## **ANNUAL REPORT AND CONSOLIDATED ACCOUNTS**
## **YEAR ENDED 31 AUGUST 2022**
**Company No: 01844327 Charity No: 290286**
**ST MARY’S SCHOOL ASCOT CONTENTS OF THE FINANCIAL STATEMENTS**
|**CONTENTS**|**Page**|
|---|---|
|Review of the Year by the Headmistress|1|
|Council Members, Governors, Directors, Officers and Advisers|2-3|
|Report of the Governors (incorporating the Strategic Report)|4-22|
|Independent Auditor’s Report|23-25|
|Consolidated Statement of Financial Activities|26|
|Consolidated and Charity Balance Sheets|27|
|Consolidated Cash Flow Statement|28|
|Notes to the Financial Statements|29-44|
## **ST MARY’S SCHOOL ASCOT REVIEW OF THE YEAR BY THE HEADMISTRESS FOR THE YEAR ENDED 31 AUGUST 2022**
Last year in this review I remarked on the spirit and commitment of our staff and pupils as we wrestled with the challenges of COVID, including the closure of the school during the Lent term 2021. This year we have been overjoyed to embrace the ‘living with COVID’ strategy which has allowed us to run the school almost without restriction. We were all delighted to see the temporary portakabin classrooms being removed at Christmas and the deconstruction of the Asymptomatic Test Centre marquee at Easter, both of which had become stark physical manifestations of the difficult and demanding days of the pandemic. The Lent and summer terms this year were largely ‘business as usual’ and, although we were mindful that the pandemic was not over, the whole school community relished the opportunity to make the most of life at St Mary’s.
In August we were once again thrilled to hear from the public examination boards how the Year 11 and Upper Sixth girls had fared at A level and in their GCSEs. We were delighted that at I/GCSE the pupils had an outstanding year with 65% grade 9, 87% grades 9 and 8 and 95% grades 9 to 7. At A Level 44% of grades were at A* and 80% of grades were awarded A*/A. These results are testament to the hard work and determination of the pupils and I warmly congratulate and thank their teachers for their dedication and skill in supporting the girls in achieving these outstanding grades.
We were equally excited about the successful conversion of these academic achievements into the securing of places at world class universities. Of the 50 pupils going to UK universities, all five of our Oxbridge offer holders met their offer and in total 43 (86%) are taking up places at Russell Group Universities with an additional five (10%) going to St Andrews. Among the Upper Sixth UCAS applicants, 75% of pupils secured their first-choice placement and 77% secured a place at their first or insurance choice. Six pupils obtained a place through clearing whilst five pupils are heading to universities in the USA.
Even during the darkest days of the pandemic I was immensely proud of the range and quality of our co-curricular offering. Now that the restrictions have been relaxed, the Directors of Music, Sport and Drama have been able to engage the pupils in an imaginative, fun and fulfilling co-curricular offering. This Annual Report contains a detailed co-curricular report but my personal highlights include the Voices by Candlelight concert in November which included Senior Madrigal’s beautiful performance of Benjamin Britten’s A Ceremony of Carols and the stunning whole school performance of Chicago in our Rose Theatre.
The lifting of restrictions has enabled us to move ahead with some important enhancements to our facilities and September 2022 saw the refurbishment of Quilters hockey pitch and the Orchard Centre fitness suite upgrade completed, an expansion and refurbishment of the Infirmary, now renamed the Health Centre, and the creation of a Learning Support Hub in the junior library. I am grateful to the Estates staff who work so tirelessly in the background to make these projects possible.
The start of the new academic year saw some changes to our Board of Governors and I was pleased at Open Day to pay tribute to the Governors who were leaving after giving so much to the school community over so many years. In particular I want to acknowledge the contribution of Martin Hunt, the outgoing Chair of Governors, who has given so generously of his time over many years allowing us to draw on his wisdom and great judgement and particularly his support of me during my first three years of headship. I also warmly welcome Clemmie Vaughan as our first female and Ascot Alumna Chair of Governors.
.
Mrs Danuta Staunton Headmistress
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**ST MARY’S SCHOOL ASCOT COUNCIL MEMBERS, GOVERNORS, DIRECTORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022**
## **Council Members**
The following served as Council Members in the year ended 31 August 2022 and up to the date of this report:
Mark Armour Peter Davis Nicholas Davidson Lord Hemphill (Chair) Baroness Sarah Hogg The Hon Olga Polizzi
## **Board of Governors**
The governors of St Mary’s School Ascot are the school’s charity trustees under charity law and the directors of the charitable company. The members of the Board of Governors who served in office as governors during the year and subsequently are listed below. During the year the activities of the Board of Governors were supported by the work of eight committees. The membership of each committee is shown below with the Chair annotated by an asterisk – shaded areas show those who have left the Board.
**----- Start of picture text -----**
(1) (2) (3) (4) (5) (6) (7) (8)
F&GP Dev Educ Bur Nom Disc Sal SG
The Hon Martin Hunt * * *
(Chair)
Annoushka Ayton
Christopher Beirne * * *
Alice Clementi
Martin Hattrell
Edward Horswell
Annie Lee *
Susannah Meadway
Peter McKenna
Gordon Moore * *
The Rev Dr Dermot Power
Sister Michaela Robinson
Clementine Vaughan * * *
Louise Wilson
James Weaver
Appointed February 2022
**----- End of picture text -----**
**Key:** F&GP = Finance and General Purposes; Dev = Development; Educ = Education; Bur = Bursaries; Nom = Nominations; Disc = Discipline and Grievances; Sal = Salaries; SG = Safeguarding.
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**ST MARY’S SCHOOL ASCOT COUNCIL MEMBERS, GOVERNORS, DIRECTORS, OFFICERS AND ADVISERS**
## **(CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **Officers (key management personnel currently and throughout the year)**
Mrs D Staunton – Headmistress
Mr GK Brand – Bursar, Clerk to Council and Clerk to the Governors
## **Principal address**
St Mary’s School Ascot St Mary’s Road Ascot Berkshire SL5 9JF
## **Advisers**
**Bankers** Lloyds Bank Plc **Auditor** Crowe U.K. LLP 10 High Street Aquis House Bracknell RG12 1BT 49-51 Blagrave Street Reading HSBC Bank plc (Until January Berkshire 2022) RG1 1PL West End Area Commercial Centre 2nd Floor, 16 King Street London WC2E 8JF **Solicitors** Farrer & Co **Insurance** Marsh Brokers Limited 66 Lincoln’s Inn Fields **Brokers** Capital House London WC2A 3LH 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY Harrison Clark Rickerbys Ellenborough House Wellington St Cheltenham GL50 1YD **Website** www.st-marys-ascot.co.uk
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022**
The members of the St Mary’s School Ascot Board of Governors present their Annual Report for the year ended 31 August 2022 under the Charities Act 2011 and the Statement of Recommended Practice “Accounting and Reporting by Charities” SORP 2015 (FRS 102), including the Directors’ and Strategic Reports, under the Companies Act 2006, together with the audited financial statements for the year.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
The group consists of St Mary’s School Ascot (the “School” or “St Mary’s”), a registered charity (charity number 290286) and St Mary’s Ascot Trading Company Limited (company number 2633707), a wholly owned subsidiary company.
The School is constituted as a company limited by guarantee, incorporated in 1984 and registered in England.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity is governed by its Memorandum and Articles of Association last amended on 19 May 2016.
## **Council Members and Governors**
The Council Members, who meet annually, act as the guardians of the ethos of the School and, amongst other duties, appoint the governors of the School. The Chair of Council is required to give written consent to the appointment of a new Head. The Board of Governors, who under Charity Law are the trustees of the charity, meet three times a year and are responsible for the strategic leadership, management and administration of the charity. The Memorandum and Articles of Association set out the legal position of the Council Members and governors which is summarised as follows:
|**Council Members**
**Board of Governors**|**Council Members**
**Board of Governors**|**Council Members**
**Board of Governors**|
|---|---|---|
|Company Law
Members of the charity
Directors of the charity|||
|Charity Law||Trustees of the charity|
The governing documents articulate the powers of the Board of Governors in detail and only require the Board to refer back to the Council Members should they wish to close the school or borrow over £7,000,000.
All Council Members and governors give of their time freely with no remuneration with the exception of the school Chaplain who is both a governor of the school and an employee. No governor or person connected with a governor received any benefit from either means-tested bursaries or scholarships awarded to pupils.
The Bursar is the Clerk to the Council Members and the Board of Governors. He is responsible for coordinating the work of the governors and their committees, preparation of papers, management accounts and reviewing the matters arising.
## **Recruitment and training of governors**
The Memorandum and Articles of Association provide detail on the procedure for the appointment of Council Members and governors.
The Board of Governors will consist of no less than three and no more than fifteen governors and the majority of governors must be practising Roman Catholics. The governors may co-opt an individual to join the Board but they will only hold office until the next Council Annual General Meeting when the appointment of the coopted governor must be ratified. A governor is appointed for up to nine years and a governor who has held office for nine years may hold office for a further three years in special circumstances.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
The Board of Governors requires breadth and depth of experience to carry out its duties effectively and efficiently. The Board will always seek to appoint governors who have a passion for education, an empathy with the full boarding nature of the School and an understanding of the ethos of the School. It is critical that all governors empathise with the objects of the charity, the vision, features and ethos of the School.
Appointment of new governors is overseen by the Nominations Committee. The committee will seek new governors by considering individuals who either make themselves known to the Board or who the Board actively seek to recruit to fill a particular skill gap. The committee will always seek diversity when recommending potential governors to the Board in line with guidance in the revised Charity Governance Code (March 2021). They will also consider the requirements of the Memorandum and Articles of Association as well as a mix of the following experience and skills: education, safeguarding, legal, finance/accounting and facilities/construction.
