Reglstered number: 01840431 Charlty number: 290180 ST MARY'S SCHOOL CAMBRIDGE {A Company Llmhed by Guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guarantee) CONTENTS Page R8ference and AdmIni￿ratIve tktalls of Ihe School. Ils Governors and Advlsers Governors. Report 2-23 Independent Audltors. Report on Ihe Financial Slatemwts 24-28 Consolldated Stolement of Flnancial Adivities Consolldated Balance Sheel 30-31 School Balance Sheet 32-33 Consolidated Statement of Cash Flows Notes to the Flnanclal Slalements 35-61 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL. rrs GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Govemor$ Mr S Weslley, Chair Mr V Anar￿ra1 (arwirted 6 September 20211 Mr R Burch Ms J Cheifins {aprKsinled 6 September 20211 Ms J Clements OBE Ms S Dixon Mr P Dunne Ms V Espley 1reswJr￿d 7 Jufy 20211 Ms R Gleeson Iiesigned 9 DeCeM￿r 20201 Mr A Grant (resigned 3 December 2020) Mr R Haynes Ms L Johnston8 Mr M Ledz￿n Ms J Mackenzie laFwnted 18 March 20211 Mr R Meakin &sler F Orchard hAr J F￿8 S Squir8 (resvJned 17 March 2021) Ms J Siorey Company registered number 01840431 Charity reg18tored numb 290180 Reglstered office Bateman Slreet Cambridge CB2 ILY Clerk to the Govemor8 Ms L Til Company seeretsry Johnslone Head Teacher CFAvery Independent audilors Pelers Eknrthy & Moore Chartered Accountants Salislxsry House Station Road Camtryidge CB12LA Bankers Uowls Bank Flc Gonmlle Place 95 Regent Street Cambridge CB2 IBQ Page 1 ST MARYS SCHOOL CAMBRIDGE (A Company Limiled by Guarantee) GOVERNORS. REPOFrr FOR THE YEAR ENDED 31 AUGUST 2021 The Governors. as Trustees of St Mar￿S School Cambrbdge Ilhe School), present their annual report together with the aLtdFted linancid statements lor the year ending 31st August 2021. The financial statements have been prepared in accordance wth the accounling FY)Itces set out in note 2 to the accounts. the Charity's governing documents, the Charities Act 2011. the Companies Aet 2006 and the Accounting and Rep)￿ng by Charili8S.' Statement ol Recommendéd Pra&icé ISORPI aN)I￿e to charilies preparing their accounts in accordance with the FInar￿la1 Reporting StarKlaTd awlicab18 in thg UK and Republic of Ireland IFRS 102). The reFX)rt is also prepared lo meet the requirements for a Directors. and Strategic rep)rt lor Companies Act PUr[￿)ses. Page 2 ST MARYS SCHOOL CAMBRIDGE (A Company Lim¥ted by Guarantee GOVERNORS. REPORT (Cop￿INUED) FOR THE YEAR ENDED 31 AUGUST 2021 Alms and Oblectlves Alms As sel out in its Memorarxlum of A&sociation, the aim ol Sl Mtys &hool, Gambridge is lo promote and provide lor the athancemenl ol education and rebgion and in connection therewth to acquire. prowde. COr￿Uct an develop a Roman Catholic school or schools. lor the advancemenl ol Ihe educatron ol childTen ol any ueed, Ixjl particularly children ot the Roman Catholic I￿th, arml in particular Wth0￿ prejudice to the generality ol the foregoing lor the education of girls. In the furtherance of this ollect, the Govemors, as Charity TrL¢slees, havè complied wth their duty under s17 01 the Charities Act 2011 to have due regard lo the Charity CA)mvni&8ion's published guidance concerning the operalion ol the Benefit requiremenl under that Acl. To achieve this aim, St Ma￿S School CaM￿rdge prowdes education for girfs aged 3 to 18 years. aiming lo create a caring and stimulating Chiislian enwionment Trmthin vthich puprfs can realtse their SFMritual. intellectual, creative, social, academic and physical potential through compassion. w￿sdoM arKI humoyf, buikling their setf- confÈdence and IheiT desiie to make signrfunl conlrikmrtions to soryety as a whole. Oblectives lor the Year St Mary's follows guiding diectives which shape sliategy aml operations. In 2020-1. the ongoing Covid-19 pandemic has made it more COTnplex lo set aTKI toknv Ob￿￿&Ves. The objectives for Sl Ma￿S School in 2020-1 have been lo: Ensure that the 12 Mary Ward characterisb(% as MJenbft&l by the Congregation of Jesus are central lo the School's eihos, arKI promoled in Ihe of all staff arKI students.. Respecting Sell Valuing Friendship Encouraging Hard Wo¥k and Excellen( Valuing Women's Rok and Spiritlfalty Seeing the Good in all Creati Working to Eliminate Injustice Following in Christ's Footsteps Emtxacing Diversity Pursuing Cheerfulness Promoting Christian Values of Truth. Justtce. Free(knn arvj &ncerity Coping Effeciivety with Fasiure Suwjofbng Each Other ThroughoLrt the sch￿1. This year the school focused on 'FolkMing in Christ's FIM)tsIy. Continue to provide a first dass. highty effeclive educational and Fiastoral enviror*ment which r8cognis8S the personal needs of each indmdual and delNers arademic added value lor all our pupils, and lor pupils at other schools in the wider community. The curriculum is reviewed continually lo ensure that each PUFII achieves their potential academic￿ty and prowdes them wth a solid foundation for their next step to university or on into future emE￿oy￿ent. The focus on tracking and moniloTing individual pupils, progress enables u8 10 identÉfy F)upils who need turther suwort within ihe Curriculum. As required, we use inlervenlion methods to 8nsur8 that parents are informed and work with indiwdual pup¢ls to ensure that they reach their Irue potential. Promote communty cohesion by working togeiher on group projects, with shared input ol linancial resourw, la￿lItieS, wofe&sional exFwIis8 and netV•Dths. Devek)p our outreaeh PTtsJramme and offeT faeilities free of charge kn local groups and businesses in order to sw)port their community acti￿)es. Page 3 ST AIARYS SCHOOL CAAIBRIDGE (A Company Llmlted by Guarantee) GOVERNORS. REPORT (cop￿INUED) FOR THE YEAR ENDED 31 AUGUST 2021 COnt￿)ute to local. national and inlemattonal (>)mMunIt￿ through our involvement wth lellow schools and our cha1]tab￿ furnjraising, all of aye supported by the Governors. Devek4) the Senior arKI Junior Schcd facilrhes to further enhance the educaliond added vakje and pastoral care, lor I￿1¢h the school is already well regard￿. Deliver academic, sporting and environmental benefrts to all our pupils, whiie 1{￿u$lng on the bng-lerm luttFre by developing the hrtasler Plan for th& school site. Develop our programme of bJrsary knnthng and fee remi8SKbn to wbd8n pup•l access lo the school and ensure that edl￿ation is prowded lo girts from a broad spectnFm of s￿iety. Maintain excellent FAJpiI - teacher ralios. and to manlain our programme of professional devek)pment lor all staff, including undertaking the overswjht and in-school tratning ol Early Career Teachers IECTI on behalf ol the Indep8ndent Schools Teacher Induction Panel (Istipl. Buikj ¢y¢ our dIg[t￿ lèchnok)gy strategy by investing in the devebpment of Mtcrosoft 365 as part of our ongoing digit￿ strategy, as well as ensuring that all pupils in Years &13 are provided a school digit device. We have also introduced new teacher dewces al the SenioT School (incorporating two-laclor aulhenticalion ￿)de securrtyl and will roll this out to all leachers during 2021-22. Sinc& summer 2021, we have installed 13 new inleractive screens wlh a final order for January 2022 01 new dewces lor the Junior School staff arMJ non-leaching stall which will ￿r&dUde Ihe u￿rade ol har￿are across the Sch¢Jol. We are currentty investKJating new dewces for 2021-22. inc1L￿1￿9 the optton ol a brirMJ yOLtr own deirice wlicy. Revl8w of Actlvlties The academic ye* 202011 has continued to ￿ disruptgj by the CoMd-19 pandemic. with i￿person closures and absences demanding increased flexibility from stalf and students. However, while teathing has often been able to continue in-person and online vAth minimal inlerwption. many welF-loved school aCtIv￿￿eS such as school plays. trips, science fairs afKI liaisons Kryth other thal non-wtyndenl scFK)ols were not possible. Sl Marls School was shortlisted for the presb"gious Irtdependent S£hools ol the ye￿ 2021 awards. Sl Mary's was one ot just fwe schi)ols in the running for Independent GirLs Sd￿?01 of the Year 2021. This was out ol more than 700 nominations Teceived across all of ils award categories: a record number ot entries. Neverthéless. Si Ma￿S impressed the dislir#Juished panel of jLty. Academl The principal actmty ol St Marls C2mtwidge is to provKle education to girls ￿tween the ages 013 and 18 y8ars, and to Provide opportunities for ay puyls to devebp spiritual￿. morally and sociaHy. Followng the adoption of High Perfomiance Leaming {HPL} in 2017. St Mary's continues to work bwth this reseaTch-based, pedagogy-led philosophy that responds to our gro*4ng understanding ol human capat*lity. Sl Ma￿S empowers all ils sludenls lo aim high and believes that all can aspire to high perf0m)an￿. HPL signrficantty improves student academic Olrtcomes and creates students have the looLs to meet the challenges of adult life. As well as prowding a shared philosophy and language IOT teaching and leamlng which smooths Irans51ion and enables professional collaboration. HPL has 8is0 enabled us to WO￿ with other schwls both in the Did8p8ndent and state sector, both in the UK and overseas. Covld -19 The Covid-19 paridemic was ongoing during 2020-1. The school was able lo ieacl flexiw to the changing challenges of the local and naliond siluation, assisted by every SenFor School sludent hawng a s¢hiJoI-prov￿led chrome1￿k and the school's digttd strategy. Page 4 ST MARYS SCHOOL CAMBRIDGE {A Company Llmlted by Guarantee) GOVERNORS. REPORT {CO1￿[NUED) FOR THE YEAR ENDED 31 AUGUST 2021 Hybrid leainlng has continued to teach Ihe sth)ol rn￿h and has ￿ to some radvl translomialion in leaching and learning. Not only have we necessarity (xrt down on the amount of paper being pushed around and pholocopied t&Jl we have experimented V•ith more dvJlal textbooks and conlinued to learn wth some lively interactive books. We have equipped wr labs vmlh cameras vthich ligm microscopes so that students can look at slides whether they are remote leaming in South East As¢a. shiekling in Cambridge or are in the Biology labs at St Ma￿S and which enable our Chemisty teachers to film experiments safety from the teacher's bench and lo am a bird's eye view to China. CambrKlgesFMre and Bateman Streel simullaneoLts￿. A¢8demlc Results Academic results for public examinabons in 20ay1 were delemiined Ihrough Teacher Assessed Grades (TAGS), in light of the disruption lo education caused by the pandemic. The was to detemine the grade which the School could emdence through mini-assessments agai[￿1 each course assessment objeclive. Samples or evidence lor particular GCSE and A Levd sufy'ects were called for. and our grading was confirmed.. Every member of stafl inVo￿Ted in the TAG process took their role seriously, wlh checks and balances bei carried out al various points through the process. Pr8MOiJS tracking ol students. work was anatysed lo onsvre that the grades submilted were correct aThJ tru￿ representative of their ability. Despita a tough year in educatton, sknlents at St M•ys Sixlh Forni a¢h￿Ved htghty in their A Levels. 35Yo of grades were awarded an A. (compared lo 30Yo in 2019-201, and 81 Yo ol grades were awarded A".A. There were particularty strong perlormant￿ fr¢Jn Spanish, Drama, Further Maths. Music. Greek and Latin, which all received IOOYO ol grades at A,. Al suliect departments athieved 100% grades al A'_C, compared lo 954/0 in Ihe previous year. These A Level resutts have enabled Sl Mar￿S students to lake up pLqces at universrties Ot their thoice all aTound the COLtnlry. University destinatTons have induded the likes of Cambridge, Edinburgh, Leeds, Goldsmiths, Noltingham, UCL, Bath, and yo￿. A hugely imwesstve 97 Vo of students achieved entry into their first-choice universtty. Subjects included Biomedical Scien￿, Business Management. Economics. History, Law 2nd Psychow. lo name just a few. Students we encourageLI to pursue their passions, lalents. and ambition lor the lulure al Sl Marrfs. whKh has prepared Ihis cohort wth intellectual curiosity lo pursue their interesls al unwersity and beyond. Year 11 GCSE stLbdents were the fifth cohort to lake GCSES under 1-9 grading system. Despite a lurbulent year, Year 11 students have shown incredbi le resilience and delerminalion lo succeed, wth 47Vo ol grades awarded A. equivalent a￿1 66% awarded A'_A. The followyng departments celel)raled high achievers. with at least hail of all students gaining a grade 9.. Hislory153Y.I, Art150%), Class Civ157%1, L2tin155Y.l and Classical Grèek {60%). Music achieved 1 OOYO grades at 9 or 8. Gwen ihat the 2020-1 YeaT 11 cohort were in Year fo, a crucial stage of the GCSE CAJrriculum. when the pandemic slarted lo disnjpt normal WnivJ. the iesolve and agilty Ihey have shown have Iranslaled into fanlastic resutts. Value- Added Turning to our Value-Added tErfomiance, the average in every category Wds Postlive and ewdenced progress when compared to the previoLts year. In the majority of sufy'ects, the ou1￿Me$ evidenced scores wlhin the top nationally. Vlsual and Perfornilng Arts Art and Photography continue to ￿ are&s of enr￿hing succe&s both vAlhin and outside the classroom. Students have inveslÉgated and experimented wlh a wide range ol creativ6 ￿eas. including Year 11 being inspired by th8 work ol artist Julian Oiye and Year 10 getting mathematical by expbrbng the vules of perspethe, inspired by Renaissance aTtists and coritemporary work. Page 5 ST MARYS SCHOOL CAMBRIDGE (A Company Umlted by Guarantee) GOVERNORS. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 AUGUST 2021 The Art and Photography department ￿s0 devebp enriching ex￿rienCes lor students beyond the classroom. In Juty 2021. Sl Ma￿$ received national award recognibon lor delrverirKJ outstaThling ex￿llenCe in the visual arts after winning the 'Art and Craft. category in the 2021 Education Business Awards. The Textiles Department also took part in an exciting partnership vthh Ety c￿hedral,s thought-p¥ovokiw exhibrtion, Heaven and Earth - the Worfd in Our Harmls in July. wlh stLMJents' sustainable art creations making a statement in the exhibition. The &xhibil¥on highlighted some v8ry red issues affecb.ng our workj today. athiowledging the impau of climalg change. ￿ crealions by St students adorning the naves and Vfdlls ol the Cathedral. Art scholars in Year 7 also designed greetFng cards lor a competition in ol Saffron Wakjen Dementia Action Ajliance, showng that throughout the Sch￿￿. students are using their ta￿nts to make a difference. Recognising how powerful art Can be, students enlered a BIAE role mrxlel competition in which they could develop any size arvj any me(ffia 2-D portTait ol someone ￿ is a true tnspiration lo them. The wtnning athvorks were put on display in Studio 47 lor everyone lo enjoy. Students were so inspired ty the amazirwJ 'Co*s at￿rt Cambridge. art trail. that Ihey went one slep further and created a whole herd ol colourful tiny cow creations to dispLay around their school. The 'Mini Maché Moo. project saw students from ￿arS 7-13 design and decorate their very own miniature cows extending the school's Invo￿eMent in the communtty arts proieet. wthich Lqunched in the city in June 2020. Designs were influenced by the students, lavouiite artists aNI craftspeop￿. ￿ pu￿lS gtven a blank papier-maché cow lo embellish using a variety ol materials. Junior School wkwis also joined in Ihe fun developing their own herd. Th8 department contintsed lo oller OPFKJrtunthes lor sluderrts interested in Photography Ihls year. A Level students produced impTessw8 solat edipse images t￿1[1 liom scralch using CGI skilb. ex￿orIng Ihe connection between science and the visual arts. The (x>hort were also able to attend a W0￿shOp wth Wildlile Photographer Tom Sireeter and leam more about the complex V￿lId ol photographing nature. This was just one of severat WOt*shops whith students enjoyed this year. inckjding a W0￿shOp wlh illustrator Lauren Hellier in February. St Mary's girls continue to sucteed in many natiMal arKI in1emation￿ art comp8titions. In July 2021, throe students from St Alary's succpssfully scooped awards lor their impresstve creations in the prestigious HPL Global Art Competttion. The three sbjdents entered on the theme of 'empathV in the 14-16 and 16-18 age brackets, scooping awards out of thousands of Internation￿ enlrios. A Year 13 student also won the overall prize in the annual Cambridge Arts SocÈety Young Arts 6th Form Exhtition. with the prize awarded by the Cambridge Drawng Society. The Rotary Young Photographer Compeblion is a well-established nationd competition, and several students Irom St Marfs were commended in the Cambridge chapter heal. One Year 13 Sludent won the prestigious national Khadija Saye Photography Award, ¥￿th the piize presenled in September. In the Junioi Schixjl, th8 dedrcated Art Room continuès lo enab￿ girfs to immediately aecess a wde range ol resources. All the dasses. from Year l upwards. enjoy having their lessons in this dedicated art space. This year, students in the Junior scho￿ hav8 ￿ned a huge variety of skills and ￿YeaS in the art department, wth Year 1 ￿aMIng how io weave in April and Year 5 eniowng a wothsh(p pul on by Sixth F￿M Textiles Scholars. Yèar 2 combined arts and sciences to create lanlasy mini-beasls: the students thought carefulty abotjt their minibe8sts' parts. ha￿￿tat5. diets. prey and wedalors. In Art Ihey used MLNlel Magic lo seuty)130 models of these fantasy minibeasls. Reslrictions on Fertorming arts during the pandemic dKlnl halt creativity at Si Mary's. The Autumn Temi kicked off wlh the Upper Sixth exam ￿eCe. Land Gwls, which was perfomied to a small. so(ialty distanced audience of peers and teachers. 7he performar￿e was p¥)stponed owing to the firsl national lockdown arKI the performois worked hard lo adapl the devised Fiece to avoié physul contact. Al th8 Start of the year, the Drama department unveiled a rarfio play. Bookcase by Rob John, whlch was recorded at the end of Ihe 2020-1 academic year. The play was able lo be recorded in a socially distanced setting, in the new recording studio created by Year 10 during the pandemic. Students embraced the challenge ol moving a prod￿ctiOn 'on airf, le￿ng solety on their vwal skills to lying characters lo life. The h￿￿hlY amusing 'Christmas Cracker Show. pirt together by Year 7, was recorded and shown lo the Who￿ year group to Page 6 ST MARYS SCHOOL CAIABRIDGE (A Company Limited by Guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 celebrate the end of teTm. Full of amusing sketches. darl￿ ar¥J p)ety. it showed thal Cowd-19 wasnl going to slop St Mwys celebrating the wonder and gifts of Christmas. In the Junior School, il was exciting to be able to have a INe and in-person audience to enjoy a performance ol A Midsummer Nighl's Dream- the Musical. performed by years 5 and 6. The performance took place in the Junior School grounds in July. The Junior School gardens were ￿s0 the kKalw lor much of the tilming ol the Pie-Prep NatiMty play in 2020, ￿1h Year 2 decided lo set the ￿Y in a garden and inclLMle a Christrnas Tree in the story. The production was lanlaslicalty acted, Ilmed, aNI e￿1￿{ by Year 2 and Mr Severy. Through(Mrt ihe schojl, Ihe Music departmenl once again had a txsy and exciting year. mUS￿lan$ throughout the school, from choral scholars to muw theatre wrthusiasls. have ￿ltinUed to flourish and thrive desyle the current restrictions. Music appreciation starts earty ￿ Si Mar￿s, ￿ry1h the JLEnior Schoofs 'Composer o( the MonEh' actNities, including themed assemblies and actimties focused on a compow. 11 is wonderful to see so many musiuans from Y6ar I through lo Year 6 sign up to perfomi in the 'Teatime Concert, pwogramme thioughoul the year. These concerts are a tantaslic opportuntty ft)r students to wfoTm for each other and share their love ol music. Every Sl Ma￿S student is part of a choir or a thoral enwnbte. rehearsing weekty and pgrtorming at key School 8venls. In October. one ol the Senior School students wa5 made the head chorister at St John the Evarylist Church and was awarded the RSCM (Royal of Church Mus(cl sifver award. The Junior &hwl Year 5 and 6 Chamber Choir was invited lo pertOTm al the wrtual Rotary Cmjb ol Cambridge Chrislmas Concert, wlh the event raising money lor Iwo charities in CaM￿ldge. Christrnas was a lyJsy time for musicians al St Mary s. wilh Sixth Fom) musicians ye￿ding songs ar¥J perf0m)ar￿ tor a virtual Christmas showcase. Of course, the pandernic has impacl&l our wogramme ol ￿￿rt(shOpS and concerts, Ixjl this does not overshadow some amazing recent 1ndl￿d￿al achtevements. One sludenl was also a lin81isl in the East AThJtian Young Comwser competition with a comwsitson for violwi and ￿an0. The Music departmerEt enjoyed collaboraling ¥Alh olher depathents Ihis year. collaboraliro through a Textile Design Scholar in the Sixth Fomi to create and eytrcalching titrdye garnent vAlh a Specially desiglled logo for the dep8rtmenl. Sclence, Technology* Englneerlng and Maths (STEM) STEM remains a key part ol the cUrricu￿rn at St mar￿S. W￿th giTLs encouragpAY to aim high and fulfil their potential in dedicated STEhA lessons through¢)ut the Junior and Senior Schools. In November 2020. Sl Ma￿S was a linaltst in the 'STEM Inrtiative of the Yearf category, hawrvJ been chosen from hundreds ol entries IOT the 2020 Cambridge Ind8pendenl Science and Technology Awards. The awards represent an array of talent from across the Cambridge reg￿n tn fields trom btotech to deanlech. Al to medtech. The judging panel lor the awards features indyrKlelll experts across a range ol fields and sectors, trom business leaders lo swaltsts. Winners wouhl normally be revea￿ al an autumn ceremony, but the pand8mic means Ihal has been delayed until the new year al a date lo be confirmed. Sl Ma￿S was thrilled lo have become a finalist lo¥ this award for the second year running. in recognition ol the fantsstic woth undertaken by the school lo encourage girls across the caMbr￿e communtty to consKJer a career in STEM. One sludenl in Year 13 sell-pubSshed a book on astronomy lor part of her Extended Project Oualiltcation. The book aimed lo provhle a short summary of the history ot Astronomy and Astrophysics along with a lew Fnajor discoveries. The sludenl sasd she had bèen 'eneouraged lo pursue lan interest in the sciences] at St Marls and davelap my undarslanding and interest ftjrther.. In June, Year 7 Participated in the national 'Race for the Line 2021. competition. an annual corktest C￿lS Page 7 ST MARYS SCHOOL CAMBRIDGE {A Company Limited by Guarantee) GOVERNORS. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 IOT problem-based ￿arnIng and crealive thinking. The students had to woth in small teams as engineers lo make the most aerodWWm￿ R￿ke1 Car FossilJe ￿ the resources lo hand. This drew on their knowledge of forces and practical lesling from Science lessons. design slulls and praciical use of tooL8 from thelr Design and Technology ￿SSons. and measurement skills fr¢)m Maths lèssons. In Biology. slLKJenls enjoyed an inspxring session 7Mth alumna lona Christie, joined the Sixth Form STEMM Enrichment session lo share her experiences as a sryentisl. She spd(e about her degree in Zoolt￿Y 21 Exeter University wlh a swal interesl in inlectious disease aTht her V•Drft as a MicroE%ologi51 and Ptjblic Health England. In May 2021, parents al the Senior School were treated lo an online tslk and Q&A session by Professor Sarah Jayne Blakemore on the teenage bra￿. Her research focuses on the development ol social cognition and decision making in the FHJman adolescent brain. and adOleS￿nI mental health. St Mary's students have taken part in her research In the past and irjdeed gone on lo work in the team ￿lch supports hey work, so the sehool's relalionship is both that of inleresled participants as well as recipients of the research oulcomes-along with our parents who have benolitted from Prolessor Blak8mor&'s tslks in the past. In the Junior School. stLKlents were gwen OPFthunIlb￿ to nurture Iheir inlerest in science throughout the year. The Junior School Fèstival of Ideas 2020 ir￿F￿red studenls, wlh taks including 'lhe future of lyJsine5s' by Dr Ennaceur, Ihe fvlure of medictne,, as well as a lal( lo Prep by Dr Jay on the future of medical trials. All the talks were fascinating and aimed to broaden the mirKls of the sludents. In January. students in Year 6 look advantage ol leaTning from home and got crealive vthen comFAetiry an assignment to ¢reale models of the human circulalory system using just wthat they had al home. ￿1th models being made from Lego. marble runs, and many other unexpected materials. Year 3 leamed some key life skills. ueating their own shops to practise counli and handling money as leamed thfough their lessons. They also look or) the Captain Tom 100 Maths challenge, th glrL8 WOTking diligenuy to use Iheir anafytic81 thms to Work out maths questions. In careers week, many of Ihe students in Year 5 express&J their interest in Wo￿<1￿9 in the STEhA fiekl. from being computer programmers lo doctors to engineers. Students throughoul the Junior School, including Year 5, then experienced STEM skills days, which further fuel￿d thwr passion for working in the STEM field. These included skills from leaming at¥Jul electrical urcults in Year 4, to mthng a train and carytage in Year 1. Some ol the usual acliwbes in the Junior Sctrvjol were unfortunatety cancelled duo lo the pandemic, bul this hasnl stopped Year 6 getting sluck in wilh STEM. Instead of ihe usual Naltonal and International Robotics Competbtions, Year 6 compeled in a St bla￿$ Junior school Cospace Rescue Simulation Competition. drawing on knOwl￿e from Computer Science lesson lo program a virtual rotjot as part ol an earthquake stmuLqlion. The school k)oks lo￿ardS to further develynents in Ihis area at the JunH)r School vrith the opening ol a brand new STEM Lgaming Lab in the foMowiThJ academic year. Maths lakes high priorty at St Marfs. a fium￿[ ol students every year participating in the Senior Maths Challenge. 5 students achieved a Bro￿￿ Award, 7 achieved a si￿er award, and 6 achieved a Gokl Award and qualrfied lor the nexl slage, Ihe Kangaroo. Students in the Senior School compete annually in the national Inlelmediate Mathematical Challenge. run by the UK Malhemakn Trust. This yeai, 18 St Ma￿$ slL¢dents were among 1.500 high performers from acTOSS the UK selected lo move up to the nexl stage in the competition. One student moved fo￿ard lo the Hamillon OlyThriad stag6, whith was a huge Sluess. As part of the BBC'S Make It Digital Inttiative. which ￿t￿S to get yourwJ pe0F￿8 exuted about technok)gy. Year 7 students have been In1r￿lUced to cThYing in their Maths lessi)ns. The stLkJents each programmed a short game on a micro'.bil dgvice which they then played as a class. Students have aL80 enjoyed a series ol Stxth Form Leaming Lunches, including one Irom Sharon Bell. who spoke abwt a career in finance and investment banking, and the first intemational session was hetd wth alltmna Chanel Tsui, a clinical pharmaost at lknen Mary Ho¥4tal. Hong Kong. Page 8 ST MARYS SCHOOL CAMBRIDGE {A Company Llrnited by Guarantee) GOVERNORS. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 AUGUST 2021 In Technobgy, all the sluderts in Years 2. 4 avKI 6 look part in the 'BdYas Computational Thinking Challenge 2020. during their Computw S￿er￿e lessons. This is an online competit￿n run by Oxford University. wh￿h involves sothng complex problems against the ciock, using Compulation￿ thinking skills such as algorithm design, pattem recognrtion, kyJTC and ab51raction. This is the fir￿ year that Sl. M￿S Junior School has tskèn part in the comF)etstion, and eight ol Year 6 sludents athieved scores in the top 10Yo national￿. They were invited lo partiupate in the online Oxford Universty ComputirKJ ChalerMJe 2021. Meanwhile in Food Technology, Food Preparation ar)d Nutrition GCSE students made the most ol kickdown despite its challenges, enabling stLKlents lo practise lor their coursework Irom home. This included obsemng yeast in differenl conditions and r￿Ing obseNations to see how yeast reacts for themselves. Sport Sport at St Marws this year started in ¥•ith the tirsl PE lessons being held al the new sports lacih'lies at Long Road lor the very first time. The stale-of-art fa￿lItIeS indLkJe new AstroTLtrf pitches IOT hockey, rugby and football. plus netball and tennis courts. *hfettcs facilities lor track and liekl. and Ikmxjlighting. Develop8d in partnership Homerton College, Cambridge. the site benelrts our s(knl, thè college arKI the wider communÈty, as. in support ol Cambrklgeshire County CtyJncifs Health arbd Well-being strategy. the facility wll also be avwlable for community use. AIoTwde exceptional rowng lacilities on the River Cam for Sl Ma￿S rowers. the refurbished stte at Long Road greatly enhances opY)rtUnit￿ for students to discover, exp&rience and excel in a wide range of sport. delwerir4J Sl Ma￿S commitment to encourag8 Sport for all. Sport remains popular al Sl Marls. ￿1th 88% 01 students eniowng PE compaied to the 49Yo national average as investigaled by Women in Sport. The sclM)ol continues lo evolve ils approach. to ensure girfs continue lo enjoy physi￿1 aclivthes throughout their bme al SE Mtys and beyorKI. The key priwples of Reframing Sport are now integrated wth the overall approach to swrt. The start of the year was still affected by the pandemic. vnth no sports fixtures happening. bul sbjdenls seized the opportunity to attend sports clutE ￿lch were on offer. inckjding netball, ho¢key, and gymnastics. In February, a r>umb6r ol sttJd@nls were enl8red into Ihe Gids SchDoI Association's Virtual Gymnasli¢s Competition, which gave sludents the oKwrtunity lo Wfo￿n a set floor routine and vault. Netb￿[ al St Mary's continues lo flourish, wlh one Year 11 student selected lor Mavericks Netball's Cambridge Futures Academy. This is a pathway from whith players are selected lor England NeO)all. Students have also seen su(xess in hod(ey, wth two sludents selede(I to join Ihe Carnbridgeshire County Hockey Teams. In swimming. Iwo Senior School students were awarded the &r Arthur Marshall Fulure Champions award in support of their achievements in swimming. The award prowdes grant aid lo young alhleles lo compete at county or regional and naliond level. Two sludents aLso qualift&J lo o)mpete al Ihe British Swimming Championships in April 2021. A Year 10 student also qualified to compete al the National Schools Equestrian Asswation