Company Number 06142007 Reglstered in England and Wales Charity Number 1119613 ST PAUL'S GIRLS, SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ST PAUL'S GIRLS, SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 CONTENTS Page Governors, OfFicers and Advisers Governors. Report 4-15 Independent Auditor's Report 16-18 Consolidated Statement of Financial Activitie5 19 Balance Sheets 20 Con501idaled Cash Flow Slalemenl 21 Notes to the Financial Statements 22-41 ST PAUL'S GIRLS, SCHOOL GOVERNORS, OFFICERS AND ADVISERS Governors. Officers and Advisets The school is a charitable company limited by guarantee Icompany number 06142007, registered charity 11196131 and is governed by ils Articles of Association. The sole Tnember of the charitable company is the Mercers, Company. the City Livery Company which founded the school in 1904 and retains a keen interest in its 8clivilies. The Governors are charity trustees under charity law and the directors of the charitable company. Other than where otherwise noted, the Governors who served during the year and at the dale of signin9 are as follows.. Ms Jusline Archer" Mrs Zeina Bain, Deputy Chair of Governors . g # Ms Lisa Barclay .5 Ms Mairi 8rewis Mr Alexander Clayton "g Mrs Clare Hebbes" a Mrs Geela Khehar + Mrs Gillian Low + Mr Geoffrey Mallhews + Ms Leah Morris + Ms Joy Reymond + Mr Simon Walhen, Chair of Governors + . # g a + Members of the Education Committee Members of the Finance & Eslales Committee # Members of the Nominations Committee g Members of the Invèslmenl Sub-committee a Members of the Client Management Group Officers Clerk to GovernoTS Company Secretary Mrs Sarah Teasdale Mrs Nicki Goodfe11ow Officers (key management personnel) High Mistress Ndrs Sarah Fletcher lunlil 31 August 20251 Mrs Elizabeth Hewer Ifrom 25 August 20251 Mr Fred Hitchcock Mr Andrew Ellams lunlil 31 October 20241 Ms Mary Wenham (from 22 April 20251 Mrs Elizabeth Beesley Mr Rupert Try lunlil 31 March 20251 Mrs Helen Dangerfield Ifrom 27 Augus120251 Ms Simone Benn Mr Ellis Whilcomb Mr Giles Bennell (until 13 DeTrmber 20241 Mr Will Van Reyk (from 22 April 20251 Mrs Sophie McGeoch Mrs Sarah Teasdale Ms Barbara Sussex Senior Deputy Head Deputy Head Director of Studie$ Deputy Head - Director of Pastoral Care Deputy Head Director of Senior School Deputy Head Director of Partnerships Deputy Head - Director of Strategic Development Deputy Head - Director of Innovation Deputy Head - Director of Safeguarding & Inclusion Bursar Director of Operations Page 1 ST PAUL'S GIRLS, SCHOOL GOVERNORS, OFFICERS AND ADVISERS Governors, Officers and Advisers (Contlnued) Reglstered Office and Advlsers Registered Offi Sl Paul's Girls, School Brook Green London W6 7BS Charity registered number 1119613 Company registered number 06142007 Solicitors FarrÈr & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Fieldfisher Riverbank House 2 Swan Lane London EC4R 3TT Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA Bankers BarGlays Corporate 2 Churchill Place London E14 5RB Barclays Privale Bank 1 Churchill Place London E14 5HP Lloyds Bank plc 33 Old Broad Street London EC2N 1 HZ Page 2 ST PAUL'S GIRLS, SCHOOL GOVERNORS. OFFICERS AND ADVISERS Governors. Officers and Advisers (Continued) Auditors Crowe U.K. LLP 55 Ludgale Hill London EC4M 7JW Investment Managers Rothschild Wealth Management (UK} Ltd New Court Sl Swilhin's Lane London EC4N 8AL Barclays Private Bank 1 Churchill Place London E14 5HP Insurance Brokers Marsh Ltd Capital House 1-5 Perrymounl Road Haywards Heath West Sussex RH16 3SY Actuaries Barnell Waddingham 2 London Wa11 Place London EC2Y SAU Foster Denovo Secondsighl 20 Sl Dunslan's Hill London EC3R 8HL Page 3 ST PAUL'S GIRLS. SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Governors present their Annual Report for the year ended 31 August 2025 under the Charities Act 2011 and the Companies Act 2006. CONSTITUTION AND OBJECTS The objects of the school, as slated in ils Articles of Association which are ils governing document, are lo promote in Greater London the education {including sottial and physical Irainingl of girls and boys and in particular but without prejudice to the generality Df the foregoing to conduct and maintain schools in or near to Greater London for girls and boys. The Governors shall pursue the objects Df the school by running a girls, school and may only educate members of the opposite sex with the prior wrillen consent of and subject lo any reslriclion imposed by the Mercers, Company. AIMS, OBJECTIVES AND ACTIVITIES The school's mission 15 to provide an exceptional education for girls, irrespective of background, which is both innovative and challenging, and which prepares them lo contribute positively lo the communities around Ihem and lo lead successful and fulfilled lives. Mrs Sarah Fletcher, the High Mistress, describe5 the school's ethos, within the strategic plan, as follows.. Sl Paul's is an extraordinary SGhool. There is a genuine sense of excitement and discovery.. 8 joy in learning, cr8ativily in thinking, and a sense of adventure which transcend examinafrion results, and which prepare the sludenls for the world beyond. The breadth of opportunity is exceptional. The bursary program is one of the most sucGessfvl in the country, widening access and adding immeasurably to the diversity and textur& of our communily. Woven through th6 whole is an abiding thread of friendship and a desire lo work logeth&r which makes everything possible. Th6re is a generosity of spirit which dr&ws the place together. This is a school with a rpmarkable history and wilh every right to fepl proud of ils achievem&nls. Ther8 is no room for complacency, however. The world is changing fast, and we need lo move with it. The Gore of our strategy is the creslion of a more oulward looking school, generous in its commitment lo partnerships and service lo others. inclusive and diverse in ils outlook, ft)rward thinking and digitally acute, operating with the &dvice of, and in partnership with, those at th8 Gutting edge of change and with the schools around us. Our strategic plan pOSit￿nS us lo respond to the demands of the future so that we Gontinue to offer the best education anclpr¶lion for life. 11 seeks lo give us the authority, both moral andprofessional, to lake the lead in helping lo frame the educational debate. 11 accepts the financial Ghallenges and looks for ways to inGrease r&venue oth&r than by &xclusiv8 reliance on raising fees. PUBLIC BENEFIT The Governors, as the Charity Iruslees, confirm that they have complied with requirements set out in the Charities Act 2011 to have due regard lo the Charity Commission's guidance on public benefit and the relevant sub-seclor guidance on fee-charging charities. The Governors recognise the school's broader responsibilities towards local communities and society in general. Staff and students are encouraged lo participate in the school's partnership and community aclivilies. The school widens access through its burs8ry programme and leadership role within the West London Partnership, an association of both slate and independent s¢hoDls in Wesl and South-west London. The partnership was set up lo enable schools lo work together on sustainable, collaborative projects. sharing resources and expertise lo address the education need and enrich the learning of the students al all of the schools. PRINCIPAL ACTIVITY The school is acadeTnically selective and educates girfs from 11 to 18. In September 2024, there were 822 students on the roll with 232 of these in the Senior School (Sixth Forml. Retention in the Senior School Temained steady, with few leaving for co-educational alternatives and 11 gids joining Year 12 in September 2024. Page 4 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 PRINCIPAL ACTIVITY (continued) A broad curriculum stretches across tho arts and sciences, with an especially large languages department. spanning the major European and classical languages, as well as Mandarin. The school offers GCSE and IGCSE in Year 11 with its own School Directed Courses in arl, drama, history of art, music, computer science and creative technologies. In the Senior School all twenty-three subjects follow the linear A level curriculum. The school facililales an extensive co-curricular programme for ils students, activities and learning experiences running alongside and beyond the curriculum, as part of the school's broader educational provision. Students pursue a wide range of interests as well as gelling involved in charitable activities and services lo the community. New clubs and societies may be croaled on the initiative of the students. Well-established exchange programmes in a number of inlernalional destinations provide opportunities lo experience the culture and education systems in other countries. Equally, the school undertakes a significant number of community outreach activities. Charities and servicè lo the community are central aspects of the co-curricular programme, with students being involved in several drfferenl projects which are outlined in the section on engagement with communities around us. GOVERNANCE AND MANAGEMENT Retiroment of the High Mistress Al the end of the year, the Governors said farewell lo Mrs Sarah Fletcher who had guided the school with vision and dedication since 2017. Her leadership has been both inspiring and Iransformalive, and will leave a lasting mark on the school community. The Governors are extremely grateful for a11 she has given lo the school. The Governors welcomed the new High Mistress, Mrs Elizabeth Hewer, lo the school in August 2025. Mrs Hewer joins St Paul's from Sl George's Ascot, and was sele¢led from a strong field of candidates, with Governors confident that she will bring wide-ranging vision, strong leadership and a passion for excellen￿ to the school. Charity Governance Code Governors are familiar with the Charity Governance Code and the Charity Ethlcal Principles as developed by the National Council for Voluntary Organisalions. The school seeks lo apply the recommended practices relating lo each of the Charity Governance Code's seven principles and the Charity Ethical Principles. Governors, working closely with the Director of Safeguarding and Inclusion, have developed diversity objectives for the Board. The Charity and ils Governors (Trusleesl continue to consider ways in which il can ftjrther align the Charity's governance standards with the Code and the Principles, Governing B(Kly Revie The Board conducts regular revlews of ils performance in line with the Charity Governance Code and the Board continues to work on the recommendations following the exlemal review of the Board and ils operations by AGBIS in 2023. In addition, Governors are invited lo discuss any issues regarding the governance of the Board with the Chairman al any lime. Stakeholdgrs The key stakeholders with an interest in the Charity's work are the Mer¢ers' Company, the students, parents, staff and the members of the Wesl London Partnership IWLP) as well as the wider community. As sel out in the Achievements and Performance section of this report, the school plays an active leadership role in the Wesl London Partnership {WLPI, Inviting WLP schools to take part in events and use the school facilities. The school has had particularly close links with Hammersmilh Academy since ils inception. Governors The Governors who served throughout the year are listed on page 1. The Board of Governors meets al least once in each school term and the Commillees idenirfied below also meet al least lermly. Governor5 are also invited to open days and school events during