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2022-08-31-accounts

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

Registered number: 01840431 Charity number: 290180

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

CONTENTS

Page
Reference and Administrative Details of the School, its Governors and Advisers 1
Governors' Report 2 - 19
Independent Auditors' Report on the Financial Statements 20 - 24
Consolidated Statement of Financial Activities 25
Consolidated Balance Sheet 26 - 27
School Balance Sheet 28 - 29
Consolidated Statement of Cash Flows 30
Notes to the Financial Statements 31 - 61

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022

Governors Mr S Westley, Chair
Mr V Anandraj (appointed 6 September 2021)
Mr R Burch
Ms J Cheffins (appointed 6 September 2021)
Ms J Clements OBE (resigned 2 December 2021)
Ms K Daber (appointed 23 June 2022)
Ms S Dixon
Mr P Dunne
Mr R Haynes
Dr A Hoti (appointed 4 October 2022)
Ms L Johnstone
Mr C Jones (appointed 9 June 2022)
Mr M Ledzion
Ms J Mackenzie
Mr R Meakin (resigned 2 December 2021)
Sister F Orchard (resigned 10 September 2021)
Mr J Pyne
Ms G Simmonds (appointed 2 December 2021)
Ms J Storey
Company registered
number
01840431
Charity registered
number
290180
Registered office
Bateman Street
Cambridge
CB2 1LY
Clerk to the Governors Ms L Tiller
Company secretary
S Babar
Head Teacher
C F Avery
Independent auditors
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers
Lloyds Bank plc
Gonville Place
95 Regent Street
Cambridge
CB2 1BQ

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2022

The Governors, as Trustees of St Mary’s School Cambridge (the School), present their annual report together with the audited financial statements for the year ending 31st August 2022. The financial statements have been prepared in accordance with the accounting polices set out in note 2 to the accounts, the Charity’s governing documents, the Charities Act 2011, the Companies Act 2006 and the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The report is also prepared to meet the requirements for a Directors’ and Strategic report for Companies Act purposes.

AIMS AND OBJECTIVES

Aims

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

To achieve this aim, St Mary’s School Cambridge provides education for girls aged 3 to 18 years, aiming to create a caring and stimulating Christian environment within which pupils can realise their spiritual, intellectual, creative, social, academic and physical potential through compassion, wisdom and humour, building their selfconfidence and their desire to make significant contributions to society as a whole.

Objectives for the Year

St Mary’s follows guiding objectives which shape strategy and operations and are promoted in the daily life of all staff and students, being central to the School’s ethos. These are based on the following 12 Mary Ward characteristics, as identified by the Congregation of Jesus:

The objectives for St Mary’s School in 2021-22 focused on ‘Seeing Good in all Creation’ and ‘Valuing Women’s Role and Spirituality’, aiming to:

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

methods to ensure that parents are kept informed and work with individual pupils to ensure that they reach their true potential.

Inspections and External recognition

The academic year 2021/22 brought the long overdue ISI inspection. The team of inspectors visited the school in May 2022 to carry out a thorough evaluation of all aspects of school life at St Mary’s. The school passed the compliance inspection and an overall grade of ‘excellent’ was achieved in both aspects of the education quality inspection.

In June the school underwent a Denominational (Section 48) Inspection by the Catholic Diocese of East Anglia, receiving the highest rating of ‘Outstanding’ in all three areas of the Inspection report. Inspectors praised St Mary’s as ‘ a school where everyone is respected and valued for who they are ’, with the quality of leadership described as ‘ extremely strong; it is both enterprising and aspirational .’

During the last week of the academic year, the school was proud to achieve High Performance Learning reaccreditation, following a review by an assessor and an advisor from High Performance Learning.

St Mary’s School was listed in the UK’s ‘Top 100 Independent Schools by A Levels’ for 2021 and also featured highly in the ‘Top 30 Girls’ Boarding Schools by A Level’ (Education Advisors Ltd).

One of St Mary’s Senior School teachers reached the final of the prestigious TES ‘Teacher of the Year’ Award.

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

REVIEW OF ACTIVITIES

Whilst some disruption was experienced due to staff and pupil absences, the 2021/22 academic year has seen a return to many activities after the COVID-19 pandemic, including concerts, plays, trips and sports fixtures.

Academic

The principal activity of St Mary’s Cambridge is to provide education to girls between the ages of 3 and 18 years, and to provide opportunities for all pupils to develop spiritually, morally and socially. Following the adoption of High Performance Learning (HPL) in 2017, St Mary’s continues to work with this research-based, pedagogy-led philosophy that responds to our growing understanding of human capability. St Mary’s empowers all its students to aim high and believes that all can aspire to high performance. HPL significantly improves student academic outcomes and creates students who have the tools to meet the challenges of adult life. As well as providing a shared philosophy and language for teaching and learning which smooths transition and enables professional collaboration, HPL has also enabled us to work with other schools both in the independent and state sector, both in the UK and overseas.

Academic Results

Public examinations resumed in summer 2022 after two years of CAG/TAGs. All schools were warned that results would be lower than 2021 results, but higher than 2019 results which was when the last set of public exams took place. Despite a tough year in education, students at St Mary’s Sixth Form performed strongly in their A Levels: 23% of grades were awarded an A (compared to 35% in summer 2021 and 14% in summer 2019), and 43% of grades were awarded A- A. There were particularly strong performances from Art, Photography and Latin which all received 100% of grades at A. All subject departments achieved 100% grades at A- E, compared to 99% in summer 2019.

These A Level results enabled students to take up places at universities of their choice including at Oxford, Imperial, LSE, UCL, Bristol, York, Edinburgh, Leeds, Nottingham and the University of Hong Kong. 91% of students achieved entry into their first-choice university. Subjects included Chemistry, Classics, Data Science, French & Linguistics, Economics, History, Law and Psychology.

Year 11 students additionally showed resilience and determination to succeed, with 49% of GCSE grades awarded A equivalent (grades 8 & 9) and 66% awarded A- A. This is a 2% increase at A* equivalent grades compared to 2021 results and a 9% rise on 2019 results. One student studying Geography achieved the highest results in the country. The following departments celebrated high achievers, with at least half of all students gaining a grade 9: Italian (100%) German (50%), Music (56%), Latin (50%), Classical Greek (50%) and Geography (51%). Music and Italian achieved 100% grades at 9 or 8.

Visual Arts

Students have investigated and experimented with a wide range of creative ideas, including Photorealism in Year 11 and anamorphosis in Year 10 which explores the role of Mathematics in the creation of art. Year 12 Fine Art students explored art of different cultures and contexts through their Asiatic Art Project which included technical and critical understanding of the processes used in Sumi-e, or ink wash painting. As part of a school initiative focused on inclusivity, and Mary Ward’s value of fighting injustice, a project was developed to celebrate LGBTQ+ History month. Students from years 9 and 10 worked in Art History Club to learn about LGBTQ+ artistic icons such as Andy Warhol, Zanele Muholi, Frida Kahlo, and Tove Jansson. They discussed the impact of their work on society and the LGBTQ+ community, then developed screen-prints of these icons for corridor display.