On appointment of a new governor, the Headmistress and Clerk to the Governors are responsible for inducting the newly appointed governor and this is carried out through a tailored programme of visits to the School as well as written and verbal briefings. The Board of Governors is provided with formal training periods throughout the year (normally associated with meetings of the Board) which includes safeguarding training. In addition, governors are encouraged to attend external trustee training and information courses designed to keep them informed and updated on current issues in the sector and regulatory requirements. This includes events sponsored by ISC, AGBIS, HMC, GSA, CISC and the ISBA.
## **Organisational management**
The Board of Governors, as the charity trustees, is legally responsible for the overall management and control of the School. They meet three times a year.
The work of implementing its policies is carried out by eight committees:
Finance and General Purposes Committee (“F&GP”). F&GP scrutinises revenue, the budget and capital expenditure prior to consideration by the Board. This committee meets annually with the auditors and finalises the audited financial statements and annual report for approval by the Board. The committee also considers any general issues raised by the Headmistress or Clerk (who both attend the meetings) as well as considering a termly health and safety report.
Education Committee. The Education Committee, which meets twice a year, works with the Headmistress and her senior academic staff on all strategic education issues and reviews public examination results on an annual basis.
Bursary Committee. The role of the Bursary Committee is to determine who should receive meanstested bursaries and the value of the bursaries awarded.
Nominations Committee. The Nominations Committee is responsible to the Board for overseeing the recruitment and appointment of new governors.
Development Committee. The Development Committee oversees the fundraising carried out by the school and meets on an as required basis.
Disciplinary and Grievance Committee. The Disciplinary and Grievance Committee meets as required to consider any staff discipline issues or grievances that require governor involvement.
Salaries Committee. The Salaries Committee meets annually to consider staff remuneration issues. At this meeting the committee will meet with the School’s staff representative.
Safeguarding Committee. The Safeguarding Committee meets with the Headmistress and Designated Safeguarding Lead (DSL) regularly throughout the year to review and monitor safeguarding policy and practice within the school.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
The Board of Governors delegates the day to day running of the School to the Headmistress. The Headmistress chairs the Senior Management and Education Team which consists of the following staff:
Headmistress Co-Curricular Deputy Head Senior Deputy Head Director of Sixth Form Pastoral Deputy Head Director of Communications Academic Deputy Head Bursar (also acts as Clerk to Council and to the Governors)
Within the School each department (both academic and support) has an appointed Head of Department. This not only provides an efficient structure for the management of the School and communication within the School, it also provides an effective structure through which budgets can be formally delegated.
The remuneration of key management personnel (Headmistress, Bursar and Chaplain) is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School’s success. The appropriateness and relevance of the remuneration policy is reviewed regularly, including reference to comparisons with other independent schools, to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.
## **Safeguarding**
The Board of Governors continues to place a very high priority on their duty to safeguard the pupils. Governors ensure St Mary’s is fully compliant with safeguarding legislation and guidance in line with the requirements of ‘Working together to safeguard children (December 2020)’ and ‘Keeping children safe in education (September 2022)’. The Board has appointed one governor with experience of safeguarding to have a leadership responsibility for the School’s safeguarding arrangements. In addition, to support this governor, this year the Board created a new safeguarding sub-committee which meets termly with the Head and Pastoral Deputy Head (who is the School’s Designated Safeguarding Lead (DSL)) and reports back to the Board at each Board meeting. The Board formally reviews the Safeguarding Policy on an annual basis as well as ensuring that staff training and safer recruitment is taking place. The Board is satisfied that within the school there is a strong safeguarding culture and that the School is compliant with both ‘Working together to safeguard children’ and ‘Keeping children safe in education’.
## **Group structure and relationships**
St Mary’s School Ascot is connected with St Mary’s School Ascot Charitable Fund (the “Charitable Fund”), a registered charity number: 800450. The objectives of the Charitable Fund are to promote the charitable work carried on, promoted or supported by the Congregation of Jesus and to help develop St Mary’s School Ascot. The Charitable Fund provides funding for bursaries and scholarships for the present and future pupils of the School.
St Mary’s Ascot Trading Company Limited is wholly owned by the School. The trading activities of this company chiefly comprise a retail outlet known as SMASH ( **S** t **M** ary’s **A** scot **Sh** op), the letting of the swimming pool and revenue from the letting of the School premises to community groups and commercial organisations during the School’s Easter and summer holidays. During the COVID pandemic the School was unable to let the premises but in summer 2022 several lets were able to take place indicating the start of a recovery. The Trading Company results are incorporated in the financial statements to comply with the requirements of the Statement of Recommended Practice “Accounting and Reporting by Charities” SORP 2015 (FRS 102).
The Board of Governors has noted the Charity Commission’s document ‘ _Guidance for charities with a connection to a non-charity_ ’ and can confirm that the relationship between the School and the trading company is compliant. As forecast in last year’s report, following the return of a lettings programme as COVID restrictions have reduced, the trading company has returned to profitability.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
Based on this assessment of the subsidiary’s future trading position, the Board continues to assess the investment in the trading company as appropriate from a risk perspective and that the investment ‘makes sense’. Further, the Board asserts that the investment is permitted by the School’s governing documents, that it is an effective use of charitable funds, that there is no personal benefit or conflict of interests and that the School is applying proper management charges for use of charitable resources.
## **Employment policy**
St Mary’s School Ascot is an equal opportunities employer and this is articulated in the School’s Staff Employment Manual. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs.
Communication and consultation with employees is a priority at St Mary’s School Ascot. Prior to each academic term all academic staff, residential staff and key administrative staff attend INSET during which briefings and staff training takes place. During the Christmas holidays the Bursar organises a similar training and briefing event for the support staff which will include safeguarding training, health and safety training as well as more strategic briefings on the School’s performance.
A staff representative meets with governors on an annual basis and is able to provide feedback on any concerns or issues that staff may wish to bring to the attention of the Board. In addition, on an annual basis, the Clerk to the Governors formally meets with a selection of support staff representatives who are encouraged to raise any concerns they might have.
The Governors can report on the Gender Pay Gap in accordance with The Equality Act (Gender Pay Gap Information) Regulations 2017. As at 5 April 2022 (5 April 2021), the School’s workforce consists of 74.4% (74.8%) women and 25.6% (25.2%) men. At St Mary’s the mean gender pay gap is 8.1% (7.7%) and the median pay gap is 8.8% (7.6%). The percentage of males and females in the different earnings quartiles are as follows:
|**Quartile**
**Male**
**Female**|**Quartile**
**Male**
**Female**|**Quartile**
**Male**
**Female**|
|---|---|---|
|Upper Quartile
28.4% (32.4%)
71.6% (67.6%)|||
|Upper Middle Quartile
28.8% (25.4%)
71.2% (74.6%)|||
|Lower Middle Quartile
20.9% (19.1%)
79.1% (80.9%)|||
|Lower Quartile|24.2% (23.9%)|75.8% (76.1%)|
These figures indicate that the split between men and women in all four quartiles are broadly in proportion to the overall gender split in staff. There are slight but not material changes in the split between quartiles since 2021 and this represents a movement of a very few members of staff between categories. The report is published on the School’s website.
## **Charity Governance Code**
The Board noted the publication of the Charity Governance Code in 2017 by the Charity Commission and that it was updated in March 2021. The Board has reviewed the seven areas covered by the code (organisational purpose; leadership; decision-making, risk and control; board effectiveness; equality, diversity and inclusion; openness and accountability) and are satisfied that the charity meets the principles and outcomes articulated in the code.
## **Employee engagement**
In line with the requirements of the Companies (Miscellaneous Reporting) Regulations 2018, the Board of Governors are pleased to report that they continue to engage with employees throughout the year. Examples of direct engagement include two formal letters from the Chair of Governors to teaching staff during the COVID lockdown, meetings between governors and staff representatives as part of the annual remuneration review, engagement between governors who are parents of pupils within the School with staff from across the School, the observation of lessons by governors including a comprehensive learning walk by the vice chair of governors conducted over three days and the presence of the School chaplain within the staff body who is also a governor.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
On behalf of the Board, the Headmistress and her Senior Management and Education Team have a strong culture of consultation with staff before introducing significant change and these issues are reported back to the Board at Board meetings. This included formal staff consultations with the staff regarding the operation of the School during the COVID pandemic. The Headmistress and Bursar brief staff on an annual basis on the overall performance of the School. This is not only financial reporting but also how the School has performed in public examinations and university offers. The briefings include forward-looking assessments of the School’s future plans, so that staff are appraised of strategic goals. The culture of openness and transparency with the staff has bred a positive spirit of mutual trust and genuine concern by all employees in the long-term success of the School as a charitable institution.
## **Business relationships**
The School continues to engage with a large number of stakeholders, the most important of which are the pupils and their parents. The work of our teaching staff, pastoral staff and support staff, as directed by the Board of Governors, the Headmistress and her Senior Management and Education Team, focuses on providing the pupils and parents with a high quality academic education underpinned by a strong Roman Catholic ethos set within a strong boarding culture with first class pastoral care. The success of this is outlined in the Strategic Report below.
The governors continue to place a significant emphasis on the need for strong and positive relationships with self employed staff such as peripatetic music teachers and sports coaches. Although the relationship with self employed staff is necessarily different to that of employed staff (due to the requirements of HMRC and Employment Law), the School is proud that many of these individuals have remained loyal to the School for so many years, reflecting the strong and harmonious relationship that the School fosters.
The governors also value positive relationships with suppliers whose work in support of the School is invaluable. Governors require the Bursar to seek value for money when engaging any supplier but this is tempered with forging strong relationships that are ultimately beneficial to both parties. The Bursar also takes into account environmental credentials, when appropriate, when choosing a new supplier. The School is also proud to place a priority on local businesses such as the provision of meat and other provisions to the School kitchens and second-line electrician support during school holidays.
## **OBJECTS, FEATURES, VISION, ETHOS AND STRATEGIES**
## **Charitable Objects**
The formal objects of the charity are:
_to promote and provide for such charitable works wheresoever and whatsoever as advance the Roman Catholic religion; and_
_to advance education by the provision and conduct of an independent Roman Catholic school or schools for children of any creed (with preference to the children of the Roman Catholic faith) and, in particular, but without prejudice to the generality of the foregoing, for the education of girls, and by ancillary and incidental educational activities and other associated activities for the benefit of the community._
The Board of Governors interprets and engages with this charitable object by running a first class independent girls’ Roman Catholic boarding school.