Ihe year and are in regular contact with the High Mistress and other members of staff. Page 5 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Recruitment, Induction and Training of Governors Governors are selected by reference lo their e11gibilily, personal competence and specialist skills and experience. The school engages with external agencies lo assist in the selection of governors. The Mercèrs, Company can appoint up lo 14 Governors and the Board of Governors may appoint two. On appointment Governors are given an induction package, a tour of the school and meetings with key members of staff. Governors also undertake regular safeguarding, Prevent, data protection and cyber security training if they have not already done so and are required lo read key safeguarding documents and guidance. During the year there are further training sessions and recommendations are made about suitable courses for Governors lo attend. They are also invited into school so that they can undertake regular lesson observations. In addition, from lime lo time, the Mercers, Company organises training programmes for Governors in conjunction with other schools in which the meT￿rS, Company has an interest. Organisational Management The Governors, as the directors of the company and Iruslees of the Charity, are responsible for the overall management of the school. Commillees, which meet al least three limes a year, have been established as follows.. Education Comrnillee.. considers mallers relating lo the education and welfare of students and makes recommendations to the Board Finance & Estates Commillee.. monitors and reviews all aspects of financial performance and management advises on the development, use and maintenance of the whole school estate assesses the scope and effectiveness of the systems established lo idenlfy. manage and monitor financial and non-financial risks monitors and reviews perfomiance and operations of the subsidiary company SPGS International Nominations and Govemance Committee.. reviews the structure, size and composition of the Board identifies and nominates candidates for appointment lo the Board oversees a regular pèrformance evaluation of the Board and all ils members, conducted by the Chairman conducts the proTrss of recruiting the High Mistress and Bursar onsiders all aspects of governance of the school and makes recommendations lo the Board Investment Sub-committee.. advises and makes recomrnendalions lo the Finance & Estates Committe8 in respect of all investment asset classes, other than the school's properly Client Management Group IBuilding Projecll.. monitors and oversees Ihe redevelopment of the school's buildlngs in accordance with the outline Building Plan and budget previously approved by the Governors, and reports and makes recommendatK)ns to the Governors in relation lo the project The day-lo-day m2nagemenl is delegated lo the High Mistress supported by the Senior Leadership Team and togelh8r this group are the key management personnel. The High Mistress reports once each school term, and on other occasions as required, lo the Govemors on the activities she has undertaken In managing the school. She allends the Finance & Estates Committee, the Education Committee, the Norllinations and Governance Committee and Client Management Group meetings. The school is regulated by Department for Education and inspected by the Independent Schools Inspectorate. Page 6 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Remuneration Pollcy Governors reviewed the school's Remuneration Policy in February 2024. Ensuring that the school has transparent but flexible reward systems which enable the recruilmenl and retention of truly excellent staff is essential. The school uses rllarkel information for benchmarking purposes. Day lo day decisions about pay are made by the High Mistrèss and Bursar within Ihe scope of the Remuneration Policy. An annual pay award for all staff is considered by Governors each spring and awarded from the following Seplember. There is a salary scale for leaching staff, and many leaching staff also receive an annual incr&m@nl as they move up the scale. Insurance The school has Professional Indemnily insurance in place which includes Direclors and Officers insurance to cover the cost of compensation lo a third party if a claim is made against on8 of the school's directors lor offi￿rs) arising from any negligent act, 8rror or omission, commilled in good faith. The indemnity limit Is £10,000,000. Indemnity insuran¢e is also included for claims made against the school Iralher than directed at an individuall with an indemnity limit of £50,000,000. The annual premium for the Professional1ndemnily insurance is £6,667 and of this, £1,333 is allribuled lo the Directors and Officers insurance. STRATEGIES TO ACHIEVE AIMS AND OBJECTIVES The school's Strategic Plan 2019-2024 had six areas of focus.. Building on the ethos of the school Wellbeing and mental health Crealivily, innovation and the digital revolution Diversity, inc5usion and conneclivily in the modern world Engagement with the communities around us Responsibility, efficiency and accounlabilily. In advance of the arrival Df a new High Mistress, the Boar(J of Governors reviewed the next phase of growth and innovation al the start of the 2024125 academic year and concluded that these areas of focus remained relevant for the 2024125 academic year. The school's short-lerm aims are sel out as annual targets whereas ils work within the focus areas of the Strategic Plan respond lo ils long-lerm aims. OUR ACHIEVEMENTS IN OUR FOCUS AREAS Building on the ethos of the school The school continues lo deliver exceptional academic oulcomes, with examination results al both GCSEIIGCSE and A level reflecting sustained excellence. Al GCSEIIGCSE, the overwhelrning majority of students achieved lop grades, with 84.50/0 allaining a grade 9. and 99.60A secUr￿ng an A. or A equivalent, marking the thirteenth consecutive year that over 90Q/o of entries reached this standard. Al A level, 66.8YD of entries achieved an A., and nearly 890A allained an A or A. These results translated into strong university offers, with 91 applicants securing places al UK universities, including 45 al Oxbridge, and 16 progressing to US universities as well as inslilulions in Europe. Beyond academics, the school offers a rich co-curricular programme that enables students to explore their interests and develop leadership skills. With around 150 clubs ancl societies, many led by senior students. opporlunilies span across music, drama, sport, debating, Model United Nations, creative technology, and more. Participation in the Duke of Edinburgh's Award remains high, while initiatives such as Young Enterprise and the eslablishmenl of new sludenl-led clubs highlight the school's culture of independence and innovation. Visiting speakers and lectures further broaden intellectual horizons, ensuring students engage with diverse perspectives. The ethos of social awareness and service is deeply embedded in school lrfe. Students participate in a wide nge of community projects, from mentoring and literacy support in local schools to volunteering in care homes, gardens, and charities SLJch as Alchild and TimeGivers. Page 7 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Building on the ethos of the school (continued) A lon*slanding partnership wlh Project Rousseau extends this commitment inlernalionally, with pupils engaging in mentoring and remote volunteering for underserved youth in the USA. Fundraising and charitable inilialives-such as sponsored events, ¢onceTls, and foodbank colleclions-are r￿ular features of the schoo5 calendar. On Friday afternoons. as part of the St Paul's Programme, students spend a term volunteering. To sustain excellence in teaching, the school has invested in professional development through new leadership roles and slruclures. An Eady Careers Coordinator was appointed to oversee staff undertaking PGCES, staff training on Ihejob and those new lo the leaching profession. Revised review systems and the work of the Deputy Head, DireGlor of Innovation and Ihe Heads of EducalionaS Research and Digital Education ensure that staff across leaching and operations continue lo evolve their practice. These inilialives underline the school's commilmenl not only lo sludenl success bul also lo the professional growth of ils staff. Wellbeing and mental heafth The school places $8feguarding, wellbeing and pastoral care al the core of ils ethos, ensuring students and staff feel understood, valued and supported. Staff receive ongoing training, while the Wellbeing Centre provides expert, compassionate care for issues ranging from everyday worries lo complex challenges. School nurses and counsellors play key roles in medical, psychological and educational support. with close links to Leaming Supporl ID address the connection beh￿e&n neurodiversily, wellbeing and learning. The school works in partnership with parents through conferences, half-lermly newsletters and events an promotes wellbeing through themed weeks and sludenl-led inilialives. Collaboration with Governors. external experts and colleagues 81 St Paul's School further strengthens this work. The joint residential leadership course for Prefects exempSifies this partnership. Sludenl leadership in wellbeing is a defining feature of school life.. programrnes such as the Sl Paul's Leadership Programme, and initiatives including RAISE, PSHE Ambas8adors, Safeguarding Ambassadors, the School Council and peer mentoring enable students lo lead, infiuence and support their peers. A particularly valued initiative, SPGS Sisters, builds connections across year groups and creates social spaces for students who may f1nd participation more challenging. Creativityj innovatlon and the digital revolution The school Dffers a bespoke Ihree-year foundation course in Computer Science and Creative TechnoSogy for all students, Combining coding, physical computing, media, and emerging technology. Al GCSE level, two school-led courses in these areas have grown in popularity, supported by the opening of the Rosalind Franklin Wing IRFWI, which highlights the interdisciplinary links between digital technology and the creative arts. All staff and students are issued with their own device, a policy underpins the school's digital strategy, enhancing both safeguarding and leaching. Recognising the wellbeing benefits of digital confidence and problem-solving skills, the school is embedding design thinking and thought leadership across the curriculum. As parl of this, two Year 12 courses within the St Paul's Programme focus on innovation and suslainabilily, equipping students with the tools to address complex Challenges. Dlverslty. Incluslon and connectivity in the modern world The school fosters a culture of inclusion and respect, with bursariÈs ￿ntral lo ils ethos. Over 1 OO/y of students currently receive means-lesled support, most with full fee remission, and the school aims lo increase this to 20Yo over the next decade. In 2024125, £2.5m in bursaries supporled 86 students. funded through school resources, donations, and the endowment fund. Efforts are underway lo broaden access further, including outreach lo partnership schools, promoting part-remission awards, and increasing awareness through events and campaigns. Students play an active part in this mission. The RAISE ComrNittee's outreach work slrenglhens links with partnership schools and supports bursary awareness. Projects such as Hemisphere, which this year focused on South Asian experiences, and our involvement in the Olive Tree