2021-08-31-accounts

ST MARY'S SCHOOL ASCOT AISNUAL REPORT AND CONSOLIDATED ACCOLNTS YEAR ENDED 31 AUGUST 2021 ST MIRY'S SCHOOL ASCOT • Si M4VS Company No." 01844327 Cb•rity N•: 29028fj

ST MARY'S SCHOOL ASCOT CONTENTS OF THE FINANCIAL STATEMENTS CONTENTS Page Revh?w of the Year by the Headmist￿3 Council Members. Governors, Direclors, Officers and Advisers Report of the Governm linco￿lating the Strategic Report) 4-19 Independent Audrtor's Repryt 20-22 Consolidated Statement of Financkql Activit 23 Con801idated and Charity Balance Sh¢ets 24 Con801idated Slalement of Cash Flov 25 Notes lo the Financ￿1 Statements 2640

ST MARY'S SCHOOL ASCOT REVIEW OF THE YEAR BY THE HEADMISTRESS FOR THE YEAR ENDED 31 AUGUST 2021 There can be no doubt th academic year 2020121 has been a challenging one for the St Mary's community. The impact of the COVID-19 pandemic has. for the second year in succession. resulted In the school sile having to close, wth pupils remote ￿arning for the majorty ol the Lent lemi During the Michaelmas and the summer temis the school wa5 open bul under a constantly changing regime of restrictions. Despite the pandemic and these challenges, I have been so excited by the Spirrt and eommrtmenl of our pupil$ and staff, who have been inspirat￿n01 in ri4ing to the (tcas￿n once more. The news that the summer 2021 publ￿ examinations would be cancelled was a blow for all of u5 bul we were all impressed with the resilience and cheerful gotrj humour of our Year 11 and Upper Sixth pupils In what were very trying circum$lan¢es. I must also pay lribule lo Ihe grrtty determinat￿n of our teaching staff who, with great inlegrrty and an immense amount of additKJnal I￿rk. tt>)k on th8 Challenge of the TeacherAsse$sed Grades process used lo delemiine GCSE and A bvel results. The achievement of our pupils in the publ￿ examinatK)n year groups was thrilling. Al IIGCSE th8Te were 62% grade 9. 840A grades 9 and 8 and 95% grades 9 to 7. Al A Level 58% of grades were at A. including fvlenty" o candidates who gained 3 A.. and 88% of grades were awarded A'IA. Out of a year group ol frfty-six, fifty- one girls have confirmed places lo continue lo universty or other foms of h￿her edUCat￿n. Forty-three girls are $larting this year and eight deferring their places to 2022, wlh fwe girls lo make a post A Level application in the coming year. Offers were secured for a W￿￿e range of subjects from many of the world's lèading univefslties, including len ¢)ffers from Oxford and Cambridge118%I. Of the 41 girls going to UK Universit￿$, thirty-Ihree1800hl are taking up places al Russell Group Unwersili8s with an additional five (Whl going lo Sl Andrews. Five girls a￿ heading to universities in the USA. lo Pomona. Georgetown, UCLA, Dartmouth and Columbia. Two gir15 will be studying MedKine al the Unwersity of Hong Kong and Ihree girls are hepAing lo universities in Paris or Madr￿. You might think that the COVID fes1rict￿ns imposed on the school community will have curtailed the G curricular activities that make eduCat￿n such a joyful and rewarding expe￿nce at Sl Mary's. With Ihank¥ to the imagination and energy of staff and pupils. 1am p￿aSed to report that this year our co4urricular provision has beèn as strong as ever. EXaMp￿S that Spring to mind Include the Duke ol Edinburgh Award camping toking place on the sch¢)ol srte, the labukjus socially distanced House dance competition, the Beaver Trust fundraiser involving a virtual walk frcrfn Land's End lo John O'Groals, Christmas fireworks that ropla¢ed Carols in the Link. the House Drama Feslwal featuring short films prc4Juc8d and direeted by the pupils. our livè Streamed Sunday Mas$e$ and even an Intef-sehcol athlet￿$ competition with several schools all taking part simutsneously from Iheif own school siles. Our academ¢ staff have onlertained and encouraged the girfs in $0 many slimulaling ways such as the '¥wrk of art of the week, frcm History of Art, sewing bee challenges in the Art Department, scnce Kahootl chaI￿r￿ during Bfbti$h S¢nce Week and P￿try Com￿t￿lon3 wf(h the Thames Valley Learning Partnership. Perhaps the best example of thè posrtive and enefgetic approach to seth)ol lrfe was the week Summer Programme creale<l for the Year 11 and Uppef Sixth girls after their aCadern￿ work had been completed prior to leaving the school for the summer holidays. The girts wefe able lo lake part in numerous aclimlies designed both lo prepare them for the future and also to have some fun. Se$s￿n$ on refflexology. Tibetan singing bowls, yoga and practical psychol¢yJy were compkmented by 8 lalk IrLYm our ￿01 MP, a day of communrty service, the Apprentice Day challenge. sew-defence tiaining and many other equally imaginative events. I musl t8ke the opportunrty of this report lo thank all the members of the Board of Governors who give of their lime f￿elY and whose wisdom and 5UPPOrt 15 $0 important. The awlemK and support staff are second lo none here al Sl Mary's and their devotKJn to the schfxjl and the pupils is what makes the school so successful. I musl also pay tribute lo the parent body who, during such a challenging time. have always b9en magnificently supportive of all th we do here al Ascot. Finally. the real praise must 90 lo the pupils. who with great stoicism. have V•tJrted and pkqyed hard throughoth the year. They are an example to us all. Mrs Danula Slaijnton Headmistress Page 1

ST MARY'S SCHOOL ASCOT COUNCIL MEMBERS, GOVERNORS, DIRECTORS. OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Councll M•M￿r8 Thefoll¢)win9 seryed as Council Members in the ye8rended 31 August 2021 and up lothe date of this report.. Mark Armour Nicholas Davidson Barone55 Sarah Hogg Peter Da￿$ Lord Hemphill (Chairl The Hon Olga Polizzi Board of Governors The governors of Sl Mary's Sehcol Ascot are the school's charrty trustees under charity law 8nd the directors of the charrtable company. The members oflhe Board of Governors who served in off￿e as governors during the year and subsequently ale ltsted below. During the year the act¢vrties of the Board of Governors were supported by the work of seven committees. The membefship of each commitiee is shown b&low with the Chair annoialed by an asterisk - shaded areas show those who have left the Board or who no longer serve on the specrfth committee. Mtss Vaughan is on malemrty beave from March 2021. FaGP Educ Bur Nom Disc The Hon Martin Hunt Chair Annou$hka Ayton Christopher Bwrne Al￿e Clemenli nled Jun 21 Clare Colactihi Rets'redJul 21 Martin Hallrell Edward Horswell Annie Lee nlod Nov 20 Su$annah Meadway nted Jun 27 Peter McKenna Gordon Mcore The Rev Dr D￿0¢ Power Sister Mi¢hada Robinson Clementine Vaughan Leèvg fr(¥n Mw21 Louise Wilson nt•d Nov 20 Koy: F&GP. FIr￿r￿ 8ThJ General PLWS¢S'. Dv4 Ed￿8th(￿.. 8w A knwr*8', Nom- Ncrninalons, Ob¢ DIstiplir￿ aThJ fyievarw. Sal= Salar Offlcers (key management ￿lsOnnel currently and throughoul the yearl Mrs D Slaunlon- Headmistress Mr GK Brand- Butsar, Clerk to Couwl and Clerk to the Govemo Page 2

ST MARY'S SCHOOL ASCOT COUNCIL MEMBERS, GOVERNORS, DIRECTORS. OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Prlncipal address Sl M8ry's Seh¢)ol Ascot Sl Mary's Road Ascot Berkshir8 SL5 9JF Advls•rn Bankers Lloyds Bank PIC 10 High Street Bracknell RG12 1BT Auditor Crowe U K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RGI IPL HS8C Bank plc Wesl End Area Commercial Centre 2nd Floor. 16 King Street Lond￿ WC2E 8JF Sollcltors Farrer & Co 66 Lincoln's Inn F*lds London WC2A 3LH Insuran Brokers Marsh Brokers Limrted Capital House 1-5 Perrymounl Rog(1 Haywards Heath Wesl Sussex RH16 3SY Harrison Clath RKke Ellenborough Hou Wellington Sl Chellenham GL50 1YD Web8lt• vM¥.st-marys-ascot.co.uk Page 3

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 The members of the Sl Mary's School Ascot Board of Govemors present their Annual Report for the year ended 31 August 2021 under the CharrtiesAcl 2011 and the Slalemenl of Reccmnmended Pract￿e'AccOuntIng and Reporting by Charities- SORP 2015 IFRS 1021. including the Di￿10r$. and Strategic Reports, under the Companies Act 20C6. together with the audrted financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The group consists of St Mary s S¢hcM)IAscol Ithe"School" or"Sl Mary's'l, a ￿lStered eharily Icharily number 2902861 and St Mary's Ascot Trading Company Limrted {c(%npany number 2633707). a wholly owned subsKtiary Company The Schc4)l is constrtuled as a company limrted by guaranlee. incLYpyate(l in 1984 and registered in England. STRUCTURE, GOVÉRNANCE AND MANAGEMENT Govemlng document The Charity18 go¥emed by its Memorandum arKI ArtKles oIAssocrat￿n last amended on 19 May 2016. Councll M•rnb•rn and govgmors The Council Members, wffio meet annually. xt as the guardians of the ethos of the S¢hool and, amon9sI other duties. appoint the governors of the Seh¢)ol. The Chair of Ctyjneil is required to give wrrtten eonsenl lo the oppointrnenl of a new Head. The Board of Govemors. who under Charrty Law are the Iru$lee$ of tho charity, meet three limes a year and are responsible for the Strateg￿ leadefship. management and adminislralion of the charity. The Memorandum and Artic￿$ of Asswal￿n 8et out the al posf(ion of the Council Membèr8 and govemors which is $ummarise(l as folkJws'. COU￿11 M•mb•rs Members of the charil Bo•rd of Gov•rnors Directors of the charrt Twstees of the cha Law Charrt Law The governing doeumenls art￿Ulate the powers of the Board of Govemors in detail and only require the Board lo refer back to Ihe Council mernbe￿ shoukl they wish lo close the school or borrow ovar £7,000,000. All Council Members and governors give of their lime freety wrth no remuneration wlh the exception of the hool Chaplain who is both a govemor of the sch￿1 and an employee. No governor or person connected wrth a governor receNed any benefrt from erther means-tested bursari89 or seholarships awarded lo pupils. The Bursar is the Clerk lo the COU￿11 Members and the Board of Govemcvs. He ￿ responsible for coordinating the work of the governors and their commrtiees. preporotK)n of papers. management accounts and reviewing the matters arising. Recru6tmonl and trJlnlTrg of govemorn The Memorandum and Artic￿$ ofAssoci81ion p￿￿de detail on the prctedure for the appointment of Council Members and govemors. The Board of Governors wll eon5i51 of no less than three and no more than fifteen govemors and the majorrty of govemors musl be practising Roman Catholic$ The governors may wl an individual to join the Board but they will only hold oifice until the next Council Annual General Meeting when the appointment of the co- opted governor must be rrfieil. A govemor is appointed for up lo nine years and a govemor who has held office for nine years may hokl office a further Ihree years in special circumstsnces. Page 4

