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2020-08-31-accounts

Registered number: 01840431 Charity number: 290180

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the School, its Governors and Advisers 1
Governors' Report 2 - 24
Independent Auditors' Report on the Financial Statements 25 - 27
Consolidated Statement of Financial Activities 28
Consolidated Balance Sheet 29 - 30
School Balance Sheet 31 - 32
Consolidated Statement of Cash Flows 33
Notes to the Financial Statements 34 - 58

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020

Governors Mr S Westley, Chair
Mr R Burch
Ms J Clements OBE
Professor J Driscoll (resigned 2 December 2019)
Ms S Dixon
Mr P Dunne
Ms V Espley
Ms R Gleeson
Mr A Grant
Mr R Haynes
Ms L Johnstone (appointed 2 December 2019)
Mr C Jones (resigned 20 October 2019)
Mr M Ledzion
Mr R Meakin (appointed 2 December 2019)
Sister F Orchard
Ms M Pattinson (resigned 25 June 2020)
Mr J Pyne
Ms S Squire
Ms J Storey
Company registered
number
01840431
Charity registered
number
290180
Registered office
Bateman Street
Cambridge
CB2 1LY
Company secretary
M Johnstone
Head Teacher
C F Avery
Independent auditors
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers
Lloyds Bank plc
Gonville Place
95 Regent Street
Cambridge
CB2 1BQ

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2020

The Governors present their annual report together with the audited financial statements of the St Mary's School Cambridge for the year 1 September 2019 to 31 August 2020. The Annual Report serves the purposes of both a Governors' report and a directors' report under company law. The Governors confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Second edition - October 2019). The report is also prepared to meet the requirements for a Directors’ and Strategic report for Companies Act purposes.

Objectives and activities

� Aims

As set out in its Memorandum of Association, the aim of St Mary’s School, Cambridge is to promote and provide for the advancement of education and religion and in connection therewith to acquire, provide, conduct and develop a Roman Catholic school or schools, for the advancement of the education of children of any creed, but particularly children of the Roman Catholic faith, and in particular without prejudice to the generality of the foregoing for the education of girls. In the furtherance of this object, the Governors, as Charity Trustees, have complied with their duty under s17 of the Charities Act 2011 to have due regard to the Charity Commission's published guidance concerning the operation of the Public Benefit requirement under that Act.

To achieve this aim, St Mary’s School Cambridge provides education for girls aged 4 to 18 years, aiming to create a caring and stimulating Christian environment within which pupils can realise their spiritual, intellectual, creative, social, academic and physical potential through compassion, wisdom and humour, building their selfconfidence and their desire to make significant contributions to society as a whole.

� Objectives for the year

The objectives for St Mary’s School in 2019-20 have been to:

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ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Objectives and activities ( continued )

This year the school focussed on ‘Respecting Self’ and ‘Valuing Friendship’.

Given the Covid-19 global pandemic, it was not possible to fully realise some of these objectives.

Achievements and performance

� Annual review

The academic year 2019/20 saw the arrival of the Covid-19 global pandemic, which meant that the year split into two distinct halves. Normal schooling was possible until nearly the end of the Easter term, but the UK lockdown in March 2020 then saw the school closed until the end of the academic year. That said, lessons continued as normal, with a very successful and well-received ‘remote schooling’ programme being immediately implemented from March onwards. Nevertheless, the lockdown meant that most well-loved school activities, such as school plays, trips, science fairs and, of course, many liaisons with other local non-independent schools were not possible. As a result, this year’s Trustees Statement is briefer than normal.

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance ( continued )

In July, the St Mary’s Junior School was shortlisted for ‘Independent School Parent Magazine’s ‘Independent Prep School of the Year Award 2020’.

� Academic

The principal activity of St Mary’s Cambridge is to provide education to girls between the ages of 4 and 18 years, and to provide opportunities for all pupils to develop spiritually, morally and socially. This year, the Senior School & Sixth Form has averaged 488 pupils (compared to 480 in 2018/19), with 85 (71 in 2018/19) of them being boarders, whilst the Junior School averaged 165 pupils (roll same as previous year), including 2 (3 in 2018/19) boarders. There is every indication that numbers will remain strong in the future.

Curriculum Changes

• Following the adoption of High Performance Learning (HPL) in 2017, St Mary’s continues to work with this research-based, pedagogy-led philosophy that responds to our growing understanding of human capability. It sees all students as potential high performers who are not limited by ‘ability’. HPL makes the goal of high performance the expectation for all students and uses a unique teaching and learning framework to systematically grow minds and develop the cognitive skills, values, attitudes and attributes needed to reach success. Two of the Senior Leadership Team have now gained accreditation to become Global HPL Assessors, with the first accreditation assessment (of the British School of Alexandria) taking place in April and a second in June, establishing a supportive relationship with a state school in North London. Another St Mary’s teacher has also been appointed as a Global Lead Teacher for Special Educational Needs and Disability. Finally, Professor Deborah Eyre, founder of HPL, was able to visit St Mary’s in February, enabling her to see HPL in action. As well as providing a shared philosophy and language for teaching and learning which smooths transition and enables professional collaboration, HPL has also enabled us to work with other schools both in the independent and state sector, both in the UK and overseas. During the period of school closure, discussions with other HPL leads, mainly international schools in UAE, were helpful in sharing good practice re lockdown & HPL strategy. In the future, we plan to host an HPL conference for local schools in both independent and state sectors here at St Mary’s and look to forward to finding ways in which we can share the expertise which comes with being a world class school.

• After the closure of the school due to the Covid-19 pandemic, all learning moved online. The school quickly adapted to this new teaching method, assisted greatly by the fact that each girl had a schoolprovided Chromebook. The Senior School’s model was one of live teaching using Microsoft Teams, continuing to follow as near as normal timetable as possible. The Junior School also used Microsoft Teams but did not follow a regular timetable, instead opting to simplify the timetable to enable a focus on the core subjects but with less screen time, as is appropriate for younger pupils. This remote learning model proved to be very well received by both girls and their parents. An independent survey conducted by RSAcademics highlighted a very high level of satisfaction from parents and ensured that the girls missed as little as possible, despite not being able to come into the school premises.

• In the Junior School, the Maths curriculum has switched from the previous ‘Abacus’ scheme to an alternative scheme of work - the ‘White Rose’ scheme. Having been extensively trialled in the previous year, White Rose had been found to provide the right level of ‘slow burn challenge’ for girls and so was formally introduced from September 2019. Teachers can now make extensive use of its online resources, rather than having only to rely on textbooks.

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance ( continued )

Academic Results

The academic year 2019-20 ended quite abruptly for all students on 20th March 2020 with the country going into lockdown and all public examinations being cancelled. Schools were then tasked with the complex job of putting forward centre assessed grades (CAGs) for every Year 9 – 13 student who had been entered for a public examination. Ofqual told schools that the CAGs had to ‘fall in line’ with the centre’s past three years’ results for each subject, taking into account any element of the exams that had already been assessed eg orals, drama performances, coursework etc together with any exam access arrangements and UCAS predicted grades. The aim was to determine the grade which the school believed the student would achieve were they to have taken the exam. Every member of staff involved in the CAG process took their role seriously, with checks and balances being carried out at various points through the process. Previous tracking of students’ work was analysed to ensure that the grades submitted in early June were correct and truly representative of their ability.

The Year 13 cohort had the potential to far exceed our previous year’s results, had they taken their exams. The CAGs that were submitted for this year group reflected this and hence exceeded the school previous three-year average. The Year 11 cohort were academically in line with the previous year’s cohorts and the submitted grades reflected this. Unfortunately the algorithm used by Ofqual significantly downgraded the submitted CAGs, but after the government U-turn, girls were able to use their CAGs as final grades, where appropriate, which the school felt to be a fair outcome.

2019-20 Year 11 students were the fourth cohort to take the GCSE under the new grading system. 45% of grades were awarded at 8 or above, an increase of 5% from the previous year. 95% of grades were 5 or above. One student achieved 11 grade 9’s and is now studying four A levels in our Sixth Form. 29% of students achieved results which were all graded 7 or above. Results were strong across the board from languages to science subjects. For example, 88% of students achieved 8/9 in Music, 75% achieved 8/9 in Mandarin. 100% achieved 7-9 in Latin Language, 86% achieved 7-9 in Geography and 84% achieved 7-9 in Biology, Chemistry and Physics.

The Sixth Form students’ results were even more reason to celebrate. 30% of grades were awarded at A%, an increase of 16% on the previous year’s results. 95% of grades were A - C. Four students achieved straight A. 41% of students achieved all A or A grades. Spanish, Music, Arabic and Latin were the school’s top performing subjects with 100% of their students achieving A. Students studying French, Business Chinese, Drama, Art and Greek achieved all A/A grades. Performances in STEM subjects were also strong. 68% of grades were awarded at A*- A for Maths, 62% for Biology, 60% for Chemistry and 50% for Physics. The results show that the school encourages and inspires its students in pursuing and excelling in all subjects. These results will enable them to excel in whatever they pursue next, be it higher education, work or apprenticeship.

These strong A level results have enabled all our students to take up places at universities of their choice. Leaver destinations for 2020 include three students going on to study Medicine (at Exeter and UEA), Law and Spanish at Bristol, Engineering at UCL, History at York and Conservation Biology and Ecology at Exeter to name just a few. Pupils are encouraged and supported in pursuing the specific range of subjects that best suits their interests, talents, and ambition for the future, and whatever combination of subjects pupils choose, we work to instil in the girls a sense of personal endeavour, intellectual curiosity and preparation for life beyond school.

� Creative and performing arts

Performing Arts continues to be an area of strength for St Mary’s School. The year is filled with concerts, plays and showcases for all age groups, although the pandemic and school closure necessarily resulted in the cancellation of all end of year shows, in particular the Speech and Drama showcase and the large-scale open air summer production. Earlier in the year, the Autumn Term saw Upper School students dive into an atmospheric fantasy world at the bottom of the ocean as they staged Polly Teale’s 21st century adaptation of ‘Mermaid’, a play about growing up, the rise of self-consciousness and the loss of innocence. In the Spring Term, the houses competed in the biannual ‘Witty and Wonderful Mary Ward Show’, performed as part of the Mary Ward

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance ( continued )

birthday celebrations. Since the start of the academic year, the girls attended twice weekly rehearsals to create their own short play incorporating one of the Mary Ward values. This was an opportunity to develop acting and directing skills, communication and teamwork whilst getting to work with girls from other year groups. Taking inspiration from the musicals Annie and Hairspray, talent shows such as Britain's Got Talent and their own imaginations, it was a hugely entertaining and humorous afternoon of performances which still cleverly conveyed the values of our founder. Finally, in February the Upper Sixth A Level Drama and Theatre students performed Jane Thornton and John Godber’s play ‘Shakers’ as their group examination piece, as well as moving monologues for the external examiner, staff, students and parents.