Project and Solutions Not Sides, encourage global awareness and empathy. The D&1 calendar, Friday lectures and curriculum development ensure that inclusion is not an occasional theme bul a daily reality. Staff and students alike engage in ongoing training around racial literacy and active bystander skills. helping lo build a culture of respect and courage. Page 8 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Diversity, inclusion and connectiViTty in the modern world (contiTnued) The EDI Lead works closely with the Admissions Registrar lo ensure that the process of entry reflects our inclusive values. Together, these strands, safeguarding, wellbeing and inclusic)n, shape a culture that is thoughtful, caring and oulward-looking. The school continues lo prepare young people not only for academic success, bul for compassionate, connected lives beyond the school gales. Engagemgnt with the communities around us The school's partnership activity continues lo strengthen Telalionships with both slate secondary and primary partner schools, guided by four key foci.. academic endeavour, enrichment, pastoral care and digital innovation. Primary inilialives include the MFL Carousel, designed lo support transition lo secondary languages, with the school's language teachers delivering French, Spanish and German lo over 60 pupils from multiple schools. Other expanding programmes include the Primary Hub, Chess, Art Development, and the Year 6 Science Fair. alongside new CPD opportunities lo upskill primary staff. Before each project, students receive expert training lo develop employability skills in communication, leadership, mentoring and resilience. Careers in the Arts is 8 key focus and is supported by the launch of the Sl Paul's Girls, Saturday School {SPGSSI focusing on a carèer in Drama and the Arts. The launch of the new Sl Paul's Girls, School Teaching atTrd Learning Hub has potential lo extend impact nationally, allowing us lo deliver webinars and CPD online. In lolal there were 49 cross-sector ini1181ives delivered this year, reaching over 1,100 students from partner schools and supported by 1,631 SPGS staff hours across 204 departments. The West London Partnership has grown ils network of schools and projects. Student voice is a priority, reflected by the strong sludenl council of 30 pupils from diverse backgrounds. Inilialives include conferences, university preparslion, Higher Education and careers fairs. Mandarin and Japanese programtnes, and talent competitions, overseen by a steering group of Sl PauS's Girls. and Boys, Schools, Hammersmilh Academy and Cardinal Vaughan Mernorial School. The Wesl London Partnership Committee enables middle leaders lo shape strategy, while Pastoral and Teaching & Learning Hubs provide valuable forums for collaboration on shared challenges across schools. Students also volunteer in local care homes and support clubs for children with learning differences and preschoolers through the Senior School Friday Programme This year, the school expanded community volunteering for younger students, including helping al a foodbank, vislting care homes for arts and reading, litter picking along the Thames, delivering care packages lo cancer wards, and sharing handmade cards with adults with mobilily issues nearby. Responsibility. efflclency and accountablllty The school seeks lo maintain the highest standards in education, weware compliance and safeguarding, all the while deploying ils resources with integrity, cosl-effectiveness and efficiency. In common with peer schools in the independent sector, the schoo1 faces financial challenges bul is confident that the combined effects of ils current reserves policy plus prudent planning will enable the school lo meet future financial demands, The school continues lo modernise ils facilities under the comprehensive sile masterplan which received planning perTMission in 2020. The new Centre for Design and Innovation in the RFW opened al the end of August 2024 and has provided a dedicated space lo link new and emerging technologies and computer science with maths, science, design and the creative arts, offering students an immersive studio and fabrication and maker-space facilities. With a separate entrance and a central event area, the building has enhanced the school's ability lo run partnership events while also giving access to facilities that may not be readily available to local sludenl5. The school has now started on the next phase of projects in the maslerplan which includes a new Forum building allowing for consolidated staff work areas lo facililale collaborative working and freeing up space in the Main Building lo cre8le better facilities for students. Works lo the main entrance of the school look place in July and August 2025, adding a lift which has greatly improved accessibility lo the school. A planned prevenlalive maintenance programme is in place and regularly reviewed lo ensure that existing buildings are well maintained. ThrDughoul the year, all school stakeholders were apprised of the school's achievements and progress through regular and frequent newslellers and school online publications. Page 9 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Responsibility, efficiency and accountability (contlnued) In an effort lo supplement the school's sources of income to contribute lo the school's evolution, the school continued lo develop ils international operations. SPGS International licenced schools provide income to fund bursaries, thus widening access, and lo fund partnership programmes. In the year ended 31 August 2025, SPGS International gifl-aided £70,141 to the school for this purpose. The Governors are actively seeking ways lo increase additional income sources. OUR PERFORMANCE AGAINST 202412025 TARGETS The 2024 Trustees, Report sel out spec￿lC targets for the year 2024125. Performance against these targets was as follows.. 1. Building on the Ethos of St Paul's Ongoing.. The creation of a Head of Educational Research has helped foster a culture of interdisciplinary and creativity in leaching and learning, with staff meeting regularly lo discuss a variety of topics. The school continues lo review working practices and benefits lo enable il lo recruit and relain high calibre staff in a challenging market and is SUPPDrled by the Staff Room Committee who promote effeclive communication across the school. 2. Wellbeing and Mental Health Ongoing-. Over the year the school slrenglhened ils approach lo tracking and early idenlificalion of student well-being issues through regular meetings, more ilemised tracking and limely follow up, and by encoLJraging self-refleclion and self-regulalion through reflective PSHE sessions. Ongoing: The Director of Innovation, has developed a progTamme lo encourage the responsible use of digital devices, with a focu5 on the ethical use of technology, including social media and generative Al. and this wi11 be rolled out by year group during 2025126. Ongoing.. The school has developed a pasloffil network across our partnership schools lo share resources and best Practice, and has a wellbeing conference planned in the Autumn Term 2025. 3. Croativity, Innovation, and the Dlgltal Revolution Ongoing.. The appointment of a new Dire¢lor of Innovation has enabled the school lo explore the role and impact of Al in education, preparing students with the skills lo use generative Al safely and effectively. The opening of the RFW al the slarl of the year has enabled and encouraged greater creativity and interdisciplinary thinking. 4. Equality, Dlversity and Inclusion IEDI) Ongoing- The school has maintained its focus on EDI through continuous training, currlculum diversrficalion, staff and sludenl recruilmenl, and enhanced support for SEND students. 5. Community Engagement Ongoing.. The school has continued lo develop opportunities for closer collaboration with Sl Paul's School, with benefits for both staff and students. Ongoing.. The school's Partnership programme saw the successful launch of a Sl Paul's Saturday School trial, and the school intends lo develop this further alongside the thriving Jupiter Project and the Primary Hub inilialives. 6. Responsibilityi Efflclency, and Accountability Ongoing.. A careful review of the school's cost base enabled the Govemors lo miligale the impact of VAT on parents wilhoul compromising the quality of the education offered, and this remains an area of focus for the 2025126 academic year. INork on increasing the accessibility of the school is ongoing. particularly al the main entrance, and Phase 4 of the maslerplan has now been started. The Digital Strategy Group has been expanded lo include a wider range of slaff represenlalion, enabling more detailed and appropriate consideration of the rapidly changing digital opportunities and issues for the school. Page 10 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 ENVIRONMENTAL PERFORMANCE.. STREAMLINED ENERGY AND CARBON REPORTING Sl Paul's Girls, School commissioned an independent consultant lo confirm and validate their greenhouse ga5 emissions for the 2024125 reporting period. The results were as follows.. 2024125 2023124 UK energy use in kwh Associaled Greenhouse Gas emissions in Tonnes C02 Intensity ratio {kWh per sludenll 3,097.325 3,168,969 557.7 586.0 3,768.0 3,779.9 UK energy use covers all of the school's educational and operational activities. The school calculated ils full carbon footprint using the GHG Protocol Corporate and Scope 3 Standards. During the reporting year 2024125 the following energy efficiency actions were taken.. Upgraded the Building Management System IBMS) al the swimming pool. enabling the system lo be programmed lo oplimise the operation of the main healing system, ensuring il only runs when required lo maintain ctsmfort and efficiency. Ulilising the BMS system in four of the key school buildings lo control the healing system lo meet minimum operational limes. Ensured that the new Rosalind Franklin Wing that was opened in September 2024 had been designed lo maximise eneigy efficiency through a combination of passive and active measures. Continued to promote reduced energy days, raising awareness and resulting in a reduction in energy consumption of up to 50%. Recycled 980/D of the materials from the demolition of th8 Forum building. Continued the rolling programme of replacing classroom lights lo LEDS with absence sensors, reducing usage by 200/9 lo dale. The Governors remain committed lo reducing the school's carbon footprint and continues lo review ways in which this can be achieved. FUNDRAISING AND ALUMNAE ACTIVITY Fundraising In 2024125, the school raised £2,044,000 through donations and pledges lo support ils charitable aims, primarily funding means-lesled bursaries. £1,216,000 was raised for the revenue bursary programme, funding five full bursary places for seven years. £722.000 was pledged lo the bursary endowment fund. £104,000 was donated lo the rowing club foT equipment. Support came from trusts including John Lyon's Charity. The Ailken Family Charitable Trust, Kusuma Trust UK, and the Sl Paul's Schools, Foundation. The school manages fundraising internally, is Tegislered with the Fundraising Regulator, and reported no complaints or compliance issues. It does not solicit from the general public or use intrusive fundraising methods, Page 11 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Alumnae Activit19S The school maintains a vibrant alumnae relation5 programme, fostering goodwill and engagement across the community through events, communications, and networking opporlunilies. Communications include The