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 The Board of Govemors requires breadth and deplh of experience lo cafry Out its duties effectively and efficiently The Board will a￿lay5 seek to appoint governors who have a passion for education, an empathy wrth the full boarding nature of Ihe School and an understanding of the ethos of the Sch¢)ol. It is criti￿1 that all goveinors empalhise wrth the objects of the chatity. the vision. fealur&s and ethos of tho School. Appointment of new govemors is overseen by the NominalK•ns Commfftee. The committee will seek new governors by considering irKliMduals who either make themse￿e$ known to the Board or who the Board actively seek to recrurt lo fill a Part￿￿lar skill gap. The commrttee will a￿VayS seek diversity when recommending polenlBI govefnors to the Board in line with guidance in the revised Charity Governance Cc>Je {March 20211. They will also considef the wuiremenls of the Memorandum and Art￿leS of Association as well as a mix of the lolbwing eXper￿nCe and skills". education, Wl, finarKelaccounting and facililieslconstruelion. On appointment of a new governor. the Headmi8lress and Clerk lo the Governors are responsible for inducting the newly appointed governor and this is carrd out Ihfough a taibred programme of visits lo the School as well as wrbtten and verbal briefings. The 803rd of Governors is provJed with fomal training pefiods throughout the year (normally assoC￿ted wrth meetings of the 8oardl whth includes ￿feguardIng training. In addition, govèmors are encouraged lo attend exlernal Iruslee training and information CQLkfses dèsigned 1¢ keep them Inlomied and updated on current issues in the sector and regulatory requifemenls. This includes events sponsored by ISC, AGBIS. HMC, GSA. CISC and the ISBA. Organlsatlonal manag•m•nt The Board of Governors, as the charily ITUStees, is legally responsible for the overall rnarFagamenl and control ol the School. They meel three limes a year. The w(Kk of implementing it8 pol￿￿ 18 carried out by seven commrttee8'. n8n Gen ral Pu Comm F&GP serutinises revenue. the budget and capital expenditure prior lo cons￿eratIOn by the Board. This commrttee meèts annually with the auditors and finalises the audrted financial statements and annual report for approval by the Board. The ¢ommrttee also considers any general issues raised by the Headmistress OT Clerk Iwho both attend the meetingsl as well as considering a lennty heatth and safety report. F&GP is chaired by Mr Mcore. Education Committee. The Education Committee, whth meets twice a year, w)rks with the Headmist￿S and her senior academic skff on all $Iraleg￿ education is$ug$ and rèviews publie oxaminatKJn results on an annual basis. The c￿Mittee is chaired by Mr Beirne. mmi The role of the Bursary Ccwnmrttee is lo delemiine who should receive mean8- tested byrsaries and the value of the bursaries awarded. In the abs&nce of Miss Vaughan who is on malemrty leave. the commrttee Is chal￿d by Mr Hunt. Nominat￿n$ Commrttee. The NominatK•ns Commrttee is ￿ponSi￿e to the Board for overseeing the recruilmenl and appointment of new governors. In the absence of Miss Vaughan who is on malemrty ave, the eommrttee Is ehaired by Mr Hunl. mm The Development Committee oversees the fundraising carried out by the schGKsI and meets on an as required basis. The Chair of Goveinofs chairs this committeg. Disci lina Committee. The Disciplinary Committee meets as required lo consider any staff discipline issues that require govemor invofvemenl. The ¢ommrttee is chaired by Mr Beirne. la . The Salaries Crynmittee meets annualty lo cons*Jer staff remuneration issues. At this meeting the commrttee wll meet wilh the sCh¢￿I,s stsff repr￿ntal1V¢. The committee is chaired by Mr Moore. Page 5

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 The Board of Governor$ delegates the day lo day running of the School lo the Headmistress. The Headmistress chairs the SenK)r Management and Education Team which consists of the following stsff.. Headmistress SenKJr Deputy Headm￿tresS Pastoral Depyly Headmi$lress Academic Depuly Headmistress Director of Sixth Fom Diiector of External CommunKalions Director of Co-CL1Th￿￿raT Bursar lalso acts as Clerk to Council and to the Governors) Within the Sehool e&h department (both acadern￿ and support) ha5 an appointed Head of Department. Th not only provmles an efficient slrucluTe for the management of the School and communic8lKJn within the School. it also provide¥ an effectNe structure Ihrough wthich budgets can be fomially delegated. The remuneration of key management personnel (Headmistress, Butsar and Chaplain) is sel by the Board. with the policy objective of providing appr¢)pnale incentives to eneourage enhanced pèrfomance and ol rewarding them lairly and responsibly for their individual contributions to the School's success. The appropriateness and relevanee of thè remuneration poI￿Y L8 revwed re9ularfy, Including reference to comparisons wrth olhef Independent schwls, lo ensure Ihat the Sch¢xJl remains sensrtive to the broader issue8 of pay and employment conditions elsthvhere. Safeguardlng The Board of Governorn continues to pe a very hfjh priorrty on their duty to ensure St Mary's is fully compliant with safeguarding le9islalion and guKlan¢e in line wrth the requirements of 'Working together to safeguard children (December 20201, and 'Keeping children safe in educalion Iseplember 20211.. The 80grd ha$ appointed one governor wrth exper￿nce of safeguarding lo have a leadership responsibility for the School's safeguarding arrangements. The Headmi$l￿S has appointed Ihe Paslofal Deputy Headmistress as the Designated Safeguarding Lead I'DSL'I and the Senwjf Deputy Headmistress as the Deputy DSL. The Board reviews the Safeguarding PoI￿Y on an annual basis as well as ensuring that staff training and safer recrurtmenl is taking place. The Board is satisfied that within the school there is a strong safèguarding culture and that the School is Compliant wrth both Working together lo safeguard chiklren IDKember 20201, and 'Koeping Children safe in e(lucation Iseptember 2021}'. Group ¥lructure and r•latlonshlp• Sl Mary'8 Sch￿1 Ascot 18 connected with Sl Mary's School Ascot Charitable Fund Ithe 'Charilable Fund'l, registered charrty numkr." 800450. The objectives of the Charrtable Fund arè lo promote the charitable work earried on, pr¢Jmoted or supporled by the Congregalton of Jesu$ and lo help develop St Mary 5 School Ascot. The Charrtable Fund pr¢)v¥Jes funding for bL1rSa￿ and scholgrships for the present and fLrture pupil$ of the S¢h¢XJl. St Mary'$ Ascot Trading Company Limited is wholly owned by the School The trading aclimties of thi$ company chiefty comprise a retail outlet kn¢)wn as SMASH ISI Mary's Ascot Shop), the letting of the swimming pool and revenue frcm the letting of the School P￿mIseS lo a residentl81 school during the School's summer holidays. As a ￿$urt of the COVID pandem￿ the School has been unable lo the premises during the 2020 and 2021 summer Sch￿)1 holidays. Its resulis are incorporated in the financial slalemenls to cwiply wi(h the reqU1￿ments of the Statement of Recommended Pr￿l￿e 'Accounting and Reportin9 by Chafilie8' SORP 2015 IFRS 1021 The Board of Govemors has noted the Charty commissi￿.$ d￿Ument 'GU￿anCe lor chanties with a onneclion lo 8 non-charity and can ￿nfi￿ thatthe relalk)nship bets¥een the School and the trading company is clynplianl. In particular, Ihe Board is able lo confimi that. although the Ifading company recorded a loss in the year ended 31 August 2021. the School is confident that this was a non-reeurring, exceptional event 8nd that support 18 not being prowded to 810$9-making sUbs￿l8ry on an ongoing basis. Cireumstsnces in the year ended 31 August 2021 were unique, wrth the trading company unable lo generate any lettings income due lo COVID-related restrictions. The trading company ha5 remained in corbLicl wrth rts ￿ttIng$ clients and is confident that Ihts source of inccrfne will start to retum in the year ending 31 August 2022. Page 6

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Based on this assessment of the subsKlk8ry's f￿￿re Irading posith)n, the Board continues to assess the investment in the trading wmpany as appropriatefrom a risk perspective and that the inveslment'make5 sense,. Fltrther. the Board asserts that the investment is permitted by the School's governing documents, that rt is an effective use of charitable funds. thal there is no personal benefrt or Confl￿1 of interests and that the School 1$ applying pioper management charges for use of charrtable resources Employment policy St Mary's Schts)l Ascot is an equal op￿tUnrt￿ emptyer and this rs artulaled in th8 School's Staff Employment Manual. Full and fair consKleralion 1$ given to job applicatKJns from disabled persons and due on$iderion is given to their training and employment needs. Communicion and consuttation wrth employees is a priorrty al St Mary's School Ascot Prior to each academic lemi all academic staff. residential staff and key administrative staff attend INSET during which briefing5 and ¥laff trainin9 lakes place. During the Christmas holidays the Bursar organises a similar training and briefing event for the SLbPPQrt 51aff which will include safeguarding training, hearth and safety training as well as more strategic briefings on the school's perfomiance. A staff representslive meet$ with governorn on an annual basi$ and 1$ able lo provhle feedback on any concerns or issues that staff may wish lo bring lo the attention of the Board. In addition, on an annual basis, the Clerk lo the Governors fomally meets wfth a selectton of $uFwt staff represenlative5 who gra encouraged lo iaiso any oncems they might have. The Governors report on the Gender Pay Gap in acctydortè with The E9uo1ity Act (Gender Pay Gap Infomialionl Regulations 2017. As al 5 Apnl 2021 15 April 2020), the schttjl's workforce consists of 74.8% 175.SDknI women and 25.2Ph 124.5%} men. At Sl Mary's the mean gender pay gap is 7 79h 19.8DAI and the median pay gap is 7.6%113.8%1. The porcgnlage of ma￿5 and females in the drffèrenl earnings quartiles are 88 follows.. Quartll• er Quartile er Middle Quartile Lower Middle Quartile Lower Quartile Ma 32.4• 33.3% 25.4% 23.8% 19.1% 20.3% 23.9% 20.6% Fom• 67 6'1D 66.70 74.6% 76.20 80.9% 79.70 76.1% 79.4•h These figures indule that the splrt beknn men arKI w¢Jnen in all four quartiles are broadly in proportion lo the overall gender split in staff There are slight but not material changes in the splrt befv￿en quartiles since 2020 and this represents a mvemenl of a few members of staff between categories. The report is published on the Sch¢)ol's website. Chartty Gov•rTrance Codo The Board noted the pUblicat￿n ol the Chorrty Govemance Code in 2017 by the Charity Commission and that it was updated in March 2021 The Board has rev￿Wed the seven areas ￿Vered by the code lorgani5*ional purpose., leadership, decision-making. risk and eonlrol,. board effectNeness,' equality, diversrty and inclusion,. openness and accounlabiltyl and are satisf￿ that the charrty meets the principle$ and outcomes articukled in the code. With the code in mind. the Board eommissioned an independent rev￿ of the Govemance of the School by the Association of Governing Boards of Independent Schools IAGBISI In December 2018. The positive and helpful report allowed the Board to ¢on$Kler a number of ways to improve fvrther ttte govemance of the School. Page 7

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Employoe engagement In line wrth the requirements of the Companies Imiscelkineous Reporting) Regulations 2018, the Board of Goveinofs are pleased lo report that they continue lo engage with employees throughout the year. Examples ol direct engagement include two fomial letters from the Chair of Govemors to leaching staff during the COVID- 19 lockdown, meetings be￿een governors and staff represenlalives as part of the annual remuneration review. engagement be￿een governots who a￿ parents of pupils within the School wi(h staff from across the School, the observation of lessons by govemor5 inclLKling a compTehensNe learning walk by the Vice Chair of governors conducted over three dayB and the presence of the SchcKJl chaplain wrthin the staff body who is also a govemor. On behalf of the 8oard, the Headmistress and her Senior Management and Educat￿)n Team have a strong cutture of consultation wrth staff before introducing Signrficant change and these issues a￿ r8POrted b8ck to the 8oard al Board meetings. This included fcKmal staff consuttations wrth the staff regarding the operation of the Sch¢)ol during the COVID-19 pandem￿. The Headmisliess al￿ Bursar brief staff on an annual basis on the overall perfomanee of the School. This is not only financial reporting bul also how the School has perforned in public examinations and universrty offern. The bnefings include forward-Ic(*ing assessments of the School's futu￿ plans, so that staff are appiaBed of $lrategi¢ goals The cuttufe of openness and transparency with the staff has bred a pgsrtive spirrt ol mLttual trust and genuine concem by all employees in the bng-lern7 success of the School 8$ a charrtable inslrtulion. Bu•ln•88 rnlatlon•hlp• The School continues lo engage wtth a large number of stakehoklers. the most important of which are the pupils and their parents. The work of our leaching Staff. paslofal staff and support staff, as direcied by the Board of Governors, the Headmistress and her SenK)r Management and Education Team. fccuses on pioviding the pupils and parents wrth a high qualty academK educat￿n underpinned by a strong Roman Catholic elhos sel wrthin a strong boarding cutture wrth first cLqss pastoral care. The success 01 this is outlined in the Slrolegic Rewrt bekxv. The govefnors continue lo place a s1gnrfi￿nt emphasis on the need lor strong and posrtive relationships with self employed staff Such as peripatet￿ music 18Khers and sports c¢)aches. Alhough the relationship with sew employed staff is necessarily different to Ihal of empbyed staff (due lo the fequiremenls of HMRC and Employment Lawl, the School is proutl that many of these indiwduals have femained loyal lo the School for 80 many yèars, rdleding the Strong and hamionws relationship that the School fosters. The govgmors also value posrtNe relationships with suppliers whose work in support of the Sehool is invaluable Governors require the Bursar to seek value for money when engaging any supplier but this is tempered wrth forgin9 strong relationships that are ultimately benef￿￿1 to both parties. Tho Bursar a150 lakes into account environment81 eredenliaL8. when appropr￿le, whon choosing a new supplier. The School is 8180 proud lo place a prKJrily on local businesses such as the provision of meat and other promS￿n¥ Io the School kitchens and second-line electrician support during school holthys. OBJECTS, FEATURES, VISION. ETHOS AND STRATEGIES Following a period of discussKJn and consutslion. thrs year the Board of Govemors agreed an update lo the school's Mission Statement. This section includes details of the unchanged Charrtable Objecls and Features with the updated Vision. Ethos and Slralegies. Page 8