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**ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **Features**
The Board defines the School through five features:
Catholic Girls Boarding Small size Academic
## **Vision**
To provide a modern and holistic Catholic education of outstanding quality for young women to inspire and empower them to play their full part in the global community.
## **Ethos**
The School’s Ethos to realise the Vision:
- Nurturing in each pupil a sense of their own worth and talents by fostering their intellectual, spiritual and personal development.
- Developing in each pupil a love of learning and independent thought through a rigorous academic education.
- Promoting a strong sense of personal responsibility, kindness, cooperation and social justice founded in respect for the diverse needs of others in a global community.
- Encouraging each pupil to enjoy the full sacramental life and spiritual richness of the Catholic Church.
- Fostering a partnership between parents, School and the wider community.
- Inspiring in each pupil the confidence to collaborate and to lead through an enriching and fulfilling boarding experience.
- Following in the spirit of Mary Ward who cherished 'freedom of spirit, sincerity, and a cheerful disposition'.
## **Strategies**
The Board of Governors, in line with the new Vision and Ethos of St Mary’s and mindful of the impact of the COVID pandemic, direct the following strategies be followed for the period 2021 to 2026.
- To maintain the number of pupils in the school at around 390 and sustain the policy of giving preference to Roman Catholic applicants.
- To cultivate our strong Roman Catholic ethos through the spiritual development of our pupils in daily prayer, annual retreats and the celebration of the sacraments.
- To deliver an outstanding academic education within the context of a changing world by continuing to recruit teaching staff of the highest calibre and providing them with the training, resources and support they require, and maintaining the highest standards of senior leadership.
- To prepare pupils for the digital global community through excellent digital literacy and delivery of the technology curriculum.
- To ensure the most suitable curriculum for St Mary’s pupils is followed 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 culture and further develop our comprehensive system of pastoral care to ensure that our pupils can thrive in a happy, busy and secure environment throughout the working day, in the evenings and at weekends.
- To provide a varied and bespoke co-curricular programme that promotes both excellence and enjoyment, and reflects the needs and concerns of a changing world.
- To broaden further access to our educational resources and other facilities through developing our links with the local community.
- To broaden and widen access to our school by continuing to offer means-tested admission and hardship bursaries to pupils who would not otherwise be able to attend, or whose education is at risk of being disrupted.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **Public benefit**
St Mary’s School Ascot remains committed to the aim of providing public benefit and, in accordance with Section 17 of the Charities Act 2011, the Board of Governors confirms that they have paid due regard to the Charity Commission’s statutory guidance on public benefit in deciding which activities the charity should undertake.
The awarding of bursaries for those unable to afford the fees at St Mary’s is a measurable means of providing public benefit and the Board of Governors places great importance and priority on the School’s means-tested bursary scheme. The School has a long history of providing financial support to children who would otherwise not be able to afford a St Mary’s education. The School’s bursary scheme is designed to assist parents or prospective parents who, for financial reasons, are unable to send or continue to send their daughter to the School. The scheme includes two types of means-tested bursaries – admissions and hardship. To ensure all bursary awards are well focussed and only the most deserving benefit, the Bursary Committee will take a number of factors into consideration, in addition to current earnings, when assessing means. These factors include property holdings, investments, savings, family holidays, cars and family circumstances such as dependant relatives and the number of siblings. Each case is assessed on its own merits by the Bursary Committee and awards are made accordingly, subject to the School’s ability to fund these within the context of its overall budget. Information about fee assistance through means-tested bursaries is provided to all applying to the School and is published on the School’s website.
As a result of the COVID pandemic, the Board of Governors significantly increased in-year spending on hardship bursaries for families adversely impacted by the pandemic.
This year the value of means-tested bursary awards totalled £797,303 _(2021: £810,590)._ This provided assistance to 32 pupils of whom 16 benefitted from at least 70% remission of fees and 10 from 90% or more remission of fees. The means-tested bursaries were funded by the School and the St Mary’s School Charitable Fund (charity number: 800450), which was established for the purpose of providing funds for the St Mary’s School Ascot scholarship and bursary programme. The School has made a charitable donation to the capital fund of the Charitable Fund of £50,000 in 2021-2022 _(2021:nil)_ which means the School has donated in excess of £1.85m since 1994. In the year ended 31 August 2022 the Charitable Fund donated £252k ( _2021: £293k_ ) to contribute to the funding of bursaries and scholarships. The amount donated to the School in 2022 whilst decreasing from 2021 has remained high and was made possible through the generosity of parents who donated to the Charitable Fund their COVID fee rebates arising from periods of remote learning.
The Board of Governors believes that the work and activities for the public benefit that take place throughout the year with children from local schools and with the local community are fundamental to the Catholic ethos and spirit of the school and in line with the charitable objects. These activities are a focus for staff and pupils who not only welcome them as part of day to day life but they are widely perceived as being a core activity for the School. The significant investment in time, energy and resources into our work with local state schools reflects the Governors’ belief that these activities are the most effective way of broadening and widening access to St Mary’s resources to the public, including those in poverty.
In 2021-22, despite the ongoing impact of the pandemic which continued to restrict activities for much of the winter, the School has continued to develop our close relationship with the two local state schools with whom we have formal Memoranda of Understanding - Charters School and St Francis Catholic Primary School. St Mary’s engagement with these schools is a matter of normal day to day school life and involves both the sharing of resources and the dual use of teaching staff.
- Charters pupils attend a ten-lesson course in Mandarin as an enrichment activity. One pupil elected to continue their study of the subject beyond the course, which would not have happened without the introduction offered by St Mary’s.
- Charters pupils attend a five-session after-school Russian club run solely for them.
- Charters do not offer German in their curriculum, so our staff conducted the GCSE German oral for their bilingual German candidate.
- We provided 9 funded places for Charters School pupils to take part in a UCAT online training day for aspiring medical students.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
- We provided 8 funded places for Charters School pupils to take part in an LNAT course at St Mary’s for aspiring law students.
- St Mary’s staff teach swimming to St Francis pupils every week.
- St Francis pupils came to our science laboratories for a demonstration and workshop run by our science staff.
- St Mary’s Estates Department continues to provide a broad range of practical help to St Francis. This includes grass and hedge cutting, leaf clearing, and servicing of grounds equipment as well as general maintenance tasks which its own caretaker is unable to complete, and the use of our barbecue. This support is now embedded as a routine activity for the Estates Department.
St Mary’s also provide a range of support for pupils from other schools:
- St Mary’s continues to develop its role within the Thames Valley Learning Partnership (‘TVLP’) (www.tvlp.org.uk), an equal partnership of state and independent secondary schools in Berkshire. The highlight this year was the International Women’s Day conference hosted by St Mary’s for all partnership schools. Feedback from pupils from one state school included the following: ‘very inspirational’, ‘opened up great conversations’ and ‘we felt listened to’.
- The Maths department live-streamed a Year 10 lecture to TVLP schools.
- The History department hosted an MUN conference for two TVLP schools as well as Rodborugh state school in Godalming.
- Support to Oxbridge and Medical applications, including interview practice and written feedback for 25 students from Charters School, Ascot, and Mulberry Girls School, Tower Hamlets. Our Director of Sixth Form produced a video of Oxbridge advice for these pupils.
- Advice and support for a Ukrainian refugee to secure a UK university place at Newcastle to read Business and Management.
- The school theatre donated a Soundcraft GB8 24-channel sound desk to the Guildford School of Acting.
- The History of Art department provide EPQ supervision for the charity Art History Link Up.
- Our Classics staff deliver a one-hour weekly beginners’ Greek Club, including the provision of resources, at St Bernard’s Grammar School in Slough. For one pupil, this has developed into a co-curricular activity, and may lead to her pursuing the subject to GCSE and A Level.
- Sharing of sports facilities: we host hockey and athletics competitions for local schools.
St Mary’s has a very high number of pupils who participate in the Duke of Edinburgh’s Award – almost the whole of Year 9 complete Bronze, about two-thirds of Year 10 complete Silver, and a third of the Sixth Form complete Gold. The Award’s Head Office estimates that our pupils have contributed 1,313 hours of volunteering in the year ending March 2022, with a social value of £6,000. This has included activities such as working in care homes and helping disabled children learning how to ride through Quest RDA (https://www.questrda.org/). Other contributions arising from the school’s involvement in the Award include:
- D of E equipment such as tents, which have been donated to youth centres and other volunteer-led organisations that can make use of the equipment for DofE expeditions or trips that benefit young people.
- A new initiative, a bi-annual overseas trip in conjunction with the Better Lives Foundation (https://www.betterlivesfoundation.org/), in which pupils will participate in a project that will benefit a community in a foreign country. The first trip is being planned, and will run in July 2023.
- Year 9 have been writing pen pal letters to residents of a care home in Chobham, to help them feel connected to the world through recent periods of isolation.
Other examples of activities carried out this year for the public benefit include:
- Pupils from the school’s Eco Committee contributed to local initiatives: a tree-planting in Windsor Great Park alongside 70 other schools from the Windsor and Maidenhead area; and designing and planting two mini-gardens with the TVLP in The Goswells public park in commemoration of the late Queen’s Platinum Jubilee.
- Our support for the local Thames Hospice shop resumed after a long COVID suspension. 8-10 girls helped out on rotation on weekends throughout the summer term.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
- Our staff act as both the County Secretary for the Berkshire County ESAA and organiser for another county athletics competition.
- St Mary’s pupils raised £22,214 for charitable causes in the year 2021-22 through a variety of fundraising activities including a charity funfair, charity tennis tournament, concerts, a clothes sale, and a silent auction. New books and toys were donated to the Salvation Army at Christmas to go to children living in poverty.
- Members of staff are qualified school inspectors and are permitted time off from their St Mary’s role to regularly carry out inspections of other schools.