Rgview magazine, a monthly e-newsleller, Social media, and the alumnae networking plattorm. The Review is published twice yearly and reaches around 5,639 alumnae, parents and donors by posvemail. Online open rates are 750A. The monthly e-newsletter reaches over 3,746 alumnae with open ralas of around 73010, effectively Promoting events and school news OP Connect now has 2,230 users, 51'/g registered as mentors, and also supports the school's careers and Higher Education programme. The year's alumnae events included class reunions, university and Us-based gatherings, professional networking events, a film screening, a Christmas fundraising event, and a dinner for former Heads of School teams. SPGS INTERNATIONAL In 2024125, SPGS Inlemalional Chengdu opened ils Sixth Fom, marking a major milestone celebrated by visitors from Sl Paul'5 Girls, School, London. Total enrolmenl reached 428 students. Academic results improved, with strong IGCSE grades185010 A"_Bl and a 100 /0 A Level pass rale in the first cohort. Community highlighls included concerts, art exhibitions and the inlroduclion of LAMDA programmes. Inlernalionally, SPGS International announced a new Bangkok school (opening 20261 and continued lo explore opportunities in the Middle East and Asia. 2025126 Objectlves Strengthen links between the school and SPGS Chengdu through visits and shared practice and support the recruilmenl of a new Head of School. Finalise terms for a new Ihree-year pilot for high-achieving Senior School students laTgeling Oxbridge and Ivy League universities in China. Support the Head of SPGSI Bangkok with the opening of the School in September 2026. Secure a sile and regulatory approval for SPGS International Dubai. Pursue new premium School opporlunilies in Asia and the Middle East. FINANCIAL REVIEW Results for the Year The financial results of the group, comprlsing the school and ils wholly owned subsidiary, SPGS International. are presented on page 19 of this report. The group generated lolal nel income from operations of £863,000 of which £341,000 is unreslricled (before transfers belwgen funds and investment gains and losses}. The unrestricted surplus (before transfers and investment losses} represents 1.20h of lolal unrestricted income compared with 1.7'/o in the p￿VIouS year. The total income for the year ended 31 August 2025 was £30,542.000 12024-. £29,402.000} of which £24,212,00012024.. £23,583,000) was fee income. The total expenditure was £29,679,000 {2024-. £28.343,0001, the most significant expense being staff costs which represent 610/0 of the total expenditure. Capital expenditure in the year was £1,412,000 12024.. £11,286,0001 Having reviewed the funding facilities available lo the School together with the expected ongoing demand for places and the School's future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources lo continue ils activities for the foreseeable future and consider IherB are no material uncertainlies over the School's financial viability. Accordingly, they continue lo adopt the going concern basis in preparing the financial slalements. Page 12 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Reserves Level and Pollcy The lolal reserves of the school al 31 August 2025 were £62,185,000 of which unreslricled funds were £41,717,000, reslricled funds were £6,387,000 and endowed funds were £14,081,000. Free reserves al 31 August 2025 were £7,418,000. £40,000 has been designated for bursaries and £30,000 for partnerships. The Rowan Tnjsl funds within reslricled funds were £971,000 on 31 August 2025. The Governors consider, as in previous years, that endeavouring lo hold unreslricled cash balances of £4,500,000 during the building programme is an appropriate minimum cash roserves Policy. 11 is proposèd that the cash reserves held on 31 August 2025 in excess of this policy will go towards funding future capital PToje¢ls, including investment in the school's eslale to meet ils future educational needs. Investment Policyj ObjeGtives and Perfomiance Rothschild Wealth Management ha5 been given discretionary power lo man8ge the reslricled and endowed investment portfolio, reporling lo the Investment Sub-commillee. They have been instructed lo adopt a medium risklb?lanced inveslment strategy, that the timescale for performance of the portfolio is long term lover 10 years), and that they should aim for a balance of capital growth and income exclusively in Qualifying 1nveslmenls. The portfolio is invested in the Exbury Isuslainablel Strategy, where il seeks lo invest in 8ssels enabling the goals of the Paris Agreement (net zero global emissions by 20501. The Investment Sub-commillee regularly reviews the performance of the Manager. The Rothschild inveslmènl portfolio underperformed the relum objective of 7.7¥D over the year to 31 August 2025. 11 generated a lolal return of 3.4Q/o ending al a v81ualion of £17,774,000, which includes both endowed and restricted funds. with a dividend yield of approximately 1.4Vo over the period. sin￿ inception, Rothschild has outperformed the target of CPI plus 4.OWo. The fees in advance scheme's assets are invested in fixed interest treasury stocks which are a low risk fixe rale of return investment. The fees in advance scheme investments continue lo be managed by Barclays Private Bank. Fixed term deposits are held al Lloyds Bank Plc. FUTURE PLANS Strategic Taryets for 2025-2026.. Wision for the Future As we look towards the next phase of growth and innovation, the overarching goals outlined in the 2019-2024 Strategic Plan rerllain relevant. The Board of Governors have reviewed the Strategic Plan and extended its remit lo cover the period up until September 2027. The arrival of a new High Mistress in September 2025 alongside developments in the broader independent education sector will also provide the opportunlty for furthor research based strategic planning during the year. Below are the key priorities for the coming year.. 1. Building on the Ethos of St Paul's Action Research.. Foster a culture of interdisciplinary and creativity in leaching and learning. Embed dgsign thinking and systematic invgntive thinking in our curriculum to Prepare students for the collaborative problem solving they will encounter al university and in the workplace. Rèview working practices and benefits to ensure that they best meet the needs of all staff and enable the school lo recruit and relain high quality praclilioners. Develop the Staffroom Committee lo promote effective communication across the school. 2. Wellbeing and Mental Health Pastoral Care- Strengthen our approach lo tracking and early idenlificalion of sludenl well-being issues, encouraging self-refleclion and self-regu1alion. Encourage responsible use of digital devices, with a focus on the ethical use of technology, including social media and geneTalive Al. Create a pastoral network acros5 our partnership schools lo share resources and best practice. Page13 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 3. Creativity. Innovation, and the Digital Revolution Al in Education.. Continue to expltsre the role and impact Df Al in education. preparing studènts with the skills lo use generative Al safely and effectively and lo deepen our understand the wider implications of Al., its challonges and potential. Develop our use of the Rosalind Franklln Wlng IRFW) lo encourage crealivily, interdisciplinary thinking. and exploration of the digital world. 4. Equality, Diversity and Inclusion {EDII Ongoing Commitment-. Maintain our focus on EDI through continuous training, curriculum diversification, staff and sludenl recruitmenl. and enhanced support for SEND students. S. Community Engagement Collaboratlon with St Paul's School.. Extend opporlunilies for working together Islaff and sludenls). Strengthening Impact: Expand the reach of the Jupiter Project and the Primary Hub and establish a Saturday Arts Hub in the RFW. Lead on the creation of a "Tgaching Alliance" with our partner schools. Develop opportunities for younger students lo engage in service and charitable work. enriching their educatlon through giving back lo the community. 6. Responsibilityi Efficiency, and Accountability Mltigating Financial Prossures: Work lo offset the impact of VAT and inflation on school fees, wilhoul compromising quality. New Building Projects.. Complete Phase 4 of our building plans, including the creation of a staff hub, a secure reception area, and improved accessibility and energy efficiency. Digital Strategy- Expand the role of the Digital Strategy Group lo ensure a coordinated and safe approach lo digital development and Competen￿ in a rapidly developing lechnologiGal landscape. RISK MANAGEMENT Governors have ultimate responsibility for identifying the major risks that the school is exposed lo and for ensuring that the senior management of the school has systems and processes in place lo manage those risks. denlified risks are recorded in the school's risk register and risks are assessed by calculaling impact and likelihood scores giving a lolal nel SCOTe after miligaling aclivilies. Risk rnanagemenl principles are agreed based on the category of the risk (low, medium or high). The school's risk register is reviewed each term by the Finance & Eslales Committee and reported formally to the Board in the summeT term. Some potential risks that are idenlrfied on the risk register include., Growing pastoral issues involving staff and pupils as family pressures, global tensions and the climate crisis add additional stresses lo already busy lives. The increasing financial challenges on both parents and the school, resulting in sector uncertainly and the need for schools lo amend their strategic thinking accordingly. These risks are miligaled by the following measures.. The school continues lo review and increase ils investment in staff welfare and sludenl wellbeing. Staff flexible working arrangements are accommodated where possible and the pastoral care team continues lo assist students in coping with the ever-changing context of education. Financial stress lesling within long term forecasting is regularly reviewed by the Finance and Estates Committee and the Board of Governors, along with a detailed review of costs. The school has also pul into action measures lo generate additional alternative income streams including the schoDI's international partnerships. Page 14 ST PAUL'S GIRLS, SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 RISK MANAGEMENT {contlnuedl The Governors are satisfied that there are systems in place lo miligale the major risks idenlrfied on the school's risk register lo an acceptable level. 11 is recognised that systems can only provide reasonable bul not absolute assurance that major risks have been adequately managed. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report, incorporating a strategic report and the directors, report and financial slalemenls in accordance with applicable law and regulations. Company law requires the Tmslees lo prepare financial slalements for each financial year in acwrdance with United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Slandardsl and applicable law. Uncser company18w the Trustees musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and the group and of thè incoming resources and application of resources of the group for that period, In preparing these financial slalements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., make judgments and accounting esllmales that are reasonable and prudent., obseTve the methods and ririnciples in the Charities SORP., stale whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charilab5e COTnpany will continue in business. The Trustees are responsible for ensuring that adequate accounting records are maintained that are sufficient lo show and explain the charitable company's transactions and disclose with reasonable accuracy al any lime the financial position of the charitable company and the group and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and ensuring their proper application in accordance with charity law, and hencè for taking reasonable steps for the prevention and detection of fraud and other irregulari118S. DISCLOSURE OF INFORMATION TO AUDITOR The following slalements have been affirmed by each of the Trustees of the charitable company.. so far as each Trustee is awaTe, there is no relevant audit information Ithal is, information needed by the Company's auditors in connection with preparing their report) of which the Company's auditors are unaware., and each Trustee has laken a15 the steps that helshe ought lo have taken as a Trustee in order lo make himselflherself aware of any relevant audit information and to establish that the company's auditors are aware of that information. AUDITOR Crowe U.K. LLP has indicated ils willingness lo be reappointed as slalulory auditor. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 200e, was approved by the B08rd of Governors of Sl Paul's Girls, School on 8 December 2025, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as aulhorised Dn ils behalf by.. Mr S Wathon Chalr of Governors Page 15 ST PAUL'S GIRLS, SCHOOL INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Independent Auditor's Report to the Members of St Paul's Girls, School Opinion We h8ve audited the financial slalemenls of Sl. Paul's Gids, School {'Ihe charitable company'l and ils subsidiary I'lhe group'l for the year ended 31 August 2025 which comprise the Consolidated Slalemenl of Financial Activities lincorporaling the Income and Expenditure Account), the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes lo the financial slalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the slate of the group's and the charitable company's affairs as al 31 August 2025 and of the group's income and expenditure, for the year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Compani8s Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs IUKII and applicable law. Our responsibilities under thosè standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the chsrilable company and Ihe group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fuffilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlif1ed any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable company's or the group's ability lo continue as a going concern for a period of al Seast twelve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the Televant sections of this report. Other infomiation The Iruslees are responsible for the olheT information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance ¢onclusion thereon. Our Tesponsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistenl with the financial slalemenls or our know5edge obtained in the audit or otherwise appears lo be materially mi5slaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise lo a material misstatement in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are reqUI￿d lo report that fact. We have nothing lo report in this regard. Page16 ST PAUL'S GIRLS. SCHOOL INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Opinions on other matters prescribed by the Companles Act 2006 In our opinion based on the work undertaken in the Course of our audit the information given in the trustees, report, which includes the direGIoTS' report and the strategic report prepared for the purposes of Company law, for the financial year for which the financial slalemenls are prepared is consislenl with the financial slalemenls", and the strategic report and the directors. report included within the trustees, report have been prepared in accordance with applicable legal requirerNents. Matters on which we are required to report by exceptlon In light Df the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misslalemenls in the strategic report or the directors, report included within the Iruslees, report. We have nothing lo report in respeGI of the following matters in rèlation lo which the Companies Act 2006 requires us lo report lo you if. in our opinion.. adequate and proper accounting records have not been kept., or the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of Iruslees, remuneration specrfied by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibllltles of trustees As explained more fully in the Iruslees, Tesponsibililies slalemenl sel out on page 16, the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal contro1 as the Iruslees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalements, the Iruslees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related lo going ¢oncern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations, or hsve no realistic allernalive bul lo do so. Audltor's responsibilities for the audit of tho financial statements Our objectives are lo obtain reasonabSe assurance about whether the financial statements as a whole are free from rnaterial misslalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducled in accordance with ISAS {UKI will always delecl a material misstatement when il exists. Misslalemenls can arise from fraud or error and are corisidered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Details of the exlenl lo which the audit was considered capable of detecling irregularities, including fraud and non- compliance wlh laws and regulations are sel out below. A further description of our responsibilities for the audit of the financial slalemenls is localed on the Financial Reporting Council's website al.. ywiw.frc.or .ukJauditorsres onsibililies. This description forms part of our auditor's report. Page 17 ST PAUL'S GIRLS, SCHOOL INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Extent to which the audlt was considered capabla of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identbfied and assessed the risks of material misslalemenl of the f1nancial slalemenls from irregularities, whether due lo fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks wrthin which the charitable company and group operates. focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures In the financial slalamenls. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulallons as parl of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws an(i regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental lo the charilable company's and the group's ability lo operate or lo avoid a m21erial penalty. We also considered the opportunities and incentives that may exisl 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 {GDPRI and Anli-fraud. bribery and corruption legislation. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations lo enquiry of the Trustees and other rnanagemenl and inspection of regulatory and legal correspondence, rf any. We identFFied the greatest risk of material impact on the f1nancial slalemenls from irregularities, including fraud. lo be within the liming of recognition of income in relation lo the internal￿Onal schools. and the override of controls by management, including eslimales and judgments. Our audit procedures lo respond lo these risks included enquiries of management, and the Finance and Estates Committèe about their own idenlificalion and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting e8limales for biases. reviewing Tegulalory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Owing Ic) the inherent lirllitalions of an audit, there is an unavoidable risk that we may not have detected some material misslalemenls in the financial slalemenls, even though we h8ve properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations {irregulariliesl is from the events and transactions reflected in the financial slalemenls, 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-deleclion of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal Controls. We are not responsible for prevenllng non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely lo the charitsble 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 stale lo the charitable company's members those mallers we are required lo slate lo 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 lo 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. Nicola May i Senior slalulory auditor For ancs on behalf of Crowe U.K. LLP Slatulory Auditor London Dale.. 12 December 2025 Page 18 ST PAUL'S GIRLS, SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025 Unrestricted Restricted Endowment Funds Funds Funds Total Funds 2025 £'ooo Total Funds 2024 £'ooo Notes £'ooo £'ooo £'ooo Income and endowments from.. Charitable activities School fees Other educational income Voluntary sources Grants and donations Trading activities Non-ancillary trading income International schools Investments Investment income 24,212 1,774 24,212 23,583 1,774 1, 749 267 1,289 839 2,395 2,383 155 155 990 141 608 336 1,016 938 Total income and endowments 28,078 1,625 839 30,542 29,402 Expenditure on: Raising funds Charitable activities 1,470 26,267 128 1,814 1,598 28,081 944 27,399 Total expenditure 27,737 1,942 29,679 28,343 Net incomalllossl before investment gains 341 1317) 839 863 1,059 Nel gains on investments 76 39 52 167 1,031 Ngt incomel{lossl before transfers 417 {278) 891 1,030 2,090 Transfers between funds 16 400 126 15261 Net incomolllossl before other recognised gains 817 {152) 365 1,030 2,090 Gains on foreign exchange rnovemenls 84 243 327 215 Net movemgnt in funds Reconciliation of funds.. Total ftjnds brought fotward 817 168) 608 1.357 2,305 40,900 6,455 13.473 60,828 58,523 Total funds carrlèd forward 16 41,717 6.387 14,081 62.185 60,828 The notes on pages 22 to 41 form part of thgsg accounts. Page 19 ST PAUL'S GIRLS, SCHOOL CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2025 Group 2025 £'ooo Charity 2025 £'ooo Notes 2024 £000 2024 £'ooo FIXED ASSETS Tangible fixed assets Intangible fixed asset Investment in subsidiary Investments 36,919 40,735 36,919 40, 735 150 24,968 62,037 150 26,166 67,051 24,968 61,887 26,166 66,901 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 26 11,236 13.312 24.574 28 1,593 12,515 14,136 26 12,080 12,230 24.336 28 1,623 12,265 73,916 CURRENT LIABILITIES Creditors.. armounts falling due within one year 116,146) (f 4.540) 116.1461 (74,540) NET CURRENT ASSETSIILIABILITIES} 8,428 (404) 8,190 (624) TOTAL ASSETS LESS CURRENT LIABILITIES 70.315 66,497 70,227 66,427 LONG-TERM LIABILITIES Creditors." amounts falling due after more than one year 12 18.130) (5,669) {8,130} f5,S69) NET AssEfs EXCLUDING PENSION LIABILITY 62,185 60.828 62,097 60, 758 Pension scheme liability NET ASSETS INCLUDING PENSION LIABILITY 18 60, 758 62,185 60,828 62,097 ENDOWMENT FUNDS RESTRICTED FUNDS 15&16 15&16 14,081 6,387 13.473 6,465 14,081 6.387 13,473 6.455 UNRESTRICTED FUNDS Designated fLJnds General funds 15&16 15&16 34.211 7.506 4Q,830 70 34,211 7,418 40,830 TOTAL FUNDS 62.185 60,828 62,097 60, 758 The school has taken the exemption from presenting ils unconsolidated statement of financial activities under section 408 of the Companies Act 2006. The nel income of the school in 2025 was £1,012,000 (2024.. £2,139,000>. Approved by the Board of Governors of St Paul's Girls, School on 8 December 2025 and authorised for i$$ue and signed on ils behalf by.. Mr S Wathen Chair of Governors Mrs Z Bain The notes on pages 22 to 41 form part of these account Page 20 ST PAUL'S GIRLS, SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 Notes 2025 2024 £000 £'ooo £'ooo NET CASH FLOWS FROM OPERATIONS Nel cash lusedllprovided by operating activities 11,054) 15,268 CASH FLOWS FROM INVESTING ACTIVITIES Investment income and bank interest received Investment management charges Purchase of tangible fixed assets Withdrawals from investmen15 portfolio Proceeds from the sale of tangible fix6d assets Purchase of investments 1,004 {1261 11,4121 4.660 959 (121) (77,286) 1,849 12,9681 (8.075J Net cash providedllused} in investing actlvltles 1.158 (16,673) CASH FLOWS FROM FINANCING ACTIVITIES Receipt Df endowment Finance costs paid 839 (146) 156 Net cash provided by flnancing activities 693 156 Change in cash and cash equivalents in the year 797 (1.249) Cash and cash equivalents brought forward 12,515 13,764 Cash and cash equivalents carrled fonvard 20 13,312 12,515 Thg notes on pages 22 to 41 form part of thesg accounts. Page 21 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Sl Paul's Girls, School is a Public Benefit Enlily registered a8 a charity in England and Wales Icharily number.. 