reflects a transition and handover period between the former headmaster of MSM and the new CEO appointment. Page 39

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 13. Trustees, remuneratlon and expenses During the year, no trustees received any remuneration or other benefits12020- £NILI. During the year ended 31 August 2021, expenses totallin8 £50 were reimbursed or paid directly to I trustee12020 £945 to 5 trustees) for travel expenses. 14. Tanglble flxed assets Group Freehold property Plant and machinery Motor vehicles Fixtu￿$ and éittings Computer equipment Total Cost At I September 2020 las restated) Addition5 9,714.0￿] 194.484 I1,092.0￿]I 54,803 320,272 69,783 1,236,822 59.332 253,816 125,4221 11.152,1001 11,395,680 Disposals 134,6781 At 31 August 2021 8,816.484 54,803 285,594 69,783 1.270,732 10.497,396 Depreciution At I September 2020 las restated) Charge for the year On disptssals 45,282 3,173 314,782 874 69,783 1,033,277 1.463,124 191,797 159,0271 136.810 110.4651 132,6841 115,8781 At 31 August 2021 126.345 48,455 282,972 69,783 1.068,339 1.595,894 Net book volue At 31 August 2021 8,690,139 6,348 2,622 202,393 8,901,502 At 31 August 2020 9,714,000 9,521 5,490 203,545 9,932,556 Page 40

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 14. Tangible fixed assets Icontinuedl Charfty Freehold property Motor vehides Computer equipment Total Cost gr valuotion At I September 2020 las restated) Addition5 9.714,000 194,484 11.092,0001 278.544 1.232,895 11.225,439 59,332 253,816 125,4221 11.117,4221 Disposals At 31 August 2021 8.816.484 278.544 1,266,80S 10.361,833 Deprecitttion At I September 2020 las restated) Charge for the year On disposals 275.451 773 1.031,444 50,547 1.306,895 188,130 136,810 IIOA651 115,8781 126,3431 At 31 August 2021 126,345 276,224 1,066,113 1,468,682 Net book vulue At 31 August 2021 8.690,139 2.320 200,692 8.893,151 At 31 August 2020 9,714,000 3,093 201,451 9,918,544 The brought forward values for land and buildings have been restated to show all as valuation brought forward rather than showing any depreciation brought forward. This does not affect the net book value brouEht fonmard. Page 41

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Is. Fixed asset Investments other fixed asset investment5 Listed investments Total 2021 Total 2020 Group Cost or voluation At I S8ptemb8r 2020 Addition5 1,223,141 191,621 1531,8741 12,294 1,235,435 191.621 1531.8741 1,446,306 107,282 1294,1251 Disposals Revaluations 190,723 190.723 124,0281 At 31 August 2021 1.073,611 12.294 1,085.905 1,235.435 Investment cash 34,724 34.724 66,150 1,108,335 12,294 1,120.629 1,301,585 At 31 August 2021 Historical c05t 771,836 12,294 784.130 976,982 Investments in subsidiary companies Other fixed asset Investments Listed Investments Total 2021 Total 2020 Charfty Cost or valuotion At I September 2020 Additions 1,223,141 191,621 1531,8741 12,294 1,235.437 191.621 1531.8741 1,446,308 107,282 1294,1251 Disposals Revaluations 190,723 190.723 124,0281 At 31 August 2021 1,073,611 12,294 1,085,907 1,235,437 Investment cash 34,724 34.724 66,150 1,108,335 12.294 1,120.631 1,301.587 At 31 August 2021 Page 42

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Principal subsidiarie5 The following was a subsidiary undertaking of the charity.. Name Company Reglstered offlce number Prlnclpal actlvlty Class of Holdlng shares Mount Conferences Limited 02487135 Mount St. Mary's College Lettings, operation of Ordinary tuck shop and uniform sales loo% The finantial results of the subsidiary for the year werÈ'. Name Income Expenditure ProfitllLossl for the year Mount Conferences Limited 231,868 1428,4101 1196,5421 1327,1921 16. Stocks Group 2021 Group 2020 Charity 2021 Charity 2020 Stocks 43,030 42,766 9,316 8,930 17. Debtor5 Group 2021 Group 2020 Charity 2021 Charity 2020 Trade debtors 238,161 4.142 277,087 2.160 200,251 4.142 243,506 2.160 Amounts owed by participating interests Other debtors 29,610 227.570 49,554 66.565 29,610 227.570 49,554 66.565 Prepayments and accrued income 499.483 395,366 461.573 361,785 Page 43