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Charltablo Objfjcts The fomal obj'ects of the charrty are.. lo promote and provkle for such dw8ble worts wherescver 8nd whatsoever as 8dv8nc8 Ihe Roman Catholic rglwn," 8nd to advance educalion by the prOv￿ron and cond￿1 o18n independent Roman C8tholic school or schools for children of any creed (with prefe￿nce to Ihe children of tt7e Roman cathol￿ failh) and, in part￿Ular, but wilhoul prejudice lo the geneTrlity of the foregoing, for the education ol girls, 8nd by ncill8ry and incidenl818ducal#)n81 ￿li￿rtieS and o(her a$s￿￿ted 8ctNittss for the benefit of the community. The Board of Governors interprets ar￿ engages with Ihis Charitab￿ object by running a first class independent girts. Roman Catholic boarding schwl. Featur The Board defines the School through fNe features.. Catholic Girls Boardin Small size Academic Vl•lon To provMJg a modern and holistic Catholic education of outstanding quality for young women to inspire and empower them to play their lull part in the global wnmunrty. Ethos The schcol's Ethos to realise the VbSi¢n' Nurturing in oach puw'l a sense of their (Ylvn vtsth and talents by fostering their inlelWual, 5pirilual and personal development. Developing in each PLbpiI a of leaming and indeperthnl thought through a roorous academi¢ èducation. Promoting a strong sense of personal re5ponsibilty. kindness. ccoperath?n arKI Social Just￿ founded in fespect for the diverse needs of other5 in a global communrty. Encouraging each pupil to enjoy the full sacramental lrfe and spirilual richness of ltr￿ Catholic Church. Fostering a partnership befvfftn parents. school and the wKler communty. Inspiring in each pupil the confidence lo colLgbrrfale and to lead through an enriching and fulfilling boarding experience Following in the Spifit of Mary Ward who ¢herished Ir8ed￿ of Spint. sincerity. and a ¢heerful disposition.. Strntegles The Board of Govemors. in line with the nv•V Vision and Ethos of St Marls and mindful of the impact of the COVID-19 pandemic, difecl the folkwing $trateg be folk)**d for the pewithj 2021 to 2026 To maintain the number of pupils in the ￿h0o1 at around 390 and $u$tain the policy of giving pfeference lo Roman Catholic applicants. To cultivate our strong Roman Catholic ethos through the spiritual devebpment of our pupils in daily prayer, annual retreats and the te￿bratiOn of Ihe sacramenls. To deliver an ouistsnding academic education within the context of a changing worhd by continuing lo recrurt leaching staff of the hvJhest calibre and pwding them with the training. resource5 and support they require, and maintaining the hyhest Standards of senior ￿adershIp. To prepare pupils for the digital gbbal ¢ommunty through excellent dortal lrterncy and delivery of the tschnology curr￿Ulum. Page 9

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 To ensure the most suitable curriculum for St Marys pupils is fol￿)￿1 given the changing landscape of the public examination environment, the requirements of further study and the world of work. To build on our strong boarding cutture and further develop our comprehenswe system of pastoral care lo ensure that our pupils can thrive in a happy, busy and ￿Ule enwfonment throughout the working day, in the evenings and at weekends. To provide a varied and bespoke oxurricukr programme that pr(Jnotes both eXcel￿nCe and enjoyment, and refiects the needs and concems of a changing workl. To broaden further access lo our educational resources and olher fxilrtbes through developing our links with the local communty. To broaden and widen access to our school by ¢onlinuing to offer means-lesled admission and hardship bursaries lo pupils who I￿)Uld not otherwise be able lo attend, or whose education is al risk of bein9 disrupted. Publlc bgngfrt St Mary's Schcol Ascot remains committed loth8 aim of providing publ￿ benefit ar¥J. in accordance with SectKin 17 of the Charities Act 2011, the Board of Governors confirms that they have paid due regard lo the Charity CommissKJn's slalulory guidance ￿ Publ￿ benefrt in decKling which xtiwties the charrty should undertake. The awarding of bursaries for those unable lo afford the fees at Sl Mary's i8 a measurable Means of providing public benefrt and the Board of Govemors places great importance and pr￿￿tY on the School's mean$-te$led bursary scheme The School has a kjng history of providing financial support to children who would olhelwise not be able lo afford a Sl Mary's edu&ion. The School's bursary scheme is designed lo assist parents or prospective parents who, for financwl reasons, are unable to send or continue lo send their daughter lo the School. The scheme includes fvKJ types of means-tesled bUr$a￿s- admissKJns and hardship. To ensure all bursary awards are well tocu$sed and only the most deserwng benefit, the Bursary Committee will lake a number of factors into conS￿eration. in addit￿n lo current eamings, when assessing means. Thèse factors include property holdings, investrnenls. savings. family holNlays. cars and family circumst8nees sucr> •5 dependanl relatives and the number of siblings. Each case is assessed on rts own merits by the Bursary Committee and awards are made aceordingly, subject to the School's abilrty lo fund these wrthin the context of ils over811 budget. Inlomalion about fee a$si$tsnce through means-lested bursaries is provided lo all applying to Ihe School and is published on the &h¢)ol's vmtsite. As a result of the COV1￿19. the Board ol G0￿Mor5 swjnff￿n1IY increased in-yeaf Spending on hardship bur8arie8 for families adversely impacled by the pandem￿. This year the value of rneans-lesled bursary awards lotalled £810,590 12020.. £577,202). This provided assistance to 33 pupils of whom 16 benefitted from at ￿8st 70% remi$$KJn of fees and 13 from 909h or more remission of foes. This year the￿ are 74 pupils in the school who enjoy a fee discount IhTough bursaries. scholarships and discretionary awards. The means-lested bursaries were funded by the School and the Sl Mary's School Charrtable Fund (charity number.. 800450}, %thich wa$ eslablished inter alia for the PUTpose of providing funds for the Sl Mary s Schc(Jl Ascot scholarship and bursary programme. The School has made ch8ri18ble donations to the caprtal fund of the Chanlable Fund in excess of £1.85m since 1994. In the year ended 31 August 2021 the Charrtable Fund donated £293k 12020". £150kl lo contnbute lo the funding of bursaries and seholarships. The In¢rease in Ihe amount received frcn the Ch8rrtable Fund's was made possible through the generosrty of parents who donale(I lo the Chantable Fund their fee rebates ansing from periods of remote leaming. The Board of Governors believes that the V*Drk and actiVrt￿$ for the public benefrt that tske place throughout the year with children from ktal schods and wrth the local communty are fundamental lo the Catholic ethos and spirf( of the School and in line wrth the charrtable objects. These acts'¥Aties are a f￿v$ for staff and pupils who ncA only welcome them as part of day lo day lrfe bLsi they aro wdely perceNed as being a core activity for the School. The signrficant investment in time, energy and resources into our work wrth local slate schools reflects the 808rd of Governors. belief that these actNiiies are the most effectwe way of broadening and widening access lo St Mary s re$¢Wr￿ lo the publ￿, inclu(ling ttK)se in poverty. Page 10

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 This year, despite the impaet of the COVID-19 pandemic, the School has conlinued lo develop its close relatiorbship wlh Ihe local sLe schools wi(h whom rt has formal Memoranda of Understanding - Charters School and Sl Francis Catholic Pnmary School. St Mary's engagement with these schools is a matter of nomial day to day school lrfe and involves both the shanng of resources as well as the dual use of leaching staff. chool - Latin GCSE. This year St Mary's has again provided a teacher lo Charters School to lake a GCSE Latin clas5, taking responsibilty for one of the three GCSE Latin modules for a gffted year 9, a year 10 and four year 11 pupils Ilhe Latin Language paperl. Wrthoul St Mary's support, 6 pupils from Charters scho￿ wouhj not have been able to take OCR Latin GCSE this year. The resu were impfessive with two level 9$. two level 8s an¢J two level 7s - all high quality passes. In addition tothe teaching, Sl Mary's 81s0 provioed textbcoks, paper. handouts and worksheets as well as support with resources and teacher notes for the Charters Latin leachets. During the Cov1￿19 lockdown the Sl Mary's leachef operated remotely by sending email in$truclKJns and marking work which the pupils returned as email attachments as well as delivering lessons on Teams. She then worked alongside the Chartefs Schwl staff lo draw up the Teacher Assessed Gr•Jes for the GCSE Latin pupils. rin . . The Pandern￿ has m it challenging for the Sch¢)ol lo share facilrties this year although, for exarnp￿. a primary school in WiThJsor used the alhletu faci1rt￿Sf0r Iheirannu81 sports day when Iheir ¢)wn faulty was flcoded. rtloSIF Sl Mary's Estate5 Department pwded a broad range of practical help to Sl Franci5 Primary Schth)l in support of the Vtsrk that Sl Francis undertook for children of the NHS and the emergency se￿￿$. This included grass and ldge cutting as well as general moinlenance tasks which rts own caretaker was unable lo complete. Thk8 5UPPOrt is now embedded as a routine aclivrty for the Estates Department. Olhor examples of activities Carl￿ OLrt Ihis year for the publK benefrt include.. Support lo Oxbfidgo and Medical applutions. including inlerviaw practice for 45 students Irom Charters School. Ascot and Mulberry Girls Sch￿)1. Tower Hamlets. Provided 18 funded places ft>r Charters School pupils to take part in a UCAT online training day for aspiring medical students. In June 2021, arourKI 100 pupils from Year 11 arKI the UVI undertc#)k a day each of eornmunrty service work in the Ictal area. Activrties included nature suNeys on behaw of Ihe Ascot Wildlife Trust, gardening and path clearing for the Ascot Day Centre, and I￿er picking around the lttal streets and parks. Council planning condrtions restr￿ the use by othern of the Orchard Centre18POrts centrel and the athletics and hwkey facili(￿$. STFIATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE The Board of Govemors * pwod to report that academic year 2020121 has been another highly successful year for the S¢h¢)ol when measured against the charity's cty'ects. the Board's interprelalion of the objects (to run a first class independent girls, Roman Catholic boarding school) and the slTategEs set out by the Board for the School in 2020121. This section of the Report highlights key eknients of the actsvrt￿s and aCh￿vementS of the Sch¢)ol which have Conlribuled lo the succes5. Pa9e 11

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Duty under Section 172111 of tho Companles Act 2006 The Board is ab￿ lo report that (( has complied wrth ils duty lo have regard to the matters in Section 172111 {al- 11) of the Companies Act 20C6. Thi8 duty sets out that the govemors. as directors of the charitable company, musl act in the way they consider, in good farth, wouhd be most likely to promote the successful achievement of the objects of the charity in the current periods and in Ihs long lemi In discharging Iheif dut￿S. the govemors carefulty consider amongst olhei matters. the impact on and interests of other stakeholders in the School and fsctor these into their decision making process. In partthlar. Parents and puplls The govemors commit Cons￿eTab￿ lime, effort and resour￿$ into understsnding and responding lo the needs ol our pupils and parents. All Governor decisions are taken wrth the impact on the pupils and their parents firmly in mind seeking lo aCh￿ve the highest standards. When necessary, the govemors work quickly to rgsolve any isolated disagreements that may arise frcffi lime lo time. Employ•¢s The Board ol Govemots is kept fulty informed of any empw concems through regular formal and infom81 brfings from the Headmislress and Bursar. The govemors are committed to promoting a posrtive and heatthy environment lor the teaching. residentwl. adminislfative and support staff for both physical and mental wellboing. The govemors prcfftote inclusion in the wothplaee and provide resources for training and development ¥)pOrtunrt￿ for all staff. The governor5 encourage recrurtmenl and devel¢)pment slrategies which seek lo attract and retsin talented staff. The governors, as a response lo the pressu￿8 on Staff as a result of the pandemt, havo invested more resources in an expandgd employee assistance programme. Suppllèrn The governors promolg Ihe need to develop long lemi and mulualty beneficial relationships with $upplier$, regukrly lesled against prevailing market condit￿n$. and. In part￿ular, are supportive of the development of relat￿nS with Ic¢al SUppl￿r$ and those wrth strong ènwronmenlal ¢redenlial5. Communlty and the envlronment The Governors are conscious of the School's important ro￿ wrthin the communty. The School lakes its role within the communrty very seriously and promotes and encourages community and charitable contribution as part of the overall publ￿ benefrt provide(I by the charity. Atthough few of the pupils are drawn from the immedHle bcal communty. the Schtr)l is an important local employer and has an influential p¢)srtion in the Iccal communrty The School also recognises the Importance of ils environmental responsibilities and has rneasu￿ in place lo monitor and control rt$ irnpacl on the Ioc81 enviTonmenl and rts compliance writh any regulatory environmental standards. The School seek$ lo implement poI￿leS aimed al reducing any potential detrimental environmenlal impact of rt$ adivilies. Standards and condKt The School sets ilseff the highesl of standards in Ihe way it manages its relalK)nship wrth parents, staff and suppliers. This appwh, founded on the school's RLYnan Catholic ethos, is characterised by fairness and transparency. These standards a￿ c￿arlY communicated lo every staff member on induction and adherence to which is exFcled and enforced. Pupll number¥ and academlc xhlevement Sl Marls provides an environment not available in the maintained Sector.. a¢adern￿. re$￿entral, girls only and Catholic. The core ￿lm'tY has been the edueation of 393 chihlren.. 367 boarders., and 26 day boarders. Sl Mary's continues lo offer a broad ar￿ varEd C￿￿1C￿luM at all levels. Thg Sch¢xJl was delighted with the girls, public ex8minatK)n ￿SU￿$ this summer wh￿h were determined by the Teacher Assessed Grades process. Al IIGCSE, the pupils had an oulslanding year, With 62% grade 9. 84% gr￿eS 9 and 8 and 950kn grades 9 to 7. 48¥0 ol the pupils gained 10 or more grades 9 Of 8 and those awarded 8-12 grades 9 or 8 made up an impresswe 72% of the year group. At A Level 58% of grades were at A.. including ￿entY-tWO candidates who gained 3 A". and 88% of grades were awarded A'IA. Page 12