11196131 and a company limited by guarantee (company number.. 06142007>. Ils registeretj office is Sl Paul's Girls, School, Brook Green. London W6 78S. 1.1 Basis of preparation of financial statements The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Sl Paul's Girls. School meets the definition of a Public Benefit Enlily under FRS 102. Assets and liabilities are initially re¢ognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. The school has taken advantage of the exemption available lo a qualrfying enlily in FRS 102 from the requirement to prèsent a charity only Cash Flow Slalemenl with the CDnsolidaled f1nancial stalemenls. The functional currency of the school is considered lo be GBP because that is the currency of the primary economic environment in which the school operates. 1.2 Going Goncern Having reviewed the funding facilities available lo the School together with the expected ongoing demand for places and the School's future projec12d cash flows, the Governors have a reasonable expectation that the School has adequale resources ID ¢onlinLJe ils activities for the foreseeable future and Consider there are no material uncerlainlies over the School's financial viability. Accordingly, they continue lo adopt the going concern basis in preparing the financial slalements. 1.3 Crltlcal accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Trustees are required lo make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumplions are based on historical experience and Dther factors that are considered lo be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future perSods if the revision affected current and future periods. The key sources of estimation uncertainty that have a signrficanl effect on the amounts recognised in the financial slalemenls are described in the accounting policies and are summarised below.. Pension liabilities The charity recognises ils liability lo its defined benefit pension scheme which involves a number of eslimalions as disclosed in note 18. The followng accounting policies have been applied consistently in dealing with items which are considered material in relation lo the school's f1nancial slatemenls. Page 22 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES {continued) 1.4 Basls of Consolidation The consolidated financial slalemenls incorporate the financial slalemenls of the Charity and ils 100% owned subsidiary, SPGS International Limited (Company number 120940471 which was incorporated on 9 July 2019 to contract with third parties to establish SPGS International schools overseas. 1.5 Fees and slmllar income Fees receivable and charges for services and use of premises are accounted for in the year in which services are provided. Fees receivable are staled after deducting bursaries, scholarships and other remissions allowed by the school. bul include contributions Teceived from Testricted bursary funds and third parties. Registration fees are non-refundable and are credited lo income when received. Deposits are included as a liability until Tefunded or. on ceasing lo be refundable, are credi18d lo income. Although under normal circumstances these will be repaid over future years when the pupils complete their education al the school, pupils can leave al earlier dales. The school does not therefore have an unconditional right lo relain the individual deposits for al least 12 months after the balance sheet dale and, in line with the requirerllenls in FRS 102. the balance of the deposits held is included within current Advance fees are Irealed as deferred income and are Gredited lo income as and when they fall due. 1.6 Income Rents are slated gross and are included on an accruals basis. Inlèresl is included on an accruals basis. Dividends from investment funds are included as receivable on the due dales. 1.7 Donations Donations are accounted for in the financial year in which they are received. Donations received for the general purposes of the school are credited lo unreslricled funds. Donations subject to specific wishes of the donors are credited lo tho relevant rèslricled fund or lo endowment funds where the amount 18 held as expendable capital. Donations and legacies are accounted for as and when enlillement arises, the amount can be reliably quantified and the eGonomic benefit lo the school is Considered probable. 1.8 Expenditure All expenditure is included on an accruals basis and is allocated to activities on a direct basis. Support Costs mainly ropresenl office administration. Irrecoverable VAT is charged lo the Statement Df Financial Activities as incLJrred. Governance costs comprise the costs Df running the school, including strategic planning for its future development. external auLlil, legal advice and all the costs of complying with constitutional and slalulory requirements. Grants payable are charged in the year when the offer is conveyed to the recipient in cases where the offer is conditional. such grants being recognised as expenditure when the conditions have been fulfilled. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable aclivilies. Page 23 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Icontinugd} 1.9 Intangible fixed assets and amortisation Intangible assets costing £5.000 or more are capitalised and recognised when future economic benef11s are probable and the cost or value of the asset can be measured reliably. 1nlangible assets are initially recognised al cost and are subsequently measured al cost net of amortisalion and any provision for impairment. Intangible assets comprise software costs which are amorlised on a slraighl-line basis over 4 years. 1.1 O Tanglble flxed assgts and depreciation All assets purchased are included at their purchase price. together with any incidental expenses of acquisition. Assets with a cost below £5,000 are not capilalised. Tangible fixed assets are carried al cost, nel of depreciation and any provision fDr impairment. Depreci81ion is provided al rates calculated lo write off the cost of fixed assels, less their eslimaled residual value, over their expected useful lives on the following bases.. Charitable properties Furniture, fillings and equipment IT equipment 20 - 50 years 4- 10years 3-4years Assets held under construction are not depreciated until they are brought into use. 1.11 Investments Investments are staled 81 market value. Unrealised gains and losses for the year reflect the movement in market values. Realised gains and losses represent the drfference between proceeds (>n disposal and the market value brought forward. All gains and losses are shown nel in the Slalemenl of Financial Activities. Investment properties are measured al fair value at each reporting dale with changes in fair value recognised in "Nel gains I Ilossesl on investments. in the Consolidated Slalemenl of Financial Aclivilies. The investment properties are subject lo an independent extern21 revaluation at least every five years, with a desktop revaluation in the intervening yèars lo ensure that the properties continue lo be held al fair value at each reporting dale. Details of the basis of thè current year valuations are given in note 9 to the financial slalemenls. No depreciation is charged on investmenl properties. Cash held by investment managers, not expected lo be ulilised by the sch(K)l other than for investing aclivily, is also classified as investments. 1.12 Operating leas9S Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight- line basis over the lease term. 1.13 Siocks Stock Tepresenls IT equipment, books, sports clothing and kitchen supplies and is staled al the lower of cost and estimated realisable value. All stock is finished goods and goods for resale. Page 24 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Icontinuedl 1.14 Debtors Trade and olher debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al Ihe amount prepaid nel of any Ir8de discounts due. 1.15 Cash at bank and in hand Cash al bank and in hand Includes cash and short term highly liquid investments with a maturity of six months or less from the dale of acquisition or opening of the deposit or similar account. 1.16 Liabilities and provisions Liabilities are recognised wh6n there 15 an obligation 81 the balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllement, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised al the amount that the school anlicipales il will pay lo sellle the debt or the amount il has received as advanced payments for the goods or services il musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liabi1ily. The unwinding of the discount is recognised within interest payable and similar charges. 1.17 Flnancial Instruments Basic financia1 Instruments are initially recognised al transaction value and subsequently measured al amorlised cost with the exception of investments which are held al fair value. Financial assets held al amortised cost comprise cash al bank and in hand and deblors, excluding prepayments. A specific provision is made for debts for which recoverability is in doubl. Cash al bank and in hand comprises cash held in instant access bank accounts and used as working capital and shorl-lerm deposit accounts. Financial liabilities held al amorlised cost comprise all creditors except deferred income, including fees in advance, social security and other taxes and provisions. 1.18 Pensions The school conlribules lo the Teachers. Pension Defined Benefits Scheme at rates sel by the Scheme Actuary and advised lo the Board by the Scheme Adminislralor. The scheme is a mulli- employer pension scheme and il is not possible lo identify the assets and liabilities of the scheme which are altribulable lo the school, In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme. Sl Paul's Schools, Non-Teaching Staff Pension Fund is a defined benefit scheme. The school has fully adopted the requirements of FRS 102. On 30 April 2024 the Trustees of the Scheme purchased an insurance policy that covers every member of the Scheme. Following the closure of the non-leaching staff defined benefits scheme lo new members, certain non-leaching members of staff contribute into a separate defined contribution scheme. Costs associated with this scheme are charged lo the Statement of Financial Activities when incurred. Page 25 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES {contlnued) 1.19 Fund accounting The school has thre8 types of funds.. Endowment - where the capital is held in perpetuity lo generate distributable income., Reslricled where the purposes for which the funds may be used have been restricted by donors-, Unrestricted where the fund is not reslricled as lo use other than in furthering the objects of the school. These include designated funds, where the funds are unreslricled bul the Trustees have designated them for a specific purpose. 