In the Junior School, December saw the Pre-prep Christmas production, based around the nativity story, incorporating music, dance and acting by all the girls from Reception to Year 2. Year 3 and 4 girls managed to stage their production of ‘Wind in the Willows’ shortly before the school closure, giving them the opportunity to show off their acting and singing skills whilst at the same time developing their team spirit and collaboration skills.

The Senior School & Sixth Form Music department once again had a busy and exciting Autumn Term, full of competitions, concerts and workshops. In October some of the talented singers in Years 7 & 8 took part in a choral workshop, led by professional vocal group Apollo5. The professional musicians worked with the girls, together with students from other local schools, to produce a stunning array of songs, from traditional African to contemporary, which were woven into a tapestry of music enhanced by electric viola and video. The day was capped off with a public performance.

In the Autumn term, the Musical Director of the London Concord Singers, East London Chorus and Henley Youth Choir, a St Mary’s alumna, adjudicated at St Mary's two annual music competitions: Young Pianist and Young Musician of the Year. Now in its ninth year, the piano competition featured students from Years 6 to 13 performing a range of repertoire, from Baroque to Modern, each to a very high standard. In December, over a quarter of Senior School students took part in the spectacular Christmas concert held at the West Road Concert Hall, bringing festive cheer to a warm and welcoming audience. Meanwhile Spring Term saw GCSE and A Level recitals, composing coursework completed and the first of the annual ABRSM Examination visits.

This year the Junior School saw the introduction of a ‘Composer of the Month’ theme to the music curriculum, giving the girls an opportunity to study the life and work of different composers. Members of Year 5 and 6 Chamber Choir represented the school at the Rotary Carol Concert at Great St Mary’s, helping raise money for charity. Throughout the year in the Junior School girls sign up to either perform at or attend Teatime Concerts which take place each term and these concerts provide an excellent opportunity for girls to perform for each other and build their confidence. In the Spring Term, the Junior School hosted its annual Music Festival; the winners were due to perform at the annual Junior School Summer Concert at West Road, but this had to be cancelled as a result of the Covid-19 lockdown.

Many pupils continue to enjoy both music peripatetic lessons and Speech and Drama lessons at St Mary’s. In February’s Associated Board Royal School of Music examinations, 60% achieved Distinction or Merit. Meanwhile approximately 60 students take part in Speech and Drama classes in the Senior School and 40 in the Junior School. 77% of all LAMDA exams taken this last year achieved Distinctions - 33% of these Distinctions were high Distinctions (88 and above) and the rest, a Merit.

Other creative arts, such as Art and Photography also continue to flourish within our bespoke Art & Photography Centre, with many A level students being able to bypass the Art Foundation Year at Art School as their portfolios are of such a high standard. In Year 7, an inaugural Visual Arts Day was held as part of Integrated Learning Week, with students working on a ‘Recycled Materials Jellyfish’ project in order to create an awareness of single use plastics and similar pollutants that end up in the world's waterways. As part of the ongoing ‘Cows About Cambridge Project’ the Art Department placed a bid for a Mini Moo sculpture raising money from the Circle of Friends to support the bid in October 2019. St Mary’s contribution was designed by six students from years 7-12

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ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance ( continued )

and has rainbow paintwork to represent equality, knowledge, creativity and fun. Named after our founder, Mary Ward, “Ms Mary Moo” is now in storage with ‘Wild in Art’ as she awaits release onto the walking trail in April 2021.

The Art and Photography department also develop enriching experiences for students beyond the classroom The years saw visits to sites such as Kettle’s Yard, where students undertook unique drawing activities and took part in a print-making workshop based around ecological art; a field trip to Southwold, which enabled students to explore and develop their coursework theme ‘Landscape and Vista’; and The Sainsbury Centre in Norwich, at which the group enjoyed sketching and photographing the inspiring artworks and participating in a sculpture workshop led by a senior lecturer at Norwich University of The Arts.

St Mary’s girls continue to succeed in many national art competitions. In December 2019, a Year 13 art student won first place in the CISC (Catholic Independent school Conference) annual Christmas card competition. The theme was ‘Light and Peace’ and there were over 80 entries nationally. In February, a St Mary’s Art Scholar won third place in the national Rotary Young Photographer competition (category 11-13) and a Y13 student was highly commended. The competition required that the entrants produce a portfolio of 3 photographs based on the theme “Through My Eyes”. Subsequently, two A Level Fine Art students were recognised by The Royal Society of British Artists in their star student’s competition, as two of only forty-one students selected from the whole country. Their works were displayed in The Mall Gallery and The Royal Overseas League building in London. Finally, in the Summer Term, one Year 9 student had her artwork chosen from over 17,000 entries to be exhibited online at the Royal Academy’s Young Artists’ Summer Show. The artwork, ‘Shell Drawing’, was an A4 depiction in graphite pencil of a Cowrie Shell, developed as part of a natural forms project in school.

in the Junior School, the dedicated Art Room continues to enable girls to immediately access a wide range of resources, which in turn inspires a greater degree of spontaneity within lessons. All the classes, from Year 1 upwards, enjoy having their lessons in this dedicated art space, which also hosts the weekly extra-curricular Art and Eco Clubs. This year girls also formed an Arts Council to work with the Artist in Residence on art projects and oversaw the organisation of art materials.

� Science, Technology, Engineering and Maths (STEM)

Science, Technology, Engineering and Maths remain an important part of the school curriculum at St Mary’s as evidenced by the dedicated STEM lessons throughout the Junior and Senior Schools. The Youth STEMM award (which provides a focused and engaging framework for young people aged 13-19 to further their passion, knowledge and skills in STEMM (Science, Technology, Engineering, Maths and Medicine) continues to be an important way for girls to extend their STEM experience in the Senior School and Sixth Form, with 15 students working towards obtaining bronze or silver awards by the summer of 2021.

In October 2019, Year 11 and 12 girls attended the GSA Girl Power event titled ‘Beyond earth’s boundaries: exploring STEM-related careers’ to help them explore the range of options that are available to women in the world of STEM. The conference was funded by the East Region Girls School Association and held at National Space Centre in Leicester. The conference aimed to inspire female students to study the STEM subjects at A- level, university and pursue careers in those subjects. The day included a mixture of lectures, starting with the keynote speaker Dr Alice Bunn from the UK Space Agency, seminars and workshops, focusing on careers in science, engineering, technology and maths. Students attended 5 workshops lasting 25 minutes each. These included areas such space engineering, how other subjects sit alongside STEM, health challenges associated with spaceflight, satellite applications and a Gallery tour of the space centre. Students also had the opportunity to meet scientists and ask questions.

In Physics, all Year 10 pupils attended the ‘Physics at Work’ exhibition hosted by the University of Cambridge. Each exhibit consisted of a short presentation, practical demonstrations, an opportunity for hands-on involvement and a question and answer session.

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance ( continued )

In Chemistry, 10 Lower Sixth students also took part in the Cambridge Chemistry Challenge of which 6 achieved a bronze award and 2 a silver award. Sadly, all our events and competitions that take place during the Cambridge Science Festival were cancelled.

In Biology, pupils attended the Babraham Institute's Schools’ Day in March where they took part in a lab-based projects during the afternoon and had a career talk from three researchers working at the institute, including a post doc, a PhD student and a researcher. Five sixth form pupils entered the Biology Olympiad, of which one was commended, 3 highly commended and one attained a silver award.

In February, a group of Year 8 Computer Scientists visited Microsoft for their annual ‘DigiGirlz’ event. This highprofile event sought to inspire more girls to pursue a career in technology. The St Mary’s girls heard the group of young women, only a few years older than themselves, explain why they love their jobs. Finally, our girls pitched their ideas to a group of senior Microsoft executives. In March, the Senior School observed Science Week with a number of workshops on the topic of sustainability, considering issues such as product design for recyclability and the use of sunlight as a fuel. They discussed how to design to solve problems and the girls got hands-on, taking apart some devices to assess how recyclable they thought they were, before having a go at designing their own solutions.

In the Junior School, eight Year 6 girls participated in the ‘International CoSpace Online (iCool) Challenge 2020’. This event was organised by the ‘RoboCup Asia-Pacific’ international committee to provide an opportunity for students around the world to take part in CoSpace Virtual Robotics Challenges remotely, (from home) during the school closure period. Over 600 students from 25 different countries (and every continent apart from Antarctica) competed in a variety of categories and age groups. Four of the girls were named as ‘Finalists’ and, as the highest scoring UK entrant, one St Mary’s girl then competed in a virtual match against the highest scoring entrant from Iran. After a tense match, her robot emerged victorious with 1060 points to her opponent’s 920. This ensured that she finished in 3rd Place overall in the ‘iCool Challenge 2020 CoSpace Rescue U12 Category’, an impressive achievement, given the number of participants worldwide.

Maths takes high priority at St Mary’s and, as in previous years, approximately 60 students from Years 11-13 took part in the Senior Mathematical Challenge, with those in Year 11 undertaking a challenge usually aimed at Sixth Form students. Seven St Mary’s students went through to the next stage, one of whom was a Year 11 student. One student was even awarded a Merit in the follow-up Senior Kangaroo Competition. St Mary’s also had some fantastic results in the UKMT Junior Maths Challenge, gaining 2 gold, 9 silver and 10 bronze awards. Meanwhile, Year 7 students had the opportunity to see one of the few remaining Enigma machines up close, gaining a fascinating insight into the life of one of our most famous mathematicians, Alan Turing, followed by an opportunity to test their own code breaking skills in a series of puzzles. As part of a ‘Maths4Girls’ day, three local women came in to talk to Year 9 students about how they use Maths as part of their careers, the focus of which is to increase girls’ confidence and self-esteem in maths, to improve financial literacy and to increase the proportion of girls pursuing maths to A-Level, university and beyond.? Finally, in the Sixth Form, Year 13 students took part in the Team Maths Challenge at Cambridge University’s Centre of Mathematical Sciences, testing their skills against a range of local schools.

