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 $0 many slimulaling ways such as the '¥wrk of art of the week, frcm History of Art, sewing bee challenges in the Art Department, sc*nce Kahootl chaI￿r￿ during Bfbti$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 crealeJe {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 carr*d out Ihfough a taibred programme of visits lo the School as well as wrbtten and verbal briefings. The 803rd of Governors is prov*Jed 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$lress Academic Depuly Headmistress Director of Sixth Fom Diiector of External CommunKalions Director of Co-CL1Th￿￿raT Bursar lalso acts as Clerk to Council and to the Governors) Within the Sehool e&h department (both acadern￿ and support) ha5 an appointed Head of Department. Th not only provmles an efficient slrucluTe for the management of the School and communic8lKJn within the School. it also provide¥ an effectNe structure Ihrough wthich budgets can be fomially delegated. The remuneration of key management personnel (Headmistress, Butsar and Chaplain) is sel by the Board. with the policy objective of providing appr¢)pnale incentives to eneourage enhanced pèrfomance and ol rewarding them lairly and responsibly for their individual contributions to the School's success. The appropriateness and relevanee of thè remuneration poI￿Y L8 rev*wed re9ularfy, Including reference to comparisons wrth olhef Independent schwls, lo ensure Ihat the Sch¢xJl remains sensrtive to the broader issue8 of pay and employment conditions elsthvhere. Safeguardlng The Board of Governorn continues to p*e a very hfjh priorrty on their duty to ensure St Mary's is fully compliant with safeguarding le9islalion and guKlan¢e in line wrth the requirements of 'Working together to safeguard children (December 20201, and 'Keeping children safe in educalion Iseplember 20211.. The 80grd ha$ 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$ider*ion is given to their training and employment needs. Communic*ion and consuttation wrth employees is a priorrty al St Mary's School Ascot Prior to each academic lemi all academic staff. residential staff and key administrative staff attend INSET during which briefing5 and ¥laff trainin9 lakes place. During the Christmas holidays the Bursar organises a similar training and briefing event for the SLbPPQrt 51aff which will include safeguarding training, hearth and safety training as well as more strategic briefings on the school's perfomiance. A staff representslive meet$ 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 dw*8ble worts wheresc*ver 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 folk*wing $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 frc*n 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$¢Wr￿ lo the publ￿, inclu(ling ttK)se in poverty. Page 10 ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 This year, despite the impaet of the COVID-19 pandemic, the School has conlinued lo develop its close relatiorbship wlh Ihe local sL*e schools wi(h whom rt has formal Memoranda of Understanding - Charters School and Sl Francis Catholic Pnmary School. St Mary's engagement with these schools is a matter of nomial day to day school lrfe and involves both the shanng of resources as well as the dual use of leaching staff. chool - Latin GCSE. This year St Mary's has again provided a teacher lo Charters School to lake a GCSE Latin clas5, taking responsibilty for one of the three GCSE Latin modules for a gffted year 9, a year 10 and four year 11 pupils Ilhe Latin Language paperl. Wrthoul St Mary's support, 6 pupils from Charters scho￿ wouhj not have been able to take OCR Latin GCSE this year. The resu were impfessive with two level 9$. 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$truclKJns and marking work which the pupils returned as email attachments as well as delivering lessons on Teams. She then worked alongside the Chartefs Schwl staff lo draw up the Teacher Assessed Gr•Jes for the GCSE Latin pupils. rin . . The Pandern￿ has m* it challenging for the Sch¢)ol lo share facilrties this year although, for exarnp￿. a primary school in WiThJsor used the alhletu faci1rt￿Sf0r Iheirannu81 sports day when Iheir ¢)wn faulty was flcoded. rtloSIF Sl Mary's Estate5 Department pwded a broad range of practical help to Sl Franci5 Primary Schth)l in support of the V*tsrk that Sl Francis undertook for children of the NHS and the emergency se￿￿$. This included grass and l*dge 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 br*fings 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 exF*cled 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 Col*e. 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, $￿ceSS has not been restricted to the cla$sred 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$ alloc*eil 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$KJn P￿n has baen éstablished for certain P*Jminislralive and clher non-leaching staff. This is a defined conlribL*tion scheme. Contributions lo the plan are made in a￿Ordan￿ wiltt the rule$ 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 appl*d 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 ￿$ÉTI ICOIIS¢Xf*ATEDI C08T Al I S•oofflbor2020 21.401 16.630 J37 5.￿)5 10 48.J$? 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 specrf*l 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 remed*d. 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 IAbilil*s measured at amortised c¢xt 6,320 3,926 6.663 874 The companys incNne, expense. gains and h)sses in re$F*Ct 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