2022-08-31-accounts

Compny Numbor 06142007 R¢gl8t•rtsd In England and Wale8 Charlty Numbpr 1119613 ST PAUL'S GIRLS, SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

ST PAUL'S GIRLS. SCHOOL REPORT AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 Govwnors, ReFYt Independent A￿￿1($ ReKW)rt 23-25 Balanc8 Sheet stateM￿t of Cash Fl(Ms 28 Note5 10 the FinaTh2al Sta￿ert3

ST PAUL'S GIRLS. SCHOOL GOVERNORS. OFFICERS AND ADVISERS Thè scts)ol Is a charitable CoMp￿Y limrted by guarartlee Icvmpary wrnber C6142W7, reg'5tered tharty 11196131 and 15 govem&J by ts ￿tideS of Assc#Jalm. Th• sol• membw of th8 farftat48 ¢omp8ry is th& Mei¢ers' Comwy. the Cty Ltvwy Ccffnpary buw¥Jed the scool in and retains a keen inluest in its activitw. The Governors are Ihe ctharity Irustèes und8r d)ty Ev and tsf the tharitst4e COTnpany. Other than where othe￿ise noted. the (>Jventr)rs se￿￿ durin9 the year ar& as I￿1￿+8.. Ms ￿stin& Anh8r' 5 Mrs Zeina Bain. Deputy CK•r ofGover￿. 5 # M$ Lisa Barday" Mr Nicholas Buxton ' Mr Ni¢olas Chisholm + # MrTiMHa￿"S Mrs Clare Hebbes" a Geets Khehar + Mrs Gillian Lcw + Mi Geoty matt￿E"lapp¢fjnt¢rt 1 M8rth 2022) ProfJan8 Ridey + Dr Julia Riley + (retired 7 Juty 20221 Mr SRnon Wathen, Chairof GoverrbJs ' # 5 + Memters ofthe Educati￿ c￿rn￿e . Members ofthe Ftnan￿ & Eststes Committee

Mernber5 of Ihe Norninabons Comrnittee

Members ofth8 Investsnent Sutrtrcommittee a Memters ofthe Client Managernent Group cla￿ to Govew MrGward Plrkie 25 2￿22) Mrs Sarah Tèasdale (from 4 20221 Mr5 GL￿[elk?W Compary S•• h Mistress Senior Deputy Head and tirector of StLAI Deputy He￿1- Direcor of P35tord Care Deputy Head- DireLtor Of¢￿CUrr￿1al Deputy Head- Director ofseruor Sccd Deputy Head- Diwtor of Partrrships Deputy H&￿- ￿reCtor ol StratsgK Develc Deputy Head- ￿"reCtor of Indu5 Burs Mr Andrew Eliams Mrs 8vzabeth Bees Mr Fred HrtcTr￿k Ms Josephine Lane Mr O'H8ra Mr Ellis th￿)mb Ms Coc4) Steven50n Mr Gerard Hi¢k lunbl 25 Mwrh 2022) Mrs Sarah Teasdale (from 4 April 2(1221 Diredor of 0￿rationS Page 1

ST PAUL'S GIRLS, SCHOOL GOVERNORS, OFFICERS AND ADVISERS ReglW oirto St Palrf's Gits. Sth>)I Brc)k Green Chty registered rwJrntJer 111￿13 C(xnp8ny regstwgd nwnber (￿l42c￿7 Sc4i¢itC￿S Farm & Co LLP 86 LwM))In's Inn Fiekts Fieldfi5h Rwèrbank H 2 Swan La LoThS)n EC4R 3 FL￿1 Ar•1 LLP sat Quay House 4 N(xth East Quay &Jiton Hart￿Jr Ptymoulh PL4 OBN Veale Wasbrcwgh Voards Narrow Quay HoLLSe Narrryw Quay Bn"stoJ BS14QA Bal*￿S Htyjse 3&38 Park Royal Rcod NW10 7JA 1 Pl E145HP LW Ba￿{ FIC 33 Okj Broad Street Lon¢S)n EC2N 1HZ Page 2

ST PAUL'S GIRLS, SCHOOL GOVERNORS. OFFICERS AND ADVISERS Auditors Crrme U.K LLP 55 Lwe Hill London EC4M 7J Investment Manager5 Roth5thihJ Weath M8nag8m•nt IUKI Ltd St Swthin's La LL￿On EC4N &4L Bardays PrNate Bar* 1 Chwthll Place Lcfftdon E14 5HP Insurance Broker5 Marsh Ltd Cathl House 1-5 PerrymoLnt R￿a Haywards Heath West Susse¥ RH16 3SY Aduaries chea￿￿1e Hwse 138 Chwde L£￿￿c￿ EC2V 6BW 11 Strand LoThlon K2N SHR Page 3

ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGusf 2022 Thè Govemors pre￿t ￿r Annu81 Rep¢Yt for tr yw 31 A￿￿$t 2022 under the Charitie8 Acl 2011 and ihe Cornpanw Ad 21x6. coNST￿LiTI0N AND OWECTS The obj.ects ofthe school. as ststed in ils g)vefftrvJ thcJJment, a￿ kn wcrfnote in Great•r LoThlon the educatic lindudirYJ soa818nd physi& tra￿￿￿> of girf5 and b)y5 and in partMaAar but wthout Prejudice to the gener8hty ofthe foregoing to Wr￿uCt $GI￿lS in Or￿ar to Greater Lonth)n forgrfs and boys. TheGovemors shall purs￿ thè 0tr4'Èds oflhe scho¢Y by rLmniThJ a gts, schxd arKI mwy educate members ofth8 OPP05iie Sex with Ihe F¥ior written rAMs￿l of JKI wbjfjd to any restsickn imF4xgJ by ttE m¥￿, Compary AIMS. oB￿CTNEs APXI ACTMllES school's miSs￿n is to wowde w exceplronal ed￿l￿tin for 9rfs, wrespectsve ol bathground. whth is bott) nnovative and challenging. and kyepares lkn to contritrthe F•)sibvely to th8 (xJmmunib"&$ around Ihem and to leal successful The HI￿ mis1￿5 d•scrknes the schJl's ethos, Within ts stratéyic plan, as fofvxs.. & P8uI's is art èx1• sdKd. There is a genu￿￿ sensè ofèxLYlement and thscovey, aioy in 188mfftg. cre8ft.wty ￿ thinkmw. and 8 sense ￿￿entUrn whKh transcend exaMInatK￿ Trwlt4 aKI whAch prnparg th& students W(￿d btryL￿d The breadlh of cw(¥lunty is èxtt8ptth81 The buw prcgram is one of th8 mosl Su￿SSIu1 in the cwnty. widening a¢cess and addng immeasurnbty to Ihe th"Ve￿.￿ and texfure ofour cc¥pmunty Wovèn IhtDugh Ihe whole 15 an ab￿.ng Ihread of anLI a desKe to wofft Wlh8r whKh makes everylhww posywe. Thwe ￿ 8 genemgfy of ¥wit whidi thaws Ihe pts￿ Icyelller. of our strategy IS the ￿811.￿ ol 8 mtye ouhvard loc&Mig SLo)l. gen8nws in its commitment to partnerships 8nds8M¢e fo cth6rs. indum anddiveTrein its c¥rtkrt f(xWthInkM￿ and dytatyacute, opwahn9 With thè Our str￿te￿"C plan wsrtAYlS to re￿ to Ihe d￿n￿lS of Ihe future ￿ that we 6Tht)nue to t%Ypr tha bgst educat￿￿ 8ndprep9f8li￿ It seeks to grve usthe aulti￿, both andprDfession&l. to take the lead In helfy.ng to frame the educalKJn&l debate. It acropts the th8tToAI ch8ls and IoLs for w8yS to ffnuv8$8 revenue olherthan by excluwvg lee& PUBLIC BENEFIT The G0Vem￿S. as Ihe Charity tr￿lee$. (x)nfimi that thèy have compled wlh requirem0r￿ set out in the Charthes Acl 2011 to have due regard to Ihe Chanty Ccfflmi5$0n's publi ba)efit the releV￿t sIts￿t guKlanceon fO￿h¥gIng chwitss. TheGovemors retows&lhe schod's trfoader respxyts￿)1k￿"05trlN￿S local cOmrnUn￿es 3ryJ so(iety in ger￿1 Staff aThJ sttbdents awe eThxur&Jed to path.pate in the schod's partnerS￿'P and cornmunty adwibes. The sclKt4 vAYens through rts bjrsary Fxogramme and leadership rol& wlhi the West LoThJon Parknw5hip. an asscoabon ol both ITrJepen￿I and s1 S¢1￿￿S in West aThJ SwfvWe5t London. Thè pathershwj was set to ￿8t￿e 5dwls to work tLyjètr￿r on ￿Jsta'nabIe, o)IlaboralNo proierts. shanTrJ resourw and expwtsse to athknss the ethjcakffi ne&J aTrJ enFK* learni￿ ofth8 Studenis at all of the 5dK)ol$. Page 4

ST PAUL'S GIRLS, SCHOOL GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 PRINCIPAL ACTivrrY The is 8tsdemrAny 8eleoaThe and educates gits Irom 1110 18. In SoFkntér 2021, there were 789 students on roll with 227 ofthese in the Senw l&xlh F￿MI. Retenticffi in Ihe Senior School remaingd sleaty, with lew leawng lor¢ere¢JxatTh￿l alterna￿ aThJ 18 girfsfftJ"nin9 12 in Sèmber 2021. A trKoad ojrrrulum Btretctss acxoss the arts satntss. vth an especAaNy k4r9e larrfJuages departrn￿l $P8nnsng Ihg major Eurokwan and da55ical laTrJuages, as ￿11 as Mandarin. Th& school offers GCSE IGCSE in Year 11 wlh its own sc￿ Directed Ctyjrsès in ar( drama. history of art and music. In the Serior sch￿1, eWI $uLyeL#s Pr￿u symabjs ￿ fifteen wt4ects the li￿r A le¥d Ojrri￿lum. St Paul's facilitates an eXten￿ve c(￿r)jrrl(jJLar w05y￿rne for ts pup"Is. adivibes aTrJ leaming exper+ence5 running alongside and beyond the oJriioJlum. as part of the schwA's tyoader edUCath￿ provisKJn. StLklents pursueawije rarge olintere5ts a5weDas getb.ng irNofved in Charitabb a￿￿e$ ar￿ sery1￿5t0 thecommLnty. clubs and sctièb.ès may be ueated on the inibalive of the sbjdents. Welk&stsbli$h¥d exthang? prograrnmes in a number ol intemationa deth"nats"on$ PrO￿￿e opp¢)rtuniti"e5 to experience the cutture and èducab.on systèms n other Countries. vthere possib￿. Equally. the sthool undertakes a signifi¢anl nurnber of community outreach aCtiV￿"eS. Charibes and service to the co¥nmunty we centrd aspects ol the co-curricular programmè, students beir¥J involved in sever4 thffefent woiects- these are ￿￿ined in the secticn on siudent cornmunty ￿gagement GOVERNANCE MANAGEME Charty Governane• Cod• Goverrnrs are famitsar vlth Ihe Ch￿￿ Go¥wrw￿ Ccrfjts and Ihe Chty EthKal PrirK1￿es as ts¥eloped by the National Council forvduntary Organis"ons. Th0$Ch￿ seeks lo apF4y Ihe recwnmended practices relating to each ol the Chanty GOVernar￿ Ccle's seven princ(Fles and the Charity Ethicd Princsples. Govèrnors, working d05ely the tlirector of Induson. have dev40￿ divetwty obieclNes for the Board. The Board is looking to opport a wvemorvth res￿￿￿bilIty for D￿er￿ty and Inclusion durirrfJ the 2022123 acadÉmi¢ year. The school has dr￿M up an action plan to addre55 aTea$ ￿ere lurt￿ wtyk 15 needed, wilh the oversight of the Nfynin8tK)ns and Govern￿Ce Ccnmrttee, and as a5 a govwnor Iwth ￿spOn&brffy lor div¥rty and induson, the Board aims to apwnt govem¢Nsvith respo￿l￿11ty for￿￿1b￿n9 ond IT strategy. The Charty and Goverrnirs [Tr￿$t¢e$) f9)nti￿ to cnsthr ways li thich it ￿ ILwther imwove th& Ch8rty'$ govemarr standards. Govornlng Body Rwl•w The eoar¢J condurts regul¥ of ts perforniar￿e in line vrith Charity Govemarts Coje. In addition, governors are inwbj to disojss any issues rewdmg thè 9)vwn8￿ of the Board with the Chairrnan at any timè. Staktholdern The key Stskehdders vthh an ntwe5t in the dHrity's w)rk are the Mercers. Ctynpgny. the FW)i15. parents and staff and the wder communty. As s8t ￿t in the fvthEveM￿ts aTrJ Perf0nDan￿ of thi$ reprt the sthool plays an actNe leadership in the Wesl LM<kn Partnership IWLP). inwbng WLP schods to take part in $vents and use fa¢41it1"e& The sthKJl has haj partiaw cthe links Vith H￿mer￿M￿h Ar*emy Sir￿ its inceptiC￿. Page 5

ST PAUL'S GIRLS. SCHOOL GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The GovemcKs who Ewved th[￿Jh￿rt the year are Isted on page 1. Geoffrey ma11h￿S Was aw)olntsd on 1 M¥r¢h 2022 ProfosscK Julkl Ri retred cffi 7 Juty 2022 arKI ￿ ihanked fvr ¢ontribubon tri the school schcS events during the yew. Go¥em￿S are selected ty refererTh to efW"bty. pwxwl co7)petwKe * speuahst thlls The sd engages with extemal wcies to as%st in Ihe sètion of goverrm. Tr Mercws. Ciynp8ny ¢an appolnt up 10 14 Govemors and the Board OfGrNeMo￿ rnay apwit￿o. On aPWM"nth)wt G0vem￿S aTegNenan induction pacage, a tour ol the sdKK4 and meÈb"rywlh memtrs of staff. GovemoTS also undertake safeguarding. Prevent and GDPR tra"nir4J if tw have not 50 and are rewired to (ead key safewarding ¢Jocuments and guidar(e Dunng thè yèar are ￿rther traiThr¥J seworts and r￿lMendationS are rn8de about suitablè couiw ts Govemors to attend. In athjrfion. from knme to time. Mer¢¥rs' Company orgarrises training sxogramrnes for GcNeffl￿ in Vrith fknr in the Mercefs, Comparry has an interest The Govwnors, as the directrys of ￿ comparty and trustees ol ihe Chanty, are rewn5it4e for thè overall management of the school CommTtiees, meet 31 leas1 ttyee bmes a year, have teen established as Ed￿ZtiOn Cornmittee. ts)nsidws matters relat¥￿ to the edu(n 3ryJ of WFils makes recornmendab'ons lothe Board Finarth & Esfate5 Commiitee.. advi￿ on the devehjpmrt use and Mw1rten￿￿ of Ihe sth¢<4estat8 assesses the scrpe and effe¢b¥ww ¢ ts sYs￿S eSts￿thed to id￿tify. marwtr 8nd mo￿tr￿ finanoal ar¥1 nO￿fin￿aL risks Nryninotsons and Gov8marTh Cornmillee.. reviews the stnKtwe. size 8rYJ ofthe Board Id•ntsfies aThJ r￿inateS candidates for aFV)irthentto Bod oversee5a regAarpwIm¥￿é éaluab"on ofthe Board ￿311 itsmombers. cyMJLthd tytrChalmian initDtes the prctèss of re￿￿￿n9 Ihe High Mistress and Bur considers al aS[￿ts ofgovern￿c Of￿ sch￿1 * makes re(¥Thmendal•Jns to the GO¥￿ing￿¢4 Investmeni ￿J￿mrnrt1ee'. athse5 and rnakes rèttJmmwtsJ"orts tothe Fina￿ & Estates Cc￿￿￿et investment asset dasses, other IIHn Ihe SCI￿r5 [￿Ore[ty. revw thg assets vAthtn the NcTrTeathing Staff Pens¥Jn caieni Management Group {Buil(brwJ ￿01dI." monrt¢ys oversees the redevekVrn￿ of the 5d)J'8 iwJirwJs th ac4)Ndgn¢ wih the ￿Jt1Ine sildirKJ Ptan aTrJ W prevwsly apwoyed by the G0Vem¢￿ aThJ reFths aThJ makès rec4JmmendatMs to the Goverr¥xs In rdabon to the Page 6

ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 OryanlsatlonalManagem8nt(conllnuad) The day4tsday rnanagement is delegated tots High Mistre5S swP￿ted by Ihe Sen￿r Managemgnt Team arh tO9ether this group are the key man&Jemenl personnel. The Hwh Mistre55 repC￿ts once eath s(￿1 tenn, and on other cttasions as required. lo Ihè Govemr5 cffi the ￿l¥ltieS she has Lmdertaken in manaying the 8¢hool. She attends Ihe FIna￿e & Estates Committ8•. the EdtKation Ccffjrlultee. the Nominations Commdtse aThJ Cll$nl Manag￿ent Group meetin The sLxJl 13 re9￿ated by Oeparlmwrt for Ed￿allOn iwtwj ty th8 lTrJ8wdent Schcd5 Inspeclorate. R¢mungrnllon Polky G0VeTh￿rS approv&J a tsmal ReMu￿raIl0n Pc4ry in Marth W16. Ensuring thatlhe sthoc4 has transparent txrt flwble reward systems whth enatle the reuuitrnent and retènbon of truly ext￿lent slaff is essential. The schoc4 uses maiket infom￿1￿)n (ci berthMarttM￿ puwp)ses. to day dea"sKJns th)ul pay 8re ma( ty thè High Mistress and Bursar within the scope of the RemLmrabon Pdy. An annual pay award for all staff is sidersil by ¢>)verTh)rs ea¢h KJ w￿ded from the folhxin9 Septembw. Many teathing stsff also receive an anThJal Inc￿Ment Insuranc• The scknol has Profession￿ Indamnty insJrw in iThJuths Dirwkns and Officrs in5urarKe lo coverthe ¢>)st ofcornpen5ation to atlird party ifa daim is mad&againstfft oflhe school'5directors lor0ffi￿rSI arising from any negligent acl èrror or ￿￿1$$1￿. commiited in gTh)od faith. The iThlomnty limit 15 £10,CO).I)XJ. Indemnity insurance is also induded kn daims made agansl th& s¢lh)J Irather than direded at an indiwduall wrfh an mdemnty ￿MitOr£S0.0[￿).c0J. Tr arnu￿ p￿luM forthe Profession￿ Indemnity Insurar￿ is £6.899 and ol this. £1.380 is attributed to ts Dirott￿ and Officts Ir￿￿ance. STRATEGIES TO ACHIEVE AIMS AND OWECTIVES The SL¥Jl's Strategic Plan 201>2024 has six artss off0(y￿.. BuMuig on thB ofthe sd Wellbeing and menlal heatth Creabwty. innovation the re¥￿￿￿( DNersty. indusion arn1 c￿ned{Vfy in Ihe mcJem wirkj Engagernent the communrfte$ arou￿1 u$ Respons1￿1￿, effioerLy and accountabilty The sth001's 8l¥xt.term are set as anr•Jal tarW ts work Wilh￿ the fccjs areas of Strateg¢ Plan 201&2ff24 rgwd to its bnwim 8im& Page 7

ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGusf 2022 OUR ACHIEVEMENTS IN OUR FOCUS AREAS 3ull(ry on thè •thos olthe school The continuès to see rts silthnts ￿hleYe outstandirvj 3Jemic regjts PUNIC examinatiorts retwned to Ihe normal assessment [￿ceSS aTrJ Ine wlh outujmès. al tL)th GCSEtIGCSE and AIèveV￿U. At GCSEAGCSQ 85.7% of entnes kined a 9 gr ar¥J 94.3% 8+5 or A" 8Juivabnt 93.5% athteved an A" or A grade Thi5 ￿ the tenth su￿51￿ year Ihat ihe proporti￿ of entries a¢hi&wng an A. equvatent gr•de * GCSE has exceed At A4evelPrfrU. 74.8% of enlnes ach.eved an A. with 94.8% ￿)￿Ing an A- or A RegardirvJ UTr¥￿ de511nth.￿$, 111 SI￿JeniS, induLlThJ 10 IKJrs￿ sts￿ents, 98ined places 81 Russdl Group Urn¥ers￿eS, of 43 I￿re CIAbrty American thir&levd education oy)IrvAs to be a popuk atemabve ilh 20 Sknknts p8s at US universibes. The $¢hcb)I proMd¢s an enricthg C￿￿1￿1ar exP￿r￿, in thich every sbJ¢knt 15 given the opwrlunlty to folk)wth&r passions 8ThJ Ixon hcft2ons Arryjnd 1XI dub5. scKiebes 8rvJ acts￿￿eS are provmded sen￿1 students often takjng a leading rc4e in running ¢ubs ts the be￿fft of Y￿nger Studenis Parlcipabcn in the Dd(e ol Edinburgh's awar(l at ￿ &lvef aThJ Gold Yevds has h'gh. and a successfijl pilot of the Bronze ward h85 ￿Ved Ihe %vay fcrf Ih& fLII intrcJuth'on of tlws bevel in 2022-23 Debating, rnusiq drama and Sport conbnue to be thriMrvJ wea5 of the ¢(HxwfiwLar prcgrammo and othw wANibes such as Model Unrted Nations and enginepring have te8n gainng MCW￿rn. evér. SLxties have originated from the stujents themsdves. SLK as Finan￿ CMJb. J￿)3￿ Club ￿'Ment¥ Film in past year The schwl a150 wetomed an txlst2TrIryJ cast of ethma spèakers. ty the scoeties and S￿)Ie¢t departments. The seeks to promrrte a caJlbJre ofgEWDwty and awarer￿S Senior Sclwl stLwJonts took part in a wide ra￿Je of srvu actmti.es as part of the St Pad'5 Proganme ￿ Friday afternoons, Such as running 8 irter8cy thme in a IC￿ prnnary schcd visbng 8 (are fw)me. ccffnmunty gardening on Bropk Gre and helpiThJ to run Cknbs in a Icta Sc￿￿ lor chddren wrth sw'81 rwls and disaLlrtses Other ser￿e act.￿tIeS opeTatir@ * thfferent bmes of Ihe Trheek gve CVFL)rttmtbès fc( a grealer Thjmber of students to be involved. not just in the SenH)r Sccd bLrt also yojnger age wups- for exampk. have expanded our partnwship with Prqe¢t R(xJsseau a rjFp￿￿t￿gan￿tscn in the uSAth¢MF)￿rs youth in uTrJer-seryed ￿mMun(C.￿S to r8ach their fijl potential and helps Stud￿ts pursue and excd in hgher e{k￿￿.￿n. AgreatnLmber ofsludents also contribute to our ¢lw"tst4e fuThJrawJ efforts. led by Ihe Ch8riiS C￿￿rnrttee, Ihrough events as the MIV SFonsored Sv&im and the Ami• CcrfKert The ss cornmitbj to deyebping Ihe shj'lls of115 stsff and •) line wlh Ihi8 oThrnthenl 8 ¥Jetyfic Asslstsnt Head Teathing and Leaming t8th wlh r&SFon￿￿1ty for staff (ffib"nuiny wolesg.onal development was appinted. Thi•è dvJital &charnF4C￿$ SUPPOrt teaching siaff in tspb"ng to remote￿ hybrid teaching platbrms and a second Assislant Heay TethiwYJ and Lèamry teathw has a SFeific f(w on le￿￿￿C¥jY use in the da5sro¢xn comp18ments one-t￿e SCI￿ devtr TheTeathing and Learing Cornmittee W•llbdng and nmntalheahh We uThJwp"n ￿1 that do wth an ernphaS￿ ￿ triendship, kndness SLWCrt deveb)ping re$ili•nce and a sense of selpwoth 0￿ staff are rr)st Im[￿rtant asset arky tr SchX￿ is ¢(nrnrtled to equswrrfJ them with the s￿11$ and to maroge an W￿rea￿TElY dernarKng pastora environmenL We work dosdy wth extemal speak￿3 ar*J wdlbeirvJ than1￿S as as c0latrKffati￿j Iwth ts brys. sdKd to ¢Jeate extemal pastoral trw'ning iK>th sludents ￿ staff. Page 8

ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 W•llb•lng and nMrtalhs•lth (¢oft The schoc4 maintsined rts commitrwt to Ihe St Paul's Leadwship PrDJramme. revamped to work ￿"n ccnstraints imposed by lh8 pandemic. The pYogramm• W0￿deS V￿th opportunities to engage wrfh sthc4arship for S¢￿)1&r$hIp.S sake a5 as hdping them to prepare for a world beyond the scho￿. Thè sthcKJl also er￿urage$ StUdent-￿d inibatives, a¢xownnKJatin9 OPWWtiJrrity lor devejoprnent of leadership sknlls. scwl c4)ntinue5 to enha￿e its pastoral care prowsion, ￿ expanded the ptoral eArÈ tearn in 2021, 8thYing several additional Dewty Desvjnatsd &fegJardirvJ p)5ts CounsdlirvJ seNce5 were also expanded. To answerthe need fcf improv&J Spa￿ for kaming SUPPOrtaThJ pas￿1 rJYNersMs. a Wellbeing Centre OF•ned in Aulumn 2021. The school ha5 introduced a three•yew fojndaticffi D)urse in Comwter saen￿ aThJ CreatNe Tethnology ICS & CT) forall sbJdents thatJty"n the Thi departmentwill combine wjing, rnedia and emerging technology to prepare our 51udents fora￿ shaped ty technojogy. A s¢ool-dirg¢ied¢ows&al GCSEwill permrt stsjdents to continue their sludios in t4)Ih Cornputer sryer￿ and Creative Te￿￿lOgy. The schcd intrc#Jucd mandatory 1..1 dewce for th8 L¢)4bW and Middb Sthoc4 years as part of its dvital 5tralegy. th an awareness of th8 t)sthe ￿￿1t￿ing ftss when students 8fy inbued Imth (￿fIdence in techndogy aThY 5ki11s in problern scAviro. the sccd'5 wesent fccus is to esta￿tsh thinkirg and th￿ght leaderntip in the applicabon ol te￿n￿C¢JY auoss tlp ￿M￿lUm. seeknrg to devdcp innoyative appToxhes to Com￿8X problem 50fving. T courses are delNer&J to all Year 12 stud￿ts these areas as 8 ￿ of the St Paul, Programm8. To d￿1￿ t1igital ervJagwnenL the in Ihe PrC#￿$ of constructirrfJ a new facalty. a Cèntro for Design and InnovatKsn on the site of Ihe Ro￿1nd Fran￿1n ￿￿ding, wtu.ch rtis hcoed will wnplete durirvJ the 2023 Auiurnn temi. The 5th?ol ru￿"¥81e5 a culture ol irrJLryon and reswx so Ihat it cdetrfales and re￿ th8 richness ol the world arouThJ IL The Prow￿On of t￿Saries is c¢ntr81 to thè scJkYA's dhtss and enriche5 Tts cornmunity in every way. The trustees adopted in Decemter 2￿) the sthod GovemoTS' DNeNty Plan, r9flethng the ￿spectiVe rdes ￿sportsibilit￿s of 1he goveming bc at a Strateg￿ ￿ arkj the SerKW Management Team at operati￿01 levd, to intsgrate thver5ity ￿ r￿Usion ¥•J05S the sthcd. The 5th￿￿,$ Friday lectwe wogramme feaiures an edgth"¢oThJ&of speakers. The Diversty and Induson ID&II calendar 1$ well4mbedded wlhin thè Cal￿ar and features Speak￿3, events and acbvths to promote and cdebrate the rithness of the sch¢￿1,$ cx)mmurrity and the beyond. The S(￿1 chamFiorYs ir￿lUSh armss the In(lepenrtenl S¢FK)cA sector rnembeTrhip ol D&1 gr￿jpS and thr(wh stalf prèsenting at conferences, inclLMJing ACEN and 8SA Tea(kn Workin9 Pwbes a￿ ￿1rrenty locking at th'versifying admissior15 and at fvrther'decdcffli5ing' and accessing trk ojrrw￿I(rn. stLkdÈnts ond siaff wll ￿(￿ve acti bystandw and ra¢ial awarenes training n 2022-2ff23. Th& s¢hxl remwns ¢ommitt8d to widenwwJ acress th1￿ its ￿rSary F¥ogramme, offering tsark8f￿8ti0naI bursarres to academicalty gifted studerrts whose lamiliès camol 8trd tees. Most bursary ￿dents ￿C￿v& 10LPh fee rgfflissw￿. During the 2021r22 academic yew, 87 students rtt￿ved rneans-tested financrdl supporL equwalent to 11.1% of thè sd)od roll. ofwhryn 56 rece￿e￿ ￿11 ￿mi￿on. ￿1 famthies apptyirKJ fora schcy)I pla¢e are informed of the bursary programrne and erthuraj￿ to appty. Dela￿ed means te$iirwJ. and a horne vi detemiine the bjrsary a￿￿r￿ and 811 aw8rd3 we rev8sses5ed annualty. The lotal vdue of bjrsaries warded in the year to 31 Auw 2022 was £2.2m. Page 9

ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Buwrl•s ar& fijnded directy by ts 5r(S. trE wwed$ oflhè sd)ocA's er¥knrt ILmd and ty grants and donat'ons The end(Avmant l￿d, Yalugj at £12.8m on 31 AU￿ 2022, has Lwi ￿NIt up by granis and donab"ons. EamirrfJs from the fr￿1 supp)rted ftjll twne equwalènt of 13 frjll t￿rSary place5,' Ihe directy funded 27 fijll time eqiiv81ont aThJ th& rwmairmng wvaerrt 39 lull lim equrwaknl fvnd by re$tritt•d grants and dOnatiC￿$. Parthprships wlh schjds aTrJ ots cKgarisab'cTh alrth3 the tr)1è8m frcrfn ollws. share Jea5 and pocl rasour￿$ De￿O￿r￿ a thread of 5WVKX throUg1￿ul thtr $ts aor￿de the hvJhty sw£e56ftJl bursary progr8mmè The schjd seeks to c￿ate educabonal partrwsFy with s(Ws and olher org￿lSatIOns, Ind￿rI￿j the Wesl LoThJon Parbw¥p Thg Hoher Educats.￿ (HEI and Career5 SUP¥)ryt athibes ovw 1CQ puixls from olher schools rerave SLPPOrt vthh pwsco1 stst￿ents aThJ intervivw preparaticffls t￿￿Jh the sthcol's HE ￿ffileTen￿. The schrK4 has dee￿ne￿ its HE work through a partnershp ¥Ath IntoUnNwsty Wh￿ parents and alurnnae have acted as rnenttxs arxl mm.ded wOrkxwier￿ and intemship OPFW)rtLwylies to pw)ils frLvn otrr sChO￿s. 5th001 is to the Mercers. Charitatse FO￿d8￿.1￿ for ts sup1￿ in ¥stsblishing a STEM SLwnmer course and Easter reyi5M wur3e tr Yews 11>13 in othe( schxls is in its S￿Ond year The Wèst Lc)don Partr￿r$trU"p of five Mant￿tled and iTrJeFendent 5coo15 is devdopng stroThJty at)J nLt4e Sl￿SSes indude the shariThJ of ovw 80 ￿kS and ￿ents a￿￿ Ihe sthods. as V￿11 as CPD on sustsinaknlty and entrepreneurship events. Heads of departments frorn aK %oots ao touch to Sh￿ gc¥)d WaCts￿ and challenges as the partnewup devew lurt A new drama proiecL Hammerbme. w￿￿je￿ se$90t￿ fw Sec￿jary wp"Is from fve schx45 bpading UP lo the p￿sentatiC￿ of 0rig.nal rxk aThJ a F4￿ The scry)I's ComrArtèr Sts"ence and Creative Technology ¢lepath￿t coth.nues to open its dubs in area5 suth ¥$ rthot¢s. VR arKI Phclogramrnelry as well as opening up engineermg sessthsthrtyjgh EThJineering ECO parfneTships Contr.n￿l0 b? strong through ourwork with thè Lcndon Sthods EcfyNelDrkand UK Sch￿￿$ SLtstsinaixlity Ne￿th.Ch has allmd schools a705S the C￿J￿try to share The sthoc4 has restarted tswtykwth pn.mary sch)olsvAth Tea(JiThJ proiects through Bcd¢ Clubs in &thool$ and the charity West London Z(xw, maths mas1￿daSSes. wmary ewpnent days, pnmary PE tournaments and Minimus Lab"n sessions. The schcd's MUS￿ men￿ng p[Di￿1 hasworked over 1C#) primary pupils leading up to a concert in May Tr sdN)ol (￿b"nUeS to make its f￿litS avalable to othw5 vthere wssibl& and has h05ted swim galas. sK￿s days, SFQrts events ts Harnmersmith arn1 Fumam as well as a C￿Zenship programrne for over SCO wpts. Naub"lus, the company OFerates the sch￿1,5 pool, pmthda four coathes 0￿r the week for cosl price and del￿￿3 leS￿S to abwt 10 60 primary students per ￿ek They curronty have SS swmrners enrdled in free 5wrnmir¥J lèssorts on &JThs. The scknol continues to drywte texi tmks 8ThY equirAYient valuing thcJsands ol p￿ndS to cther througthrt the ye¥. tJring yw. 81 ￿nts ￿ Ye￿8 10 aThJ 12 as P8rt of the Duke of Edinbjrgh's A￿4rd Fryramme. We will seek to matntan the h#Jhest standards in ethjc811￿. vrfarè cx)Mpfia￿e an(J safeguarding. all while d¥oyiTrJ ow resources ￿th inlegnty. csJst4ffeclNer*ss and effiC￿n￿ In cr￿Mr￿ sth)ols In the independwrt se¢t<N. thè schcd fxes finarKia thaler¥j￿ ikrt is c￿fidÈnI that (x)mbined effects of its cJThnl Pa￿ 10

ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 school contin￿8 to n￿l¢M￿o it$ 18CAlibes. The nvw WelltrarNJ Centre. opened in Autwnn 2021. has teen well ieceived by both studenis and staff. Thè bJikro work on the Centre ts DeswJn and Innovation conb'nues and the proj8d 15 now due to complete towards the of 2023. Tlis bJihJir4J wll provide 8 dedicat￿ space to Ilnk new and emtrrging tert)nobJies, arxs ¢onwt¢r wlh maths. scaence, desi￿ and the creative arts. oifering StUd￿ts an imfflersbve studv) and thrication and rnaker-S￿ faolitr"es. Wth 8 separats entrance and a ¢entral event area, Ihtr buiklirtg wll 8tso enhm our atAlrty to par￿SliP events wtiib also gMThJ access lo facllfaes that may not be readity avalable to local Stu￿nIS. Phase 3 indudes a new Fuum t￿lId￿￿ whth alkn¥ tr o)nsc4KJated staff ams to fatslitate ccdlabofats've work¢ng, fr￿r0 up Sp￿ in ￿ Main to ¢J&ate better f"1th5 for studpnts. The s¢ffr)ol also plans io remodel the front entran￿ to inwove xCesstJ￿fy and swity arrangements. Thr￿9￿)Ut￿￿Year. all sthool stskehcAd¥s ¥￿e apwsgj ofthe scooYs athievements and projress throu regular and frewent newsletters aThJ sdth ￿line publicabcffl In an effort to SUF¥)￿ent our of to oytrilyjte to Ihp sthcd's evc4ution. we developed an intemation81 operation. Our SPGS Intemational licenced schJo15 pmwde i[￿orne to fund bursarie$, Ihus widèning a￿$s. and to fvr¥J pathwthp w¢gramme5. In ￿ year end2d 31 ￿JguSt 2022, SPGS Intematicfial gift-aided £133,078 to St Paul's for thi% puw. There are also F4arkS fin pl￿ to ir0e￿e athJitional Incom8 OUR PERFORIAANCE AGAINST 2021r2022 TARGErs Thè 2Q21 Truste#s' Rewisetout speafi¢tsrg year2021f21 PerfcrfM￿8 ag￿n51 Ih8S• targ8ts was as fc41ows'. Engage pargnls, stsff and pupils hic￿￿$3ti￿sar￿￿rtj￿U81)￿', Fffomote dwwsity IncJLN￿with1n the community: engwJe in Equality, Divwsty aThJ Ind￿%￿￿ IEDII ttb)ugN4&adethip nabonalty Compteted: 7here are now es1ablts1￿dandeMbeth￿d EDlgmups." D&1 Studgnl C(xnmAltge. D&1 Staff Wo￿n9 P8rty, 8n 8nrw81 P8wI suTh8y 8Th1 consult81K￿ evening regarthng relationships and sex All of thosé engw Ihè Lywnmunity irt conversab(ytrs 81xxrf EDI. Dwersty and Indu&LW is prcynoted within in thecommunityandthe DNeityCalendarisftillyembotSed. The soknlputs (pn 8 wide variety of evènts and (braths and thè farfh sixyeitres, PoGSoc. Fem Sc¢, the Afro Caribb6an Society (ACN), Spectwm and SEND so&et￿S we very andput on Ihwr(wn &v8nts, organise talks and raise awareness Yearfj students have afl annual ONerwty Day with St P8uI's School andthè school comMi￿1c￿?8d Flairto undgrtak8 8 stmy. Aspart ofthe fe&dbad( fr￿￿ the sthool ￿11 be p￿tt￿g on raual awareness and bystanLÈr trwning rc￿ all stoklents &Jd staff over yw. Senw staiyhav8 prgs8n180 at natKMJal C￿l￿r&n(s and 0￿su￿ ￿ EDI with a n￿nber rfsLLK44 es well as w￿itIng artKles lor&$s￿l&l￿￿ publica1￿￿. aTrJ year sroup events. Partialty completed.. Closer GoI8IK¥th wilh St Paufs S&K￿l has athIeV￿ 8nd Mains an ongoNrtg pn¥"sd. A number ofevgnls ¢8m¥d (wt during year ￿ Collabora￿ bwth Sl Paufs Scho￿. These indokled 8 iollit prefect str8tegc plaming afteM￿." o 18fwcale online dis￿$$ $ympowffj fvrye8r I18￿year 13 ￿ ttlo wake ofkeyissues dC4￿CeM to the stud￿ts,. r￿ularJc*nf ￿￿￿s￿l￿ndplannryseS$i￿sbeIWeen the￿IK￿ls'CAR 8ndlhe SPS VALUES¢omJniltee5 (gmups est8bfvshed to pr[￿OIe pO￿ve rel8lhyJth￿5 behveen the Iwo sd)oots)." 4 I¢￿1 vNd80 ￿ation cc¥npeb"bon." 8 m(JF4c cwpetstio? (8alUe t￿¢he Bwjds) arKla ¢Goterycompetthn (M8Sterchefj. Page11

ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 OIIR PERFORIIANCE AGA Th4ST W2qf2r22TARGETS Icontlnwd) irKlud6d Ihe physKs d8partments Engtsh dopthents runntsw 8￿nI day of as ￿￿888￿1 . wJtsrtu8d lo mn the txyKert sludwts lh8 sc4Kxxl tcM ￿ in a St Pauls year 9 DIVe￿ity Dayhekl at St Pauls Scho&l. The ￿ aLg) I￿ted ￿ wu8liwl years 12 and 13 12 tookpart in 8pnt entYepTrnÈUth￿ game. Iryans fvtlws academic yearwtw see moffj ywgr<M 8cvtss andSc#iety/depw&￿1 LxaiKw8iM. Conffinue to enknd tye&vty mcffe dwty in t￿1￿j aTrJ lewning Partlaliy ¢<¥nplthd". Th's r8mains 8 keyftw and W(4lhe %122.23 Gumculum Review A Te9C￿9 8nd L&8mtng Gmup, under Ihe lead8rsh40 of Ibyo tw As&stoftt Heods reaching and Leaming (dwit81 strate￿￿n0¥￿&￿ arKJ stèff d8velopmentJ is reWe￿ng cfjifeTrnl 8spe¢ts of pedagL)3y. This bcYJy8ng8psift ￿￿wS ofvaftiotss aspecls ￿tea￿l￿g 8nd188ming. induth"ngdtyal strat8gy, classro(#n pedaswy, h(¥newrt 8nd pmftr&%ffL￿al thvelcwent ￿vIews. In affl areas the s(oolis thinking 81)(wl Io &M￿dmLYo crealjve appffjaches lo teathM￿ leaming on both o Sèv8r81 departments have IIKwht cre8tsv •btxrt modes Lrf 8sSeS￿ent H￿ory replaced surnmalive assessm8nt at tts Yw a ￿ c￿abc￿rrv0 prqeG culmAn81￿g rn wal plysenlatK￿s. Arthiskny, Ccffipulerscwce and CAe8bv8 Technok>Jy S￿￿I￿r￿dC0urSes have replaced GCSES and gNe free(k)m to des•￿ the wyicul(wTr wound argas that 8rv overl(xed by mainstream examNn8frc￿s. F(￿ inst8rK& 8n 8nb.re paper tn 8rt history fttuses on the non.Westem carK¥J thesdKwJlte8ches ￿rtualKealrtYandarti￿C￿linte￿￿enGe ide8S With ourbespokeLower8ndMth SLtxjIL￿tive tethnt*ogyprDJramme. Ffftala&s8s&Thentsn olllhree so￿J&￿S presenIabL￿S and co18b￿a￿ve subJ8cts jc¥n art dram8 elective in ￿ative technc4cyy trye8r 12 ewves ts senior slw1enls wh'ch re5[￿nd to emwgirvj l¥hrnlogi8S wff8less arKIAI- int¢rWn9 &vJns m&Ye uwg Bffytsth langu8P. Fknornmming m¢￿1w￿lch aKned to imprnve the of8ulunat8dcustc¥nercare s6rvKes and anothereXpI￿edMactsine le8muworKlthe r￿k101cC¥np￿ler￿byC￿8tsngan image da&s￿e&flOn 8(gckrylhm Fyhon They used a Con￿lUb￿>81 neur& lo identify f&a￿r8S optimisg Page12

ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 OUR PERFORMANCE AGAINST 202112022 TARGETS l¢onllnuodl Revw aThJ r8form Ihg ￿$ti￿J pwfmnce deb?kn￿ent of staff to better suit the needs of 811 staff involved Compl•t•d.' A new p8rfm8nc• ￿M¢￿t trte8ching aff now cc¥npl8t•. Tho A&yslwJi He8d teaching and leaming (slaff develcpm6nt) met wjlh He8ds olDepgthien¢ in 8uthn 2021 to cryst￿lS8 r8ouK•m#nts as a result. The motorial changès introducedwpre.. The rewewee now ccnpl610$ 4 numtwofrevbw staternth￿ to hcrtv o)nffd8nt they ere with 85pects olthewrole. and wc¥k tlwh a setafqtsè￿￿s linkedto these stateM￿ts The rev￿Wee may seek feethadr from ￿&s￿S wJymou$ fThTrr. The ￿￿ets for an hour with of tyiathent, thgn 15 the releventhead of year, ond 15 minirtes with a memberof SMTto discuss, in order. 8cademic rld departmenlalpriorities, tut￿￿ andsafeguarthng, and school ¢{￿￿￿￿fI￿1S. 7he popenvth is k8PttO 8 rninimum.. d￿￿￿entS are shared oVerSha￿p0srt 8nd am ack to al ead] stage. The revnwee rntall￿ access lo tho dc￿uM￿l trfuturg m8efrng$. The MAStre&8 meets with eVery￿viewee lo ev&uate the prctess. Departments will commènce tt#"s new PDRpffj￿￿SeS wtith thwr departmenls over th& CunAr￿ ￿Or. A reviwprcr&ss lorlhe Senic￿management team is underreview Mlh the Hwh Mistress. Seek to increase additiond income s(￿CeS. Pathlly compl•t8d. o ￿￿e￿. the sclKknl h8$ implemented new pr￿esseS de&gned to strearnlARe the hiring dthe swwnfftmwpod andto maxtmis8 rnV6n￿. In addrfion. f￿rSChOol0Wned flals have b88n 18t outCL¥7NneW. ljriryry ￿ furtherincm. Grcw the enl￿rnent of SPGS Intemational ChengthijunK( s(thcd and reuu students. teachets and sen￿1 leaders for the senky SCI￿1 opening in Sept￿ter 2022 Complet•¢M)ngolng." SF6SlJuriwSthcYgrwfn¥n 3Tstu(kntsin September2021 fo 14 sfvdents by Juty 2022. D8spite severe chng6s to Covity lockdo￿$ 8nd qu8r8ntNrfre requirements. sufficient t88cl)èrs w8r8 rtttUAted to open the seri￿ s￿￿￿1 ￿ Septhber 2022. Total enrolment across both dNifK¥JS now stands at 23O&YUdw￿. Develop collabyaiNe kYoie¢ts bthben SPGS Intemational Sccd in CWdu and St Paul'$ GSrf8' SchcK4 Ni London to SUPFYt Mar¥Jarin and gktsl cilizers Compl•t•fthgolng." A nUmberof(xStsb￿jfrve vutiabves we de• ov8r th8 year, irt¢luthng 8 proied to support IGCSE Mandaiin sludents 81 St Patjls 8nd 8 1&8ch&r n￿lo￿ng prcgranjme behveen London and China. A wth.ng proiecl 'SYories wth my Bw Sislef and an ath&gn p Page13

ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 SUMMARY St Paul's GN1$' Sthcd I￿S commissThd Ihis repNI from JRP SolulKis Ltd to confinn and vatsdate th￿r greenhouse gas emissions for the 2￿21r22 rEwtirwJ pw>J. Tota 8mIssK￿ for the year 644 tonnes of Carbr￿ dioxide equNaknts ItCO2el based on a verifj&J v5age 013.472.924 ￿￿Watt-hCIjTs IkWhl of energy Emiss￿$ ha¥9 ItKreaseA ty 0% on the prewcJs repNbrg year arxj irveased ty 0% from the 21122 baselne rewrting year. The cryarMsalTr has uNlertaken 1 effjer￿ effic4"w ions IEEA) in this reporung year. The terty fatTro Is 0.6 tCO,elStuM th& reFJlirs yew. Ths rep)rt has be￿ (L￿Filed ￿ kne with Il "Ernriror•rn￿ R¢t¥yb"ThJ Gudelines Indwlry stwmll￿d erEpJy arKI Ca￿ rtyortry 201W. BASE YEAR MEIHODOLOGY AIIDAOJUSTIIEPITS The base year ￿et￿y)lhal has been u5&J to o)mfft Ihis rewt Is Frxed Ye¥- Ajl-year Boundary. A FinwKial Contrgl Boundary has been Chr￿ for rewrbng on Green HcAtse Gases IGHGS) A finarnial Ixryundary has been chosen to align wlh tr rest Oltr￿ Llrecor Fin￿0a1 Repyt hjl site5 and oxnpanies in the UK have teen induded in repNbng, ewen il they th) yhfy Ki thw (ym nghL This rew)rt CO￿1$ emissions from the PWKXY 1 September 2021 to 31 August 2022 Th15 repoTbng has been chosen to rnatch Ihe fxganisatw's finaThi iepoTb"rrfJ ye¥. ENVIRONMEPITAL IlllPACTS Only environmental i￿Va¢a5 from W￿Se gases IGHGI are Tr￿uded in Ilvs rep(wVse¢bM. En￿￿)nmental impa&s trom wastè, water, resource effic3erry, ecosystem intwth non GHG emiss￿ are C￿￿51dered The reF(rt has been Iimrted to sc48 1 •¥J sowe 2 ¥Ath swe 3 emisstons ffleet trwel a5 required by SECR reiMyb"t¥J. standards will wt4ish ésthyhere. GREENHOUSE GAS EIIISSICWS TalS• 1 en thè lo11¢y￿@ p&Je strThY5 the GHG emE$y￿S tor St Pa￿$ Sckd in tcff)ne5 of c8rtTh d¥)XK1è eqLriva￿nt for the base year of 2021122, Last yw the oJrent TeFrfxtirvJ year. Tota •ffisgc#)s lor 2021r22 are 644 tonnes ol carbon diox*Je wuNJent We ha￿ assumed that 11 reneKat4e gerwabl cn site is used ILY opwab'ons and is exputed back to the grid Leased n 8ThY out propertss are OFerats"ng feases aThl tr￿lefore ￿de￿ AkvThJix F of the GHG Protrcj sit in SCOFe 3 aThJ are exdud&J. 14

ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR ThE YEAR ENDED 31 AUGUST 2022 GREENHOUSEGAS EAIISSIONS (coftllnu The general defin￿onS oflhe GHG Sc(pes are delailed bekw. SCO￿ 1 - Al Direct EMiS&or￿ from thè ac"vit of an ￿ganisatiOn or under their (>Jntrol. I￿l￿a1￿j combustion of bjel on site suth as gas borfers, PLxthased lud for vèhides aThl alr<(￿dIti.￿ning lèaks. S&)pe 2- I￿1￿rect Emtssions from eltritsty wrca5ed LLWJ by the ￿ganisa￿On. ScoFe 3- Al Other Inthrect Emisgons from acthibès oflh& wJanisal]￿. o¢wrring from swrus that they do not own or CiyKrcA. Onty Gr￿ HeJemplryee rAr miwe daims red indLhthrg for SECR. Baseline 21r22 431.6 Last Year 21122 431.6 Rèport Year 21122 431.6 Gaseous Fuel Site Veh￿￿eS Sub Total Grid Elecitity Heat and Stearn Electricity fcrf Evs Sub Total Grey Fleet Sub Totsl TOTAL EMISSIONS Variance Ernissicrts IiCOl EmIss￿S IICOl Enwssions tCOl Emissions ItC02el EmIss￿nS tco Emisstons Itc0￿) EmissTons ItC02el EmissMs ItC02el Erniss￿S ItC02el Emiss•Jns ItCOl 433.2 433.2 210.8 433.2 210.8 210.8 Scqje 2 210.8 210.8 210.8 Scope 3 Carfoon Offsets & Green Tariffs Purchased TOT￿ EMISSIONS WTH oFFSE￿ING Vallance Emissm ItC02è1 ErnissM ItCOl Table 1.. Greenhouse Gas EMISS￿ {GHGI Page15

8T PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 UNDERL ENERGYUSE Ta￿e 2 below tre energy use for St Pa￿5 Gyb. SthxA in kthylrntt {￿} for base year of 2021122, last year the ¢wrrent rerAybThJ yèar Tota ew for 21r22 vrd5 3,472,¥24 k￿kn. This is 0% abov8 Ihè 21r22 tjasetine 0% atKwe last year Ern1S5￿3n Units Last Year 21r22 2.364.571 Year 21122 2.364.571 21r22 2364,571 Gas80US Fu &1• Vehid•s Sub Total Grid Endgy Iklfyh} S￿pe 1 Ewgy Ewy (kwh) 2,370.937 I,0￿,132 2.370.937 1.090.132 2.370,937 1.09),132 Scop• 2 Ewy (￿) 11.177 11.177 11,177 Sub Total Grey F Sub Total TOTAL ENERGY Variar (k￿￿) Ene Ikwhl En Ikwhl Energy Ikwhl 1.101,309 678 678 1, 101.309 678 678 3,472.924 1.101,3C¥a 878 678 3.472,924 SLa)pe 3 3.472,924 Table t UThJedwng Use B8s4ii Type Unrts Ye¥ 21r22 21r22 kWWStLlent 3.017.3 3.017.3 Table 3.. OFer"on CongJmpt1￿ Intensity Ratios Year 21122 3.0173 Basekne Report Year 21122 21r22 21r22 iCO.elSludwt Tth 4.. OFaation Erniswn$ Inter* RalNJs Pog8 16

ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 ENERGYEFHCIENCY ACTAYIS TAI(EN Ouring Ihe reporting yw 2¢r21r22 th& fdkmirg ￿ efficientty ￿￿)n$ were tsken: Cate ory St Pauls Girls. SLod have complt8d thwrftjll fcolprint in line WTth the GHG Protocol auoss al SQJFe5 and relevant categcrfies. P￿dit￿)nallY. I sdKd have set a trajectory to reduce s¢w9 1 and emissKJrts in line ltrith Science Bas8d Targ8ts for 1. Celyu5 ofwwmi Cther F￿1 ¢xLKJn fw'rt Table 5.. Enèrgy Efficiency TakwL ASSURIINCE The data and inforrnabon indLd in ts rwt has been comF48(l arkj verified by irhlèperndènt o)rutsnts JRP solub.ons kn"mited. FUNDRAISING AND ALUAINAE ACTlVttY Fundral$lnq In support of it$ ¢h8rttable 04'e(ve5, the sdth seeks lo r￿se amually yJif+c28nt fvTra$ from the sthool community to support four 1c￿ mearts-tested ￿rsary places. Funds are raised throLuh reg￿ar donath)r￿, major d¢y)or fiJndraiwng. • proJram aThJ das5 gifts. The school wekomed pw and dM$t1￿¥ all ot our restricted and enth4ed fijnds of £2.456.￿0 in the y08r lo 31 August 2022. We rewgd pledges and rt)alOons £912.CU), suThKyerrt to frJwJ f￿ tr￿rSary aLYOSS seven yearswtlin ￿Jr blwsary cohortvtho aftived in S•ptwntr 2022. The Harnmersmith & Fulham e[bJcN￿en( whth pèmiaJ• a ￿8¢t 8t the 5{1￿ lor a st￿lent from tho b)rough of Hammersmth & Fulharn, ￿ds cornpleted. raising £630.(￿ fv0th3h the naming of le8ves on thè Fide et Literis Wreath, arvj a geneTr￿ts m4or dM"on from an indmdual th)￿r. Overall. the school grew ils Fennanent endowment by £1,380,(m this ye¥. woviding thg busary prcgramme muth ned financial saujrity considèring tha CAJrrent ctimate cost of livirvJ cri51s. The 2022 Loavers Bursary, where parents ofthe departing Vlll dass are invited to suw)rt ￿r t￿[Sary lund ty don8ting their sthool deposit. was once &Jaln a sue£ess, raisrrfJ in ex%XS 01 £70.0(KJ. vh4th conthtyjte to the lundirg of a now seven year bursary for a Y8ar 7 stud8nL T￿ (Wwgd to re￿1¥• £109.(UJ 41 to the F￿ndatI¢ The schoc4 would like to thank Ihe 1c4kh￿"n9 Irusls for th"r cxmtinthig $urp)rt Jth Lyon's Charity. The Mary Bernays Stholar5hip Fund. The Hayden Foundation, The Staples TnJsL The Aitken Family Charitsble Trus( Kusuma Trust UK as well as St Pa￿'S SCh￿L8, F￿￿la110ft and Mernrn' cti8ritsb￿ Frmdation. The schcol Cond￿￿9 its tr•m fundrai￿n9 artd dots not employ F￿Dfe$￿ fijndraisers. The sthool is ra9iStèred th the Fundraising Reg￿ator aThY p￿S the ¥olwtary W. There are no instan￿t9 rewrtoftha Scho￿ failing to clynrty wrth lurtdratsirtg stsrKl8rd5 ￿ V￿re ccfflplaints recwvej ty the SCI￿1 in rèlatitin to fvndr8i5ing limty. The schod dc￿ not seek to rase lun¢J$ from the￿￿￿9e￿￿ wbb¢ and rKJtaSopt Un￿8s0nab intrU￿Ve orpefsistort fundrai5irvJ apwoacts5 or uThJue Fffessure cffl Fthtial dor￿ indudiThJ vulneratle people. Page 17

ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR TIE YEAR ENDED 31 AUGUST 2022 Thè a￿fflnae rdab'ons PTDJramme c￿￿$ts of8 ranp ofévÉnts and put4KatNN ￿ the to keep in towh dumnao IOPSI and foster Ihrwfvt the The Review rnagazine is o biannual Exintgd ￿bI￿a￿on. wih a central theme, foaJs5ing on alumna8 news, fuThJralsin9 [￿jects and sthoc4 updates. Itwork5togetheTWith sw81 media keep￿gaIUrnnae InfC￿ed ofsthc news and events. The Revw was a g￿1 SLfCttS I￿S y8araTrJ 4.eA)J OP'S and 1,( ¢urr8nt and past parents dor￿. OP Cotrt Ihe $c￿S aumnae pIatr￿m. ha5 1.778regi8twed ustys. offfth697 are register&J asmentorB. The Aurnnae Offi￿ reths nearly 3.XKI OP'$ month Ma Ihe intsf Iheme olthe Rew7ew thi$ and entr8wene￿p, abngwde wh￿h th• school laUnth￿ aventU￿ ca￿￿1 and Entrepwewship airneJ at stLKbents understanding oltsse careers and engaging al￿nae within these industrE5 are nthv 27 OP'S in the netsK￿k and rt contsnuès to grow. In addthon to ttJmmuiicati"ons. the schc¢Jl's ewts cakndar for 2021-2022 VAS busy, wrKJ Ihe retum of in pgrson e￿iS a numter of reUnKN￿ teng held througlKyJt year. The sch￿1 addthonly f8ry1rtatsd a reunion ts SPGSISPS alumni aThJ communty in New Yorft Onkne events we here to stay. events look a hybrid fonnat sutsble. contrn￿d to allow thosè wh) wJdn't be here in persry) to attènd An eXaMp￿WaS lh¢ c8kn.ne mccor￿ OP Event in No￿rnber. part of the OP'ln Conversat¥Jn' wies. As in pmious yews. ￿ 8hjmn￿ deFartment ContrTh￿ to supwt H￿3￿ Educ8bC￿ 8ThJ Careers event5 by prowding dataseis of par￿rtS arKI 4umnae rnatthirs thth"f Lrrit•ria and manlainirvJ the OP Cmnèd datstésè. Alumn￿ presented at c8reers lairs a￿1 en9a9ed in events wih Forents ￿ other mambers of the school ¢¢Jnmunty. SPGS INTERNATIONAL SPGS Intemational SrlKx4 Chow CP￿ed on 1 September 2021 in pwts5hip with Herald Educab"on Hong KoThJ. At opening, rt had 37 students in 4 dasses from Nursery toyear 2 Thts rose to 74 sbjdents by the end ofthe 2021-22 acadernic year la TothI￿r 9￿p of 2-3 year objswas aso wrtrc•Jucedl Al ènrolled sbJdenis hckJ foreTrJn Fvassports and an enha￿1 ¥ersh)n of the UK naional raJrriculLAn. FrLYn Septernber 2022, the cyns the resi ol the Junior SthGoI {upper primary) and Iha first IrMJr years ol the Sernor Sthwl A n British Senior Sthool Headmaster was apF4)nted to gJpwt ts exisling Bribsh HJ ol th& Junk)r Sthjol. urwj 250 students wll be enrdled forthe 2022-23 acadern￿ yw. A frJrlh8r project to eslatlish a trf)arthTh3 s¢1￿￿ in Sh8n2In commenced vill be ongcArrfJ during the coming year OutsJe Clmna, SPGS I￿err￿￿o￿al sKJned a Memorandum of UrJe[Sl￿IrKJ a new pather to develop SPGS Intwnabond scK)Is in Scyji￿a5tA%a. Intsl cvuntr"estobo Èvaluated ￿[#￿ev￿lnarn arKI Sing8poro. In January 2022. SPGS Internationd contrtMJted£133,078 in gift aid to St PaufsGirfs' sch￿￿t08Up￿JrtStUdeT tryjrsanes and educational partnwslips in Hanmersmth and Fulham. Pagg18

ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 2022123 obleetl¥•8 Grow the eNolm&rt ￿ SPGS Intem8l•xo1 CPWJ irArt markelirvJ PR ?￿b￿tieS Devel￿ further ¢oUab)ralNe proie¢ts beb%Een SPGS Internati￿1 Chengdu ￿ St Pwl's Girfs. Schwl in London to SUPFQrt Mandarin leamirffJ and gbbal ciloenshfip Continue to exphye ￿￿e11)p cf¥thJn￿es in the GuangthJ regicffi of China Finalisè parbrship agre￿ent 8 mv partner the first SPGS Intemal￿al sthool site in S.E. Asia. NANCIAL REVIEW R•sufts lor th• Y•r The financk41 results ol the grow). ¢ornprisirvJ ￿ sthwl and Its ¢Thvned ￿b￿dIary, SPGS Intemational. are present&J on page 26 of this report The gffjLP gènèral￿ totsl net irwne from operations of £1,543,C(KJ of whK £1.064,CIXJ is unrestricted Ibefore transfers be￿en fijnds and inveslment gairts and 10ssgs). The unrestrithd suWu$ Ibefrjre transth and investment k)ssesl rewesents 5.0% of total unrestricted inccffle ccfflpared wilh 8.￿￿ In the prth1Ws￿. The total incorn8 for the yeaT ended 31 AugL&sI >)22 v&8S £23,954.IXKI tW21.. £21,939.LK(J} of vthK £19.968,Cth12021.' £19.315.rxoi was fee iTh)Jrne. The total expen¢thture was £22.4lI.C￿(2￿21.' £20,430.LXiII, Ihe most significant exFense being stsff fAists which represent 64% of th8 tolal expwthr¥. expendi￿re in the year was £3.393,000 12021.. £3.042,C(Ql. Having asBe5sed the tharity's finar￿la1 pc61l1c￿. its pla￿ for Ihe foresee8t4e future. the risks lo vkni¢h it is exposed and the dptsile(I c85h FK)r6 ￿ Twstees we sabsfied ihat it rernains appropiate to prgpare tt statements on a wr¥J concem basB. R￿￿V•S Lw•landPolky The totsl ￿$¢1¥8$ of 1h8 s¢hcd at 31 ￿JgL￿$t 21Y22 were £54.661.(KQ of unre51ri(tsd fijnds £36,328,000. th8 pension schem8 r8serve defi¢it £4,CO). rosth"¢ied lunts we £5.715.IXJO and endThv&J fvnds were £12,618.(￿. Free reserves at 31 A￿￿$t 2022 ¥￿e £8,2.(MX) lunrestncted ￿ndS less Inlantybfe fixed assets, tangibl& fixed assets and the F•nsion s¢h$me liakx"ltyl. Otthis £6.CKQ.LXQ has been designatsd to g) tcywards the school's rnapy tyjilding rethlwnent. £83,(KQ for bLYsaries and £50,(QJ partnerships. The R(WAn Trust fijnds wlthin r•stitX8d ftuYl$ £913.LV) ¢)n 31 Wst 2(r22. The Govein¢y5 o)nsider. 85 in pre¥w￿ye￿S, that holding uwestricted cash baLances of£4,500,COJ thiriny Ih? tyjilding projramme is an apwopriate minimum ￿sh res￿VeS It is proFosed thalthp cash reserves held on 31 August 2022 in excess of t￿$ will go iowards fubJre c¥rta FxoJ8cts. indLklirKJ i[￿Stm￿ In Iha school's astale to me&1 rts fulure wJucab"c¥wl Tha dèfined benefit pènsion sctme for ￿ Th)n-teathirg Staff is in deficat amoLnting to £4,OJO 12021". £1,OC6,LIJOI vthith impacts on the unrestncted rsèm$ of th¥ s¢￿. The schg)I has rnade &Jdthon o)nthbuknB toWlwJ £395,LD)121Y21. £283.LKQ) li thè yew. Page19

ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Rolhsthik1 Weallh Manwent has ￿ giv￿ dwebwry pw to mwage restrthd aTrJ eThJrAwJ investment portrolK). reprybrvJ ttsthÈ Imièstrnent &jr￿coMmittee. They have been instrLLted lo adopt 8 medium risklbal8n(d investment strategy. that the bmescale for FerfOrman￿ of 1$ brKJ t¢mi lover 10 years). and that they should aim for a baL4N of cakN"tal grchth income exdusivety in QualityirrfJ Investsnents. Thè p￿￿10110 Is invested in Ihe Exbury ISu5tsinthl Strategy. ￿re li seeks to inv¢sl in as$ets enabfing the goals ofthe Paris Agreement (net ZÈM global ernissior￿ ty 20501. The IrNe51ment SLtsComrnrttee Despite mwket vcd8tiIty, the Rtsthsthld invesbnent Fxttc4KJ better than many benchmaTks over tt yearto 31 August 21Y22. gewabng a to￿ retlun of-7.4% at a valLtalion 01£15.737,0(KJ. whK I￿￿deS both endthyed arkl restricted turvjs. With a rfMdeThl ytd of 0.7% over ihe ￿1)d. Since incepbLn, Rothschikl has CNJty)erfomied the of CPI F4us 4%. The fee ¢omposth"on S￿￿'S assets a￿ invested in fixed vrterest treawry stc<s are g knv risk ftted rate ol retum investment. The fee comF)51f￿ stheme ￿nIinues to be manw ty BarcLays Private Bank Fixed temi deposts are hehj at LW PIG FLWIURE PLANS Seek to the rauurtment of staff. gobwnw as wdl a$ the sltyjen I￿gudIng stuthnt ScweCc￿￿ divwwfir"on. Conb'nue to develop d¢)sei ¢oUatM¥afjon wdh St P￿A'S Sd￿1 thrcd4h aradern￿ xvits. year gmup events and soaety integratKJn Undertake a r)Jm￿lIuM review in the Ihrge parts of the sdKd a ¥iew to emted internlylinary thinking, increasing corrtrd CNer whal 15 ta￿ht 8fKI mllig dassm)m pra("ce and assessment more creative, aTra iJevek)rAng iNJ&w)dent learThrKJ aThJ researth skils in Preparati￿ for higher Prepwe for the of ntrw Certtrg fw Desi￿ aThl In￿vat￿)n, wth ts Head of Dtrpafbxents to devekw interdsscplinary aFvoths tote￿￿¢￿￿1￿￿ll ntwalethe new Wlthng ith the OJrriCLlurn across the scool. Roll out the nw4 PDR over tr rAxJrse ofthe year. re¥￿￿1￿j arNJ refmiwvJ as nettgS8ry, and piloting a PDR wocess for the seritor IAaroww4 Team. RISK IIANAGE¥ENT Govemors h8ve uMmate responsi￿.1￿ fc Idents"￿TrJ the risks that lh& sch￿￿ B eX￿sed to and for ensuring that the Sen￿ m¥h￿ement ofttE has systems and proxses in place to rnanage those risks. Identifi811 risks are reojrded in the sclKol's risk wister aTrJ nsks ar& assgssed by calryl"r4J impact and likelihood sccyesgmng atotal retscWealterm￿gpl'n9act￿kn"es. Risk m￿￿entprin￿￿ we agreed based on the cgwofthe nsk (low, mediurn or hl. The sthcd's risk registsr ￿ rev￿￿d eath tem) by the Finance & Estates Committee and rewted formalty to the Board e&h artumn Scffie potenlial risks that are Klenb'fjed on the risk register irtduth" Grrmryng p8stN pressures in¥oknJ staff and wpib 8$ Ihe mfNes a p)st. tctkdownlpaTrJemic pwicY WKI adjusts to 8.rw Th)m)al'. The increasing likelilwl lh GO¥erffl￿ I￿0Ve the taK 8s8rMJ8ted ith Tr+JYthosob)ol to te atlrathelo parertsithin a carff•rvJ indeperiaertsthlxl enwr(￿ment Page 20

ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 RISK MANAGEMENT leontlnu•d) These risks are m￿gai9￿ by the f￿k￿.ThJ me8W Thè scknl Ls Infxeastng its invesbment in staff ￿[fare student ¥￿Ibern9. A Wenb8ing Centre opened in AulLMnn 2￿21. for kne benefit of all In ts sc41ODI comrnLnty. Staff flexible working arrangèments are 8(tsnrnod8ted ¥rt￿re FrfJSSitAe the pastoral carè team has expanded to assist siudents in ccfJiryJ wrfh the ever-thanging (￿n￿xt of educ81ion n a p)51-pandenwc ￿VIronmert In addthtsn the 8chorA is IoLTrJ to appoNIt a go¥￿￿7th reSp￿&t￿lty for slud•ntwdlbwng during thB 2022123 academic year. Finanaal stress testing long tefm forecasb"ThJ is regulaty rwthv8d ty th& Fina￿ and Estste5 Committee and Ihe Govemin9 Board. The s¢h¢xl ha5 aLso put into aCt￿n measL¥es to 9enerate addibonal atternative income streams. The schjol's intemknnal pothwship 8150 contritxrtes lo the come oftt s¢htr)l. The school continues to make major invests￿ents in tsfaLilrfies aThJ Wrrlc￿￿. Phase 2 ofthe Building Pkn (due for ccffjpleiTon in 20231 wll pLa￿ the scknol at the fmfronl of dkJitsl lehng. Through innovation in teath"n9, allied toa vèrsab.lè and enri&MrwJ cchuJrrh)Jlarprc4Jrarn, the Scho￿ is deternined to offer value to parenls in an wKreaslth c£￿￿bi¥e L￿lScar. ThB GovemoTr are sat15fi&J thatthefe are 5ySterns in to rntyate ￿ Ma￿ risks I￿￿￿￿•￿ w the school's risk register to an acceptat46 kvd. JI is rEco9nisgJ fv15y51em5 can th W0￿de reaSOn￿e but not abwlu assurarts that rnapy ri3ks have been adequatety rnanapj. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees are respLwble for preF4rirvJ tr¢ Tr[￿e8$. Rep)¢ irw•)r8ting a strgic ￿[%)rt and the thr¥thrs' rep￿1 and slatWn￿ts ￿ a￿ordanCe wilh and regulalion Compary law requires Ihe TnJ5tee5 to wepare finanual s&tsments for ￿ finarKal ygar in ¥crordan¢e with United ￿n￿j0M Ger￿[alty A￿e￿rted Aucwnb"ng Prac￿.￿ (unit￿ ￿ngdorn h£coJnbng Standards) and applicable law. Under cornpany law the Truste8s must Tr)t awyove the finarwl ststern￿ts Lnless tsy are satisfied that they gfve a true fair view of the stale of atsrs ol the Charitab￿ ccfflpary aThJ the 9r(xip of Ihe in¢orniThJ resources aThJ applutson of resour(s oftr gfoLrp lor that Pe￿d. In prpParr￿ these finanaal staternents. thp Tnjslees are required kn.. select Suttab￿ 8ccwnting pdiues and then aFfI￿ themcon&stsnlly'. make judgm&nts and ￿Qun￿"ng esbmatss tr￿1 a￿ rea$(ff￿le and pnJ(knnt observe the rneltr%Jds and prinopkgs in Ihè Chartss SORP: stste vknethei 8pF4i¢able UK Aco)unbng Standard5 have been folkthed. suty"e¢l to any mateTh31 departures disdosed and ex￿aIned in thè ffinanoal stslernents." prepa￿ the finana81 staternents ￿ the going 0)r￿M bass unkn it is inapwwi8te to presume that th8 Charrtab￿ ¢cNnpany wll ¢onbnue in txjsiness. Th8 Tws1￿$ respwsiblg lof enwrir4 that #co￿nI1￿9 recxxd5 are Maintai￿ that suft7cMt to shthy and eX￿aIn the tharItab￿ comparry's transaraKJns arn1 disL)se rna$on8ble axuracy at ary time the finanoal pos￿"¢n of ￿ tharitable ccffi￿Y and the gfwp and enab to ensure that thè finKkg1 Btsternents cornply vthh the Companies Act 20C6. arè afso rtSp)nb￿ ftr safeguardirvJ ts assets ol the ¢harilabk Gompany Ihe grwp and ensuriThJ th￿r proFer in acc£dance wtth c￿lty law, and hence fcf tsking reasonable steps for thè WeVenti￿ atxl dete(on ol fraud aThJ other Ir￿ularities. Page 21

ST PAUL'S GIRLS, SCHOOL GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 DISCLOSURE OF INFORMATION TO AUDITOR The foll￿￿79 statemerds have been ofthe Trustees ofthe dwilabk compyry.. ¥J fac as eath Trustee is aware. Ihere 15 no rdevant audt informalion {that is, infowrnatim needed by the cornpwry'5 aulAt￿$ in cly￿¢¢￿￿ FwarirKJ their re￿) ofvthith the wnpany's ￿dItorS ar8 unaware, aTr each Trustse has lth all the steps that (xbjht to have len a5 a Tnkn in to m8k• himself1￿elF3Waré ofary ￿want inforn￿on lo establish ojmparty's wditors are aware ofthai 1nf0miat￿. AUDITChR Crvw• U.K LLP has iTrJicated ts llryne58to be reappcintsd as ststuw audrtrr. T￿$ Annual Rewrt. prepared wthrlhe chan￿ Ac12011 and the Compan*s Pd 2C(6. was approved ty the Board of GovwTh)rs ol St Paul's Girls, Scknd cffl 6 Decemter 2022. induO"ThJ in their Ca￿>ty 8$ Company directors approvThJ Ihe Stratw R8pJrt conta.ned th￿"n. aTrJ is sgned as aUlh￿l$¢d ¢)n its behaw by.. IAr S Wathen ChaSr ol Govemors Pag9 22

ST PAUL'S GIRLS. SCHOOL INDEPENDEKf AUDrroR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Independent Audltorfs Report to the Members of St Paul's Glrfs, School Oplnlon We have authbJ ffina￿al ststernents of St PaLrfs Gits. Sch)ol Ilhe d￿ri￿￿e cC￿p￿ty) aThJ its subsldiary {Ihe group'l for the year ended 31 August2022 vhich comprise Ihe Cons￿1￿818￿ St8tement ol Finaroal Acbwtie5 {incorpcating Ihe Ir￿ and ExF￿drture knntl. the Consditlat&J aThJ Charity Balance Shéets. Ihg Consolidatèd Stslamant of Cash FIM 8rtd to the finaTh>d Staterr￿ts, includirrfJ sunfficant aco)unting policies. The finarKial reporting that ￿ teen appTied wi therr weparabon is appltsble L4w and United ngdom Acc¥)unt'ng Standards. indudirg FinanrAal Repjrts'ng Standwd 102 The Finarrial Reporbng Standard awicable in the UK aThJ Reputth"cof Ireland {Unit8d Gènornlty A¢¢épted Al￿nb￿9 Pracbcel. In our cpinv)n the ffiaroal sfatements.. give a true and fair view ol the state of the gr￿Jp'S gThJ the L8r4Eable comparty's ¥ffairs 88 at 31 ALNJU5t 2022 and ofthe grwp'5 incrmne and expenditure, for the year then ended.. have been property prepar&J in aCoYd￿￿11h United ￿rg(loM GenenlLY Aectpted Ar)￿nting Practice.. an have been woparod in ￿rdar￿ with the raquir￿)ertts ¢(Ihg ¢Wpa￿e5 ALt 20%. Basls for oplnlon We conductsd our aLvJit in aCCordar￿e 7•itth InlenplTrywl StaTrJards Aud￿n9 IUW IISAS IUK)) and applica￿8 law. Our resFW8ibilities under those standards are fijrther descnbed in the Au(fitorfs resp)ngts"lili&s fty the audrt of th8 financial staièments sec"on of (yjr rq)rt ￿ are iTrFertht of the d￿ri￿bIe company and the group In accordan￿ wth the ethical requirements thal are rvanl to our aLhdrt of the finano81 statements in UK, I￿UdIrrtj the FRC'S Eth￿￿ Stsrthrd, and we have fvJIffl￿j our other responsibiliiles in aC0)rdan￿ vAth these iequrements. We bdieve thatthe audrt evidencewE have obtJ"ned ￿ suffitsent and appropriate to provide a baSTS for our opiniorL ConcI￿lon¥ relallng to golng concern In a￿litIng the stateffle￿. VE CO￿1l￿18￿ Ihat the trust8gs' use of g¢ir¥J (¥￿¢M basis of Based on the work we have ￿rf￿M#J. ￿ have not identified any material uwlaints relatirg to events LY cotyJ￿0ns that, individuaNy crf Cd1ecti¥e￿. may cast Signffj￿nt (S)ubt on the charita￿e ajrnpary's or the group's ability to continue as a goiTr3 C4Jncm a ￿lL￿ ofat 1easttsye￿e month5 frorn the fmanaal stslements a Ihorised for bsy&. Our respMsibilthe$ and thE ￿p¢>I￿￿'1￿1e5 of the trustee5 iih re5pLI to goThJ I￿nCern ar8 d&scrit•d in th8 relevart sections of Ihi8 rewL Otrr Infornmuon The Irustees ?￿ resF#Thbi le tre ¢)trw (l￿taIned ilhin the annual rem The other infm8tion comprises the infomiation induded in the ￿nUal rewl, Otherth￿ ffinan¢ial Statements 0ural￿rt0r's report thèraon. Our opini1￿ on lh& Ste￿nts does rJ)ver the other infclmation and. ex￿pt to the exient otherwse eypliuty stated in our reF4Jrt we any ftym of assur8￿¢ ￿d￿￿on thpreon. Our respon￿bIlty is to read olhw inf0Ma￿ and. in doir#J so, o)nsider whether the other infonnation is matellalty inconsistenlvrith the financaal statern￿ts or oblained in the audrt or olheThwse 8P￿r5 to b8 materially misstated. If wè identrfy 9Jth matan"￿ in¢Msistenries w apparent rnaterial Misstatem￿$, w8 are required to detennin whether thts gives rise to a material misstaternent in the finarwl Statem￿1$ themselves. If, based the work we have perfvnned. w￿ ￿r￿lUde that thwe is a materia misststernent oftlis 0th8r ￿]roM1ali0n, we are required to rewtthal fact We have ncthing to rem in Ihis r￿ard. Page 23

ST PAUL'S GIRLS, SCHOOL INDEPENDENY AUDITOR'S REpoKr FOR THE YEAR E￿)ED 31 AUGUST 2022 18 ¢onsistenl with the finarn¥ st9tenw￿,. ac0)rda￿e appl￿ble legal requirem￿18 IAatt•rn on vthlch ** are requlrnd to report ty •xe•ptlon In of Ihe knoWedge Ltnderstanding ol t￿ry wxp ar￿ ctsmpwty wwironment ct4alr•J In the cwse of the au(￿ we have thbfied matffiial ￿$staternents stratwc repyt or the thectws. us to to y(w rf. in ophiicffl.. As eXFlwr￿d in ihe InArytees' Te5wWBb'1rt￿ sternu set 16. the tNstee5 Ivts) are 81¥9 1hè dir8d¢ys ofthè ¢hrtth Ic¥ tre kxwp)ses 0fcfx￿ law) ￿ rvspor6it4e for fv pr8par8lion ofthe financial staten￿ts aThJ kn tv¥J satisfjed that Ilw a tn •KI faw SLth ￿ternal c£￿trOl 8S the trusteès d¢t¢mir 1$ rtKessary to érla￿ th• of stemerts Ihat are Iree from m8ttsritJ operation5, or have no real￿ alternabve imjt to do BO A￿lIt0￿ reBpon•lblllllM for the •udli ol th• IlnarKlal •tat•m mat•ria misststemen( due to fraLk1 or wmr. •)d to an aLhStc<s rer#M th i￿[￿Je$ ¢xJr op1n1￿. are CCfflSKleAed matenJ rf. knth?i•Jually w inthe a93rWe. tscwkj reasc¥W be exF(edknnlh P•a8 24

ST PAUL'S GIRLS' SCHOOL INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR) and Anti-fraud, bribery and corruption legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management, including estimates and judgments. Our audit procedures to respond to these risks included enquiries of management, and the Finance and Estates Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Tina Allison

Senior statutory auditor

For and on behalf of CroweU.K. LLP Statutory Auditor London 16 December 2022

Page 25

ST PAUL'S GIRLS. SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Fun Fund• Funds Funds 2022 2021 rooo £tk Income and endoThrt• frorn: Ch#rit•ble actlvi11os Sch(N)I fees Other educational ir¢cxne Voluntsry SOU￿•$ Grants and donations Tradln9 aelfvlties 19.988 19.988 19.315 1201 761 1,982 1. 199 115 115 10 4L Inlemaliona schcds In¥￿tMents Investriwrt inwfio 122 1,323 211 129 23.954 21.939 761 Expenditure ¢)n: Raising fuThJs Charitabk thits 1(KJ 1.525 516 21.802 19.914 20,277 Tolal •xpendttur• 1.625 22,411 20.430 N•t (n¢om¢ belore Invmlment ga1rf1oB￿) 13021 761 I.￿9 Net Ilossesygains investm￿ts 272 3.212 151 13591 _ (3841 4.721 Net Incorn botorn tran8f•r• Transfers bets¥e￿ fvrKIs 16 325 Net Income befo￿ otlr r•¢ognl8ad galns and (losses) (158) 1.184 4. 721 Penson SL*eme aduarial ILossesllgwns on foreign e¥thwJe movements 18 912 127n 16471 19241 Net movemert In fund RecwliatiLX) of funds Toia fvnds brought fO￿r (435) 14831 5,727 34.459 6.150 13.101 53,710 47.983 Totsl funds eaYrl•d forward 16 36J28 5,715 11618 54.861 51710 The notes on pages 29 to 48 lomi part ofthege accou P&Je 28

