This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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 2025

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

	Page
Reference and Administrative Details of the School, its Governors and Advisers	1
Governors' Report	2 - 16
Independent Auditors' Report on the Financial Statements	17 - 21
Consolidated Statement of Financial Activities	22
Consolidated Balance Sheet	23 - 24
School Balance Sheet	25 - 26
Consolidated Statement of Cash Flows	27
Notes to the Financial Statements	28 - 59

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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 2025

Governors	Mr J Pyne, Chair
	Mr V Anandraj
	Ms K Daber (resigned 28 August 2025)
	Mr R Haynes
	Dr A Hoti (resigned 25 February 2025)
	Mr C Jones
	Ms S Gibson
	Ms G Simmonds
	Ms S Clayton (resigned 13 November 2024)
	Dr H Fernandes
	Mr B Howarth
	Ms E Jones (resigned 28 July 2025)
	Mr K Ved
	Ms V Thouroude (appointed 1 October 2024)
	Mr C Hald (appointed 14 October 2025)
Company registered number 01840431 Charity registered number 290180 Registered office Bateman Street Cambridge CB2 1LY Clerk to the Governors Mrs N Wrycroft (resigned 31 October 2025) Mr S Babar (appointed 31 October 2025) Company secretary S Babar Head Teacher H Helliar Independent auditors PEM Audit Limited Registered Auditors Salisbury House Station Road Cambridge CB1 2LA Bankers Lloyds Bank plc Gonville Place 95 Regent Street Cambridge CB2 1BQ

Page 1

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

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 31 August 2025. 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 19 years, aiming to create a caring and stimulating Christian environment within which pupils can realise their spiritual, intellectual, creative, social, academic and physical potential through compassion, wisdom and humour, building their selfconfidence and their desire to make significant contributions to society as a whole.

Objectives for the Year

The objectives for St Mary’s School in 2024-25 focused on embedding the statement of Vision and Mission and values introduced in the previous year:

Vision: By God's grace, women in time will do much (Mary Ward 1585-1645).

Mission: As a Christian school, underpinned by our Catholic heritage and the life of Mary Ward, our mission is to develop curious, creative and compassionate young women with the aspiration, confidence and integrity to shape a better world for the common good.

Values: Freedom, Love, Justice, Truth and Joy.

To continue to provide a first class, highly effective educational and pastoral environment for girls which recognises the personal needs of each individual and delivers academic added value for all our pupils, and for pupils at other schools in the wider community. The curriculum is reviewed continually to ensure that each pupil achieves their potential academically and provides them with a solid foundation for their next step to university or on into future employment. The focus on tracking and monitoring individual pupils’ progress enables us to identify pupils who need further support within the curriculum.

Page 2

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

As required, we use intervention methods to ensure that parents are kept informed and work with individual pupils to ensure that they reach their true potential.

Develop the Senior and Junior School facilities to further enhance the educational added value and pastoral care, for which the school is already well regarded. Deliver academic, sporting and environmental benefits to all our pupils, while focusing on the long-term future by developing the school site.
Build on our digital technology strategy by embedding a new teaching and learning platform (Firefly) as part of our ongoing digital strategy.
Maintain excellent pupil - teacher ratios, and to maintain our programme of professional development for all staff, including undertaking the oversight and in-school training of Early Career Teachers (ECT) on behalf of the Independent Schools Teacher Induction Panel (IStip).
Develop our programme of bursary funding and fee remission to widen pupil access to the school and ensure that education is provided to girls from a broad spectrum of society. Contribute to local, national and international communities through our involvement with fellow schools and our charitable fundraising.
To fully embed with the school community our Mission, Values and Vision to embed five key values; Freedom, Joy, Justice, Love and Truth in everyday school life through: Hard work, Empathy, Adaptability, Responsibility, Thoughtfulness (HEART).

REVIEW OF ACTIVITIES

Academic

The principal activity of St Mary’s Cambridge is to provide education to girls between the ages of 3 and 19 years, and to provide opportunities for all pupils to develop spiritually, morally and socially. St Mary’s empowers all its students to aim high and believes that all can aspire to high performance.

Academic Results

Both the A level and GCSE cohort performed exceptionally well in the summer’s public exams.

St Mary’s Sixth Form performed strongly with 54% of grades awarded at A-A (up from 52% in 2024). There were particularly strong performances in Art, Latin, Music, Photography, and Textiles, with 100% of grades being awarded at A- A.

These A Level results enabled students to take up places at universities of their choice including Oxford, Cambridge, Bristol, Durham, Exeter, Sheffield, Warwick, York, Manchester and Nottingham, with 71% going to Russell Group universities and 20% heading to G5 universities. Subjects being read included Ancient History, Architecture. Biological Sciences, Computer Science and Cybersecurity, Engineering, Geography, History, Law, Maths, Medicine, Music, Physics, Politics and Zoology.

Year 11 students additionally produced very strong results, with 63% of GCSE grades awarded A*- A equivalent (grades 7, 8 & 9), with German and Music achieving 100% of 9-7 grades. Students achieved particularly strong performances in disciplines including Additional Mathematics, in which 80% of students achieved the top A grade, Modern Languages, Art and Design Technology. In addition, over 75% of grades in Biology, History and Latin were awarded the top levels of 9-7.

Page 3

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Visual Arts

The Art Scholars were once again active in the school community: through their creation of our Mini T-Rex, for the Art trail in the Grand Arcade and the pinnacle of the year was the annual Summer Exhibition, an opportunity for all parents, carers and friends to see over 1,500 pieces of work produced by both the GCSE and A level students, as well as the inaugural Junior School Art Exhibition, which showcased work developed under our specialist Junior Art teaching programme.

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

A student in Year 13 won the Young Photographer’s Senior category in the Annual Rotary Club Young Photographer Competition.
Another student in Year 13 was shortlisted in Norwich University of the Arts ‘Beyond the Frame’ competition, and her piece was featured in the April exhibition.
A number of students were highly commended in the Rotary Young Artist and Young Photographer competition, submitting entries on the theme of ‘Wonderful Water’.
Three students’ work was featured in the call for submissions for the ‘Paint What Matters’ exhibition at Kettle’s Yard.

Careers

The biennial Careers Fair was held on October 2024, with over 50 companies represented, covering professions such as STEM, financial services, performing arts, armed forced, medicine, pharmacy, veterinary medicine, gaming, recruitment, teaching, interior design, accountancy and publishing.

Year 13 hosted the Director of Fiscorum Fiscal Intelligence who led two workshops to prepare the students for financial independence, covering topics such as good and bad debt, credit history, the impact of interest, responsible use of overdrafts, managing budgets and taxation. A range of speakers also visited the school as part of the ‘Inspire my Future’ programme, which invites alumnae and other supporters of the school to share their professional journeys and inspire the girls in a range of professional fields.