dressage qualifiers lor a place in the NSEA National Chafflrmonshi￿. Students al Sl Mar￿S have been to tske part in a l￿de range of sports-r8laled aclivilies. even duying k)ckdown. In the Senior School. vtrtuat training se$s￿n8 were held, including a netball fitness sessson with Saracens Maveiicks defender Jo Trip. Cricket was dso intrcKluced lo the curriculum in the Summer Tenn w£th the school's first lixlures happening in Summer 2021. The sclKM)l also celebrated SFX)rts during our Sports Week, when each year group had the chance lo lake part in a SFX)rts Day at the new lacÈlilies. In the Junior Schooi, Prep year groups took parl in an inter-house race lo the Tokyo 0￿pIcS. Pre-Prep also t￿k part in a mini-olympics, eaming Gotd. st￿8r Bronze medals lor their achievements in each task. A small group ol Year 6 pupils have aL80 achieved their Flaymakers Sports Leaders Award. They have worked hard lo leam key leadership sknlls and have demonstrated these in l)oth virtual lessons and back in school. Page 9 ST MARYS SCHOOL CAMBRIDGE (A Company Umlted by Guarantee) GOVERNORS. REPORT (Co￿￿lNuED) FOR THE YEAR ENDED 31 AUGUST 2021 Mental Health & Wollbelng St. Marrfs sehool wiorilises support tor the students. mental heahh a￿1 Wel￿)ng. There are in excess of 20 members of slafl who are Menid Health First Akjers across Ihe Senior and Junior Schi)ols. Altsng wth the nurses, the school provKtes counsellors and has trained students as mental heamh champions. Students have b88n trained as mental heath champions to l¢Jrther support their Feers. The School CloudBase site prowd8s a large range ol resources including wdeo dips. ￿nkS to resources. apps and websites ￿1h adv&¢e, guidance arm sell-care support lor students concerned aboth Iheir rnenlal heatth. The focus upon this key aspect of student care has been recognised by the aFp)intmenl of iwo Mental Healih and Welbeing co-OTdinalors in the Senior School. They are worf(ing to ensure that support for mental health and wellbeing is prioritised across the whole school communty. This has culminated in a Welbeing Morning. in October vknich built successlulty on similar aclNities in past years. Siudents engaged in a wde range of acbvi118s, incbjding mindlulness, art, sports and dancing. Acknowledging the link b8tween naluie and good mental health, sludeftts were offered ihe opportunily to visit the t*)lan¢cal gardens. Natasha Devon. KIBE. a renowned campa5gner and advttale for youth mental health gave two talks to the students on issues induthng the use ol social media and tx)dy image and woight. Centre 33. a l(KaE organisation thal provides menlal heallh support lo young people recorded presentations on issues such as hedthy sleeping patterns and how to manage examination anxsety. Parents are being lully informed of the core messages of this support so that they can continue lo support the sludents are home. Alongside support lty students, staff have been provideA wilh a full PTr4Jramme of aclivilies available across the year including Yoga, massages and Zumba. Outdoor Leamlng and Blophllla In support ol outdoor leaming. the School has intrcAluced'Leaming Pods. Iwo¢)den tables) into the school garden which have been painted in house colours. Staff can txjok these pods for lessons and lake their classes outside lor a part or whole lesson. We ￿an to d8vekJp resources arKI aciwrbes in each subject Ihal integrate directly with nature and being o*Jtside. Biophilia is humankinds instinctive tyological connecti￿ ￿ nature. Due lo the consKlerable amount of time people generally spend indoors, there is a need for biophilic design to connect humans io nature even when they are in man-made enwrollmellts. This connection nurtures hea￿h and welkbging. On average. people spend nearfy 90Yo ol their tsme indoors. Therelore. il is ol great Im￿rtanCe lo consider when designing classroo environments. Resea¥ch has htghlighted how p￿nts and wevts of nalure can boost health. wellbeing, focus and even producliwty in the classroom. This i8 an idea that we are developing at Sl hAa￿s. So far, we have introduced many indoor plarts into the Sixth Form Certre, hawr4J propagated some by our school gardeners and tK>ughl others through Iwo generous donations ol funds from the circ￿ of Friends. They are distributed IhroughoLEt Brookside as well as I￿UsIng on one Iro￿¢81 cl8s5room', wth plans for more lo be installed in the wellbeing room al Mary Ward House. The students, reswnses have been very posilÉve. We wll develop this further by introducing more plants into d￿rOOmS to bring natur8 in and have had positive discussions with local SUF4)liers r￿ard1￿ this. We are aEso integrating nature into daity acbwlies such as fonn time. tracking and monitorfng as well as v6siting the &)tanical Gardens to walk ￿ talk every weeks during lunchtimes. School Development wojects Due lo the Covid-19 parKlemic, on dev8Wient projects vrds very limited for 2020-1. Planned completion ol the new pamlton buikling at the School's sports grounds at Long Road was delayad du8 10 the impact ol known Supp￿ issues gen￿￿[Y wilhin the construction industy. Whilst now substantlally complete, the pavilion will eome into use by the school Irom November 2021. Landscaping is ￿s0 Unde￿aY and is expected lo be completed in November. In light of Ongoi￿ consurtation on works relating to railway links wth Carnbridge and the devebpment of a rtew rail stalion al Cambri(hJe South. ￿anned work to the access road to the swjrts grourKJ is heks in atr￿ untÉl any impacl on thal area ol the site is understood. Page10 sr MARYS SCHOOL CAMBRIDGE (A Company Limlted by Guarantee) GOVERNORS. REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Provision of an eC0-friend￿ STEM dassr{￿ at the Junw)T SGhool has commenced. This facility ￿11 be ac(x)mmiMSated in an unused greenhouse in the grouNYs of the School. This excthng project commenced in the summer of 2021 and is (lue lo be completed by Jarwary 2022. The STEM facilities wll then be available lo all girfs al the Junior School during thwr curriujknm time and wl fomi a key strand ot ihe School's outreach work with local maintsined sector schools. Also al the Junior School. a new Prtrsch￿l cLass has cr6aled in the Coach House building. The ground Iloor ol the building has been remoddled, to inclLKle new kitchen faultlies. and PrtrS¢hool successfully opened al the beginning ol September 2021. At the same time. the Ethy Years Foundation Stag8 playgiounds were refurbished and ihe netbalvtennis court was resurfaced. A new Resislanl Materials D&T room has been created al the Senior School and opened at Ihe beginning of the Summer Term in 2021. providing much-needed facilities lor the growng number of girls in this CLtrriculum area. A new Te￿lIeS room for &xth Form use was devekn[￿ lor Ihe slart of Autumn Temi 2021. The newty refu￿ished boarrfing rooms at The Elms were key to Our SL￿s1u1 resFK)nse to the pandemic, alh)wing 6th Form bo*deis lo utits'se single rooms on the Senior School site and Ihe remaining boarders lo achieve more di￿ance in ihe main boarding rooms at Mary Ward HO￿58 - the majority ol boarders occupwng single rooms. Resumption ol WOTk on the Estates Masterplan is now underway, thryth irutial locus on relurtJi8hmenl ol Senior S¢hool EMJikJings on Bateman Street- providing new dassrcKsms and enhanced accessibility. Page11 ST MARYS SCHOOL CAMBRIDGE (A Company Umlted by Guarnntee) GOVERNORS. REPORT {COTrrnNUED) FOR THE YEAR ENDED 31 AUGUST 2021 Detslls of Bursaries and Scholarships Bursarfes In 2020121 the v￿ue ol means tested bursaTies loldled £691.394 compared lo £726,356 in 2019120. This represented S.9￿ ol our gross fees {compared lo 6.28% lor 20191201 arvy prowded assistance to 60 slud8nls 152 studèrns in 20191201. Bursary suwrt in 2020121 is Èn line our laTget lor Bursary Awards being set al 60/ of gross fees and incIL￿ed add￿onaL puiyls {wlhin Day and Boardingl receiving short term support al IOOY.. The school maintained its ongoing relabonship with the Roydl National Chiklren's Springboard Foundation by continuing lo suwort 7 SpringbrArd wptls as full-time t>oarders, together wth I sludenl welcomed into the Sixth Form from North Cambridge Academy. In total. 14 TXFpils tsene$￿ed from 100% Bursary support either directly Irom the School or from the Roy81 Nattonal Chiklren's Springboard Foundation. S¢holarships In addition, the school awarded scholarships lo 183 wpils1171 in 20191201. based on their educatK5nal mertt and polenlial. lotalling £203.862 increased from £1￿).766 in 2019120 and representing 1.76% {1.650/0 in 2018119) of Ouf gross lees. 01 this nUm￿r. 22116 in 191201 also qualif*d loi means-lesled t￿rSary support ar￿ are included in the ligures relating to bursary awards. The progress of PLpils receiwrvJ schoiarshtps is reMth%Ed al least annually to ensure their progress is in line with Ihew abilities. No s¢holarships were v￿hdrawn in the year as a result ol reviews. Links to olhw schools and organlsallon8 HPL Llnks As HPL Accreditors. Iwo ol our Senw Leadership Team, have supported other schools including some in the slate mainlauied secloi and kjok forward to develwrYJ relationships arokjnd b8St pra¢lice in leaching and learning. Sl Bede's Inter-church School Our partnorship wlh?St Bede's Inler-church School, a local slate secondary school. is buill on shared Chriglian values. Students and stafl in both schools benefrt from a ￿ryde range ol collatrxsralions arKI working wlh Si Bede's has created a values-driven partnership. This has ev0￿ed to inclJde a range of academic. Vo￿tIOnal, technical and extra-curricular initiatThies for students in trf)th schools. By leaming together. our students and those from St Bede's gain insight inlo different experiences and perspechves. Partnership activtties include.. Classical Greek- Si Bede's Year 9 and 10 students join ￿11 girls to study Classical Greek al GCSE. This extends the curri¢)Jlum options at St Bede's and boosts part¢cipation in our smallest classes. Modem Foretgn Languages- We also offer St Bede's students the oprthunty to lake their Spanish GSCE examination through Si Mary's School and be coached tor the oral exarnination. Governance- As a govemor f¢x St Bede's. our Headmistress is ab￿ lo offer peYspect¢ve as a school leader in a different education ge￿Or. &xth Form buTsaries- St Bede's girls are warmty wekomed into our SExth Form: any girt can apply for a bursary il their lamity income is below a certain threshokj. Slster schools In the sp+rit of one global communty, the Intemationaj Committee created a film lo send back to a fellow Mary Ward school in Melbourne, Australia As part ol the virtual trips for Intemalional Women's Day, Loreto Mandemlle Toorak Sch(x)l in Melboume, Australia sent a wdeo message trj Year 10 as part ol their trip - which ollered insight into life at Iheir schix)l. As a Tesutt, the Inlemationd ￿MmIttee de￿ded to cieale a film lo send back in a virtual exchange, espècially as we were unable to host the regular Austrahan exchange pr(KJramme. Page 12 ST MARYS SCHOOL CAIABRIDGE (A Company Llmlted by Guaranto0) GOVERNORS. REPORT (COTrfflNUED) FOR THE YEAR ENDED 31 AUGUST 2021 Falrtrade fortnlght The Junior School celebrated Fartrade Fortniqht agtiin this year. DesWe not being able lo hokl the normal array ol in-person activiti8s, the Fairtrade fun Swds btought online, and students discussed Fairtrade in assemblies, classr¢Joms, and forms. Year 6 also leamed atrKwl fasl fashion to link in with the fortnwJhl. Two competitions were also hekl: the Share your Vision compelrbon, which allowed St￿lentS to express Ihetr dreams lor what the future V￿11 look like" and the SWS Wirtual Fwthde bake-off. Llnks lo lo￿1 Cathollc communlty St Marls School staff continue lo suti)ort wder education progr8mmes in vthich lime is given gratls. Our Head of Religioijs Education rèpresents the Bishop of East Anglia on the Chaplaincy Council ol Anglia Ruskin University, an ecumenic￿ body which oversees Ihe WO￿ ol Ihe unlversity chaplains and a conduil betsveen them and the university management. Partnership wFth local par*shes is enhanced by teachers, irNofvement in parish Ffe. Examples of our staff invofved in partsh life indude catechesis. Supporb-￿ the parish priest wth Ihe day-to-day adminislralion of 8 local Catholic parish {St John Fisher. Camboume), running youth activities 8Th1 Corbfirmalion classes, supporting First Hoty Communion preparation. rUnn￿g aduR groups aml retreat days being members ot Catholic church steering groups, running a variety ol social and ltlurg1c￿ activitses. leading and preparing ecumenical seNiees and eslaNishing k)cal ￿lIage group￿. Staff volunteer wilh the Cambridge Churches Homeless Project. Our Directoi of Christian knle and Head ol RelKJious EdLtcat>on is dso responsible lor communication with par6nls and students about liturgical and ￿aS1Onal soaal events the local parishes, e.g. the Ablaze group at St LaUren￿'S Church, arKI inilialives ol other church or ecumenical Chrislian groups in Cambridge, e.g. the Higher Cafftbridge Tour. The Director ot Christian Life. t(NJether *ilh a thal Reltgi¢)us Sister and academic slalf. were planning and convening a studylrelreal day for local parishes and institutsons. led by ￿ key academtc speakers. considering Pop2 Francis. teaching on the issue of the enmronmeni. from the document Laudato Si. Unfortunately, the event was postponed initially because a key speaker Was indis[￿d and later as the resuh ol the pandomic. The event will be reorganised when CircuFnStar￿es make thi8 fvy)ssible. Communtty Senrtce Each yew the slafl and studerts of St Marls undertake a Large number of events wh￿h raise funds for local, national and international charihes. These events are very well SUPPK)rted by stall and slLKJents and are a practical representation ol the schod's elhos lo hek> others. (Xjr community is often inlomied or inspired lo wort( th charitable projects or foundations through the alumnae return lo present school assemblies or Sixth Form sessions about thè volunteer work they have undertaken. The sponsored Fun Run and Lourdes Fundraising Fortnight aTe key events amor¥Jst a vrt)￿e host of other fundraising actwities. from cake sales to non-uniloim days, which lake place regularty Ihrough(Mrt the year. hunger lunches each academic year raise money Specific￿lY lor CAFOD. The fundr&sing schedule in 202012021 was drastical￿ curtaited by school closures during Iwo bckdowns and restrictions and precauttons regarding mixing grwps and social distanciw. The Furb Run and other annual lixttjres in the calendar had to be can￿lled. Nevertheless. hwth each year group hokjing a momiNJ fundraising faÉr in June 2020 and olhef events prior to th8 lockdown, £1945 was raised. Funds were allocated io CAFOD, Congregation of Jesus Zimbabwe (building the new Mary Ward Secondary Schi)ol in Mtxzol, Save the Chikjren. Cambridge Women's Aid. The recipient charities are chosen by the Sixth Form Charity Prelects and with input from sttjdents from aeross the school. ovèrseen by the Dire￿Or of Christian Life. Each year group is assigned a month lor hatf lerml of Ihe academic yeai in which the students donate food to the local Io(KJ bank. Other charitable outreach beyond fundraising