In Technology, the Textiles department has continued to explore creative studies through various techniques, materials and processes in each year group. The new embroidery machine, that was purchased with the generous donations from the Circle of Friends, has enabled students to create impressive computer embroidery work. Meanwhile in Food Technology, the first cohort of Sixth Formers achieved the Let’s Cook certificate from Leith’s Academy, following a seven-week course which took place in their enrichment double period. The first cohort of U6 students also all passed their Leith’s Introductory Certificate and CTH Level 3 Certificate in Food and Wine, which had replaced the A Level in Food Technology following government reform.

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance ( continued )

� Sport

In sport, all pupils are involved in inter-house competitions and many have had the opportunity to represent the school in a wide variety of activities from swimming to athletics. Hockey at St Mary’s continues to flourish with all years taking part in external tournaments. The highest level of achievement came from the U15 and U16 hockey teams who both qualified to take part in the district hockey finals tournament, with the U16s ending up as joint district champions. St Mary’s School also prides itself on its netball provision. Many of its students are selected to attend the satellite netball academy and its teams compete successfully against local schools. This year, both the U14 and U16 netball teams qualified for the County Netball Tournament via a local tournament in which they were able to develop their teamwork and tactics.

Football continues to grow in popularity as a girls’ sport. The U13 Girls took part in a Football Grand Prix held at Swavesey Village Collage. This event involved a 7-a-side fun tournament, with the aim of getting as many girls playing football as possible. The initiative was embraced by our girls, with St Mary’s being one of only two schools to enter three teams. A standout performance for St Marys was the A team captain, who scored an impressive five goals for the tournament. In athletics, girls took part in the District Cross Country Championships, held at Netherhall School. Despite the freezing cold weather, the girls thoroughly enjoyed themselves and displayed some excellent performances throughout the day. Overall the Intermediate girls came 3rd as a team whilst the Senior girls came 2nd.

One of the strategic visions for St Mary’s is not only to be a school that rows, but to become a well-recognised rowing school, where students can train at a national standard and beyond. This aim moved significantly closer with the opening of the new St Mary’s boathouse on the River Cam in September 2019. Built in partnership with Homerton College and City of Cambridge Rowing Club (CCRC), the boathouse now provides a permanent base for St Mary’s rowing programme which involves all girls from Year 7 upwards, including the Sixth Form, with over 120 girls taking part in the sport. The school offers a variety of sessions during the week and weekends, together with rowing camps in school holidays, although competitive opportunities were necessarily limited through the year, owing to the pandemic.

Unfortunately, due to the school closure, it was not possible to hold the annual St Mary’s Sports Award dinner. Sports Days was also transformed into a virtual event, with students, staff, and parents all participating in a funfilled day of activities and competitions. Students sent in photos of their day, with many of them re-creating action shots, completing the challenges and getting kitted out in their house colours to show and support their house. Activities included a virtual Park Run, a ‘Keepie-Uppie’ challenge and the announcement of the grand total of minutes of exercise completed by girls throughout the term.

Sport also forms an important part of the Junior School curriculum, with girls participating through the year in activities such as gymnastics, dance, netball, hockey, swimming, athletics and tennis. Fixtures were necessarily limited by the onset of the Covid-19 pandemic, but until that point girls competed against other schools wherever possible. As part of the extra-curricular netball provision, a number of the Year 9 Sports Scholars provide training assistance for the Year 5 and 6 girls, acting as role models to the junior pupils. Owing to the closure of the school in the Summer Term, the Junior School Sport’s Day moved to a virtual event for Years 2, 3, 4 and 5, where they undertook similar activities but from their own homes. However, Reception, Year 1 and Year 6 were back in school by this point, so were able to compete in live sports day activities at school, much to their delight.

Following the publication of the ‘Reframing Sport’ research report from the UK charity ‘Women in Sport’, which highlights the critical relationship between sport and self-worth, confidence and body image in young girls, the Senior School carried out a survey of students to understand how St Mary’s girls feel about sport. It was gratifying to discover that 88% of St Mary’s girls enjoy PE versus 49% in Reframing Sport report and 97%?of St Mary’s girls believe exercise is an important versus 56% in?Reframing Sport. Sport clearly plays an important and beneficial role at St Mary’s School.

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance ( continued )

Mental Health & Wellbeing

St Mary’s School prides itself on its focus on girls' mental health and wellbeing. It has five members of staff who are Mental Health First Aiders across the Senior and Junior Schools. During the year, the school commenced its application for the Mental Health and Wellbeing Award for Schools (developed in partnership with the National Children’s Bureau), although progress was stalled by the school closure period. One example of the activities undertaken within St Mary’s is the Year 12 Wellbeing Conference, held for the second year running, which involves input from external providers such as Centre 33 and Real Theatre, as well as our own staff for areas such as Yoga and Healthy Eating.

� Bursaries and scholarships

Bursaries

In 2019/20 the value of means tested bursaries totalled £726,356 compared to £459,938 in 2018/19. This represented 6.28% of our gross fees (compared to 4.23% for 2018/19) and provided assistance to 52 students (45 students in 2018/19). Bursary support has increased in 2019/20 with a revised target for Bursary Awards being set at 6% of gross fees, which included additional pupils (within Day and Boarding) receiving short term support at 100%.

The school maintained its ongoing relationship with the Royal National Children’s Springboard Foundation by continuing to support 9 Springboard pupils as full-time boarders, together with 2 students welcomed into the Sixth Form from North Cambridge Academy. In total, 14 pupils benefitted from 100% Bursary support either directly from the School or from the Royal National Children’s Springboard Foundation.

Scholarships

In addition, the school awarded scholarships to 171 pupils (147 in 2018/19), based on their educational merit and potential, totalling £190,766 increased from £172,356 in 2018/19 and representing 1.65% (1.59% in 2018/19) of our gross fees. Of this number, 16 (14 in 2108/19) also qualified for means-tested bursary support and are included in the figures relating to bursary awards.

The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is in line with their abilities. No scholarships were withdrawn in the year as a result of reviews.

� School Development projects

Following extensive work over the 2019 summer holiday, students returned in Autumn Term to a beautifully remodelled Cortile garden at the heart of the school. The garden now has an accessible paved area with seating and dedicated flower beds and is enjoyed by the whole community. In June, the garden design was complemented with the installation of a specially commissioned statue at its centre. Created by alumna, Lucy Unwin, this statue, is entitled ‘Magnolia Form’ and was designed to reflect the large and long-lived magnolia tree in the garden.

September also saw the official opening of the St Mary’s Boathouse, with guests of honour Larkin Sayre (President of the Cambridge University Women’s Boat Club) and Olympic Gold Medal winner Steve Trapmore MBE. This purpose-built new building on the River Cam, developed jointly with City of Cambridge Rowing Club and Homerton College, is now the home of the school’s rowing provision and supports the ambitious plans for the development of rowing at St Mary’s over the coming years.

Autumn term also saw the official “Turf Cutting” ceremony for the redevelopment of the School’s sports pitches at Long Road. After a very lengthy planning approval process, work has now begun on the complete

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance ( continued )

redevelopment of the Long Road facilities, including the installation of state of the art hockey, tennis, netball, athletics, rugby, football and cricket nets alongside a brand new pavilion. As of Autumn Term 2020, the pitches are already in use by the school, with the pavilion to be completed in the Spring of 2021.

The masterplan project continued to move forward with the first public consultation on the ambitious building and refurbishment plans in October 2019. These plans include significant improvement to the existing school buildings in addition to an exciting new building to house creative subjects including Art, Technology, Food and Textiles. The Masterplan is comprised of three phases, and during the year, planning permission was secured for Phases One and Two. Planning permission was also sought for the creation of a STEM Laboratory in the grounds of the Junior School. However, as a result of the COVID-19 pandemic, in the summer term, all redevelopment plans were put on hold for the foreseeable future. In the shorter term, smaller scale refurbishment projects have been completed, such as the introduction of new flooring, doors and lighting in the Music Department and the refurbishment of the Senior School Halls to facilitate additional games options (eg for use as badminton courts).

Finally, in order to prepare for the safe reopening of the school in Autumn 2020, in light of the continuing Covid19 pandemic, several development projects were undertaken. A new handwashing station was created outside the main entrance, to ensure that all students and teachers could wash their hands before entering the school premises. In The Elms building on Bateman Street, a new Sixth Form boarding house was created, with single rooms for all Year 12 and 13 girls, together with a kitchen and common room facilities. This will also enable the provision of a greater number of single rooms for Senior School boarders at Mary Ward House. Both developments will help to create the greatest possible degree of social distancing in the coming year.

� Links to other schools and organisations

Our partnership with St Bede’s Inter-Church School, a local state secondary school, is built on shared Christian values. Students and staff in both schools benefit from a wide range of collaborations and working with St Bede's has created a values-driven partnership. This has evolved to include a range of academic, vocational, technical and extra-curricular initiatives for students in both schools. By learning together, our students and those from St Bede’s gain insight into different experiences and perspectives.

Partnership activities include:

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STEM Outreach Day

For the third year running, the Junior School hosted a STEM day and invited all Year 5 girls from Fulbourn Primary School for a day of activities based around the theme of ‘Space Exploration’. The day involved two extended workshops, focussed on Computer Science and STEM. In the Computer Science workshop, the girls worked collaboratively in inter-school teams to program CrumbleBot robots to explore the surface of Mars as part of an unmanned space exploration. Later, in the STEM workshop, the girls focused on the return journey from Mars to Earth. They had to construct a catapult mechanism to launch the unmanned space capsule back into space on the correct trajectory, and a parachute to allow a controlled landing back on Earth.

Senior School Science partnerships

In a continuing partnership, the Senior School science department once again welcomed a group of primary school pupils from The Galfrid School, to participate in our innovative science outreach programme, from November 2019 to February 2020. St Mary’s science outreach work provides local primary school pupils with access to a rich science programme that enables them to experience a range of investigations and themes across chemistry, biology and physics. It targets pupils eligible for free school meals and the pupil?premium,?but the selection of participants is ultimately made by our partner schools. Sadly, the Covid-19 lockdown prevented planned partnership activities with St Alban’s Catholic Primary School, which were due to take place in the Summer Term.

Big Biology Day

In October, members of the Sixth Form volunteered at the Big Biology Day which was held at a local sixth form college and was attended by local school students with an interest in Biology. The St Mary’s students hosted a number of activities at the event, running various sessions from making leaf dials and using these dials to do a leaf quiz; making fruit and seed dials and using the dials to complete the quiz for fruits and seeds; using immobilised lactase beads to produce lactose free milk; looking at daphnia and blood worms under a microscope and investigating the density of different concentrations of sugars using a rainbow effect.