Drama

In the Junior School, the Pre-Prep told the story of the Nativity with a focus on the theme of light, and Year 3 & 4 retold the legendary tales of ‘Arabian Nights’, with vibrant costumes and superb dramatic and musical performances. The annual Year 5 & 6 Shakespearean play was ‘A Midsummer Night’s Dream’, perfectly set in the beautiful Junior School garden, with the woodland serving as both part of the set, and natural stage wings.

The Upper School production, comprising students in Years 10-13, was ‘The Addams Family’, featuring a range of stunning dramatic, vocal and dance performances. The annual Lower School production, featuring girls in Years 7-9, was ‘Wendy and the Lost Girls’, set in the Senior School garden, which was a fantastic reimagining of the classic ‘Peter Pan’.

Speech and Drama continues to go from strength to strength with 67 girls entering LAMDA examinations in the summer term 2025: 96% achieved distinction, and 100% achieved distinctions at the top Acting Grade 8 Gold Medal examination.

Page 4

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

English

Students continue to enter their work into national and international competitions. One student in Year 8 won third prize in the Young Essay category of the Humanitarian Aid Relief Trust Competition, a global event that attracted entries from all over the world, for her essay on ‘Hurdles to a better educational prospect in Burma’. Another was shortlisted for the Senior Writing Award in the GSA’ BE Bold’ national competition. In addition, two students achieved ‘Best in County’ in the national Poetry by Heart competition, and one pupil in Year 5 had her story selected and published as part of the Wicked Young Writers Competition.

The debate team also enjoyed notable success, progressing for the first time in recent history to the regional finals of the English Speaking Union Mace debates. Similar success was enjoyed at the Cambridge Model United Nations conference, with individual awards leading to St Mary’s being the best performing school in terms of our pupil to award ratio.

Music

In addition to the Teatime concert, Music Festival and the annual concert at the University of Cambridge concert hall, the pinnacle moment of 2024-2025 was ‘Bella Voce’, the Junior School ensemble, being crowned GSA Junior Choir of the Year. The finals, held in Warwick, were a triumph and the 26-strong choir excelled with their renditions of ‘Jabberwocky’ and ‘How Can You Catch the Wind’, beating stiff competition from other leading GSA schools. Finally, one student in Year 6 auditioned successfully for the National Children’s choir of Great Britain.

The Senior School also performed two concerts at the University of Cambridge concert hall, in December and June. Both featured performances by the school’s larger ensembles, alongside performances from both the Young Pianist and Young Musicians of the Year. These competitions, held in November 2024, were judged by Mr Oliver King, who is a Director of Music, organist, conductor, performer and music therapist. ‘Allegro’, the Senior School ensemble also won their class at the Cambridgeshire Community Music Festival in March 2025. Two students, in Years 7 and 12, also successfully auditioned for the National Youth Choir of Great Britian.

Science, Technology, Engineering and Maths (STEM)

In the Bebras Computational Thinking Challenge, which attracted over 467,000 participants from 80 countries, students from Years 2 to 13 delivered performances that outpaced both county and national averages and twenty students from Years 7-10 received Gold Awards. Following that, sixteen of our Year 5 and 6 girls (who achieved scores in the top 10% nationally) participated in the inaugural online ‘Bebras Coding Challenge 2025’ in May. This is an invitation-only challenge for talented UK students to produce fully programmed solutions to coding problems within strict time constraints. Nationally, 49,774 students participated in the ‘Novices’ category and 10,765 students participated in the ‘Explorers’ category: eight of our Year 5 girls and four of our Year 6 girls achieved a ‘Distinction Award’. Finally, a team of four Year 6 girls won the Micro:bit Coding Challenge organised by the Rotary Club of Cambridge.

There were further successes in the annual UKMT competitions. Students in the Senior School took part in the annual UKMT Intermediate Mathematical Challenge, achieving 25 bronze awards, 10 silver awards and 4 gold awards. Students in Years 7 & 8 took place in the Junior Mathematical Challenge, securing 15 bronze awards, 7 silver awards and 5 gold awards, while students in Years 9-11 took part in the Intermediate Mathematical Challenge, achieving 25 bronze awards, 10 silver awards and 4 gold awards. Results were equally strong in the Senior Challenge, in which the girls achieved 22 bronze, 7 silver and 4 gold awards.

The biennial Technology Showcase took place in July, with students showcasing their technology and textiles work, including the much-anticipated fashion show, which celebrated the design flair of so many students, who are also keenly committed to sustainability and upcycling.

Page 5

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Sport

Sport at St Mary’s has enjoyed another busy and eventful year, the culmination of which was the annual Sports Awards dinner, with Susannah Townsend MBE, Olympic gold medallist, as guest of honour. The Junior School was also delighted to welcome Beth Tweddle MBE, to inspire the girls in their sporting dreams.

The Summer Term saw 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. One Year 8 student also achieved bronze in the U14 Prep Schools Athletics Nationals.

Football continues to grow and in December, we hosted a Football Fun Festival at Long Road Sports Ground, and students in Years 7 and 8 travelled to Norwich City Football Club for a mini tour to the Nest.

Rowing at St Mary’s goes from strength to strength. December saw the first overseas rowing camp to Portugal and there have been successes throughout the year. To start the year, in October, all seven crews achieved top 4 places in the Bedford Small Boats Head. In July the Year 10 quad reached the finals of the Bedford Regatta. There were further successes at the Paris Head, Junior Inter-regional Regatta, Cambridge City Sprints, Bedford Amateur Regatta, National Schools’ Regatta and Henley.

March saw the Gymnastics Show with pupils from Years 5-13 performing using ribbons, apparatus and floor work. This was a great opportunity for a wide age-range of pupils to work together. The annual Dance Show, also held in March, saw a range of dance styles performed by girls from a variety of years across the school.

Mental Health & Wellbeing

We prioritise support for students' and staff mental health and wellbeing. Our two Mental Health and Wellbeing co-ordinators in the Senior School work to ensure that support for mental health and wellbeing is prioritised across the whole School community. More than twenty members of staff are Mental Health First Aiders across the Senior and Junior Schools. Along with the nurses, the School has also trained students as mental health champions. The School employs two counsellors who, alongside the School nurses can provide support to students as needed, their consultations taking place in the school Well-Being room and are available for students referred by the school nurses. The School intranet 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 School takes pride in its proactive approach to mental health, with wellbeing initiatives including mindfulness programmes, peer support groups, and development workshops. We are committed to creating a school culture where every girl feels valued and understood. Alongside support for students, staff have been provided with a full programme of activities available across the year including Yoga, massages and Zumba.

The Senior School observed Children’s Mental Health Week in February and Mental Health Awareness Week in May with a range of activities including a charity raffle, sale of self-care kits, mosaic decorating, a tuck shop, puppy playdates, karate, gardening, neurographic art, knitting, crochet, mindfulness and hot chocolate.