in 2020121 included a laige Christmas cotlection of toys, clothes and other grfis to suptx)rt the Cambridge Salvation Army appeal lor wlnerable chihyren and lamli ies in need in the Cambridg8 area. Eath year Sixth Fomi sludents, alumnae a￿j staff accompany the Call)olic AsS￿Eation'S pilgrimage to Lourdes, Page 13 ST MARYS SCHOOL CAMBRIDGE {A Company Llmlted by Guarantee) GOVERNORS. REPORT (CoTr￿1NLlED) FOR THE YEAR ENDED 31 AUGUST 2021 woiriding assistan￿ lo others. acting as musicians lo Ihe group or as supporteTS ol the Glantiekl Children's Group. This gTOUP is usualty susyirted financially by the schoofs annual Lourdes Fundrwsing fortnight in March, during whKh all students and staff ol the Senior Schod raise funds I0￿drds the cost ol the sick children's holiday-pilgiimage. thje to schi)ol closures arKI CovMk19 restrictions, the fundraising events could not take place in March 2021 and the F￿anned pl￿rIMage in Ihe surnmer 012021 had to be cancelled lor a second year. 8eyond the school gates slaff and students are inv(4ved in many fundraising and volunteering activilles. Members of staff and students have volunteered and gwen their lime lo diverse causes, induding the Cambridge Churches Homele&8 Proiect. the Library at Home Servic£, th8 Gambridgeshire Search and Rescue Team, the Sick Children's Trust at Addenbrooke's HospitaL and the CriL* InstitLrte in London. Students and slaff have also raised money, indLtding through SF¥xhng events, for organisab.ons including Shepr8th Wildlife Paik and the Cambs Youth Panel. hAeanwhile slaff al Si Ma￿S School conlrlbule sKJnificantly to the wider communty, acting as Governors at local slate schools and as an Academy Council Member al a local Mliage college. In addition, the Headmistress ol St Mary's, Cambridge is a member of the goveming body of St Bede's, a ￿￿al inler-taith secondary school in caMbr￿ge. Students, and in partEcular boarders, have also I￿lIt up strong communtty sèmce links, in particular wlth Gancer Research UK, providing many donations and a&sistiry ￿1th management of the local charity shop. St hharfs students continue lo activety parb"cipate in the Duk8 01 Edinlxjrgh's Award Scheme vitth over 200 sludenls involved al Bronze. Silver and GO￿ levels. Voluntary seryice lomis an important part of the scheme and so our students have spent over 2,{￿0 hours VOiEnteeri￿ on a regular basis al many I￿al organisalions. including.. Addenbrooke's Hospttal. church cafés. Arthur Rank Ho¥4ce. WdriOUS nursing homes and local Scouting and Guiding communities. Other sttKJents SUPFMJrt the etdety, worf( iMth disabled chiklren. Coach a range ol activilies from rovmng lo tennFS an(J from dance to junior goll, and help at animal rescue ￿ntres. youth clubs, nursery s¢hools and Sunday SchcKJts. knnks have aLso been fonned between the boarding accommc#Jation, Mary Ward House. and the residents of the a￿acent almshouses. although any planned vists were curtailed by the pandem￿. Envlronment Prinling/photocopying Followng Ihe closure of the schc4Jl in March. winlinty ￿t(ry)￿ng largdy ceased wthin the school, allowing for a rea&sessmenl ol fuiure resources. As a result, the number of printers across Ihe school sile was significantly reduced, wth the asm ot loweiing the school's reliance on pyr and printer suwlies in ftjlure years. To assist in this process. in the summer leTrn, the Finance learn SUcc￿lU1￿ moved to a papertass billing system. wilh parents receivir¥J their ￿h0o1 invoices by email onty. Food Recycling FO¢￿ recycling has now been rolled attoss all school sites and has resulled in no food waste being sent lo landfill. The nexl stage is Io w8igh fc#yY waste bags daity lo track how much is waste is being prcLluced and identify any possitrje trends or reasons lor this. Due to the Covid-19 Pandemic. the prow$￿n ol lunchlime meaks has moveLI from a seif-service Ixjffet to being seNed by the Catering Team. Being able lo manage porbon control has r&luced ihe level ol food waste. Transport Bicycle road asweness and tr&ning courses c(Mitinu8 lo b& on ann￿￿ basts. These holp to leach our slud8nls the value of road safety and increases Conf￿￿er￿ in load cyding, resulttng in a larg8 number ol students choosing cycling to school as theli main mode of transp(wt. In September 2021, another minilxjs swc4 was roU&J OUL This semce ryjw transports S￿dents between school and Saffron Walden. Page 14 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guarantee) GOVERNORS. REPORT {COKnNUEDI FOR THE YEAR ENDED 31 AUGUST 2021 The Operations Manager is coftsulling a cafkx)n reduction wmparby lo inslall el8clric Vehic￿ charging points auoss the school's buildings Of? Senior School, Juni￿ School and Mary Ward House siles. The longer-term strategy for school vehicles to pr¢￿re ekctric minibuses at the point ol replacement and when eleclric minitwses become more avaitable. The ￿latIonS Manager i8 currenuy in negotiation Mith the Greater CambrKlge Partnership to develop a 'park and stridè, area for sludenls ID use when walknng the last 5-10 minutes into sc*ool. This would enable parents lo drop their children off belore reaching the crty centre al￿ have them salefy eseA)rted by fool for the last seclK)n of the journey. This should further reduce the number ol cais needing lo travel into the already congested city centre. Other initiatives The Operations Manager is consuliing wlh a carts)n reduction company to see what other opportunities the¥e are lo introduce more carkxjn reducing measures, such as sO￿r paneL8, healing, lighting and utilities. Junior School Eco-council Now in its sixth year, the Junior SchorA Eco-C(KJncal continued to fknJrish. The Eco-council gave an assembly about National Tree Week arKI planted trees sent by The Woodland Trust lo planl. The Eco Council had great lun working together preparing flower b&ls in the Junior School gardens alongside the school gardeners. Sanlor School Envlronment Actlon Group Despite the dtmiculty of being able to meet across the seJM)ol year groups due lo Covid and year group bubbles, we had a very actwe group rnade up mainly ol Year 11s and some students who joÉned digttally via Teams. Our meelings were hejd every week, including through(xrt Eockdown via Teams Meetings. Through the year the Erwironmental Action Group IEAGI has undertaken the lollowng inttiatwes: Organized a'Design a Logo. competition ￿th the winnerfs enty representing the EAG Created a'12 Days ol Eco Christmas, resou1￿ encouraging students and staff to b8 more enwronmenlally aw*e over the Christmas peri￿ by goÈng about 12 Christmas traditions in an eco-lriendly way. Led a Sixth Form assemb￿ about the impact of lOCkdth￿ on the enwronment Colla￿rated v4ith the Intemalional Committee lo create a series of acliwties for th8 students to take part in ovei the ham-leim holiday which embraced eco-issues ar¢)und the Y￿r1d Worked wth the school nurses to create an inlonnation (fisplay board in the medical cèrtre aboul athemative eco-lriendly period prixlucts. Also arran￿ for a speaker from Gra￿ & Green to speak to the students about the dstferenl L*neffts of using ec1>fri￿K1ty perui products. Sent out regular short newsletters (Weekty Ways lo Eco Engage) vrilh d&fferent sugg8Stions each week for how students and staff can live more sustsinabilty Communlty Access Sl Mary's is also keen to supw1 local cDmmunty actMbe5. from lending our parklng facilÉties lo the Botanic Gardens in order lo larylttale Iheir events. to opening up the JLÈnior and Senioi SclK)ol buildings lor the local residents. associalion meetings. Members ol the local residents. association and local nursery schools are inwled to all JL¢nior School events. The Junior School also allows the Joint Colleges Nursery to use its woods for their outdooT leaming programme. thJr boarding community on ￿T￿klandS Av8nue also mainlain close links wth the residents ol the ne￿hboufing Floyal Albert Hom&8 almshouses. Future Plans St Marls is committed lo Mainta￿l￿g the current hvJh standarijs of academic achievemenl. and lo provide our pupils wilh the ￿rIng and supwrtNe enwronrn￿tt vthith makes it possible for JI PUFyls to reach their lull polenlial. The school will continue regularty lo review the Cum￿J1U￿. exfta-cUrricu￿r actiwlies and pasloral support provkled. Page 15 ST MARYS SCHOOL CAMBRIDGE {A Company Umlted by Guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 The Govemors undertake annLHI revie￿ of the threats and opp)rtunities the school faces, %thich are assessed arKI prio¥ilised lor achon to be taken. Having suspended Ihe significant Eslales Masterplan wojecl during the global pandemic, the reiurn to Surplus recorded in these accounts now allows the project to resume and il is intended that a subslanDal start on delwering those woj8cls lor whith we have planning apwoval will begin in the comiro year. The current Maslerplan worfes lo complement classroom learning and increasing the use ol dKJilal iextb(M)ks. In addition. we will look into how best lo use Virtual Re81tyl Au￿ethed Realty, vAlh Ihe aim ol becomiNJ a hxat leader in this are& We will continue lo deveknp our role as an HPL 5ch(vJl. This will involve looking into areas such as Behaviour, Rewa¥ds 8 Sanctions, Tracking & Monitoring 8NI Setting. ba￿Trg any changes on research-based, ewden¢e-led best practice. In addition. we wll (x)ntinue to host wsits from state and independent sch¢x)Is wishing lo uThderstand more atx)ul the a(fvantages ol HPL. In 2021122, the Governors wll continue lo kM)k into poten1￿ intemattonal development opportunities. In 2020121 this work Wds paused due to the global pandemtc and the cjosure of boarders auoss many regFons of the woihj. One possible k)¢alion ol inleresl has been Kienlilied arKI the school WIH carry oul further due diligence checks arKI gain a deeper understancbng of the WKJns that are avadable. The conlributiorLS made by the school lo bcal, natwal and international (x)mmunities, ex18mal charity fundraising and Ixjrsary promsion, are cor￿tty ￿r￿er rewew a¥MJ the Governors conlinLEe lo support and encourage such inilÉaliv8s. We will contmue to wekome from Ihe Royal National Childien's SpringBoard Foundation into our boarding houses and wll continue lo investigate. participate and conirthie lo Schomes￿Ork wth partner agenues thal assksl in plaung disthanlaged or vulnerable chiklren in independent education. The Govemors continue to be committed to mainlainir#J excellgnt pupil.. teacher ratios and to continue the prograrnme ol professional developmenl f(w all slaff. The school invites periodic external reviews by peer schools. teachers altend a wde range ol prolessK)nal develownent courses and enjoy a programme ol INSET includes presentations Irom visrting spe2keis. Support Staff provide essential seNces and assistance is provideé to help attain exlomal qualrficalions auoss various job roEes. Pag8 16 ST MARYS SCHOOL CAMBRIDGE {A Company Llmlted by Guarantee) GOVERNORS. REPORT (COP￿INUED) FOR THE YEAR ENDED 31 AUGUST 2021 Financial Reviewl Results for Ihe Year Flnanclel results The total Incomi￿ resources in 2021 w*re £11,190,320 compared lo £10,¥J2,214 in 2020. Net incoming resources before tianslers in 2021 were £1,226.852 compared to1£369.5261 in 2020. Resulis for bolh years have been slgnrfica￿ty impactwj by COVID 19. Full year results for 2021 were originally forecast, wlh a lot ol uncertainty arou1￿ fees and staffing. to a k)ss of £1119,3051. Fees were nol so signilicanlly impacted as originalty anlicipaled, slalF cover requiiements were lower than expected, and togethei with very etfective and well managed expendf(ure control the final resu￿ was a sUr￿￿uS of £1.226.852. The School's finanryal response lo the pandern￿ was prompt, priFactive and effective from the outset in March 2020 and has remained so Ihroughoul. A su￿Committee of the Full Goveming Board was established in MaTch 2020 and continues to meet both regularty and as necessary in order lo consKler and make th8 necessary decisions required. The finawal response in 2021 to COVID 19 has been lo: Ltmil lee discounts to Boarding School Fees whilst Boarders cannot altend in person Prowd8 SUFP)rt to families who were eX￿n￿lftg financial hardship as a resuli ol COVID 79 Gap all non-essential spending Furlough staff. during the closure ol all schools in Spring 2021 and make the re￿vant claims for support under the Govemment's Coronawrus Job Relenlion Scheme Relain capital projects on hokl Work closely wlh our Bankers to ensure that long temi support is in rAace. The Balan￿ Sheel. net assets of the Gmup have increased in 2021 10 £16.739,563 from £15.512.711 after a fall from £15,882,237 in 2019 10 £15,512,711 in 2020. Fixed assets Consist ol the Freehokl Propety at 47 Bateman Street, Mary Ward House in Brooklands Avenue loui new boaiijing house lormerly The Hope Nursing Homel, the main Se￿01 buildings. the Leasehold Property at 6 ChaU￿r Road. as well as School fumilur8, equipm8 and fftotor vehicles. Developments and malntenance As the nexl phase of the o￿lIa1 Sirategy, Senior SCI￿1 teacher Pcs were re￿aCed by new personal laptops- allowing the staff lo more seamlessty move belwaen classrooms and to apply stale ol the art 2-Fa¢lor authentication processes. thus ensuring data protection and ets security is enhanced across the board. The roll-out of touch screen display equitmnent has continued across all school buiklings, and one-lo-one puiil devKes are now moving down into the Junsor School. Whilst substantial Maslerplan w¢Jfks have been on hokl during the pandemic. the easing of restrictions coupled wtth a return lo the generation ol surplus means that ¥A)rks arè now in Iha process ol being reschedLtled. The goal wll be lo transform facilities on the Bateman Street sile. During thts accounting year. however. development has not st¢)od slill - Pfe-SclM)ol lacilrties have been created at Ihe Junior School, the STEM buikling is well Under￿aY and, at the Senior &hool. Technolcw and Textiles dassrooms have been created, existing dassrooms continue to be refurbished in line wilh the ￿nned maintenance schedule armj outdoor leaming has Ixen enhanced through the wovision of the kitchen ganlen l allotment a￿1 benches. Reserves and financlal health The resarves ol the Gro￿ lots1 £16.739.563 12020.. £15.512.7111. which includes £20,965,444 12020.. £20,985,860) rewesenting expenditure on ITeehobJ arKI leasehold prrfjety less accumulated depreciation and amortisation. The scholarship fvnd £309,4&5 12020: £251,243) rewesents inveslmenls sel aside to produce income and capital growth lo provide ￿olarshIpS for students. The Investmenl of £450,000 made in 2020 represents the value ol the larKJ at Long Road thai lomis our contribution to the Joint Venture with Homerton College. Cambridge lo provtde firsl cLgss SFxJrling facilities for Ixsth enlilies. Page17 ST MARYS SCHOOL CAMBRIDGE (A Company L*mited by Guarantee) GOVERNORS. REpoirf (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Free reserves have improved by £1.029,741 in 2021 and are currentrrf in deficit by £5,756.960 12020.. £6,786.701} due to the School's irwestmenl in Eyoperty in recent years. The Ireehokd ol the Senior School in Bateman Street was PUTchased in 2014 and the freehold for Mary Ward House