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Out of a year group of fifty-six, frftythone gids have confimied places to conlinve to university or other forms of higher education. Forty-three gids are starting this year and e￿ht deferring their places to 2022, with five girls lo make a post A Level application in the wning year. Offers were secured for a WKle range of subjects frcffn many of the world's leading universities, including len offers frcm Oxford and CambThJge118%1. Of the 41 girls going lo UK universities, thirty-thiee180%1 are taking up places 81 Russell Group Universrties wrth an addilK)nal five19Qhl going to Sl Andrews. Of the six post appI￿nIs. one secufed an Oxbridge place. four more secured Russell Group places and one Is to begin a dual course at Trinrty Cole. Dublin. and Columbia University in the USA. Among the Upper Sixth UCAS applicants, 87% of gids ￿￿red their first-choice placement and 96% of girls secured a pkice al their first or insurance cho￿. One girl obtained a place through clearing and one girl is applying to slvdy abroad. Five girls are heading to universrties in the USA. to Pornon8, Georget¢)wn. UCLA, Dartmouth and Columbia. Two girls will be stuow'ng Me￿￿•ne at the University of Hong Kong and three girls ale heading lo universities in Pans or MadrKI. Extr•£urrlcul•r •ctlvltle• Despite the restr￿lOnS of the pandemic, $￿ceSS has not been restricted to the cla$sre<Jm wtth pupils being able lo excel in a wde range of co<urricular activrties including sport. drama music. Whether in Sch¢)ol or working remotely the sports department have provided 'live' currKulum and enf￿hment opportunrties lo maintain and pr(Ynote Part￿1patIon In a w￿e range ol physThl aclivrties. In place ol competitive fixtures during the Michaelmas lemi, the School ran tennts, erickel and athlet￿5 House competitions, as well as netball. hockey and dance. Thèrewere also wrtual compelilK•nS for swimming and District 8lhlelic$. The summer tern saw the gradual reinlroduct￿n of sc¥ne fixtures for tennis and alhlelics alongshde singles and doubles tennis competitions on the School Srte and of course our annual sports day These sports provided compelrtive opportunitie5 across all age groups in the Scho￿. In addrtion. online'live, frtness actNrties and sports academy talks were prowded every weekend evening. Al weekends during the summer temi the department have also hosted a variety of participation events including the Aqualhon, HoLsse cobur dash and Years 7 & 8 charrty tennis competition. Six girls achieved FIAD tsa1￿ examinat￿n$ for grade 6 or 7 and over 100 took part in the annual dance gala Despite the drfficukies for perfo￿ance $port, of the 18 girt5 attended Berkshire County hockey junior developrnenl cenlres. six were selected for the Bertshire Academy," four girfs maintgined elub netball commitments with one selected fof Berkshire County Squad and playing al a Regional competitive level for her Club., seven girls attended club cricket with tsyo selected for their county squads". three girls qualified for the Berkshire County athletics chaMp￿nShipS and evJht girls broke School athletics fecords on Sports day., three of four teams have qualified for the division two semi-finals for Ihe LTA Youth leam tonnis competition. Finally, three girls qualrfied or look part in National or Inlemalional gquèslrian events. Thg Drama Department. despite the varying réstriclion8. continued toprovide a rich diet Ofdramat￿ endeavours. Whilst only some of our prclucltons were allowed an in-person audience. all of the shows were liveslreamod and benefrtted from the School's extensive investment in filming and Streaming equipment. which allowed pupils, parents, staff and the St Mary's communrty lo ￿ntinue lo experience Iheatrical pertormance$ from the Rose Thealfe. The year began wrth the Drama Captain's play, As We FotrJtve Thos8, by Andrew Smith, followed by the return of A New Naffalive. House Dfama this year became House Film and each House was given a 10- minute section of a specially commissv)ned script. Virtually Me. wrrtten by television writer Nicole Davis. The final play of the Michaelmas term was a prc<luction of J8ne Eyre. featuring pupi15 from Year 8 - Upper Vl. Feartess and Powerful. a Coll￿tKIn of scenes wrrtten by female playwrights and performed by acloTS in Year 11 and the Upper Vl, was followed by an adaptation of The Cantethjry Tal&s, featuring a cast drawn from Year 10 and the Lower Vl. The final productions of the year were A Universe in the Palm of My Hand, a Showcase evening for our Extra Drama pupils inspired by the theme of texts in Ifanslation, and an adaptation of Tr&8SUIP Is18nd, whith was performed by ac￿ in Years 7, 8 and 9. Page 13

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 MUS￿ has continued lo thrive at Sl Mary's. desprte the pandemtc's restrictions, both as INe pertom18nces and through the medium of live-streaming. The annual schcjars, concert in October featured each of the mus scholars perfomiing a solo and a small group of inslrumentslists came together at the end lo perfom Finzi's piece 'Carol'. The new girls, recrtal in September. the lermly Open Mic evenings and large-scale concerts all look place, bul in a slightly different fom81 involving year group bubbles, social distancing befvleen performers and no live audnces", instead the girls embraced the lights, m￿r¢)phoneS and cameras. The School's musicians quickly became familiarwrth the new way of working and rt s¢)on started lo feel nomial. Al Christmas. the School choirs produced a pre-r￿orded and streamed carol servtt as an evening event for parents, pupils and Aseol Alurnnae. In addition. the Music Department produced a new Christmas concert of contrasting music, featuring Jazz Band and Senior Orchestra alOngs￿e lighter vocal music. wrth performers rocking the Chapel In Christmas hats and tinsel. During the Lent tem lockdcwn, wrth everyone once again working and learning fTom home. concerts were produced by girls recording themselves at home, both as sokJi$ls and in a choral setting Campion and Senior Madiigal Choirs made a number of recordings wrth individual lines sent in from home and mixed together al Sch¢JoI. Earfier In the year v0￿e$ by Cand￿light featured the Senior Madr￿1 Choir singing Se￿¢ted movements from Handel's Messiah. accompand by a harpS￿hold %thich had, in true COVID.19 fashion, spent lime in quarantine before the event. The Lent term lea-time and Year 9 concerts fealufed a number of original pieces produced from home. The vocal and orchestral eoneèrt in March became the School's first ever integration of live and pre-recofded eonlenl, alongside Lower SIKth art work. streamed frcyn the Chapel In the summer, the Summer Soireè was abk to go ahead as a live evenl wilh Ihe Lower Sixth pupils taking centre sts9e. introducing a varied programme including Year 7 singers. IGCSE compositions. a string trio, a 'Tango band, and Senior Madrigal, all $￿IallY distanced around the Chapel. The MUS￿ Captsin's concert was another example of ¢reivrty and laLgnl. where the Music Captain organised her own programme of seven pieces, from 8eelhoven lo Billy Eilish. and ending wrth the Japanese singer Youmi Kimura'5 moviThJ pie¢e '08ar Traveller,, which fittingly tells the story of Iransrtioning from one ehapler of lrfe Into the next. Despite the disruption of COVID, the 2020-21 St Mary's $peakeTS programme w8S 8s busy a3 ever, Dr Anu Obaro, radiation resèarch fellow at Si Mark's hosprtal in Harrow. launched the School's new Diversity Discussion Group wrth a talk about instrtulional racism and unconscious bias in Kxely. The Miehaelmas lemi's keynote speakèr was the Rt Hon Baroness Morgan of Cotes, fomief Secretary ol Slate for Digital. Culture, Mèdia and Sport. Other Inspiralional W(men speakers included Annabel Pring Idigrtal marketing expert and COO of Smartebusinessl. Joanna Hardy lJ"ewellery specialist al Soulheby's and Antique$ Roadshow expertl, Kale Slesinger (Publishing Director of Vanrty Fair and Tal￿rI and Megan Swann (Vicg-PresKlenl of the Magic Circle). Paralymprc bronze medallisl. Alexandra Rickham, was Ihe keynote speaker this year's Celebration of Sport. whilst other speakers of note throughout the year Includ￿ local MP Adam Afrry. Natasha Musson Ipersonal slylistl, Jo 8ry8nl18ritish ￿1quette expertl and Jonalhan Ellson Ioireclor of Fo)d and Beverage at Coworth Parkl Fundralslng Arthough St Mary'$ School Ascot does not have as rts primary ofy'ect fundraising. the School acknoW￿dgeS and abides by the Fundraising Regulalorfs Code of Practice and is eomplianl wrth the General Data Protection Regulations. The Sch￿1,$ pnncipal income is derived Ircffl school fees which is penodically complemented by fundraising for a specrfic eause such as a major capital project. The School empk)ys a Development Director who is currefilly also PA lo the Headmistress. The Truslees direct and oversee the School's fundraising activrties through the Development C¢ynmrttee, a sub-wnmrttee of the Board of Govemors. The School's fundraising aetiwt*s are reStr￿ted to th8 St Mary s communty wh￿h includes current and former pa￿nIS and members of the Ascot Alumnae A$s￿l0t￿n. The School does not approach members of the public. There have been no complaints or concerns raised by any member of the St Mary's eommunrty W41h regard to the School's fundraising activities during academic year 2020121. As the SchrK)I was required lo delwer the leaching and ￿MiTh9 remotely for the Lent term 2021. tha Board of Governors offefed parents a rebate off the school fees for that terrn. Twenty five families chose lo donate this rebate to the Chantable Fund raising a total of £35k in order to fund hardship bursan8s for families whose finances had been impacted by the COVID-19 pandern￿. Page 14

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 STREAMLINED ENERGY AND CARBON REPORTING ISECRI This is the second annual report wh￿h InelL￿eS streamlined energy and carbon reporting. Gmnhouse gas IGHGI ￿ni$s1onS and energy use data for the perK#J 1 September 2020 10 31 August 2021 and for the same period in the preV￿u$ baselin8 year are as folbws." Baselin• Reporting Year 2019-2020 UK GHG Emlsslon and Ener Data Current Reporting Year 2020-2021 UKGHG Emlsslon and Ener Data Energy consumpt￿ used to cakulate emiss￿5 Ikwhl". all mandatory energy sources are included. 4.994.363.6 7.072,03210 Scope 1.. EMI￿￿Th$ from t￿ cOmbust￿n of Nalural Gas tC02e 696.0 1,039.7 Scope 1". Emi$s￿n6 from ccwnbuslion of F￿1 for transport and I or heating IC02e 31.7 Scope 1.. Emission5 of Biomass Pellets tC02fr Scope 3.. Emissions fr(￿ business travel in employee-owned Vehic￿8. where the company repa￿ mileage ckims tC02e l•vèrage Veh￿Ie I fuel source unknwil Scope 2.. Emissions frun purchased Elgctricty IC02e 274.8 269.7 Total gro￿ C02e based on above {IC02el 978.2 1,341.0 Inlensrty Ratio. kg C02e gross based on mandalory fiekls above per melre square of Gross Internal Area.. IKg C02e m'l, being 22.370.4 m, 43.7 kg CO20 m" 59.9 kg CO2• m" Methodology and Thlrd Party Verificatlon An evidence-based methodology was adopted in accordance with BS EN ISO 14W-3.'2019, S￿tiOn 4.3,. verifiable data has been collected frcmn the folbw'ng SQUfces'. Energy Data." Energy Metering, InVo￿e5. Supply Summaries I Slalemenls. Repayment Claims for business mileage. Fuel Cards. and correspondence with suppliers. Previous Audlt Data.. ESOS Phase11 and Energy Audrt 18119 February 2019. and SECR 2019120. Emission Converslons.. All em￿S1On faclofs for C02e. have been calculated using Defra ConVers￿n$ 2021, as the pericd covers four-months of 2020 and eight-months of 2021, in accorda￿9 with Defra gu￿elines. The energy data has been compiled and audited by Sean M*Jgley {ESOS Lead As8e$sorl of Powerful Alliès Limrted, CIBSE Registration No." ESOS185262. Page 15

