DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls IA Company Limited by Guarantee Incorporated in England and Wales No. 01339867 Registered Charity No. 276784 GOVERNORS. REPORT AND FINANCIAL STATEMENTS For the year ended 30 August 2025 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls CONTENTS for the ear ended 30 Au ust 2025 Pag Governors, Report Auditors. Report 18 Statement of Financial Activities 22 Balan¢e Sheet 23 Cash Flow Statement 24 Notes to the Financial Statements 25 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 Introduction The Governors of the Royal Masonic School for Girls are pleased to present their financial statements for the year ended 30 August 2025. The academic year 2024125 was a particularly challenging year for independent schools following the introduction of VAT and the removal of business rate relief as a result of changes in government policy. The policy required significant changes lo our financial processes and fees lo parents had to be adjusted lo charge VAT where appropriate. While pupil numbers in the school overall reduced by 4.9'1o as a result of the change in policy, prudent financial management and careful cost reductions have meant that the school has strengthened its financial reserves despite the adverse changes lo the sector. Growth has been achieved in non-fee income and sdjuslments made to staffing, discretionary spend and efficiency of the use of resources to ensure that the school's cost base was aligned with the change in income. Recovery of VAT for p￿- registration expenditure resulted in a one-off receipt of £278k. It is likely that the impact of VAT will affect the financial results of independent schools over the next three years and the Governors are focused on the strategic necessity of ensuring that there are sufficient reserves in place. The school is established in buildings and grounds owned by the RMIG Endowment Trust I'RMIGET'I, a charitable body, which has responsibility for the major preventative maintenance programme and the development of the property for the benefit of the School and ils pupils. The school has signed a long-term 199 yearl tenant repairing reversionary lease and these arrangements give the School security of long term tenure on the site. These arrangements sel out the long term alignment of the school with the Masonic Charitable Foundation who are responsible for the RMIG Endowment Trust l RMIGET'I. Over the re￿nI years the RMIG Endowment Trust have Invested heavily In the schools, Infrastructure renewing ils heating systems and completing the resloralion of the dining hall and the Great Hall. It has spent £12.8m in the last four years on significant refurbishment and has further investment planned over the next 10 years. The investment in the ￿h0o1 means il is confident il is well placed lo support its pupils over the remainder of the 99 year lease. Background The governors, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 31 August 2024 10 30 August 2025. The governors have adopted the provisions of the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI. All matters included in a Strategic report have been included in the Report of the Governors. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01339867 (England and Wales) Registered Charity number 276784 Registered office Rickmansworth Park Page 1 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 Rickmansworth Hertfordshire VVD3 4HF Governors The governing body members are listed below including the changes that have arisen since 1 September 2023. ppointed Resigned 29 June 2023 2 0¢1202 Mr M Brain Mr S Brew Mr S Delre Mrs P Dyke Mr R Garvey Mr Tom Golds Mrs C Harrison Mr C Head Ms L Laudham-murphy Mrs T Lemon Mr B Saini Mrs S Shackell Mr S Staite (Chairl Mrs C Shorten Conn (Deputy hairl Ms F Talboll-Haworth Mr A Wauchope Mr I Williams Mrs J Imlliams Mrs H Wilson 1 Jan 2024 2 Sept 202 31 Aug 202 1 July 2025 28 Jan 2025 1 Dec 2023 3 Ocl 2024 20 June 2022 3 Ocl 2024 27 Nov 2024 Mr S Staite took over from Mrs P Dyke as Chair on 7 February 2023 Company Secretary Mrs D E D Robinson Bsc ACA (resigned 1 September 20231 Mrs E Ghosh (appointed 1 September 20231 Mrs P Pearson (Appointed 1 November 2023, Resigned 31 August 20241 Auditors Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP REFERENCE AND ADMINISTRATIVE DETAILS Bankers Lloyds Bank PIC Black Horse House Wallbrook Court North Hinksey Lane Botley Page 2 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 Oxford OX2 OQS Investment Managers Ralhbone Investment Management Limited Iformerly Inveslec Wealth & Investment Limited prior to 14 April 20251 30 Gresham Street London EC2V 7QN AIMS The objects of the School are the educabon and care of girls bel￿een the ages of 2 and 19 years and of boys belween the ages of 2 and 4 years. Although the School is independent, it is required, and is very pleased, to accept as pupils all girls presented by the Royal Masonic Trust for Girls and Boys IRMTGBI, being daughters of English Freemasons considered to be in need, where, in consultation with the Head, RMS is considered an appropriate environment to meet each gid's needs. This is in accordance with the objects of the School. The School seeks lo provide a structured educational environment that develops its pupils, capabilities, competencies and skills. The School promotes the academic, moral and physical development of ils pupils through ils academic curriculum, pastoral care, sporting and other activities. The School provides an educational environment where each student can develop and fulfil his or her potential, building self- confidence and creating a desire to contribute to the wider community. In so doing, the School prepares its gids and pre-school boys for the opportunities, responsibilities and experience of life. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Royal Masonic School for Girls is a company limited by guarantee, as defined by the Companies Act 2006, and governed by its Articles of Association. It is registered as a charity with the Charity Commission. Governors The Royal Masonic School for Girls is organised in the manner common lo the Independent Schools of this country, having an elected Board of Governors who are the only Directors of the company. A per1￿1C review is undertaken of the skills, experience and backgrounds of Governors with a view to assessing any skills gap. Following this proTrss, potential Governors are identified through open recruitment or arising from the personal knowledge of existing Governors and from external sources such as the Association of Governing Bodies of Independent schools IAGBISI. Potential govemors are selected via a rigorous recruitment process. Once their appointment is proposed and approved, election occurs at the next meeting of the Governors. On appointment, Governors are given a verbal briefing on their duties and responsibilities by the Chair of the Governing Body. The Clerk to the Governors provides governors with an induction pack of information including that relating to guidance on good governance, the constitution of the school and its governing body, the regulatory framework within which the school operates, the school's policies, past Board minutes elc. The Clerk to the Govemors organises an induction day whereby Governors spend lime in sections of the School and meet key staff. All Governors receive external professional safeguarding training. Thereafter, Page 3 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 details of courses and seminars provided by the organisalions such as the Association of Governing Bodies of Independent Schools IAGBISI, the Independent Schools, Bursars Association IISBAI and the Boarding Schools, Association IBSAI are passed lo the Governors to help them gain a beller understanding of the nature of their role and of independent education. The Governors meet as a Board al least four limes a year to determine the general policy of the Company and the Charity and to review its overall management and control, for which they are legally responsible. The Board of Governors. Finance and General Purposes IF&GPI Committee has the responsibility for the detailed consideration of all mallers relating lo the financial and operational management of the School Company. Further commillees covering Academic, Pastoral, Governance, Human Resources IHRI, Estate, Remuneration Committee (reporting lo F&GPI and Marketing, Admissions and Development have been sel up. Subject lo the considerations of these Committees the day-104ay running of the work of the School 15 delegated to the Head, Mr K Carson and the Senior Leadership Team ISLTI. The employed staff consists of the Head and 137 Full Time Equivalent IFTEI members of the teaching and teaching support staff, and 84 FTE members of the bursarial support staff. The school is established in buildings and grounds owned by the RMIG Endowment TrLJSt I"RMIGET°I, a charitable body, which has responsibility for the major preventative maintenance programme and the development of the property for the benefit of the School and its pupils. The School Company is the tenant of the RMIG Endowment Trust with the employed staff required to operate an educational estsblishmenl within that property. On 16 June 2023, the school signed a six-year interim lease which has been applied retrospectively to commence with effect from 1 st September 2020. This lease will run in tandem with the programme to address the backlog repairs. A long-term {99 yearl tenant repairing reversionary lease was executed simultaneously and is planned to commence upon the expiry of the interim lease on 1 st September 2026. The signature of these arrangements gives RMS security of long term tenure on the site. It also facilitstes the school's ownership of the repairs and maintenance of the assets once the backlog of works which were agreed as part of the negotiations are completed. Related partios The RMIG Endowment Trust is landlord to The Royal Masonic School for Girls. RMS Management Limited is the School's wholly-owned dormant subsidiary. investments owned by the School including those applicable Benjamin Iggulden Scholarship fund are held in the name of RMIG Nominees Limited. to the The Royal Masonic School for Girls Bursary Fund exists to provide bursary assistance to pupils RISK MANAGEMENT The Governors have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place lo provide reasonable assurance against fraud and error. Their duty also covers the Bursary Fund that is consolidated