in 2016, furthe¥ investment being made lo these and olher properties to continue lo provide first class facilities within education and boarding. Property is held in the financial statements at cost and has nol been ievahjed. A recellt independent valuation confirmed propety values lo be signrficandy higher than origin81 cosi. The School's long-term aim is lo generate annual surplus to redu￿ the del￿[[. As a result ol the COVID 19 pandemic, the school was not able to reduce the deliul in 2020, Ixjt carefLJI Operat￿rtaI and linancial management has iesutted in a signrfic8nt improvement in 2021. The &*ool anticipates being able lo further reduce the de1￿1t in future years. Despite Free Reserves being in defictt. Cash ReseTves at the yeaT-erMJ were increased by £1.1 million lo £3.9 m511ion 12020: £2.8 million). and the School is atrAe to meet all lith'libes. The target level ol cash resetves r8q¢Jired is $ot al 4 months or 1 lemi's worth ol operating costs. equivdenl lo £3.4 million. The Management Team have awlied con&der8ble resource sirte the start ol the COVID 19 pandemic. tx)th lo manage the immediate linanaal impact and also lo prepare del￿￿ fore￿1$ lor lulure periods. The School continues lo remain v7gilant lo risks and finarKial iM[A￿allonS associated with COVID 19 in order to promde ieassuianc8 Wth respect lo future resittts and to be a￿e lo identify any triggers and associated timings that would need to be acted uwn. The Sch(￿1 is COnf￿t that rt ￿111 be able to Tespond promptly lo any futur8 events as they arise and considers that wth careful management, il wll continue lo be ab16 to taigel reserves al the level 011 term's operating costs. Investmenl pollcy and performance The Memorandum and Art￿￿S of Association govem the School's imiestmenl ￿lCy, vthich permits the app)intsnent ol a proper and compelenl inveslment manager lo act in accordance the investment policy laid down and monttored by the Govemors. The primary obÈethe lor the School's investment manager is to ensure k)ng term capttal growth for the portfolio. The funds ￿111 be managed lo ensure that there ar8 sufficient assets and an investment time horizon lar enough in the future to *tylhstand small lo medium losses w*thin the portfolio b&fore there is a detrimental elfecl on the Schoofs abltty to deliver against its day to d8y requiieEnents. The Trustees. priority is to grow the CaKMtal ahead ol inllalion over the long term. There was an increase in the valualion of the Charitys K4anaged Investment Fund in the year of £58,242 lollowing a reduction in the valuation in the prio¥ yew of £21,165. The closing valualion was £309,485 {£251,243 as 31st August 20201. Penslon Ela￿￿tY The Governors iecogntse the liabilty existing in The Pensions Trust Independent Schools Pension Scheme Defined Benefit Scheme INB please refer to Note 26 in the acci)unlsl. The Pension Liability has been reported sthin the aecounts in aecordance tmth accounting *#ndard FRS 17. To eWminat8 the funding shortfall, th8 Trustee has asked the pa1￿c￿lating 8mpkI￿rS lo pay athilional contrtbutions lo the scheme ￿tween September 2016 and August 2029. Where the scheme is in def￿rt and where the School has agreed lo a deticit funding arrangement. the School recognises a liabifity lor the Obl￿allOn. Access Policies Bursary Pollcy The GovemoTS wew our bursary awards as Imp￿ in hel)tng to ensLFre children from families who would otheNise not be able to afford the fees can acc￿ the education we otter. St IAarWs offers means tested Lwrsaries towards the cost of tuttion fees. The bursary awarth lange from 10% to 100 Yts remission ol l&es. Th8 scheme is deS￿ned lo assist parerrts or guardians on low incomes who may otherwse be unable to send, or continue lo send, their child lo the school. Applcaknons lor new entranl Iwrsalles coincide generalty with Ihe new admission decision times for the Juruor and Senior Schools. bursary aw)licalions from existir¥J parents facing Page 18 sr MAAVS SCHOOL CAMBRIDGE (A Company Limited by Guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 unexpected hardship can r￿cl1r al any stage. 8ursarbes are reviev￿d annualty. The availthllty ol bursaries is advertised wdely through hxal churches and church publications, via state school links and on our website. Buisary deosions are made by Ihe Bursary Commiitee, acling wthin policy guidance and financial budgets sel by the Board ol Goveynors. In assessirKJ means. v* lake a nUM￿r of factors into consideialion including family income. investments and savings and fami￿ uroJMstar￿g. for examrAe dependent relatives and the number ol siblings. However, our school has no en(k)wments or (xpilal resources from which lo draw bursary funding. so each year's funding is obtained solely from income generated. As a res)Jll. in funding our awards we ale careful lo ensure Iheie is a balance between fee-paytng parents. many of 7•thom make consideTable personal sacrifices to fund Ihelr childs ethjcation. and Ihose benefiting trom the awards. Scholwships Poli¢y 11 is St Mary's School p)liy. in line with th* of other lTrJeperKlent schools, to make scholarship awards on the basts ol an irwJivKlual sludent's educalionJ polential, and students benefit from a combination of both scholarship and bursary awards. Oui scholarships are awarded to recognise OLEtStanding academic. creative and sporting achievement and seNice to the wider c4)mmunrty. Scholarships attTact a on&off payThent of £5(￿)- dedl￿ed Ifom Ihe fee invwe immediately l01tov￿n9 the awwd. In the inleresls ol inclusNty, no student wll t* awarded more Ihan two scholarshSps wlh fee remission. atthotjgh aFvli¢ants may apply loi mole than two. Awards are usually v8lM4 lor (Year 7 and Sixth Form enlryl or live Iyear 9 entyl years. Scholarships can be purety honorary. wilh the lee remission donated by parents into our Bursary Fund to benefit students vtho wi)uid oth8ThVtse be unabte lo attord a I￿a¢e al the school. In addttion lo a lee reduction. scholars recewe SLtpport in their area of talent from a teacher. Scholars are expected lo acl as role models lo their peers and t￿tril￿j1e to WKler sca￿￿ frfe. fostsring a knve of leaming and commitmenl to seNce. Fundralslng During 2020r21 we engaged the services of a fvThtraising consultant on a mont￿l￿m0￿th basis, working close th the School's Development & Alumnae Rektions Manager. The work is at an Barly stage and is intended to raise the profile of strategie fundraising efforts in the coming yeaT5. Structure, Governance and Management Structure Sl Mary's School Cambridg8 Wds inc£srp)rat8d as a ￿MpanY ￿MIt8d by Guarantee in August 1984 under a Memorandum ol Association. which sets out rts obiects and F￿Wers, and is governed tjndef ils ArtÉcles of Association. both documenls as amended. li has registered as a chartty wlh the Charity Commission since October 1984. On 5th December 20￿. amendments lo Ihe Memorandum and Articles ot Association ol St Ma￿$ School Cambridge were agreed by the Guardians vthich. with immediate effecl, dissofved the Guardians and passed their powers ol governance lo the G0Vem￿S. All iatil¢ed Govemors are from this point also Members ol the Charity. The liability of the Members is limtied generally to a sum nol exceeding £1 as determined by the terms of the Memorandum ar￿ Artides ol P&ssoctalion ol St MarYs School Gamtwidge. The charity has three wholly owned subsidiary C￿mpanies. St Marls SchiM)l Ent8rw8s Limited, St Marls School Cambridge International knmited and St Mary's Junior Sehool Limited. The principal aCtI￿ty of Si Marfs School Ente￿nSeS Limiled is that of fund raisirvJ and trading activilies foT the benefit ot Ihe School. WhiFst not yet actwe, the principal actiwty ol St Marls School Cambridge Intemational Limiled wll be to lacilitale the efficient management of overseas workstreams the principal activity of Sl Ma￿S Junior School Limf(ed. Ihal ol edu￿tiOn, ceased on 14 April 2008 when the company transferred ils business 10 its parent chaiily, St MaWs Schod Cambridge. All subsid¢ary (Thlpanies have undertaken lo pass all their Pag8 19 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guarantee) GOVERNORS. REPORT (COP￿INUED? FOR THE YEAR ENDED 31 AUGUST 2021 taxable wolits lo Sl Ma￿$ sca￿01 Gambrty. urNJer Gift A￿. Governance Undor the terms of the amended MemoraTr￿m and ArttcFes ol Association, Govemors are apwinted by the existing Board of Governors in office at the time of appointment and are. conditional upon ratification by the Members at the nexi GovemoTS Meeting. lo servè lor a peri(xl of three years. All Governors whose appointment is raliffed by the Members must become Members. Stjbsequenl r&-appoinlments may extend seNce, but for nOmial￿ no more than nine years con5ecutivety, unless a I￿je1 appointm￿tt term is agreed for special reasons. Governor Recruitmont, Inducllon and Tralnlng The coMposit￿n ol the Goveming Body is given careful thought and planning. Members should be able to speak with knovAedge and experience on the whole range ol matters wh￿h come belo¥e them for decision. Accordingly, when a vacancy ks lo be filled. the Govemors determine rf any liekj ol experience or training is not rewesenled, or is under4epresentod, on the Board. To assist in this process. Ihe Governing Body conducts alms legUlar￿ reviews a skills audit, in line with octh Eyactice. Tho Gov8rnance Committee is generalty responsl)le lor tdwl1￿.ng new govemors the skills required. However, Ihis is also one of the colleclive responsibitilies of the Goveming Bo¥Jy and therefore a matter lo which all Governors give thought. In addition lo the primary ￿)nsideratIon of skills. the G0Veman￿ Commiltee ensures that. where possible. the Goveming Body is a dwerse group of men and women, whiL%l also taking into account eligibility, personal compelences and local availabÈlty- Polenlial Governors are inwled to meet the Chair ol Governors, other Governors nominated by members ol the Governance Committee as part of the ar4)Dintment process. Al these meetings, the obligations and responsibilities ol a Goveinor of Si are explained in to ensuio that potenti￿ Govemors have a C￿&T understanding of the duties and workload expected ol Ihem. Potenti￿ Govemors are briefed on their ￿gaI oNigalions under chartty and company law, the content ol the Memorandum and Articles of Associalion. the Govemors. ¢knsK)n-making processes and the recent tinancial performance of the School. Alter appointment. the induction pr￿ inchjdes introduction to the School's key personnel. discussion ol the areas of rgsponsibilities and Committees th8 new Govemoi w¢U be invf(ed lo join Itf arproprialel and a further lull lour ot the School. New Govemors are suthect to enhanced DBS Clear￿￿e checks, sign a dfjclaralion of eligilxlity as a new Iruslee, arKI COM￿ete a FQtential conlh'ct ol interest statement. New Governors aro encouraged to attend the AGBIS new Govemors. training course. All Governors throughout their teTms ol office are encouraged lo attend appropriate exi8mal training events. especially tIN)se run by AGBIS, where these will faulitale the undertaking of their role. Management Sl Marvs School Goverr￿TS. as Dtrectors arKI Members ot the Charity, are legaty resp)nsible lor the overall management and control ol the School and meet as a Board al least Ihiee limes a year. The Board is diwded into three main Committ88s (Goverwwe, Education aThJ Finaw & General Purpx)￿l and Iwo Su￿•MMitteeS (Buisary and Senior Staff Salaries), as lolbws.. the Governance Committee reviews School policies ai least annudly wlh the Heads ol both the Senior a￿1 Junior School, recommending new, amended or renewal ol poliues to the Goveming Board lor the School's governance and praclical operation. It also oversees matters of ethos. saleguarding and paslolal care. the Education Committee meets regularlylo consider matters relating to leachiry and leamlng. boardlng, the school's oJrricJJlum and and eX1ra-curr￿Iar acÈiwties the work of overseeing the financi￿ management of the school is carried out by the Finance and General PU￿OseS Cownmittee {F&GP) meets several weeks before each meeting of Ihe lull Goveming Board and on other occasions as the need arises. Page 20 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guaranlee) GOVERNORS. REPORT ICOKTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 the Bursary Sub-commitlee meets t411￿ a year lo consider and decide upon School bursaries Ithe Lxjrsary demand schedule determining the liming arKI frequency ol m981ings}. Uigenl appI￿atiOnS are deah wth by ematl aniy or addÈtional meetings as needed. performance ol the Headmistress arKJ Bursar is rewewed annually by thè Senior Staff Sdaries Sut Committee, wh￿h is chaired by the Chair ol Govemois. When delermining remunwation levels, Governors consrder txrth the indbv1du￿,S F￿rfOrManCe the AGBIS Survey of H8ads' and Bursars. Salaries and Benefits. In addilion, the Headmistress and Bursar are given period￿ eXt￿n81 ¥eMews as a matter ol best pracb¢e. The addition￿ short-term GomFnitlee vthich was created March 2020 VAth Ihe aFf*roval of the ftjll Goveming Body. the Com&19 Executive Committee, was disbanded al the end ol Spring 2021. had its term extended from August 2020. The committee was made up ol the Chair ol GovemoTS. WictrChaiT and Ghaii ol the Education Commtttees. Ils delegated authority was to provide immediate support lor the school's senior leaders and lo lake any urgent decisions whth tcHJhJ nol wail lo be addressed in the normal way. Umits were placed on ils remit. such thal= The day to day running ol the School is delegat&J by Govemors to the HeadTnistress, Ihe Head of Juniors and the Bursar, SUFV)rted by their Senior Leadersh￿) Teams. The Headmistress. Bursw and other senK)r staff are inv*ted to attend Govemors. meelings arbd meetirys ol Govèmor committees vthen apptopriate. Individual Governors have specific link xesponsibilities to areas wthin School 7*thich cover pupil academic and pastoral subjects, together vrith infrastructure areas such as finance and property and rey)rt any findings and recommendalK)ns to the Board. Page 21 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guarantee) GOVERNORS. REPORT {CONTINUED) FOR TrIE YEAR ENDED 31 AUGUST 2021 Risk Management The Governors are responsible for the management of the risks lac80 by the School. The Governors have established a framework lor the thnbliralÈon, assessmenl and control ol the major risks lo which the School is exposed, and they are assisted by the Leadership Team. The Governors have an ongoing risk manag8menl strategy, Ithich is given a very high priority, eomprLqing= Termly rewew ol the lop risks (yjrrenty faced by the School A full annual review of the risks the School might lace The eslablishmenl of systems and procedures to mttigale those risks idenlified The implemenlalion ol wocedures deswJned to minimise any polenlial impad should those risks materialise. The key controls used by the charity inclLKie: Formal agendas for Committee and Board meetings Detwled t8ms of reference for ￿1 commitlees Comp¥ehenswe strategic planning, lyjygetiw and management accounting vthh regular re4or8casting and annu￿ extemal linancial audit Established organisational structure lines of