Student Voice

St Mary’s continues to prioritise our student committees, recognizing the importance of the students having a voice in how their school is run. Students lead the international committee, inclusivity committee and the student council and the staff associated with these ensure feedback reaches the senior leadership team, who, in turn discuss at weekly SLT meetings and make recommendations which are then fed back to the whole school community during an Assembly. One key desire of the girls was to hold a ‘culture week’, which took place in March 2025, with culinary treats from around the world, and a national dress day to celebrate the array of cultures that make up our school community.

Page 6

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Outdoor Learning and Biophilia

In September, adventures days took place for Years 7-9. With the dual aim of welcoming new students to their peers, as well as building risk-taking and resilience, the girls undertook water-based activities such as raftbuilding, land-based activities such as axe-throwing and climbing, with Year 9 tackling Nuclear Races.

In October, we held our inaugural Apple Day, which included lunchtime activities such as juice-making, bracelet making and a fiercely fought competition for the longest apple peel. For Outdoor Classroom Day in November, a range of activities were organised by the Outside Learning Co-ordinator; these included a range of outdoor lessons, craft activities and a mini farm, including Declan the donkey. Money was also raised during break and lunch for the charity Cultivating Change, founded by two alumnae, which supports mental health and wellbeing through gardening and outdoor pursuits. The second Outdoor Classroom Day in May was equally successful, but this time with alpacas as the guests of honour.

The outdoor classroom continues to be popular with staff and students alike, with the addition of lighting and large bean bags is a comfortable alternative as a venue for lessons to take place. It is a multi-functional, calm space that can be used in all pastoral and academic aspects of school life.

DETAILS OF BURSARIES AND SCHOLARSHIPS

Bursaries

Due to the ongoing situation in Ukraine, the School continued to support pupils who were staying with hosts in the UK. 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 2024/25 the value of means tested bursaries totalled £477,510 compared to £522,383 in 2023/24. This represented 3.6% of our gross fees (compared to 4.05% for 2023/24) and provided assistance to 35 students (40 students in 2023/24), and included additional pupils (within Day and Boarding) receiving 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. In total, 10 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 61 pupils (60 in 2023/24), based on their educational merit and potential, totalling £171,495 compared to £55,917 in 2023/24 and representing 1.28% (0.43% in 2023/24) of our gross fees. Of this number, 1 (4 in 2023/24) 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.

Page 7

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

LINKS TO OTHER SCHOOLS AND ORGANISATIONS

Sister school and international links

Over the summer break a number of sixth form students and selected staff made a trip to Lourdes, France to assist disabled pilgrims who had made the trip. Donning the iconic blue uniforms, the girls spend all day with one pilgrim, helping with daily tasks, as well as ‘rolling’ them to receive the healing waters.

The annual Year 10 Australian exchange once again took place in the Spring Term. Three students from St Aidan’s School in Brisbane visited for two weeks at the end of Spring Term. They joined in with the normal routine of the school, staying with Year 10 students’ families – with our students travelling to Brisbane in July for the second half of the exchange.

We also welcomed four GAP students from Australia, who joined the staff team from January 2024-December 2024. Primarily supporting boarding, the GAP students also supported the Sport department, as well as general Junior School classes.

Links to the local Catholic and wider community

St Mary’s School staff continue to support wider charitable, religious or educational endeavours beyond their school commitments. These include various church groups, Scouts, various safeguarding roles, sports coaching, Royal Voluntary Service, Cambridgeshire Search and Rescue, Companion Voices, Library at Home and Parish Council work. Partnership with the parish is enhanced by teachers’ involvement in parish life, for example through involvement in the ministry at a variety of churches, singing in the choir for services Catechesis and supporting First Holy Communion preparation

Our partnership with St Bede's, 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 valuesdriven partnership, which includes delivery of GCSE Classical Greek to students in both schools from Years 9 and 10.

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 (which our Operations Manager attends). This year, we hosted our first-ever Go tournament, with players from a range of local independent and state schools attending the East Asian strategy game competition. The sports ground at Long Road remains available to the local community to book for training and match sessions in the evenings and at weekends. The facilities are used for a variety of sports including football, hockey, rugby and netball.

Page 8

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

COMMUNITY SERVICE, AWARENESS RAISING AND FUND RAISING

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 Children in Need and World Book Day. 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 to nonuniform days. The total raised across the academic year 2024-25 was £6,855. Beneficiaries included Breast Cancer Now, Red Hen Project, Meseret for Women, Teenage Cancer Trust, Rowan Cambridge, Happy Days Children’s Charity, Mary’s Meals and the Glanfield Children’s Group (Lourdes). 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. The Giving Tree initiative was again organised by Year 9 students, where 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. Individual students also undertake their own fundraising, with the most impressive being a Year 5 pupil who raised over £3,000 for Great Ormond Street Hospital by walking 268 miles of the Pennine Way over 15 days.

St Mary’s students continue to actively participate in the Duke of Edinburgh’s Award Scheme with 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. Close links have also been maintained between the boarding accommodation (Mary Ward House) and the residents of the adjacent Royal Albert Homes alms-houses – including baking cakes for the now annual May Day tea party.

Page 9

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Transport

Bicycle road awareness and training courses continue to be run on an annual basis, which 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. The longer-term strategy for school vehicles is to procure electric minibuses at the point of replacement and when electric minibuses become more available.

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 Microsoft-based devices. In addition, we continued the programme of replacement of the classroom Interactive Whiteboards with touch screen TVs, and replaced the entire WiFi network to meet the most up to date WiFi standards, including AI management capability.

The majority of the works carried out over the period were ongoing maintenance, in line with the rolling plan. Of particular note were the repairs carried out to the Senior School gym roof as well as the removal of the 6 boilers in the Elms that supply the majority of the Senior School site; these were replaced in July 2025 by 3 new energyefficient boilers.

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.

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 Artificial Intelligence.

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.

Page 10

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW/ RESULTS FOR THE YEAR

Financial results

The total incoming resources in 2025 were £13,348,849 compared to £12,698,538 in 2024, with the main source of income being in respect of School Fees. The School lets its premises to overseas language schools each summer, and the licence for Summer 2024 was reduced on that for Summer 2023, with lettings income totalling £29,000 in the year (£47,320 in 2023/24).

Net outgoing resources before transfers in 2025 were £418,699 compared to £465,171 in 2024, with staff salary costs being the single largest cost within Expenditure.

The Balance Sheet net assets of the Group have decreased from £18,487,421 in 2024 to £18,068,722 in 2025. 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.

Reserves and financial health

The reserves of the Group total £18,068,722 (2024: £18,487,421), which includes £23,799,307 (2024: £23,814,144) representing expenditure on freehold and leasehold property less accumulated depreciation and amortisation. The Scholarship and bursary fund represents investments set aside to produce income and capital growth to provide bursaries and scholarships for students. The Social Investment of £450,000 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 improved by £780,238 in the year (2024: reduction of £1,928,597) but remain in deficit at £7,932,395 (2024: £8,712,633), reflecting historic investment in the School’s estate. The School owns the freehold of its principal operating properties, including the Senior School at Bateman Street and Mary Ward House, which are held at historic cost and have not been revalued; a recent independent valuation confirmed that market values are significantly in excess of book value.

