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.
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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
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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%
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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
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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
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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
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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
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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