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Eneryy efficlèncy action Sl Mary's School Ascot has contracted 100% Renewab￿ Energy Guarantees of Orvjin IREGOI backed eleCtr￿ty across the School in a posrtive shift towards reducing GHG emissions. The non-half-hourly INHHI electr￿tty meters have been upgraded to smart meters in a bid to visualise energy consumption, identify potential waste and thereby ￿duce consumption. The move to REGO bxked eleciricrty will ¢omplemenl the tsvo Solar PV arrays installed totalling 7.81 kwp. generating an estimate(17.029 kwh pa. mi(igaling 1.64 IC02 of emissions from grid Suppl￿d ebectrKIty. The School has also completed a gas metering project which will enable Ihe School to visualise onergy consumption. idenlfy polen1181 waste and boiler Ine￿￿lenC1es. The data generated will allow Ihe School lo compare Ihemal perfomance of buiklings hwhlighting potential cyportunrties lo reduce consumption and GHG eMiss￿n3. 11 is planned that the new gas and ethlricty meters wll M￿rate over lo a single Monitoring and Tar9eling IM&TI ¥yslem. The M&T system will also have the functionalty to &Jd sU￿rneterIng for monrtoring energy on a more granular level The electricity and gas supplies both moved to new suppliers on 1 Oct¢)ber 2021 allowing both gas and hatf hourty eleclricrty data to be visible in 8 single portal and reporting system. St Mary's School Ascot has continued lo invesl in Light Emffting Diode ILEDI lighting on a rolling program, including replacement of street Itghling and bollards wrth LED altematives incorporating the OWLET I￿hlIng control system in a bid lo reduce further energy Consumpt￿ arKI emisS￿n3 of CO2. During tho baseling reporting year12019r201, as a direct responsetothe pandwnK, the School 988 ¢on$umplion reduced a$ a resutt of Schc4)I closL*res. a mild winter and the very warm spring. This yeai120201211 the School reopened post lockdown during an unseasonably cokl spring whilst having to InC￿0$e venli&lion aCfOSS the sile lo reduce the risk of Covid-19 transmiss￿n. Thts has resuhed in signrfunl in¢￿8$ed use of natural gas. The lrfting of travel restl￿tionS and retum lo mm normaltsed Sctr#xl cperath)ns brought about an increase in the consumption of bolh diesel and petrol for road travel The 2020r21 consumpt￿n would be more in keeping wrth typical usage, whilst the baseline year figures have been skewed by the pandemK disruption. Other inrtialives sel out in the ESOS Phase 11 Report are Currently under review pending the upgrade of metering 11 is envisaged the improvèd energy data will allow for a full review and benchmarking of School assets, in 8UPPOrt of an Energy Action Plan in targeting energy and GHG reductions. FINANCIAL REVIEW Rosults for tho Y•ar The consolidated resums of the year are shown in the consolKlated statement of financial activities on page 23. Net expendsture amounted lo £0.325m 12020.. Income £0.260ml. Expenditure during the year was £16. lm 12020.. £15.1ml. The d￿l$lon lo apply 8 10.60h rebate1£523kl lo the Lent term 2021 School fe8$ as a resutt of Ihe ¢kJsure of the School srte. the eosls associated wrth the wnning of a COVID-19 secure schfX)l and the loss of any res￿ential lettings durin9 the school holidays has impacted on the financial resutts for the year. However, these costs have been partially olfset by participation in the Government's Coronawfus Job Retention Scheme ICJRSI and savings in the S¢hog1's oPerat￿n31 budgets. Gwen these diffthll circumstance5 the School h85 achieved satisfactory financial result by having a full pupil roll and by maintaining the School fees al a level suff+cienl lo meet the Increased costs of running the School. The net operating deficit ansing in the year to 31 ALtrgusl 2021 has been driven by the exceptional circumstances referenced above. Forecasts for future performance pred￿1 a return lo the levels of operating surplus requirèl to ensure appropnale irweslment in the capital infraslruclure. Page 16

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Flnanclal vlablllty and resoN•s Iwel and pollcy COVIO-19 has had an impact on the School's short term financial posrtion wrth provision of a 10.60A fee rebate lo reflecl remote karning during the Lent tem 2021, the bsl income from a summer holiday residential let and increased operating costs lo ensure a COVID-19 secure envifonment for pupils and stsff. These increases in costs have been Part￿llY offset by savings. such as reduced operational costs. Coronavirus Job Retention Scheme income and delays to the caprtal works prcKJramme. Signrfunlly. interest in the School by prospectivè parents remains very high and pupil numbers at the start of the Michaelmas lem 2021 were 398. As a prudent measure. in 2020 the School suecessfully sought a term h)an of £3m through the Coronaviru5 Business Interruption Loan Scheme ICBILSI. The Board of Governors. having reviewed the funding facilities available lo the School together wth the expected ongoing demand for places and the School's future projected cash fl¢)W6, have an expectation that the School has adequate ￿SOurceS to continue rts activities for the foreseeable futurè and consider that there were no material uncertaint￿$ over Ihe School's financial viability. Accordingly. they also continue lo ad¢Jpl the going concern basis in preparing the financ￿1 ststements as outlined in the Statement of Accounting and Reporting Responsibilrties. The School currently has lolal unrestrKted fur￿& (exclL￿Ing designated funds) of £28.01m1£28.34ml and fixed assets of £31.2m1£32.C6m}. The excess of fixed assets over unrestricted funds is £3.19m1£3.72m}. At the year end, the School's consolN4aled Unrestr￿ted funds slcv)d al £28.01m1£28.34ml. After adjusting for unreslTicled fUnct￿n81 fixed assets fof the chariiy's own use and borrowings against them, the school had no free reseNes las defined by thè Charity Commission). 11 is the Governors. long term policy lo build up free reserves out of annual operating $UTpluse5 and, subject lo the prior demands of further expenditure lo equip the School with the up-tO-(Jate facilrties needed to maintain the standard of educational seivices Provided lor the benefit ol all pupi15, to estsblish reserves lo cover the risks and Lbncertainties of operating as an independent educ8tional establishment equivalent to one term'$ operats'ng costs Icurrenlly appfoximately £5.35ml. PRINCIPAL RISKS AND UNCERTAINTIES The govemors are responsible for the overseeing of Ihe risks faced by the School although detailed consideration of risk is delegated to the Headmistress and the Sen￿r Management and Edutstion Team. Risks are identified, assessed and contrcAs established throughout the year. In the opinion of the governors the School has established Systems of internal controls and other wable means including insurance cover which, under nomial condrtions, should allow all risks lo be managed to an acceptable level in rts day lo day operations 11 1$ reeognised that systems can only provide reasonabb but not absOl￿e assura￿6 that major risks have been adequately managed. The governors fomally review risk al the F&GP meeting as a slanding a9enda rtem Areas of particular concern are highlighted to the main Board. Risk is divKled into fwe section5 and al each meeting one section 15 onsidered. The sections are External, FInar￿e. Govem8nce. Operations and Cc*mplian¢e risks. In addition, the entire risk register Is reviewed annually by the Buisaf and signifKanl ch8nges lo risk profilas or control measures are highlighted lo govemors 81 the lime. Thè govemors note the work by the Headmist￿$ and her team to operate the Schwl ￿r￿er the restrKtion8 of the COVID-19 pandemic. The control measures articulated in the comprehensive risk asgessmenl and the COVID secure protocols that have been insllgaled, s￿h as zoning of the School, increased ventilation measures, increased hygiene protcwls, face covering and Social distsncing. are in line with Government guidance and in the view ol the Board of Govemors have made the School as safe as is reasonably practical. The governors note the creation and oper81ion of an Asymplomatrc Test CentrefoTtYie pupils and rts contribution to managing the risk of the virus in the School communty. The most signrficarrt risk to the charity is a substantral fall in pupil numbers wh￿h would have an immediate impact ¢Jn the School's finances. This nsk is mitigaled by a wide ranging set of control measures including the prov15ion of a first class education experience for the pupib Provided by a well-resourced, skilled and dedicated team of a￿demiC, pastoral and support staff. The staff are able to draw on the first class facilrties which not only serve lo provkle an outstanding education environment bui help Pfomote the School lo prospective parents. The School's demonstrable success in public examinations is also a major factor in maintaining pupil numbers. Page 17

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 The Board's continuing work lo ensu￿ the HewJMist￿S and her sen￿r managers have the resources lo provide this first class education experience Is fundamental lo reducing the risk of a drop in pupil numbers desprte the impact of factors outSKle the School's imrned￿te controf such a5 financial hardship follo4￿n9 the pandemie. The 8oard of Govemors do not underestimate the risk lo the School's financial heatth a5 a resutt of the cumulative impact of changes in legislation, tax liability and pension contribut￿n$, all of which are outside of the School's direct eonlrol. such as the removal of Cttarrtab￿ statu5, eessalion of the charitable business rale relief, disproportionate and SLtrdden increase to the empbyer's contribution to the Teachers. Pen510ns Scheme and imposition of VAT on schcol fees. The Board of Govemors acknvmedge that inadequate safeguardir4J of the pupils is a key risk in a ￿h¢XlI environment. The govemors. who receive annual safeguarding training. primarity monitor safeguarding wrthin the Sch￿1 through the safeguarding govemor and Ihfough safeguarding reports received directly from the designated safeguarding lead at each and every Board meeting. The govemors welcome the work of the School's Safeguarding ReV￿W Boaid wh¢ch cc4)rdinales safeguarding mattots acioss the School sile. Finally, the governors also recognise that health and safety is a￿y$ a S￿n￿l¢an1 area for risk management. At Sl Mary's the risks range fire and infrastructure lo pwsonal risks. Part￿VIadY on schcK)I trips. The governors. who receive a lomal Heatth and Safety report on a lemly basis. ackn¢)wledge that the level and breadth ol aclivrty 81 Sl Mary's means the risks are svJnrf￿nI bul s￿ managed appropriately through sensible risk assessment and thorough planning. Further reassurance is achieved through the employment of an extemal irKlependonl fire advi$or and an exiemal independent heahh and safoly audrtor. FUTURE PLANS The Board of Governors, supported by the Council. remains focusèa on advancing the Roman cathol￿ farth through the advancement of eduCat￿n of ehikjren by managing and admintstering a small, academK, Roman Catholic, 9irls. boarding school. The 808rd is conscious of the thre81 Ih8t the COVID-19 pandemic ha5 had and will continue to have i)n the independent ¢dU￿tIon sector an(l. in particular. boarding sch￿15. The Board believes that the School's Current $truclure, $lralegy and operalions place rt in a slTong position to remain resilient lo the impact ol the pandemic aythough the Board is not complacent and ￿MaInS alert lo the need lo be agile in any response that circumstances may demand in the future. The Board continue8 lo oversee the deveknpmenl of the curriculum as adwsed by the Headmistress. The govemors, guided by the Education C¢ynmitlee, were pleased that the schcnl is keeping abreast of developments in public examinatws including IGCSE. Pre-u and the Irblernational Baccalaureate. The$8 inilialives are clearly Important and the School may well in the future have lo adopt some, or all ol them, but the Board continues to believe that a small school suth as St Mary s Should not risk being in the vanguard of these changes. The Board continues lo place a Svjnrf￿8fiI priorty on broadening and wdenirwj access lo the School through the means-lesled bursary scheme, links with I￿1 stste schools and work wrth the thal communty. Wrth regard lo infrastructure development. the Board of Govemors ig conscious of the need lo maintain an equitable balance befvRen ensuring the current pupils benefrt whilst, al the same tKne, ensuring a sound infrastructure and financ￿1 base are preseNed for the nex1 generatKJn of pupils in the same way as the Current pupils benefrt t¢)day from tho investments maye in the past. Maintaining and, where necessary, developing Ihe fabric and facilrties of the Sch¢)ol are central lo the Board of Governor's strategy. A rollin9 programme of wnproNwnents and maintenance is emt)edded into the School's funding programme. Page 18