1.20 The Rowan Education Trust The Charity Commission for England and Wales under Ihe power given in the Charities Act 2011 appointed Sl Paul's Gids, School as sole corporate trustee of th8 Rowan Education Trust {Charily number 2801581 as of 6 April 2018. SCHOOL FEES Group 2025 £'ooo 2024 £'ooo The school's fee income compTised.- Gross fees Less.. lolal bursaries, scholarships and allowances 25,131 12.652) 22,479 1,733 24,274 (2.470) 21.8Q4 1, 779 Add.. bursaries and olher awards paid for by restricted funds 24,212 23.583 GRANTS AND DONATIONS Group 2025 £'ooo 2024 £'ooo Grants and donations include.. Donations Legacies Trusts and Foundations Corporate donations Charity 1,715 39 610 1,260 182 775 32 134 31 2,395 2,383 Page 26 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ANALYSIS OF GROUP EXPENDITURE Staff Amortisalion and Other costs costs Depreciation £'ooo £'ooo Total 2025 £'ooo Total 2024 £000 £'ooo Raising funds: Non-anci11ary trading Financing Fundraising Investment management International s¢hools 368 40 126 393 368 266 126 832 226 328 121 471 439 665 933 1.598 944 Charitable activities: Education Welfare Premises SLJpporl costs and goveTnan¢e Grants, awards and prizes Ancillary trading costs 13,049 937 1,057 2,519 45 2,475 639 2,147 653 1,740 310 15.569 1.576 5.714 3.172 1.740 310 f4,9f2 1,540 5,543 3,307 1, 787 310 2,510 17.562 2,555 7,964 28.081 27,399 Total Group expenditure 18,227 2,555 8,897 29.679 28.343 Support costs include governance costs of £176.00012024.. £237,000). 2024 ANALYSIS OF GROUP EXPENDITURE Staff Amortisalion and Other Gosls cosls Depreciation £000 £'ooo Total 2024 £000 £'ooo Ralslng funds: Non-ancillary trading Financing Fundraising Investment management International schools 18 66 121 147 f8 328 121 471 262 324 586 358 944 Charltable activitios: Education Welfare Premises Support costs and governan¢e Grants, awards and prlzes Ancillary trading costs 12,074 943 1,071 2,615 35 2,803 597 2,840 692 1,787 310 14,972 1,540 5,543 3,307 1,787 310 1.632 16,7Q3 1,667 9,029 27,399 Total Group expenditure 17,289 1,667 9,387 28,343 Page 27 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 STAFF COSTS AND GOVERNOR COSTS 2025 £'ooo 2024 £'ooo Staff costs for the group were as follows.. Wages and salaries Social security costs Pension contributions Peripalelic costs Medical insurance 13,220 1,687 2,831 400 89 12,432 7,460 2,945 378 74 18,227 17,289 During the year there were redundancy or termination payments made tolalling £22,00012024.. £47,000). There was £2,00012024.. £nill outstanding al the year-end in respect of these payments, The average number of employees in the year was 284 12024.. 2721 of which 133 12024-. 1341 were leaching staff. The number of employees whose ernolumenls exceeded £60,000 were.. 2025 2024 £ 60,000- £69,999 £ 70,000- £79.999 £ 80,000- £89,g99 £ 90.000- £9g,g99 £100.000 £109,g99 £110,000 - £119,999 £120,ODO - £129,g99 £160,000- £169.999 £170,000 - £179,999 £250,000- £259,999 £290,000 - £299,999 £330,000 - £339,999 26 30 20 21 36 Contributions of £1,457,00012024.. £1,291,000) were made lo the Teachers, Pension defined benefits scheme for 71 of the higher paid employees 12024.. 67 employeesl. Contributions were made to a defined contribution scheme for 22 of the higher paid employees of £235,00012024.' 11 employees £128,000). 2025 £'ooo 2024 £'ooo Aggregate employee benefits of key management personnel 1,942 1,762 The Governors have not received any emoluments during the year12024.. £nill. Four Governors12024.' five) incurred travel, subsistence and training expenses of £1,95112024'. £8,385) which were Teimbursed or paid for directly by the school. Govemors received gifts worth £139 (2024.. £3361. During the year £14,30012024.. £14,652) was collectively donated by Governors. Page 28 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 AUDITOR'S REMUNERATION 2025 £'ooo 2024 £'ooo Fees payable lexcluding VATI to the group's auditor and its associates in respect of.. The auditing of accounts of the group All other non-auLtil se1vi￿S not included above 36 17 34 io TANGIBLE FIXED ASSETS GTOUP and Charity Assets Charltable under Properties Construction £'ooo £'ooo Furniture Fittings and Equipment £'ooo IT Equipment £'ooo Total £'ooo Cost Al 1 September 2024 Additions Transfers Capital Goods Scheme Disposals 48,498 206 371 767 151 5.448 282 2.014 157 56.331 1,412 12,5431 11281 110 121 275 12.6731 385 At 31 August 2025 46.166 1,133 5,492 1,894 54,685 Depreciation At 1 September 2024 Charge for the year Disposals 10,606 1,862 3,196 529 11101 1,794 164 12751 15,596 2,555 13851 At 31 August 2025 12,468 3,615 1,683 17.766 Ngt book valuo At 31 August 2025 33.698 1,133 1,877 211 36,919 Al 31 August 2024 37,892 371 2,252 220 40, 735 INTANGIBLE FIXED ASSETS Group and Charity Computer Softwarg £'ooo Cost Al 1 September 2024 and 31 August 2025 Amortisation At 1 September 2024 and 31 Augu512025 37 37 Net I￿0k value At 31 August 2025 At3f August 2024 Page 29 ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 INVESTPJIENTS Group and Charlty Listed Property Investments Cash £'ooo £'ooo £'ooo Total £'ooo Valuation al 1 September 2024 Additions Disposal proceeds Gains on investments Foreign exchange gains 2,200 23,560 2,871 {4,6601 167 327 4c6 97 26,166 2,968 14.6601 167 327 At 31 August 2025 2,200 22,265 503 24,968 Historical cost of investments 170 18,587 503 19.260 The investment properties are revalued at least every five years The last v21ualion was performed by independent chartered surveyors Scrivener Tibbatts at 31 August 2023 to determine the fair value of the properties. Group 2025 Charity 2025 2024 2024 Investment in subsidiary 150,001 150,OQI 10. DEBTORS Group 2025 £'ooo Charity 2025 £'ooo 2024 £000 2024 £'ooo Fees debtors Loans to staff Sundry debtors Amounts owed by group undertakings Prepayments and accrued income 7,582 189 7,582 189 2,883 565 2,883 877 733 102 526 799 766 832 11,236 1,593 12,080 1,623 The loans lo staff are repayable over periods of one to five years and are interest free while employees remain at the school. Of the fees debtors £7,370,000 relates lo the Auturnn term 2025126. Within sundry debtors £2,537,000 is due in greater than one year. Page 30 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. CREDITORS.. amounts due within one year Group and Charity 2025 2024 £'ooo £000 Trade creditors Social security and other laxalion Fees received in advance Refundable deposi15 {nole 131 Advanced fees scheme Inote 131 Other creditors Accruals and deferred income 923 428 150 3,632 1,626 1.154 8.233 874 363 4,966 3,332 1,573 157 3,275 16,146 14,540 12. CREDITORS: amounts due after more than one ygar Group and Charity 2025 2024 £'ooo £'ooo Fees received in advance Advanced fees scheme {nole 131 Accruals and deferred income Loan 29 3,099 24 4.978 67 4,863 103 636 8,130 5,669 The loan facility from the Mercers, Company Df £8.5m is available until August 2026 for the building redevelopment. This is in effect an inleresl-free108n facility and drawdowns c2n be requested as required. Repayments are due one year after the final drawdown. Page 31 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13. REFUNDABLE DEPOSITS AND ADVANCED FEES SCHEME Refundable Deposits Deposits are placed when pupils join the school and credited against disbursements for their last term. The Governors have reviewed the contract terms uncler which pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete their education al the school, pupils can leave al earlier dales. The school does not therefore have an unconditional right lo relain the individual deposits for al least 12 months after the balance sheet dale and, in line with the requirements in FRS 102, the balance of the deposits held al 31 August 2025 have been included within current liabilities. The prior year pupil fee deposits balance has been similarly represented. The lolal amount held in relation lo fee deposits of £3,632,00012024-. 3,332,000) is included in note 11 above. In the normal course of business, the expected repayment of these amounts wilb be £459,000 within one year and £3,173,000 after more than one year. Advanced fees scheme Parents may enter into a contract to pay lo the school up lo the equivalent Df seven years, fees in advance. Assuming pupils will rèmain in the schoo1, the contractual liability of the school is shown below. Group and Charity 2025 2024 £'ooo £'ooo Within one year After more than one year.. Belween one and two years Beiween two and five years More than five years 1,626 1,573 1,163 1.754 182 f.675 2,796 392 Total 4,725 6.436 Advanced fees represent the accrued liability under the conlracls,. appropriate investments are held so that on malurily the proceeds will match these liabilities. The movements during the year were.. Group and Charity 2025 2024 £'ooo £'ooo Al 1 September 2024 New contracts in year Amounts accrued to contracts Capital refunds ATnounls utilised in payment of fees 6,436 719 6.478 93 (1571 (1,6471 (169J Al 31 August 2025 4.725 6,436 Page 32 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. GROUP FINANCIAL INSTRUMENTS 2025 £'ooo 2024 £'ooo Financial assets measured al amortised cost lal Financial assets measured al fair value Ibl Financial liabilities measured al amortised cost Icl 21,295 24,968 115.321) 13, 712 26,166 (74,322) lal Financial assets include Cash, trade and fee debtors, sundry debtors and accrued income. Ibl Financial assets measured al fair value include assets held as inveslmenls. {cl Financial liabilities include refundable deposits, trade creditors, accruals, pension contributions and other creditors. Income received in the year from f1nancial assets measured at amortised cost lolalled £584,00012024'. £685,000). During the year, lolal gains in relation lo financial assets held 81 fair value lolalled £494,000 {2024'. £1,246,000) and income received lolalled £432,00012024.' £253,000). 15. ANALYSIS OF NET ASSETS The group's net assets are held for various funds and advance fees as follows.. Unrestrlcted Restricted Endowment funds funds funds £'ooo £'ooo £'ooo Total funds £'ooo Tangible fixed assets Inv&sltnenls Nel current asse151{liabililies) Long term liabilities 36,919 5,002 7,926 18,1301 36,919 24,968 8.428 18,130} 5,714 673 14,252 1171) 41,717 6,387 14.081 62.185 Analysis of net ass&ts belween funds- prioryear Unrestricted Restricted Endowment funds fvnds funds £'ooo £OOD £'ooo Total funds £'ooo Tangible fixed assets Investments Net Gurrent asS&1￿{liabIlIÈl8sJ Long lerm liabilities 40,735 8,687 (2,853) (5. 