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 18. Creditors.. Amounts falllng due wlthln one year Group 2021 Group 2020 Charity 2021 Charity 2020 Bank loans I32.OC￿l 297.776 22,000 200.552 I32.OC￿l 279.599 22,000 188.323 Trade creditors Other taxation and social security other creditors 281.807 216.152 217,501 83.752 279.774 216.152 214,141 83.752 Accruals and deferred income 1,440.339 1,020,247 1,440.339 1,020,247 2,368,074 1,544,OS2 2,347,864 1,528,463 Charity 2021 Charity 2020 Deferred income at I September 2020 Resources deferred during the year Amounts released from previous periods 642.712 1,088.977 1,145.061 642,712 1642.7121 11,088.9771 DeJerred Income at 31 August 2021 1,145.061 642,712 Deferred incorne represents fee5 in advance and dep051ts. Page 44

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 19. Creditors.. Amounts falllng due after more than one year Group 2021 Group 2020 Charity 2021 Charity 2020 CBILS loan 356.OC￿l 3,387.088 638,000 3,387.088 356.OC￿l 3,387.088 638,000 3,387.088 TRCP loan Other loan5 250,000 339.085 250,000 339.085 other creditors 141.299 141.299 3,884.387 4,614,173 3,884.387 4,614,173 The aggregate amount of liabilities payable or repayable wholly or in part more than five year5 after the reporting date is- Group Group 2020 Charity 2021 Charity 2020 2021 Payable or repayable by instalment5 2,488,248 3,043,648 2,488,248 3,043,648 2,488.248 3,043.648 2,488.248 3,043.648 The loan from TRCP of £3,387,088 is to be repaid in quarterly instalments from 30 November 2022 and interest of £55,28512020: £25,641> has been charged in these accounts at 1.5% above The Bank of England base rate. The Coronaviru5 Business Interruption Loan ICBILSI of £488,000 is being repaid rnonthly and interest is charged at 3.39%. The loan from TRCP is secured on the properties of Mount St Mary's. The CBILS loan is to be secured on the propertie5 of Mount St Mary's. Page 45

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 20. Statement of funds Statement of funds- current year BalantÈ at I September Transfers inlout Gainsl 1105sesl Balance at 31 August 2021 2020 Income Expenditure Unrestricted fund5 General Funds 6,020,762 5,786,254 16,996,568) 1163,5821 190,723 4,837,589 Mount Conferences Limited 1130,6521 231,868 1428,4101 1327,1941 5,890,110 6,018,122 17,424,978) 1163,5821 190,723 4,510,395 Restrlctedfunds Finn Prize Fund 32 300 Julie Kennv James Lee 1,800 575 11,7681 15751 32 Fundraising Project Mount 175 Assisted Places 12.500 14801 12,020 938 19381 Rudston Fund 60.OiXI 60,000 Mount St Mary's Charitable Trust Fund 229,867 600 1229.8671 16CNJI The Jerusalem TST Jesuit Garden Project TRCP Capital Works Fund 1,940 1,940 163,550 163,550 76.081 232,407 1234.2281 163,582 237,842 Totol ofAunds 5,966,191 6,250,529 17,659,206) 190,723 4,748,237 Page 46

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 20. Statement of funds Icontinuedl statement of funds- prlor year Balance at I September 2019 Balance at 31 Au8USt 2020 Transfers inlout Gain5/ (Losses) Income Expenditure Unrestrlcted funds General Funds 9,733,901 6,497,339 111,264,631) 5,CQO 1,049,153 6,020,762 Mount Conferences Limited 3,742 313,637 1448,0311 1130,6521 9,737,643 6,810,976 111,712,662) 5,000 1,049,153 5,890,110 Re5trictedfvnds Finn Prize Fund 268 268 Julie Kenny James Lee 1,800 575 1,800 575 Fundraising Project Mount 175 Assisted Places 12,500 12.500 938 938 Rudston Fund 60,000 60,000 Mount St Mary's Charitable Trust Fund 350,000 1350,0001 BHPA 5,000 (S,￿0) 76,081 355,000 1350,0001 15,0001 76,081 Tottsl ofAunds 9,813,724 7,165,976 112,062,662) 1,049,153 5,966,191 Page 47