Girl Power Conference

The biannual Girls’ School Association (GSA) Girl Power Conference titled: ‘Beyond earth’s boundaries: exploring STEM-related careers’, took place in October 2019 at the National Space Centre in Leicester. 25 St Mary’s pupils from Y11 attended, along with 12 Y11 pupils from partnership school St Bede’s attended. The conference aimed to inspire girls in Y11-13 to study STEM subjects at A-level, university and to pursue STEMrelated careers. The day involved a mixture of lectures, seminars and workshops, focusing on careers in science, engineering, technology and maths.

Cambridge Science Festival

Students from St Mary's were ready to showcase their STEM work projects in the Schools Zone of the Cambridge Science Festival in March, but it was unfortunately cancelled due to the Covid-19 pandemic.

Winter coat scheme – North Cambridge Academy

St Mary’s staff organised for students to donate winter coats that they had outgrown or were no longer needed. Over 70 coats were collected and then donated to North Cambridge Academy, which distributed them via Parents Evenings.

Reading Buddies - Fawcett Primary School

Members of the school’s Sixth Form went to two local state primary schools, Fawcett Primary and Trumpington Meadows Primary, to assist children struggling with literacy. They spent time acting as reading buddies for one to two hours every fortnight.

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Junior School Climate Change Conference

Pupils from St Albans RC Primary School were invited to the Junior School to take part in this innovative and forward-thinking conference, with speakers from Friends of the Earth, Greenpeace, SOAS and Cambridge Econometrics.

Duke of Edinburgh Assessor Training

St Mary’s hosted a DofE Expedition Assessor training session at the school in February, making its facilities available to all Central England DofE centres in conjunction with Central England.

Public Examination Boards

In normal years, St Mary’s teachers provide support for public examination boards at Examiner, Assistant Examiner and Team Leader levels. Although they were ready to perform these roles as usual, the cancellation of A Level and GCSE exams meant that their services were not required.

Links to local Catholic community

St Mary’s School staff continue to support wider education programmes in which time is given gratis. Our Head of Religious Education represents the Bishop of East Anglia on the Chaplaincy Council of Anglia Ruskin University, an ecumenical body which oversees the work of the university chaplains and a conduit between them and the university management.

Partnership with the parish is enhanced by teachers’ involvement in parish life. Examples of our staff involved in parish life include involvement in the ministry at a variety of churches, singing in the choir (for example at Our Lady and the English Martyrs (OLEM)), playing at Handicapped Children's Masses, Eucharistic ministry, Catechesis, supporting the parish priest with the day-to-day administration of a local Catholic parish (St John Fisher, Cambourne), running youth activities and Confirmation classes, supporting the First Holy Communion preparation, running adult groups and retreat days , being members of Catholic church steering groups, running a wide variety of social and liturgical activities, leading and preparing ecumenical services and establishing local village groups. Staff volunteer with the Cambridge Churches Homeless Project. Our school lay chaplain also acts as Spiritual Director to adults in the parish and ministers in the Anglican Diocese of Ely and supports weeks/ months of Accompanied Prayer and for school leaders on the Jesuit institute Emmaus Programme. Our Director of Christian Life and Head of Religious Education is also responsible for communication with parents about liturgical and occasional social events with the local parishes, e.g. the Ablaze group at St Laurence's Church, and initiatives of other church or ecumenical Christian groups in Cambridge, e.g. the Higher Cambridgeshire Tour.

The Director of Christian Life, together with a local Religious Sister and academic staff, were organising and convening a study/retreat day for local parishes and institutions, led by two key academic speakers, considering Pope Francis’ teaching on the issue of the environment, from the document Laudato Si. Unfortunately, the event was postponed initially because a key speaker was indisposed and later as the result of the pandemic. The event will be reorganised when circumstances again make this possible.

� Community Service

Each year the staff and students of St Mary’s undertake a large number of events which raise funds for local, national and international charities. These events are very well supported by staff and students and are a practical representation of the school’s ethos to help others. Our community is often informed or inspired to work with charitable projects or foundations through the alumnae who return to present school assemblies or Sixth Form sessions about the volunteer work they have undertaken. The sponsored Fun Run and Lourdes Fundraising Fortnight are key events amongst a whole host of other fundraising activities, from cake sales to non-uniform days, which take place regularly throughout the year. Two hunger lunches each academic year raise money specifically for CAFOD.

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The total raised in 2019/2020 for giving to charities was £10,644 of which £8,257 was raised through Fun Run sponsorship. Planned fundraising events between March and July had to be abandoned when schools closed because of the pandemic. Some additional funds remain unallocated and carried forward to 2020/21. In no particular order beneficiaries of fundraising during the year included CAFOD, Breast Cancer Now, BBC Children in Need, Congregation of Jesus Zimbabwe (building the new Mary Ward Secondary School in Mbizo), Macmillan Cancer Care, Well Child, Camsight, Save the Children, British legion, Women's Aid, Rainforest Trust, Friends of the Earth, CAFOD World Gifts and the Glanfield Children’s Group (Lourdes). Representatives from some of these charities visit the school to present assemblies on their work. The recipient charities are chosen by the Director of Christian Life, in conjunction with the Sixth Form Charity Prefects and with input from students from across the school. Each year group is assigned a month (or half term) of the academic year in which the students donate food to the local food bank. Other charitable outreach beyond fundraising in 2019/20 included a large Christmas collection of many boxes of small gifts and consumables to support women and children at local refuges for women escaping domestic abuse and violence, and Year 11 sending Christmas cards as an act of solidarity to local children's hospices, children's homes in Zimbabwe and Bethlehem, refugees via the Jesuit Refugee Service and the guests of local homeless shelters and projects. At Christmas, Year 5 & 6 pupils spent time carolling at two local retirement villages in Cambridge, bringing ‘good cheer’ to the residents.

Finally, each year Sixth Form students, alumnae and staff accompany the Catholic Association’s pilgrimage to Lourdes, providing assistance to others, acting as musicians to the group or as supporters of the Glanfield Children’s Group. This group was supported financially by the school’s annual Lourdes Fundraising fortnight in March, during which all students and staff of the Senior School raised funds towards the cost of the sick children's holiday-pilgrimage. Due to school closures and Covid-19 restrictions, the fundraising events had to be suspended after a few days in March 2020 and the planned pilgrimage in the summer of 2020 had to be cancelled.

Once again, charity fundraising has also played a very important role at St Mary's Junior School with both local and international beneficiaries. The proceeds from the Harvest Festival have gone to the local foodbank in Cambridge and the school continues to sponsor a child named Hani, who lives in Ethiopia, to ensure that she receives all the education and care that she requires. Throughout the year the Junior School has also been involved in raising funds for variety of charities which include Roald Dahl Day, Children in Need and the World Book Day.

Beyond the school gates staff and students are involved in many fundraising and volunteering activities. Members of staff and students have completed various sporting activities raising money for charities such as the Arthur Rank Hospice, Cancer Research, British Heart Foundation, the Addenbrookes Charitable Trust. The Junior School saw two girls undertake individual fundraising activities after personal experiences, with one girl donating 10 inches of her hair to the Little Princess Trust in memory of a friend who had died from cancer aged 4 ½, whilst another cycled an impressive 202km in the month of August to raise £2,100 for the Addenbrooke’s Charitable Trust. Meanwhile staff at St Mary’s School contribute significantly to the wider community, acting as Governors at local state schools and as an Academy Council Member at a local village college. In addition, the Headmistress of St Mary’s, Cambridge is a member of the governing body of St Bede’s, a local inter-faith secondary school in Cambridge and a fellow member of the Cambridge City Faith Schools Group, as well as a trained Inspector undertaking annual inspections on behalf of the Independent Schools Inspectorate (ISI). The Head of the Junior School is a governor at St Mary’s Hampstead, building further links with fellow Mary Ward schools. One teacher is also a Director and Trustee of the Bodyworks Performing Arts organisation in Cambridge, itself having charitable status.

Students, and in particular boarders, have also built up strong community service links, in particular with Cancer Research UK, providing many donations and assisting with management of the local charity shop. St Mary’s students continue to actively participate in the Duke of Edinburgh’s Award Scheme with over 100 students involved at Bronze, Silver and Gold levels. Voluntary service forms an important part of the scheme and so our

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students have spent over 2,500 hours volunteering on a regular basis at many local organisations, including: Addenbrooke’s Hospital, church cafés, Arthur Rank Hospice, various nursing homes and local Scouting and Guiding communities. Other students support the elderly, work with disabled children, coach a range of activities from rowing to tennis and from dance to junior golf, and help at animal rescue centres, youth clubs, nursery schools and Sunday Schools. Links have also been formed between the boarding accommodation, Mary Ward House, and the residents of the adjacent almshouses, although any planned visits were curtailed by the pandemic.

� Environment

Printing/ photocopying

Following the closure of the school in March, printing/ photocopying largely ceased within the school, allowing for a reassessment of future resources. As a result, the number of printers across the school site was significantly reduced, with the aim of lowering the school’s reliance on paper and printer supplies in future years. To assist in this process, in the summer term, the Finance team successfully moved to a paperless billing system, with parents receiving their school invoices by email only.

Food Recycling

Food recycling has now been rolled out across all school sites and has resulted in no food waste being sent to landfill. The next stage is to weigh food waste bags daily to track how much is waste is being produced and identify any possible trends or reasons for this. This will be rolled out in 2020.

Due to the Covid-19 Pandemic, the provision of lunchtime meals has moved from a self-service buffet to being served by the Catering Team. Being able to manage portion control has reduced the level of food waste.

Transport

Bicycle road awareness and training courses continue to be run on annual basis. These help to teach our students the value of road safety and increases confidence in road cycling, resulting in a large number of students choosing cycling to school as their main mode of transport.

The Operations Manager is currently in negotiation with the Greater Cambridge Partnership to develop a ‘park and stride’ area for students to use when walking the last 5-10 minutes into school. This would enable parents to drop their children off before reaching the city centre and have them safely escorted by foot for the last section of the journey. This should further reduce the number of cars needing to travel into the already congested city centre.

Junior School Eco-Council

Now in its fifth year, the Junior School Eco-Council continued to flourish, holding an Eco-fundraising day, complete with a sponsored silence, to reflect the fact that nature has no voice. They also ran a clothes swap in the light of what they learnt about fast fashion in one of their meetings.