Students have seen art in-situ and met with professional practitioners, for example, Art Scholars visited St Clement’s Church to explore the theme ‘What it Means to Flourish as a Human’ and Year 12 Art Scholars visited Ely Cathedral’s exhibition highlighting modern slavery and human trafficking and worked with the creator, London-based Syrian artist Sara Shamma, focusing on what it means to be a ‘minority’ art practitioner and

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

politics in art.

The Visual Arts department continues to reap competition success, including:

Drama

In the Junior School, the Pre-Prep Nativity play told the story of the Nativity through collection of fabric from different parts of the world. The Year 3&4 play portrayed the story of Peter Pan, with all the actors being commended for the way they delivered the theme of growing up. The Year 5&6 play (The Tempest) was an outdoor garden-based production and gave the Year pupils an opportunity to work together to produce an enthralling and word-perfect performance.

In December, students staged a moving production of A Christmas Carol . This was the first mixed year group production since March 2020 (owing to COVID restrictions.) Despite difficulties through illness and some rehearsals having to take place via TEAMS, the result was a testament to the original story’s message of the need for love and compassion at Christmas time.

Year 13 Drama students devised and presented a hard-hitting piece exploring the prevalent and important issue of sex-trafficking. Their research included an informative meeting with Sister Imelda Poole from RENATE – a charity which fights against trafficking on a global scale.

Music

One of the choirs from the Junior School was privileged to perform at the Cambridgeshire County Day. They sang twice, including a song commissioned for the Queen’s Platinum Jubilee. The Junior School saw a welcome return of its music festival, featuring performances from Year 1 to Year 6. When you wish upon a star was the deliberately chosen, ‘feel good’ and community-bonding theme of the Junior School concert at the University Concert Hall in May, with performances by six choirs, four ensembles and soloists.

The Senior School also performed two concerts at the University of Cambridge concert hall, having had no opportunity to perform in that space since December 2019 owing to COVID restrictions. Both featured performances by the school’s larger ensembles, alongside performances from both the Young Pianist and Young Musicians of the Year. These competitions were judged by Dr Nigel Yandell, Director of Music at Hughes Hall. A record number of students entered and the level of musicianship was extremely high.

Year 7&8 pupils were placed very highly in the ‘Teaching Gadget’ music competition – a music theory-based competition which was entered by over 45,000 students across a range of countries. St. Mary’s pupils were placed in both first and second places.

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GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Science, Technology, Engineering and Maths (STEM)

For STEM activities, the highlight of the year was the opening of the Junior School STEM Lab in a previously disused greenhouse space. The Yingting Qian STEM Lab enables students from pre-school upwards to explore exciting STEM projects. It is equipped with everything needed to experiment, explore, design, test and perfect ideas. The features include a large teaching display, innovative storage for STEM equipment and folding desks which can be hidden to make more floor space for practical tasks. The lab will enable St Mary’s dedicated STEM teachers to nurture students on their STEM journeys to become innovators of tomorrow and enable outreach projects with local schools.

The Junior School placed in the Top 20 of a national coding competition, from a field of over 600 entrants. The theme was ‘My World, Our Planet’ and saw pupils from Year 5 using the Scratch coding programming to develop a game to highlight climate change. The Junior School also hosted a Computer Science Outreach day, welcoming a group of Year 8 students from Stella Maris school in Madrid. The pupils worked together on a RoboCop Junior challenge.

Senior School Students from Years 7 – 13 took part in the National Maths challenge competition. One Year 7 pupil was awarded Best in School and went on the be awarded a Merit certificate in the Kangaroo section of the competition. Our science departments also saw a bountiful collection of accolades, with girls participating in the Youth STEMM Awards (YSA), achieving Silver and Bronze Awards – the scheme involves forty schools nationally and the award is split into four strands including inspiring the next generation and engaging the public. The online Biology Olympiad saw much success: this award requires pupils to apply and extend the Biology curriculum in unfamiliar contexts: both Bronze and Highly commended commendations were awarded to our pupils. In the Cambridge Chemistry Challenge, silver and bronze awards were achieved and certificates presented for participation and teamwork.

Alumna, Diane Chadwick-Jones, gave a Learning Lunch to Sixth Form students , offering insights into her career with BP and coached pupils on raising issues, building alliances and becoming leverage mentors within the industry.

Sport

This year has seen the welcome return to fixtures against other schools and the opportunity for sports shows and sport award ceremonies to take place once again. Our new sports facilities at Long Road were officially opened by professional netball player, Francesca Williams in March 2022. The Summer Term saw the return of both Junior and Senior School Sports’ Days with pupils taking part in a variety of track and field events and gaining points to support their various school Houses.

St Mary’s won the U14 Independent Schools’ Association Netball tournament. There were also successes for pupils across the school in a variety of disciplines being chosen to represent the county and some nationally. Three girls were chosen to take part in the East Region U17 County Hockey tournament, with their team winning overall.

As noted in recent reports by the charity Women in Sport, a significant number of girls lose interest in sport after leaving primary school, mostly due to unhelpful gender stereotypes. With this in mind, our Saturday morning sport sessions were launched in January, with the aim of increasing sport participation amongst our pupils, improving netball and hockey skills and reaping the benefit in future matches.

February saw the return of the Gymnastics Show with pupils from Years 5&6 up to Sixth Form performing using ribbons, apparatus and floor work. This was a great opportunity for a wide age-range of pupils to work together. The Junior School also held its own Gymnastics display in June with participants as young as Year 3.

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GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Mental Health & Wellbeing

We prioritise support for students' mental health and wellbeing. The focus upon this key aspect of student care has been recognised by the appointment of two Mental Health and Wellbeing co-ordinators in the Senior School. They work to ensure that support for mental health and wellbeing is prioritised across the whole school community. Moreover, more than twenty members of staff are Mental Health First Aiders across the Senior and Junior Schools. Along with the nurses, the School provides counsellors and has trained students as mental health champions. The School CloudBase site provides a large range of resources including video clips, links to resources, apps and websites with advice, guidance and self-care support for students concerned about their mental health. The Senior School ran a 'Wellbeing Morning' in October which built successfully on similar activities in past years. Students engaged in a wide range of activities, including mindfulness, art, sports and dancing. Acknowledging the link between nature and good mental health, students were offered the opportunity to visit the Cambridge Botanic Gardens. A Wellbeing Room was opened in the Boarding House during the Spring Term, after a generous donation from the parent association – the soft furnishings (designed by pupils), ambient lighting and addition of calming indoor plants has created a welcome retreat for all. To further support students going forward, further posts for Counsellors have been advertised and there are plans for a Wellbeing Room in the senior school for both students and staff to be opened in the Autumn Term of 2022. Alongside support for students, staff have been provided with a full programme of activities available across the year including Yoga, massages and Zumba.

The Inclusivity committee was active across the year, being instrumental in the decision to provide a wellbeing room in the school and in its design. To celebrate Mental Health Awareness week, the committee sold Wellbeing packs for pupils to buy for friends and family and they explored the theme of loneliness. Further topics have included learning further about neuro-diversity, introversion and working to ensure day and boarding pupils felt connected as a community.