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 STATEMENT OF GOVERNORS. RESPONSIBIUTIES The govemors (who are also directors of Sl Mary's School Ascot for the purposes of company lawl are responsible for preparing the Governors. Report and the financ￿1 statements in aecordance wrth applicable law and United Kingdom Accounting Slandafds Iunrted Kingd(￿￿ Generally Accepted Aecounling Practice). Company law requires the govemors to prepare financial statements for each financral year whKh give a true and fair view of the slate of affairs of the charrtable company and the group and of the incoming resources and applulion of res¢JJrces, including the income and expendrture. of the charity and the group for that pèriod. In preparing these financi81 slalements. the Twstees are reouifed to.. select suitable accounting polic￿ ar￿ then apply them constslenlly", obseNe the methods and principbs in the cttant￿ SORP.. make judgments and estimates that are reasonable and prudent.. State whether applicable UK AccounlirvJ Standards have been followeil, subject to any material departurès disdosed and explained in the financial statements. and prepare the finan¢¢al slaternènts on the going concem basis unless it is Inappropr￿te to Pfesume that the charrtable company will Contin￿ in bus1r￿s. The governors are responsible lor keeping proper accounting record5 that are sufficient to show and explain the group's and the School's transactions. disclose with reasonable accufacy at any lime the financial position of the ch8rilable company and the group and enable them lo ensure that the financial slalemenls comply with th6 Companies Act 2006. They are also responsible for safeguarding the assets of the charitoble company and the group and hence for taking reasonable sleps for the prevention and detect￿￿ of fraud and other irregularrties. So far a8 each ofthe goverr￿ B aware at the Ime the reF#Yt is approv&J: there is no rebvant audit infom)th)n of wh￿h the ccmponls audrtorn are urwware.. and the governm have taken all steps that they (xjghl lo ha￿ tsken lo make themsel¥rns $ware of any rel8v•nl audit infomalv)n and io establish that the aiKlrtors are awarè of Ihat in1LNma￿n. In approving this Trustees. Report. the Board are also appwng the strateg￿ ReFQrt included herein their capacity as company directors. BY ORDER OF THE 80ARO The Hon Martin Hunt Chair of the GovemorslDireclors 2 December 2021 Page 19

A Crowe cl￿• U.K. LLP Ch8rtÈrtdAttount8nts Member of Crowp Global Aquis HoLtse 4￿51 Bla9rave sireei Rea(Jiry 8ÈthstN￿ RG1 1PL. UK Tel [phone] Fax [phone] .crO￿.to.uK INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ASCOT Oplnion We have audf(ed the financial statements of St Ma￿S School Ascot for the year ended 31 August 2021 which comprise the Slalemenl of Finan¢ral A￿1VIlieS. Balance Sheet. Cash Flow Slalemenl and notes to the financial slatemenls, including signrfunt accounting polic￿$. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingd¢)m Accounting Standards, including Financial Reporting Standard 102 The Financ￿1 Reporting Standard aPpI￿able in the UK and Republ￿ of Ireland (Unrted Kingdom Generally Accepted Accounting PraCt￿e). In our opinion the financial slalements.. give a true 8nd fair view ofthe stale ofthe group's and the charitable C￿mpanY'S affairs as at 31 August 2021 and of the group's income and expenditure. for the yeaf then ended,. have been properly prepared in accordance wrth Unrte¢J Kingdtyn Go￿rallY Accepted Accounting Practice., and have been prepared in fxcordanee wrth thè requirements of the Companies Act 20C6. 8a#l$ for oplnlon We conducted our audit in accordance wrth International Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilrties undef those standards are further described in the Audrtor's responsibililÈs for the audit ￿ the financkql slalemenls sectK)n of our report. Wè are independent of the group in accordance with the ethical requirements that S￿ relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have fuffilsed our olher elhul re$pon$ibililie5 in accordance wth these requirements. We believe that the 8VKYert8 we have oblairbed is sufficient 8nd appropriate lo provide a basis for Ouf epin￿)n. Conclu8lons r•latlng to golng concern In auditing the financial slalemenls. we have concluded that the trustee's use of Ihe going concern basis of accounting in the p￿parat￿n ol the financial stalemenls is appropriate. Based on the work we have pgrfomied. we have nol KIentrf￿ any material uneertainlies relating lo events or conditions that, individually or collectively. may Cast sKJnificanl doubt on the group's ability lo continue os a going concem for a of ￿a$1 Iwefve months from when Ihefinanch81 statèments are authorised for issue. Our responsibilrties and the responsibilit￿ of the trustees wrth respect lo going concem are described in the relevant $ectKJns of this ￿POrt. Other Infomiation The trusteès are responsible lor the other infomation contained wrthin the annual report. The other Inforniation comprises the infomatKJn included in the annual report. other than the financial stslements and our audrtor's report Ihereon. Our opinion on the financral slatemenls dces not cover the otheT inlomialion and. except lo the extent otherwise explKrtly slated in our rewjrt. we do not express any form of assurance conclusion Ihereon. Our responsibility Ls lo read the other informal￿n and, in doing so, consKler whether the other informalton is materially inconsistent %wth the financ￿1 sLements or our knTh￿ed9e obtained in the audit or othetwise appears lo be materially mi5sLed. If we hdentrty such matenal inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a materi81 mi5sts1ement in the financial s18lemenls themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomi*Kffl. we a￿ reqUI￿d lo report that fact. We have nothing lo report in this regard. Page 20

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ASCOT (CONTINUED) Oplnions on other mattern Pr￿rib￿ by tho Companl•s Act 2006 In our ¢)pinion based on the work undertaken in the course of our audrt the infomiation given in the trustees, report. which includes the diredors, report and the strategic Teport prepared for the purposes of company law, for the financial yeaf for which the financial statements are prepared is consistent wrth the financial slatemenls." and the strategic report and the directors. report inclLKled wrthin the trustees. report have been Prepared in accordance wrth applicable kgal requirements. Matters on whlch w? are requlved to r•port by excepllon In light of the knowledge and understsnding of the group and their enmronmenl obtained in the course of the audit, we have not 1den1rf￿ matenal misstatements in the Strategic report Of the diréctors. report included within the Iruslees. rewi. We have nothing lo repts1 in respect of the folhm'ng matters in relatbon to the Companies Act 2006 requires u8 lo report lo you rf, in our Opink￿.. adequate and proper accounting records have rKJI been kept," or the financial statements are not in agreement with the accounting records and retum5'. or certain di8cIo$ufes of Iruslees, remuneratK)n specrfied by law are not made.. or w6 have not received all the information and explanations we requi￿ for our audit Rwspon8Sbllltl•s of irust•• As explainèd more fully in the Iruslees. responsibilrtw slalement set OLrt on page 19, the trustees Iwho are also the directors of the charrtable company lor the purposes ol ccmpany lawl are responsible for the preparation ol the financial s1olemenl$ and for being satisfied Ihat they give a true and lair vw. anLI for such internal control as the trustees detemine 1$ necessary to enable the preparation of financial statèments that are free from matenal misstatement, whether due to fraud u error. In preparing the financial slatemenls, the tnjstees are responsible lor assessing the charitable company's 8bilrty lo continue as a going concern. discbsing. as appluble. matters related lo going concern and using the going concern basis of accounting unless the Irusloes erthef intend lo liquidate the ¢harrtable company or to cea$e operations, or no realtst￿ amemative bul lo do so. Audltor's rosponslbllltlgs for the audlt of the financlal statements Our objectives are lo obtain reasonable assufance about whether the financial statements 88 a whole are free from menal misslalement. whelheT due to fraud or error, and to issue an audrtor's report that includes our opinK)n. Reasonable assurance is a h￿b level of assurance, but is nol a guarantee that an audrt conducted in accordance with ISAS IUKI wll a￿vaYS detect a matèrial misststemenl when rt exists Mi$stalemenls can arise from fraud or error and are ¢onsKleied material rf, individually or in the aggregate, they could reasonably be expected to influence the economK decIS￿n$ of users taken on the basis of these financial slelemenls. Details of the extent to which the audrt was consKlered capable of deteth.ng irregularitses, including fraud and non-compliance wth kws and regulations are set oul below. A further descnption of our responsibilrtw for the audrt of the financial 5Lements is located on the Financial Reporting Council's ¥%ebsrte al". ww4.frc or uklaudil res This description forms Part of our audrtijrfs report. Extent to which the audlt was considered upable of dgtscting irregularitiey, including fraud Irregularrties, ir￿lUding fraud. are instances of non-compliance wrth laws antj regulations. We Identif￿ and assessed the risks of material misstatement of the financial ststemenls from irregularrties, whether due to fraud or error, and discussed these betsveen our audit team members. We then desyned and perfomed audrt pr¢Jcedures responsNe to those risks, including obtaining audit eviden￿ Suff￿lent and appropriate lo provide a basis for our opin￿n. Page 21

Crowe �

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF ST MARY'S SCHOOL ASCOT (CONTINUED)

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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 charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of non fee income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non­ compliance with all laws and regulations.

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 auditor's 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

Reading

Date: 16 December 2021

Page 22

ST MARY'S SCHOOL ASCOT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING AN INCOME AhlD EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021 Unr•strlctod Restrlctod Funds Funds £'ooo £'ooo Total 2021 £'ooo Total 2020 £'ooo Notes INCOME FROM: Charltablg activiti Fees receivable Anrillary income 14.544 452 14.544 452 13, 760 595 Other trading aetl¥ltle8 Lettings income Other trading income 36 31 32 32 Inv•stment• Bank and other interest 10 10 23 Volunt•ry sourt•s Donations Coronavirus Job Retention Scheme Grant DonalM)ns from the Charilable Fund 27 372 70 97 372 101 705 Total Incom• EXPENDITURE ON: Ralslng Fund• Trading gxpendilure 72 72 62 Charbtsblg actlvltles: Schcol operating costs Total Expondllure NET IEXPENDITUREY INCOME 13951 70 13251 260 Transfer between funds 14 70 NET MOVEMENT IN FUNDS (3251 {325) 260 Balances brought forward Balance8 carrfod for4vard The notes ￿ pages 26 to 40 fo￿ part of these financ￿1 statements Page 23

ST MARYS SCHOOL ASCOT CONSOLIDATED BALANCE SHEET 31 AUGUST 2021 COMPANY NUMBER: 01844327 Consolidated 2021 2020 Company Notes 2021 £'ooo 2020 FIXED ASSETS School buildings and equipment Investments- in subsNliary company 31.204 32.062 31,204 32,062 31.204 32.062 31,206 32,063 CURRENT ASSETS Stocks Debtors Cash 10 11 32 19 (430) 21 12 (287) 6.585 6,493 CREDITORS: due wrthin or year 12 ILIABILITIES TOTAL ASSETS LESS CURRENT LIA81LITES 32,780 33,975 32,804 33,975 CREDITORS.. due after more than one year 13 TOTAL NET ASSETS FUNDS R••trlcted Funds. Capital Appeal 14 Unr￿trIcted G•n•ral Funds: Ordinary Sch￿1 Funds TOTAL FUNDS 14 The deficit for the year in reLqtKJn lo the Sche￿1 only was £0.281m (2020.. sU￿u$ £0.260m). The financial statements were approved and aulhorised for issu8 by the Board on 2 December 2021. THE HON MARTIN HUNT CHAIRMAN vJk The note5 on pages 26 to 40 form part of these finarKial statements Page 24

ST MARY'S SCHOOL ASCOT CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 2021 £'ooo 2020 Note Cash flows from operating actlvltles Nel cash provKled by operatin9 activities Ise¢ note belowl Cash flow8 from Investing actlvitl Interest received Payments for tangible fryed assets 10 23 Nel cash used in investing activils 16861 (446) Cash flo￿ from fln4nclng actlvltles Cash recwved for new advance fee contr8cts Amounts ulilised on advance fee contracts Bank loan repayments I lextendedl 1,228 {2,0171 2,088 (1,970) Net cash flows from financing actNrt Chango In c•¥h Jnd cash •qulval•nts In th• reportlng p•rlod 17.18 18821 &562 Cash and cash equivalents 8t thè beginning of the repofts'ng period Cash and calh equlvalents at lh• end of thfr reportlng p•rlod R•conclllatlon of net Incom• to n•t ca¥h flow fvom opgr•tlng act5v1t1￿. Nel Idelicill l income for the reporting perKJ Iper the SOFA) Adjustmènt for: Depreciation charges Interest reeeived Ilnereasel l D￿rease in stock Ilncrease) l Decrease in debtors Increase in credrtors 13251 1.554 1101 1131 19201 1,489 (23) 1, 124 Net cash PfovKled by operating &tivrtiès Analysis of cash and cash oqulvalents Cash In hand Notice deposits 3,101 6,986 Total cash and cash eqUiva￿nIs The notes on pages 26 to 40 fomi part of these financial ststemenls Page 25