in these accounts. The Governors of the School have implemented risk management as a matter of on-going policy and continue to keep the School's activities Page 4 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 under review. In particular, systems and procedures have been established to manage problems following a major risk. Risk Management Committee The Risk Management Committee reviews a risk register which then alignslallocates these risks to the most appropriate governor subcommillee. These subcommillees will then review the details of each risk, working with SLT and the relevant departments, lo ensure the risks are explored, priorilised and mitigated against as far as is reasonably possible. Areas of risk The governors have calegorised the main risks under the following categories and risks in these categories are kept under review for both the School and the RMS Bursary Fund.. Recruitment and retention of staff 2. Business continuity 3. IT I systems risk, cybersecurity and data protection 4. Premises and accommodation 5. Health and safety 6. Legal or regulatory breach 7. Provision of education 8. Revenue l income risk 9. Governance l O. Political or macroeconomic risk I l. Financial management 12. Safeguarding and welfare 1. Recruitment and retention of staff The HR team al RMS have regular CPD lo ensure they are fully aware of all legal, regulatory and best practi requirements relating lo the recruitment and employment of staff including proper observation of equality. The school implements blind shortlisting of applications for interview lo ensure that the process is inclusive, overcomes unconscious bias and promotes diversity in the workforce. Staffing structures are regularly reviewed lo ensure best outcomes for pupils alongside optimum cost effectiveness. The recruitment and retention of high-quality staff, particularly teachers, Is an ongoing challenge for the school. Salary scales and other benefits are kept under review. ReTrnt years have pla￿d increasing pressures on RMS to keep up with salaries offered by other schools and external organisations., it remains difficult to source skilled staff in all areas required. An open dial(4ue is encouraged with staff across the school in order that potential retention issues can be identified and addressed at an early stsge. RMS has a wellbeing charter and a wellbeing committee that plan events lo support all staff. EDI has been embedded within the RMS culture through staff and pupil education, language updates, parent information sharing and surveys. It remains an ongoing focus and a strategic priority which is important for pupils and staff. RMS is currently in the process of completing the Silver Equalities Award which involves considering the areas of Behaviour and Welfare, Leadership and Management, Teaching and Learning and Personal Development of Pupils, in order to audit our current position and develop policies and strategies going forward. RMS liaises with a nehvork of local schools in order lo inform best practice and are commilled Page 5 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 to continual education and progress. 2. Business eontinuity Incidents which have potential to adversely affect the School's ability lo continue business at normal levels include acts outside of the school's control, such as pandemics, fire or wealher-related calaslrophes. The School has a comprehensive Critical Incident Plan lo try to minimise the ongoing impact of such events, as well as adequate business interruption insurance. Minimisalion of the impact of those issues that the School is able to control lo some extent- such as fire or buildingslulilities failure - is achieved by the identification of controls and inspections, these include regular fire and other health and safety assessments, the regular review of the ongoing maintenance programme, lo Identify preventative measures as a maller of priority. 3. ITsystgms riTsk, cybersgcurity and data protg¢tion Data breaches remain a focus of ongoing monitoring for the school as it retains a lot of sensitive pupil, parent and staff Infomialion. Staff training on cybersecurity and data management is part of Inductions for teaching and Offi￿ based staff and regular training is undertaken. The school uses cloud-based storage of information and data with appropriate backups in place. Two factor authentication is a core part of systems implementation. Investment in network and security systems protects data and monitors risk. 4. Health and Safety The school is committed lo keeping its pupils, staff and visitors to the sile safe. It has a programme ofslatutory compliance checks that are monitored by Governors. The health and safety committee has representation across the areas of school and they work to identify improvements and ensure appmpriate compliance. The school arranges external audits of compliance. RMS has sustainability as a core pillar within its strategic development plan. The sile is managed with care for the ecological diversity within ils large area. We have a wide range of wildlife and creatures that have their home at RMS. Our trees, three forest schools and various adventure trails aim lo bring a love of nature to our pupils, an understsnding of its value and enhance the wellbeing of all. Our Eco committee is active in considering new projects and programmes for pupils to understand the environmental changes. Our capital development programmes consider options for sustainable energy SoUr￿s. Modernisation to heating systems, enhancements to our building management systems and rollout of LED lighting programmes are all current projects that will support a more energy efficient environment. Food wastage monitoring is in pla￿ and recycling is a focus for the whole school. We work lo preserve the heritage of our listed site by maintsining its features within a student Trntred environment. 5. Premises and accommodation The school Is committed lo having leaming spaces that allow their pupils to thrive. This year saw Investment in a range of new spaces for pupils including classroom redesign, refurbishments of the main toilet blocks for pupils in senior school, a new music room located in Cadogan House, a new quiet dining room space for neurodiverse pupils, additional bespoke exam supervision spaces, refurbishment of the common room in Harris boarding house for our younger boarders, new shaded outdoor social spaces for pupils. Within our Sports Centre we also refurbished the floors in key areas and made improvements to the visitor reception area. 6. Legal or Regulatory Breach The Head, Director of Finance and Operations IDFOI and their senior leadership teams monitor on an ongoing basis the compliance of the school with the requirements of all external slalulory aulhorilies, ensuring that all staff re￿1ve relevant training and updating from the various external organisations such as the ISC, Page 6 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 HMC, ISBA and AGBIS. The Independent Schools Inspeclorale IISII operates a regular inspection regime to check this compliance., the last Regulatory Compliance Inspection was held in May 2022 where all regulations were found lo be mel. Compliance with stsndards for exam adminislralion, UKVI for visas of international pupils and compliance with boarding stsndards are also monitored. The school's development office organises events and projects to raise funds for school development and bursary support for pupils. Whilst the school has not engaged in a largeled campaign this academic year, the sludenl body fundraised for their chosen charity. The school does receive regular donations from former pupils and current parents throughout the year and is mindful of the voluntary code of conduct for fundraising. T. ProviTsion of education RMS is Committed to providing an education for all pupils that enables every pupil lo thrive. Ensuring this happens is achieved through the design of the curriculum provision and monitoring the engagement with and outcomes for pupils. For RMS, the co curricular provision is an important part of the education provision and engagement with and learning from this is importanL 8. Rèvenue / income risk The school exercises careful control of internal accounting records to ensLJre the timely collection of fee income and management of debtors lo minimise the losses from bad debts. Cost pressures arising from both external changes such as changes in employment, regulatory and curriculum costs and internal requirements are identified at an early stage and managed as far as possible by the preparation and control of school budgets involving budget holders across the school. The economic and political climate changes affecting the independent school sector in general and the market positioning of the School in particular are monitored on an ongoing basis by the School's senior leadership and governors. This includes the affordability and market competitiveness of the fees, the atlracliveness of the curriculum options and facilities to prospective pupils and the salary and other employment benefits offered lo the stsff. The current economic climate with rising inflation has put pressure on cost management for the school and will continue to affect salaries and fee structures. 