The Visual Arts department have strongly supported the School’s wellbeing agenda. As part of the Wellbeing day, Year 7s embarked on a challenge to develop ‘thanks’ for key workers and the NHS through the pandemic, focusing on the mental health support given to communities via the NHS, volunteers and community groups. As a part of a Wellbeing week later in the year, they also ran two Key Stage 3 workshops supported by Art Scholars to develop relief work ice lollies: using the concept of childhood memories and nostalgia, and their imaginations and references to happy times with family, friends and loved ones in the summer holidays.

Outdoor learning and Biophilia

Following on from the previous year’s work to link everyday classes with nature and the outside world, the school opened its first outdoor classroom in May 2022. It is a multi-functional, calm space that can be used in all pastoral and academic aspects of school life.

Recent research has highlighted that the use of plants and nature inside to boost health, wellbeing, focus and even productivity in the classroom. Consequently, the further expansion of the Biophilic classrooms project saw each Year 9 form given £20 to kick-start fundraising for plants in their form rooms. After many fundraising initiatives, one representative from each form visited a Garden Centre to choose plants for their room. This project will continue rolling out to Year 10 classes.

Cultivating Change came to give a whole School Assembly in March and donated seeds for pupils to grow as part of Gardening Club, they also worked alongside the Junior School to grow vegetables in their gardening space.

We created a Community Produce stall in the Summer Term: the community were encouraged to share spare seedlings, plants and produce. This has been a great success and will continue into next year’s growing season.

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GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

School Site Development projects

The Junior School saw the opening of the STEM laboratory which has given the pupils a dedicated space where they can explore their full potential as innovators of the future. It is planned that this facility will form a key area of outreach to local maintained school during future months.

Despite difficulties progressing the much-needed development of the Senior School site due to Covid disruption, several long-standing projects were completed during the academic year, including.

Details of Bursaries and Scholarships

Bursaries

Due to the ongoing situation in Ukraine, both the Junior and Senior schools welcomed pupils into the school who were staying with hosts in the UK. Pupils, some with very little spoken or written English were helped by the support departments in both schools and were welcomed into the community by all. Due to the uncertain nature of conflict, all offers made to pupils are open-ended, for as long as families need a place at the school.

In 2020/21 the value of means tested bursaries totalled £594,602 compared to £691,394 in 2020/21. This represented 4.84% of our gross fees (compared to 5.96% for 2020/21) and provided assistance to 53 students (60 students in 2020/21). Bursary support in 2021/22 is in line with our target for Bursary Awards being set at 6% of gross fees and included additional pupils (within Day and Boarding) receiving short term support at 100%.

The school maintained its ongoing relationship with the Royal National Children’s Springboard Foundation by continuing to support 3 Springboard pupils as full-time boarders, together with 1 student welcomed into the Sixth Form from North Cambridge Academy. In total, 17 pupils benefitted from 100% Bursary support either directly from the School or from the Royal National Children’s Springboard Foundation.

Scholarships

In addition, the school awarded scholarships to 167 pupils (183 in 2020/21), based on their educational merit and potential, totalling £171,683 (£203,862 in 2020/21) and representing 1.40% (1.76% in 2019/20) of our gross fees. Of this number, 18 (22 in 20/21) also qualified for means-tested bursary support and are included in the figures relating to bursary awards.

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

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GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Links to other schools and organisations

Sister school and international links

Following a long term commitment to support the development of the new Mary Ward High School in Mbizo, Kwekwe in Zimbabwe, our latest donation has meant that the school will soon be able to install a new water pump.

This latter half of the academic year saw pupils make plans and preparations for the re-commencement of the exchange programme with two Australian girls’ schools.

Links to the local Catholic and wider community

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

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

Our partnership with St Bede’s Inter-Church School, a local state secondary school, is built on shared Christian values. Students and staff in both schools benefit from a range of collaborations and working with St Bede's has created a values-driven partnership. Activities include:

Staff at St Mary’s School contribute significantly to the wider community, acting as governors at local state schools and as an Academy Council Member at a local village college.

St Mary’s is also keen to support local community activities, from lending our parking facilities to the Botanic Gardens in order to facilitate their events, to opening up the Junior and Senior School buildings for local residents’ association meetings. Members of the local residents’ association and local nursery schools are invited to all Junior School events. The Junior School also allows the Joint Colleges Nursery to use its woods for their outdoor learning programme. Our boarding community on Brooklands Avenue also maintain close links with the residents of the neighbouring Royal Albert Homes alms-houses.

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GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Community Service, Awareness Raising and Fund Raising

The Junior School celebrated Fairtrade Fortnight again this year. Despite not being able to hold the normal array of in-person activities, the Fairtrade fun was brought online, and students discussed Fairtrade in assemblies, classrooms, and forms. Year 6 also learned about fast fashion to link in with the fortnight. Two competitions were also held: the Share your Vision competition, which allowed students to express their dreams for what the future will look like; and the SMJS Virtual Fairtrade bake-off.

Each year the staff and students undertake fundraising for local, national and international charities. These events are well supported by staff and students and are a practical representation of the school’s ethos to help others. Charity fundraising played a very important role at St Mary's Junior School with both local and international beneficiaries including Roald Dahl Day, Children in Need and the World Book Day. Proceeds from the Harvest Festival went to the local foodbank and the school continues to sponsor an Ethiopian child, Hani’s education and care. In the Senior School, our community is often informed or inspired to work with charitable projects or foundations through alumnae who return to present school assemblies or Sixth Form sessions about the volunteer work they have undertaken. The sponsored Fun Run and Lourdes Fundraising Fortnight are highlights which also include cake sales and non-uniform days. Two hunger lunches each academic year raise money specifically for CAFOD (Catholic Agency for Overseas Development). The total raised across the academic year 2021-22 was £17,234. Beneficiaries included CAFOD, Breast Cancer Now, BBC Children in Need, Congregation of Jesus Zimbabwe (building the new Mary Ward Secondary School in Mbizo), East Anglian Children’s Hospice (EACH), Cambridge Women’s Aid, RENATE, Alzheimer’s Research UK, Young Minds, Save the Children, CAFOD World Gifts, Glanfield Children’s Group (Lourdes), DEC Ukraine appeal, East Anglian Air Ambulance and EDUCAID Sierra Leone. The recipient charities are chosen by the Director of Christian Life, in conjunction with the Sixth Form Charity Prefects and with input from students from across the school. A new initiative for the academic year 2021-22 was a Giving Tree – pupils could pick an item from the Amazon wish list of a local homelessness charity, Jimmy’s and then hang a tag on the tree detailing the gift donated Representatives from some of these charities visit the school to present assemblies on their work.

St Mary’s students continue to actively participate in the Duke of Edinburgh’s Award Scheme with over 200 students involved at Bronze, Silver and Gold levels. Voluntary service forms an important part of the scheme and so our students have spent over 2,000 hours volunteering on a regular basis at many local organisations, including Addenbrooke’s Hospital, church cafés, Arthur Rank Hospice, various nursing homes and local Scouting and Guiding communities. Other students support the elderly, work with disabled children, coach a range of activities from rowing to tennis and from dance to junior golf, and help at animal rescue centres, youth clubs, nursery schools and Sunday Schools.

Students, and in particular boarders, have also built up strong community service links, in particular with Cancer Research UK, providing many donations. Links have also been formed between the boarding accommodation, Mary Ward House, and the residents of the adjacent alms-houses – including baking cakes for a Jubilee teaparty in June.