Senior School Environment Action Group

There has been an increased level of interest in the Senior School Environment Action Group (formerly the EcoCouncil), with meetings being held every three weeks, even during the period of school closure, when they were held via Microsoft Teams. Through the year it has undertaken the following initiatives:

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Fairtrade Fortnight

The Junior School ran a number of events during this period including a Fairtrade Breakfast with an exciting range of Fairtrade products on offer, together with the first ever pupil-designed St Mary's tote bag. All funds raised went to the Fairtrade Foundation.

Community Access

St Mary’s is also keen to support local community activities, from lending our parking facilities to the Botanic Gardens in order to facilitate their events, to opening up the Junior School for the local residents’ association meetings. Members of the local residents’ association and local nursery schools are invited to all Junior School events. The Junior School also allows the Joint Colleges Nursery to use its woods for their outdoor learning programme.

Financial review

� Financial results

The total incoming resources in 2020 were £10,232,214 compared to £11,154,712 in 2019.

Net incoming resources before transfers in 2020 were £(369,526) compared to £880,242 in 2019. Results for the year have been significantly impacted by COVID 19, with full year results originally forecast to be a surplus of around £650,000 prior to March 2020 and the pandemic.

The School’s financial response to the pandemic was prompt and has remained pro-active throughout. A subcommittee of the Full Governing Board was established in March 2020 and continues to meet both regularly and as necessary in order to consider and make the necessary decisions required. The immediate financial response to COVID 19 was to:

The Balance Sheet net assets of the Group have decreased from £15,882,237 in 2019 to £15,512,711 in 2020 as a result of the losses for the year attributable to COVID 19. Fixed assets consist of the Freehold Property at 47 Bateman Street, Mary Ward House in Brooklands Avenue (our new boarding house formerly The Hope Nursing Home) as well as the main school buildings, the Leasehold Property at 6 Chaucer Road as well as School furniture, equipment and motor vehicles.

� Developments and maintenance

On site at the Senior and Junior Schools, the digital strategy continued to be applied, with all students at the Senior School benefiting from one-to-one ChromeBook devices, the use of which was invaluable throughout the COVID-19 pandemic, with teaching and learning moving to remote delivery, as appropriate. In addition, we continued the programme of replacement of the classroom Interactive Whiteboards with touch screen TVs linked to the teacher PC’s throughout the school buildings. At the Junior School, the playground facilities were refurbished for our Early Years classes.

The school also continues to work with a firm of architects, van Heyningen & Hayward, to develop detailed plans for projects identified in the Master Plan for the future redevelopment of the Senior School site. The Master Plan enables St Mary’s to make small and large-scale development decisions within a holistic framework and

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ultimately provides a strategy for achieving the school’s aspirations and ensuring the long-term future of St Mary’s School in Cambridge.

� Reserves and financial health

The reserves of the Group total £15,512,711 (2019: £15,882,237), which includes £20,985,860 (2019: £21,464,799) representing expenditure on freehold and leasehold property less accumulated depreciation and amortisation. The scholarship fund £251,243 (2019: £272,408) represents investments set aside to produce income and capital growth to provide scholarships for students. The Social Investment of £450,000 made in the year represents the value of the land at Long Road that forms our contribution to the Joint Venture with Homerton College, Cambridge to provide first class sporting facilities for both entities.

Free reserves are currently in deficit by £6,786,701 (2019: £6,593,901) due to the School’s investment in property in recent years. The freehold of the Senior School in Bateman Street was purchased in 2014 and the freehold for Mary Ward House in 2016, with further investment being made to these and other properties to continue to provide first class facilities within education and boarding. Property is held in the financial statements at cost and has not been revalued. A recent independent valuation confirmed property values to be significantly higher than original cost. The School’s long-term aim is to generate annual surplus to reduce the deficit. As a result of the COVID 19 pandemic, this has not been possible this year, but the School anticipates being able to reduce the deficit in future years. Despite Free Reserves being in deficit, Cash Reserves at the year-end were £2.8 million (2019: £3.2 million), and the School is able to meet all liabilities. The target level of cash reserves required is set at 4 months or 1 term’s worth of operating costs, equivalent to £3.4 million.

The Management Team have applied considerable resource since the start of the COVID 19 pandemic, both to manage the immediate financial impact and also to prepare detailed forecasts for future periods. Various scenarios have been modelled, and cash flows prepared in order to provide reassurance with respect to future results and to be able to identify any triggers and associated timings that would need to be acted upon. With this level of information available, the School will be able to respond promptly to events as they arise. The School considers that with careful management, it will continue to be possible to target reserves at the level of 1 term’s operating costs.

� Investments policy and performance

The Memorandum and Articles of Association govern the School’s investment policy, which permits the appointment of a proper and competent investment manager to act in accordance with the investment policy laid down and monitored by the Governors. The primary objective for the School’s investment manager is to ensure long term capital growth for the portfolio. The funds will be managed to ensure that there are sufficient assets and an investment time horizon far enough in the future to withstand small to medium losses within the portfolio before there is a detrimental effect on the School’s ability to deliver against its day to day requirements. The Trustees’ priority is to grow the capital ahead of inflation over the long term. There was a reduction in the valuation of the fund of £21,165 in the valuation of Charity’s Managed Investment Fund during the reported year, and the closing valuation was £251,241 (£272,406 as 31st August 2019). The fund’s valuation has reduced overall during the year as a result of COVID 19, although the valuation has improved in the six months prior to the most recent valuation date.

� Pension liability

The Governors recognise the liability existing in The Pensions Trust Independent Schools Pension Scheme Defined Benefit Scheme (NB please refer to Note 26 in the accounts). The Pension Liability has been reported within the accounts in accordance with accounting standard FRS 17. To eliminate the funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme between September 2016 and August 2029. Where the scheme is in deficit and where the School has agreed to a deficit funding arrangement, the School recognises a liability for the obligation.

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Financial review ( continued )

� Bursary policy

The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. St Mary’s offers means tested bursaries towards the cost of tuition fees. The bursary awards range from 10% to 100 % remission of fees.

The scheme is designed to assist parents or guardians on low incomes who may otherwise be unable to send, or continue to send, their child to the school. Applications for new entrant bursaries coincide generally with the new admission decision times for the Junior and Senior Schools, but bursary applications from existing parents facing unexpected hardship can occur at any stage. Bursaries are reviewed annually. The availability of bursaries is advertised widely through local churches and church publications, via state school links and on our website. Bursary decisions are made by the Bursary Committee, acting within policy guidance and financial budgets set by the Board of Governors. In assessing means, we take a number of factors into consideration including family income, investments and savings and family circumstances, for example dependent relatives and the number of siblings. However, our school has no endowments or capital resources from which to draw bursary funding, so each year’s funding is obtained solely from income generated. As a result, in funding our awards we are careful to ensure there is a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.

� Scholarships policy

It is St Mary’s School policy, in line with that of other Independent schools, to make scholarship awards on the basis of an individual student’s educational potential, and students can, and do, benefit from a combination of both scholarship and bursary awards. Our scholarships are awarded to recognise outstanding academic, creative and sporting achievement and service to the wider community.

Scholarships are usually awarded at 5% of day school fees but may be worth up to 20% in exceptional circumstances. In the interests of inclusivity, no student will be awarded more than two scholarships with fee remission, although applicants may apply for more than two. Awards are usually valid for two (Year 7 and Sixth Form entry) or five (Year 9 entry) years. Scholarships can be purely honorary, with the fee remission donated by parents into our Bursary Fund to benefit students who would otherwise be unable to afford a place at the school. In addition to a fee reduction, scholars receive support in their area of talent from a teacher. Scholars are expected to act as role models to their peers and contribute to wider school life, fostering a love of learning and commitment to service.

� Fundraising

We currently do not employ professional fundraisers and have not received any complaints regarding our fundraising practices. Any fundraising carried out is within the School’s community and not targeted towards the general public.

Structure, governance and management

� Structure

St Mary’s School Cambridge was incorporated as a company limited by Guarantee in August 1984 under a Memorandum of Association, which sets out its objects and powers, and is governed under its Articles of Association, both documents as amended. It has been registered as a charity with the Charity Commission since October 1984.

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On 5th December 2006, amendments to the Memorandum and Articles of Association of St Mary’s School Cambridge were agreed by the Guardians which, with immediate effect, dissolved the Guardians and passed their powers of governance to the Governors. All ratified Governors are from this point also Members of the Charity. The liability of the Members is limited generally to a sum not exceeding £1 as determined by the terms of the Memorandum and Articles of Association of St Mary’s School Cambridge.

The charity has two wholly owned subsidiary companies, St Mary’s School Enterprises Limited and St Mary’s Junior School Limited.

The principal activity of St Mary’s School Enterprises Limited is that of fund raising and trading activities for the benefit of the School. The principal activity of St Mary’s Junior School Limited, that of education, ceased on 14 April 2008 when the company transferred its business to its parent charity, St Mary's School Cambridge. Both subsidiary companies have undertaken to pass all their taxable profits to St Mary’s School Cambridge, under Gift Aid.

� Governance

Under the terms of the amended Memorandum and Articles of Association, Governors are appointed by the existing Board of Governors in office at the time of appointment and are, conditional upon ratification by the Members at the next Governors Meeting, to serve for a period of three years. All Governors whose appointment is ratified by the Members must become Members. Subsequent re-appointments may extend service, but for normally no more than nine years consecutively, unless a longer appointment term is agreed for special reasons.

Having gone through an update to include references to the latest legislation and the ability to hold meetings remotely, a revised Memorandum and Articles of Association was ratified by the Governing Body on 17th March 2020.

� Governor recruitment, induction and training

The composition of the Governing Body is given careful thought and planning. Members should be able to speak with knowledge and experience on the whole range of matters which come before them for decision. Accordingly, when a vacancy is to be filled, the Governors determine if any field of experience or training is not represented, or is under-represented, on the Board. To assist in this process, the Governing Body conducts and regularly reviews a skills audit, in line with good practice.

The Governance Committee is generally responsible for identifying new governors with the skills required. However, this is also one of the collective responsibilities of the Governing Body and therefore a matter to which all Governors give thought. In addition to the primary consideration of skills, the Governance Committee ensures that, where possible, the Governing Body is a diverse group of men and women, whilst also taking into account eligibility, personal competences and local availability. Potential Governors are invited to meet the Chair of Governors, other Governors nominated by members of the Governance Committee as part of the appointment process. At these meetings, the obligations and responsibilities of a Governor of St Mary’s are explained in detail to ensure that potential Governors have a clear understanding of the duties and workload expected of them. Potential Governors are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Governors’ decision-making processes and the recent financial performance of the School.