T4xKIi Foimal witten policies Clear aLrthorisalion approval levels Vetting prrKedures as required by law lor the proteclion ol the vulrEeTable Approprialo iraining lor Govemors ar¥J staff. Through the risk management pr￿esseS estabfished by Ihe ScFwl, the Governors are satisfied Ihal the major risks identified have been adequalely mitigated where necessary. The principal risks and uncertainties managed through the atr*)ve measures during the peri￿1 induded". Thè impact of Cowd-19 on the existing Sc￿)01 populatKsn leading lo closure on a temporary basis as part of the nationai lockdown strategy. The impacl ol the closure during the Swing Term was lo place reliance entirely on digital strategies lor the ddivery ol remote teachiry arKI leaming, the inability to accommodate overseas b)ardeTS lytho all ielumed to home countries) and the r&sullanl pressure from larnilies lor reduction in lee invoices. Risks lo the school included ioss of fee income as a resull of parent hardship and also due lo potential refusal to pay sn view ol the schLK)I closure. Mttsgation i￿l￿ded the agreed discounting ol the boarding element ol fee invoices for the lerm arKI negotiated payThent plans lor those families in difficutty- This secured customer kjyalty in temis of tKslh day and boarding stLKlenls, with Ex)th comrnunilies returning strongly on the formal ending of Ictkdown lin many instances. internation￿ tM)arders deterred Ihe*r return until August 2021. but paid lees lor the summer term On￿ the school had relu¥ned lo in-person deliveryl- Letings income was severety impacted by the lockdown, wilh all agreements cancelled, including the subslanlial Summer School contract. The impacts of Brexit. wth mitigation including contingency planning vAth key suwliers. The impact ol cybeT-CTime. with mitigation incltjding Ihe introduction ol Iwo-lactor authentication on staff dewces. external penetration testing, insurance, regular staff training. Teview and lesling of appropriale Sof￿are installations. The risks ol failure to cofflp￿ vthh UKVI requirements. p3rD'oJlaty in the light of arnen￿￿ UKVI % tolerance. in resped of the Schod's boarding commLtnity, leading to the wilhdrawal of Ihe authority to sponsor sludenls from overseas were mitigal&Y by on-gotng staff tratning and awareness and thè ex18rnal support of specialisl immigrat¢on semces. The risk ol insufficient knng-lerm strategic planning and develcynenl, leading to year-on-year decline in sludenl numbers and asswiated fInar￿la1 detwioralion l insolvency was miligaled through regular strategic planning and ukxyales by Govern¢ys and Senior ExetsJLTve. In the period in question, this has included Ihe devdopment ol an Estates Mastewan to enhar￿ the matket offering and plans lor (fwersitication of illcome. Pag8 22 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 statement of Governor Responslbllltles The Govern￿9 (who are also the direclors ol Ihe Sthool lor the puws ot company lawl are responsible lor preparing the GoveffloTS' Report induding the Strategic Rep￿rt and the financial slalements in accordance wlh aFylicable law and United Kingdom Accwnting Standards {Unrted lfjngdom Generally Accepted Acttounling Praclicel. Company law requires the Govemors to prepare linawal statements for each financial year. Under company law the Gi)vernors musl not approve the financial slalements unless they are satisf￿d that they give a true and lair view ol the slate ol affairs of the GToup arml ihe School and of their incoming resources arKI application ol resources, including their income and expendFture. for Ihal In preparing these lillancial slalemenls, the Governors are required to= select suitable accounting policies and then aFfJly them consislenlly observe the methods and prTnciFAes of the Charities SORP IFRS 102) make judgments and a(￿unting estimates that are leaSonab￿ prudent state whether applicable UK Accounting Standards {FRS 1021 have been followed, subj￿1 to any material departures disclosed and explained in the financi￿ statements piepare the financia] statements on the going corKem basis unless il is inaF¢ryTiate to presume that the GTOUP will continue in kxjsiness. The Govemors are responsl)le for keeFMng adequate accourting re￿rdS that are sufficieth lo show and exrAain the Group and the School's transactions and discbse reasonable accuracy at any time the financial position ot the GTOUP and the School a￿j enable Ihem lo ensure that the finan￿al statemenls comply wlh the Companies Acl 2006. They are also responsR)te for safeguarding the assets of Ihe Group and the School and hence for taking reasonabke steps lor Ihe preventK>n delectson ol traud and other irr￿ul&ritIa$. Dlsclosure ot Informatlon to audiiors EaGh ol Ihe persons who aye Govomors at the time when this Govemors. Rerx)rt is approved ha8 confirmed that.. so far as that Govemor is awrdre, there És no relevant audit inf(ffmatM)n of wthiGh the charilable group's auditors are unaware. and that Governor has taken all Ihe steps that (xNJhl to have been taken as a Govemor in order to be aware of any relevant audit infomation a￿1 to estatrAish that Ihe chartlthe group's auditors are aware of Ihat information. Audltors The auditors. Peters Etworthy & MLM)Te. have iNlicated Ihwr wlb'rvJness to continue in olfice. The designated Govemors WFII propose a motton rearwinlir¥J the audÉtors at a meeting of the Governors. Awroved Ihe members ol the board of arvj svJned on their behalf by.. Governors on /s b. 1. 2021 Mr S Westley (Chair of Trustees) Page 23 sr MARYS SCHOOL CAMBRIDGE (A Company Limtted by Guarantee) INDEPENDEIU AuD￿ORs. REpO￿T TO THE MEUBERS OF ST MARYS SCHOOL CAMBRIDGE OPINION We have au(Med the finarrial statements of St Marfs School Cambridge (the barent charTtable cornpan￿ and ils subsidiaries Iihe 'gTOiJP? lor the year ended 31 August 2021 which comprise the Consolidated Stalemenl of Financial Activities, the Gonsolidated Balance Sheet, the School Balan￿ Sheet. Ihe Consolidated Statement ol Cash Flows and the related notes, induding a summary ol significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Slandard 102 Tho Financ¢￿ Reporting StatKlard aFWicable in the UK and Republic of Irelanrf (United Kingdom General￿ Accepted Accounting Praclicel. In our ￿l￿10n the financiai slalements= gnie a liue and tair view of the state of the Group's a￿1 of the parent charitable companls affairs as at 31 August 2￿21 and of the Group's incoming resour￿ and application of iesources, including ils income and expenditure for the yearthen ellded.. have been proper￿ prepared in accordance V*ith unit￿ lQngdom Generalty Accepted Accounling Practice" and have been prepared in accordance V￿1h ihe requirements ol th8 Companies Act 2006. BASIS FOR OPINION We cOndl￿ted our audll in accordance *ryih IntemationaF Standards on Auditing (UK) IISAS {UK)l arKI appIl￿ble law. Our resFxinsitM"lities under those standards are further described in the AuditOfS' responsibilities lor th8 audit ol the financial slalemenls section ol our r8POrt. We are indeperKfent of the Group in accordance wlh the ethical requirements that are relevant lo ¢yJr aLKlil ol the financial statements in Ihe United Kingdom, including the Financial Reporting Council's Elhtcal Standard. and we have lullilled our other ethical responsibiltties in accordance with these requiremenls. We beb'eve that the aLKif( evsdence we have obtained ig sufficient and appropriate lo provide a basis for our opintron. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slatements, we have concluded that the Govemors, use ol the going concern basts of accounting in the preparation of the linan(#al statements is apwrcyiate. Based on Ihe WO￿ we have performed. we have not idenlified any Materi￿ uncertainlies relaling to events or condit(ons that. Indnridually or collectivety, may casl slgnrf￿I doubt on the Group's or the parent charitable companls abilty to continue as a goir4J con￿rn for a period ol at ￿8$t twelve months from when the financial statements are aulhorised for isstje. Our responsibilities and the responsibiltbes of Ihe Governors wlh respect lo going concern are described in the relevant sectitsns ol this report. Paoe 24 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlled by Guarnniee) INDEPENDEtr¥f AuD￿ORs. REPORT TO THE MEMBERS OF ST MARYS SCHOOL CAMBRIDGE (CONTINUED) OTHER INFORMATION The olhei information comprises the information irthd8d in the Annud ReF￿rt other than the financial statements and our Auditors. Report thereon. The Govemors are responsible for the other information contained within the Annual Rewrt. Our otlnion on the financtal statements does not cover the olhw information anit, except lo the 8xlenl othe￿iSe explicitly slated in our report. we do nol express any fom of assurance Gonclusion Iheieon. (hjr responsibility is to read the other inlormatw aThY, in doing so, consider whelher the other information is materially inconsistent the linanc4al statements or OUT knovAedge obtained in the course of the audit, or otherwse appears lo b8 materialty MISSL￿ed. tf we idenlify such material inconsistancies or apparent material misstatements, we are requir￿ to deleimine whether Ihis gN&s rise lo a material mis￿21eMenI in the financial ststements themselves. If, bas￿1 on the work we have pertomied, we conclude that there is a material misstatement ol this other intormalion, we are required lo rewrt that lacL We have nothing to report in this regard. optNION ON OTHER mA￿ERs PRESCRIBED BY THE COIAPANIES ACT 2￿6 In our opinion, based on the work undertaken in Ihe course of the audit: the inloimalion given in the Govemors, Reiy)rt lor th8 financi81 year for whtch the finanryal statements are prepared is consislent wth the financial slalements. the Govemors. Report has been prepared in accordance *tyth a￿lIcable ￿al Tequirements. IAAThERS ON WHICH WE ARE REQUIRED TO REpoKf BY EXCEPTION In the light of our knowledge and understan(fing of Ihe charitable company and its envrronmenl obtained in the course ol the aLKItt. we have nol KIentif￿d mat￿la[ misstatements in the GovemoTS' Report including the Strategic Report. We have nothing to re￿rt in respect ol the lokniryng matters in relation to vthich CoFFbpanies Acl 2006 requires us lo report to you il. in our OPMnion-. the parent cha¥itable Company has not kept adequate and sufficient accounting records. or returns adequate for OUT audit have not been received from branches not Vi8tLed by us.. or the parent CharItab￿ company finaniid statements are nol in agreement vAih the accounting records and returns., or certain disck)sures ol Govemors. remuneration speci￿￿ by Law are not made,. or we have not recekved all the Énfomiation ar¥J eWanatH)ns we require for our audit; or the Goveinors were not entitled to prepare the financial slatemenls in accordance wlh thè small companies regTrme and take advarrtage of the Sm￿1 companies. exemptions in preparing the Governors. Report and from the requirement to prepare a Stratwc Rewrt Page 25 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlled by Guarantee) INDEPENDENT AuD￿oRs. REPORT TO THE MEMBERS OF ST MARY'S SCHOOL CAkqBRIDGE (CONTINUED) RESPONSIBILfflES OF GOVERNORS As expLained more lully in the Govern￿. Aespornwbifrties Statemenl. the Govemors {who are also the directors of the charitable company for Ihe purposes of company law) are reswnsible for the weparation ol the financial slalements and lor being salÈslied that they give a InJe and fair view. and for such inlemal control as the Governors determine is necessary lo enab￿ the weparalion of tinancial statements that are ffee from malerial misstatement. whethei (bJe to fraud or erTDr. In weparFng the financial slalements, the Governors are resp)nsible for assessing ihe Group's and the paient charitable companys abilty lo Contin￿ as a going concern. disclosing, as applI￿ble, matters relaled to going concern and using the going concem basss of accounting unless the Governors either intend to liquidale the Group or the parent charitable company OT lo cease operaiions, or have no realistic altemative but io do so. Pag8 26 ST MARY'S SCHOOL CAMBRIOGE IA Company Llmlted by Guarantee) INDEPENDENT AUWORS. REPORT TO THE MEMBERS OF ST MARY'S SCHOOL CAMBRIDGE IcoKriNUED) AUDrroRS' RESI>ONSIBILrriES FOR THE AUDrr OF ThE FINANCIAL sfATEUETrirs Our ofy'ectivfjs are lo oblwn reasonthe assurance atKKrt vthelher the financi￿ statements as a whole are free from material misstatement, whether due lo fraud or error, arKI to isstse an Auditors. Report that includes our opinion. Reasonthe assuTan(* is a high level of assurance, kxrt i8 not a guarantee thai an audil conducted in accordance ￿ ISAS {UKI will aKvays detect a materia] mi&statement vthen Èl exists. Misslatemenls can arise from fraud or error and are cnnstdered material rf, indmdualty or in the aggregate. they could reasonably bts expected to influence the economic deusions ol users taken on the basis of these financial statements. Irregularilies. induding fraud. are instances of non-(X)m￿lance wtlh laws al￿ regulations. We desMJn procedures in line urilh our responsibilifies. outlined above, lo delect material misslalemenls in respect of irregularities, including IraLKI. The exlenl to vh]ich OUT procedures are i*pable of detecting irregularitFes, including fraud is detailed below. the engagemenl partner ensured that the ervJagement team collectwely had Ihe apwopriale ¢omp8t6nce, capabilities and skills lo idenlrfy or recognise non-compliance apFlicable laws and regulations. we identified which laws and regulations were sKJnificant in the contexl ol the charity. The Laws and regulakn.ons we considered in this context were Chartties Act 2011. Companies Act 2006 and taxation legislation. We assessed required comp&ance these Lqv*E and regulations as part ol our audsl procedures on the relatod financial statement items; In addition, we considered prom5￿￿$ ol other laws aMI regulations that do not have a dlrecl effect, on the financial statements tyjt Complian￿ wth which might be fundamen￿ to thè charitls and the group's ability to operate OT lo avoid material penaty.. identified laws and regulations wer8 communicated wlhin the audit team regularty a￿1 the team remaned alert lo InStar￿ of non-coMp￿an¢8 throughout th& audit., we focused on specific laws and regiJLqtions which we ￿nSidered may have a direct material elfect on the financial slalements or the operations ol the ￿Mpany. I￿￿jding the Companies Act 2006, laxation legislation and data protection, an11-brit￿, emtAoymenl and independenl schools legislation,. we obtained an understanding of the legal arKi regulatory framewoth apylicable to the entity ar￿ how the charity and gTOUP are comFAying with that Iramewoik.. we oblain￿l an understanding of Ihe entitys policies and pr(￿edUreS on cnmViance ￿th laws and reguLAlions, induding docurnenlation of any inslances of non-comF4iance' we identified which laws and regulations wwe sWJntr￿t in the conlexl ol the entity. we a&4essed the extenl of eomp4ianee ￿ryth the Lqws and regutations identified above ihrough making enquiries ol managernent and inspecting cO￿espOndenCe,. and id8nlilied laws and iegulalions were communicated vilhin the al￿11 team regularty and