COVID restrictions continued to impact some of our other activities, including our work with the Ascot Grange care home, but we are looking forward to resuming these activities in the coming year.
Governors note that it is unfortunate that RBWM Council planning conditions restrict the use by others of the Orchard Centre (sports centre) and the athletics and hockey facilities.
## **STRATEGIC REPORT**
## **ACHIEVEMENTS AND PERFORMANCE**
The Board of Governors is pleased to report that academic year 2021/22 has been another highly successful year for the School when measured against the charity’s objects, the Board’s interpretation of the objects (to run a first class independent girls’ Roman Catholic boarding school) and the strategies set out by the Board for the School in 2021/22. This section of the Report highlights key elements of the activities and achievements of the School which have contributed to the success.
## **Duty under Section 172(1) of the Companies Act 2006**
The Board is able to report that it has complied with its duty to have regard to the matters in Section 172(1) (a)-(f) of the Companies Act 2006. This duty sets out that the governors, as directors of the charitable company, must act in the way they consider, in good faith, would be most likely to promote the successful achievement of the objects of the charity in the current periods and in the long term. In discharging their duties, the governors carefully consider amongst other matters, the impact on and interests of other stakeholders in the School and factor these into their decision making process. In particular:
## **Parents and pupils**
The governors commit considerable time, effort and resources into understanding and responding to the needs of our pupils and parents. All Governor decisions are taken with the impact on the pupils and their parents firmly in mind seeking to achieve the highest standards. When necessary, the governors work quickly to resolve any isolated disagreements that may arise from time to time.
## **Employees**
The Board of Governors is kept fully informed of any employee concerns through regular formal and informal briefings from the Headmistress and Bursar. The governors are committed to promoting a positive and healthy environment for the teaching, residential, administrative and support staff for both physical and mental wellbeing. The governors promote inclusion in the workplace and provide resources for training and development opportunities for all staff. The governors encourage recruitment and development strategies which seek to attract and retain talented staff. The governors have invested more resources in an expanded employee assistance programme. The governors have authorised the recruitment of a full time Human Resources Manager who will act as a focus for many employee issues.
## **Suppliers**
The governors promote the need to develop long term and mutually beneficial relationships with suppliers, regularly tested against prevailing market conditions, and, in particular, are supportive of the development of relations with local suppliers and those with strong environmental credentials.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **Community and the environment**
The Governors are conscious of the School’s important role within the community. The School takes its role within the community very seriously and promotes and encourages community and charitable contribution as part of the overall public benefit provided by the charity. Although few of the pupils are drawn from the immediate local community, the School is an important local employer and has an influential position in the local community. The School also recognises the importance of its environmental responsibilities and has measures in place to monitor and control its impact on the local environment and its compliance with any regulatory environmental standards. The School seeks to implement policies aimed at reducing any potential detrimental environmental impact of its activities.
## **Standards and conduct**
The School sets itself the highest of standards in the way it manages its relationship with parents, staff and suppliers. This approach, founded on the school’s Roman Catholic ethos, is characterised by fairness and transparency. These standards are clearly communicated to every staff member on induction and adherence to which is expected and enforced.
## **Pupil numbers and academic achievement**
St Mary’s provides an environment not available in the maintained sector: academic, residential, girls only and Catholic. The core activity has been the education of 393 children: 366 boarders; and 27 day boarders.
St Mary's continues to offer a broad and varied curriculum at all levels. The School was delighted with the pupils’ public examination results this summer. At I/GCSE, the pupils had an outstanding year, with 65% grade 9, 87% grades 9 and 8 and 95% grades 9 to 7. 56% of the pupils gained 10 or more grades 9 or 8 and those awarded 8 or more grades 9 or 8 made up an impressive 79% of the year group. At A Level 44% of grades were at A*, including 22% of candidates who gained 3 A*, and 78% of grades were awarded A*/A.
Out of a year group of 59, 50 pupils have confirmed places to continue to university or other forms of higher education. 45 pupils are starting this year with five deferring their places to 2023. The nine remaining pupils will be making a post A Level application in the coming year. Offers were secured for a wide range of subjects from many of the world’s leading universities, including five offers from Oxford and Cambridge (10%). Of the 50 pupils going to UK universities, all five of our Oxbridge offer holders met their offer and in total 43 (86%) are taking up places at Russell Group Universities with an additional five (10%) going to St Andrews. Of the four post applicants, one secured an Oxbridge place, and the other three secured Russell Group places. Among the Upper Sixth UCAS applicants, 75% of pupils secured their first-choice placement and 77% of pupils secured a place at their first or insurance choice. 6 pupils obtained a place through clearing whilst five pupils are heading to universities in the USA, to New York University, Johns Hopkins University, The University of Southern California and Sarah Lawrence College. One pupil will be studying at McGill in Canada with a further three heading to Europe to Lausanne, Amsterdam and Madrid.
## **Co-Curricular activities**
After the disruption of COVID, it was a wonderful to see our co-curricular programme return to normal across the year, offering a wide range of activities for the girls to engage with outside of their academic timetable.
## **Sport**
The Sports department was delighted to see a return of full fixture cards across a range of sports throughout the academic year. It was a privilege to welcome parents back to the touchline and to run training sessions with pupils from mixed year groups.
After the disruption of COVID, the department was keen to encourage participation in sporting activities during the Michaelmas term. Well over half of our pupils represented the school in a competitive fixture, whilst many more were regularly engaged in other physical activities such as dance, squash and fencing. Highlights of the term included the U16 hockey team winning the Berkshire County Plate competition, the U16 netball team taking 2nd place in the South East Berkshire tournament, the U13 hockey team winning the Ascot Schools Hockey tournament and the excellent progression of our Elite Swim Team, many of whom posted new school records. In addition, two pupils were selected for England Hockey Performance Centres, whilst a third was chosen to represent the London Pulse Super League netball franchise from over 800 athletes at the trial.
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**ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
The Lent term saw the Sports department introduce the St Mary’s Park Run on Saturday mornings – a recreational activity to engage girls in physical activity to improve their own personal fitness. Participation rates continued to increase across all sports, with over 80% of Year 7 to 9 pupils representing the school in hockey or netball fixtures. Netball highlights included wins and runner-up spots in both the Ascot Schools and Southeast Berkshire competitions for our U12, U14, U16 and U18 teams. The success of our swimming teams gathered momentum with over 30 pupils across different year groups regularly training at least once a week. The term culminated with our annual Celebration of Sport event in the Orchard Centre with guest speaker Amy Williams.
The summer term saw excellent individual and team successes in athletics. St Mary’s is a lead organiser for the English Schools Track and Field Cup, enabling hundreds of children in participating schools to participate in competitive sport and providing great public benefit. Many of our pupils met the standard for County qualification. The Year 7 and 8 charity tennis tournament and the staff/pupils competition provided some light hearted spectacle, whilst in the more serious inter-school County Cups the U13 team were runners-up with the U15 team in third place. Cricket is starting to grow in popularity, as is equestrian sport, where St Mary’s swept the board winning all their divisions in the Schools and Universities Polo Association (SUPA) Ladies Schools National Arena Championships. One of the highlights of the year was the annual Dance Show, which showcased the talents of over 100 pupils in a spectacular two-hour performance.
## **Duke Of Edinburgh’s Award**
128 pupils completed their Gold, Silver or Bronze Award expeditions, with our UVI participants travelling to Vercors for their assessment. We were notified by DofE administrators that St Mary’s pupils dedicated 1,313 hours to volunteering between April 2021 and March 2022 with an estimated social value of over £6,000.
## **Music**
Music has continued to thrive over the past academic year with rehearsals, activities and performances gradually returning to a refreshed sense of ‘normal’ after a very disrupted 18 months due to COVID restrictions on live performance.
The Michaelmas term began successfully with two Confirmation Services, giving Campion an immediate focus for learning new repertoire and singing together as a whole choir after such a long time. The New Girls Recital and Music Scholars Concert allowed experienced musicians and those new to the school to perform solos and ensemble pieces across a wide range of repertoire.
Open Mic evenings proved extremely popular throughout the year, with pupils across all year groups playing to enthusiastic, packed houses including many parents. The Junior and Senior Session Bands performed at a high standard, generating fantastic atmosphere at each event. Rock and Pop is now a real strength of the school’s music provision.
In November, the Voices by Candlelight concert featured Senior Madrigal performing Benjamin Britten’s A Ceremony of Carols with a visiting harpist; a stunning concert, well attended by pupils and parents alike. The Advent Charity Concert spread Christmas cheer featuring the Senior Orchestra, Jazz Band, and the ever-popular Staff Choir, amongst other ensembles and groups, whilst the traditional school Carol Service (staged in the Orchard Centre) offered a beautiful, spiritual end to the term.
The Lent term featured the annual Year 11 concert, allowing opportunity for girls in this year group, including those studying GCSE, to perform. There was a wide selection of solo pieces, both instrumentalists and singers, as well as a group piece arranged for the Year 11 Campion singers. The House Music Festival returned after a COVID enforced hiatus. The Friday evening programme featured vocal and instrumental soloists and ensembles adjudicated by a visiting professional musician, whilst Battle of the Bands on Saturday evening was a joyous and uplifting rock and pop competition, with Bedingfeld judged the overall winners.
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**ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
A new initiative for the academic year was the introduction of the Culture Club Concert Series, bringing a termly professional music performance into St Mary’s for girls to enjoy. A Concert of Flamenco, an evening of music with a traditional flamenco dancer, was a vibrant explosion of music, dance and colour to a packed audience of girls from all year groups.
The Vocal and Orchestral concert featured Senior Orchestra, Senior Madrigal and Campion, with the highlight being a performance of Vivaldi’s Gloria with a visiting professional orchestra. This was the first large-scale work to be performed in two years and a real celebration of music to a Chapel packed with parents and pupils.
The final week of the Lent term was exciting and busy with three performances of Chicago, our biennial whole-school musical, musically directed by the Director of Music with a live band made up of several of our visiting instrumental teachers.