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 CHARITY INFORMATION Sl Mary's School Ascot's principal actiwty continues to be the running of an independent girfs Roman cathol￿ boarding school. The incorporated charrty {charty number 290286, company number 018443271 is dOrn￿l￿d in the UK. The address of the registered Off￿ is St Mary's School Ascot. St Mary'$ Road. Ascot. SL5 9JF, ACCOUNTING POUCIES The financial statements have been prepared in accordance wrth the Financial Reporting Standard applieable In the UK and Republic of Ireland IFRS1021. the CompaniesAct 2006 and the Slalement of Recommended Practice applicable lo charitÈs prepanng their aecounls in accordance with the Financial Reporting Standard appl￿b￿ in the UK and Republ￿ of Ifeland IFRS 1021- effèctive 1 January 2015. No separate SOFA or Income and Expenditure account has been presented for the School alone as pern￿ed by Section 408 of the Cc￿panieS Act 2006. The School bs a publ￿ 8enefrt Enlty Tggtstered a$ a chanty in England and Wales and a company limrted by g[￿rantee (company number.. 01844327 and charrty number.. 2902861. a) Basls of preparatlon The accounts are prepared under the historical cosl convention. The 8¢¢ounts Pfesent the consolidated slalemenl offinancial a¢1Nrt￿ ISOFAI. the consolidateil slalement of cash flows and the consolidated and $ch¢Jol balance sheets eompfising the consolidation of the School and wrth st$ wholly ¢)wned subsidiary St Mary's School Aseol Trading Company Limlted. b) Golng concern COVID-19 has continued to impact the School's shryt term financral posrtion wf(h promsion of 10 57% fee rebate lo reflect remote ￿arnIng during the Lenl temi 2021 and increased operating costs lo ensure a COVID-19 secure environment for pupils and staff. These increases in costs have been partially offset by savings. such a$ reduced operational costs, Coronavirus Job Retention Scheme "fudough" income and delays lo the capital works programme. S[qnif￿￿t1y. Interest in the Schcrf)I by prospective parents remains very high and pupil numbers al the stsrt of the Michaelmas lem 2021 are 398. As a Pfudenl measure, the School Successfully sought a Coronavirus 8usine5s Interruption Loan I'CBIL'I of £3m. which was drawn down in July 2020. lo mrt￿al8 againsl short-term I￿ulditY risk arising from any reduction in pupil numbers due to the pandemK. To dale, there ha5 been no decline in pupil numbers and Ihe loan balance drawn has remained on deposit, giving rise lo the School's strong cash posrtKsn of £6 lm at Ihe baL4nce sheel date. The Board of Governors, having rewewed the lemis of the School's funding facilrties. togelher wrth Ihe expected ongoing emand for places and consequently the School's future projected Cash flows, have an eXpectat￿n that the School has adequate resour￿$ lo meet all of rts liabilities as they f811 due and continue ts aetivrties for the foreseeable future. The govemors further con$Kler that there were no malellal uncertaint￿S Impacting the School's short- and medium-term operational budgets. Accordingly, they also continue to adopt the going concem basis in preparing the financial statements as outlined in the Slalemenl of Accounting and Reporting Responsibililies. c) Crltical accountin9 judgments and key sources of estimation uncertainty In the application of the accounting pOI￿leS. governors are required to make jLKlgment, estimates. and assUMpt￿n$ aboLrt the ￿rryIng value of assets and liabilrties that are not readily apparent from other sources. The estimate5 and underfying assumptions are based on histor￿81 experience al￿ other factors that are cons￿red lo be ￿leVant. Actual resuts may drffer from these estimates. Page 26

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES lcontlnuedl cl Critlcal accounting Judgments and key sour¢es of estlmatlon uncertalnty Icontlnued} The estimates and underlying assumplions are reV￿￿d on an ongoing basis. Revisions to accounting estimates are reec3ni5ed in the peri(>d in wh￿h the estimale is revised rf the revision affects only that penod, or in the penod of the revision and future periods if the revision affected current and future penods. Judgments made by the governors, in the appI￿allOn of these accounting policies that have signrficanl effect on the financial statements and eslimales ￿th a sKJnrficanl risk of matenal adiuslment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets and are dwussed bek>w. In the view of the govemors. no assumplK)ns conceming the fulufe or eslimalKin uncertainly affecting assets or liabilrties al the balance sheet date are likely lo resuk in a material adjuslmenl lo their carrying amounts in the next financial year. dl In￿me All inc¢)ming resources are included in the statement of financk41 actNit￿5 when th8 charitab company is legally enlrtled to incLvne. receipt is probable and the aM￿an1 can be quanljfied wrth reasonable accuracy •) FO￿ and slmllar Incomo Fees feceivable and other fèes are accounted for in the per￿ in which Ihe service is provfvjed. Fees ￿CeiVable represent fees less bU￿ar￿$ and allowances and other incomè derived from the School's eonlinuing activrties but exclude Contributions receNed from St Marfs School Ascot Ch8ntabl• Fund. Income from pupS1 extras Charges are made lo pupils to cover the cost of 'Extras' In some cases the Costs $lighlly exceed the Charges made and in others thefe is a small surplus remaining. The intention is for pupils, parents lo pay for these costs bul not lo achieve a profrt on rechargin9. gl Invèstment Income Investment Incc>me from bank balances and fixed interest Securities is Kcounted for on an accruals basis. h) Don•tlon$. l¢gach•p grants and oth•r voluntsry Incom• Voluntary ineome is accounted for as and when entrtlemenl arises, the amount ¢an be reliably quantif￿ and the economic benelrt lo Ihe Schijol 1$ consKlered probable. During the year the Charity recerved £0.372m frcffl the UK Govemment under the Coronavirus Job Retention Scheme. Thi$ incc¥me has been reeognised under the performance model as permrtted by the Charty SORP and. Iherefwe, rectrJnL8ed on a straight line basis over the fudough peri¢>J for each relevant empbyee. 11 Expendlture Expenditure is accounted for on an accn￿lS basi8 and 1$ alloceil to expense headings on a direct cost basis. The irrecoverable VAT is included with the rtem of expense to which it relates. Governance costs comprise costs incurred in meeting statutory and conslrtulional requirements of the sch￿1. Page 27

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES {continu8dl J} Tangible fixgd assets Fixed assets are slated at less dep￿lat￿)n cakulated on the folk)wing basis. Buildings 2% per annum on 8 slraKJht line basis Improvements andexlensions 2- 10% per annum on a straphl line basis Athletics and h￿keY facilrty 6.6•h per annLsm on a straight line basis Fufniture and equipment 20-25% per annum on 8 slrayhl line basis Individual itoms costing $ than £2.(KiJ are eaprtalised. except when they fonn part of a larger project. Asset$ are Corr￿ in the BaLgnce Sheet 81 historical Cost. Assets under the course of c0nstw¢t￿n are r¥)t depwialed unb"I they are COMp￿e and brought into use. k) Investments Investments in subsKliarie8 are valued at cost less provision for impaiment. 11 Penslon ¥chem•s al A conlribulory Group Personal Pen$KJn P￿n has baen éstablished for certain PJminislralive and clher non-leaching staff. This is a defined conlribLtion scheme. Contributions lo the plan are made in a￿Ordan￿ wiltt the rule$ of the plan and are charged lo expenditure ￿en they are payabkn. bl The Teachers. Pension Scheme - This schwne 1$ a muki•emplwr pension scheme. 11 18 not possible lo identrfy the School's share of the undedying a$set5 and liabilities of the Teachers, Pfjns￿n Scheme on a consistent and reasonab￿ basis. Therefore. as requirfjd by FRS102. the S¢hctsl aeeounls lor the scheme as rf it were a defined nlribLrtion scheme. The School's Contribut￿$. which are in accordance with th8 recommendatKJns of the Govemmenl Actuary. are charged in the period In which the salanes to ￿tt￿h they relate are payable. cl A workplace pension scheme has also boen established for ¢Xher staff wh￿h is provided by People's Pen510n. ThB is a defined contribution scheme. Contributions to the plan are made in accordance with the rU￿S of the plan and are Charged to expendi(ure when they ar8 payabbe. m) Unrnstrlcted funds Unrestricted Funds ar8 funds appld at the discrnticm of the govemcffs in furthgran¢e of the objects of the School. n} Restrlctad funds This represents the monies receNed for specffic purposes a$ disclosed in note 14. o) Flnanclal Instrumènts Bas￿ financial instnjmenls are ini(ially wognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held al fair value. Financial assets held al amortised cost comprise cash at bank and in hand, logelherwrth trade and other debtors A specffic provision is made for debts for which fecoverabilily is in doubl. Cash al bank and in hand is defined as all cash hekfj in instant access bank accounts and used as working caprtal. Financial liabilrties hekl at amortised cost comprise all credrtors ex¢epl socol security and other taxes and provisK•ns_ pl Debtors Trade and other debtors are reeo3ntsed at the settlement wnount due after any trade diseounl offered. Prepayments are valued 81 the amount prepaKI nel of any trade discounts due. Page 28

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES Icontlnu¢d q) Parents. d•poslts The govemors have rev￿Wed the ￿ntract lenns under ￿lch pupil fee deposrts are held by the School. Although under nomial circumstances these TrMII be iepaid over future years when the pupiss ￿np￿te their education al the Sch¢)ol, pupils can leave at earfier dales. The Schcol does not. therefore, have an unc0ndrt￿nal nghl lo relain the Individual deposrts for al least 12 months after the balance sheet date and. in line with the requirements in FRS 102. the balance of the deposrts held al 31 August 2021 have been included within current liabil(1*8. The prior year pupil fee deposits batance has been similarty represented. r) Cash at bank and In hand Cash * bank and cash in hand Indudes cash and sI￿rt term highly Iquid investments. •} Crèdltor8 and provisions Credrtor$ and Pfovisions are recopnised wher8 the Schwl has a present Obl￿8110n resulting from a past event that will probably resLbtt in the transler of funds lo a third paty and the amount due lo settle the obligat￿n be measured or eslimaled reliably. Credrtors and provisions are normally recognised al their settknient amount after allowing for any trade discounts due. FEES RECEIVABLE 2021 £'ooo 2020 Gross fees Less.. total bursarw, grants and allowances 15.209 14,339 14,251 13,610 Add ba¢k.. 8ursarw paid for by the Chant8bte Fund Page 29

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 TRADING INCOME Theschool ovlns 100% ofSI Ma￿$ SchoolAscot Tra(ling c￿panY Limited, wh￿h provides18isufe and conference facilrties lo local and other groups. The registered office of St Mary's School Ascot Tiading Company Limited Is St Mary's School Ascol, Sl Mary s Road, Ascot. SL5 9JF. Ils taxable profrts are donated under a deed of covenant to the School. Ils trading resurts. exlracled from ils audited accounts wère.. 2021 £'ooo 2020 £'ooo Tumover Lettings income Other trading income 36 32 67 Cost of sales Gro88 profft 11 44 Administrat 44 Opèratlng lo•• Covenant to school Net lo Taxation {441 Lo#8 for the year Ngt Il•bllltl•J An amount of £4k {2020.' £5k) in relation to management charges fr￿ the School 1$ eliminated on consolidalh?n. ANCILLARY INCOME 2021 £'ooo 2020 Other charge5 to pupils School trip$ Regi$lraiion fees Other 397 136 41 21 51 Page 30

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS ICOPMNUED) FOR THE YEAR ENDED 31 ALIGUST 2021 ANALYSIS OF TOTAL EXPENDITURE Oiher Depreciatson £'ooo 2021 £'ooo 2020 £'OCM) Charltable •ctlvhles School operating costs Teaching cost5 Weffare costs Premises costs Support costs Development and Merketing Finance and other costs Donat￿n5 7.529 1,537 1,040 713 152 173 8,211 2,126 3,490 1.670 178 59 7,872 1,883 3,307 7,555 140 105 589 1.072 954 26 59 1,378 Costs of ralslng fund• Tfading expenditure Included wrth support costs are governarKe costs of £30k (2020.. £25k). EXPENDITURE 2021 £'ooo 2020 Charrtable activrtw include.. Depreciation Governance costs Audrtor's remuneration.. Audit Othèr sthwices 1,554 1,489 19 10 o￿at￿)n8 Donations lo the Charilable Fund Oiher donations Donat￿n6 frcth the Restl￿ted Fund to contribtrte toward$ bursaneg 26 17 Page 31