9. Children s welfare.. safeguarding The ￿h0o1 operates within the government's and Independent Schools Inspectorate IISII'S Safer Recruitment requirements and guidelines, carrying out all pre-recruitmenl checks including the enhanced level of Disclosure and Barring Service IDBSI checks prior lo the appointment of all staff and Governors. The School has a robust and thorough set of safeguarding and related policies, and a regular training regime for all staff. The School prepares an annual Report to the Governing Body on Safeguarding Children In order that they may monitor compliance with the relevant statutory guidance. The school employs nurses and regular visits are arranged lo local doctors and denlisls for the boarders, and counsellors are available for all students. Page 7 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 OBJECTIVES Public Benefit The Charity's object is the education and care of girls bel￿een the ages of 2 and 19 years and of boys aged bel￿een 2 and 4 years. The Governors. current aims are to maintain an independent school providing a high quality education for children for the public benefit. In accordance with their objectives for this year, and having given due consideration to the published Charity Commission guidance on the operation of the Public Benefit requirement of the Charities Act 2011, including the guidance 'Public benefit.. running a charity (P82), the Governors have undertaken appropriate activities in furtherance of those aims for the Public Benefit. The School is committed to the concepts of Access and Opportunity for Public Benefit and as a larger charity an explanation of the significant activities undertaken in order to carry out the charity's aims for the public benefit is required in the annual accounts document as well as Ils aims and strategies. In 2022123, the school launched a programme to support more PLJpils on full bursary places. Please also see the section'community Use of Facilities" below for more information. RMS the Five Year Plan After a long period of consultation with a range of internal and external stakeholders, RMS launched its Five Year Plan in January 2023. Its ambition covers five key areas as follows". Pupils - We develop confident, adaptable and ambitious learners who are motivated to achieve their personal goals and to shape the future. Place - We have an exceptional learning environment within a secure and uplifting setting that supports the success and well-being of everyone. People - We are a diverse, inclusive, dynamic community where all are committed to the success and happiness of our pupils and staff. Partnerships We build strong and active relationships with parents and a broad range of partners to make a positive difference to local communities and our School. Planet We educate and empower pupils lo be global citizens, knowing that al every level we can make a difference to create a more inclusive and sustainable world. Each area has set aims and a strategy to support achieving aims over the next five years and progress in these areas are monitored by the governing body al each meeting. ACTIVITIES AND PERFORMANCE Senior School and Sixth Form Academie Performance The school continues ils long tradition of academic excellence, evidenced by our results in public examinations. Results at GCSE in 2025 were extremely pleasing, with students attaining an average of 0.55 of a grade higher than their expected outcomes across all of their subjects and an incredible 400/0 of grades awarded al grades 8 and 9 in 2025. The school achieved 590/0 9-7 grades compared lo 540/0 9-7 grades in 2024. Page 8 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 The Year 13's A-level results were not as strong in terms of Value Added compared to previous years 1-0.21, however we had a record number of pupils securing their university places, alongside some incredible individual performances. With 68010 of students achieving A"_B grades compared to just 550/0 nationally. Teaching and leaming review The range of Co-curricular opportunities for students have continued lo increase alongside opportunities for more learning outside the classroom across the curriculum. Students have continued to compete in a range of national and local competitions, notably achieving SUC￿sseS in debating, the Maths Olympiad, Young Enterprise, CANSal and the F1 in School's competition. This year we have seen 2 students accepted lo Oxbridge universities alongside students gaining places on competitive degree apprentice programs including a Law fimi. Students have also gained pla￿$ al a variety of international universities, including US universities on merit and sports scholarships.some stLJdenls have also taken GAP years to be assistants al international schools abroad or lo lake up highly competitive training courses, sh()weasing the sheer variety of pathways RMS students lake beyond school. The school has been focusing on and reviewing the way in which it offers feedback to students, encouraging students lo take a greater responsibility to act on their feedback and lake ownership of their learning. There has been positive feedback through pupil voice within departments and an increased engagement with feedback obseNed in marking reviews and leaming walks. Heads of Department have also been reviewing ways in which their teams can personalise the learning of pupils more effectively. An increased focus on closer tracking and monitoring of pupil progress across key groups within departments has enabled more targeted intetvention, support and timely action where concerns arise. Curriculum adaptations.. Greater avenues of support and flexibility in the curriculum have been introdu￿d for SEND and EAL students, with the introduction of an Academic Support and EAL option choice embedded within the GCSE curriculum for 2024-26. Cadogan House continue to develop the assessment process, with CAT4 testing taking pla￿ in Years 4, 5 and 6 in 2024125. Individual meetings with parents lo discuss these results look place. Pastoral The Girls on Board programme continues to be embedded in RMS and the Heads of Year 7-9 continue to have lead on its implementation. This programme lakes a proactive approach lo helping Years 7,8 and 9 in particular to self manage their friendships and to deal in a positive way with potential problems as they arise. On 24 November 2025 the founder of Girls on Board, Andrew Hampton gave a talk to parents which was very positively received. We continue using the Wellbeing Hub which is a fantastic online resource for teachers, parents, and pupils which provides articles, webinars, podcasts and links to specialist support services for a range of needs. Through doing this we are able lo give Rickmansworth School aC￿sS lo the ￿sOurces. The Heads of Year 7-11 are embedding weekly Wellbeing Hub links for their tutor times We are also starting lo stream the parental webinars. The use of Smoolhwall Pulse which gives pupils an opportunity to complete a weekly online check-in on their wellbeing continues lo be a very useful tool in monitoring those pupils who may not obviously show signs or be willing to speak up. Through ils functions, il also enables us lo monitor and track the temperature of how Page g DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 pupils are feeling across a wide range of areas from culture, connectedness, healthy eating, bullying. Parental talks either from a pastoral or SEND point of view are continuing lo be developed for our community as well as for the wider community. Focus Fortnight continues with the aim of assessing RMS through the eyes of our pupils. Pupil shadowing, pupil interviews, and surveys to both pupils and parents are used to help us gain further insight into their experiences in a specific year group in all aspects of the school and will help us lo shape and develop the pupils, experience al RMS. Being an accredited Attachment and Trauma informed school has proved beneficial for all pupils and resulle in a change of policies including the behavior and sanction policies. Attendance is a big national focus and this is reflected at RMS with much lighter monitoring and accountability of attendance. Cadogan House {Prep and pre-Prepl Cadogan continues to develop and review ils broader curriculum offering. Pupils benefit from access to senior school facilities and staff in DT, Art, Computing and MFL alongside the already well established sport offerings. Pupils in Cadogan have a broad balanced curriculum with regular opportunities for outdoor learning. The Outdoor Education and Enrichment IOEEI programme now includes Sign Language, First Aid and Yoga alongside already established Drama, Forest School, Team Building and Mindfulness. We have fully trained ELSAS IEmolional Learning Support Assistants) in Cadogan who work individually with pupils and with small identified groups to provide resilien￿ and emotional support toolkits. This is a key part of the Pastoral support team in Cadogan. We have worked on our diversity equity and inclusion for pupils with an increased focus particularly in texts and books that all pupils have good a¢￿$S to lexls where they can see themselves represented. The Pre Prep have begun using a programme called 'Think Equal, which uses a variety of stories and books to share key messages of inclusion, diversity and British Values. Ruspini House INursery} This year, the Nursery setting successfully embedded Attachment and Trauma-lnformed Practice across all aspects of the setting. ensuring that both policy and daily practice are now fully aligned to support children's emotional security and development. This work included an internal research project specifically focused on the use of language and its role in fostering children's co-regulalion skills. Furthermore, in collaboration with Brunel University students, we critically reviewed our ambitions for children's fine and gross motor skills and developèd a new, comprehensive progress document. This framework is robustly grounded in child development and Occupational Therapy practice and is highly aspirational, particularly in advancing children's independence and self-help skills. DER SCHOOL ACTIVITIES REVIEW Co-curricular activities Page 10 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 RMS is proud to offer a wide range of cwurricular activities which cater for all interests and ages., this program has continued lo grow, with approximately 55 clubs running across the week in Cadogan House including the addition of a coding and competitive chess club, and 140 at Seniorlsixlh form. RMS added increased opportunities for emerging sports including cricket and football. Drama and music have continued to flourish in the excellent facilities offered by Alexandra House. Students are encouraged, through an online booking system, lo make their own independent decisions and keep the co-curricular activities in balance with their academic work. Form lulors and Heads of Year advise and support girls on activities by checking the online data and in discussions with the girls. House events are considered essential for vertical mixing within the school. Cadogan House offers residential trips in Years 3-6 and a wide range of day trips across all year groups. For Senior and Sixth, there were 50+ day and evening trips and 6 UK residential trips taking place. International trips included." Biology ecology trip lo Malaysia, Classics and PRE trip to Rome, Languages trips to China and Ffftnee, History trips to Bèlgium and Berlin, Geography trips to Devon and Iceland, skiing in Austria and Surf and Yoga in Spain. Year groups, cost points and desired OLJtcomes are monitored and agreed on a two year program together with a plan to offset our international travel carbon footprint. Sports Fixtures.. This year 604 fixtures took place. 