After appointment, the induction process includes introduction to the School’s key personnel, discussion of the areas of responsibilities and Committees the new Governor will be invited to join (if appropriate) and a further full tour of the School. New Governors are subject to enhanced DBS clearance checks, sign a declaration of eligibility as a new trustee, and complete a potential conflict of interest statement. New Governors are

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encouraged to attend the AGBIS new Governors’ training course. All Governors throughout their terms of office are encouraged to attend appropriate external training events, especially those run by AGBIS, where these will facilitate the undertaking of their role.

� Management

St Mary’s School Governors, as Directors and Members of the Charity, are legally responsible for the overall management and control of the School and meet as a Board at least three times a year. The Board is divided into three main Committees (Governance, Education and Finance & General Purposes) and two sub-committees (Bursary and Senior Staff Salaries), as follows:

This year, an additional short-term committee was also created, with the approval of the full Governing Body, to handle the unique situation presented by the global Covid-19 pandemic. The Covid-19 Executive Committee was formed in March 2020, as the school closed its doors due to the national lockdown, and was made up of the Chair of Governors, Vice-Chair and Chair of the Education Committees. Its delegated authority was to provide immediate support for the school’s senior leaders and to take any urgent decisions which could not wait to be addressed in the normal way. Limits were placed on its remit, such that:

The day to day running of the School is delegated by Governors to the Headmistress, the Head of Juniors and the Bursar, supported by their Senior Leadership Teams. The Headmistress, Bursar and other senior staff are invited to attend Governors' meetings and meetings of Governor committees when appropriate. Individual Governors have specific link responsibilities to areas within School which cover pupil academic and pastoral subjects, together with infrastructure areas such as finance and property and report any findings and recommendations to the Board.

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� Risk management

The Governors are responsible for the management of the risks faced by the School. The Governors have established a framework for the identification, assessment and control of the major risks to which the School is exposed, and they are assisted by the Senior Leadership Team. The Governors have an ongoing risk management strategy, which is given a very high priority, comprising:

The key controls used by the charity include:

Through the risk management processes established by the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary.

The principal risks and uncertainties managed through the above measures during the period included:

• The impact of Covid-19 on the existing school population leading to closure on a temporary basis as part of the national lockdown strategy. The impact of the closure during the Summer Term was to place reliance entirely on recently developed digital strategies for the delivery of teaching and learning, the inability to accommodate overseas boarders (who all returned to home countries) and the resultant pressure from families for reduction in fee invoices.

Risks to the school included loss of fee income as a result of parent hardship and also due to refusal to pay in view of the school closure. Mitigation included the agreed discounting of fee invoices for the term and negotiated payment plans for those families in difficulty. This secured customer loyalty in terms of both day and boarding students, with both communities returning strongly for the beginning of the Autumn Term.

Lettings income was severely impacted by the lockdown, with all agreements cancelled, including the substantial Summer School contract. Legacy social distancing measures have meant that this income stream is yet to recover.

• The potential impacts of a no-deal Brexit, with mitigation including contingency planning with key suppliers.

• The impact of cyber-crime, with mitigation including regular staff training, external review and testing and appropriate software installations.

• The risks of failure to comply with UKVI requirements, particularly in the light of amended UKVI % tolerance, in respect of the School’s boarding community, leading to the withdrawal of the authority to sponsor students from overseas were mitigated by on-going staff training and awareness and the external support of

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GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Structure, governance and management ( continued )

specialist immigration services.

• The risk of insufficient long-term strategic planning and development, leading to year on year decline in student numbers and associated financial deterioration / insolvency was mitigated through regular strategic planning and updates by Governors and Senior Executive. In the period in question, this has included the development of an Estates Masterplan to enhance the market offering and plans for diversification of income.

Future plans

St Mary’s is committed to maintaining the current high standards of academic achievement, and to provide our pupils with the caring and supportive environment which makes it possible for all pupils to reach their full potential. The school will continue regularly to review the curriculum, extra-curricular activities and pastoral support provided.

The Governors undertake annual reviews of the threats and opportunities the school faces, which are assessed and prioritised for action to be taken. Although the decision has been taken to put major school redevelopment plans on hold for the immediate future, the Governors will continue to upgrade Senior and Junior School facilities as needed, always aiming to enhance further the educational added value and pastoral care for which St Mary’s School is already regarded.

We will continue to work on a number of other development projects, including plans:

• to continue to develop our Long Road Sports Fields to bring the grounds firmly into the 21st century, working in partnership with Homerton College. Whilst the sports fields are now in use, the next stage is to build the new pavilion with a physio room, kitchen and changing rooms with the aim of these being made available in 2021.

• to continue to refurbish key areas in the school, as required Plans have been submitted with the council for a dedicated STEAM room (for STEM, Computer Science Art and Music lessons) at the Junior School, which will enable them to host events for the local community and STEM outreach days/events. The plan to redevelop the Junior School driveway to improve pedestrian access will continue to be pursued, although this is contingent on the removal of several Tree Preservation Orders.

With the ongoing commitment to becoming a digital school, the school will continue to expand the role that digital technology plays in the life of our students, including developing the suite of online digital programmes to complement classroom learning and increasing the use of digital textbooks. In addition, we will look into how best to use Virtual Reality/ Augmented Reality, with the aim of becoming a local leader in this area.

We will continue to develop our role as an HPL school. This will involve looking into areas such as Behaviour, Rewards & Sanctions, Tracking & Monitoring and Setting, basing any changes on research-based, evidence-led best practice. In addition, we will continue to host visits from state and independent schools wishing to understand more about the advantages of HPL.

In 2020/21, the Governors will continue to look into potential international development opportunities. One possible location of interest has been identified and the school will carry out further due diligence checks and gain a deeper understanding of the options that are available.

Page 22

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Future plans ( continued )

The contributions made by the school to local, national and international communities, including the CCFSG, external charity fundraising and bursary provision, are constantly under review and the Governors continue to support and encourage such initiatives. We will continue to welcome pupils from the Royal National Children’s SpringBoard Foundation into our boarding houses and will continue to investigate, participate and contribute to schemes/work with partner agencies that assist in placing disadvantaged or vulnerable children in independent education.

The Governors continue to be committed to maintaining excellent pupil: teacher ratios and to continue the programme of professional development for all staff. The school invites periodic external reviews by peer schools, teachers attend a wide range of professional development courses and enjoy a programme of INSET which includes presentations from visiting speakers. Support Staff provide essential services and assistance is provided to help attain external qualifications across various job roles.

STATEMENT OF GOVERNORS' RESPONSIBILITIES

The Governors (who are also the directors of the School for the purposes of company law) are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial . Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the School and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the School's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the School and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Governors at the time when this Governors' Report is approved has confirmed that:

Page 23

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Auditors

The auditors, Peters Elworthy & Moore, have indicated their willingness to continue in office. The designated Governors will propose a motion reappointing the auditors at a meeting of the Governors.

Approved by order of the members of the board of Governors and signed on their behalf by:

Mr S Westley

(Chair of Trustees)

Date: 3 December 2020

Page 24

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY'S SCHOOL CAMBRIDGE

OPINION

We have audited the financial statements of St Mary's School Cambridge (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the School Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 25

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY'S SCHOOL CAMBRIDGE (CONTINUED)

OTHER INFORMATION

The Governors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 26

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST MARY'S SCHOOL CAMBRIDGE (CONTINUED)

RESPONSIBILITIES OF GOVERNORS

As explained more fully in the Governors' Responsibilities Statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' 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 to issue an Auditors' 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

USE OF OUR REPORT

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

Jayne Rowe (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House

Station Road Cambridge CB1 2LA

Date:

Page 27

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

Note
INCOME FROM:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
TOTAL INCOME
EXPENDITURE ON:
Raising funds
9
Charitable activities
10
TOTAL EXPENDITURE
Net losses on investments
14
NET INCOME
Transfers between funds
21
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2020
£
33,083
9,848,277
3,254
17,560
322,250
10,224,424
94,551
10,478,234
10,572,785
-
(348,361)
(440,000)
(788,361)
15,579,829
(788,361)
14,791,468		 Restricted
funds
2020
£
-
-
-
7,790
-
7,790
-
-
-
(28,955)
(21,165)
440,000
418,835
302,408
418,835
721,243		 Total
funds
2020
£
33,083
9,848,277
3,254
25,350
322,250
10,232,214
94,551
10,478,234
10,572,785
(28,955)
(369,526)
-
(369,526)
15,882,237
(369,526)
15,512,711		 Total
funds
2019
£
25,425
11,025,169
71,895
32,223
-
11,154,712
128,966
10,140,002
10,268,968
(5,502)
880,242
-
880,242
15,001,995
880,242
15,882,237

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 34 to 58 form part of these financial statements.

Page 28

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee) REGISTERED NUMBER: 01840431

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2020

Note
FIXED ASSETS
Tangible assets
13
Investments
14
Social investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
19
Provisions for liabilities
20
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
21
Unrestricted funds
21
TOTAL FUNDS		 535
324,231
2,821,085
3,145,851
(3,650,875)		 2020
£
21,615,937
251,243
450,000
22,317,180
(505,024)
21,812,156
(6,032,445)
(267,000)
15,512,711
721,243
14,791,468
15,512,711		 4,165
294,319
3,232,978
3,531,462
(3,621,618)		 2019
£
22,207,519
272,408
-
22,479,927
(90,156)
22,389,771
(6,221,534)
(286,000)
15,882,237
302,408
15,579,829
15,882,237

Page 29

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee) REGISTERED NUMBER: 01840431

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2020

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

Mr S Westley

Date: 3 December 2020

The notes on pages 34 to 58 form part of these financial statements.

Page 30

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee) REGISTERED NUMBER: 01840431

SCHOOL BALANCE SHEET AS AT 31 AUGUST 2020

Note
FIXED ASSETS
Tangible assets
13
Investments
14
Social investments
15
CURRENT ASSETS
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
19
Provisions for liabilities
20
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
21
Unrestricted funds
21
TOTAL FUNDS		 304,203
2,821,085
3,125,288
(3,647,529)		 2020
£
21,615,937
251,245
450,000
22,317,182
(522,241)
21,794,941
(6,032,445)
(267,000)
15,495,496
721,243
14,774,253
15,495,496		 289,988
3,232,978
3,522,966
(3,631,545)		 2019
£
22,207,519
272,410
-
22,479,929
(108,579)
22,371,350
(6,221,534)
(286,000)
15,863,816
302,408
15,561,408
15,863,816

Page 31

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee) REGISTERED NUMBER: 01840431

SCHOOL BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2020

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

Mr S Westley

Date: 3 December 2020

The notes on pages 34 to 58 form part of these financial statements.