ST MARY'S SCHOOL ASCOT NOTES TO ThE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 TOTAL STAFF COSTS 2021 2020 Wages and salanes Sctial Securrty costs Pension eonlTibulions 8.692 8, 126 838 The average number of empbyees in tr* year was". Teaching staff Support staff 110 The inerea$o in average number of sypport staff employ¢e$ ha$ I￿n dr¢ven by lil fixed lemi contract appointments lo provNJe a￿drt￿na1 resource in Breas such as IT. lill addit￿nal headcounl lo provide COVID-secure bubbles in key support areas such as catering and liiil additional workload lor ar¢a$ $u¢h a$ housekeeping in maintaining a COVID•fe environment. Key management personnel include Ihg govemor¥. Hoadmi$tr¢ss aThJ the Bursar18S Staled on page 61 Totsl remuneiation of key managemenl personnel lincluding employer's pension and employerfs Nll during the year was £423.390 (2020. £404,088). termination payments made during the year were £nil (2020. £nil). One of the govemor8. The Rev Dr Demiot i8 employed as the School Chapl8in (see note 15 foi further details). One govemoi (2020. Ihreej had Iravelling and accomm(x18lion oxpenses of £300 (2020.. £626) reimbursed for attending meetings None of the other govofnots or person$ cOnn￿led with them received any ￿MUneral￿ or ¢Xher benefit frcyn the School (2020.. None). Number of employees garning over £60,O¢J) 19ross poy aTrJ taxable benefrtsl during the year were os folb)v￿._ 2021 No 2020 No £60.001 - £70.000 £70,001 - £80.000 £80,001 - £90,000 £90,001 - £100,000 £120,000- £130.OC £130,001- £140,0 £140.001 - £150.OCI) Number of hIg￿r empbyees conlributw$ lo a pension scheme Total cosl of employerfs contributions in ￿181￿ to the Page 32

ST IAARYS SCHOOL ASCOT IIOTES TO TrIE FINAN¢IAL STATEthIÉNTS leOMnMUEDI FOR ThE YEAR EIIOED 31 AUGU5T2021 TANGIBLE FIXED ￿$ÉTI ICOIIS¢XfATEDI C08T Al I S•oofflbor2020 21.401 16.630 J37 5.￿)5 10 48.J$? Tf4nsl•i At JI Augull X21 OÉPRECIAT At I Seplem￿l 2020 CMWlqr y•w 5.7 7.378 3,149 16.2•3 Al 31 Awy¥12021 NET BOOK VALUE At J1 Auou•t 2021 Atjl Ak¥41 x120 h•bJfc¢dhEtchwtst4• u•• 33

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 INVESTMENTS (School ontyl 2021 £'ooo 2020 Share in SUbs￿lary company.- Sl Mary's Ascot Trading Company Limrted 10. STOCKS Consolklated 2021 2020 Company 2021 £'ooo 2020 Consumab 11. DEBTORS Coniolldated 2021 2020 Company 2021 £'ooo 2020 School fees receivable and other charges PrepayTnents and accrl￿d income other debtors Trade debtors Amounts due from Subs￿l3ry undertaking 142 (605) 142 (605J 124 34 77 307 23 122 11 The negolive prior year balance contained ¥￿thIn School fees receivable and other chgrggs included the coronavirus fee rebate of £895k due to parents when the Michaelm3s temi 2020 fees fell due. 12. CREDITORS: Amounts falling due within one year Con8olldat8d 2021 2020 Cornpany 2021 £'ooo 2020 Bank loan Isee note 13bl Other taxatKsn and sccial securrty Advance fee scheme Isee note 13al Trade cred((ors Sch(Xsl fees received in advance Final lemi deposits Other credrtors Accruals and deferred income 212 217 212 206 1.579 2,078 207 1.579 2,078 206 507 787 691 7T9 516 787 691 779 505 12 Page 34

ST MARVS SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 13. CREDITORS: Amounts falling due after mcKe than one year Consolldated and Company 2021 2020 Bank loan (Note 13bl Advance fee scheme (Note 13al 2,350 2,950 13•. Analysls of advanc• feo $chem• Due.. Between i)ne lo two years 8ets¥een lo fNe years Over five years 1,032 1,417 1,455 Due within one year 8•l•nc• at 31 August 2021 The balance represen18 the accruod lobilrty under the contracts. The movements during the year were.. 2021 2020 881gnce al I Sepl&mb6r 2020 New contracts Amounts ulilised in the payment of fees 4.763 1.228 4,645 2,088 Balance at 31 August 2021 13b. 8•nk loans An anatysis of iha maturity of loans is as fdlows.. 2021 2020 £'ooo Amounts lalling due wthin ono year- 8ank loans Amounts lalling due wilhin one year- Totsl Amounts falling due befvleen one and Iwo years- Bank k￿nS Arnounls fall'ng due between ￿ and five years- Bank bans 600 The £3m ban Ireduced lo £2.95m by the baknee sheet dale), obtained through the Coronavirus Business Interruption Loan Scheme ICBILS). i8 secured by way of unlimrted debenture. Page 35

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 14. STATEMENT OF FUNDS ICONSOLIDATEDI 2021 B818nce al I September 2020 Balanc• at 31 August 2021 £'ooo Incom• £'ODO Expendttur• TransfoTS £'ooo Unrnstrlcted Gmernl Funds.. Ordinary School funds Restrlcted Funds: Bursary ineome Capital Appeal Fund 2a340 15,437 115.8321 70 28,015 293 12931 Total funds Caprtal Appeal Fund repr88enls funds generated 8pecrfKally for the Mary Breen Courtyafd. The Bursary incthme repfesenls donation$ r￿￿ed to be applied ltyvards bLlrsari￿. The Iransfer in funds relates lo relmburs8m￿t of eaprtal pr9￿t Costs incurred by the School. ahead of the re8trKled donations being r¢wved. 2020 Balance at 31 August 2020 September 2019 I￿orne Expendilu Transfe Unftstn¢led General Funds.. Ordin8ry Schcol funds Reslricled Funds." Bury&8ry income Capital Appeal Fund 28,080 15,177 (74,991) 28,340 (150) Total funds Page 36

ST MARVS SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 15. RELATED PAR￿ TRANSACTIONS Father Demiot Power, who is the sch¢)ol Chaplain and an ernP￿yee. was reappointed as a govemor in December 2￿8. Father Power's salary for the year was £43.120 (2020.. £42,480) and £10,211 (2020." £10,059) was contnbuted towards his pension. All govemors, decision5 regarding his employment. inclutjing remuneration and benefrts. are made by the govemoTS excluding Falhef Power lo avoid any potenlBI confflict CA interest. During the year govemor donations to the school totalled £50.0￿ (2020." £n￿). 16. PENSION COSTS The School participates in the Te&hers' Pension Scheme Ilhe TrS"} for bts teaehing staff. The pension charge for the year Includes conlributions Payab￿ to the TPS of £1,154,302 (2020.. £1,083.995J Contributions payable by the School on othw penS￿n schemes amounted lo £270,818 (2020.. £254,309). Contribul)n$ lolalling £153,483 12020.. £165,201J Vltre Payab￿ lo the schemes at the year end and are in¢luded wrthin other credrtors. T•ach•rs' Ponslon Sch•me The TPS 18 an unfunded muAillemployer defined benefrt$ pension scheme 9overned by The Teachers. Pensions Regulat￿￿5 2010 (as amended) and The Teachers, Pension Scheme Regulations 201410$ amended). Members eonlribule on a'pay as you go. basis with contributions frcyn members and the employer being eredrted lo the Exchequer. Retirement and other pen8Kin benefits are paid by publ￿ funds provKled by Parlwent. The employer conlribulion rate is set by the Secretary of Slate following schème valuations undertaken by the Government Actuary's Departmenl. Th¢ most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valualion Report. which was published in March 2019, confirmed that the empksyer eonlribulion rate for the TPS would increase from 16.40h lo 23.60k from 1 September 2019 Érnployer5 are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68% The 31 March 2016 Valuation Report was prepared in aecordance wrth Ihe benefrts set out in the scheme regulations and under the approach specrfl In the Directions. as they applied at 5 Ma￿h 2019. However. the assumptions were considered and sel by the Department for Education prior to the ruling in the 'M¢CloudlSarge8nt case.. This case has Tequired the courts to consider cases regarding the IMp￿Mentall0n ol the 2015 refom)s lo Public Service Pensions including the Teachets, Pensions. On 27 June 2019 the Supreme Court denied the govemmenl permission to appeal tho Court of Appeal'sjudgmentthat Ir8nsrtKJnal provisions introduced lo the reformed pension schemes in 2015 gave fise lo unlawful age diseriminalKJn. The govemment is respecting the Court's decision and has said rt wll engage fully wrth the Employmeni Tnbunal as well as employer and member represenlalives lo agree how the discnminatK)ns will be remedd. The government announced on 4 Febwary 2021 that bt intends lo pr(￿eed with a deferr&J choice underpin under which members will be able to chc)se erther ￿acY oi refomed ￿h￿me benefts in resped of their seNice during the period befv￿en 1 April 2015 and 31 March 2022 at the point they become payable. Page 37

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 16. PENSION COSTS IContlnu•d} The TPS is subj'ect to a cost cap M￿hanIsM vthich was put in place lo protect taxpayers against unforeseen changes in scheme costs. The ch￿ Secretary to the T￿aSUry, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced 8 pause lo the cost cap mechanism following the Court of Appeal's rulin9 in the Mccloudlsargeant case and until thefe is certainly atK•ut the value of penshJns lo employees from April 2015 onwards. The pause was lrfted in July 2020, and a consultalKJn was launched on 24 June 2021 on proposed changes to the cost control mechanism folbwng a rewew by the Government Actuary Following the publ￿ consuhation, the Government have accepled three key prcwsals recommended by the Government Aetuary. and are aiming lo impknienl these changes in time for the 2020 valuation5. In viow of the above rulings and decis￿n8 the assumpt￿n¥ used in the 31 March 2016 Actuarial Valuation may beccme inappropriate. In this scenario, a valualion prepared in accordance with rewsed benefrts and suitably revised assumpt￿n8 woukj yield different resulis than those contained in the Actuarial Valuation. Until the cost c￿ mechanism revw is Comp￿ted it is possiblè to CO￿a￿de on any financial impad or futur8 changes lo the contribution rale5 01 the TPS. Accordingly, no provision for any additional past benelil pension costs is Included in these financial slalemenls. 17. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2021 2020 IDecrease)lincrease in ¢ash in the ye8r Loan redudionsllincreases Advance feos scheme 18821 5,562 (3,000? Change in net debt {431 2,444 Net funds at 1 September li NET DEBT AT 31 AUGUST 18 ANALYSIS OF CHANGE IN NET DEBT Net debt 8S 81 I September 2020 Cash Change Not dèbt as at 31 August 2021 Cash al bank and in hand L¢)ans Advanee fees scheme 6,996 (3,CiXJ) (8821 50 6,114 12.9501 Page 38

ST MARYS SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 19. FINANCIAL INSTRUMENTS Financial assets held al amortise(I cost are fees receivab￿. other deblors. amounts due frLYn group companies and cash at bank. Financial liabilrties hekl al amortised cost are bank loans, trade creditors. other ¢reditors and a¢eruals. 2021 £'ooo 2020 CONSOLIDATED Financial assets measured at amorttsed cost Financial Iwbililies measured al amortised cosl 6.296 3.956 7,545 953 The group's incom¢, èxpense. gains and bsse8 in respgct of financial instruments are surnmarised below". 2021 £'ooo 2020 £'OL Interest income ¥nd expense.. Total interest inc¢)me for financial assets hekl at amrtised cost Total interest expense lor financ￿1 liabilities hekl at ￿ortIsed c05t 10 17 2021 £'ooo 2020 COMPANY Financial assets measured at amortised cos1 Financk81 IAbilils measured at amortised c¢xt 6,320 3,926 6.663 874 The companys incNne, expense. gains and h)sses in re$FCt of financial instruments aro summarise(I below.. 2021 2020 £'ooo £'ooo Interost Income and expense.. T¢)tal interest income for financLal assets heid at amortL8ed eosl Total inleiesl expenso for financial liabilrties hekl at amortised cost 10 17 Page 39

ST MARYS SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 20. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unr&stricted Funds Restricled Funds Total 2020 £000 INCOME FROM.. Charitable aclivrtAes Fees receivable Ancill8ry income 13, 760 595 13, 760 595 Olher trnding aclrv1l￿S Letlings income Olher trnding income 36 31 36 31 Investments Bank and other ￿terest 23 23 Voluntary sources Donations Coronavirus Job Rel8nlK*n &heme Granl Donations Imm Ihe Ch8nt8bl8 FuTrY 21 705 ioi 705 Tot81 income EXPENDITURE ON. Raising Funds Trading expenditu 62 62 Ch8nl8blè aclNItios.' School opgroling wsts Total Expenditure NET INCOME Trnnsfer between funds NET MOVEMENT IN FUNDS 260 260 Balan¢&s broughl fonvord Balances canied Iward Page 40