Beyond the school gates staff and students are involved in many fundraising and volunteering activities, including the Cambridge Churches Homeless Project, the Library at Home Service, the Cambridgeshire Search and Rescue Team, the Sick Children’s Trust at Addenbrooke’s Hospital, and the Crick Institute in London. Students and staff have also raised money, including through sporting events, for organisations including Shepreth Wildlife Park and the Cambs Youth Panel.

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Environment

Now in its sixth year, the Junior School Eco-Council has continued to flourish. The Eco-Council gave an assembly about National Tree Week and planted trees sent by The Woodland Trust. The Eco-Council had great fun working together with school gardeners and Cultivating Change, to grow vegetables in the Junior School garden.

The Senior School Eco Council worked hard over the academic year to meet the stringent criteria required to be an awarded as an Eco School – not only was this achieved, but the judges awarded St Mary’s a Distinction, testament to this hard work that all the community are investing in a sustainable future. The committee chose to focus on three areas of sustainability – Marine, Waste and School grounds, and to achieve the higher grade, they had to investigate how the issue of sustainability is embedded across the school curriculum. Initiatives supported by the committee included the construction of a giant whale tail made of waste plastic to celebrate Earth Day in April to highlight the fact that 13 tonnes of waste plastic ends up in our oceans each year. Pupils were encouraged to take part in the Big Plastic count in May, to raise the issue of single-use plastic in our everyday lives, carrying out a local litter-pick.

Transport

The Operations Manager is currently in negotiation with the Greater Cambridge Partnership to develop a ‘park and stride’ area for students to use when walking the last 5-10 minutes into school. This would enable parents to drop their children off before reaching the city centre and have them safely escorted by foot for the last section of the journey. This should further reduce the number of cars needing to travel into the already congested city centre. Bicycle road awareness and training courses continue to be run on annual basis. These help to teach our students the value of road safety and increases confidence in road cycling, resulting in a significant number of students cycling to school. Cycling is one of the eco committee’s sustainable choices, which make up the eco code for the school. Due to the popularity of the minibus scheme, there are plans to release further routes to enable pupils to be collected from outside the city. These will operate in conjunction with other independent schools in the area. The Operations Manager is consulting with a carbon reduction company to install electric vehicle charging points across the site. The longer-term strategy for school vehicles is to procure electric minibuses at the point of replacement and when electric minibuses become more available.

FUTURE PLANS

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

The Governors undertake annual reviews of the threats and opportunities the school faces, which are assessed and prioritised for action to be taken. Having suspended the significant Estates Masterplan project during the global pandemic, the return to surplus recorded in these accounts now allows the project to resume and it is intended that a substantial start on delivering those projects for which we have planning approval will begin in the coming year. The current Masterplan works will fall into two phases:

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

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

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

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

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

The contributions made by the school to local, national and international communities, external charity fundraising and bursary provision, are constantly under review and the Governors continue to support and encourage such initiatives.

The Governors have continued to look into potential international development opportunities. Several possible locations of interest have been identified and the school will carry out further due diligence checks and gain a deeper understanding of the options that are available.

FINANCIAL REVIEW/ RESULTS FOR THE YEAR

Financial results

The total incoming resources in 2022 were £12,288,281 compared to £11,190,320 in 2021.

Net incoming resources before transfers in 2022 were £1,026,032 compared to £1,226,852 in 2020. The impact on the results for 2022 have been less impacted by COVID 19 than the previous two years, with activities returning to a more normal level, which we expect to see continue into 2023. There has been no need to discount school fees in 2022 in relation to the Pandemic.

The Balance Sheet net assets of the Group have increased in 2022 to £17,765,595 from £16,739,563 in 2021. Fixed assets consist of the Freehold Property at 47 Bateman Street, Mary Ward House in Brooklands Avenue (our boarding house, formerly The Hope Nursing Home) as well as the main school buildings, the Leasehold Property at 6 Chaucer Road as well as School furniture, equipment and motor vehicles.

Developments and maintenance

On site at the Senior and Junior Schools, the digital strategy continued to be applied, with all students at the Senior School benefiting from one-to-one devices, with a roll out of Microsoft-based devices to replace the Chromebooks previously issued. In addition, we continued the programme of replacement of the classroom

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Interactive Whiteboards with touch screen TVs linked to the teacher PC’s throughout the school buildings. At the Junior School, the playground facilities were refurbished for our Early Years classes.

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

Reserves and financial health

The reserves of the Group total £17,765,595 (2021: £16,739,563), which includes £20,920,308 (2021: £20,965,444) representing expenditure on freehold and leasehold property less accumulated depreciation and amortisation. The scholarship fund £489,716 (2021: £309,487) represents investments set aside to produce income and capital growth to provide scholarships for students. The Social Investment of £450,000 made in the prior year represents the value of the land at Long Road that forms our contribution to the Joint Venture with Homerton College, Cambridge to provide first class sporting facilities for both entities.

Free reserves have reduced by £474,461 and are currently in deficit by £6,231,421 (2021: £5,756,960 deficit) due to the School’s investment in property in recent years. The freehold of the Senior School in Bateman Street was purchased in 2014 and the freehold for Mary Ward House in 2016, with further investment being made to these and other properties to continue to provide first class facilities within education and boarding. Property is held in the financial statements at cost and has not been revalued. A recent independent valuation confirmed property values to be significantly higher than original cost. The School’s long-term aim is to generate annual surplus to reduce the deficit. As a result of the COVID 19 pandemic, the School was not able to reduce the deficit in 2020, but careful operational and financial management has resulted in a significant improvement in 2021 and 2022. Despite Free Reserves being in deficit, Cash Reserves at the year-end were decreased by £0.2 million to £3.7 million (2021: £3.9 million), and the School is able to meet all liabilities. The target level of cash reserves required is set at 4 months or 1 term’s worth of operating costs, equivalent to £3.6 million.

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

Investment policy and performance

The Memorandum and Articles of Association govern the School’s investment policy, which permits the appointment of a proper and competent investment manager to act in accordance with the investment policy laid down and monitored by the Governors. The primary objective for the School’s investment manager is to ensure long term capital growth for the portfolio. The funds will be managed to ensure that there are sufficient assets and an investment time horizon far enough in the future to withstand small to medium losses within the portfolio before there is a detrimental effect on the School’s ability to deliver against its day to day requirements. The fund was added to in the year by £227K, equal to the Legacy received from one alumnae. The Trustees’ priority is to grow the capital ahead of inflation over the long term. The closing valuation of the Charity’s Managed Investment Fund was £489,720 (£309,487 as 31[st] August 2021), after allowing for losses of £60,879.

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Pension liability

The Governors recognise the liability existing in The Pensions Trust Independent Schools Pension Scheme Defined Benefit Scheme (NB please refer to Note 19 in the accounts). Where the scheme is in deficit and where the School has agreed to a deficit funding arrangement, the School recognises a liability for the obligation. The Pension Liability has been reported within the accounts in accordance with accounting standard FRS 102. To eliminate the funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme between September 2016 and August 2029.