ST PAUL'S GIRLS, SCHOOL CONSOUDATED AND CHARITh BALANCE SHEErs AS AT 31 AUGUST 2022 Group 2022 Charlty 2022 £'ooo 2021 FIXED ASSETS Tangl￿e fix&J assets Intangiblé fixed assets Investment in sJJb%diary Investment8 032 2¢392 28,032 26,392 150 17.26U 150 17,769 44,311 17.268 17.769 44.161 CURRENT ASSETS Stocks DebtNs Cash at bank in hand 174 1.373 15,366 16.913 23 1,137 14,896 18,055 174 1, 175 15.281 16.630 10 14,984 16297 CURRENT UA8IUTIES Credf(or& arnounts falliThJ due thin orte year 11 (4091) 7331 (QQ)1J MET CURRENT ASSETS 10,822 9.322 10.539 TOTAL AssEfs LESS CURRENT LIA81LITIES 54.983 54.772 54,850 LONG-TERM LIABILMES Codf(0rn arno￿ts faling th￿ after more than one year 12 1267) ￿199) (261) ASSEfs EXCLUDING PENSION UA81LITY 54.716 4573 54.583 Pensi￿ s¢hwne IK4birty NET ASSETS INCLUDING PENSION UA81UTY 18 {41 (l.L116) 54.661 53,710 54.569 53,577 ENDOWMENT FUNDS RESTRICTED FUNDS 1S&16 15&16 11618 6,715 13, 101 6.1 12.618 5,715 13. 101 6, 150 UhlRESTRICTED FUNDS Designated funds General fvjnds 15&16 1S816 34.165 1163 32511 1.948 34,165 2,071 32,511 1.815 TOTAL FUNDS 54.661 53,710 54,569 53,577 The sthJc4 has taken the exemplw)n from we5erithJ its Uncor￿lIda￿j statement ot fin￿¢￿￿13Cti￿t￿S under section 408 of the CompaThes fv£t 2c￿. The ngt in¢tyne of ts SC￿ in 2022 was £1,22S,O&J 12021.. £4,701.(th) Approved by the Board of G0vwn0￿ ol St Paul's Gwts. scts)￿ cffl 6 DK•nb¢r 2￿22 8ThJ authoii5ed for issue and gnej c beh￿f Mr S Wathen Chalr ofGov•rn rs Z Baln Th• notr8 on pogeB 29 to 48 forni part of accounts. pa￿ 27

ST PAUL'S GIRLS, SCHOOL CASH FLOW STATEMENr FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 NET CASH FLOWS FROM OPERATr)NS Net cash by opwatin9 8cknti&s 19 1.977 2.510 CASH FLOWS FROM INVESTING ACTivmES Inve5tmenl inc(xne 8ThJ b￿k interest ￿¥8￿1 Investment management charges Purthase oftarvJitAe fixed assets Wthdraw81$ from investsnents portfcd Proceeds from Ihe Sa￿ oft8￿1￿ fLKed assets Purthase of invesbnents 196 199) 13.393) 125 191) (1042) 8.781 15AS2) {456YJ Net In} I iYo¥lded by Invesli •¢fjvttl•8 13,1201 CASH FLOWS FROM FINANCING ACTivmES Rec8ipt 01 761 28 Net cash wovlded by financlng actlvlti 761 28 Chawe in cash aTrJ c05h equ￿￿orts in ￿ ye¥ 2,744 14366 12.622 Cash and cash equlvalents carthl f¢M 14.984 15,366 The notes on pages 29 ts148 fomi part ofthese a Page 28

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POUCIES St Paul's Girfs. SttyJl L8 a Putlic Benefft Entity registered as a th8nty in Eroland arKI Wales ltharity numter. 11196131 and a cLvnpary limited by gu•tee loJnpary n￿nt￿. C￿142￿71. Its rggistered offic is St Paul's Girfs, ScKd, Brook f>een. LOn￿fft 7BS. 1.1 BaBl8 of preparatton of flnanclal 8tst•m•nl• Th8 ￿n￿Cl 6talements have teen Wapa￿ kn arpyAdarTh wilh kU￿ntir￿j and Repyb"ng ty Cha￿"e8: Slatèmènt of Rets)mmerKled Prthe apF4•2ble to charits ￿p￿En9 Iheir accounts in accordance vAth the FinarKaal Rep￿"ng Standard applicaLle in ts UK and Republic of IreL3nd IFRS 1021 (effective 1 January 20151- Icharib'es SORP IFRS 1￿211, th& Finanoal Repybng StaTrJard applicabl8 in th• UK and Republ￿ ol Ireland IFRS 102} an<1 Ihe C￿￿pan￿& 2(K6. St Pauf$ G￿$. S¢hctil meets tr)e definibon ofa Pubfic Be￿fil Enbty under FRS 102. Assets and liabiliNe$ are In￿allY recogntsed at historta t￿1 ix ￿r￿￿'On Valve ￿less Oth8Th5ise ststed in the relevant a￿OUnts.ftg pjy. The schcpJl has laken aofvanlage of the exempti￿ to a qualifying entity in FRS 102 from the requirementto wesent a ¢harty ¢x)ly C8sh Flow Statement wth thè cOns￿l￿aled finanoal statements. The lUnCc￿81 ¢urrenq of the sccd 15 U￿sid￿ed to b¢ GBP be¢w Ihat is the rJjr￿1V ofthe primy economic environrn•nt the 5th)ol OFWate5. 12 Golng eone•m As hKJhlp3hted in Ihe Trustee5' reFort hawThJ assess1 rth8rW$ ffin8ncial posibon. lis pLqn$ forthg foreseeab￿ fijbjre. the risks lo eyposed the deta￿ cash prqtdiths Trustees are satisfied that it Terna￿6 appropriate to Fryare th8 finan(ial $tstemenls on a gosTrJ o)ncern basis. IJ cri11￿1 accountlry ludgernents and k•y •)ure•8 of •stvnwUon uncwlalnty In the ap￿IL￿t￿￿ of the acwjnb.ng Oioes. Tnjstees are requfred to make wdgomwts. eslim8te5 and 8ssumptions about the carryiThJ value of assets and I￿LI"1[b"0$ that are not readity appa￿nt from thèr SOUTces. The esb"mates ur)dtying assumpb￿S are toseA on histo￿01 e¥Fer￿rKe aTrJ other fxtors that a￿ considered to be relevant fv£tual resuNs may th.ffer from I￿se estimate5. The eslwnatss and under1￿￿j asSumpb￿S arg on an crying basis. Revlsknns to ar£￿nI￿g estimates 8rerwrtised in theperi￿J inthch theeth.matg fs wsed ifthe revision affectsonty thatFeriod, or in the wc4J ofthe and fvturè perh￿$ ifthe wsicn affected ojrrent lulure periods. Th¢ koy 9)Ur￿ of eSb"Matw￿ unrAtswty Ihat a s￿3￿ficant effect M the aTTrJunts tecc¥Jni8ed in the fin8ncaal slatements are de￿bed in Ihe ac£ounting poth'oes are summaris8d belw. Pensicfi liabilibes- dwnty re¢cgnw rfs liatrlty kn its rkfined benefft penslon vthith invdve5 o nLrnt¢r of estirnatic￿ as disdosed in ncts 18. The fDllowing acojunling pc￿CleS have teen a￿￿d in dealing ilh items¥lith are￿nsidered material in relation lo the sth¢al 5taternerrt5. IA Basls of Contsolklatlon The r￿n801￿1?ted finaroal statements ￿ the frianrA¥ stateTnents of tre Charity and Ib IW% owned subsi(Jiary, SPGS IntemabonJ ￿mited ICc4Tpany number 12094047) vrn5 incorporated on g Juty 2019 to (y)ntr￿￿1th parb.es to eslatlish SPGS Inlemabonal sclK** overseas. P49 29

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POUCIES Icon¢inu¢d) 1.5 F••s and slmllar Income Fees receN&)le are slated aft¢r dethKtirwJ bursaries, scaKJWips other remissp)ns all¢ywe(I by Ihg sthool. but inthde conth"bubcns TKeNed frtyn reslrided bjrsary fijnts and ts￿rd w1ies. Oèpots are ind￿Jed as a labthty ￿1￿1 or. LM C￿￿r¥j to be refiJThYabltr. orè Credit￿ to irthm8. Although under norrnal rJr￿M￿tan{￿ these ￿11 te repakj ovw ftthjre ￿ar$ when Ihe pu￿.1$ complete their education 8t the sc￿))1, ww'Ls cw leave * eart￿r dates. The sthool dces [￿t tharètorè have un¢))nditiona nght to relain tr indNKILAI deFO)sits for at knt 12 monlhs aftèr Ihe balar￿e sheet dale and. In li￿ ￿1h Ihe req(irements in FRS 102. the balance of Ihe deF¢Jsits heklis I￿uded kn"n Current liatsliti"es. fees ¥e treated as detwed iThxme e uethtej to ¥$ wln they lall due. 1.6 In¢om• Rents are ststed ￿ and aTe wthded on basis Interest is Niduded C￿ an accruals basis. Divid￿￿￿3 frtyn Inve5bnenl fuThJs are induded a5 rec4vab￿ on the due dates 1.7 Donallons eral puws ofthe sdKd are (xedrted to unrestnthd ffiJnds. Donatryhs $ubJ"èd lo speo"kvAshes of the dcffjcrfs are rwedted to Ihe rthant ￿strthd fiJThJ or to eThMnent fijnds vthere the arnount is held 8s expend8tA Ca￿ts1 oC￿atiOnS and legaaes arè as and enb"tment artses, 8mount can be rdiabty qu￿tified ￿r￿MiC teneffit to the S(￿04 1$ wisidered pyobable. 1.8 Gov•mmgrt Grants Govemment gr￿$ we recogni￿ on Ihe r¢rf￿man￿ model, ¥tt￿ Ihe sthool has Cornpl￿d wilh any cOnditi￿S attachiThJ tolhegrant and the9rantwrfl be reC￿Ved Thè ytsnt inujnnecticn tO￿￿b rekntion 1.9 Expendllwo Al expenditurB is irtkKled on basi5 ènd r$ allocateij to thities a dir￿1 basi$. Support costs mainly represent Offi￿ administrntth. lThec0Vernb￿ VAT is thargtd to the Stathent of Financaal Aciwbes as in()Jrred Governar￿ cosls o)mprisè ￿$ts ol runThng the sthry)l. ￿clUdIng strategic pLanning fcff ts dev￿0￿ent èxtemal advice and all Ihe costs ol rxJmpJw'ng wilh c£ffjSti￿tiOn81 and ststtjlw requywnents Grarts p￿at￿e 8re charpj in Ihe Y￿ ¥hI￿n thE cfyiveyed to Ihe th F￿draising costs are Ihose irKJJrre(l in seÈkn"ThJ vc4untary contribA)ns do not M￿Je the costs of disseminatirvJ inform8b.(￿ in oflhe ¢ts'talAe xbviti"es. Pas* 30

ST PAUL'S GIRLS, SCHOOL NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUMTING POLICIES l¢ontlnued) 1.10 IntangIb￿ fix•d ou•ts and nortiJatkn Inlanglbk assets c))sb"ng £5.(XXt or m(¥e are caytahsed an(J recojnwd vA)en fvrture economic b￿fft5 are WObab￿ and the cosl ty value of a55et (an be measured rdiaW. Int•)gible 8s9ots are ￿llialty reckigni3ed at cost aTrJ are subsequenuy measured * ¢>)st rt of ar￿lSation aTrJ any wowsw)n lor impairm￿( Inlang)b￿ assets t>)mwse 8ofvare caJ5ts are amorbs&J ￿ a strJ"gN4ino ba&s over 4 y8aTs. 1.11 T•nglblg fixed ￿sets and depr•clatlon l assats purchased are induded at their purthase pri￿, tcgelw wilh any wic1d￿l￿ expenses of acquisiticffl. Assets vAth a cost beknv £5,IXQ are not capMlJi5ed. TarrfJible fix&J asseis arè camed at ¢osL net of ￿￿￿lation and any pro¥A%on for Impalm)￿t. Deprecsats'on is wovNJed at rates calojkted to ￿lte off of frAed assets, less their esh"matad residual value. over thw"r expetsJ useful Irve5 ￿ the frAlryirvJ tOses.' Chartta￿e ￿0per￿.¢$ Fumtyre, rth'ngs and eqLApment IT &juipn￿t 20.9)yw5 4- 10 years 3.4yea5 Assets undw are Ix>t 1p￿￿a￿ thLy we irto [￿e. 1.12 In￿lM$nts lnve8trn￿ts a￿ slated at market value. Unrealised gwns and h)sses year refieLtt tr in m8wket valu2s. Realised yains and k)sses represent the diffwen¢e betsw W￿dS cfi dksF¥)sal and ￿ market value brought foThvard. Al gwns and losse5 are sl¥MI net in Ihe Statement of FirwYJal Acb'wties. Cash helj by inves1me￿ rnanagers, to be utiksed ty the othw than for investing acvity. 1$ al80 daswfied as inve51ments. 1.13 Opgrntlng1g• Rentsls payalle underc9￿ing l¢a$8sare ttwged in th& StmentofFinancaalAAivibes on o straJht. line ba￿8 over the lease temi. 1.14 Stocks sto¢k rwsents IT equvwert book5 aTrJ kiithen suFyhes 1$ •ted at the l(p•Rr of cost and ¢$timated reJBable vah. Al stoc is fini&￿ gcths for resth. 1.15 D•btor• Trade and other d¥bkns ￿ reco3nised at the sethement arn￿jnt after any trade dh8rtsJnt offered. Prepayments are wal￿ at the arnount prèpa￿￿ rtt of ary tr disCOUrts due. 1.16 Cash at bank and In hand Cash at bank and in harMI mdudes ca4) arhl sl)rt telrn h*Jhty fiqukl investmènts wih ¥ rna￿rity of six mnts crf leBS from the date ol acquisits)n u openirvJ ofthe deKWt or similw accoLmt. Page 31

ST PAUL'S GIRLS. SCHOOL NOTES TO THE HNANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POUCES {¢ontln 1.17 Llabllltles and provJBl¢)ns at4lths are TeL¥)gnBed lthen thwe ￿￿99b.￿ atthe baarLe sheetdate as 8 resLAt ofa past event. it Is probable ¢hBI a tsnsfer of ecornmK tenefft wil be r&wired in setUÈmtt. the amount of ihe sethement can te estirnated reliat4y. L•bilbes are rewised at the amountthat the s¢hwl arth"pal¢$ itwill pay to sdle deLI orthe has aS&J¥w￿l p8ymwts fr)rthe gocK15 or seNces rt ffl￿t provide. Prwsths are measwed at the estinate ofts 8nKwrts rw]uireJJ to setde the obh'gation tr effect ollhets"mevalue ofmory is ma￿"al. Ihe proviyon is basedon ts wesen1va￿e oftMse amounts, discounted at the ￿ta¥ discount rate th refle¢is the risks Spea￿ to the liabilty The urrmndry ofthe discount is recc4Jnised Wilh￿ inthst payaLlè and &milartharges 1.18 Flnancial Instruments arnoitwl cost wlh the eX￿ptiOn ol In￿SImerrts 8te Wd al ￿ valu& Financ￿1 assets held at amortiseil cosl cornwse c35h al b￿k in debt￿. exduding PTepaymwts. A speryfic p￿￿slo￿ is made ts dabts forv&h"th reo)ver"lty is in (k)ubt. Cash at ￿nk in hand comwses cash hdd in instant access bank ￿rbts arKI usèd 8$ workn"n9 caplal and short.tern deposit ac¢wnts Finanaal liab"lrfiès hdd * aM￿tised c£6tcomprtse all credit(¥5 ex￿pIde(W￿d income, induding fees advan￿. s¢xial sea￿lty and obr ta¥es aNJ 1.19 P•n$lons The school contributes to the Teactss, pens•￿ De￿ed Benefits Stherne at Tate5 sel by the Stherne Acthary and a¢fvised tothe Board by the Schemeplministratcff The schwne Is a mulb"_emkloyerpension s¢Èmè and rt is nol posyble to K1enty the assets 8rKJ Ikqbb"lrf]es of the scherne vthich are atthbulable to the s￿￿01. In accordarKe th FRS 102 thwth•, th• sctherne is aLwJnlgJ fw as a ¢Jèfined contritJtion Bthemè. The school aso cAx)tn"butes to the St Paufs ScthoJLs' NcTrTeacdwJ Stsff Pengon Fund. The schcol has ftjlty adopted the requirernerts ol FRS 102 F(kn"ng ts dosure of the noTrte8ching staff dèfined ber￿fitS stheme lo members. cwta'n non-tethng membeTS of stsff C￿ntr￿)Ute into a separate defineil cy)nlnbutK)n scheme Costs asscty)d with ts 8rtwn• • to the Stathent of Finanaal Actmlies kn in¢)Jrrtd. 1.20 Fund accounting s¢lKol has Il¥ee types offwmts.. Urwestricted. vthere the fiJThJ is Trjt restric￿ a5 to use (rthor than in fiJT￿n.rj the obie(Is of Ihe s¢hool. These include desi￿ated furKls. WhwèthefurVtsa￿ Unrest￿t￿￿ tKrtthe Trusl8ès have de￿gnated Ihem 8 purrose 1.21 Th? R¢man Ed￿atIOn Tnt The Charity Commi5W￿ frx EWand and Wales ￿ Ihe gNen in Charitss Act 2011 appJinted StPaul's &rfs' SdMx4 as SO￿ (Xyp￿ate trustèè ofthe Rthan EdLKation Twst{Charfty numb 2801581 a5 of6 ￿ri1 2018. Page 32