Page 32

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
23
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Increase in cash held at investors
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowing
NET CASH USED IN FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
24		 2020
£
53
25,350
-
(241,023)
16,765
(22,741)
(1,814)
(223,463)
(191,958)
(191,958)
(415,368)
3,216,693
2,801,325		 2019
£
1,381,281
32,223
3,240
(839,130)
3,605
(5,855)
(4,993)
(810,910)
(302,457)
(302,457)
267,914
2,948,779
3,216,693

The notes on pages 34 to 58 form part of these financial statements

Page 33

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. GENERAL INFORMATION

The School is a company limited by guarantee, incorporated in England and Wales. The members of the Company are the Governors named on page 1. In the event of the School being wound up, the liability in respect of the guarantee is limited to £1 per member of the School.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

St Mary's School Cambridge meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 GOING CONCERN

The impact of the global health crisis caused by COVID-19 has been assessed and the trustees have concluded that the going concern basis remains appropriate in preparing these financial statements.

Page 34

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. ACCOUNTING POLICIES (CONTINUED)

2.3 INCOME

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Fees and other educational activities

Fees receivable and charges for use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School, but include contributions received from Restricted Funds for scholarships and bursaries. Payments received in respect of future fees are deferred in creditors and are released to the Statement of Financial Activities in the relevant term.

Acceptance deposits

Acceptance deposits are deposits placed when pupils join the School and are refunded at the end of the final term after deducting any outstanding debts. Deposits are held in creditors until refunded.

Activities for generating funds

Charges for goods and services provided by St Mary's School Enterprises Limited are accounted for in the period in which the goods and services are provided, exclusive of any Value dded Tax and trade discounts.

I nvestment income

Investment income is accounted for when receivable.

Donations

Donations and all other receipts from fundraising are reported gross and the related fundraising costs are reported in expenditure. Donations receivable for the general purposes of the School are credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes are legally binding on the Governors of St Mary's School Cambridge.

Page 35

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. ACCOUNTING POLICIES (CONTINUED)

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Land is not depreciated.

At each reporting date the School assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Impairment losses are recognised in the Statement of Financial Activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .

Depreciation is provided on the following bases:

Freehold property - 2 - 5% on cost
Long-term leasehold property - Over the period of the lease or 50 years if less
Motor vehicles - 25% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

Page 36

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. ACCOUNTING POLICIES (CONTINUED)

2.6 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Social investments comprise a programme related investment in a joint venture and is held at fair value of the Groups interest. The Consolidated Statement of Financial Activities includes the Group's share of the joint ventures' net income or expenditure using the equity accounting basis.

2.7 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.8 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 LIABILITIES

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Page 37

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. ACCOUNTING POLICIES (CONTINUED)

2.11 PROVISIONS

Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

2.12 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 FINANCE LEASES AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.14 PENSIONS

The Charity contributes to the Government controlled defined benefit scheme Teachers' Pension Scheme for academic staff and to a defined contribution scheme for other individuals. Assets of each scheme are held separately from those of the Charity under independant control. The Charity's contributions are written off in the year in which they are incurred.

Page 38

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. ACCOUNTING POLICIES (CONTINUED)

2.15 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2020
£
Donations
33,083
TOTAL 2019
25,425		 Total
funds
2020
£
33,083
25,425		 Total
funds
2019
£
25,425

Page 39

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2020
£
Gross fees
10,729,395
Less: Total bursaries, grants and allowances
(881,118)
TOTAL 2020
9,848,277
TOTAL 2019
11,025,169
6.
INCOME FROM OTHER TRADING ACTIVITIES
Income from non charitable trading activities
Unrestricted
funds
2020
£
Trading income
3,254
TOTAL 2019
71,895		 Total
funds
2020
£
10,729,395
(881,118)
9,848,277
11,025,169
Total
funds
2020
£
3,254
71,895		 Total
funds
2019
£
11,618,339
(593,170)
11,025,169
Total
funds
2019
£
71,895

7.

INVESTMENT INCOME

Unrestricted
funds
2020
£
Income investments
17,560
TOTAL 2019
24,980		 Restricted
funds
2020
£
7,790
7,243		 Total
funds
2020
£
25,350
32,223		 Total
funds
2019
£
32,223

Page 40

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

8. OTHER INCOMING RESOURCES

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
Coronavirus job retention scheme 322,250 322,250 -

Government grants represent amounts receivable under the Coronavirus Job Retention Scheme (CJRS) to cover salaries of furloughed staff.

9. EXPENDITURE ON RAISING FUNDS

TRADING EXPENSES

Unrestricted
funds
2020
£
Trading costs
94,551
TOTAL 2019
128,966		 Total
funds
2020
£
94,551
128,966		 Total
funds
2019
£
128,966

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Education and welfare
Establishment and premises
TOTAL 2020
TOTAL 2019		 Direct
costs
2020
£
6,671,940
1,412,361
8,084,301
7,721,665		 Support
costs
2020
£
1,908,233
485,700
2,393,933
2,418,337		 Total
funds
2020
£
8,580,173
1,898,061
10,478,234
10,140,002		 Total
funds
2019
£
8,240,136
1,899,866
10,140,002

Page 41

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

All expenditure in 2020 and 2019 was unrestricted.

Analysis of direct costs

Staff costs
Direct charitable expenditure
TOTAL 2020
TOTAL 2019		 Education
and welfare
2020
£
5,847,684
824,256
6,671,940
6,309,058		 Establish-
ment and
premises
2020
£
484,425
927,936
1,412,361
1,412,607		 Total
funds
2020
£
6,332,109
1,752,192
8,084,301
7,721,665		 Total
funds
2019
£
5,774,958
1,946,707
7,721,665

Analysis of support costs

Staff costs
Depreciation
School administrations costs
Governance costs
TOTAL 2019		 Education
and welfare
2020
£
683,445
307,232
899,020
18,536
1,908,233
1,931,078		 Establish-
ment and
premises
2020
£
167,669
75,373
242,658
-
485,700
487,259		 Total
funds
2020
£
851,114
382,605
1,141,678
18,536
2,393,933
2,418,337		 Total
funds
2019
£
814,094
426,435
1,162,718
15,090
2,418,337

The support costs have been allocated proportionately in line with direct costs between the significant activities of the school.

Page 42

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

11. AUDITORS' REMUNERATION

2020 2019
£ £
Fees payable to the School's auditor for the audit of the School's annual
accounts 13,140 13,000
Fees payable to the School's auditor in respect of:
All taxation advisory services not included above 975 -
All non-audit services not included above 1,850 -

12. STAFF COSTS

Group
Group
2020
2019
£
£
Wages and salaries
5,625,064
5,362,366
Social security costs
544,412
503,347
Contribution pension schemes
1,013,747
723,339
7,183,223
6,589,052
The average number of persons employed by the School during the year was
Group
Group
2020
2019
No.
No.
Education & Welfare
107
104
Administration
21
20
Establishment
22
21
Trading
1
1
151
146		 School
2020
£
5,625,064
544,412
1,013,747
7,183,223
as follows:
School
2020
No.
107
21
22
1
151		 School
2019
£
5,362,366
503,347
723,339
6,589,052
School
2019
No.
104
20
21
1
146

Page 43

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

12. STAFF COSTS (CONTINUED)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2020 2019
No. No.
In the band £60,001 - £70,000 4 2
In the band £110,001 - £120,000 1 1
In the band £140,001 - £150,000 1 -

The key management personnel of the Group comprise the Headmistress, the Head of the Junior School and the Bursar. The total employee benefits of the key management personnel of the Charity were £409,258 (2019: £380,590).

No trustees received any remuneration or benefits in kind from the Charity (2019: £nil).

Page 44

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

13. TANGIBLE FIXED ASSETS

GROUP AND SCHOOL

COST OR VALUATION
At 1 September 2019
Additions
Disposals
Transfers between classes
At 31 August 2020
DEPRECIATION
At 1 September 2019
Charge for the year
On disposals
At 31 August 2020
NET BOOK VALUE
At 31 August 2020
At 31 August 2019		 Freehold
property
£
18,941,604
78,624
-
(450,000)
18,570,228
954,513
7,559
-
962,072
17,608,156
17,987,091		 Long-term
leasehold
property
£
4,284,725
-
-
-
4,284,725
807,017
100,004
-
907,021
3,377,704
3,477,708		 Motor
vehicles
£
165,499
-
-
-
165,499
99,576
29,571
-
129,147
36,352
65,923		 Fixtures and
fittings
£
4,732,266
162,399
(2,106,925)
-
2,787,740
4,055,469
245,471
(2,106,925)
2,194,015
593,725
676,797		 Total
£
28,124,094
241,023
(2,106,925)
(450,000)
25,808,192
5,916,575
382,605
(2,106,925)
4,192,255
21,615,937
22,207,519

Page 45

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

14. FIXED ASSET INVESTMENTS

Group
COST OR VALUATION
At 1 September 2019
Additions
Disposals
Revaluations
AT 31 AUGUST 2020
IMPAIRMENT
At 1 September 2019
AT 31 AUGUST 2020
NET BOOK VALUE
AT 31 AUGUST 2020
AT 31 AUGUST 2019		 Investments
in
subsidiary
companies
£
63,955
-
-
-
63,955
63,953
63,953
2
2		 Listed
investments
£
252,209
22,741
(21,888)
(23,832)
229,230
-
-
229,230
252,209		 Cash held at
investments
£
20,197
1,814
-
-
22,011
-
-
22,011
20,197		 Total
£
336,361
24,555
(21,888)
(23,832)
315,196
63,953
63,953
251,243
272,408

Page 46

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

14. FIXED ASSET INVESTMENTS (CONTINUED)

School
COST OR VALUATION
At 1 September 2019
Additions
Disposals
Revaluations
AT 31 AUGUST 2020
IMPAIRMENT
At 1 September 2019
AT 31 AUGUST 2020
NET BOOK VALUE
AT 31 AUGUST 2020
AT 31 AUGUST 2019		 Investments
in
subsidiary
companies
£
63,957
-
-
-
63,957
63,953
63,953
4
4		 Listed
investments
£
252,209
22,741
(21,888)
(23,832)
229,230
-
-
229,230
252,209		 Cash held
as
investments
£
20,197
1,814
-
-
22,011
-
-
22,011
20,197		 Total
£
336,363
24,555
(21,888)
(23,832)
315,198
63,953
63,953
251,245
272,410

Page 47

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

15. SOCIAL INVESTMENTS

Group and School

COST OR VALUATION
Additions
NET BOOK VALUE
At 31 August 2020
At 31 August 2019
16.
STOCKS
Goods for resale
17.
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2020
£
52,731
107,307
164,193
324,231		 Group
2019
£
104,099
718
189,502
294,319		 Investment
in joint
venture
£
450,000
450,000
-
450,000
-
Group
2020
£
535
School
2020
£
52,731
107,307
144,165
304,203		 Total
£
450,000
450,000
-
450,000
-
Group
2019
£
4,165
School
2019
£
104,099
718
185,171
289,988

Page 48

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank overdrafts
Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals		 Group
2020
£
19,760
388,889
1,686,242
-
153,499
14,346
1,175,044
213,095
3,650,875		 Group
2019
£
16,285
388,889
1,692,533
-
143,232
17,215
1,184,882
178,582
3,621,618		 School
2020
£
-
388,889
1,679,820
46,415
150,788
14,346
1,175,044
192,227
3,647,529		 School
2019
£
-
388,889
1,674,851
63,594
129,938
17,215
1,184,882
172,176
3,631,545

Obligations under finance lease and hire purchase contracts are secured on the assets concerned.