424 for winter sports and 180 for summer sports. Music and Drama". Our performance progomme includes winter and spring Concerts, termly chamber concerts, lermly rush hour concerts, house music competition, drama productions of Emilia, Six and Mary Poppins. Pastoral Care Safeguarding remains al the forefront of pastoral care with regular compulsory training for all staff in addition to the training given lo meet statutory requirements. New stsff have individual or group meetings with the Designated Safeguarding Lead IDSLI. Last year, the school successfully became accredited as an allachment and trauma informed school. This year, we have been embedding this and our behaviour policy now reflects this as a Relational policy. We are continuing lo embed the training and ethos of an attachment and trauma Informed environment. Pupil Voice RMS is committed lo being responsive to parents and pupils. Departments are encouraged lo elicit regular feedback from pupils in relation to subject delivery. In boarding there are termly opportunities for confidential feedback, which is returned directly to the Deputy Head Pastoral. Alongside the online Worry Form which has been in existence for a number of years,for pupils lo complete to feedback their concerns discretely which then can be followed up if enough details e.g. names are supplied, we have a bespoke Report Bullying, Report Racism and a feedbacklcommenlslsuggestions form specifically for boarders. Regular surveys are undertaken with a range of focus including academic department surveys, wellbeing surveys and a regular survey following the ISI pupils survey framework. Results are reported back to pupils with actions that the school has taken. Our Focus Fortnights enable a working party of staff and governors lo do a deep dive into the day to day experiences of pupils in a certain year group. This includes lesson observations, discussions with pupils, Page11 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 pupil surveys and parent sutveys. The results are then reported back lo SLT and the year group with actions taken being highlighted. The School Council, with a represenlalive from each form group, deals with issues relating lo student learning, environment, food, boarding, welfare and charity. The Council as a whole meets regularly lo collate ideas. 11 is particularly successful and beneficial lo the RMS community as il enables pupils from all years lo have their say on ￿h0o1 life from the amount of homework they receive, recycling and helping lo redu waste alongside improvements lo catering and meetings and chosen outcomes are raised by the Deputy Head Girl School Council with Departmental Heads and the Senior Leadership Team ISLTI., progress is fed back to the School through form limes and assemblies. Al the same time, it is important for pupils to understand the reasons why some things cannot be changed and are in place for a good reason. Staff Development and Welfare Teacher recruitment continues lo be challenging due lo a shortage of teachers across the country . We have fulfilled all roles but we had lo advertise multiple times to gel the best possible candidates. In order to continue to attract the best, we need lo monitor remuneration closely. We had 16 redundancies during the 2023124 academic year and one redundancy in the academic year 2024125. The school started implementing a new Performance Development Reviews system in January 2024 that is now being used across the school. The system allows easy reporting of the objectives across the school as well as monitoring performance in an effective way. Staff wellbeing continued lo be a priority and we are using stsff pulse for quick weekly wellbeing check-in with all staff. It allows us to connect with colleagues who are having a tough lime but il also allows staff to provide anonymous feedback and to send gratitude messages lo colleagues. The Wellbeing Committee continued to run a range of initiatives and community events that support the wider RMS staff. The staff participated in a Walk All Over Cancer Campaign in March 2025 and raised £6,033. COMMUNITY USE OF FACILITIES Activities undertaken during the year which support the local community and constitute public benefit include the following.. Free use of the swimming pool is offered to two neighbouring schools on a weekly basis. Free stalls made available to local charities at the School's Summer and Christmas fairs. Free visits for local youth groups to the school's Observatory and Planetarium Free use of school facilities by the Rickmansworth detachment of the Bedfordshire & Hertfordshire Army Cadet Force Weekly use of school facilities by local Rickmansworth Brownies and Guides Free use of facilities for South Wesl Herts Astronomer meetings. Preferential hire rates for local charities using school meeting facilities. Sports and fitness facilities Page 12 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 Our Sports and Fitness Centre is hired out lo around 40 local clubs and organisations, some at discounted rates. These cover a wide range of sports including swimming, football, netball, hockey, cross country, martial arts, fencing, lacrosse, gymnastics and softball. The Sports Centre out of hours management was previously managed by Nuffield Health but as of 1 December 2024, it is managed by RMS directly. The school hosts a number of district and national competitions, and in holiday periods, Supercamps run activity weeks for local children using the school facilities. FINANCIAL REVIEW Pupil numbers The principal fvnding source of the Charity is that derived from its fee Income. The charitable activity of the company is the education of pupils and during the period lo 30 August 2025 the following numbers of pupils attended.. Total Senior School 704 pupils Total Pre-Preparatory and Preparatory 161 pupils Total Pre-school 66 pupils Bursary Fund- consolldatlon The RMS Bursary Fund is a separately consts'luted charity, with the objective to provide fees assistsnce to pupils whose parentslcarers are in temporary financial difficulty (Hardship Bursariesl, or lo those for whom attendance al RMS would be of mutual benefit but whose financial situation would otherwise preclude them from this opportunity (Entrance Bursaries) The Trustees ofthe Bursary Fund are all Governors of RMS and as such the charities are under common management. For this reason, the results of the Bursary Fund have been consolidated within these financial stalemenls. Financial performance The Consolidated Statement of Financial Activities ISOFAI shows a surplus for the year of £2,521,17812024 showed a surplus of £997,406>. The principal contributory factors are as follows.. High interest rates in 2024125 contributed to the Investment return and il was to £452k compared to £419k in the previous year. Sundry income for the year 2024124 included a donation of £32k for the refurbishment of the Planetarium, the number for 2023124 included receipt of£234k to cover the damage costs associated with lightning strike to the school. Redundancies look place of 16 staff during the year 2023124 which resulted in payments of £186k. Enterprise income increased to £656k from £460k in the previous year as residential lettings during the summer holidays were higher. Income from the sports hall increased lo £280k from £169k as a result of increased lellings of the facilities. Page 13 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 Grant-making Activities The Royal Masonic School for Gids is committed to demonstrating that we provide public benefit and regards it as educationally beneficial to widen access to the education it offers., this has always been a distinctive feature of RMS whose foundation was essentially charitable. Scholarships and exhibitions are offered lo encourage and reward ex￿llence., they are awarded in recognition of outstanding achievement or promise in a particular sphere and involve financial support typically up lo 300kn of the annual fee. Bursaries enable suitable gids whose parents could not otherwise afford the fees to benefit from an education al The Royal Masoni¢ School for Girls. These means tested awards may be awarded to gids who reach the School's required stsndards bul who require financial assistance lo take up a place, or to help parents of an existing girl keep her al the School in limes of unexpected financial difficulty. In the Financial Year 2025, a total of £1,093,473 12024.. £1,124,067) was awarded in scholarships and bursaries by the School to 120 girls12024." 1301. A further 3 pupils benefitted from bursary assistance of £28,143 via the RMS Bursary Fund12024.. £29,365 10 3 PLJpilsl. A further 712024.. 31 girls were supported by the Royal Masonic Trust for Girls and Boys amounting lo £78,60612024". £118,485). RMS also Currently educates 5 children who are fully funded by a local authority. Remuneratlon Pollcy The School does not remunerate ils Governors. The Governors are responsible for determining the remuneration of the Head, and for setting the policy and framework for the remuneration of the rest of the School staff. Remuneration is set in the context of the School's purposes, aims and values and lo reflect the skills, experience and competencies required for particular roles. In setting remuneration, the Governors also consider a number of additional factors including an individual's contribution, affordability and remuneration offered by schools of a similar size, pupil age range and locality. Reserves policy The total funds for the year ended 30 August 2025 were £10,185k12024. £7,664kl, of which £1,821 k12024'. £1,757kl were restricted funds, £16k12024.' £16kl were endowment funds, leaving £8,342k12024.' £5,891 kl as unrestricted funds. Within the unreslricled funds were £2,379k12024. £2,797kl of fixed assets leaving £5,963k12024.. £3,094kl as free reserves. The School aims to maintsin adequate free, unreslricled reserves to respond to unforeseen events and to meet up to 3 months, non-dis¢retionary expenditure (approximately £4.6ml. This provides sufficient time to form an emergency planning team, develop response plans and lake the necessary measures to ensure that the School can continue lo operate successfully during any emerging crisis. The School's actual free reserves are higher than the target this year, historically ils investment in capital developments lo enhance the educational provision has limited ils free reserves but in the context of VAT retaining a stronger balance sheet