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Unrestricted funds comprise accumulated surpluses on general funds. including unrealised surpluses and deficits on revaluations of investments and tangible fixed assets that are not allocated specifically to restricted funds. These funds are available for use at the discretion of the governors in furtherance of all of the tharity's object5. Unrestricted funds per the charity only statement of financial position are net of the intercompany loan balance with the trading subsidiary, Mount Conferences Limited, which has been provided for in the parent charity. 2021 4,398,490 1327,1941 439,099 4,510,395 2020 5,797,606 1130,6521 223,156 5,890,110 Unrestricted funds per charity balance Sheet Add Mount Conferences Limited Add back intercornpany loan provision Unrestricted funds per consolidated balance sheet 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 arises from donations for the purchase of equiprnent for the music departrnent. The James Lee Prize Fund was established by a donation for the award of a prize for music. The Fundraising Project Fund arises from an initial donation of £IO,O(M), along with the a5SOClated tax credit, given for the purpose of the appeal to be launched in the near future. The Mount 175 Assisted Places Fund arise from donations for the funding of assisted places in recognition of the 175 year anniversary. The Rudston Fund was due to a donation from Rudston College for bursaries to be given to former pupils of that ColleÈe, the fund hès been carried forward as no bursaries have yet been given. MSM Charitable Trust Fund provide donations to the college for the benefit of bursaries. The MSM Charitable Trust fund has been transferred to the control of Mount St Mary's and administered by the Chairman of Governors, Chairman of the Finance Committee and one other Governor. BHPA IBarlborough Hall Parents Association) 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 for Barlborough Hall during the year. The Jerusalem TST fund is grants received for the purchase of bibles and books. The Jesuit Garden Project fund enables us to uphold our commitment to the care of creation, as outlined in the 10 global identifier5 of Jesuit Schools. Students in Upper Elements are constructing a plant and vegetable garden that will be tended and developed by new cohort5 year on year. The TRCP Capital Works Fund represents monies from the sale of properties that is restricted to capital improvements to the school. This has been transferred from general funds in the year. Page 48

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Other transfer5 between restricted and unrestricted funds represent money donated towards the cost of fixed asset additions. In accordance with the Charities SORP IFRS 1021 if the fixed assets are used for general charitable objects the transfer is permitted once the fixed assets have been purchased. 21. Summary of funds Summary of funds- current year BalaTh￿ at i September 2020 Tranders ./out Gainsl (Losses) Balance at 31 August 2021 Incorne Expendityre General funds 5,890.110 6.018,122 17,424.9781 1234.2281 1163,5821 163,582 190.723 4.510,395 Restricted funds 76.081 232,407 237,842 5,966.191 6.250,529 17,659.2061 190.723 4.748,237 Summary of funds- prior year Balance at I September 2019 Balance at 31 August 2020 Transfers inlout Gains/ (Lossesl Income Expenditure General funds 9,737,643 6,810.976 111,712,662) 1350,0001 5.000 15,0001 1,049,153 5,890.110 Restricted funds 76,081 355,000 76,081 9,813,724 7,165,976 112,062,662) 1,049,153 5,966,191 Page 49

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 22. Analysls of net assets between funds Analysis of nèt assets betwèen funds- current year Unrestricted funds 2021 Restrirted funds 2021 Total funds 2021 Tangible fixed assets Fixed asset investments 8,901,502 1,120.629 8.901,502 1.120,629 Current assets 740,725 12,368.0741 13,884,387) 237,842 978,567 12,368,074) 13.884,3871 Creditors due within one year Creditors due in more than one year Totol 4,510,395 237,842 4.748,237 Analysis of net assets between funds- prior year Unrestricted funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investments 9,932,556 1,301,585 814,194 11,544.0521 14,614,173) 9,932,556 1,301,585 890,275 11,544.0521 14,614,173) Current assets 76,081 Creditors due within one year Creditors due in more than one year Totol 5,890,110 76,081 5,966,191 Page 50

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 23. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 2021 Group 2020 Net expenditure for the year las per Statement of Financial Activities) 11,217.9S41 14,920,714) AdJustmentsAor.' Depreciation and impairment charges IGainsl/losses on investments Dividends, interests and rents from investments IProfitl/loss on the sale of fixed assets Ilncreaselldecrease in Stocks Iincreasel/decrease in debtors Increa5e/ldecreasel in creditors 191,797 1190.7231 191,6691 1487.8681 12641 1104.1171 516,236 4,070,436 24,028 1101,7891 10,566 16,018 211,761 187,8601 Net cush usedln opemtlng octlvltles 11,384.5621 1777.5541 24. Analysis of cash and cash equivalents Group 2021 Group 2020 Cash in hand 436.054 34.724 452,143 66.150 Investment portfolio cash Totul cash andcosh equlvalents 470.778 518,293 Page51

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 2S. Analysls of changes In net debt Atl September 2020 At 31 August 2021 Cash flows Cash at bank and in hand 452,143 122,0001 14,275,088) 116,0891 li10.0￿) 532,000 436,054 1132,0001 13,743,088) Debt due within I year Debt due after l year 13,844,945) 405,911 13,439,034) 26. Cont5ngent Ilab51itles Except with prior 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 schoo15 c105e, merge or are transferred to a third party. The charity has benefited from a grant in 2014115 from English Heritage for the repair of the Gazebo and Banqueting House of £151.572, which may become repayable if within 10 years, 2025, the conditions of the grant re not 5at15fied. 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 52