In the summer term we held our Music Captain’s concert in the Rufus Sewell Studio featuring a lovely programme of music from the Senior Session band alongside other soloists. Our second Culture Club performance featured an instrumental recital given by violinist Jonathan Hill playing a selection of popular pieces from the screen and stage. The Jazz Concert in April was a lively and extremely enjoyable evening, with a variety of solo and ensemble pieces performed by girls across year groups and ending with a set performed by our Jazz Band. Campion performed beautifully for the Year 10 Confirmation Service the following day, with many parents commenting on how the sound of the choir enhanced the service.
The Summer Soiree in June featured Lower Sixth girls programming a set of performances alongside Jazz Band, Senior Orchestra, Gospel Choir, soloists and all girls in Year 7 playing recorders with the Junior Concert Band. Music was a key feature of this year’s Open Day, with Campion singing for Mass in the marquee accompanied by Senior Orchestra, and outdoors live music in the afternoon to accompany the drinks reception after Prize Giving.
## **Drama**
The Drama department delivered an exciting and varied programme of co-curricular opportunities throughout the year. It was wonderful to see the return of live audiences, which added energy and excitement to the performances.
The Michaelmas term started with A New Narrative – a beautifully constructed evening of scenes, songs, spoken word, dance and poetry centring on the female experience. This was followed by the Drama Captain’s play, Layla’s Room, by Sabrina Mahfouz, which explores a teenage girl’s life in modern Britain – a timely production in the light of Everyone’s Invited. The House Drama competition saw each group perform an ensemble extract from The Golden Masque of Agamemnon, a condensed retelling of the Oresteia trilogy. Wigmore won the competition with exceptional use of mask work, choral speech and movement, adjudicated by RSC actress Emma Manton. The term was rounded off with a whole-school production of The Nativity by David Farr – a magical retelling of the birth of Jesus through the eyes of Mary and Joseph.
The Lent term saw the pupils tackling two contrasting pieces. The 39 Steps, written by Patrick Barlow, saw a cast of five tackle over 30 roles in a plot crammed with train chases, plane escapes, gunfights and a healthy dose of humour. One of the highlights of the year was a stunning production of Kander and Ebb’s musical, Chicago, performed by a cast of over 50 pupils with a live, professional band. The show was a sell-out success and, through clever casting, enabled multiple pupils to experience the thrill of taking on a lead role.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
Performed by Year 9 pupils, The It, by Vivienne Franzmann was the first production of the summer term; the play was a compelling study of adolescence, mental health and channelling of debilitating rage. This was followed by the American Theatre Showcase – an evening of scenes and songs by America’s finest playwrights and musical theatre composers performed by our Extra Drama pupils. A young cast of Year 7 and 8 pupils then performed Joan Aitken’s The Wolves of Willoughby Chase in the Rose theatre, with the impressive House Film Competition rounding off the year. House film directors had been treated to a number of skills workshops run by industry professionals, including children’s TV presenter Nicole Davies, whilst the competition was adjudicated by Prime Suspect and Dr Who actress, Sercoa Davis.
## **Speakers**
It was wonderful to welcome an array of diverse guest speakers across the year. The Inspirational Women programme offers pupils the opportunity to hear experts across a range of topics, each with their own experience, advice or story to share.
Inspirational speakers included Lucinda Bruce-Gardyne (chef, author and founder of Genius Foods), Lucy Heintz (renewable energy expert), George Coxon (cryptocurrency expert and Director of the Nano Foundation), Joan Omeru (Vice President, Quantitative Finance Analyst at Bank of America), Olly Belcher (founder and CEO of Shivia), Katharine Stewart (former Director of Ethical Trade and Environmental Sustainability at Primark) and Emilia Power (Investment Banker at Goldman Sachs). Winter Olympic gold medallist, Amy Williams, was the keynote speaker for last year’s Celebration of Sport, whilst other speakers of note throughout the year included Cat Manson (Art expert at Christies), Miranda Kaufmann (author, historian and Black History expert), Colin Wright (Mathematician in Residence), George Varley (Art Historian), Bobby Leigh-Pemberton (former jewellery expert at Sotheby’s), Nick Ross (Director of Art History Abroad), and Barry and Margaret Mizen (founders of The Forgiveness Project).
## **Fundraising**
Although St Mary’s School Ascot does not have as its primary object fundraising, the School acknowledges and abides by the Fundraising Regulator’s Code of Practice and is compliant with the General Data Protection Regulations. The School’s principal income is derived from school fees which is periodically complemented by fundraising for a specific cause such as a major capital project. The School employs a Development Director who is currently also PA to the Headmistress. The Trustees direct and oversee the School’s fundraising activities through the Development Committee, a sub-committee of the Board of Governors. The School’s fundraising activities are restricted to the St Mary’s community which includes current and former parents and members of the Ascot Alumnae Association. 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 community with regard to the School’s fundraising activities during academic year 2020/21.
As the School was required to deliver the teaching and learning remotely for the Lent term 2021, the Board of Governors offered parents a rebate off the school fees for that term. Twenty five families chose to donate this rebate to the Charitable Fund raising a total of £35k in order to fund hardship bursaries for families whose finances had been impacted by the COVID pandemic.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **STREAMLINED ENERGY AND CARBON REPORTING (SECR)**
This is the third annual report which includes streamlined energy and carbon reporting. Greenhouse gas (GHG) emissions and energy use data for the period 1 September 2021 to 31 August 2022 and for the same period in the baseline year are as follows:
**----- Start of picture text -----**
UK GHG Emission and Energy Data
Baseline Reporting Current Reporting
Year 2019-2020 Year 2021-2022
Energy consumption used to calculate emissions (kWh); all
4,994,363.6 6,433,097.7
mandatory energy sources are included.
Scope 1 : Emissions from the combustion of Natural Gas
696.0 901.04
tCO2e
Scope 1 : Emissions from combustion of Fuel for transport and
/ or heating tCO2e 7.5 18.7
(See evidence pack for breakdown)
Scope 1 : Emissions of Biomass Pellets tCO2e 0.0 0.0
Scope 3 : Emissions from business travel in employee-owned
vehicles, where the company repaid mileage claims tCO2e 0.4 1.0
(average vehicle / fuel source unknown)
Scope 2 : Emissions from purchased Electricity tCO2e (REGO
274.8 261.2
Backed Renewable Grid Supplied Electricity)
Total gross CO2e based on above (tCO2e) 978.2 1,181.9
Intensity Ratio: kg CO2e gross based on mandatory fields
above per metre square of Gross Internal Area: (Kg CO2e m [-] 43.7 kg CO2e m [-2] 52.8 kg CO2e m [-2]
2), being 22,370.4 m2
**----- End of picture text -----**
## **Methodology and Third Party Verification**
An evidence-based methodology was adopted in accordance with BS EN ISO 14064-3:2019, Section 4.3; verifiable data has been collected from the following sources:
**Energy Data** : Energy Metering, Invoices, Supply Summaries / Statements, Repayment Claims for business mileage, Fuel Cards, and correspondence with suppliers.
**Previous Audit Data** : ESOS Phase II and Energy Audit 18/19 February 2019, and SECR 2019/20. Emission Conversions: All emission factors for CO2e, have been calculated using Defra Conversions 2022, as the period covers four-months of 2021 and eight-months of 2022, in accordance with Defra guidelines.
**Reporting Period** : The SECR disclosure is for the Financial Year 1[st] August 2021 to 31[st] July 2022, for inclusion to Annual Accounts made up to 31[st] July 2022.
**Intensity Ratio** : The Intensity Ratio is based on the School’s Gross Internal Area (GIA) as kilograms of Carbon-dioxide Equivalent ( kgCO2e m[-2] ).
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
**Grey Fleet** : Where applicable, consumption was converted using Defra conversions, based on the information provided, Miles Reclaimed as a total cost at Rates Payable or Miles Claimed. Where Size, Type and Fuel are unknown, these have been calculated using Averages and Unknown respectively.
The energy data has been compiled and audited by Sean Midgley (ESOS Lead Assessor) of Powerful Allies Limited, CIBSE Registration No: ESOS185262.
## **Energy efficiency action**
St Mary’s School Ascot procure only 100% Renewable Generation Guarantee of Origin (REGO) Certified Electricity, resulting in Zero Carbon Emissions attributable to Scope 2 Electricity Generation. However, the requirements of the Streamlined Energy and Carbon Reporting (SECR) Scheme, require that Grid Electricity or Local Grid Electricity (Market Based) Emission Factors are used to report on Scope 2 Emissions. REGO backed electricity complements the two Solar PV arrays installed totalling 7.81 kWp, generating an estimated 7,029 kWh pa, mitigating 1.36 tCO2 of emissions from UK grid supplied electricity, these are in addition to the Renewable Energy procured.
The non-half-hourly (NHH) electricity meters have been upgraded to Smart Meters, in a bid to visualise energy consumption, albeit with some issues surrounding the connectivity of the meters, identify potential waste and reduce consumption.
St Mary’s School Ascot have now completed a gas metering project, to enable the school to visualise energy consumption, identify potential waste, boiler inefficiencies, compare thermal performance of buildings, reduce consumption and GHG associated with the combustion of natural gas. Now the project has completed, and all meters are now visible online, the data will be utilised to identify opportunities for energy reductions.
The new Gas and Half-Hourly Electricity meters have now migrated over to a single Monitoring and Targeting (M&T) system, and replacement NHH electricity meters with Smart Meters. The M&T system will also have the functionality to add sub-metering for monitoring energy on a more granular level, as advised within the ESOS Phase II Report, once the electricity supplies move to the new supplier, both Gas and HH Electricity data will be visible in a single portal and reporting system.
St Mary’s School Ascot have continued to invest in Light Emitting Diode (LED) lighting on a rolling program, including replacement lamppost heads with LED alternatives and an OWLET lighting control system, in a bid to reduce energy consumption and emissions of CO2.