Access Policies

Bursary Policy

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

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

Scholarships Policy

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

Scholarships attract a one-off payment of £500 – deducted from the fee invoice immediately following the award. In the interests of inclusivity, no student will be awarded more than two scholarships with fee remission, although applicants may apply for more than two. Awards are usually valid for two (Year 7 and Sixth Form entry) or five (Year 9 entry) years. Scholarships can be purely honorary, with the fee remission donated by parents into our Bursary Fund to benefit students who would otherwise be unable to afford a place at the school. In addition to a fee reduction, scholars receive support in their area of talent from a teacher. Scholars are expected to act as role models to their peers and contribute to wider school life, fostering a love of learning and commitment to service.

Fundraising

During 2021/22 the School's Development and Alumnae Office has continued to be supported by a fundraising consultant, intending to raise the profile of strategic fundraising efforts in future years.

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE GOVERNANCE & MANAGEMENT

Structure

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

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

The charity has three wholly owned subsidiary companies, St Mary’s School Enterprises Limited, St Mary’s Junior School Limited and St Mary's School Cambridge International Limited.

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

Governance

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

Governor Recruitment, Induction and Training

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

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

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

After appointment, the induction process includes introduction to the School’s key personnel, discussion of the areas of responsibilities and Committees the new Governor will be invited to join (if appropriate) and a further full tour of the School. New Governors are subject to enhanced DBS clearance checks, sign a declaration of eligibility as a new trustee, and complete a potential conflict of interest statement. New Governors are encouraged to attend the AGBIS (Association of Governing Bodies of Independent Schools) new Governors’ training course. All Governors throughout their terms of office are encouraged to attend appropriate external training events, especially those run by AGBIS, where these will facilitate the undertaking of their role and mandatory training re safeguarding is provided in-house and via on line providers.

Management

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

The Headmistress, Bursar and other senior staff are invited to attend Governors' meetings and meetings of Governor committees when appropriate. Individual Governors have specific link responsibilities to areas within School which cover pupil academic, pastoral subjects and student voice, together with infrastructure areas such as finance and property, and report any findings and recommendations to the Board.

Risk Management

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

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

The key controls used by the charity include:

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

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

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

STATEMENT OF GOVERNORS' RESPONSIBILITIES

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

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

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

DISCLOSURE OF INFORMATION TO AUDITORS

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

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

AUDITORS

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

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

Mr S Westley (Chair of Trustees)

Date: 19 December 2022

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

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

OPINION

We have audited the financial statements of St Mary's School Cambridge (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the School Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

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

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Governors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

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

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

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

RESPONSIBILITIES OF GOVERNORS

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

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

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

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

We assessed the susceptibility of the charity’s and group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

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

USE OF OUR REPORT

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

Nikki Loan (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 19 December 2022

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

Note
INCOME FROM:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
TOTAL INCOME
EXPENDITURE ON:
Raising funds
9
Charitable activities
TOTAL EXPENDITURE
NET INCOME BEFORE NET
(LOSSES)/GAINS ON
INVESTMENTS
Net (losses)/gains on investments
NET INCOME
Transfers between funds
22
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2022
£
39,687
12,000,382
3,541
2,577
-
12,046,187
193,517
11,006,853
11,200,370
845,817
-
845,817
10,000
855,817
15,925,078
855,817
16,780,895		 Restricted
funds
2022
£
227,097
-
-
14,997
-
242,094
-
1,000
1,000
241,094
(60,879)
180,215
(10,000)
170,215
814,485
170,215
984,700		 Total
funds
2022
£
266,784
12,000,382
3,541
17,574
-
12,288,281
193,517
11,007,853
11,201,370
1,086,911
(60,879)
1,026,032
-
1,026,032
16,739,563
1,026,032
17,765,595		 Total
funds
2021
£
104,533
10,900,156
4,894
5,584
175,153
11,190,320
119,523
9,896,614
10,016,137
1,174,183
52,669
1,226,852
-
1,226,852
15,512,711
1,226,852
16,739,563

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

The notes on pages 31 to 61 form part of these financial statements.

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2022

Note
FIXED ASSETS
Tangible assets
13
Investments
14
Social investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
NET CURRENT LIABILITIES / ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
19
Provisions for liabilities
21
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
22
Unrestricted funds
22
TOTAL FUNDS		 352
379,936
3,741,194
4,121,482
(4,664,201)		 2022
£
23,012,306
489,716
450,000
23,952,022
(542,719)
23,409,303
(5,412,708)
(231,000)
17,765,595
984,700
16,780,895
17,765,595		 462
436,257
3,916,359
4,353,078
(4,024,900)		 2021
£
21,634,929
309,485
450,000
22,394,414
328,178
22,722,592
(5,741,029)
(242,000)
16,739,563
814,485
15,925,078
16,739,563

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022

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

The Governors have taken advantage of the exemption allowed under section 408 of the Companies Act 2006 not to present a charity only statement of financial activities. The charity's surplus for the year is £1,028,619 (2021 - £1,228,376).

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

Mr S Westley

Date: 19 December 2022

The notes on pages 31 to 61 form part of these financial statements.

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

SCHOOL BALANCE SHEET AS AT 31 AUGUST 2022

Note
FIXED ASSETS
Tangible assets
13
Investments
14
Social investments
15
CURRENT ASSETS
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
NET CURRENT LIABILITIES / ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
19
Provisions for liabilities
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
22
Unrestricted funds
22
TOTAL FUNDS		 325,479
3,741,194
4,066,673
(4,622,500)		 2022
£
23,012,306
489,720
450,000
23,952,026
(555,827)
23,396,199
(5,412,708)
(231,000)
17,752,491
971,064
16,781,427
17,752,491		 403,843
3,916,359
4,320,202
(4,007,717)		 2021
£
21,634,929
309,487
450,000
22,394,416
312,485
22,706,901
(5,741,029)
(242,000)
16,723,872
816,762
15,907,110
16,723,872

Page 28

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

SCHOOL BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022

The School's net movement in funds for the year was £1,028,619 (2021 - £1,228,376).

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

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

Mr S Westley

19 December 2022 Date:

The notes on pages 31 to 61 form part of these financial statements.

Page 29

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
25
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Movement in cash held at investors
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowing
NET CASH USED IN FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
26
The notes on pages 31 to 61 form part of these financial statements		 2022
£
2,193,641
17,574
(1,817,289)
123,267
(356,151)
(8,225)
(2,040,824)
(328,321)
(328,321)
(175,504)
3,897,235
3,721,731		 2021
£
1,807,215
5,584
(405,554)
60,904
(68,100)
1,623
(405,543)
(305,762)
(305,762)
1,095,910
2,801,325
3,897,235

Page 30

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. GENERAL INFORMATION

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

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

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

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. St Mary's Junior School Limited and St Mary's School International Limited are currently dormant.

The Consolidated Statement of Financial Activities includes the Group's share of the joint venture's net income or expenditure using the equity accounting basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The charity has also taken advantage of the exemption available to qualifying entities not to prepare a charity only statement of cash flows.

2.2 GOING CONCERN

The impact of the global health crisis caused by COVID-19 has been assessed and the Governors have reviewed budgets and forecasts covering the period of at least twelve months from the date of approval of the financial statements. Consequently, the Governors have concluded that the going concern basis remains appropriate in preparing these financial statements.