The Governors’ longterm objective is to generate sustainable annual surpluses to reduce the free reserves deficit over time. Despite the reported deficit, cash balances at the year end were £1.3 million (2024: £2.6 million), and the School continues to meet its liabilities as they fall due. Having reviewed cash flow forecasts and the financial position, the Governors are satisfied that the School has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Accordingly, the accounts have been prepared on a going concern basis.

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 Trustees’ priority is to grow the capital ahead of inflation over the long term. There was an increase in the valuation of the Charity’s Managed Investment Fund of £39,485 during the reported year, and the closing valuation was £629,854 (£584,292 as 31 August 2024).

Page 11

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Pension liability

The Governors recognise the liability existing in The Pensions Trust Independent Schools Pension Scheme Defined Benefit Scheme (NB please refer to Note 21 in the accounts). The Pension Liability has been reported within the accounts in accordance with accounting standard FRS 17. To eliminate the funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme between September 2025 and January 2034. 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.

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 limited investments or capital resources from which to draw bursary funding, so each year’s funding is normally obtained 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 are usually awarded as a 5% off day school fees for the length of the scholarship. In the interests of inclusivity, no student will normally 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.

Page 12

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure

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

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 International Limited and St Mary’s Junior School Limited.

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

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 competences and local availability. Potential Governors are invited to meet the Chair of Governors, other Governors nominated by members of the Governance Committee as part of the appointment process. At these meetings, the obligations and responsibilities of a Governor of St Mary’s are explained in detail to ensure that potential Governors have a clear understanding of the duties and workload expected of them. Potential Governors are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Governors’ decision-making processes and the recent financial performance of the School.

Page 13

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 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 online 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 Governance Committee reviews School policies at least annually with the Heads of both the Senior and Junior School, recommending new, amended or renewal of policies to the Governing Board for the School’s governance and practical operation. It also oversees matters of ethos, safeguarding, pastoral care and governance including governor appointments, committee membership, induction and review.
the Education Committee meets regularly to consider matters relating to teaching and learning, boarding, the school’s curriculum and co- and extra-curricular activities
the work of overseeing the financial management of the school is carried out by the Finance and General Purposes Committee (F&GP) which meets several weeks before each meeting of the full Governing Board and on other occasions as the need arises.
the Bursary Sub-Committee meets twice a year to consider and decide upon School bursaries (the bursary demand schedule determining the timing and frequency of meetings). Urgent applications are dealt with by email and/ or additional meetings as needed.
performance of the Head and Bursar is reviewed annually by the Senior Staff Salaries Sub-Committee, which is chaired by the Chair of Governors. When determining remuneration levels, Governors consider both the individual’s performance and the AGBIS Survey of Heads' and Bursars' Salaries and Benefits. In addition, the Head and Bursar are given periodic external reviews as a matter of best practice.

The Head, 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.

Page 14

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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:

Termly review of the top risks currently faced by the School
A full annual review of the risks the School might face
The establishment of systems and procedures to mitigate those risks identified
The implementation of procedures designed to minimise any potential impact should those risks materialise.

The key controls used by the charity include:

Formal agendas for Committee and Board meetings
Detailed terms of reference for all committees
Comprehensive strategic planning, budgeting and management accounting with regular re-forecasting and annual external financial audit
Established organisational structure and lines of reporting
Formal written policies
Clear authorisation and approval levels
Vetting procedures as required by law for the protection of the vulnerable
Appropriate training for Governors and staff.

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:

Government policy and legislative change (including VAT on fees and changes to tax reliefs), which could adversely affect affordability and financial sustainability. Mitigation: The Governors monitor policy developments, undertake financial scenario planning, review fee and cost structures annually and seek to maintain appropriate reserves.
Affordability of fees for parents, which may impact enrolment levels and fee income across the sector. Mitigation: Pupil numbers, arrears and enquiry trends are closely monitored, with bursary provision, payment plans and admissions strategies reviewed regularly.
Cybercrime and data security, with the risk of operational disruption, data loss and reputational damage. Mitigation: Controls include twofactor authentication, cyber insurance, regular staff training and periodic review and testing of IT systems and incident response arrangements.
Compliance with UKVI sponsor requirements, particularly in respect of boarding pupils from overseas, where noncompliance could result in loss of sponsor status. Mitigation: Attendance and visa compliance are actively monitored, relevant staff receive ongoing training, and specialist external immigration advisers provide support and assurance.
Future demand for independent and boarding education, influenced by economic conditions, demographics and parental perceptions. Mitigation: Strategic planning is informed by market analysis, with continued investment in educational quality, pastoral care and targeted admissions and marketing activity.

Page 15

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT OF GOVERNOR 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:

select suitable accounting policies and then apply them consistently
observe the methods and principles of the Charities SORP (FRS 102)
make judgments and accounting estimates that are reasonable and prudent
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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:

so far as that Governor is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

Our auditor, Peters Elworthy & Moore, transferred its audit registration and therefore that part of the business to a newly incorporated limited company, PEM Audit Limited, on the 1 September 2025. Accordingly, Peters, Elworthy and Moore formally ceased to be the School’s auditor with the Governors duly appointing PEM Audit Limited to fill the vacancy arising.

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

Mr J Pyne Chair of Trustees

Date: 20 May 2026

Page 16

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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 2025 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:

give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 August 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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.

Page 17

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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:

the information given in the Governors' Report, which includes the Directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Strategic Report and the Directors’ Report included within the Governors' Report have been prepared in accordance with applicable legal requirements.

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:

the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Governors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Page 18

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified which laws and regulations were significant in the context of the School. The laws and regulations we considered in this context were Charities Act 2011, Companies Act 2006 and taxation legislation;
in addition, we considered provisions of other laws and regulations that do not have a direct effect, on the financial statements but compliance with which might be fundamental to the School's and the Group's ability to operate or to avoid material penalty;
we obtained an understanding of the Group’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
we reviewed the minutes of Trustees' meetings to identify any references to non-compliance with laws and regulations.

Page 19

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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 School’s and Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations.

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

performed analytical procedures to identify any unusual or unexpected relationships;
we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias; and;
performed audit work over the risk of management override of controls, including testing a sample of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business.

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

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing minutes of meetings of those charged with governance; and
reviewing any correspondence with relevant regulators such as the Charity Commission.

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.