During the financial year and as a direct response to the pandemic, the school gas consumption reduced due to the mild winter and a very warm spring. During winter 2021, schools were required to increase ventilation amidst colder weather, to reduce the risk of COVID transmission in schools, followed by a cold Spring, resulting in significant increased use of natural gas. Despite the challenges raised by COVID the school managed to reduce gas consumption by 12.46% compared with the previous year.
Unrestricted travel and return to more normalised school operations, brought about an increase in the consumption of both diesel and petrol for road travel and grounds maintenance. As such there was 149.3% increase in Scope 1 Transport Fuel and a 150% increase in Scope 3 Grey Fleet, up from 7.5 tCO2e to 18.7 tCO2e on the previous financial year, the total transport emissions account for less than 2% of overall emissions for all transport types.
The School welcomes the active involvement of the pupil led Eco Committee in driving imaginative and effective sustainability initiatives.
Other initiatives planned to be implemented from the ESOS Phase II Report are currently under review, pending the upgrade of metering. It is envisaged the improved energy data will allow for a full review and benchmarking of school assets, in support of an Energy Action Plan in targeting energy and GHG reductions.
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**ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **FINANCIAL REVIEW**
## **Results for the Year**
The consolidated results of the year are shown in the consolidated statement of financial activities on page 25. Net expenditure amounted to £0.038m ( _2021: £0.325m_ ). Expenditure during the year was £17m ( _2021: £16.1m_ ).
## **Financial viability and reserves level and policy**
The Board of Governors, having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, have an expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities.
The School currently has total unrestricted funds (excluding designated funds) of £28.0m ( _2021: £28.0m_ ) and fixed assets of £30.4m ( _2021: £31.2m_ ). The excess of fixed assets over unrestricted funds is £2.4m ( _2021: £3.2m_ ).
At the year end, the School’s consolidated unrestricted funds stood at £28.0m ( _2021: £28.0m_ ). After adjusting for unrestricted functional fixed assets for the charity’s own use and borrowings against them, the School had no free reserves (as defined by the Charity Commission). It is the Governors’ long term policy to build up free reserves out of annual operating surpluses and, subject to the prior demands of further expenditure to equip the School with the up-to-date facilities needed to maintain the standard of educational services provided for the benefit of all pupils, to establish reserves to cover the risks and uncertainties of operating as an independent educational establishment equivalent to one term’s operating costs (currently approximately £5.6m ( _2021: £5.4m_ )).
## **PRINCIPAL RISKS AND UNCERTAINTIES**
The governors are responsible for the overseeing of the risks faced by the School although detailed consideration of risk is delegated to the Headmistress and the Senior Management and Education Team. Risks are identified, assessed and controls established throughout the year. In the opinion of the governors the School has established systems of internal controls and other viable means including insurance cover which, under normal conditions, should allow all risks to be managed to an acceptable level in its day to day operations. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The governors formally review risk at the F&GP meeting as a standing agenda item. Areas of particular concern are highlighted to the main Board. Risk is divided into five sections and at each meeting one section is considered. The sections are External, Finance, Governance, Operations and Compliance risks. In addition, the entire risk register is reviewed annually by the Bursar and significant changes to risk profiles or control measures are highlighted to governors at the time.
The most significant risk to the charity is a substantial fall in pupil numbers which would have an immediate impact on the School’s finances. This risk is mitigated by a wide ranging set of control measures including the provision of a first class education experience for the pupils provided by a well-resourced, skilled and dedicated team of academic, pastoral and support staff. The staff are able to draw on the first class facilities which not only serve to provide an outstanding education environment but help promote the School to prospective parents. The School’s demonstrable success in public examinations is also a major factor in maintaining pupil numbers. The Board’s continuing work to ensure the Headmistress and her senior managers have the resources to provide this first class education experience is fundamental to reducing the risk of a drop in pupil numbers despite the impact of factors outside the School’s immediate control such as financial hardship following the pandemic.
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## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
The Board of Governors do not underestimate the risk to the School’s financial health as a result of the cumulative impact of possible changes in legislation, tax liability and pension contributions, all of which are outside of the School’s direct control, such as the removal of charitable status, cessation of the charitable business rate relief, disproportionate and sudden increase to the employer’s contribution to the Teachers’ Pensions Scheme and imposition of VAT on school fees.
The Board acknowledges the financial risk represented by extreme increases in the cost of energy. The School’s existing energy contract will be renewed in October 2023 which has provided the School some time to put in place measures to ameliorate the impact of the forecast increase.
The Board of Governors acknowledge that inadequate safeguarding of the pupils is a key risk in a school environment. The governors, who receive annual safeguarding training, primarily monitor safeguarding within the School through the safeguarding committee and governor and through safeguarding reports received directly from the DSL at each and every Board meeting. The governors welcome the work of the School’s Safeguarding Review Board which coordinates safeguarding matters across the School site.
The Board of Governors are cognisant that, as an independent school, St Mary’s is particularly exposed to the negative effect that damage to the school’s reputation might have. Reputational damage could emerge from one of many directions including a safeguarding concern (which could be historic), a health and safety failure, a failure to teach the correct syllabus or an allergen issue within the catering department. Damage to reputation is therefore a matter that features high in the risk management table and the Governors are alert to the need to mitigate, in a timely fashion, any negative impact that might emerge from an incident that damages the school’s reputation.
Finally, the governors also recognise that health and safety is always a significant area for risk management. At St Mary’s the risks range from fire and infrastructure to personal risks, particularly on school trips. The governors, who receive a formal Health and Safety report at F&GP meetings on a termly basis, acknowledge that the level and breadth of activity at St Mary’s means the risks are significant but are managed appropriately through sensible risk assessment and thorough planning. Further reassurance is achieved through the employment of an external independent fire risk assessor and an external independent health and safety auditor.
## **FUTURE PLANS**
The Board of Governors, supported by the Council, remains focused on advancing the Roman Catholic faith through the advancement of education of children by managing and administering a small, academic, Roman Catholic, girls, boarding school.
The Board is conscious of the threat that the COVID pandemic has had and may continue to have on the independent education sector and, in particular, boarding schools. The Board believes that the School’s current structure, strategy and operations place it in a strong position to remain resilient to the impact of any future pandemic although the Board is not complacent and remains alert to the need to be agile in any response that circumstances may demand in the future.
The Board continues to oversee the development of the curriculum as advised by the Headmistress. The governors, guided by the Education Committee, were pleased that the School is keeping abreast of developments in public examinations including IGCSE, Pre-U and the International Baccalaureate. These initiatives are clearly important and the School may well in the future have to adopt some, or all of them, but the Board continues to believe that a small school such as St Mary’s should not risk being in the vanguard of these changes.
The Board continues to place a significant priority on broadening and widening access to the School through the means-tested bursary scheme, links with local state schools and work with the local community.
Page 20
## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
With regard to infrastructure development, the Board of Governors is conscious of the need to maintain an equitable balance between ensuring the current pupils benefit whilst, at the same time, ensuring a sound infrastructure and financial base are preserved for the next generation of pupils in the same way as the current pupils benefit today from the investments made in the past.
Maintaining and, where necessary, developing the fabric and facilities of the School are central to the Board of Governor’s strategy. A rolling programme of improvements and maintenance is embedded into the School’s funding programme.
Page 21
## **ST MARY’S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **STATEMENT OF GOVERNORS’ RESPONSIBILITIES**
The governors (who are also directors of St Mary’s School Ascot for the purposes of company law) are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charity and the group for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The governors are responsible for keeping proper accounting records that are sufficient to show and explain the group’s and the School’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the governors is aware at the time the report is approved:
- there is no relevant audit information of which the company's auditors are unaware; and
- the governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
In approving this Trustees’ Report, the Board are also approving the Strategic Report included herein their capacity as company directors.