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 27. Pension commitment5 Teachers, Penslon Scheme The charity participates in the Teachers, Pension Scheme (the TPSI for its teaching staff. The Teachers. Pension Scheme ITPSI is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies and. from l January 2007, autornatic for teachers in part-time ernployment following appointrnent or a change of ontract, although they are able to opt out. The TPS is an unfunded scheme and members contribute on a 'pay as you eo. basis- these contributions along with those made by employer5 are credited to the Exchequer. Retirement and othei pension benefits are paid by public funds provided by Parliament. Valuatlon of the Teachers, Penslon Scheme The Government Artuary, using normal actuarial principles, conduct5 a formal actuarial review of the TPS in accordance with the Public Service Pensions IValuation5 and Ernployer Cost Capl Directions 2014 lamendedl published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS wa5 carried out a5 at 31 March 2016 and in accordance with the Public Service Pensions Ivaluations and Employer Cost Capl Directions 2014 lamendedl. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are.. employer contribution rate5 set at 23.68% of pensionable pay (including a 0.08Yo employer administration charge) total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional a55et5 (estimated future contributions together with the notional inve5tment5 held at the valuation 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 investment return. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of return 15 2.4% in exce55 of prices and 2% in excess of earnings. The rate of real earning5 growth is assurned to be 2.2%. The assumed norninal rate of return including earnings growth is 4.45%. The next valuation is due to be implemented from l April 2023. The pension charge for the year includes contributions payable to the TPS of £483,92512020.' £522.8201 and at the vear end £54,92412020.. £61,936) was accrued in respect of contributions to this scheme. A copy of the valuation report and supportin8 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 Contributions to the scheme a5 if it were a defined contribution Scheme. The school ha5 Set out above the information available on the scheme. Page 53

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 27. Pension commitment5 Icontinuedl Non Teaching Staff Penslon Schemes Mount St Mary's 3150 operate5 a Group Personal Pension Scheme which is a defined contribution 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 charged to the Statement of financial activities as they become payable. Contributions to the schemes during the year totalled £51,039 12020.. £41,401). At the year end £6,938 12020.. £4,012) was accrued in respect of contribution5 to these schemes. The charity also operates the Government backed Nest Pension Scheme to fulfil its auto-enrolment obligations. Contributions to the scheme during the year totalled £49,82012020.' £44,966> and at the year end £7,03412020.. £6,927) was accrued in respect of contribution5 to the 5cherne. Operating lease commitments At 31 August 2021 the Group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows: Group 2021 Group 2020 Charity 2021 Charity 2020 Not later than l year Later than l year and not later than 5 years 57.751 41,551 6.502 6,502 92.171 80.038 3.461 6.231 149.922 121,589 9.963 12,733 The following lease payment5 have been recogni5ed as an expense in the Statement of financial activities.. Group Group 2020 Charity 2021 Charity 2020 2021 Operating lease rentals 89,369 83,564 37,255 47,714 Page 54

MOUNT ST MARY'S IA company Ilmlted by guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 29. Related party transactlons The charity has three members who are appointed by the Trustee of the Society of Jesus ITrustees for Roman Catholic Purpose5 "TRCP l after consultation with the chair of Governors. The charity ha5 received loans totalling £3,387,08812020.. £3,387,088) from TRCP, a5 disclosed in the notes to the accounts. The charity has an association via common trustees with Mount st Mary's Charitable Fund. Charity No 275497, which provide5 an annual donation ftsr bursarie5. The charity ha5 received £229,866 in the current year12020.. £350,000). During the year a property was sold to the son of a Trustee. T Wragg. through an open auction with Mark Jenkinson & Son, for £164,000. Children of two Governors12020.' one), J Phinn and N Adam5, attended the School during the year. Their fees were £18,086 in total, after staff discounts12020.' £15,853). K Keeton ènd S Godley, members of the senior management team, have ehildren who also attend the school and are in receipt of staff discounts. Fees totalled £9,511 net of these di5count5. G Chapman's wife is a member of the teaching staff at Barlborough Hall School,. while his daughter and son work at Mount St Mary'5 in coaching and adrninistrative functions respectively. P Chapman receives total Salary and benefit5 of £32,151, H Chapman receives total salary and benefits of £35,809 and H Chapman receives total salary and benefits of £25,316. Father Beattie lives in a property owned by the charity rent-free and makes tontributions toward5 Utilities and bills. In 2021 expenses totalling £1,118 were recharged to Father Beattie. There have been transactions durine the year with the charity's trading subsidiary, Mount Conferences Limited. A bad debt provision has been provided against the balance owed from Mount Conference5 Lirnited of £439,099 as at 31 August 20211£223,156 as at 31 August 20201. Expenditure totalling £215,94312020.. £298,990) has been recharged to the subsidiary during the year. Page 55