669) 40, 735 26,166 (404) (5,669) 3,836 2,619 13,643 (170) 40,900 6,455 13,473 60,828 Page 33 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. GROUP STATEMENT OF FUNDS Statement of funds - curront year At1 September 2024 £'ooo At31 August 2025 £'ooo Income Expendlture Transfers £'ooo £'ooo £'ooo Galns £'ooo Endowed funds Bursary funds Prize funds 13.462 11 839 (5261 295 14,070 11 13,473 839 (5261 295 14,081 Restrlcted funds Foundation bursary funds Rowan Trust fund Partnershiplcommunity Prize funds Art funds Buildings fund Sundry restricted funds 5,154 974 35 105 985 11,8201 1421 (251 161 526 94 26 4,939 971 10 102 400 227 1400} 182 149} 360 6,455 1.625 1,942 126 123 Unrestricted funds General reserves Designate(I funds Investment properties fund Bursaries fund Partnerships fund Fixed asset fund 70 28,078 (27,6181 6,900 76 7.506 2.200 69 50 38,511 2,200 40 30 31,941 {691 1501 40 30 16,5701 40,900 28,078 {27,7371 400 76 41,717 Total funds 60,828 30,542 (29.6791 62.185 Endowed funds Endowed funds are for bursary and prize funds. For these funds the Capital is endowed and the arising incorne is reslricled for the expenditure as shown by the type of endowment fund. All endowed funds are expendable endowments. Restricted funds The bursary funds represent accumulated income on various reslricled and endowed gifts intended lo fund bursaries for pupils. The prize fund represents the accurllulaled income on various endowed and reslricled gifts intended to fund the award of various annual prizes. The sundry restricted fund reprèsents the aecumulaled incorne on a number of small donations received to fund specif1c projects. Page 34 ST PAUL'S GIRLS. SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. GROUP STATEMENT OF FUNDS (continued) A transfer of £526,00012024.. £511,000) between reslricled and endowed funds has been made to reflect the value of endowed bursaries funded from capital gains. Other reslricled transfers relate lo Capital goods purchased with donated monies for which the restriction on these funds have been mel. Designated funds The designated fund for fixed assets represents resources invested in the school's tangible fixed assets. Thè fund is therefore not readily available for other purposes. Statement of fund$- prlor year At1 September 2023 £'ooo At31 August 2024 £'ooo Income Expenditure Transfers £'ooo £'ooo £'ooo Gains £'ooo Endowed funds Bursary funds Prize funds 12,926 156 (511) 891 13,462 11 12,937 156 (511) 891 13,473 Restricted funds Foundation bursary funds Rowan Trust fLJnd Hardship fund Parlnershiplcommunily PTize fund8 Arl funds Buildings fund Sundry reslricled funds 4, 704 934 15 35 101 1,571 (1,857) (36) (f 5) 511 225 5,154 974 35 105 (4) (3) 15 223 825 72 (840) (113) 182 6,035 2,476 2,028 329 301 Unrestricted funds General reserves Designated funds Buildings fund Investment properties fund Bursaries fund Partnerships fund Fixed asset fund 1,458 26,770 (26,223) (1,989) TO 4,000 2,200 42 50 31,807 (4,OQO) 2,200 69 50 38,511 (42) (50) 69 50 6.7fO 39.551 26,770 (26,315) 840 54 40,900 Total funds 58.523 29,402 (28,343) 1,246 60,828 Page 35 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. CAPITAL COMMITMENTS 2025 £'ooo 2024 £'ooo Al 31 August 2025 the charitable group had capital commitments as follows.. Contracted for bul not provided in these financial statements 8,651 246 18. PENSION SCHEMES Defined benefit schemes Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme I the TPS'I for ils leaching staff. The pension charge for the year includes contributions payable lo the TPS of £2,037,00012024.. £1,825,000) and at the year-end £229,00012024'. £245.0001 was accrued in respect of contributions lo this scheme. The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The Teachers. Pensions Regulations 2010 las amended) and Th& Teachers, Pension Scherlle Regulations 2014 (as amended). Members contribute on a "pay as you go basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale is sel by Ihe Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent a¢luarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn. The employer contribution rate for the TPS is 28.6 /v, and employers are also required lo pay a scheme adminislralion levy of 0.08¥D giving a lolal employer contribution rate of 28.680/0. Non-Teachin Staff Pension Fund Sl Paul's Girls, School's Pension Scheme for non-leaching staff operates a defined benefit scheme in the UK which provides both pensions in relireTnenl and death benefits to members. Pension benefits are related to the members, final salary al retirement and their length of service. Since 1 November 2006 the scheme has been closed to new members and dosed to future accrual since 1 January 2016. A full actuarial valuation of the scheme was carried Dut as at 31 August 2020 and has been updated lo 31 August 2025 by a qualified independent actuary lo produce the FRS 102 valuation. The major assumptions used by the actuary for the purposes of FRS 102 for these financial slalemenls were lin nominal lermsl as follows.. Page 36 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. PENSION SCHEMES (continued) Principal actuarlal assumptions at the balance sheet date 2025 2024 Discount rale Inflation assumption IRPII Inflation assumption ICPII Rale of increase in salaries 50k LPI pension increases 2.50k LPI pension increases 2.800 2.50Y 2.50'/0 2.50. 1.900 3.OOYg 2. 70% 1.goyg 2025 2024 Assumed life expectancy in years al age 60.. Retiring today - Males Retiring today - Ferllales 24.7 28.5 24.7 28.5 Retiring in 20 years, lime - Males Retiring in 20 years, lime - Females 26.3 29.7 26.2 29.6 The amounts recognisgd in the balance sheet are as follows 2025 £'ooo 2024 £'o(10 Present value of funded obligations Fair value of scheme assets Effect of asset cap Nel liability 14.891} 4,940 149) (5,332) 5,378 (46) Changes in the present value of the defined benefit obligatlon 2025 £000 2024 £o(x) Opening defined benefit obligation Interest cost Actuarial {gainslllosses Benefits paid lexcluding expenses) 5,332 260 1428) 1273) 5,251 270 123 (312) Closing defined benefit obligation 4.891 5,332 Page 37 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. PENSION SCHEMES Icontinuedl Changes In the fair value of the schgma assets 2025 £'ooo 2024 £'ooo Opening fair value of scheme assets Interest income Expected return on scheme assets Benefits paid Contributions by employer Expenses paid Selllemenls Closing fair value of scheme assets 5,378 260 {329) {273} 5,591 290 (68) (312) 596 (f 28) (591) 5,378 {961 4,940 The amounts included withln the Statement of Financial Activities 2025 £'ooo 2024 £'ooo Service cost- adminislralive costs Net intèrest on the net defined benefit liability Service ¢osl- in¢. current & past service costs, selll6menls Total charged lo the Slalemenl of Financial Activities 128 (20) 591 96 699 The major categories of scheme assets are: Value at 31 August 2025 £'ooo Value at 31 August 2Q24 £'ooo Secured pensions Cash and other assets Fair value of scheme assets 4,780 160 4,940 5.125 253 5.378 On 30 April 2024 the Trustees of the Scheme purchased an insurance policy that covers every member of the Scheme. The value of this policy has been determined by the independent actuary as £4,780.000 based on assumptions used as al 31 August 2025. The actual return on the scheme assets is1£69.000112024.' £222,000). The employer contributions in the year payable by the school in respect of non-teaching staff was £nil 12024.. £596,000). The pension cost charge in the year in respect of the non-leaching staff defined contribution scheme was £815,00012024'. £485,000>. Page 38 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATIONS Group 2025 £'ooo 2024 £000 Nel income for the year Non-operaling cash flows eliminated.. Investment income Endowment donations Investment management charges Loan interest Depreciation and amortisalion charge Loss from the disposal of tangible fixed assets Decreasellincreasel in stock Increase in debtors (Decreasellincrease in advanced fees scheme creditors Incre8se in refundable deposits Increase in creditors (excluding advanced fees scheme and deposits) 863 1,059 11,0161 18391 126 146 2.555 (938) (156) 121 1,667 684 16,9581 11,7111 300 (751) 6,317 160 5,478 6,510 Nel cash louffiowyinflow from operations {1,054) 15.268 20. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2025 £'ooo 2Q24 £'ooo Cash al bank Deposits 8,082 5,230 7,520 4,995 Total 13,312 12.515 21. OPERATING LEASE COMMITMENTS Al 31 August 2025, the group had annual commitments under non-¢anc8llable operating leases as follows-. 2025 £'ooo 2024 £'ooo Wlthin one year Between one and five years 108 171 90 233 279 323 Page 39 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. RELATED PARfY TRANSACTIONS The followng transactions occurred during the year with related parties.. Sl Paul's Schools Foundation is a charitable trust of which the Mercer$' Company is the sole Iruslee. The Mercers, Company is the sole member of St Paul's Gids. School. Sl Paul's Schools Foundation made a £60,000 {2024.. £60,000) grant towards bursaries and a £33,333 grant for a partnership coordinalor12024.. £nill. The school paid £1,60312024.. £1,2131 lo the Mercers, Company for a fundraising event held al MerGers' Hall. The school received a loan of £4,342,30412024.. £635,887) from the Mercers, Company lo fund the building redevelopment. The school paid loan interest of £145,913 to The Mercer's Company. An additional £115,000 remains outstanding al yèar end. The Mercer's Company made a £146,000 grant towards the charitable purpose of the school, and there is an additional £115,000 accrued al year end. The Mercers. Company reimbursed £543 travel cosls12024.. £nill for a MerTrrs' sludenl conference. The school paid r8nl of £1.00012024'. £1,000) lo St Paul's Schools Foundation during the year. £416 12024.. £4161 remains outstanding al year end. The retired High Mistress is a Iruslee of The School and Family Works Ltd. The school contributed £6,000 towards the costs of providing family groups {2024.' £6,000). 23. SPGS INTERNATIONAL LIMITED The school owns all of the issued share capital of SPGS International Limited, a company incorporated in England and Wales (Company nurnber 120940471, whose registered office is Sl Paul's Girls, School, Brook Green, London W6 7BS, This company contracts with third parties lo establish SPGS International schools overseas. In the year ended 31 August 2025, SPGS International Limited had a turnover of £989,749 12024.. £603,007), gross profil of £965.74912024.. £579,007}. Including interest receivable, il had a profil before gift aid of £88,121 12024.. £70,141). In the year ended 31 August 2025. the school Charged £877,62812024.. £513,624) to SPGS International for the provision of staff and administration charges. SPGS International gtfted £70,14112024.. £119,131) lo the school through gift aid during 2024125. The balance owed lo the school by SPGS International on 31 August 2025 was £877,521 12024.. £525,734). Page 40 ST PAUL'S GIRLS, SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 PRIOR YEAR GROUP STATEMENT OF FINANCIAL ACTivTnES Unrostrlcted Restricted Endowment Funds Funds Funds Total Funds 2024 £'ooo Total Funds 2023 £000 £'ooo £'ooo £'ooo Income and endowmonts from: Charitable activlti88 School fees Other educalional income Voluntary sources Grants and donations Trading activities Non-ancillary trading income International 5¢hools Invgstments Inveslment income 23,583 1,749 23,583 21.546 1,749 1.781 17 2.210 156 2.383 1,667 141 608 141 121 517 672 938 796 Total Incomg and endovmients 26.770 2.476 156 29.402 26,428 ExpendltllTg on: Raising funds Charitable activities 819 25,496 125 1,903 754 27,399 24,275 Total exponditurg 26.315 2.028 28.343 25.029 Net Incomo before inve8trnent gains 455 1,059 1,399 Nel gain$ on Investments 269 708 1.031 2,383 Nèt income before transfor8 717 2.090 3, 782 Transfers between funds 840 329) 15111 Net Incomo bofore other rncognised galns and (losses) 1.349 353 2.090 3,782 Pension scheme actuarial loss Gains on foreign exchan98 rnovemenls (309) 32 183 215 Net movemgnt in funds Reconciliation of funds.. Total funds brought forward 1.349 420 536 2.305 3,862 39.551 6,035 12,937 58.523 54.661 Total funds carrfed forward 40,900 6,455 13,473 60,828 58,523 Page 41