Page 31

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.3 INCOME

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

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Group has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Group, can be reliably measured.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Fees and other educational activities

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

Acceptance deposits

Acceptance deposits are deposits placed when pupils join the School and are refunded at the end of the final term after deducting any outstanding debts. Deposits are held in other creditors until refunded. All deposits are considered immediately returnable should a student leave in accordance with the appropriate terms and conditions and therefore are all held as due within one year.

Activities for generating funds

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

I nvestment income

Investment income is accounted for when receivable.

Donations

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

Page 32

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.4 EXPENDITURE

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

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

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

Expenditure on governance costs incurred by the Group is included within support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION

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

Land is not depreciated.

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

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

Depreciation is provided on the following bases:

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

Page 33

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.6 INVESTMENTS

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

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

Social investments comprise a programme related investment in a joint venture and is held at cost less impairment.

2.7 STOCKS

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

2.8 DEBTORS

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

2.9 CASH AT BANK AND IN HAND

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

Page 34

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.10 LIABILITIES AND PROVISIONS

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

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

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

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

Provisions are measure at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Further disclosure in note 21.

2.11 FINANCIAL INSTRUMENTS

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

2.12 PENSIONS

The Charity operates two schemes, one being the Government controlled defined benefit scheme Teachers' Pension Scheme for academic staff and the other a defined contribution scheme for other individuals. Assets of each scheme are held separately from those of the Charity under independent control. The Charity's contributions are expensed in the year in which they are incurred.

The Teachers' Pension Scheme for academic staff is a multi-employer defined benefit plan for which the School cannot ascertain its share of assets and liabilities. The details of the scheme are given in note 28. The School is responsible for a share of the deficit funding and the details of this are set out in note 21.

Page 35

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.13 FUND ACCOUNTING

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

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

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

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

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity and group make estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The Governors consider the estimation of potential impairment of the Joint Venture value to be a significant estimate. The Charity has considered the management reports of the Joint Venture and its current operations and do not consider that any impairment of the investment is currently necessary.

The Governors do not consider there are any further critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies and that set out above.

Page 36

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2022
£
Donations
39,687
Legacies
-
TOTAL 2022
39,687
TOTAL 2021
59,533		 Restricted
funds
2022
£
-
227,097
227,097
45,000		 Total
funds
2022
£
39,687
227,097
266,784
104,533		 Total
funds
2021
£
104,533
-
104,533

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2022
£
Gross fees
12,776,085
Less: Total bursaries, grants and allowances
(775,703)
TOTAL 2022
12,000,382
TOTAL 2021
10,900,156		 Total
funds
2022
£
12,776,085
(775,703)
12,000,382
10,900,156		 Total
funds
2021
£
12,112,500
(1,212,344)
10,900,156

Page 37

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Trading income
TOTAL 2021
INVESTMENT INCOME
Unrestricted
funds
2022
£
Income investments
2,577
TOTAL 2021
11
OTHER INCOMING RESOURCES

Coronavirus job retention scheme
TOTAL 2021		 Unrestricted
funds
2022
£
3,541
4,894
Restricted
funds
2022
£
14,997
5,573
Unrestricted
funds
2022
£
-
175,153		 Total
funds
2022
£
3,541
4,894
Total
funds
2022
£
17,574
5,584
Total
funds
2022
£
-
175,153		 Total
funds
2021
£
4,894
Total
funds
2021
£
5,584
Total
funds
2021
£
175,153

7. INVESTMENT INCOME

8. OTHER INCOMING RESOURCES

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

Page 38

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

9. EXPENDITURE ON RAISING FUNDS

TRADING EXPENSES

Unrestricted
funds
2022
£
Trading costs
193,517
TOTAL 2021
119,523		 Total
funds
2022
£
193,517
119,523		 Total
funds
2021
£
119,523

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Education and welfare
Establishment and premises
TOTAL 2022
TOTAL 2021		 Direct
costs
2022
£
6,895,628
1,908,509
8,804,137
8,057,488		 Support
costs
2022
£
1,724,783
478,933
2,203,716
1,839,126		 Total
funds
2022
£
8,620,411
2,387,442
11,007,853
9,896,614		 Total
funds
2021
£
7,838,893
2,057,721
9,896,614

All expenditure in 2022 and 2021 was unrestricted.

Page 39

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Staff costs
Direct charitable expenditure
TOTAL 2022
TOTAL 2021
ANALYSIS OF SUPPORT COSTS
Staff costs
Depreciation
School administrations costs
Governance costs
TOTAL 2021		 Education
and welfare
2022
£
5,921,909
973,719
6,895,628
6,379,024
Education
and welfare
2022
£
705,578
341,771
659,276
18,158
1,724,783
1,459,869		 Establish-
ment and
premises
2022
£
508,899
1,399,610
1,908,509
1,678,464
Establish-
ment and
premises
2022
£
198,328
98,137
182,468
-
478,933
379,257		 Total
funds
2022
£
6,430,808
2,373,329
8,804,137
8,057,488
Total
funds
2022
£
903,906
439,908
841,744
18,158
2,203,716
1,839,126		 Total
funds
2021
£
5,851,118
2,206,370
8,057,488
Total
funds
2021
£
839,479
386,561
596,256
16,830
1,839,126

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

Page 40

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

11. AUDITORS' REMUNERATION

2022 2021
£ £
Fees payable to the School's auditor for the audit of the School's annual
accounts 15,745 13,985
Fees payable to the School's auditor in respect of:
All non-audit services not included above 2,413 1,795

12. STAFF COSTS

Wages and salaries
Social security costs
Contribution pension schemes		 Group
2022
£
5,786,579
574,374
973,761
7,334,714		 Group
2021
£
5,482,887
526,869
680,841
6,690,597		 School
2022
£
5,786,579
574,374
973,761
7,334,714		 School
2021
£
5,482,887
526,869
680,841
6,690,597

The average number of persons employed by the School during the year was as follows:

Education & Welfare
Administration
Establishment
Trading		 Group
2022
No.
102
21
21
1
145		 Group
2021
No.
103
21
21
1
146		 School
2022
No.
102
21
21
1
145		 School
2021
No.
103
21
21
1
146

Page 41

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12. STAFF COSTS (CONTINUED)

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

Group Group
2022 2021
No. No.
In the band £60,001 - £70,000 5 4
In the band £110,001 - £120,000 1 1
In the band £150,001 - £160,000 1 1

The key management personnel of the Group comprise the Headmistress, the Deputy Head, the Bursar, the Deputy Head: Pastoral & Boarding, the Assistant Head: Director of Studies, Assistant Head: Enrichment and Partnerships and the Head of the Junior School (2021: the Headmistress, the Deputy Head, the Bursar, the Deputy Head: Pastoral & Boarding, the Assistant Head: Director of Studies and the Head of the Junior School). The total employee benefits of the key management personnel of the Charity were £775,394 (2021: £688,256).

No trustees received any remuneration or benefits in kind from the Charity (2021: £nil).