the team remained aEert to instances of rnn.compEiance thrwghoui audil. We assessed the suscept'bilty of the charivs and gr￿p.S finan￿al statements lo material misslalement. induding obtaining an understanding of how fraud mbght occur. by.. making enquiries of management as to i•th8re they considered there was susceplibllity lo fraud, their knowledge ol actual, suspected and alleged IraL¢d', aThY urtderstsrvjing the design of the charit￿S reMun￿a￿On pO￿leS. To address the risk ol fraud through managem8nl btas and Oven1￿ ol conlroLs, we: iested a sample of joumal entries to Klentify unusual transactions: assessed whether jU(Jgemenls arid assumptions made in determining Ihe acKoLtnting eslimales sel out in note 3 were indicative ol polenLiJ lyas- we oblained an understanding ol the entii*s risk assessment wocess. including the risk of ITaiJd. we assessed the suseewibility ol the entivs sktements to material misstatement. including how Page 27 ST MARWS SCHOOL CAMBRIDGE {A Company Umlled by Guarantee) INDEPEND￿ Au0￿oRs. REPORT TO THE MEMBERS OF ST MARYS ￿loOL CAMBRIDGE ICOPMNUED) Iraud might octsJr- perfomied audtt work over the risk of management override ol C¢*￿￿S, inclu(fing tèsting a sample of journal entries and other adjuslments for appropriateness. evalualing Ihe I￿SinesS rationale of significant transactions outs*dg th8 normal Course of tMLsiness and reviwiTrJ accounting eslimales f¢x btas. In response to ihe risk ol irregularities arKI non-compliance *ith laws and regulations. we designed procedures which inclLEded, txjl were rtot limited to". agreeing financtal ststement disclosures to undedying supwtng dosumentation: reading Ihe minutes of meetings of those charged with govemance: enquiring ol management as to aclual and wtential li￿gation and claims., we r&wewed minutes ol meelÈngs ol those charged with govwnance. Because of the inheienl limitations ol an audit, theie is a risk that we VAII not detect all irregularities. including those leading to a material misstaternent in the financial slatefflents or norFcompliance wlh regulation. This risk increases the more Ihat Complian￿ with a law or regulation is removed Irom Ihe events and Iransaclions rellected in the linanual slalements. as we will be less likety to become aware ol inslanc8s of non-compliance. The rlsk k8 aLso greater regarding irregularities ¢xcu¥riro due lo fraud rather than error. ag fraud involves inlentional concedmert Iorgery. col￿s1on. omissron or MFSrerKesentatK￿. A lurther desuiplion of our responsibil￿eS for the audit of Iha firtancial sta18ments is that8d on the Financial Reporting Council's website at: w￿.11C.0[ .uklaLbdÉtorsres Jilths. This description lom7s part of (yjr AudÉtors' Rep(Ht. USE OF OUR REPORT This retth is made solely to the charitsNe CoMpan￿S members, as a tM)dy, in accordance with Chapler 3 ot Part 16 01 the Companies Act 2006. ()Jr audit worf( has been undertaken so that we might state lo the charitable rnpan￿S members those fflatters we are requir￿1 to slate to them in an AudrtOTS' Report and lor no other puryJ)se. To the fullest extenl ￿rMitted by law. we do not accept or assume responsibility to anyone other than the charÈlable company and its members, as a b(*Yy, for our audit wo￿, for this report, or lor the opinions we have fonned. Jayne Rowe (Senlor Stslutory Audllor) lor and on beh￿1 of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Slalion Road Cambridge CB1 2LA Date-. 22 De¢ember 2021 Page 28 ST MARVS SCHOOL CAMBRIDGE (A Company Llmiled by Guarantee) CONSOLIDATED STATEME￿ OF FINANCIAL Ac￿v￿lEs (INCORPORATING INCOME AND EXpEND￿URE ACCOUPtr) FOR THE YEAR ENDED 31 AUGUST 2021 Total lunds 2021 Total funds 2020 fvnds 2021 funds 2021 INCOME FROM. Donations and legaaes Charitable ac1w[t￿$ Other trading acbiribes Investments Other ir￿e 59,533 lo￿00.156 104,523 10,9(K1,156 4.894 33.083 9.848,277 3,254 25.350 322.250 175,153 175,153 TOTAL INCOME 11,139.747 11,190J20 10.232,214 EXPENDrruRE ON: Raising funds Charitable activities 119￿ra 909&614 119,5YJ *896,614 94.551 10.478.234 10 TOTAL EXPENDITURE 10016,137 10.016.137 10,572,785 NET INCOMEI{EXPENDITURE) BEFORE GAINSIILOSSES) ON INVESTMENTS Net gainsllk>ssesl on investments 1,123,610 $0,573 52,669 1,174,183 52,669 1340,571} {28,955} NEf INCOME fransfers between l¥JtvJs 1,123,610 10,IM) 103.242 (10.000) 1,226,852 {369,5261 21 PAOVEMENT IN FUNDS 1,133,610 93.242 1,226￿52 1369,526} RECONCILIATION OF FUNDS: Total funds brought foThYaYd Net movement in funds 14.791,468 1,133,610 721243 93,242 1S512,711 1.226,852 15,882.237 {369,5261 TOTAL FUNDS CARRIED FORWARD 14925.078 814,485 16.739,563 15,512,711 The Consolldated Statement of Financial Activities includes all gains and losses rec(yJnised in the year. The notes on pag8s &5 10 61 form part of these f￿￿￿al ststements. Page 29 ST IAARYS SCHOOL CAMBRIDGE (A Company Limited by Guarantee) REGISTERED NUMBER: 01840431 CONSOLIDATED BALANCE SHEEr S AT 31 AUGUST 2021 2021 2020 FIXED ASSETS Tanglble assets Inveslmenls ial inveslments 13 21fft4,929 21.615,937 251,243 450,000 14 15 450.000 21391,414 22,317,180 CURRENT ASSErs st￿ks Deblois Cash at bank and in hand 16 17 535 324.231 2.821.085 &91 4J&078 3.145.851 Creditors.. amounts falling the %wlhin one 18 (4.024,900) 13,650,875} NET CURRE￿ ASSEfs i UABIUTES TOTAL ASSETS LESS CURRENT LIABILrriES 32&178 1505.0241 22,7W92 21,812,156 Creditors-. amounts falling due after more Ihan one year Prowsions lor Wilities 19 {4741,029) {242,INKI) (6,032,445) 1267,0001 TOTAL NET ASS￿$ 16.739.563 15,512,711 CHARITY FUNDS Restricted funds 21 814,485 15.925.078 721,243 14,791,468 Unrestricted lun(L8 21 TOTAL FUNDS 16,739￿63 15,512,711 Page 30 ST MARY'S SCHLVJL CAMBRIDGE (A Company Llmlted by Guarantee) REGISTERED NUIABER: 01841H31 CONSOLIDATED BALANCE SHEET (coKfiNUEDI AS AT 31 AUGUST 2021 The Governors acknowledge their responsiimlities for com1￿1ng the requirem8nts ot the Acl with respect trj accoLEnling records and preparation ol tinarrial statements. The financial slalemenls were a￿rOV￿1 and author[￿ for issue by Ihe Govemors arKI signed on their behalf by.. Mr S Westley Dale- /<3 L£.£/ Th8 noles on pages 35 to 61 forni part of Ih8sè finanaal slatements. Page 31 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by GuaTarrtee) REGISTERED NUIABER: 01840431 SCHOOL BALANCE SHE S AT 31 AUGUST 2021 2020 FIXED ASSErs Tangible assets Investments Social investments 13 14 21,634.929 309,487 450,000 21,615,937 251,245 450.000 15 22￿9<416 22.317,182 CURRENT ASSErs Debtors Cash at bank and in hand 17 304,203 2,821.085 3.916A59 4,320,202 3,125.288 Credhors.. amounts talling due vhthin one year 18 (4m7.717) (3.647.529) NEf CUPRENf ASs￿s I LIABILItES TOTAL ASSETS LESS CURRETrir UABILrriES 312,485 1522.2411 22.706.901 21,794.941 Creditors= amounts lalling due after more than one year Provisions loi liabilities 19 {5,741,029) (242,IXIOI 16,032,445) 1267,0001 TOTAL NET ASSETS 16,T23,872 15,495,496 CHARITY FUNDS Restricted funds Unrestricted funds 21 21 816.762 1S907,110 721,243 14.774.253 TOTAL FUNDS 16.723.872 15,495,496 Page 32 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guarantee) REGISTERED NUMBER: 01840431 SCHOOL BALANCE SHEET (COPtriNUED) AS AT 31 AUGUST 2021 The School's net movement in funts for the yEar was £1.22&376 {2020- q368.320)). The Governors acknowledge their reswnsibifthes lor compl￿ng the requirements ol the Act with respect lo accounting records and prePara￿n ol finarbwl slalemenls. Th8 linancial statements were approved and authortsed f(￿ issue by the Govemors and signed on thelr beha by= Mr S Wesiky Dale.. •-¢ The notes on pages 35 to 61 loThn part ol these financial slatements. Page 33 ST MARYS SCHOOL CAMBRIDGE {A Company Llmlted by Guarantee) CONSOLIDATED STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note CASH FLOWS FROM OPERATING ACTivrriES Nel cash used in operating actNitses 23 1,763,976 CASH FLOWS FROAI INVESTING ACTlVtnES DivKlends. interests and rents Irom trwestments Pu¥chase ot tangible fixed assets ProCe￿S from sale ol investments Purchase ol investments Movement in cash hekj at investors 25,350 (369,305) {241,0231 60.906 16,765 (68,102) 122,7411 1,623 11.8141 NET CASH USED IN INVESTING ACTIVfflES {369.305) (223863) CASH FLOWS FROM FINANCING ACTIVITIES RepayTnents of trx)rrowing {298,761) 1191,958) NET CASH USED IN HNANCING ACTivmES {298,761) {191,958) CHANGE IN CASH AND CASH EQuIVALEP￿s IN THE YEAR 1,095,910 {415,3661 3.216.693 Cash and cash equivalents al the ￿InnIng of the year 2,801.325 CASH AND CASH EQiIIVALEKfs AT THE END OF THE YEAR 24 3097,235 2,801,325 The notes on pages 35 10 61 fomi part of these linawal statemw Page 34 ST MARY'S SCHOOL CAMBRIDGE (A Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 GENERAL INFORMATION The Sthool is a company Imited by guarantee. inCOryK)raled in England arKI Wal8s. The members ot the Company are the Governors named on page 1. In the event ol the School being wound up. the liabilty In respect ol the guarantee is limited to £1 member of the School. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATK)N OF FINANCIAL STATEMENTS The fIna￿lat staiements have been prepated in accordance with ihe Chartties SORP IFRS 1021- Accounting and Reporting by Chariltes: Stslemenl of Recommendgd Practice applicable to charities weparing their accounts in accordance ￿ the Finanual Rep)rting Standaid applicable in the UK arKI Reput4ic of Ireland IFRS 102)15ecoNJ edition - Octi)ber 20191, the Financial Reporting Standard applicable in the UK and ReWbI￿ ol IreLqrMI (FRS 102) and the Companie5 Act 2006. St Matys School CaMtr￿ge meets tho d8linitton of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical u)st or transaclion value unless olhemtse slated in the relevant accounting potw. Th& Consolidaled Stalemenl ol Finanud Acbwtses {SOFA) and ConsolKlaled Balance Sheet consolidate the financial slatements ol the Group and ils subsidtary undertakings. The results ol the subsidiaries are consdidated on a line by line basis. The Group has taken athanlage ol the exemplion albwed undw section 408 01 the Companies Acl 21%J6 and has not present&J ils own Statement ol Financial Actiw1￿ in these finanual statements. 2.2 GOING CONCERN The impact of the gbbd heallh crisis caused by COVID-19 has been assessed and the trustees have concI￿led that ihe going concem basis remains aFwpriate in preparÈng these financial slalements. Page 35 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2￿21 AccouwnNG POLICIES {COKTTrIUED) 2.3 INCOME All income is recc¥Jnised On￿ the Group has entillerrlent to the income. it is probable that thè income will be received and the amount of income receivable can be measured reliably. Oiher income is recogrused in the period in vthich it is recewable and to the extent Ihe go(xls have been provided Dr on complelion of the se￿1￿. Fees and other educallonal acttviiles Fees recwable charges for use of kwemises are acctyJnted lor in the period in which the seNice is prowded. Fees r￿e1Vable are slated after deducting dlowances, scholarships and other remissions granted by Ihe School, indude contriblrtions r8¢ewed from Restricted Funds for holarships and bursaries. Payments rewved in respect ol lulufe fees are det￿red in creditors and e released lo the Statement of Financial in the relevant temi. Acceptsnce dep¢)4ts Acceptance deposits are deposits rdaced ￿en puiils j(Mn the Sehool and are retunded at the end of the tem after deducting any oUtSt￿1￿J debts. Dewsils are hehl in cxedr1 - £160.IKK) The key management pe¥sonnel ol the Group comprise the Headmistress. the Deputy Head, the Bursar, the Députy Head.. Past￿al & Boarding, the Asissiant Head.. Director ol Studies and the Head of the Junior School {2020.. the Headmistre&s, the Head ol the Junior Sthool and the Bursar). The total ern￿Yee bgneffts ol Ihe key management personnd of the Gharity were £688,256 (2020.. £409,2581. No trustees r￿1¥￿ any remuneralvjn or benefrts in kind Irom the Charity (2020.. £nill. Page 46 sr MARYS SCHOOL CAMBRIDGE (A Company Umited by Guarantee NOTES TO THE FINANCIAL STATEIJENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. TANGIBLE FIXED ASSETS GROUP AND SCHOOL Long-temi Freehold leasehold PToperty property Molor Flxlures and vehicles flttlngs Total COST OR VALUATION At 1 Septembef 2020 Additions DiswsaLs 18570,228 4284.725 165.499 38310 2.787,740 25008,192 306,285 405,554 {43,338} {43.338) At 31 August 2021 1&630￿87 4,284.725 204.409 3.050.667 2&170,408 DEPRECIATION At 1 September 2020 Charge lor the year On disposals 072 J7,021 129.147 31.508 2.194.015 274,279 143W8) 4,192,255 386,562 143,338) Al 31 August 2021 970.158 979,no 160,655 2A24.956 4,535,479 NET BOOK VALUE At 31 August 2021 17ffj60.429 3,￿015 43.754 625,n1 21,634,929 Al 31 August 2020 17,eA18,156 3,377,704 36,352 593.725 21,615.937 Page 47 ST MARY'S SCHOOL CAMBRIDGE (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. FIXED ASSEf INVEsfuEKrs Llsted Cash held at Investments Investments Valuatlon Cost Total GROUP COST OR VALUATION At I September 2020 Addilions Disposals Revaluations 229.230 68,102 (56,458) 48,223 22,011 251.241 68.102 158,0811 4&223 (1.623) AT 31 AUGUST 2021 289.097 20,388 309,485 NFf BOOK VALUE AT 31 AUGUST 2021 289.097 309,485 AT 31 AUGUST 2020 229.230 22.011 251,241 Page 48 ST UARY'S SCHOOL CAMBRIDGE {A Company Llmlted by Guarantee NOTES TO THE FINANCIAL STATEIAEKrs FOR THE YEAR ENDED 31 AUGUST 2021 14. FIXED ASSEF INVESTMEwrs {coKnNUED) Investments In Cash held subsldlary as companies Inveslments Investments Valuation Valuatlon Cost Total SCHOOL COST OR VALUATION Al I September 2020 Ad(filions Disposals Revaluations 63,957 229,ZJO 68,102 {56,458) 48.221 22,011 315.198 68.102 (58,0811 48,221 {1,6231 AT 31 AUGUST 2021 63.957 289,095 20,388 373,440 IMPAIRMENT Al 1 Seplember 2020 63.953 AT 31 AUGUST 2021 63.953 NET BOOK VALUE AT31 AUGUST 2021 289,095 20,388 309,487 AT 31 AUGUST 2020 229,230 22,011 251,245 Page 49 ST MARYS SCHOOL CAMBRIDGE (A Company Limited by Guarante0} NOTES TO THE FINANCIAL STATEm￿s FOR THE YEAR ENDED 31 AUGUST 2021 15. SOCIAL INVESTME1￿s GROUP AND SCHOOL Invastmenl In lolnl venture Totsl cosr At 1 September 2020 450.000 450,000 450,OIKI 450.000 NET BOOK VALUE At 31 August 2021 450.0(KI 450,000 Al 31 Augusl 2020 450,000 450,000 In Oclolxr 2019 St Ma￿S Sch¢>)l GamlyKJge entered wito a joint venture Homerton College called Ward Grtlfin LLP. The purpose ot the LLP is to ifflprove the skxsrts facifrties on Long Road, CambrKlg8 and enable Hom¥Éon lo use these facilthes themse￿. During the year there was £nil incomiry resources 12020 £niD and £10.237 resources exp8nded12020 £nill in respect of the joinl veniure. 16. sfocKS Group 2021 Group 2020 Goods lor resale 462 535 Page 50 ST MARYS SCHOOL CAMBRIDGE (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. DEBTORS Group GrL 2020 School 2021 School 2020 DUE wrrHIN ONE YEAR Trade debtors Oiher debtors Prepayments and accrued income 52.731 107,307 164,193 52.731 307,307 144,165 116, 239,418 116.066 4*257 324.231 403,843 304,203 18. CREDrroRS: APAoviifs FALUNG DUE WITHIN ONE YEAR Group Group 2020 School 2021 School 2020 Bank overdrafts Bank loans Trade creditors Amounts owed lo group Llndertakir Other taxatbon and social security Obligalions under finance ie&se a¥Ki htre purd)ase contracts Other crethtors ACCru￿S 19.124 19.760 388,889 388,889 1.rnJ34 1,686.242 388,889 1.776,232 42.533 134,637 388,889 1.679,820 46.415 150,788 138,858 153.499 14,346 1A8OW 1,175,044 1,480,564 218,130 213.095 184,862 14,346 1,175,044 192,227 4,024,900 3,650,875 4,007.717 3,647.529 Obligations vnder finance lease and hire purchase contracts are secured on the assets conwned. The bank kjan i8 secured over one ol the School's properties and bears inteiest at a Tate of 3.52% per annum and is repayable in inslalmenls from March 2018 to March 2036. 