position has been a priority. On 30 August 2025 free unrestricted reserves were £5,963k {2024.' £3,094kl. These are defined as unreslricled funds, less both fixed assets and permanent endowment. The reserves policy and its calculation are reviewed by the Finance Committee and updated annually. Future development plans will be funded by a combination of cash flow, borrowing and fundraising. Page 14 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 Governors recognise that free reserves may fall below the School's target for significant periods of the year. This is due in part to the School's cash flow cycle with fee income received at the beginning of each term. However, the balance sheet remains strong and the School benefi'ts from a secure lease on ils land and buildings. Going Concern The Govemors have considered the financial position of the school, the level of free reserves, liquidity, the 2025126 budget and accompanying cash flow forecast, together with the long term strategic plan and the level of admissions for 2026127. As such, the Governors believe the school is able to manage its business risks successfully and that there are no material uncertainties in applying the going concern basis for the preparation of the accounts. RELATIONSHIP WITH THE RMIG ENDOWMENT TRUST RMIG Endowment Trust is the landlord of the land and buildings that RMS occupies. RMIGET'S main activity is applying its resources for any charitable purpose connected with RMS or the education of its pupils who are daughters of English Freemasons considered to be in need. Since its estsblishment, a policy of the RMIGET has been to ensure the proper maintenance of the propety and real estate lo optimise the running of the School. RMIGET provides scholarships and bursaries on a "need or means tested. basis lo daughters or adopted daughters of Freemasons in accordance with the trust deed. To support the school during lockdown, financial support was given by the Trust. The last few years the focus of investment for RMIGET has been on key areas of repair and refurbishment including.. refurbishment of the ceiling and roof of the dining hall and the Great Hall Icompleled September 20241, resurfacing of the car park Icompleted August 20241 replacement of the heating system in the K houses, fire containment work including the replacemenurepair of 381 fire doors in the G block and K houses and refurbishment of the roof, fascias, soffits guttering lo Cadogan House. The heating system in the main school was repla￿d over the period from 2022-2024 together with a repair to part of the roof in this area. The planned investment for the academic year 2025126 includes the refurbishment of the chapel roof which is a listed building that is currently closed for access, this is a significant project and the school is very excited that il will be repaired soon. Addib"onal works for the year Include electrical repairs and the replacement of a water main. RMIGET works closely with the School to resolve the backlog of repairs lo its infraslruclure that have built up over many years and will prioritise the development and execution of a 6-year plan lo address these issues in a sustsinable manner. On 16 June 2023, the school signed a six-year interim lease which has been applied retrospectively to commence with effect from 1 st September 2020. This lease will run in tandem with the programme to addoss the backlog repairs. A long-term199 yearl tenant repairing reversionary lease was executed simultaneously and is planned to commence upon the expiry of the interim lease on 1 st September 2026. The signature of these arrangements gives RMS security of long term tenure on the site. It also facilitstes the school's ownership of the repairs and maintenance of the assets once the backlog of works which were agreed as part of the negotiations are completed. Page 15 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 CURRENT AND FUTURE DEVELOPMENTS The school retains responsibilities for the internal decoration of the spaces and oversees the investment in these areas. In summer 2025, the school refurbished five of the senior school classrooms in the long corridor with more modern facilities, lighting, furniture and decor - this is an ongoing programme of refurbishments. Other completed projects included a refurbishment of the main toilets in the Senior School, a new music room was sel up and located in Cadogan House, a new quiet dining room space for neurodiverse pupils, additional bespoke exam supervision spaces, refurbishment of the common room in Harris boarding house for our younger boarders, establishment new shaded outdoor social spaces for pupils. Within our Sports Centre we also refurbished the floors In key areas and made improvements to the visitor reception area. We are Currently renovating the Planetarium and upgrading the projector that is sited within the spa￿, this project will be funded in partnership with FORMS. We are also investigating the installation of solar panels on sile. TEACHERS PENSIONS Following a collective consultation process the school withdrew from the TPS from September 2022 and provides a defined contribution scheme to teaching staff. PENSION BUYOUT LOAN As noted in previous reports, the School signed an agreement on 31 March 2016 entering into an unsecured loan agreement with RMTGB lo allow the school to buy out its liability relating to the RMTGB Staff Pension scheme. The loan is currently being repaid in monthly instalments with the current rate of interest charged al the Bank of England rate. STATEMENT OF GOVERNORS RESPONSIBILITIES The governors (who are also the directors ofThe Royal Masonic School for Girls for the purposes of company lawl are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practi￿1. Company law requires the governors to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming ￿soUrceS and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the governors are required to.. select suitable accounting policies and then apply them consislenlly", observe the methods and principles in the Charity SORP", make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 16 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS REPORT OF THE GOVERNORS for the year ended 30 August 2025 The governors are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the charitsble company and lo enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the governors are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the governors have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by order of the board of governors on 19 March 2026 and signed on its behalf by.. Mr S Staile Chair of Governing Body Page 17 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS INDEPENDENT AUDITOR'S REPORT for the year ended 30 August 2025 INDEPENDENT AUD￿OR's REPORT TO THE GOVERNORS OF THE ROYAL MASONIC SCHOOL FOR GIRLS Opinion We have audited the financial statements of The Royal Masonic School For Girfs for the year ended 30 August 2025 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes lo the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the group's and the parent charitable company's affairs as at 30 August 2025 and of the group's Incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISASIUKII and applicable law. Our responsibilities under those 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 charitable company 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 fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us lo report to you where.. the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate,. or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl about the group's and parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are aulhorised for issue. Page 18 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS INDEPENDENT AUDITOR'S REPORT for the year ended 30 August 2025 Other infomiation The other information comprises the information included in the annual report, other than the financial ststements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial slalements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slalements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit." the information given in the strategic report and the Iruslees, annual report for the finaneial year for which the financial statements are prepared is consislenl with the financial statements," and the strategic report and the trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material Misstatements in the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial ststements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Iruslees, responsibilitr'es statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is ne￿$sary to enable the preparation of fi'nancial statements that are free from material misstatement, whether due lo fraud or error. Page 19 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS INDEPENDENT AUDITOR'S REPORT for the year ended 30 August 2025 In preparing the financial statements, the Iruslees are responsible for assessing the group and parent charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the group or parent charitable company or to ￿ase operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 conducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Mis51atements Can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected lo Influen￿ the economic decisions of users taken on the basis of these financial stslements. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also". Identify and assess the risks of material misstalemenl of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounb'ng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related diselosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenee obtained up to the date of our auditor's report. However, future events or conditions may cause the group or parent charitsble company lo cease to continue as a going concern. Evaluate the overall presentation, structure and conlenl of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the enlilies or business activities within the group lo express an opinion on the consolidated financial ststemenls. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. Page 20 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 THE ROYAL MASONIC SCHOOL FOR GIRLS INDEPENDENT AUDITOR'S REPORT for the year ended 30 August 2025 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters which we are required to stale lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. ¢SÈ2DP&ÈtFEg4FB 71512026 Shivani Kothari (Senior Statutory Audilorl for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor g Appold Street London EC2A 2AP Page 21 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES lincluding the income and expenditure ststementi for the ear ended 30 A ust 2025 un￿Sthcted lunds gantr81 Restricted funds Endowment Total Z025 Totsl ZQ24 Nots$ INCOME FROM.. charitab1&knti￿tie5 School lees OthereduGalioDal Income other Sncorne Other trading Income (Xhera¢tivilie8 Investments Investment Voluntary sourees DoDalv)ns gifts 19,Z26,842 665,653 19,226.842 665.653 19,fjfj1,257 266,333 354,281 757,249 264291 757,349 2B8,412 694,226 452,860 43,343 496.203 419,062 135,961 3,030 368,991 340.334 Total Income and endowments 21,592,956 266,373 21.859.329 21,669.624 EXPENDITURE ON.. Costs of ralslng funds 20,150 12,452 32,602 21,250 chA￿tab￿ act1v￿l&S Eduoalion 19,723,694 27,335 19,751,029 21,151,104 Total $xponditufo 18 743 844 38 787 19 783 831 21 172 354 NetoWrn￿n9 Incomellexpendfturel 1.849,112 228 588 2.075.690 497,270 Lease provision rdease Neig8in$ on invesbnents 389,282 399,292 46,189 399,292 Net Incornellexpendlturel 2 248,404 272 77S 2.521.179 997,408 Transler between funds 202 527 Net movement In fvnds 2 450,931 70,248 2,521,179 997,40S Fund ￿lan￿S broughlforward 5 880.788 1757 371 15.820 7 063 980 6.666.574 Fund b8l¥n¢e$ carried fotW8rd B,341,720 1,827,619 15,820 10,185,169 7,662,gBO The staterftenl ol fina￿la1 activities Indudes allgains and losses in the and Ihereforea statement ol totd rwnised gains and losses has noi been prepared. All 01th8 above 8mounls relats 10 c¢nbnuing $divth88. The accompanying notes form part of these financial statements. Page 22 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls CONSOLIDATED BALANCE SHEET asat30Au ust 2025 Group 2025 Group 2024 School 2025 SchoKA 2024 Notes FIXED ASSETS Tangible assets Investments 2,379,280 1081239 2,797,888 1.047.183 2.379.280 167 697 2,797,888 162.643 3,460,$19 3,E45,071 2.546.977 2,%0,531 CURRENT ASSETS Investments Debiors ¢ash al bank and in ha $28,454 1,748,632 11507451 4,181,844 726.447 7,13B,941 204911 1,742,771 11,431,097 3,881.844 720.081 7,099,2B1 13.784437 12,047,232 13.378.779 11,701,206 CREDITORS. Atnounts falling due within one year 14481,1511 15.852.762) 14519,4731 15.895.397) NET CURRENT ASSET3 9.303.286 6,194,470 8.859.306 5,805,809 TOTALASSETS LESS CURRENT LIABILMES 12,763,805 10,03È,541 11,406,283 8,766.340 CREDITORS.. Am¢untsf8lling due after tnore than one year 20 12.578,6461 12,375.5611 12,578,646) 2.375.561) NET ASSETS 10,186,169 7,663,gBO 8,827,637 6,390,779 FUNDS Restricted funds Unrestricted lunds-general Endowmerffur 1,827,619 8,341,720 15.820 1,757,371 5,880,7Bg 15,820 470,097 8,341,720 15,820 484,170 5,890.7B9 15,820 21 10.185.159 7,663,980 8.827.637 6,390,779 As permrtted tythe s408 CompanlesAct 2008, the Schoc4 has nDI ¥￿ted Its own Incomeststemenl and reLqled notes. The Stthol's Surplus IDr the ye8r w¥$ £2,436,E58 130 August2024". surplu$£833,8481 19 March 2026 Approved and aulhorised for Issue by ihe of Govemors on........................................... and signed on IWr behalf ty. tg r S Staile Chair of lh• Goveming Body The accompanying notes form part of these finanGial stalemenls. Company Number. 0133Q867 Page 23 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls CONSOUDATED CASHFLOW STATEMENT for the ear ended 30 Au ust 2025 CASH FLQW STATEMENT Notes 2025 2024 Nelcash infiow from operating activities 27 1,989,673 7S4,76S ¢a$h flovws from Inve$iing 8divthes-. Bank interest received Dividends re￿1Ve￿ Prottedsfroffl Sa￿ of Inve5tsnents Cash ￿lassified as current asset Investments Payments to ¥wuire fixed as$ets Paytnents to ?cquire Invesltnents Movement in investment rash 489,348 6.855 112,697 393,594 25,468 112,$64 14,181,844) 11,067,696) 1680,S021 195,0221 Z.729 Netcash ¢uifbwfr(th invesbng ¥¢tivilitrs 4,824,659 FInan￿ng. Fees In advants scheme ￿teIptS Fees in ¥dv¥nco paymont ol l*trs Finance costs 188,S80 11,428,259) 2,330,880 120,0401 Net¢ash Oulfkywfrw tinawng a¢bwbes 2,097,323 Inw￿(deC￿easel In cash 715,120 ¢a$h ana ¢8sh egUiv￿ents *lhe beginning of the reporting period 11.320.785 13,293,356 Cash and cash equivdents atlhe end ollhe reporting period 12 035,905 11.320.785 Page 24 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 I ACCOUNTING POLICIES The Royal Masonic School for Girfs Is a cotnpany limited by guarantee wlh registered number01339867, IncorW￿aled and domiciled in England Wales. Ils registered office Is Rickmansworth Park. Rickmansworth. Herttordshire. WD3 4HF. 1.1 BA￿s OF PREPARA￿ON The financial ststernenls have prepared In accortsncp with the Financial Reporting Standard applica￿e In the UK and RepuLlic of Ir4and IFRS 1021. The Charitable Company 15 a puLIiG b2nelil entity lor the purposes ol FRS 102 and therefore the Charity a150 prepared its IinaDua 5talemen15 In accordance ith the sialernenl ol Recommended Praeli￿ap￿￿ab1e to chanlies preparin9 Iheiraccounls In acCOrdan￿WIth the Financid Reporting Standard aprAicab in the UK 2nd RepU￿1t ol Irdand (The FRS 102 Ch2rities SORPI, the CDmpanies Act 2006 and the Chanbes Ad 2011. ex￿pt lor Note 25 which Identifles the impact of Ihtr r*vi88d lease. vthi¢h h8s been Shown separ81￿Y 18¢? ol the Ststw8ni of Finan¢i81 A¢tivth*8. 10 the matsn4 n8￿r& ol I The financ￿ statements are prepared in slerting. ￿leh is the func￿0￿￿ curfency of Ihe chanty. Monetary amounts In these financial statements are rounded tothe nearèst wuna. These Iinancid SLatements are prepared on the going con￿rn ba51s. underlhe historical cost convention as modifEd by the revaluation of investments and in a¢cordan¢e Vwilh the ¢ompaniesA¢t 2008 and *P￿1¢ab￿ a¢¢ounbffj $t8naara$ In the Vniied Kingdom. The prln¢lpal *¢¢￿nbn9 poll¢le$, whth have been applied consislpnltylhroughDuI Iheye8r, are set out Wow. 1.2 GOING CONCERN The governors have assessed wheifrer ifre use of the g[￿n9 concem basis is appropriate and havp considered PDssikle events or Cond￿On& lh* tnight cast sigDifiGantdoubl on the ability ol the chaTitable group lo continue as a going coDGem. The govemors have made this assessmentfor a period of al least orbe year from the date of approval of the finan￿￿ sta￿mentS. In wrtlCLlar, the governors have considered inflabonary pressures and known increases in costs such as ulililie5. The govemors have o￿ndu0&d that there is a repsona￿e ￿￿eCtatIon th* the charity has adequate resources lo ￿￿tInue ID operational existsDGe for th foreseea￿e future. Thecharity therefore conllnues ID adDPt the o￿n9 concem b£sls In preparlng Its Ilnanua st£temenls. 1.3 PREPARAMON OF CONSOLIDATED FINANCIAL STATEMENTS These group financial slalements consolidate on a line by line basis the IinanrAa stalementsof the Ghatityand Ils connected Ghatity undertakings made up lo 30 August 2025. Thesefinancid statements consolidateThe Royal Masonic scho￿ forGirts Bursary Fund. a registered charity ￿TrIh charity number 110S076. 1A INCOMING RESOURCES I Incoming resources are included on the Siatemenl ol Financial Actlvibes when the charity Is legally en￿ded lo the Income and the amount can be quantified wrth a¢cuf8cy. Fees ￿￿1vab￿ a¢ $tsièd after ddduding allowan¢ès. 8¢ho18r$hlp$ and other remisslon$ gr8nied by the S¢hod. ￿1 iDcludeconlnbulions received frotn reskncted funds forscholarships, bursari8s and olhergranl8. 1.S RESOURCES EXPENDED Expenditure Is accounted for on an accruals basis and has been dassilied under headin9s that aggre9ate all cost related lo the calegry. Where cDst3 ¢8nnot bedire¢Vy attributed 10 parb¢ularheading$lhey have iten 8llwated toa¢bwlie$ on 8 basis ¢on$i$ieniwith the use of ¢$our¢e* Grants subied tocondilions which have noi been mel aiihe year end da￿ ale Mted as a commibnenl bul notAcuued as exwditure. 1.6 ALLOCATION AND APPORTIONMENT OF COSTS Costs have been allDcaied Iirsi behveen Charita￿le Athvibes £nd governan￿. Salanes and other costs are althaled according to the thantable activity lo whi¢h they r￿ate. 1.7 TANGIBLE FIXEDASSETS Depreciation 15 provided althe following annual rates In order towrile off each as5etover itse5timated useful life. Computerequipment Fixture5 & fiLtin9S Leasèhdd Improvements Long leasehold propprty Motorvehides 33% straight line 2￿25% slraighl line Not depreciated 25% Stra￿h1 line Ass*s with a value 01£1,500 or[n(￿are caprtalised. A58els purchased as partof an ongoing project are capitalised as part olthe Iota cost of the proje 1.8 INVESTMENTS Invesltnents, except invesbnenls In subsidiarjes, are slatsd 31 maTkel valup atlhp sh8el dats. The Sl*eTnentof Fin3ncialActivilies Indudeslhe realised gains Ios5e5 on acquis￿0￿5 and disposa15 as wdl aslhe uDreaised gains and losseslhroughoul the year. The unrealised gain5 orlosses represenlthe difference belween the marketvalueand the book V￿￿e on the annual accounting dale. namely 30Augusl. Unrealised gains or k>s5es are transferred to ihe accumldaled lund. The actual gain orlosswill depend UPDn the pritss rulin9 aithe time of sAle. The figu￿fOr Un￿alISed gains Is therefore only an indi¢81ion ol the Kositi￿. Investsnents In subsKJianes are recognised atcostless Impaimienl. An annual reviewfor ifflpaimienl 15 undertaken bylhe Tru5tses. 1.9 STOCKS s￿￿ks 8re stated 81 Ihelowerof cost or nel realIs¥￿e v4ue. Page 25 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 1.10 LEASES Rentsis paid under operating le8¥es are ¢h8rgea iothe Staiementol Fln8n)al A¢tlvllles evenly overthe penod of the lease. 