Page 42

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

13. TANGIBLE FIXED ASSETS

GROUP AND SCHOOL

COST OR VALUATION
At 1 September 2021
Additions
At 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for the year
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 Freehold
property
£
18,630,587
39,362
18,669,949
970,158
11,811
981,969
17,687,980
17,660,429		 Long-term
leasehold
property
£
4,284,725
-
4,284,725
979,710
72,687
1,052,397
3,232,328
3,305,015		 Motor
vehicles
£
204,409
33,395
237,804
160,655
24,540
185,195
52,609
43,754		 Fixtures and
fittings
£
3,050,687
1,744,532
4,795,219
2,424,956
330,874
2,755,830
2,039,389
625,731		 Total
£
26,170,408
1,817,289
27,987,697
4,535,479
439,912
4,975,391
23,012,306
21,634,929

Page 43

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

14. FIXED ASSET INVESTMENTS

GROUP
COST OR VALUATION
At 1 September 2021
Additions
Disposals
Revaluations
AT 31 AUGUST 2022
NET BOOK VALUE
AT 31 AUGUST 2022
AT 31 AUGUST 2021		 Listed
investments
£
289,095
356,151
(141,147)
(42,996)
461,103
461,103
289,095		 Cash held at
investments
£
20,388
-
8,225
-
28,613
28,613
20,388		 Total
£
309,483
356,151
(132,922)
(42,996)
489,716
489,716
309,483

Page 44

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

14. FIXED ASSET INVESTMENTS (CONTINUED)

SCHOOL
COST OR VALUATION
At 1 September 2021
Additions
Disposals
Revaluations
AT 31 AUGUST 2022
IMPAIRMENT
At 1 September 2021
AT 31 AUGUST 2022
NET BOOK VALUE
AT 31 AUGUST 2022
AT 31 AUGUST 2021		 Investments
in
subsidiary
companies
£
63,957
-
-
-
63,957
63,953
63,953
4
4		 Listed
investments
£
289,095
356,151
(141,147)
(42,996)
461,103
-
-
461,103
289,095		 Cash held
as
investments
£
20,388
-
8,225
-
28,613
-
-
28,613
20,388		 Total
£
373,440
356,151
(132,922)
(42,996)
553,673
63,953
63,953
489,720
309,487

Page 45

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

15. SOCIAL INVESTMENTS

GROUP AND SCHOOL

COST OR VALUATION
At 1 September 2021
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 Investment
in joint
venture
£
450,000
450,000
450,000
450,000		 Total
£
450,000
450,000
450,000
450,000

In October 2019 St Mary's School Cambridge entered into a joint venture with Homerton College called Ward Griffin LLP. The purpose of the LLP is to improve the sports facilities on Long Road, Cambridge and enable Homerton to use these facilities themselves.

During the year there was £nil incoming resources (2021: £nil) and £20,900 resources expended (2021: £10,237) in respect of the joint venture.

16. STOCKS

Group Group
2022 2021
£ £
Goods for resale 352 462

17. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2022
£
106,664
2,265
271,007
379,936		 Group
2021
£
80,773
116,066
239,418
436,257		 School
2022
£
106,664
2,266
216,549
325,479		 School
2021
£
80,773
116,066
207,004
403,843

Page 46

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank overdrafts
Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2022
£
19,463
388,889
3,102
-
148,283
1,788,672
2,315,792
4,664,201		 Group
As restated
2021
£
19,124
388,889
3,102
-
138,858
1,480,565
1,994,362
4,024,900		 School
2022
£
-
388,889
-
42,937
142,418
1,788,672
2,259,584
4,622,500		 School
As restated
2021
£
-
388,889
-
42,533
134,637
1,480,564
1,961,094
4,007,717

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

Page 47

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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

Group Group School School
2022 2021 2022 2021
£ £ £ £
Bank loans 5,412,708 5,741,029 5,412,708 5,741,029

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


Loan payable falling due in more than
1 year but less than 5 years
Loan payable falling due after 5 years
Total		 2022
£

1,555,556
3,857,153
5,412,709
 2021
£
1,555,556
4,185,473
5,741,029

20. DEFERRED INCOME

Deferred income at 1 September 2021
Resources deferred during the year
Amounts released from previous periods
DEFERRED INCOME AT 31 AUGUST 2022		 Group
2022
£
1,776,232
2,007,597
(1,776,232)
2,007,597		 Group
2021
£
1,679,820
1,776,232
(1,679,820)
1,776,232		 School
2022
£
1,776,232
2,007,597
(1,776,232)
2,007,597		 School
2021
£
1,679,820
1,776,232
(1,679,820)
1,776,232

Page 48

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

21. PROVISIONS

GROUP AND SCHOOL

At 1 September 2021
Net movement		 Pension
deficit
funding
provision
£
242,000
(11,000)
231,000

The School is a member of the Pensions Trust defined benefit pension scheme for academic staff and is making contributions to the recovery plan now set up to eliminate the actuarial deficit arising on the scheme. Further information is contained in Note 28.

Page 49

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

22. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

DESIGNATED FUNDS
Capital reserve
GENERAL FUNDS
Accumulated fund
St Mary's School Enterprises Limited
St Mary's Junior School Limited
TOTAL UNRESTRICTED FUNDS		 Balance at 1
September
2021
£
15,285,526
630,861
7,270
1,421
639,552
15,925,078		 Income
£
-
11,855,257
190,930
-
12,046,187
12,046,187		 Expenditure
£
-
(11,006,853)
(193,517)
-
(11,200,370)
(11,200,370)		 Transfers
in/out
£
269,549
(259,549)
-
-
(259,549)
10,000		 Gains/
(Losses)
£
-
-
-
-
-
-		 Balance at
31 August
2022
£
15,555,075
1,219,716
4,683
1,421
1,225,820
16,780,895

Page 50

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

22. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS
Scholarship and bursary fund
Audrey Martin Bursary fund
Joint Venture Partnership
Alvares Meneses fund
TOTAL OF FUNDS		 Balance at 1
September
2021
£
354,485
10,000
450,000
-
814,485
16,739,563		 Income
£
11,581
-
-
230,513
242,094
12,288,281		 Expenditure
£
-
-
-
(1,000)
(1,000)
(11,201,370)		 Transfers
in/out
£
-
(10,000)
-
-
(10,000)
-		 Gains/
(Losses)
£
(47,012)
-
-
(13,867)
(60,879)
(60,879)		 Balance at
31 August
2022
£
319,054
-
450,000
215,646
984,700
17,765,595

Page 51

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

22. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

DESIGNATED FUNDS
Capital reserve
GENERAL FUNDS
Accumulated fund
St Mary's School Enterprises Limited
St Mary's Junior School Limited
TOTAL UNRESTRICTED FUNDS		 Balance at
1 September
2020
£
15,014,526
(233,273)
8,794
1,421
(223,058)
14,791,468		 Income
£
-
11,021,748
117,999
-
11,139,747
11,139,747		 Expenditure
£
-
(9,896,614)
(119,523)
-
(10,016,137)
(10,016,137)		 Transfers
in/out
£
271,000
(261,000)
-
-
(261,000)
10,000		 Gains/
(Losses)
£
-
-
-
-
-
-		 Balance at
31 August
2021
£
15,285,526
630,861
7,270
1,421
639,552
15,925,078

Page 52

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

22. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS
Scholarship and bursary fund
Audrey Martin Bursary fund
Joint Venture Partnership
TOTAL OF FUNDS		 Balance at
1 September
2020
£
251,243
20,000
450,000
721,243
15,512,711		 Income
£
50,573
-
-
50,573
11,190,320		 Expenditure
£
-
-
-
-
(10,016,137)		 Transfers
in/out
£
-
(10,000)
-
(10,000)
-		 Gains/
(Losses)
£
52,669
-
-
52,669
52,669		 Balance at
31 August
2021
£
354,485
10,000
450,000
814,485
16,739,563

Page 53

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

22. STATEMENT OF FUNDS (CONTINUED)

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

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

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

The Joint Venture Partnership is with Homerton College, Cambridge being the valuation of the venture.