BY ORDER OF THE BOARD
7 February 2023[e][✓][A ]
Ms Clementine Vaughan Chair of the Governors/Directors
Page 22
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST MARY’S SCHOOL ASCOT**
**Crowe U.K. LLP** _Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk
## **Opinion**
We have audited the financial statements of St Mary’s School Ascot for the year ended 31 August 2022 which comprise the Statement of Consolidated Financial Activities, Consolidated Balance Sheet, Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 August 2022 and of the group’s income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the governor's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 23
## **INDEPENDENT AUDITOR’S REPORT**
## **TO THE MEMBERS OF ST MARY’S SCHOOL ASCOT (CONTINUED)**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion based on the work undertaken in the course of our audit
- the information given in the trustees’ report, which includes the governors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report included within the governors’ report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In light of the knowledge and understanding of the group and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the report of the governors.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit
## **Responsibilities of trustees**
As explained more fully in the governors’ responsibilities statement set out on page 22, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
Page 24
## **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 certain income streams 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 noncompliance 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 noncompliance 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: 8 February 2023**
Page 25
## **ST MARY’S SCHOOL ASCOT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## _**(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)**_
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|Notes
**INCOME FROM:**
**Charitable activities**
Fees receivable
3
Ancillary income
5
**Other trading activities**
Lettings income
4
Other trading income
4
**Investments**
Bank and other interest
**Voluntary sources**
Donations
CJRS Grant
Donations from the Charitable Fund
**Total income**
**EXPENDITURE ON:**
**Raising Funds**
Trading expenditure
6
**Charitable activities**
School operating costs
6
**Total Expenditure**
6
**NET (EXPENDITURE)/ INCOME**
Transfer between funds
14
**NET MOVEMENT IN FUNDS**
Balances brought forward
**Balances carried forward**
14|**Unrestricted**
**Funds**
**£’000**
15,743
770
120
41
7
22
-
-
16,703
97
16,657
16,754
(51)
13
(38)
28,015
**27,977**|**Restricted**
**Funds**
**£’000**
-
-
-
-
-
13
-
252
265
-
252
252
13
(13)
-
-
**-**|**Total**
**2022**
**£’000**
**15,743**
**770**
**120**
**41**
**7**
**35**
**-**
**252**
**16,968**
**97**
**16,909**
**17,006**
**(38)**
**-**
**(38)**
**28,015**
**27,977**|_Total_
_2021_
_£’000_
_14,544_
_452_
_-_
_32_
_10_
_97_
_372_
_293_|
|---|---|---|---|---|
|||||_15,800_|
|||||_72_
_16,053_|
|||||_16,125_|
|||||_(325)_
_-_|
|||||_(325)_
_28,340_
_28,015_|
The notes on pages 29 to 44 form part of these financial statements
Page 26
## **ST MARY’S SCHOOL ASCOT**
## **CONSOLIDATED BALANCE SHEET**
## **31 AUGUST 2022**
## **COMPANY NUMBER: 01844327**
|Notes
**FIXED ASSETS**
School buildings and
equipment
8
Investments – in subsidiary
company
9
**CURRENT ASSETS**
Stocks
10
Debtors
11
Cash
**CREDITORS:**due within one
year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITES**
**CREDITORS:**due after more
than one year
13
**TOTAL NET ASSETS**
**FUNDS**
**Restricted Funds:**
Capital Appeal
14
**Unrestricted General Funds:**
Ordinary School Funds
14
**TOTAL FUNDS**
14|**Consolidated**
**2022**
_2021_
**£’000**
_£’000_
**30,409**
_31,204_
**-**
_-_
**30,409**
_31,204_
**33**
_32_
**541**
_490_
**6,380**
_6,114_
**6,954**
_6,636_
**(5,624)**
_(5,080)_
**1,330**
_1,556_
**31,739**
_32,760_
**(3,762)**
_(4,745)_
**27,977**
_28,015_
**-**
_-_
**27,977**
_28,015_
**27,977**
_28,015_|**Company**
**2022**
_2021_
**£’000**
_£’000_
**30,409**
_31,204_
**1**
_1_
**30,410**
_31,205_
**21**
_21_
**727**
_584_
**6,160**
_6,043_
**6,908**
_6,648_
**(5,579)**
_(5,049)_
**1,329**
_1,599_
**31,739**
_32,804_
**(3,762)**
_(4,745)_
**27,977**
_28,059_
**-**
_-_
**27,977**
_28,059_
**27,977**
_28,059_|**Company**
**2022**
_2021_
**£’000**
_£’000_
**30,409**
_31,204_
**1**
_1_
**30,410**
_31,205_
**21**
_21_
**727**
_584_
**6,160**
_6,043_
**6,908**
_6,648_
**(5,579)**
_(5,049)_
**1,329**
_1,599_
**31,739**
_32,804_
**(3,762)**
_(4,745)_
**27,977**
_28,059_
**-**
_-_
**27,977**
_28,059_
**27,977**
_28,059_|
|---|---|---|---|
||||_1,599_
_32,804_
_(4,745)_|
||||_28,059_
_-_
_28,059_
_28,059_|
The deficit for the year in relation to the School only was £82k _(2021: deficit £281k)._
The financial statements were approved and authorised for issue by the Board on 7 February 2023 . e✓ A
## **Ms Clementine Vaughan** CHAIRMAN
The notes on pages 29 to 44 form part of these financial statements
Page 27
## **ST MARY’S SCHOOL ASCOT**
## **CONSOLIDATED STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|**Note**
**Cash flows from operating activities**
Net cash provided by operating activities (see note below)
**Cash flows from investing activities**
Interest received
Payments for tangible fixed assets
Net cash used in investing activities
**Cash flows from financing activities**
Cash received for new advance fee contracts
Amounts utilised on advance fee contracts
Bank loan repayments
Net cash flows from financing activities
**Change in cash and cash equivalents in the reporting period**
17,18
Cash and cash equivalents at the beginning of the reporting
period
**Cash and cash equivalents at the end of the reporting period**
**Reconciliation of net income to net cash flow from operating activities:**
Net (deficit) / income for the reporting period (per the SOFA)
**Adjustment for:**
Depreciation charges
Interest received
(Increase) / Decrease in stock
(Increase) / Decrease in debtors
Increase in creditors
Net cash provided by operating activities
**Analysis of cash and cash equivalents**
Cash in hand
Notice deposits
Total cash and cash equivalents|**2022**
**£’000**
**1,742**
**7**
**(831)**
**(824)**
**2,212**
**(1,764)**
**(1,100)**
**(652)**
**266**
**6,114**
**6,380**
**(38)**
**1,615**
**(7)**
**(1)**
**(51)**
**224**
**1,742**
**3,365**
**3,015**
**6,380**|_2021_
_£’000_
_643_
_10_
_(696)_|
|---|---|---|
|||_(686)_
_1,228_
_(2,017)_
_(50)_|
|||_(839)_|
|||_(882)_
_6,996_
_6,114_
_(325)_
_1,554_
_(10)_
_(13)_
_(920)_
_357_
_643_
_3,101_
_3,013_
_6,114_|
The notes on pages 29 to 44 form part of these financial statements
Page 28
**ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. CHARITY INFORMATION**
St Mary’s School Ascot’s principal activity continues to be the running of an independent girls Roman Catholic boarding school. The incorporated charity (charity number 290286, company number 01844327) is domiciled in the UK. The address of the registered office is St Mary’s School Ascot, St Mary’s Road, Ascot, SL5 9JF.
## **2. ACCOUNTING POLICIES**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - effective 1 January 2015.
No separate SOFA or Income and Expenditure account has been presented for the School alone as permitted by Section 408 of the Companies Act 2006.
The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee (company number: 01844327 and charity number: 290286).
- **a) Basis of preparation** The accounts are prepared under the historical cost convention. The accounts present the consolidated statement of financial activities (SOFA), the consolidated statement of cash flows and the consolidated and school balance sheets comprising the consolidation of the School and with its wholly owned subsidiary St Mary's School Ascot Trading Company Limited.
## **b) Going concern**
The Board of Governors, having reviewed the terms of the School’s funding facilities, together with the expected ongoing demand for places and the school’s future projected cash flows, have an expectation that the school has adequate resources to meet all of its liabilities as they fall due and continue its activities for the foreseeable future. The governors further consider that there were no material uncertainties impacting the school’s short- and medium-term operational budgets. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities.
## **c) Critical accounting judgments and key sources of estimation uncertainty**
- In the application of the accounting policies, governors are required to make judgment, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Page 29
**ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022**
## **2. ACCOUNTING POLICIES (continued)**
- **c) Critical accounting judgments and key sources of estimation uncertainty (continued)** The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
Judgments made by the governors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets and are discussed below.
In the view of the governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
## **d) Income**
All incoming resources are included in the statement of financial activities when the charitable company is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.
- **e) Fees and similar income**
Fees receivable and other fees are accounted for in the period in which the service is provided. Fees receivable represent fees less bursaries and allowances and other income derived from the School's continuing activities but exclude contributions received from St Mary's School Ascot Charitable Fund.
## **f) Income from pupil extras**
Charges are made to pupils to cover the cost of ‘Extras’. In some cases the costs slightly exceed the charges made and in others there is a small surplus remaining. The intention is for pupils’ parents to pay for these costs but not to achieve a profit on recharging.
## **g) Investment income**
- Investment income from bank balances and fixed interest securities is accounted for on an accruals basis.
## **h) Donations, legacies, grants and other voluntary income**
Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.
In the prior year the Charity received £0.372m from the UK Government under the Coronavirus Job Retention Scheme. This income has been recognised under the performance model as permitted by the Charity SORP and, therefore, recognised on a straight line basis over the furlough period for each relevant employee.
## **i) Expenditure**
Expenditure is accounted for on an accruals basis and is allocated to expense headings on a direct cost basis. The irrecoverable VAT is included with the item of expense to which it relates. Governance costs comprise costs incurred in meeting statutory and constitutional requirements of the School.
Page 30
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **2. ACCOUNTING POLICIES (continued)**
## **j) Tangible fixed assets**
Fixed assets are stated at cost less depreciation calculated on the following basis.
Buildings 2% per annum on a straight line basis Improvements and extensions 2 - 10% per annum on a straight line basis Athletics and hockey facility 6.6% per annum on a straight line basis Furniture and equipment 20-25% per annum on a straight line basis
Individual items costing less than £2,000 are not capitalised, except when they form part of a larger project. Assets are carried in the Balance Sheet at historical cost. Assets under the course of construction are not depreciated until they are complete and brought into use.
## **k) Investments**
Investments in subsidiaries are valued at cost less provision for impairment.
## **l) Pension schemes**
- a) A contributory Group Personal Pension Plan has been established for certain administrative and other non-teaching staff. This is a defined contribution scheme. Contributions to the plan are made in accordance with the rules of the plan and are charged to expenditure when they are payable.
- b) The Teachers' Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the School's share of the underlying assets and liabilities of the Teachers' Pension Scheme on a consistent and reasonable basis. Therefore, as required by FRS102, the School accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.
- c) A workplace pension scheme has also been established for other staff which is provided by People's Pension. This is a defined contribution scheme. Contributions to the plan are made in accordance with the rules of the plan and are charged to expenditure when they are payable.
## **m) Unrestricted funds**
Unrestricted Funds are funds applied at the discretion of the governors in furtherance of the objects of the School.
## **n) Restricted funds**
This represents the monies received for specific purposes as disclosed in note 14.
## **o) Financial instruments**
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
## **p) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 31
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **2. ACCOUNTING POLICIES (continued)**
## **q) Parents’ deposits**
The governors have reviewed the contract terms under which pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. The School does not, therefore, have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at the year end have been included within current liabilities. The prior year pupil fee deposits balance has been similarly represented.