1.11 CASH AND CASH EQUIVALENTS Cash and cash equivalents Indude cash in hand. dew>si15 held al ￿11 with banks, 0therSh￿4erM liquid Inve5knent5 with onginal Malunt￿5 of three months 1.12 FINANCNL ASSETS Finan￿al assets are rettgnised in the companys Sta￿ment0f financial position ￿then the company become5 paty io the contractual provisions olthe instrument. Financial assets and112billtles a￿ offset, the nèt amounts ptssÈTh￿d In the finanelal sta￿Ments, when there Is al￿811￿ enforcea￿e rlghtto sel off the r8cognised ?mounls and there is an Intention to setNe on a nel basis orlo realiselh8 asset and sett￿the lia￿litY sitnuttan8DUSty- Financial assets are dassified Into specified ￿tegories. The dassification deppndson the nature and purwseof Ihefinarbcid assets Is detetmined at Basichnanci813sspts, which Indude Iraoe and Otherr￿1V$￿e5 8nd cash and bank ba￿￿￿5, 8re initially m8asur8d attransa￿1on price induding transaction Gos15 aDd are subsequenuy carned al atnortised cost u51ng the effeGlive Interest method, unless the arraDgemenl ￿nStItuteS a fiDancing tran￿CtiOn. where Ihetransaclion Is measured althe presenlvalueof Ihefulure ￿e￿ipts discounted ata market rale ol Interest other Iinanua assets assilied as lairvalue through profil Dr Ioss Are measured aifair vdue. Loans and[8￿[wabl93 Tradedeblors. loans and other re￿1Vable5 that have fixed or deterrninable ￿YMentS that are not quoted In an active markelare daS￿Iled as'loans and recavables,. Loans and receivables are nE8sured atamortised cost Using the effective Interest method. less any Impairment. Interest Is rE￿OgniSed by aP￿Ying the effective iDtsres1 rats, e¥ceptf0rsh￿-terrn receivab￿&whe￿ the recognition of Intereslv￿U1o be Itnrnalenal. The efteclive Intere51 method is a method of calculating the amorbsed cost ol a debt Inslrumentand of allocating the Intere51 Income Dverlhe ￿e￿vant period. The effective Interest raie is the rate Ihatexacllydiscounls estimated lulure cash receipts through the expeC￿d life of the debt Instrdmenlto the net carrying amounion Inibal recognition. Irnpainnentof finan￿aIasSets Flnanual assets olherthan those hdd alfsirvaue throL￿h prDfitand1098 sre sssessed forindlcators of ImpairmeM81 eath reportlng end date. Finan￿al assets are iTnpair* wherethere Isobiective ewdence that, asa resukof oDe or more eve￿￿that￿GU[red afterlhe Initial recognthon of the Iinanual a5sel, the estimated future cash flows have aff￿d. The impairmentloss Is re￿gnISed In profilor loss. 1.13 FINANc￿L LIABILITIES Basichn¥ncial Iiabilrtips are inthally me8sured 81 Ir¥ns*bon price. unlesslhe atr8ngementconslilutes ¥ tinan￿ng tr8ns8Ction, vthere the debt insltutnenl is measured al ihe present value oflhe fuiure re￿ip1S d15counled ata maTkel rate of iDtsresl. Oiherfinancial Iiabililies olas￿f1ed asfairvalue through profftor 105s are measured alfairvaue. 1.14 TAXAllOM Thecompany has no liabllity ID corporabon t£x because rtisa re9lstsred chanty. 1.15 FUNDACCOUNTING Unrestricted funds ran be used In accordancewlh the charilaLle ￿leCtiVeS atlhe discretson olthe Govemors. Restrlrted funds can only be used for particular restricted purposeswrfhin the objects ol the charity. Restiicllons arise when speulied by the donor or when lund$ ar8 rai$eJ lor partI￿1¥rrts$t￿¢1ed wrposs$ Furtherexplanalion of the nature purpose ol each fund Is Induded in the note5 lothe finan￿￿ 5talemenl5. 1.16 EMPLOYEE BENEFITS Thecosts of 5hort-lerm eM￿oyee benefrtsare recogn15ed a5 a liability and an expense. The¢o$tof 8ny unused h￿￿¥Y eniilkmeni 1$ re¢wnised in the perlod in which the employee'$ 8ervi¢e$are received. Termination benefi15 are re￿nised ImTnediatety as an expensewhen the compaDy iSdern￿straL4Y comrnitted to lerminale ihe eTh￿Qyment0f an ernployee orlo provide lerminalion benefits. 1.17 RETIREMENT BENEFITS ConthbU￿On5 are charged lo ihe st3￿ment0f FinancialAdivrties asthey become payab Page 26 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 2 KEY ESTIMATES & JUDGEMENTS In the ap￿I￿a￿On ol the tompsnys a¢¢ounting poll¢le¥, the Bo8rd Is ¢gulred t¢ make judgements, e$timate$ and assumpbon$ a￿1 the ca￿1n9 amount ¢1 assets Iiabililies lh* are not readily apparent Irom other sources. Thp eslimales 8nd asso￿*80 a5$ufflpli￿s are Oased on histor￿11 eMperEnce and oiherfaGtor5 that are &￿sIdered lo relevant. Aciual results may drfterfrom these eslirnales. The eslimales and underfying asSUmp￿Dn5 are reviewed on an on-goin9 ￿819. Revisions lo accounlino eslimales are recDgniged in the penod In vthich the e$iim81e 1$ r*ised, il the ¢vi$ion affects Only th81 pencé, ty in the period ol Ihe Evi*on and fu￿re period$ il the ¢vi*on *rfe¢ts both Current artd lulure penods. The esbmates and assumptions whith h£ve a signfficanl risk of eausin9 a Ma￿ri￿ adiuslmem to the carying amount of Asseis and Iithlilies are ouuined beltyw LIsefvleeonom￿ lives The annua depreuabon charge for property. ￿ani and equipmeni is gengilive ID changes In the eslimaled uselul economic lives and residual values ol the a$seis. The useful e¢onomi¢ live$ and ￿$1￿l￿ v81ue$ 8¢ re-asse$8ed annually. They 8re *menJed when ne¢e$$8ry 10 rel* e$iimaie$. based on technological advancement. fviure investrnents, eronotnic ulilisaboD and ihe ￿ySiCal condiboD olthe a58ets. Provis￿￿6 The CoM￿nY makes an esthma￿ Df the recoverable value ol trade and other debtors. When assessing impairment of trade and other debtors. manAgemenl ¢on$iders l¥dors in¢ludiny the ¢urrent ¢reait fabny ol the debtor. the aging profile of debtors and hi$iori¢al expenerte. See r￿e 18 lor the net ¢aw atnountof the debtors. 3 LEASE￿TH RMIG ENDOWMENTTRUST On 16 June 2023, the School signed Inlerirn ￿aSefOr5 years, to be applied retrOspectiv￿yfvOTh 1 Septetnber 2020 and lo on $1 August 2026. Tris lease included Iheform£l agreement of a rentfree period from 1 Seplefflber 2020- 31 August 2022. The 51gning olthe lease has required the ￿rtial release ol a provision lor renlthal had been rnade In the previous Nvofinancial years. This apwars on the sta￿ment of Financial Ad1Vi￿eS asa Lease provision relèase and the finsnclal eifect olthis In the eurrent year IS È39Y,292. The interim le?sewill be followed by a 100 year leasewilh tsnant repainng re$pongibilrtlP8. Thi$18¥80 wa$ signed ￿ 16 Junt 2023 and is ¥ffÈcbvtrfrty 1 Seplernbpr 2026. This Is Dotconsidered lo be a continuous lease. 4 FEE INCOME The School'sacbwlies ?re carried OLrtb*ilhin the UK. The school's fee income cornprised. 2025 Z024 Gross fees Le$$ Discounts Less. Scholarships and bursaries 21,161,182 1840.8671 11,093.4731 21,600,961 IB18.6371 19.Z26.842 19,661,257 Induded wllhln the above IS￿02,527 rdated Its resldcied buYs8rlesforihe yearended 30AugUSt 2025 8nd £159.471 ltsr Iheyesr ènded 30 ALQUSt2024. S OTHER EDU¢AnoNAL INCOAIE 2025 2024 E￿r*S and disbur5etnents Reg15tralion f￿5 otherincome 531,019 56.661 77,973 180,926 42,834 42.573 65,663 266,333 Included within the above Is£nil related to resiricted Income lorlhe yearended 30 August 2025 and £nil forlheyear eDded 30Auyust 2024. 6 OTHER INCOMe 2025 2024 Otherlrading income- ReTrtand lettings Other Income- En￿rpnse Otherin¢ome 354291 655,974 101,375 288.412 460,515 233,711 1,111,640 982,fj38 Induded withln other ir￿Mir0 resources Is £nll of restricted Incomeforlhe yearended 30AugusI 2025 End £nil ts the yearended 30 August 2024. Page 27 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 7 INVESTMENT INCOME 2025 2024 Interestre￿IVed Dividend Income 489,348 6,865 393.594 25.468 496,203 419,062 Induded wlthln the abtsve19£6,8S5 of resthcted dlvldend income forlhe year e￿e￿ 30ALQUAI2025 snd É5.575 Iorlheyesr ended 30 ALQUSt2024 8 DONATIONS AND GRANTS Z025 ZQ24 Donations and g1ft5 Otherin¢ome 368,991 30È,752 30,5B2 358.991 340,334 Induded within the above Is£176,864 of restricted donations for Iheyear e￿e￿ 30 August2025 and £234,039 for the yearended 30 August 2024. 9 COSTS OF RAISING FUNDS Z025 ZQ24 (Xherexpendllure- c£M￿19Th Other expenditure- Enterprise 14,254 7.192 14 058 32.602 21,250 10 CHARITABLE AcnvinES COSTS Stsff costs Inote 121 Total 2025 Other DepreclAllon Teaching Welfare Housekeeping C2lering Costs PrErni￿ and E$t8le8 Finance and Adrninlslrall￿ IrbDle 111 Govemarbce 8,$21,018 1,061.846 941,666 94.461 1,7B2,4B2 3,331,234 897,891 34.955 9.262.684 1,156,307 1,782,482 5,151,003 2.363.599 955 820,659 1,465,708 9,110 11,fjfj9,231 7,082,fj89 999,110 19.751.030 staff costs Totsl 2024 Oiher Depreciation Testhing Wetrare Housekeeping Calenng Costs P￿rnIses and Estates Finance and Adminislr2lion (note 111 Govemar 9,OB6,718 951,353 693,443 106,595 1,962,851 3.524.566 1,30B,708 55,168 9,7BO,161 1,057,948 1,962,851 5.234.728 8,060.248 55,166 802.486 1,751,540 7.676 12,592,D97 7,651,331 7,676 Induded wilhln Edu¢atH)n Is e31.551 ¢1 ¢$trided grarfexpendllu¢ lor the ye8rended 30 August 202S and£33,538ftythe year￿dea 30 Augu$1 2024. othertsovemaD￿ Costs iDdude. 2025 2024 Auditsr9' remunerabo -Audil Fees - urhder prowwoD Irom previousyear -Accountancy Fees - Other GDvemance costs 32,115 30,960 7,846 4,134 6.372 5,856 349 2,491 Page 28 ## **The Royal Masonic School for Girls** ## **NOTES TO THE FINANCIAL STATEMENTS** for the year ended 30 August 2025 |**11 FINANCE AND ADMINISTRATION**
Finance and Administration Other includes:
IT and telecommunications costs
HR consultancy and payroll fees
Legal and professional fees
Marketing & advertising
Postage & stationery
Other costs
**12 STAFF COSTS**
Wages and salaries
Redundancy and settlement costs
Social security costs
Other pension costs
Other staff costs
During the year, settlement payments were made for 1 individual totalling £8,996 (2024: £186,164 for 16 individuals)
The average monthly number of employees during the year was as follows:
Teaching
Teaching Support
School Support
£60,000 in the year was as follows:
£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£131,001 - £140,000
£180,001 - £190,000
The number of employees whose emoluments amounted to
over|**2025**
**£**
**188,251**
**146,663**
**30,356**
**250,786**
**263,552**
**18,282**
**897,890**
**2025**
**£**
**9,434,478**
**8,996**
**1,043,654**
**1,135,447**
**46,656**
**11,669,231**
**2025**
**No.**
**119**
**44**
**124**
**287**
**2025**
**No.**
**11**
**3**
**3**
**3**
**-**
**-**
**1**
**1**
**22**|2024
£
386,817
160,705
29,353
250,766
220,766
260,301
**1,308,708**
2024
£
10,150,523
186,164
1,015,312
1,240,098
-
12,592,097
2024
No.
128
54
125
307
2024
No.
12
2
3
3
-
1
1
1