The bank loan is secured over one of the School's properties and bears interest at a rate of 3.52% per annum and is repayable in instalments from March 2018 to March 2036.

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans
Net obligations under finance lease and hire
purchase contracts		 Group
2020
£
6,032,445
-
6,032,445		 Group
2019
£
6,207,188
14,346
6,221,534		 School
2020
£
6,032,445
-
6,032,445		 School
2019
£
6,207,188
14,346
6,221,534

Obligations under finance lease and hire purchase contracts are secured on the assets concerned.

The bank loan is secured over one of the School's properties and bears interest at a rate of 3.52% per annum and is repayable in instalments from March 2018 to March 2036.

2020 2019
£ £
Loan payable falling due in more than
1 year but less than 5 years 1,555,556 1,555,556
Loan payable falling due after 5 years 4,476,889 4,651,633

Page 49

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

20. PROVISIONS

Group and School

At 1 September 2019
Additions		 Pension
deficit
funding
provision
£
286,000
(19,000)
267,000

The School is a member of the Pensions Trust and is making contributions to the recovery plan now set up to eliminate the actuarial deficit arising on the scheme. Further information is contained in the Pensions Note.

Page 50

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

21.
STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
September
2019
£
Income
£
Expenditure
£
DESIGNATED
FUNDS
Capital reserve
14,868,722
-
-
GENERAL FUNDS
Accumulated fund
699,686
10,131,079
(10,478,234)
St Mary's School
Enterprises
Limited
10,000
93,345
(94,551)
St Mary's Junior
School Limited
1,421
-
-
711,107
10,224,424
(10,572,785)
TOTAL
UNRESTRICTED
FUNDS
15,579,829
10,224,424
(10,572,785)
RESTRICTED
FUNDS
Scholarship and
bursary fund
272,408
7,790
-
Audrey Martin
Bursary fund
30,000
-
-
Ward Griffin LLP
-
-
-
302,408
7,790
-
TOTAL OF FUNDS
15,882,237
10,232,214
(10,572,785)		 Transfers
in/out
£
145,804
(585,804)
-
-
(585,804)
(440,000)
-
(10,000)
450,000
440,000
-		 Gains/
(Losses)
£
-
-
-
-
-
-
(28,955)
-
-
(28,955)
(28,955)		 Balance at
31 August
2020
£
15,014,526
(233,273)
8,794
1,421
(223,058)
14,791,468
251,243
20,000
450,000
721,243
15,512,711

Page 51

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

21. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

DESIGNATED FUNDS
Capital reserve
GENERAL FUNDS
Accumulated fund
St Mary's School
Enterprises Limited
St Mary's Junior
School Limited
TOTAL
UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
Scholarship and
bursary fund
Audrey Martin Bursary
fund
TOTAL OF FUNDS		 Balance at
1 September
2018
£
14,234,389
426,420
10,000
1,421
437,841
14,672,230
289,765
40,000
329,765
15,001,995		 Income
£
-
11,005,433
142,036
-
11,147,469
11,147,469
7,243
-
7,243
11,154,712		 Expenditure
£
-
(10,126,932)
(142,036)
-
(10,268,968)
(10,268,968)
-
-
-
(10,268,968)		 Transfers
in/out
£
634,333
(605,235)
-
-
(605,235)
29,098
(19,098)
(10,000)
(29,098)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
(5,502)
-
(5,502)
(5,502)		 Balance at
31 August
2019
£
14,868,722
699,686
10,000
1,421
711,107
15,579,829
272,408
30,000
302,408
15,882,237

Page 52

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

21. STATEMENT OF FUNDS (CONTINUED)

The Scholarship and bursary fund represents donations received specifically to generate income to fund scholarships and bursaries.

The Audrey Martin Bursary Fund represents a legacy received which is being spent on bursaries over a ten year period. A transfer of £10,000 has been made from this fund to the General funds as a contribution towards the cost of bursaries in the year.

The Capital reserve represents the balance of the School's funds that are invested in the freehold and leasehold property net of long term borrowing. The transfer from the Accumulated fund represents the movement of the Capital reserve during the year.

Ward Griffin LLP is the joint venture with Homerton College, Cambridge. The transfer is the value of the land which is being redeveloped.

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2020
£
Tangible fixed assets
21,615,937
Fixed asset investments
-
Social investments
-
Current assets
3,125,851
Creditors due within one year
(3,650,875)
Creditors due in more than one year
(6,032,445)
Provisions for liabilities and charges
(267,000)
TOTAL
14,791,468		 Restricted
funds
2020
£
-
251,243
450,000
20,000
-
-
-
721,243		 Total
funds
2020
£
21,615,937
251,243
450,000
3,145,851
(3,650,875)
(6,032,445)
(267,000)
15,512,711

Page 53

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
TOTAL		 Unrestricted
funds
2019
£
22,207,519
-
3,501,462
(3,621,618)
(6,221,534)
(286,000)
15,579,829		 Restricted
funds
2019
£
-
272,408
30,000
-
-
-
302,408		 Total
funds
2019
£
22,207,519
272,408
3,531,462
(3,621,618)
(6,221,534)
(286,000)
15,882,237

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 23. ACTIVITIES

Net income/expenditure for the period (as per Statement of Financial
Activities)
ADJUSTMENTS FOR:
Depreciation charges
Losses on investments
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in stocks
Increase in debtors
Increase in creditors
(Decrease)/increase in provisions
NET CASH PROVIDED BY OPERATING ACTIVITIES		 Group
2020
£
(369,526)
382,605
28,955
(25,350)
-
3,630
(29,912)
28,651
(19,000)
53		 Group
2019
£
880,242
426,435
5,502
(32,223)
(3,240)
(4,165)
(119,699)
251,429
(23,000)
1,381,281

Page 54

(A Company Limited by Guarantee)

ST MARY'S SCHOOL CAMBRIDGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

24. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Overdraft facility repayable on demand
TOTAL CASH AND CASH EQUIVALENTS		 Group
2020
£
2,821,085
(19,760)
2,801,325		 Group
2019
£
3,232,978
(16,285)
3,216,693

25. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year
Finance leases		 At 1
September
2019
£
3,232,978
(16,285)
(388,889)
(6,207,188)
(31,561)
(3,410,945)		 Cash flows
At 31
August 2020
£
£
(411,893)
2,821,085
(3,475)
(19,760)
-
(388,889)
174,743
(6,032,445)
17,215
(14,346)
(223,410)
(3,634,355)

26. PENSION COMMITMENTS

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019.

Page 55

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

26. PENSION COMMITMENTS (CONTINUED)

The key elements of the valuation and subsequent consultation are:

• employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy)

• total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22,000 million

• the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.

The next valuation result is due to be implemented from 1 April 2023.

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charity has set out above the information available on the scheme.

Independant Schools Pension Scheme - Defined Benefit Scheme

The School participates in the Independent Schools Pension Scheme, a multiemployer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the School to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the School is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2017. This actuarial valuation was certified on 27 December 2018 and showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

Deficit contributions From 1 September 2019 to 30 April 2030: £2,387,357 per annum (payable monthly and increasing by 3% on each 1st September)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £110.0m, liabilities of £147.4m and a deficit of £37.4m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Page 56

ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

26. PENSION COMMITMENTS (CONTINUED)

Deficit contributions

From 1 September 2016 to 31 August 2029: £2,341,000 per annum (payable monthly and increasing by 3% on each 1st September)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the School has agreed to a deficit funding arrangement the school recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AAA corporate bond yield curve to discount the same recovery plan contributions.

Independent Schools Pension Scheme - Defined Contribution Scheme

The School operates an auto enrolment pension scheme utilising the Independent Schools Pension Scheme Defined Contribution Scheme, which all non academic staff have the opportunity to join. Contribution levels are governed by the auto enrolment rules, but enhanced by the school matching up to 6% of employee contributions.

The pension cost charge represents contributions payable by the School to all three of these funds together with provision for future deficit funding for the Independent Schools Pension Scheme. These amounted to £1,013,747 (2019 - £723,339). Contributions totalling £117,599 (2019 - £91,842) were payable to the funds at the year-end and are included in creditors.

27. OPERATING LEASE COMMITMENTS

At 31 August 2020 the Group and the School had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Buildings
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2020
£
95,000
380,000
874,792
1,349,792		 Group
2019
£
6,333
-
-
6,333		 School
2020
£
95,000
380,000
874,792
1,349,792		 School
2019
£
6,333
-
-
6,333

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ST MARY'S SCHOOL CAMBRIDGE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

28. RELATED PARTY TRANSACTIONS

A Governor at St Mary's School Cambridge is also a member of Hewitsons LLP. During the year, transactions with Hewitsons LLP amounted to £24,884 (2019: £2,967).

The use of land is rented out to the Joint Venture at an annual rent of 'a peppercorn'.

29. PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the School:

Names Company Registered office Principal activity number St Mary's School Enterprises 02990383 St Mary's School, Supply of services to Limited Bateman Street, the summer school. Cambridge, CB2 1LY St Mary's Junior School Limited 02117187 St Mary's School, Dormant Bateman Street, Cambridge, CB2 1LY Class of Holding Included in shares consolidation Ordinary 100% Yes Ordinary 100% Yes

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit/(Loss) Net assets
£ £ for the year £
£
St Mary's School Enterprises Limited 93,345 (94,551) (1,206) 8,794

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