The Alvares Meneses fund represents funds held to be spent on travel bursaries.

STATEMENT OF FUNDS - CHARITY ONLY

Balance at 1
September
2021
£		 Balance at 1
September
2021
£		 Income
£
Expenditure
£		 Income
£
Expenditure
£		 Transfers
in/out
£
Gains/(losses
)
£
Balance at 31
August
2022
£		 Transfers
in/out
£
Gains/(losses
)
£
Balance at 31
August
2022
£		 Transfers
in/out
£
Gains/(losses
)
£
Balance at 31
August
2022
£
Designated funds 15,285,526 -
-		 - - 15,285,526
General funds 621,584 11,855,257
(11,017,853)		 12,277 - 1,471,265
Restricted funds 816,762 242,094 (14,636) (12,277) (60,879) 971,064
Total 16,723,872 12,097,351 (11,032,489) - (60,879) 17,727,855

Page 54

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

23. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

Designated funds
General funds
Restricted funds
SUMMARY OF FUNDS - PRIOR YEAR
Designated funds
General funds
Restricted funds		 Balance at 1
September
2021
£
15,285,526
639,552
814,485
16,739,563
Balance at
1 September
2020
£
15,014,526
(223,058)
721,243
15,512,711		 Income
£
-
12,046,187
242,094
12,288,281
Income
£
-
11,139,747
50,573
11,190,320		 Expenditure
£
-
(11,200,370)
(1,000)
(11,201,370)
Expenditure
£
-
(10,016,137)
-
(10,016,137)		 Transfers
in/out
£
269,549
(259,549)
(10,000)
-
Transfers
in/out
£
271,000
(261,000)
(10,000)
-		 Gains/
(Losses)
£
-
-
(60,879)
(60,879)
Gains/
(Losses)
£
-
-
52,669
52,669		 Balance at
31 August
2022
£
15,555,075
1,225,820
984,700
17,765,595
Balance at
31 August
2021
£
15,285,526
639,552
814,485
16,739,563

Page 55

DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2022
£
Tangible fixed assets
23,012,306
Fixed asset investments
-
Social investments
-
Current assets
4,076,498
Creditors due within one year
(4,664,201)
Creditors due in more than one year
(5,412,708)
Provisions for liabilities and charges
(231,000)
TOTAL
16,780,895
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
2021
£
Tangible fixed assets
21,634,929
Fixed asset investments
(45,000)
Social investments
-
Current assets
4,343,078
Creditors due within one year
(4,024,900)
Creditors due in more than one year
(5,741,029)
Provisions for liabilities and charges
(242,000)
TOTAL
15,925,078		 Restricted
funds
2022
£
-
489,716
450,000
44,984
-
-
-
984,700
Restricted
funds
2021
£
-
354,485
450,000
10,000
-
-
-
814,485		 Total
funds
2022
£
23,012,306
489,716
450,000
4,121,482
(4,664,201)
(5,412,708)
(231,000)
17,765,595
Total
funds
2021
£
21,634,929
309,485
450,000
4,353,078
(4,024,900)
(5,741,029)
(242,000)
16,739,563
Tangible fixed assets
Fixed asset investments
Social investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
TOTAL

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 25. ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
(Gains)/Losses on investments
Dividends, interests and rents from investments
Decrease in stocks
Decrease/(increase) in debtors
Increase in creditors
(Decrease)/increase in provisions
NET CASH PROVIDED BY OPERATING ACTIVITIES		 Group
2022
£
1,026,032
439,912
60,879
(17,574)
110
56,320
638,962
(11,000)
2,193,641		 Group
2021
£
1,226,852
386,562
(52,669)
(5,584)
73
(112,026)
389,007
(25,000)
1,807,215

26. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Overdraft facility repayable on demand
TOTAL CASH AND CASH EQUIVALENTS		 Group
2022
£
3,741,194
(19,463)
3,721,731		 Group
2021
£
3,916,359
(19,124)
3,897,235

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

27. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year		 At 1
September
2021
£
3,916,359
(19,124)
(388,889)
(5,741,029)
(2,232,683)		 Cash flows
At 31
August 2022
£
£
(175,165)
3,741,194
(339)
(19,463)
-
(388,889)
328,321
(5,412,708)
152,817
(2,079,866)

28. PENSION COMMITMENTS

Teachers' Pension Scheme

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

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

Valuation of the Teachers' Pension Scheme

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

The key elements of the valuation and subsequent consultation are:

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

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

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

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

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

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

28. PENSION COMMITMENTS (CONTINUED)

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

Independent Schools Pension Scheme - Defined Benefit Scheme

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

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

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

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

Deficit contributions

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

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

Deficit contributions

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

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

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

The discount rates shown above are the equivalent single discount rates which, when used to discount the

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

28. PENSION COMMITMENTS (CONTINUED)

future recovery plan contributions due, would give the same results as using a full AAA corporate bond yield curve to discount the same recovery plan contributions.

Independent Schools Pension Scheme - Defined Contribution Scheme

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

The pension cost charge represents contributions payable by the School to all three of these funds together with provision for future deficit funding for the Independent Schools Pension Scheme. These amounted to £680,841 (2020 - £1,013,747). Contributions totalling £118,332 (2020 - £117,599) were payable to the funds at the year-end and are included in creditors.

29. OPERATING LEASE COMMITMENTS

At 31 August 2022 the Group and the School had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Buildings
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2022
£
95,000
380,000
684,792
1,159,792		 Group
2021
£
95,000
380,000
779,792
1,254,792		 School
2022
£
95,000
380,000
684,792
1,159,792		 School
2021
£
95,000
380,000
779,792
1,254,792

30. RELATED PARTY TRANSACTIONS

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

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DocuSign Envelope ID: 24BAA9AC-9A97-441A-976F-2EEA2C40553B

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

31. PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the School:

Names Company Registered office Principal activity
number
St Mary's School Enterprises 02990383 St Mary's School, Supply of services to
Limited Bateman Street, the summer school.
Cambridge,
CB2 1LY
St Mary's Junior School Limited 02117187 St Mary's School, Dormant
Bateman Street,
Cambridge,
CB2 1LY
St Mary's School Cambridge 13083555 St Mary's School, Supply of international
International Limited Bateman Street, services to the
Cambridge, group
CB2 1LY
Class of Holding Included in
shares consolidation
Ordinary 100% Yes
Ordinary 100% Yes
Ordinary 100% Yes

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit/(Loss) Net assets
£ £ for the year £
£
St Mary's School Enterprises Limited 190,930 (193,517) (2,587) 4,683

Page 61