23| |---|---|---| Pension contributions for the year amounted to £326,295 (2024: £285,714) for the above employees. ## **13 GOVERNORS REMUNERATION AND BENEFITS** There were no Governors' remuneration or other benefits for the year ended 30 August 2025 nor for the year ended 30 August 2024. Travel and training expenses of £335 (2024: £2,834 for 1 governor) for 1 governor were paid by the charity during the year. Key management personnel include the Governors and the senior executives which are made up of the heads, DFO and Heads of Departments. The total cost to the school of employing key management personnel was £1,234,683 (2024: £1,364,395). One members of the key management personnel are also provided with free accommodation in order to enable them to undertake specific duties for the school. ## **14 PENSIONS** The School contributes to a group personal money purchase scheme for non-academic staff. From June 2021 all non-academic staff were moved to the APTIS defined contribution scheme. From 1st September 2022 all teachers were transferred to the same scheme. Total contributions payable to the APTIS Scheme were £1,135,447 (2024: £1,240,098) of which £131,233 (2024: £142,570) was still outstanding at the year end. ## **15 NET INCOME FOR THE YEAR** ||**2025**|2024| |---|---|---| ||**£**|£| |Net income is stated after charging:||| |Depreciation of tangible fixed assets|**999,110**|907,676| |Loan Interest|**10,979**|20,040| |Operating lease rentals – other|**255,400**|166,244| Page 29 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 18 TANGIBLE FIXED ASSETS GROUP AND SCHOOL Plant Leasehol Property Motor Vehicles Equipment Total ¢o$i Al 31 August2024 3,174,009 139,448 141,227 16,795 5,165,841 424,259 8.481.077 580,502 Disrx>sals At 30 Awust2025 3,313,457 158,022 5,590,100 9.Q61.579 Depreciation. At 31 August2024 ¢hargtfor ye8r Disp)sals 1,765,112 ?44,629 101,665 30,937 3,816,412 723,544 5,683,189 999.110 At 30 Awu812025 2,Mg,741 132,602 4,539,956 6,682,299 Net book value. AI 30 August2025 1.303.716 25.420 1.050.144 2.379.280 At 31 A￿￿$1 2024 1,40B,897 39,562 1,349,429 2,797,BB6 The leaseho￿ property rdalesto the SL*ool buildirbgs that are leased from ihe RMIG Endowrnenl Trust See note 3 forfuriherdetails. 17 INVESTMENTS GROUP Share$ in group undertakings Li$ied irweslmenls 2025 2024 CosVvaluath)n At 31 Awust 2024 Additions Disposals GainsllL05sesl an51ng from movements in valuations 1,019,521 55,022 1,019,521 66,022 945,589 86.757 94,460 94.460 1M,844 ¢o$vv8luatH)n At 30 Awusi 202S Cash 24.933 24933 27.662 1 081 239 1047 183 Hist￿1￿￿1 cost 999 8S3 996 8S4 9gS 854 995 SCHOOL Share$ In group und8rt3kings Li$ted investmen15 2025 Z024 CosVvaluatk)n Al 31 Awust2024 Additions Disposals GainsllL05sesl an51ng frotn movements in valuations 157,372 29,875 126.8271 4.735 1S7,372 29,S75 126,8271 4.735 150,490 23,562 127,7991 ¢o$Vv81uatH)n At 30 Awusi 2025 185155 157 372 Cash 2.542 2,542 5.271 1S7697 167697 162 643 HislorirAI cost 999 15499S 155995 155 995 Thecompany holds 100% of the voting equity of RMS Management Limited, a company IncorKMxaled In En9land &vvaes. The company was dormant Ihrou9hoLrtlhe year to 30 August2025 and 30 August 2024. AI 30AuguSt 2025, RMS Man8gement Limited h8d 8n 8ggre9ate capltd 8nd reserves ￿lanCe of £1.00012024. £1,MOI. Theconsdidated figures indude the Investments held In the RMS Bursary Fund. Page 30 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 17 INVESTMENTS l¢ontynufjdl Thefolbwing Investment was noted as representing greaterthan 5% ol the portloliovalut. Holding Aviva Investors US Equity Income Ishares11 Wc Uk Gills l¥h*re$111 Pl¢ FTSE UK Gilts JP MorgaD Asset Mgrs IUKI Vanguard Investments S&P 500 UCItS ETF InG 6% 5% 5% 18 DEBTORS Group Group School ZQ25 2024 2025 2124 Fees and extras Le$$ prDvi$iDn fordoubfful u#bt$ (￿her￿e0torS Prepayments acuued Income AM￿n1duefrorn RMIG EndowmentTrusl 1,361654 163,0571 173.416 273,619 230.911 63.0571 53,047 498.801 6.745 1,364,SS4 163,0571 167,655 273.619 230,911 163.0571 46.681 4YB,801 6.745 1748 532 726 447 1742 771 720 081 19 CREDITORS Group Group School Am￿nIS 1811ing due within one year 2025 2024 2025 2024 Tradecreditors T8X¥I1￿ 8nd so¢i818e¢uriiy ¢osi$ Fee Dpposils Fees In advance Other creditors Accru￿$ arhd deferred Income RMTGB Lo¥n Arnounldueto Rm￿ EndowenlTrusl Arnounldueto group undertaking 368,883 1,059,683 133.141 1,803,069 688,166 281209 144,000 368,883 1,OS9,683 133,141 1.803.069 686,031 284,209 144,MO 248.908 319,973 2.832.367 1.0È4.868 201.365 144.000 248,908 319,973 2,832,387 1,091,200 2Q1,365 144,0 40.457 46,403 4481 161 5 852 762 4 619 473 5 895.397 The RMTGB loaD Is repayab￿ in equal Th￿thlY Inst￿￿entS unbl July 2027. Inlerest?CCTues al itte Bank of England base rate. Group Group S¢hoDI In adV3Th￿". 2025 2024 2025 2024 Broughtfowards Relt¥¥*d in yt8r Retsived In year 2.831.367 12,832,367) 1,803,069 1,669,685 11.669.685) 2,B32,367 2.832.367 12,832,367) 1,803,069 1,669.685 11.669.685) 2,B32,367 Carried lomards 1,803,069 2,832,367 1,803,069 2,E32,367 Fees in advan¢e rd*e$io s¢h(d$fee$ 8nd ¢08¢h in¢ome received in 8dv8n¢eforihe following 8nd fuiure iemi$ Group Group School S¢ Advancetse scheme". 2025 Z024 2025 2024 Broughtfoywardg Uli115ed against lees In year New conlracb In yepr 2,S21,896 11,428,259) 188.580 404,533 2,S21,896 11,428,259) 188,580 404.533 2,330,880 2,330,880 Carried IoDNard5 1.Z82.Z17 2,521,896 1.282.217 2,521.896 Page 31 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 20 CREDITORS DUE AFTER ONE YEAR Group Group S¢hwl S¢ 2025 2024 2025 Z024 Arnounts falling due after more than wr. RMTGB Loan Olher¢Ediior$ fee deposits Fees in advance 16,389 168,260 1.111.780 1,282,217 160,3Bg 168,259 827,286 1,219,627 16,389 160,3Bg 166,259 27,286 1,219,627 1,111,780 1.28Z,217 2 578 646 2 375 561 2 578 646 2 375 561 21 STATEAIENTOF FUNDS SCHOOL Al 31 Augugl 2024 Transfer Bet4veen Funds At 30 August 2025 Gain81 Oos$a$l In¢om* Expènditure Unrestricted funds.. General reserve 5,880,78È 21,SQ2,956 119.743.8441 202,527 399,292 8,341,720 Restricted lunds. Campaign forexcelleDGe Benjamin Thomas ￿gUIden Income Scholarship Fund Schol8rship Fund 223 058 16805Y S,142 6,855 228.2DD 179,649 4,73S 93,053 171 722 1202,5271 62,248 Tota restrided 484,170 183,719 1202,5Z71 4,735 470,097 Endowmentfund5" Benjamin Thomas ￿gUIdeD Incotne Scholarship Fund 15,820 1S,82D Tola endovmienl 1S,820 15,820 Tot¥ $th¢olfuna$ 6,390,779 21,T16,675 119,743.B441 4O4,U27 8.827.637 Restricted fund Bursary Fund 1 273,202 82,654 39,788 41,454 1,357,522 Total Group Funds 7,663,981 21,859,329 119,783,632) 445,481 10.185.159 Page 32 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 21 STATEMENTOF FUNDS (CONTI Al 31 Augu51 2023 AI 30 August 2024 Transfer Betw Funds SCHOOL Gain Ilossesl Incotne E¥ppnditure Unrestricted funds. Gener81 re8erve 5,10B,7B3 21,322,639 198,891 399,292 5,890,7Bg Restricted funds. Campaign forexcellence Benjamin Thomas ￿gUIden InGQtne Scholarship Fund Cadogan Schrlarship Fund her 200,171 151,365 22,887 5,575 223,OS8 168,059 41,372 1159,4711 93,053 Tota restrided 392,908 239,614 1159,4711 484,170 Endowmentfund5" Benjamin Thomas ￿gUIdeD Incotne SS,240 13Y,4201 15,820 Tot4 endowtnenl 55,240 139,4201 15,820 Tota school lundg 5,S56,931 21,562,253 410,411 6,390,779 8urs¥ry Fund 1.109.643 107371 133,5381 89.725 1.273.201 Total Group Funds 6,e66,S74 21,868,624 500,136 7,663.Q80 Penn¥neni The wrmanenl endthvmenl fund rdates to the Benjamin Thomas ￿9￿Iden SchoL4rship Fund. which was sel up In 1984 to provide schdarships forstudents atthe gehool. The fund Is Invested currendy in cash deposi￿ and Ilsted investments. Unrealised rp3lised gains aDd lossesaretaken lolhe Endowtnenl Fund. The balanceof Ihefund Is hdd In Ihegeneral bank account and is ￿Parat￿Y slated in the balance sheet Restrided lunds Indudes the nèt balancè held of donabons made to the,Campa￿n for Extsllence, fund. The cad￿aTh Fund Is a hardship lund grsnl dunng tho year. The Olhw re$irid8J lund$ repra$entdonabon$ rn8d* forsp8¢ili¢ putpo$e$ by individuaLs ororg8ni$¥bOn$. Page 33 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 22 ANALYSIS OF NET ASSETS BEIWEEN FUNDS GROUP Unwiri¢ied funds Resiri¢ted fund5 Endowment 2025 Tot T2ngible fixed assets Investments CuTrenl assets 2,379,280 2,379,280 1,081,239 13,784,437 14.481.151) 12,578,646) 1,065,419 762,2 15,820 13.022.237 Long term Iiablilies 12,578,646) Tota net assets 1 827 619 10185159 SCHOOL Unresthcled funds Resthcled lunds Endowment 2025 Total Tangiblefixed assets Investments Currenl asseis 2,379 280 2.379.280 167.697 13,378,779 14619,4731 12,578,646) IS1,877 318,220 15,E20 13.060.559 14,519.4731 12.578.646) Lorhg tstrn liablilies Tola nel asset5 B 827 637 GROUP Unreslncted funds Re5taled Reslncted funds EndowTnent fund 2024 Total Restated T?ngib1ehxed asStIs Investsnents CuTrenl assets 2,797 888 2,797,888 1,047 183 12,047,232 15,852,762) 12,575.5611 1,031,383 725,ODB 15.820 11.321.224 15,652,762) Tota net assets 5 890 789 1 757 371 15 520 7 663 980 SCHOOL Unrtrstn¢￿￿ funds Re5taled Rtr$in¢￿￿ funds Enaowm¢nt 2Q24 Total Restated T8ngitltrtixeJ asstls Investsnen CuTrenl assets 2.797,888 2,797,888 162,843 146,823 337,347 15,820 11.363.859 15,895,397) 15,895,397) 12,375,561) Long tem li8bditie$ Tola nel asset5 S 890 789 484 170 15 E20 6 390 779 23 COMMITMENTS UNDER OPERAIING LEASES AI 30AugUSt 2025, the ¢wp8ny h8d wistsnding ¢ommthents lor lulure minlmum lease payments under nonontrllableoper811ng leases, whl¢h i¥1 aue as foll(W￿. 2025 Land & Buikling8 2025 offi¢8 equiprnent 2024 Land & 2024 Office uipment Due *ryihin orbe year Due beiween twoand five years 1,197,B76 1,197,876 117,077 274,208 1,197,876 2.385.752 166,244 88.855 2.395.752 391.285 3,593,fj28 255,099 Page 34 DoGusign Envelope ID". AA6E3E2C-DF164871-8106-ABBE37581A90 The Royal Masonic School for Girls NOTES TO THE FINANCIAL STATEMENTS for the ear ended 30 Au ust 2025 24 RELATED PARTY DISCLOSURES Al the balance sheetdale£NIl 12024" £NIll was duefrom ihe scho￿ lo ihe RMIG Endth¥M￿tTrUsl During the year£1.197.87612024". £1.197.8761 wa5 paid by the School io the RMIG EndDwment Trust In rdalion lo renlexpendi￿re. Althe balan￿ sheetdale, a Iota amount 01£40,45712024. £46.403 owed from) wasdueto the School frorn Ihe ￿￿nected chanty. the RMS Bursary FuTbd. 2$ CONTROL The company is limrted by guarantee and all present members are Governors. Every rneTnber of the company undertakes to conlnbule to the assets olthe company In the eveniof the same being WDund upwhile he is a member. orwlthin one y￿r after he tsases ￿ be 2 member. forlhe paymentol the debts li¥bililie$ of the ¢ompany ¢onira¢ted belore he ¢ease$io be $ member. such amount 8$ may be requi￿￿ noiex¢eediny £1. 26 LONG TERM AGREEMENT The School signed an agreement on 31 March 2016 enlenng Into an unsecured loan agreemenlwilh RMTGB. The Loan has been undertaken lo allN the school lo buy oul Its liability relating to the RMfGB Slalf Pension scherne. The loan shall be repaid In monthly instslmentswilh the current rale of Inte￿st char9ed at the Bank of England rate. As st the 30 Auoust 2018 the loan had beèn trI9ge￿d and as 2 result the montNy pension ￿Yrnernts Since 31st March 2016 hav$ be$n stri off ayainsi Ihtfull b¥n liabilty. 27 NOTES TO THE CASHFLOW STATEMENT 2025 ZQ24 Recon￿118110Th ol opèr*w reguhlo nèt cash infiowfrom operabng activities Net movement in funds Gains on Investrnen15 Dep￿uat1Dn Bank interest r*¢tiv*d Diwdends recEived 2,521,179 {94,4601 999,110 1489,3481 16,8551 1D,979 997,406 110D,8441 991,805 1393,5941 125,4681 20,040 ProfitllLossl on sAle ol Fixed Asseis Int￿Sey(DeCrea￿el In tredltors Ilncre?sellDgcreas* in debtor¥ 71,1S3 11,022,085> 1742,9991 8.419 1 989 673 2B CAPITAL COMMIThIENTS Althe yearend the S(*oolwas commrtted lo captsl proiectslotslling £nil12024. £110,123>. Page 35