Page 20

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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 PEM Audit Limited Registered Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 20 May 2026

Page 21

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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 2025

Note INCOME FROM: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 TOTAL INCOME EXPENDITURE ON: Raising funds 8,9 Charitable activities 10 TOTAL EXPENDITURE NET (EXPENDITURE)/INCOME BEFORE NET GAINS ON INVESTMENTS Net 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 2025 £ 662 13,298,641 35,930 3,874 13,339,107 337,677 13,471,560 13,809,237 (470,130) - (470,130) 469,264 (866) 17,387,709 (866) 17,386,843	Restricted funds 2025 £ 6,193 - - 3,549 9,742 - - - 9,742 41,689 51,431 (469,264) (417,833) 1,099,712 (417,833) 681,879	Total funds 2025 £ 6,855 13,298,641 35,930 7,423 13,348,849 337,677 13,471,560 13,809,237 (460,388) 41,689 (418,699) - (418,699) 18,487,421 (418,699) 18,068,722	Total funds 2024 £ 19,336 12,666,902 1,230 11,070 12,698,538 230,822 12,997,877 13,228,699 (530,161) 64,990 (465,171) - (465,171) 18,952,592 (465,171) 18,487,421

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

The notes on pages 28 to 59 form part of these financial statements.

Page 22

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025

Note FIXED ASSETS Tangible assets 13 Investments 14 Social investments 15 CURRENT ASSETS Stocks 16 Debtors 17 Cash at bank and in hand CURRENT LIABILITIES Creditors: amounts falling due within one year 18 NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: amounts falling due after more than one year 19 Provisions for liabilities 21 TOTAL NET ASSETS CHARITY FUNDS Restricted funds 22 Unrestricted funds 22 TOTAL FUNDS	512 765,591 1,297,097 2,063,200 (4,958,679)	2025 £ 24,770,790 629,854 450,000 25,850,644 (2,895,479) 22,955,165 (4,368,443) (518,000) 18,068,722 681,879 17,386,843 18,068,722	655 323,323 2,564,169 2,888,147 (5,788,023)	2024 £ 25,293,610 584,292 450,000 26,327,902 (2,899,876) 23,428,026 (4,746,605) (194,000) 18,487,421 1,099,712 17,387,709 18,487,421

Page 23

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025

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 J Pyne

Chair of Trustees Date: 20 May 2026

The notes on pages 28 to 59 form part of these financial statements.

Page 24

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

SCHOOL BALANCE SHEET AS AT 31 AUGUST 2025

Note FIXED ASSETS Tangible assets 13 Investments 14 Social investments 15 CURRENT ASSETS Debtors 17 Cash at bank and in hand CURRENT LIABILITIES Creditors: amounts falling due within one year 18 NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: amounts falling due after more than one year 19 Provisions for liabilities 21 TOTAL NET ASSETS CHARITY FUNDS Restricted funds 22 Unrestricted funds 22 TOTAL FUNDS	654,814 1,297,097 1,951,911 (4,828,229)	2025 £ 24,770,790 629,858 450,000 25,850,648 (2,876,318) 22,974,330 (4,368,443) (518,000) 18,087,887 681,879 17,406,008 18,087,887	230,401 2,564,169 2,794,570 (5,693,338)	2024 £ 25,293,610 584,296 450,000 26,327,906 (2,898,768) 23,429,138 (4,746,605) (194,000) 18,488,533 1,102,428 17,386,105 18,488,533

Page 25

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

SCHOOL BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025

The School's net movement in funds for the year was £(400,646) (2024 - £(462,138)).

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 J Pyne

Chair of Trustees Date: 20 May 2026

The notes on pages 28 to 59 form part of these financial statements.

Page 26

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash generated from operating activities 25 CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 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	2025 £ (694,713) 7,423 - (209,796) 139,877 (152,483) 8,733 (206,246) (365,030) (365,030) (1,265,989) 2,544,811 1,278,822	2024 £ 1,038,313 11,070 1,500 (1,837,545) 362,829 (372,515) 1,795 (1,832,866) (374,012) (374,012) (1,168,565) 3,713,376 2,544,811

The notes on pages 28 to 59 form part of these financial statements

Page 27

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 or disclose related party transactions with group companies.

2.2 GOING CONCERN

While the external environment continues to present challenges, including the introduction of VAT on school fees and the withdrawal of business rates relief, the Governors remain confident in the appropriateness of the going concern basis of accounting. Since the introduction of VAT, the School has carefully managed its impact through a combination of fee strategy, cost control and selective efficiency measures, while seeking to maintain affordability and protect demand.

Pupil numbers and enquiry levels are closely monitored throughout the year, with admissions and marketing strategies actively adjusted to support recruitment and retention across both day and boarding provision. The Governors review rolling financial forecasts, and have taken steps to control discretionary expenditure and strengthen operational efficiency.

In reaching this conclusion, the Governors have reviewed the School’s latest budgets, rolling cashflow forecasts and relevant sensitivity scenarios, including the potential impact of changes in pupil numbers, fee affordability and cost pressures.

Page 28

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.2 GOING CONCERN (CONTINUED)

These actions, together with the School’s established market position and ongoing demand, support the Governors’ expectation that the School will continue to operate sustainably and meet its obligations as they fall due for at least the next 12 months from the date of approval of these financial statements.

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.

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.

Page 29

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.3 INCOME (CONTINUED)

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.

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. Governance costs are those incurred in connection with the administration of the Group and compliance with constitutional and statutory requirements.

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.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

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.

Page 30

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)

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

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 in the School's accounts. The nature of the agreement is such that the School's share of the net assets of the venture is limited to the value of the initial investment, therefore the valuation in the Group accounts is limited to the initial investment value.

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 31

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 29. The School is responsible for a share of the deficit funding and the details of this are set out in note 21.

Page 32

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 present value of the Teachers Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost/(income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in Note 29, will impact the carrying amount of the pension liability.

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 33

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted funds 2025 £ Donations 662 TOTAL 2024 2,291	Restricted funds 2025 £ 6,193 17,045	Total funds 2025 £ 6,855 19,336	Total funds 2024 £ 19,336

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted funds 2025 £ Gross fees 14,065,936 Less: Total bursaries, grants and allowances (767,295) TOTAL 2025 13,298,641 TOTAL 2024 12,666,902	Total funds 2025 £ 14,065,936 (767,295) 13,298,641 12,666,902	Total funds 2024 £ 13,309,720 (642,818) 12,666,902

Gross fee income includes £212,064 (2024 - £52,285) in respect of Summer School income.

Page 34

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Unrestricted funds 2025 £ Service Fee Letting Income 35,930 TOTAL 2024 1,230	Total funds 2025 £ 35,930 1,230	Total funds 2024 £ 1,230

7. INVESTMENT INCOME

Unrestricted funds 2025 £ Income investments 3,874 TOTAL 2024 -	Restricted funds 2025 £ 3,549 11,070	Total funds 2025 £ 7,423 11,070	Total funds 2024 £ 11,070

Page 35

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8. EXPENDITURE ON RAISING FUNDS

TRADING EXPENSES

Unrestricted funds 2025 £ Agent's Commission 334,128 TOTAL 2024 227,643	Total funds 2025 £ 334,128 227,643	Total funds 2024 £ 227,643

Trading expenditure primarily relates to costs incurred by the School’s trading subsidiary with third-party suppliers. Income generated by the subsidiary from the School is eliminated on consolidation and therefore does not appear within trading income in the Consolidated Statement of Financial Activities.