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 SCHOOL FEES Group 2022 2021 The sthoc4's 188 Incon￿ comprised" Gross fees 20.855 2,328) 18.527 1A61 20,201 (2,322) 17.879 1.436 Add.. bursari8s and other aw¥d5 paid fc( by restrKAed fLrfs 19.988 19,315 GRANTS AND DONATIONS Group 2022 Gr￿tS donations ind￿18. Donab'on5 Legacaes Tru515 and FourJations Ccyporatè donabons Government Job RetentiC￿ Sceme grant 1.689 750 247 445 1.982 1. 199 Pagp 33

ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF GROUP &XPENDITithE Ttal 2Lr21 2022 Ralslny fvnd$- NOn-ar￿l11ary tr&thng Fin8nung FLmdraIsi￿j Investment manwnt IntematKJftal schoss 37 176 91 212 143 17 322 516 Charhable 8ctlvltle8: Educab" Weware Premise5 Support ￿sts govÈmance Gwts. awards aThJ prizes Awillary trJing eosts 10,340 812 11223 1,242 4.076 11,411 I,IT5 1,969 1,440 316 363 13,924 1.738 6,140 21.802 19.914 T¢Xal Group expenditu 14.324 6.349 22.411 Swrt costs irKJd8 9)¥wnarte LY>sts of £123.LU) (2021.. £191,rxKIi. 2021 ANALYSIS OF GROUP EXPENDMJRE 2021 £0 Ralslng funds: Finaruig FLndraising InvesthEnt marwert lfttematsonal sthc*)ks 37 37 IT6 91 212 91 13 199 158 516 Ch8vhable actlvttles: Educati¢J) Ifare Premises s￿pOrt costs and gO￿¥￿e Grants. wrds aTh1 pftzes ATh2llary trajing costs 9.815 1,$31 11.411 1,175 T87 1.518 1.298 1.969 1,440 316 316 12. 19.914 Totsl Group eXF￿￿lIe 11308 5,539 20.430 Page 34

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS AND GOVERNOR COSTS X121 Stsff costs frKthe grw were as fclhyws.. W&3es salarie5 Social seojrrty ￿)Sts Pension ojntritryjts'ons Perip8￿ ￿ed￿al insuran 10.677 1.269 9.968 1, 139 1.895 252 61 14.324 13,308 During theyeartherewe redundan￿ ortwmlna1￿ p8yrnents madeto¢811irrfJ £82.(I))12tr21." E50.W)}. Therè was £nil12Q1.. £nill ¢xrtstan¢Jng attr￿ Year￿ in ol payrnnts. Th8 averay Aumber of ernptoyee5 in the year ¥M5 27012ff21' 254) of 126 12021.. 126) were teathiro staff. 2021 £ 80,OCO- £69,999 £ 70,OCO- £79.999 £ 80,OCO- £89,999 £ 90,ocKI- £93.999 £100.OCQ- £109,999 £110,OCKI- £119.999 £130,OCX)- £139,999 £150,OCKI- £159.999 £160,OCO- £169,999 £250.OCKI- £259.999 £260.oc(1- £269,999 13 Contn"bution$ of £875,OW 12021.. £797.CO)I ¥￿e made lo Ihe Teadws, Pènsion defined benefits 8cherne for 52 01 the hvJher paid empknyeès 12021.. 48 emF4oyeèsl. Contributions were made lo a ¢fi￿￿ con1rfjLkn￿ stherne tc( 12 of Ihe htqh8r paJ emFW of £110,C#)J 12021: 9 ern￿oYeeS - £wJ,(JJoi. 2022 2021 Aggr8gate ampjoyee terth of key M￿ageffl￿t Fers￿ne1 1A20 1.381 The Govemors have Th)t rerAvgJ ary unduments durirKJ the year12021.. £nill. Four Govemors12021.. fourt incurred travel, trainThJ aThJ manlwship axpenses of£1.79612021'. £5391 reimbursed or paid for dir• by the s(thod. GOver￿ts received gifts £136 {2W21: £461. Durng the year £13.345 (2ff21'. £25.755) was c4)]I•L￿Y dchoW by GI￿•Mr￿S. Page 35

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 AUGUST 2022 AUDITOR'S REMUNERATION 2022 2￿21 Foes payabk lexduthTr3 irrgxNuth VAT) to thè WO￿).5 its a5sockes in iesrect ot The audKtrvJ of ac)))unts ofthe gr￿P 25 14 TANGIBLE FIXED ASSETS Group and Charlty Furnlture under FItUngs and Properties ConslnK¥on Equlpment Equlpment eo T<)tsl £'oty) At 1 Semember 2021 Addib"ons Transfern 2.&81 1.973 (299) 3.472 1,816 250 004 3.393 787 164 At31 knjust 2022 30.921 3.719 1.902 41,097 DeprKlatl Al 1 Sèpternber 2021 Chwge for tr y¢ Disposals Z652 229 (1361 1.096 11.612 1.738 1.119 11491 At 31 A(￿ust 2tr22 s￿1 1745 1.339 13,065 Net book At 31 AwJust 2022 974 21032 Al 31 A￿st 2ff21 21.9T3 288t 820 718 26,392 INTANGIBLE FIXED ASSErs Group and Charlty Computer soft￿[¥ Cosl At 1 Sertenknr 2021 aThJ 31 PuJu5t 2022 37 Amort5satlon At 1 S&ptemteT 2ff21 arJ 31 2022 Net book valu• At 31 August 2022 At31 August2021 Paga 36

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INVESTMEiirs Grwp and Ch8rlty Tolal ValvaiJn at 1 Septwthr 2021 Addith?ns Disposal proce8d5 Gains on foreiw exchatVI movements Losses on Inv•sbnents 15. 5,452 15.211) 1.770 17,769 5,4S2 {5,6211 27 13691 1410) 27 At 31 August 2022 15,881 1.387 17,268 Hiortsl ry)st of iwestments 12,519 1,387 13,906 Group 2022 Charlty 2022 2021 Investmènt in sut%TrfI¥ry 160.001 150.001 10. DEBTORS Group Charfty 2021 2022 £'oco rooo 2021 £,￿0 Fees tjebtors Loans to staff SuThJry debtors Amunts by grcyjp LThJertakiros Prepayments and aeuued iwyne 50 14 39 33 461 239 403 14 232 07 1290 1.373 1.175 The loans to stsff maMIty fekwesenl hou¥ng Itsa￿ to teathirvJ emFloyees of ￿ schoc4. The loans Èrè repayabb over per￿S to fivo yeats are intere¥t free while emFdoyees rernain at the school. Page 37

ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2022 11. CRECITORS: aM￿nts du• T*lthln ygar Group arbd Charfty 2022 2021 £'¢Joo Tr&Je creditc SGval $8oJrty awj other laxalion Fees re￿ived ￿ a(fvaF Refvndat4e deF#)sits (note 13} sch8me Imte 131 999 294 1.057 2,873 57 327 1252 3.025 Other creditor5 Forward tt￿tract lia￿lty 127 951 479 746 11 CREDrroRS: amounts due after morg than one year Group and Charlty 2022 2021 Fees received in a(fvar Alfval￿e￿ fees scheme IMt¢ 131 Acrjuals and deleff8d ir￿rne 26 267 Pffje 38

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. REFUNDABLE DEPOSITS AND ADVANCED FEES SCHEIIE R8fundabl• D•po•lts Dap)sit$ are pla(xl when puFrfls pin and c¥ethied against fees an(f distwrsements for their L4st temi. The GOVerr￿ Fwve revwed the terrn5 under pupil tee deposlts are held by the sthLKS1. Although under normal carojrnstances ￿se V+ill be ￿paid over thjre yeaTr vthen the pupi15 completè thar edu¢.￿ at the sthool. wpiLs can leave at eart￿ dates. The sthool does not th&ieft)rg have an urojnditiona nghtto retain the indNidual dep)srts ts at least 12 month5 afterthe balance sheet datè and. in lin& th Ihe wirements in FRS 1￿1, the balan￿ of the d8posits ￿ld at 31 August 2022 have been I￿uded vthhin current liat4"Irf￿. Th$ prioryear pu￿1 fee ￿e￿itS balarKe has been sirnilarfy The total amwnt held in ￿l"On to fee d&F#)Srts of £3.025,¢X)12021." 2.873.LKI)l is induded in note 11 abov&. In the nomi uyjrse of ￿sir£S the exp￿￿ed rep• ol b￿e amounts ￿￿11 be £401,0)0 thin one year and £2.￿24.0￿ aft8r lh￿ year. Advne•d f••s seh8m Parents may into ¥ (>tr&t to pay to the sc1￿1 up to the ￿uNalent of sevèn y8ars' fees in advance. The money may te retumed subjed to sp8o.fic con¢J"lions on the receipt olone tem's notice. Assumin9 will remn in the 3thcd, the contradual Ikibilty ofthe Sd￿ is St￿ Group #nd Chathy 2022 2021 V¥lthin one year After rnwe than one year. 8etsvg¢n ¢)ne and yews Behveen tsvo and fve years 57 28 28 55 140 AdVaftc￿ fee5 repyesenl the acc￿￿￿ I￿￿11￿ under the ccffttr•as.' approwiate investrnents ar8 hld that on matunty the wcteeds ill matth these I￿lmI￿S. The movemwts dLrriro the year were.. Group and Charlty 2022 2021 At 1 Septemter 2021 140 225 AJnounts utilised in payment of fees (86) At 31 August 2￿2 140 Page 39

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMEp¥rs FQR THE YEAR ENDED 31 AUGUST 2022 14. GROUP FINANCIAL INSTRUMEP￿s 2022 Fwncial assets measured 8t amth.sed cc6t (al FThroal assets measur8d at lair value Ibl Finarrial liabilities mea5wed at amoitised rA)St Ic} Froroal liabth.ty mèasured at Faw Val￿ Id) 16118 17.268 (42791 (9511 1& 133 17,769 (4,749) lal Fina￿1￿ assets irthae cash. trade aTrJ fee deblors. debtors and ¥AYu￿j Ibl Finar¥Ja asseis measured at f￿r value inckth assets hokj as investments (c) Fin￿￿la1 liabbes ¥Kaudo r¢firthW& dep)sts. trale crnJitor4 ￿¥uall ponsion and ¢)ther ueditCrf5 {d) The fjnwKial lithty M￿￿{¢d at farv8k relates to the f￿￿gn eXd￿ge fO￿d I￿ntr￿ Income recwed in the y￿r frcm finarKxal assets measured at am￿h$e￿ cY15t tota￿e￿ £92.C¥X)12021." £20.00)}. Durir¥J th•year. tolal losses in relation to financi￿ assets at fair value totalled £1.283,0 12021." gains of£3.3C6,t￿)l and receved tolaDed £119.rm (2021" £109.C(I)I 15. ANALYSIS OF NET ASSETS The group's n9t assets ￿ hedd forvai(xts funds thar￿ fees as fr4kMS.' Total fund$ funds funds Tangible fixed assets Investrnent5 Net current aSse￿Illabths) tem) liabilitie5 pensi￿ def*it 28.032 28,032 17.268 13.485 18671 7,919 (2031 5.715 11618 fvnds T•)g￿le fixed8ss8ts In￿S￿￿entS Nel c(rn188s8ts 2&392 24392 17,Tfj9 10.822 4.072 2,078 13,037 (1.273) 6,1 13.101 53,710 P•J8 40

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 16. GROUP STATEMEKf OF Fill￿s stst•mgnl offund•-¢urnnty•ar At1 At31 August 2022 2021 Incomè Expgndltur• Gain# I Trdn5fors Ilossesl £'OOD rooo rLKJO End0￿d IWKIS Bursary ￿ndS Prize fijnds 13,0 761 1325) 19191 11607 11 13.101 761 3251 19191 11618 R￿1￿Cted fund¥ Foundation bursary fiJThJs Rwan Trust hjnd Hardship lun¢J Partne￿h1￿0)MrnUl1ty Prize fvnas Art fvnds Sundry lurJs 4.774 1,017 15 115 1.124 11.52n 1351 325 12751 (761 4.421 913 15 1251 {51 1101 1231 18) 161 182) 177 6.19) Unrestrlcted fundg General reserves Deslgnated fvnds 21.870 {20,SS71 11.674) 1163 Buildings IWKI Hard3hip fvnd Bursaries fuThJ Parinership5 fijnd Fixed asset fund 6.000 {61 1571 1561 83 50 28,032 26.392 21.870 36,328 Total lund¥ 53.710 23.954 214111 {5921 54.661 Endowwl ftmds End0￿d fijnds ar8 for ￿rSary and wize funds. FLY Ihw fuThts th& Cawtal 15 endmd Ihe ¥ising in¢c¥ne is reslrith torthe eXFth￿ as by the type ofen¢knn&itlLmd. Al •nthJwed lund8 are expendable eThjcA￿nen1# Rostrl¢t•d lunds The bursary fiJnds repKe￿t acojmulated incorne cffl various restn.eted and endtr•tsl gifts intended to fund bU￿ri¢S pupJls. prite lund tyesents the acojmukted iThxJrne on varKJus endowed and restricted grfts intended to fiJThJ the ofvari¢JJs amual prtzes. The sundry restsicted ftjnd represents the 8ccumulaled income ¢Jn a n￿be1 of small ￿C￿￿tiC￿￿ reca¥*d to fuThJ P￿10¢￿. P4841

ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEmE￿s FOR THE YEAR ENDED 31 AUGUST 2022 1& GRQ(P 8TATEMETr￿ OF Ful￿ (conllnued) Atran$ler 01£325.(OJ12021.' £347.IXK)I bstre8n restnded aTrJ en(h?￿ been m&J&to refie¢t the value ofendTrAd IxK5wies hTrJed from capital gain& 0￿r restrthd transfw5 relate I0￿p1a1 gc(rtJ5 wthased 7hilh drmwted monbs the reslrKl)n on these l￿d$ have been mel Iktsignaw funds Thè t￿lId￿S ILmd was setup14 theTrustees thJFirrfJ the peritiJ lo 31 ALgLL$12D15 to sel asNJe) amount towards￿ builiThJ rethekjpment £2.768,Cth12021'. £2,314.IX¥)l Olthedeslgnat￿ hjnds has Fent in the year A translef of £2.788.¢XK)12021". £3.314.cKKiI tmm u1*estr￿ gwe(al r&$8 to the de5pJnated ftmd was made at 31 A￿ust 2022. The (und is thwefore ncrt readity ￿lab￿ tr other PLWFQ Statement of fvnd8- prfor y•ar At1 SeOemb8r At31 A(ryust 2021 Endow8d lundB Bursary tsnds Prize fvnds 10.823 28 {34TJ 11090 10.832 28 (347) 2588 13, 101 Resirfcted lund¥ FoUThJatiC￿ bursary fiJThls Rrwan Trust luTrJ Hardship fLNxI PartnershitycNnmLmty Prize fvnds Sundry restTrX8J •Jnds (1.439) (34) (53) 9) (4 347 4, TT4 1,017 15 115 f2 140 92 127 (24) 121 5.422 335 725 Unmtriet•d funds General Teserve5 Dèsignat•d funds Bullthngs fijnd Hardship frjnd Bursaries fiJTrJ Partnershi￿ frjnd Fixgj assetfuThJ 1.740 20,651 (18.829) (2,519) 1.948 19) 15 57 57 24,989 26.J92 31,T29 20,651 (14838) 12 34.459 Total fwKts 47,983 21.939 (20.430) 4.218 53,710 P8ge 42