19. CREDrroRS: AMouKfs FALLING DUE AFTER IAORE THAN ONE YEAR Group 20 Group 2020 School 2021 School 2020 Bank loans s,741,￿19 6,032,445 5,741,029 6,032,445 Obligations under finance lease and hire purchase cLJntracts are secured on the assets concerned. Page 51 ST MARY'S SCHOOL CAMBRIDGE (A Company Umiied by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. CREDrroRS: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR IC0￿[NUE0) The bank loan is secured over one of the schl￿r5 properties arKI bears #ilerest at a rale of 3.52% per annum and is repayable in instalments from March 2018 to March 2036. 2021 Loan payable falling due in more than 1 year but less Ihan 5 years Loan payable falling due after 5 years Tot 1,555.556 4 185 473 5 741 029 1.555,556 4 476 889 6 032 445 PROVISIONS GROUP AND SCHOOL Penslon deflclt funding provlsion At 1 Seplember 2020 Additions {25,000) 242,000 The School is a memtw ol the Pensions Trnst a￿1 is making conlritxjtions lo Ihe recovery plan now sel up to eliminate the acluarial delicit arising on the scheme. Further information is cont&ned in ihe Pansions Nole. Pag& 52 ST MARYS SCHOOL CWABRIDGE (A Company Limlied by Guarantee) NOTES TO THE FINANCIAL sTATEME1￿s FOR THE YEAR ENDED 31 AUGUST 2021 21. STATEMEKf OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 Sepl¢mber 2020 Balance at Gainsl 31 August (Losse$) 2021 Transfers Inlout Income Expenditure DESIGNATED FUNDS Capital reserve 15J)14,526 15,285,526 GENERAL FUNDS Accumulated fund St Matys Sch￿1 Enterprises mited ' St Ma￿S Juntsy School Limit& 1233.2rd) 11,1)21,748 {9WQ614) (261.000) 630.861 117W9 {119￿23) 7.270 1,421 1,421 {2rJ.058y 11,139.747 <10.016,137J {261,lY)O) 639,552 TOTAL UNAESTRICT ED FUNDS 14,791.468 11.139,747 (10.01Q13n 10,000 15,925,078 RESTRICTED FUNDS Scholarship and bursary fund Audrey Martin Bursary fund Ward Griflin LLP 251,243 50573 52,669 354885 I1￿lY)0) 10,000 450,000 50,573 (iO,IMJO} 52,669 814,485 TOTAL OF FUNDS 15,512.711 11,190320 (10SJ1Q13Y) 52.669 16,739￿63 Page 53 ST MARYS SCHOOL CAMBRIDGE (A Company Umited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. STATEklENT OF FUNDS (coNllNUED) STATEMENf OF FUNDS- PRIOR YEAR Balance al 1 September 2019 Balance at 31 August 2020 Transters inlout Gainsl {Losses} Income Expen¢hJre DESIGNATED FUNDS Capital reseNe 14,868,722 145,804 15.014.526 GENERAL FUNDS AccUmu￿1ed fund St MaWs Sch￿1 Enterprises LimTled ' Sl Marls Junior School Limited 699.686 10.131.079 {10.478.2341 1585,8041 1233,273) 10,(rfYJ {94.551} 8,794 1,421 1.421 711.107 10,224,424 {10,572,7851 {585,8041 1223,0581 TOTAL UNRESTRICT ED FUNDS 15,579.829 10,224,424 (10.572.785) {440,0(M)I 14.791,468 RESTRICTED FUNDS Scholarshvp and bL*rsary fund Audrey Malbn Bursary fund Ward Griffin LLP 272.408 7,790 (28.9551 251,243 30,000 110,0001 20,000 450,000 302.408 440,000 128,955) 721,243 Page 54 ST MARYS SCHOOL CAMBRIDGE {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. STATEMENf OF FUNDS {COP¥TINUED) TOTAL OF FUNDS 15.882,237 10.232,214 110.572,785) (28.955) 15.512.711 ' de[￿teS Group onty fLsnd. all other funds are Chwity and Group. The Scholarship and ￿JrSary fund reweserts donations receive(I speuticafy to generate income to fund scholarships and bursaries. The Audrey Martin Bvrsary Fund represents a legacy received which is beirry sp￿t on bursaries over a len year period. A transfer of £10.000 has been made from Ihis fund lo Ihe General IL¢nds as a contribution towards the cost of IMJTsaries in the year. The Capital resetve represents the balance ol the Schoofs funds that are invested in the Ireehokl and leasehold propety nel of long lemi borr¢Ming. The transfer fr¢Jm the Ac￿MU￿1ed fund represents the movemenl of the Capttal reserve durTng the year. Ward Griifin LLP is the joint venlure with Homerton College, Carn￿dge. The trartsl8r is the value of the land which ss l*iNJ recleveh)p&Y. STATEM￿ OF FUNDS- CHARrrf ONLY Balance at 1 September 2020 Balance at 31 August 2021 Income Expendilure Transfers Gains/llo2ses inloul Accumulated funds 450.IKIO General ftbnds 14.774.253 11.185.426 {10.(m.719) Restricted funds 450.000 52,669 15,907,110 195,519) Total 15495496 11 185426 723 872 Page 55 ST MARYS SCHOOL CAMBRIDGE (A Company Llmlted by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF NET ASs￿s BETWEEN FUNDS ANALYSIS OF NEf ASSETS BEfwEEN FUNDS- CURRENT YEAR Unroslricted Restricted fvnds funds 20 2021 Total funds 2021 Taftglb￿ fixed assets xed asset inveslments SocÉal investments Current assels Creditors due wthin ¢)ne year Creditors due in more than one Provisions lor lialyliiies and charges 21.634,929 145.&)0) 21.634,929 309.485 450.000 4,353,078 {4.024,900) 15,741,029) 1242.000) 354,485 450.000 10,000 4,343.078 {4,024,9￿) 15.741.029) 1242.000) TOTAL 15.925,078 814,485 16.739,563 ANALYSIS OF ASSETS BETWEEN FUNDS- PRIOR YEAR Unreslticled lunds 2020 Reslrided lunds 2020 Total lun(L8 2020 Tangible fixed assets Fixed assel investments Social investments Curronl assets Crediiors due within one year Creditors due in more Ihan one year Provisions for liabiltties and rtharges 21.615.937 21.615,937 251,243 450.000 3,145.851 13,650,875) {6,032,4451 1267.000) 251,243 450,000 20,000 3.125,&51 13.650.875) {6.032.445) {267,0001 721,243 15,512.711 TOTAL 14,791,468 Page 56 sr MARYS SCHOOL CAMBRIDGE IA Company Umited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 RECONCILIATION OF NEf MOVEMEKf IN FUNDS TO NEf CASH FLOW FROM OPERATING 23. AcTIV￿lEs Group Group 2020 Nel income/expeThYiture lor Ihe year (as per Statement of FI￿ar￿E81 Activtlies) 1,226,852 1369,5261 ADJUSTMENTS FOR: Depreciation charges IGainsllLosses on irwestmerts Dividends, interests and Irom investments Deciease in stocks Increase in debtors Increas8 in creditors IDecreasellincrease in provisions 350,313 (52.6691 (S￿73> 73 {124,091) 394.071 {25.01)0) 382,605 28,955 125.3501 3,630 {29,9121 28,651 119.0001 NET CASH PROVIDED BY OPERATING ACTivmES 1,763,976 53 ANALYSIS OF CASH AND CASH EQUIVALEi¥rs Group 2021 Group 2020 Cash in hand Overdraft I￿lty repayabk on demarKI 3916J59 {19,124) 2,821,085 119.7601 TOTAL CASH AND CASH EQUIVALENTS 3097,235 2,801,325 Page 57 sr MARYS SCHOOL CAMBRIDGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF CHANGES IN NET DEBT At31 2020 Cash flows August 2021 Cash al bank and in harKJ Bank overdrafts repayab￿ on demand Debt due wthin 1 year Debt due after 1 year Finance leases 2￿21.085 {19,760} {W889} 1&032.445) (14.346) I￿95,274 636 3,916,359 {19,124) {388.8891 291.416 (5.741.029) 14J46 {1634,355) 1.401,672 (1232.683) 26. PENSION COIAMrruE1￿s Teachers, Pension Scheme The Teachers. Pen￿on $￿erne (TPSI is a slalutory. contributory, defined benefit scheme, governed by the Teachers. Pension Scheme RegUlaI￿nS 2014. Membership is automatic for fulktime teachers in academies. All leachers have the option lo ￿t-0￿1 ol Ihe TPS foltowing enrolment The TPS is an untunded scheme to Ithich Ixjth the member and employer makes contnbulions, as a percentage of salary - Ihese conlrèxJlK)ns are credited lo the Exchequer. Retirement and other per%sion benelils are paid by public funds prowded by Parf¢ament. Valuation ol the Teathers. Pension Scheme The Government Actuary, usiro normal actuar¢ai prinuples, conducts a fomial actuariat review of the TPS in aCCordar￿e with the Public Serwce Penstons (Valuations and Empkjyer Cost Capl Directions 2014 published by HhA Treasury every 4 years. The aim ol the review is lo speafy the l&vel of lulure contrtbubons. Actuarial sch8me V￿UatiOnS are depe￿Ient on assumptions about the V￿￿e ol lulure costs, design of benefits and many other fact￿S. The latest actuarial valuation of Ihe TPS was carmed out as at 31 March 2016. The vakjation report was wblished by the Department Education on 5 March 2019. The key dements of the vahjation and subsequenl consuhation are: . employer conlritxjtion rates set at 23.68¥0 of ￿nsiOnable pay {indudiro a 0.080/ts administration levyl total scheme lith'filies (pensions currenlty in payment and the estimated cost of future benefits) lor seNce lo the effective dale of £218.1￿ million aThJ notional assets lestimaled lutuie contrÉtKJtions together vmlh the notional investments held al the valualitin datel of £196.100 million, gwing a nolional past senrice defKit 01 £22.000 million . the SCAPE rate, set by HhKf. is use(1 lo deleTmine the nolk)naE invostsnenÈ retum. The current SCAPE rale is 2.4% above th8 rale ol CPI, assumed real rale ol return is 2.4% in excess of prices and in excess ol eainings. The rate of real eaminos growth is assumed to be 2.￿. The assumed nominal rate ol return including earrmngs growth is 4.45%. The next valuation resutt is due lo be Im￿nented from 1 Awil 2023. Page 58 sr MARYS SCHOOL CAMBRIDGE (A Company Llmited by Guarantee) NOTES TO THE RNANCIAL STATEMEfrirs FOR THE YEAR ENDED 31 AUGUST 2021 PENSION COMM￿mENTs {COTr¥nNUED) A copy of the valuation report aiKI supwting do(yJmenlation is on the Teachers. PerLsions website IhttpsJhwhv.teacherspensions.co.uklnewsleM￿0YwsI2Ol9/o4l(ea￿erS-penSiOnS-VaIUatlQn.repOrt.aspX). Under the detlnili(￿S sel in FRS 102. the TPS is an unfunded mulli-employer pension scheme. The Charity has accounted for its contributTons to the scheme as if il were a defined contritKrtton scheme. The Chartly has set out above the information available on the stheme. Independant Schools Penslon Scheme - Defined Benefft Scheme The School part￿Ipate$ in Ihe Independent Schrx)Is pensi￿ Scheme. a MulliemF￿oYer scheme byhlch prowdes benefits lo some 66 non-assocÉated emtdoyers. The scheme is a defined benefit scheme in the UK. It i% not Frf)sSIb￿ for Ihe Schod lo obtain sufficient inloTmation to enable it to account for the scheme as a delined benefrt scheme. Therefore il accounts for the scheme as a defined contribution schem8. The scheme is subiecl lo the funding legislation ouuined in the Pensi(￿5 Act 2004 which caffle into force on 30 December 2005. This. together ￿th documents issued by the PenS￿rn8 RegLtlaiof and Technical Actuarial Standards issued by the Ftnancial Reporting CouncFI, set out the framewo￿ lor funding defined benefrt occupational pension schemes in the UK The scheme Is dasslfied as a 'last-man StandI￿j arrangemenf. Therefore Ihe SGht￿l is ￿￿entIal￿ liable for other participating empk)yeTS' ObE￿ationS if those employers are unable lo meet their share of the scheme deficit lollow*ng withdrawal from the scheme. Participating employers are legally required to meet thwr share of the scheme defscit on an annuity wrchase basi8 on wthdrawal Irom the scheme. A full acluarial valuatM)n for the scheme vrds carrbgj out wilh an effective dale of 30 September 2017. This actuari￿ valuation was certrfied on 27 December 2018 and showed assets of £149.4m, liakmlities of £187.6m and a deficit of £38.2m. To eliminate thk8 lunding shortfall. the trustees and the parti¢ipaling employers have agieed that adthtiorbal contr&xrtions Vlill be paid. in comtrAnation from all employers, to the stheme as Idlows: Delicil conlribulions From 1 September 2019 to 30 April 2030: £2.387.357 w annum Ipayable m(￿thIY and increasing by ￿ on each 1st September) Noté that the schem8's prew(yJs valuation carried wt wilh an effectNe date of 30 September 2014. This valuation show￿1 assets of £110.Om. liabil￿eS of £147.4m and a deli¢f( of £37.4m. To eliminate this funding shortfall. the Truslee has asked the partj'cipating employers lo pay additionai contributions to the scheme as follows: Deficil COntrib￿lOn$ From 1 September 2016 to 31 August 2029: £2,341,0(￿ per annum {payable monthly and increasiThJ by 3% on each 1st September) The recovery plan conlriEMJti￿s are alkyaled lo each parbapaling employer in bne with thelr eslimaled share of the scheme liabl￿ties. Where the scheme is in deftclt and wthere the School has agreed to a dol￿rt fiJThYing arrangement th8 Sch¢￿1 recognises a liability for this obbgation. The amount recognised is th6 net wesenl value ol the deficit reduction conlribulions payable undei the agreement that rdates to the deficit. The present value is Ca￿Ulated using the discount rale detailed in these disclosures. The tjnvrinding of the discount Tate is recognised as a finance cost. Page 59 ST MARWS SCHOOL CAMBRIDGE IA Company Llmlled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 PENSION COMMrrMENrs IcoimNUED) The discount rates shown above *e the equivalent Sing￿ discount rates which, when used lo discount the future recovery plan cOntribut￿nS due. woukj give the same results as using a lull AAA corporate bond yiekl curve to discount the same racovery plan conlrilMAions. Independenl Schools Pension Scheme- Defined Contrl)ulion Scheme The School operales an aulo enroknenl pensi￿ scheme utilising the Independent Schools Pension Scheme Defined Contribution Scheme, all non academic staff have the opw)nunity to join. Contribution levels are govemed by the auto enrdment ru￿. EYJI enhanwl by the school matching up to 6°A of employee contributions. The pension cost charge represenls c(MrtributIotr￿ payaLle by the Sch￿1 to ati three ol these funds together provision for future deficit funding lor the Independent Schools Pension Scheme. These amounled to £680.841 12020 - £1.013,7471. Corrtn"Ixrtions tolalling £118,332 12020 £117,599) w6r8 payable lo the lunds at the yearend and are induded in creditors. OPERATING LEASE COMMITmEP￿s Al 31 August 2021 the Group and the School had commitments lo make fubjre mlnlmum lease payTnents LEnder non-cancellable operatiw ￿aSeS as foHows: Group Group School 2021 School 2020 Building5 Not laler than l year Later than 1 year and not later than 5 years Later than 5 years 9&000 95,000 3WOOO 380,000 779,792 874,792 95,0( 380,000 779.792 95.000 380,000 874,792 1254.792 1,349,792 1,254,792 1,349,792 RELATED PARTY TRANSACTIONS The use ol land is rented out to the Joint Venture at an annual rent ol'a peFpercom'. PRINCIPAL SUBSIDEARIES The followlng were subsldlary undertaklngs ol Ihe School: Names Company Reglstered offlce number Principal activhy Sl Marfs School Enlerprises 02990383 Sl Ma￿S School. m5ted Bateman Street. Cambridge, CB2 ILY Supply ol services to the summer school. Page 60 ST MARYS SCHOOL CAUBRIDGE (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEASI ENDED 31 AUGUST 2021 29. PRINCIPAL SUBSIDIARIES (COTrmNUED) St Marls Junior School Limited 02117187 St Mafls School, Bateman Stree[ Cambridge, CB21LY Domiant C1888 of shares Holdlng Included In consolidation Ordinary Yes Ordinary l(V/. Yes The Ilnanclal results of the SUb￿diall¢S for the year were: Names Income Exp￿dIt￿re ProfiVILoss) for the year Net assets Sl hAar￿$ Sthool Enterprises Limited 117.999 (119.523) (1,524) 7.270 Page 61