9. INVESTMENT MANAGEMENT COSTS

Unrestricted funds 2025 £ Investment management fees 3,549 TOTAL 2024 3,179	Total funds 2025 £ 3,549 3,179	Total funds 2024 £ 3,179

Page 36

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Direct costs 2025 £ Education and welfare 8,775,347 Establishment and premises 2,379,690 TOTAL 2025 11,155,037 TOTAL 2024 10,256,440 All expenditure in 2025 and 2024 was unrestricted.	Support costs 2025 £ 1,807,168 509,355 2,316,523 2,741,437	Total funds 2025 £ 10,582,515 2,889,045 13,471,560 12,997,877	Total funds 2024 £ 9,953,820 3,044,057 12,997,877

ANALYSIS OF DIRECT COSTS

Staff costs Direct charitable expenditure TOTAL 2025 TOTAL 2024	Education and welfare 2025 £ 7,233,713 1,541,634 8,775,347 7,849,007	Establish- ment and premises 2025 £ 706,764 1,672,926 2,379,690 2,407,433	Total funds 2025 £ 7,940,477 3,214,560 11,155,037 10,256,440	Total funds 2024 £ 7,316,914 2,939,526 10,256,440

Page 37

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF SUPPORT COSTS

Staff costs Depreciation School administrations costs Governance costs TOTAL 2024	Education and welfare 2025 £ 828,880 576,328 364,915 37,045 1,807,168 2,104,813	Establish- ment and premises 2025 £ 224,774 156,288 128,293 - 509,355 636,624	Total funds 2025 £ 1,053,654 732,616 493,208 37,045 2,316,523 2,741,437	Total funds 2024 £ 1,286,607 688,226 740,504 26,100 2,741,437

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

11. AUDITORS' REMUNERATION

	2025	2024
	£	£
Fees payable to the School's auditor for the audit of the Group	23,075	20,500
Fees payable to the School's auditor in respect of:
All non-audit services not included above	8,150	7,000

Page 38

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. STAFF COSTS

Group Group 2025 2024 £ £ Wages and salaries 6,675,834 6,673,581 Social security costs 810,402 705,275 Contribution pension schemes 1,507,895 1,224,665 8,994,131 8,603,521 The average number of persons employed by the School during the year was Group Group 2025 2024 No. No. Education & Welfare 115 114 Administration 21 22 Establishment 23 23 Trading 1 1 160 160	School 2025 £ 6,675,834 810,402 1,507,895 8,994,131 as follows: School 2025 No. 115 21 23 1 160	School 2024 £ 6,673,581 705,275 1,224,665 8,603,521 School 2024 No. 114 22 23 1
		160

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

	Group	Group
	2025	2024
	No.	No.
In the band £60,001 - £70,000	7	3
In the band £70,001 - £80,000	3	4
In the band £80,001 - £90,000	1	1
In the band £90,001 - £100,000	1	-
In the band £100,001 - £110,000	1	-
In the band £110,001 - £120,000	1	1
In the band £140,001 - £150,000	-	1
In the band £150,001 - £160,000	-	-

The key management personnel of the Group comprise the Head, the Senior Deputy, the Bursar, the Deputy Head: Pastoral & Boarding, the Deputy Head: Data and Operations, the Assistant Head: Teaching and Learning, Assistant Head: Director of Digital Learning, Head of Safeguarding and Designated Safeguarding Lead, and the Head of the Junior School. The total employee benefits of the key management personnel of the Charity were £846,133 (2024: £938,801).

No trustees received any remuneration or benefits in kind from the Charity (2024: £Nil).

Page 39

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

13. TANGIBLE FIXED ASSETS

GROUP AND SCHOOL

COST OR VALUATION At 1 September 2024 Additions At 31 August 2025 DEPRECIATION At 1 September 2024 Charge for the year At 31 August 2025 NET BOOK VALUE At 31 August 2025 At 31 August 2024	Freehold property £ 21,515,563 149,164 21,664,727 1,039,629 72,743 1,112,372 20,552,355 20,475,934	Long-term leasehold property £ 4,535,981 - 4,535,981 1,197,771 91,258 1,289,029 3,246,952 3,338,210	Motor Vehicles £ 214,814 - 214,814 202,693 10,714 213,407 1,407 12,121	Fixtures and fittings £ 4,953,156 60,632 5,013,788 3,485,811 557,901 4,043,712 970,076 1,467,345	Total £ 31,219,514 209,796 31,429,310
					5,925,904 732,616 6,658,520
					24,770,790
					25,293,610

Page 40

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. FIXED ASSET INVESTMENTS

GROUP COST OR VALUATION At 1 September 2024 Additions Disposals Revaluations AT 31 AUGUST 2025 COST OR VALUATION AT 31 AUGUST 2025 AT 31 AUGUST 2024	Listed investments £ 562,153 152,483 (137,673) 39,485 616,448 616,448 562,153	Cash held at investments £ 22,139 - (8,733) - 13,406 13,406 22,139	Total £ 584,292 152,483 (146,406) 39,485 629,854 629,854 584,292

Page 41

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. FIXED ASSET INVESTMENTS (CONTINUED)

SCHOOL COST OR VALUATION At 1 September 2024 Additions Disposals Revaluations AT 31 AUGUST 2025 IMPAIRMENT At 1 September 2024 AT 31 AUGUST 2025 COST OR VALUATION AT 31 AUGUST 2025 AT 31 AUGUST 2024	Investments in subsidiary companies £ 63,957 - - - 63,957 63,953 63,953 4 4	Listed investments £ 562,153 152,483 (137,673) 39,485 616,448 - - 616,448 562,153	Cash held as investments £ 22,139 - (8,733) - 13,406 - - 13,406 22,139	Total £ 648,249 152,483 (146,406) 39,485 693,811 63,953 63,953 629,858 584,296

Page 42

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. SOCIAL INVESTMENTS

GROUP AND SCHOOL

COST OR VALUATION At 1 September 2024 At 31 August 2024 COST OR VALUATION At 31 August 2025 At 31 August 2024	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 both Homerton and the School use of the facilities.

During the year there were no incoming resources (2024: £Nil) and £30,206 resources expended (2024: £40,000) in respect of the joint venture.