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL sTATEMEP￿s FOR THE YEAR ENDED 31 AUGUST 2022 17. CAprrAL COMMITMENTS 2022 2021 At 31 ￿guSt2022 thai&4e gro￿ I￿j Ca￿1￿ CoMm￿nents folows: Conlractsj lor lyjt not Pro￿d￿j in Ihese fina￿081 statemerts 9.379 11.75T 18. PENSION SCHEIIES D•fin•d b•n•fftsch•m Tead￿3, Pen￿on Scheme The S¢lKol pathpates in the Te&hers' Pension Stheme fthe TPVI for its tsaching slaff. The pensic charge for the year indLJes contn"tthths payable to the TPS of £1.505.c(Ql2￿2l.. £1,470,orx)18nd at the yew-end £185,C(M)l2￿￿l. £176.(￿} was ￿Ved in rew Ofo)ntritthL￿s to this scheme. The TPS is an unfvnded muttFemployer defined t￿efft$ pension scheme govemed by The Teachers, Pen&ons R8gulkn"ons 2010 las amendadl and The Teadw5' Penwon ￿erne Regulaticms 2014 la5 arnendedl. Membws conlritrJte on a 'pay as ycyj go. bags tmth contrit￿$ from members and the •rnpIoy8r bdng crèdtied to th¥ Exth¢qLW. R¢b"rernertl other perrion beneffts a￿ paid by publ fijnds wovhled ty Partkgm8nL The ernF4oyer conlribution rate is sel ty th& S8uetary of Slaie (￿kn￿n9 8olemo vluations urKlerta by Ihe Government Ath8rfs Departsn￿l The most re￿nt actywial valuation of Ihe TPS vras prepared as at 31 March 2016 aThJ the Valuab"¢M Reryrt which VAS wt4ished in March 2019. confirrned that the enployer contrilxrtion rate for the TPS ￿ld iruease from 16.4% to 23.6% from I S8Pt8mb8r 2019. Employers a￿ also fequired to kw a sd)eme administrati￿ of 0.08% gmng a total employer rJ)ntriIxrt￿￿ th of23.68%. The 31 Marth 2016 Valuation Reportwas prepared in accoTdarts wth the b•n•fib sel out in the scherne fegulatK)n$ and under the apprDL spwaThed in Ihe DirediM5. as they a￿led at 5 March 2019. However, the assumptions tre consJered and set by th8 D8partrnent ts Edu¢atr)n wor lo the ruling In the 'McClou(th88rgeant (a5e'. TFw5 case ha5 requir￿ the ojurts to consM1er cases Tegarding irnplementation ofthe 2015 Tefomis to pU￿1C Service P8n&ons irtludiNJ t￿ Tea¢hers' PensKJns. On 27 June 2019 Ihe Court (18n￿d th8 govwnm•nt p8m1￿$b)n lo apO Ihp Court ofApFeal's judgment that tranS￿'Onal p¥ov7sion5 in1rC￿￿￿ to the relcffm&J scherrEs Ni 2015 gave rise to unlawfrJl age dIS￿Mi￿tion. The govemrnenl is respeC￿￿j the Cwrvs deci￿0￿ has said itwill engage Jlly wth the EmF4oyment TnbLmal as a5 emther and memter rewewlrves lo agree hL)w tt discriminab.ons ￿11 be ren￿d￿d. The govemmenl ann<KJ￿1 on 4 February 2021 that li intends to woceed with a deferred clbJKe undefpin uThr rnembefs will be aNe to ¢hcK)se ther legacy or reformed 5theme benefits in res￿ ofthew5eNKeduring Ihe wiod beh4een 1 Apri12015 and 31 March 2022 at the p)int ttw teo)me patle. The TPS Is subj.ect to O C(ist cap mvanism tN¢h was wt m pLgc to PTOt8d ta¥payerB against untseseen thanges in sthem8 costs. The Chief Seuelary to the Treasury. hw"ThJ in 2018 announcd Ihatlheferuk1 a wew oftrus ¢c6t¢ap rnethanism. in J8rKJary 2019 anTh)ur￿d a pause to the cost cap rne￿￿1Srn I￿loWing the Cowt of App&￿'S nthirKJ in the Mcckjudtsargwt arvj unlil there is ¢ertwnty atr•JUtthe value Ofpensiry￿to emthees from￿￿1 2015 orward5. The pause was lifted in Ju 2020, aThJ a con9jttat1c￿ was lauthd in June 2021 on prwsed Change$tott￿ coslv)ntrol mechanisrn lollowin9 a revrew by the Govemrnent Aduary. Following the wblic con5utstson. the Government have ptsd thre& key propos&s tEwnmerKJed ty Ihe Gobprr¥nert A£ttwy. are airning to implernent Ihese s*aTrJes in time ts Ihe 2020 valualbons. P￿e 43

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATwKrs FOR THE YEAR ENDED 31 AUGUST 2022 1& PEMSTh SCHEMES (ContIn￿d) The 2016 cost ccthl ￿UthnS tsve teen c£m￿etel1 in January 2022. and 1he resulis indirAted that there would te rKJ clwges to benefits ￿ member C￿trItxrt1)nS rewrel. The resLdts ofthe ¢))st cap V81uatit)n a￿ n¢t used to set th& emph)yeT ContntK￿ Tate. HM Tmsury has confimied that any changes to the emthef Q)nlrtJutb)n rate reSU￿.￿j Ircm the 2020vakJalior6 take effect in April 2024. Unts"I Ihe 2020 valuatyjn is cJJmpW¥J 11 1$ I￿1 p)ssrtAe to corKILwJ& on any finanual impxt crf fiJture changes to the cwlrTrtx]bon rates of the TPS provish￿ foT any addth.onal pasl btrrtfft In oftheabove rulings aThJ as5umffi used inthe 31 March 2016Actuarial Valuation may become inapwopnate In thl5scena￿. a ¥￿￿ation prepared in accydarKeTrMth revised bwfits 8rKI siitaw re¥￿ed asF4JmptKxis yieky diffwenl resutt5 than I1wc￿taIn￿ kn tha Aduarlal Va￿ation. Until the cost cap mechartism revtwn is c(￿FIe￿￿ it not possitde lo ¢(rtlud• on any finat￿l impact or fLrturè charvjes to Ihe contr￿￿￿￿ rales of ￿ TPS A(£cidYth Th) prowsion for ary athjitional past benefft pensKJn costs is in these fjnarnial stakwnts. Staff Pe st Pwl's Girts. Sthcds pens￿ Sthemefor staff opeth a I￿r￿d bwfft 8¢heme inthe UK whith wovides both pensKJns In retr"rernent and death benefits to mèmbern Pansion beneffts are rdated to the memtrs' final ￿ary * rgtrenwt and Ihgr length of servTh. sin￿ l NLwemb¢r2￿6 has bow do￿ to w members and dosgj to fiJbjreaccru￿ siTr 1 Jar￿ry 2016. A full acluarial VaK￿l￿￿ af ts sckne ¥ras cani&J cArt as at 31 W 2￿20 and has been upjated to 31 August ty a qualified Indep￿￿j￿1 •aiwy to prcrtlurg the FRS 102 Valualic￿ The major as8urnpt1￿S used by the fty PWFWS of FRS 102 for Ihese finarKia 5talements were lin minal t8rnisI as folch￿. Prknclpal actuarlal aBswnplkn •tth• bal•n¢• •lwt dats 2022 2021 Disojunt r¥lts lnllats.on 8SSLmplwM IRPII 1nllats.on aSsuMpb￿ ICPII R* ofmcwse in salaries 5% LPI pengon Ir￿reaseS 2.5% LPI Fe￿on If￿¥￿seS 140% 110% 3.10% 3.10% 2.30% 3.1VA 110% 3.10% 2022 2021 A$swr￿1 bfe expeclaxy in years at age Retiring t￿lay- Males Reth"rir4 todty. Females 2&1 25.3 Rethnng in 20 years, twne. Maes Rgth"nng in 20 years. t¥Tr8- Femaes 26.3 268 P89e 44

ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2022 1& PENSION SCHEMES Iconllnwd) The amounts recognlsed In th• balance 8ttht aff• as foll 2021 Present ¥￿￿9 of ot4t9ty Fair value of S(￿Me assets (S,935) 5.931 17,729) 6.723 Net Ikqbilty {I.LK)6) ch9n0￿ In the pY¢•ont ￿lue oltr• dolk￿d b•fft olMlg•ti 2022 2021 Open￿9 defined be￿ obrw Interest cost Actuarial gains Be￿fft8 pa•J {exduding exprn) 7.729 122 11,6721 (244} 8,039 119 (192) 237 c1￿1n9 defmeLI benefft ot4wJalpJn 5.935 7.T29 Chaw In the falrvalue ol the schem• ass•ts 2022 É'ooo 2021 OpeThng falr value ofscheme assets Interest incom8 Expected ￿turn on assets BW￿fftS paKI Conth"txJtion$ by ¢M￿¢>￿er Exw$es paid 6.723 109 {981) (2441 395 71 5,946 (237) 283 (78) o￿tt9 f91 Value of assets 5.931 6,723 Th• amourts Includ•d lthln th• Stat•m•nt ol Hnanclal Aettvlll•s 2022 £'ooo 71 13 2021 78 30 Net interest on the defmed t￿efft IMtsIty Total tharpj to the Statementof Firbancial ActP4it Net acbjarial gains recwised in the year Retum (n assets, exduding interest InC￿e (1,672) (192) (T20) Per￿￿ stheme ga 16911 (912) Page 45

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMEp¥rs FOR THE YEAR ENDED 31 AUGUST 2022 I& PENSION SCHEAIES l¢Mtir¥d) Valw #t Valu8 at 31 AuBiwt 2022 31 August 202t É'ooo Absc4Lrte retwn t￿1 Equties s￿ed pensiryTr$ Cash and otw assets 2.771 3.011 1171 a399 130 23 Fair value of Khryne 8SS 5.931 Q723 fettjm c￿ Ihe assets is -£872,LYKJ12ff21 £￿9,[1)0}. The emrAuyer Wrrfribub.¢J￿ in ￿ year payabk ty Ihe resFect of Th)n-tead)iTVJ $tsff was £395,ODJ12021 £283,CO)l The sch￿￿ expects to ￿th"t￿rte £395.fm to thè scheme in Ihe year to 31 AwJust 2023 The Fen5￿￿ Q)st Char￿ in the year in res￿ of the non-teathirvJ staff defined )ntn"bub"on SL￿ne¥￿s £393,(MX)12021 £358.iKi)I. 19. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROII OPERATIONS Grwp 2022 Net ino)rne forthe y NOr￿oFerathng cash e1m￿at￿J'. Investrnent i￿Orne . Endowment dcfiaix . Inveslrnent man￿eMent dwges Defined b￿efft pensw stheme adjustments DeFxeaabon and amortisation charge Loss frorn ￿ disFK)s oftsngitle f￿d ass8ts t>e¢xeaWlw)creasel ￿ stO￿S DecreasellyKfeasel ￿ debtors OecTrase in advanr£d fre thme uedtrKs crèase in refL#JJable deposts (Dec¥ease)hn(¥ea5e in (¢xdtyJiThJ afva￿l fe8 schemè and depogts) 12111 17611 (129) (28) 91 (175) 13111 1.738 (159) (565) (85) 127 152 4ni 285 Net cash inlkyAT frcth oFwa 1.9TI 2510 AWALYSIS OF CASH A14D CASH EQUNALENTS Group 2022 2021 Cash al bank Deposrts 14 1&366 Pap 46

ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMEWJ FOR THE YEAR ENDED 31 AUGUST 2022 OPERATING LEASE COMMITIIEKrs At 31 ALtyJ[￿l 2022. the gr￿p ojmmilments uThJer no￿￿￿eNable ope￿"rg leases 2022 2021 Wlhin c￿e yeaT 32 128 21 RELATED PARTY TRANSACTIONS Th8 folkMNJ transath¢￿s r￿jr1ed dUri￿j thè y•arvith rnlatsd pat¢s.' St Paul's sCh￿Is FtyJnd"on is a Charitab￿ trustofwhich Ihè Mwcws'comparry is the SO￿ trustee. The ercer5' Comparry is the SO￿ member ofst Paul's Gids. Scknl. St Paul's SckJ15 Fwndalion made a thl121r21: £g),Cl￿1 grant trAvards t￿[Sari0S and a £nil grant parlner3lip o)ordirwtor12021.' £25.C(XII. Mercer5' Charitsble FoundatK)n rnade a £nil 12021.. £140,IJXJI grant to wovhje Summer and Easter courses to inspire loThJ-tem) 8ngag&menl STEM Subj.￿￿. The Merc￿. Company made 8 £637 donabon Fcf the wrpose ol a Creative TethncICg￿ senKf sd￿1 prcpcl and £1,COJ for STE Tho scho)I paK1 wt of £1.fKK) 12021: £1.IMlI to St P8ufs S&ttAs FO￿lati￿ durwu the yew. £416 I2￿21.. £4181 remains wistanding at year end. The High Mistress is a Injth ofThe SdKd ￿ Fami￿ %fylJrks Ltd. The sdKJol contrlbutfjd £r￿1 fv¥rds Ihe ¢05ts of prov￿￿n9 famty grwps 12021.. £6.CLKI}. At year•d thwe wa6 a £nll prepayment12021.. £6,OCn ￿paYmenti. SPGS INTERNATIONAL uIArrED The s¢hool owns all ol the iSSLJ share ¢apW of SPGS Intwnatsonal ￿rnited, a ¢xJmpany incorporated EnglaThS and Wales Icomparry numter 1209404n. ¥•hose regi8teTed offte is St Paul s G￿$, Sthod, Brook Green, Lcrykn W6 7BS. This cx)mpanyrAwthcts With tI￿rd pariies to e5tatdish SPGS Int8malk)nal schoots overseas. the year 31 Auwl 2022, SPGS Irrtem8￿ Limoted h>J 8 tumver of £45),LKQ12021.' £400,(XXSI. gross profit or £426,CUI12￿21.' £376.C(tJl arhj a wofft b8fore gfft aid of £92.262 12021.. £133.0781. In ￿ year ended 31 AwJusl 21Y22. the s¢hc•Y ¢N8ryed £333.73812021.. £242.8911 to SPGS International lor the prow5sion of slaff and athninistrab.on charges. SPGS Intemational gifted £133.078 12021.. £113,1e6) to the gthjol t￿gh gift during 2021r22. The balarKe b) Ihe by SPGS Intemational on 31 AugLt 2022a$ £333,67712021'. £239,492). Pa￿ 47

ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 Funds Funds Funds Fundi 2021 £'ooo Funds 2020 Income and endry￿￿nts IV￿1. Charitsbl• aelivlts Schwl fees 0lhererkJ¢al￿ wjne Voluntary sources Gr8nls and d￿lab Trnding acli¥ltlos NoTra￿lIary ir¢ome Intemats)nal SC￿c1S Investments Invthent i￿[%￿￿ 19.315 19.315 1a479 1,031 13 1.158 1.827 10 10 41x1 27 453 27 11r2 276 20.651 21.939 22,Q93 Expendliure on." Raiwng fvThJs Charrtable acbvibes 42S 18.413 91 1.￿11 516 575 q9.914 19,943 T¢)t•l expgndltu 18,838 1.592 20.430 20.518 Net incorne boforn Inv•8tme gaIn￿lI0$￿al 1J13 1332) 1.575 Net Ih)$sesygws inv8strn8nts Net Incorne beforn transfvnb 703 2.516 3.212 371 1544 4,721 2,175 Trarlsfers funds 12 (347) N•t Ineom• bèfo￿ other T•cognlsed galns and (lo￿} 1118 1197 4.721 2,175 Pen%on stheme a*Jari gainlllossl Gains on forev￿ eXch￿￿e 912 912 (938) 193 N•t mov•mert In fund5 Recorrjliab'on of tsnds" Tot81 fuThls brougtrrt forward £730 5.727 1,430 31.729 5.422 10.832 47.983 4&553 Total funds canled for￿rd 6.ISO 11101 53,710 47,983 Page 48