16. STOCKS

	Group	Group
	2025	2024
	£	£
Goods for resale	512	655

Page 43

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. DEBTORS

DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income	Group 2025 £ 241,909 66,045 457,637 765,591	Group 2024 £ 35,183 7,624 280,516 323,323	School 2025 £ 241,909 71,357 341,548 654,814	School 2024 £ 35,183 7,624 187,594
				230,401

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank overdrafts Bank loan Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income	Group 2025 £ 18,275 378,162 45,472 - 186,893 1,589,430 2,740,447 4,958,679	Group 2024 £ 19,358 365,030 - - 161,536 1,930,299 3,311,800 5,788,023	School 2025 £ - 378,162 - 31,617 186,893 1,589,430 2,642,127 4,828,229	School 2024 £ - 365,030 - 30,449 154,601 1,930,299 3,212,959
				5,693,338

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 44

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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

	Group	Group	School	School
	2025	2024	2025	2024
	£	£	£	£
Bank loan	4,368,443	4,746,605	4,368,443	4,746,605

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	2025 2024 £ £ 1,428,344 1,592,344 2,940,099 3,154,261 4,368,443 4,746,405

20. DEFERRED INCOME

Deferred income at 1 September 2024 Resources deferred during the year Amounts released from previous periods DEFERRED INCOME AT 31 AUGUST 2025	Group 2025 £ 2,630,027 2,138,213 (2,630,027) 2,138,213	Group 2024 £ 2,140,550 2,630,027 (2,140,550) 2,630,027	School 2025 £ 2,630,027 2,138,213 (2,630,027) 2,138,213	School 2024 £ 2,140,550 2,630,027 (2,140,550)
				2,630,027

Deferred income represents school fees received in advance of the relevant school term.

Page 45

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. PROVISIONS

GROUP AND SCHOOL

At 1 September 2024 Net movement	Pension deficit funding provision £ 194,000 324,000

	518,000

The School is a member of the Teachers' Pension Scheme 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 29.

Page 46

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

ST MARY'S SCHOOL CAMBRIDGE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

DESIGNATED FUNDS Capital reserve Scholarship and bursary fund GENERAL FUNDS Accumulated fund St Mary's School Enterprises Limited * St Mary's Junior School Limited *	Balance at 1 September 2024 £ 16,900,985 - 16,900,985 494,836 (9,533) 1,421 486,724	Income £ - - - 13,023,032 316,075 - 13,339,107	Expenditure £ - - - (13,475,109) (334,128) - (13,809,237)	Transfers in/out £ 2,151,717 469,264 2,620,981 (2,151,717) - - (2,151,717)	Gain/(loss) £ - - - - - - -	Balance at 31 August 2025 £ 19,052,702 469,264 19,521,966 (2,108,958) (27,586) 1,421 (2,135,123)

Page 47

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - CURRENT YEAR (continued)

TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS Scholarship and bursary fund Joint Venture Partnership Alvares Meneses fund All Rows Lead to Henley TOTAL OF FUNDS	Balance at 1 September 2024 £ 17,387,709 Balance at 1 September 2024 £ 422,700 450,000 227,012 - 1,099,712 18,487,421	Income £ 13,339,107 Income £ 4,875 - - 4,867 9,742 13,348,849	Expenditure £ (13,809,237) Expenditure £ - - - - - (13,809,237)	Transfers in/out £ 469,264 Transfers in/out £ (469,264) - - - (469,264) -	Gains/ (Losses) £ - Gain/(loss) £ 41,689 - - - 41,689 41,689	Balance at 31 August 2025 £ 17,386,843
						Balance at 31 August 2025 £ - 450,000 227,012 4,867 681,879
						18,068,722

Page 48

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 UNRESTRICT ED FUNDS	Balance at 1 September 2023 £ 15,809,261 1,891,803 (6,500) 1,421 1,886,724 17,695,985	Income £ - 12,445,813 224,610 - 12,670,423 12,670,423	Expenditure £ - (13,001,056) (227,643) - (13,228,699) (13,228,699)	Transfers in/out £ 1,091,724 (841,724) - - (841,724) 250,000	Gain/(loss) £ - - - - - -	Balance at 31 August 2024 £ 16,900,985 494,836 (9,533) 1,421 486,724 17,387,709

Page 49

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS Scholarship and bursary fund Joint Venture Partnership Alvares Meneses fund Facility Development fund TOTAL OF FUNDS	Balance at 1 September 2023 £ 340,961 450,000 215,646 250,000 1,256,607 18,952,592	Income £ 16,749 - 11,366 - 28,115 12,698,538	Expenditure £ - - - - - (13,228,699)	Transfers in/out £ - - - (250,000) (250,000) -	Gain/(loss) £ 64,990 - - - 64,990 64,990	Balance at 31 August 2024 £ 422,700 450,000 227,012 - 1,099,712
						18,487,421

Page 50

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. STATEMENT OF FUNDS (CONTINUED)

denotes Group only fund, all other funds are Charity and Group.

The Scholarship and Bursary fund represents donations received specifically to generate income to fund scholarships and bursaries. During the year management and trustees investigated the origins of the Scholarships and Bursary fund and identified that this was a designation by previous Governors rather than a restriction imposed by donors. As a result the fund has been transferred from restricted funds to designated at the year end. The fund will continue to be available for scholarships and bursaries.

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.

The Facility Development Fund represents a single donation received in the year to 31 August 2023 towards the development of the Mary Ward Education Suite. The project was completed in the prior year, and the funds applied in full in the year to 31 August 2024.

STATEMENT OF FUNDS - CHARITY ONLY

Balance at 1 September 2024 £	Balance at 1 September 2024 £	Income £ Expenditure £	Income £ Expenditure £	Transfers in/out £	Gain/(loss) £ Balance at 31 August 2025 £	Gain/(loss) £ Balance at 31 August 2025 £
Designated funds	16,900,985	- -		2,620,981	-	19,521,966
General funds	485,120	13,286,940 (13,739,017)		(2,149,001)	-	(2,115,958)
Restricted funds	1,102,428	9,742	-	(471,980)	41,689	681,879
Total	18,488,533	13,296,682	(13,739,017)	-	41,689	18,087,887

Page 51

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

23. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

	Balance at 1						Balance at
	September				Transfers		31 August
	2024	Income	Expenditure		in/out	Gain/(loss)	2025
	£	£		£	£	£	£
Designated
funds	16,900,985	-		-	2,620,981	-	19,521,966
General funds	486,724	13,339,107		(13,809,237)	(2,151,717)	-	(2,135,123)
Restricted funds	1,099,712	9,742		-	(469,264)	41,689	681,879
	18,487,421	13,348,849		(13,809,237)	-	41,689	18,068,722

SUMMARY OF FUNDS - PRIOR		YEAR
	Balance at						Balance at
	1 September				Transfers		31 August
	2023	Income		Expenditure	in/out	Gain/(loss)	2024
	£	£		£	£	£	£
Designated
funds	15,809,261	-		-	1,091,724	-	16,900,985
General funds	1,886,724	12,670,423		(13,228,699)	(841,724)	-	486,724
Restricted funds	1,256,607	28,115		-	(250,000)	64,990	1,099,712
	18,952,592	12,698,538		(13,228,699)	-	64,990	18,487,421

Page 52

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted funds 2025 £ Tangible fixed assets 24,770,790 Fixed asset investments 469,264 Social investments - Current assets 1,991,911 Creditors due within one year (4,958,679) Creditors due in more than one year (4,368,443) Provisions for liabilities and charges (518,000) TOTAL 17,386,843 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2024 £ Tangible fixed assets 25,293,610 Fixed asset investments - Social investments - Current assets 2,822,727 Creditors due within one year (5,788,023) Creditors due in more than one year (4,746,605) Provisions for liabilities and charges (194,000) TOTAL 17,387,709	Restricted funds 2025 £ - 160,590 450,000 71,289 - - - 681,879 Restricted funds 2024 £ - 584,292 450,000 65,420 - - - 1,099,712	Total funds 2025 £ 24,770,790 629,854 450,000 2,063,200 (4,958,679) (4,368,443) (518,000) 18,068,722 Total funds 2024 £ 25,293,610 584,292 450,000 2,888,147 (5,788,023) (4,746,605) (194,000) 18,487,421
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

Page 53

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net expenditure for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Profit on the sale of fixed assets
Decrease/(increase) in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Increase/(decrease) in provisions
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
26.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Overdraft facility repayable on demand
TOTAL CASH AND CASH EQUIVALENTS

FROM OPERATING
Group
Group
2025
2024
£
£
(418,699)
(465,171)
732,616
688,226
(41,689)
(64,990)
(7,423)
(11,070)
-
(1,500)
143
(137)
(442,268)
148,092
(841,393)
752,863
324,000
(8,000)
(694,713)
1,038,313
Group
Group
2025
2024
£
£
1,297,097
2,564,169
(18,275)
(19,358)
1,278,822
2,544,811

Page 54

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 2024 £ 2,564,169 (19,358) (365,030) (4,746,605) (2,566,824)	Cash flows At 31 August 2025 £ £ (1,267,072) 1,297,097 1,083 (18,275) (13,132) (378,162) 378,162 (4,368,443) (900,959) (3,467,783)

28. CAPITAL COMMITMENTS

Capital Commitments, relating to the main site development, contracted for but not provided in these financial statements, for the School and Group were £15,425 (2024: £21,132).

29. 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 2020. The valuation results were published by the Department for Education on 26 October 2023.

The key elements of the valuation and subsequent consultation to be implemented from 1 April 2024 are:

• employer contribution rates set at 28.6% 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 £262 billion and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222.2 billion, giving a notional past service deficit of £39.8 billion.

Page 55

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

29. PENSION COMMITMENTS (CONTINUED)

• the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 1.7% above the rate of CPI.

With effect from 1 April 2024 the School implemented Phased Withdrawal from The Teachers Pension Scheme, with all new joiners automatically enrolled into APTIS (Aviva's Pension Trust for Independent Schools) Defined Contribution Scheme. This Scheme is operated under a Total Pay and Benefits arrangement, with teachers able to flex salary and employer pension contributions, with the minimum level of contirbution required being 5% employee and 10% employer.

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

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

The School participates in the scheme, a multi-employer scheme which provides benefits to some 51 nonassociated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company 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 company 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 2023. This actuarial valuation was certified on 11 December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. 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 2025 to 31 January 2034: £6,000,000 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 2020. This valuation showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. 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 2022 to 30 June 2032: £2,687,000 per annum (payable monthly and increasing by 3% on each 1st September)

The result of the increase in the School's deficit contribution is shown in Note 21.

Page 56

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

29. PENSION COMMITMENTS (CONTINUED)

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

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

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA 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 these funds together with provision for future deficit funding for the Independent Schools Pension Scheme. These amounted to £1,183,895 (2024 - £1,224,665). Contributions totalling £132,479 (2024 - £149,499) were payable to the funds at the year-end and are included in creditors.

30. OPERATING LEASE COMMITMENTS

At 31 August 2025 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 2025 £ 95,000 380,000 399,792 874,792	Group 2024 £ 95,000 380,000 494,792 969,792	School 2025 £ 95,000 380,000 399,792 874,792	School 2024 £ 95,000 380,000 494,792
				969,792

31. RELATED PARTY TRANSACTIONS

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

Page 57

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

32. POST BALANCE SHEET EVENTS

Subsequent to the year end, the School received a legacy of £885,000 in December 2025. This was not accrued at the year end as there was insufficient probability of payment.

Page 58

Docusign Envelope ID: 17B52625-FC60-8F66-804A-057E942DDA98

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

33. PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the School:

Names Company Registered office Principal activity Class of Holding Included in number shares consolidation St Mary's School Enterprises Limited 02990383 St Mary's School, Supply of services to Ordinary 100% Yes Bateman Street, the summer school. Cambridge, CB2 1LY St Mary's Junior School Limited 02117187 St Mary's School, Dormant Ordinary 100% Yes Bateman Street, Cambridge, CB2 1LY St Mary's School Cambridge International 13083555 St Mary's School, Dormant Ordinary 100% Yes Limited Bateman Street, Cambridge, CB2 1LY The financial results of the subsidiaries for the year were: Names Income Expenditure Profit/(Loss) Net assets / £ £ for the year (liabilities) £ £ St Mary's School Enterprises Limited 316,075 (334,128) (18,053) (27,586) - - - St Mary's Junior School Limited 8,421 - - - St Mary's School Cambridge International Limited (79)

The financial results of the subsidiaries for the year were:

Page 59

2025-08-31-accounts

ST MARY'S SCHOOL CAMBRIDGE

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

CONTENTS

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 2025

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

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

AIMS AND OBJECTIVES

Aims

Objectives for the Year

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

REVIEW OF ACTIVITIES

Academic

Academic Results

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Visual Arts

Careers

Drama

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

English

Music

Science, Technology, Engineering and Maths (STEM)

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Sport

Mental Health & Wellbeing

Student Voice

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Outdoor Learning and Biophilia

DETAILS OF BURSARIES AND SCHOLARSHIPS

Bursaries

Scholarships

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

LINKS TO OTHER SCHOOLS AND ORGANISATIONS

Sister school and international links

Links to the local Catholic and wider community

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

COMMUNITY SERVICE, AWARENESS RAISING AND FUND RAISING

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Transport

Developments and Maintenance

Future Plans

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW/ RESULTS FOR THE YEAR

Financial results

Reserves and financial health

Investment policy and performance

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Pension liability

ACCESS POLICIES

Bursary Policy

Scholarships Policy

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure

Governance

Governor Recruitment, Induction and Training

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Management

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Risk Management

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT OF GOVERNOR RESPONSIBILITIES

Disclosure of information to auditors

Auditors

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

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

OPINION