## **r) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments.
## **s) Creditors and provisions**
Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **3. FEES RECEIVABLE**
|Gross fees
Less: total bursaries, grants and allowances
Add back: Bursaries paid for by the Charitable Fund|**2022**
**£’000**
**16,410**
**(919)**
**15,491**
**252**
**£**
**15,743**|_2021_
_£’000_
_15,209_
_(958)_|
|---|---|---|
|||_14,251_
_293_
_£_
_14,544_|
Page 32
**ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **4. TRADING INCOME**
The School owns 100% of St Mary's School Ascot Trading Company Limited, which provides leisure and conference facilities to local and other groups. The registered office of St Mary’s School Ascot Trading Company Limited is St Mary’s School Ascot, St Mary’s Road, Ascot, SL5 9JF. Its taxable profits are donated under a deed of covenant to the School. Its trading results, extracted from its audited accounts were:
|**Turnover**
Lettings income
Other trading income
Cost of sales
**Gross profit**
Administration
**Operating profit/(loss)**
Covenant to school
**Net profit/(loss)**
Taxation
**Profit/(Loss) for the year**
**Net assets/(liabilities)**
**CILLARY INCOME**
Other charges to pupils
School trips
Registration fees
Other|**2022**
**£’000**
**120**
**41**
**161**
**(38)**
**123**
**(59)**
**64**
**(20)**
**44**
**-**
**44**
**1**
**2022**
**£’000**
**440**
**225**
**43**
**62**
**£**
**770**|_2021_
_£’000_
_-_
_32_
_32_
_(21)_|
|---|---|---|
|||_11_
_(55)_|
|||_(44)_
_-_
_(44)_
_-_
_(44)_|
|||_(43)_|
|||_2021_
_£’000_
_308_
_68_
_51_
_25_
_£_
_452_|
## **5. ANCILLARY INCOME**
Page 33
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **6. ANALYSIS OF TOTAL EXPENDITURE**
|Staff costs
Other
Depreciation
£’000
£’000
£’000
**Charitable activities**
School operating costs
Teaching costs
7,718
978
158
Welfare costs
1,703
754
-
Premises costs
1,021
1,111
1,457
Support costs
740
705
-
Development and Marketing
152
34
-
Finance and other costs
-
55
-
-
Donations
-
323
-
11,334
3,960
1,615
**Costs of raising funds**
Trading expenditure
38
59
-
11,372
4,019
1,615
Included with support costs are governance costs of £24k_(2021: £30k)._
_2021_
_Staff costs_
_Other_
_Depreciation_
_£’000_
_£’000_
_£’000_
_Charitable activities_
_School operating costs_
_Teaching costs_
_7,529_
_509_
_173_
_Welfare costs_
_1,537_
_589_
_-_
_Premises costs_
_1,040_
_1,072_
_1,378_
_Support costs_
_713_
_954_
_3_
_Development and Marketing_
_152_
_26_
_-_
_Finance and other costs_
_-_
_59_
_-_
_Donations_
_-_
_319_
_-_
_10,971_
_3,528_
_1,554_
_Costs of raising funds_
_Trading expenditure_
_42_
_30_
_-_
_11,013_
_3,558_
_1,554_|**2022**
**£’000**
**8,854**
**2,457**
**3,589**
**1,445**
**186**
**55**
**323**
**16,909**
**97**
**17,006**
_2021_
_£’000_
_8,211_
_2,126_
_3,490_
_1,670_
_178_
_59_
_319_
_16,053_
_72_
_16,125_|_2021_
_£’000_
_8,211_
_2,126_
_3,490_
_1,670_
_178_
_59_
_319_|
|---|---|---|
|||_16,053_|
|||_72_|
|||_16,125_|
|||_2020_
_£’000_
_7,872_
_1,883_
_3,307_
_1,555_
_140_
_105_
_217_|
|||_15,079_|
|||_62_|
|||_15,141_|
Included with support costs are governance costs of £30k _(2021: £25k)._
Page 34
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **6. ANALYSIS OF TOTAL EXPENDITURE (CONTINUED)**
## **EXPENDITURE**
|Charitable activities include:
Depreciation
Governance costs
Auditor’s remuneration:
Audit
Other services
Donations
Donations to the Charitable Fund
Other donations
Donations from the Restricted Fund to contribute towards bursaries|**2022**
**£’000**
**1,615**
**22**
**4**
**50**
**21**
**252**|_2021_
_£’000_
_1,554_
_20_
_10_
_-_
_26_
_293_|
|---|---|---|
## **7.**
## **TOTAL STAFF COSTS**
|Wages and salaries
Social Security costs
Pension contributions|**2022**
**£’000**
**8,966**
**955**
**1,451**
**11,372**|_2021_
_£’000_
_8,692_
_894_
_1,427_|
|---|---|---|
|||_11,013_|
The average number of employees in the year was:
|Teaching staff
Support staff|**109**
**179**
**288**|_110_
_179_|
|---|---|---|
|||_289_|
Key management personnel include the governors, Headmistress and the Bursar (as stated on page 3). Total remuneration of key management personnel (including employer’s pension and employer’s NI) during the year was £455,225 _(2021: £423,390)_ . Total termination payments made during the year were £nil _(2021: £nil)_ .
One of the governors, The Rev Dr Dermot Power, is employed as the School Chaplain (see note 15 for further details). Three governors _(2021: one)_ had travelling and accommodation expenses of £1,169 _(2021: £300)_ reimbursed for attending meetings. None of the other governors or persons connected with them received any remuneration or other benefit from the School _(2021: None)_ .
Page 35
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **7. TOTAL STAFF COSTS (CONTINUED)**
|Number of employees earning over £60,000 (gross pay and
taxable benefits) during the year were as follows:-
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£120,000 - £130,000
£140,001 - £150,000
£150,001 - £160,000
Number of higher paid employees contributions to a pension
scheme
Total cost of employer’s contributions in relation to the above|**2022**
**No**
**8**
**3**
**3**
**1**
**-**
**1**
**1**
**17**
**£**
**276,377**|_2021_
_No_
_8_
_4_
_1_
_1_
_1_
_1_
**-**|
|---|---|---|
|||_16_|
|||_£_
_269,832_|
Page 36
**ST MARY’S SCHOOL ASCOT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **8. TANGIBLE FIXED ASSETS (Company and Group)**
|**COST**
At 1 September 2021
Additions
Disposals
Transfer
At 31 August 2022
**DEPRECIATION**
At 1 September 2021
Charge for the year
Disposals
At 31 August 2022
**NET BOOK VALUE**
**At 31 August 2022**
_At 31 August 2021_|**Freehold**
**property**
**£’000**
28,404
20
(11)
-
28,413
6,383
615
-
6,998
**£**
**21,415**
_£_
_22,021_|**Improvements**
**to freehold**
**property**
**£’000**
16,985
790
-
-
17,775
8,141
842
-
8,983
**£**
**8,792**
_£_
_8,844_|**Plant,**
**furniture &**
**equipment**
**£’000**
3,661
21
(65)
3
3,620
3,325
158
(65)
3,418
**£**
**202**
_£_
_336_|**Asset Under**
**the course of**
**construction**
**£’000**
3
-
-
(3)
-
-
-
-
-
**£**
**-**
_£_
_3_|**Total**
**£’000**
49,053
831
(76)
-|
|---|---|---|---|---|---|
||||||49,808|
||||||17,849
1,615
(65)|
||||||19,399|
||||||**£**
**30.409**|
||||||_£_
_31,204_|
All fixed assets are held for direct charitable use.
Page 37
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **9. INVESTMENTS (School only)**
**2022** _2021_ **£’000** _£’000_ Share in subsidiary company:St Mary’s Ascot Trading Company Limited **1** _1_
## **10. STOCKS**
|Consumables
**11.**
**DEBTORS**
School fees receivable and
other charges
Prepayments and accrued
income
Other debtors
Amounts due from subsidiary
undertaking|**Consolidated**
**2022**
_2021_
**£’000**
_£’000_
**33**
_32_
**Consolidated**
**2022**
_2021_
**£’000**
_£’000_
**335**
_142_
**206**
_308_
**-**
_40_
**-**
_-_
**541**
_490_|**Company**
**2022**
_2021_
**£’000**
_£’000_
**21**
_21_
**Company**
**2022**
_2021_
**£’000**
_£’000_
**335**
_142_
**205**
_307_
**-**
_23_
**187**
_112_
**727**
_584_|**Company**
**2022**
_2021_
**£’000**
_£’000_
**21**
_21_
**Company**
**2022**
_2021_
**£’000**
_£’000_
**335**
_142_
**205**
_307_
**-**
_23_
**187**
_112_
**727**
_584_|
|---|---|---|---|
||||_584_|
## **12. CREDITORS:** Amounts falling due within one year
|Bank loan (see note 13b)
Other taxation and social
security
Advance fee scheme
(see note 13a)
Trade creditors
School fees received in
advance
Final term deposits
Other creditors
Accruals and deferred income|**Consolidated**
**2022**
_2021_
**£’000**
_£’000_
**600**
_600_
**230**
_212_
**1,910**
_1,579_
**652**
_344_
**908**
_904_
**793**
_779_
**465**
_516_
**66**
_146_
**5,624**
_5,080_|**Company**
**2022**
_2021_
**£’000**
_£’000_
**600**
_600_
**230**
_212_
**1,910**
_1,579_
**637**
_344_
**908**
_904_
**793**
_779_
**439**
_505_
**62**
_126_
**5,579**
_5,049_|**Company**
**2022**
_2021_
**£’000**
_£’000_
**600**
_600_
**230**
_212_
**1,910**
_1,579_
**637**
_344_
**908**
_904_
**793**
_779_
**439**
_505_
**62**
_126_
**5,579**
_5,049_|
|---|---|---|---|
||||_5,049_|
Page 38
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **13. CREDITORS:** Amounts falling due after more than one year
|**Consolidated and Company**
**2022**
_2021_
**£’000**
_£’000_
Bank loan (Note 13b)
**1,250**
_2,350_
Advance fee scheme (Note 13a)
**2,512**
_2,395_
**3,762**
_4,745_
**13a.**
**Analysis of advance fee scheme**
Due:
Between one to two years
**1,247**
_893_
Between two to five years
**1,218**
_1,455_
Over five years
**47**
_47_
**2,512**
_2,395_
Due within one year
**1,910**
_1,579_
**Balance at 31 August 2022**
**4,422**
_3,974_
The balance represents the accrued liability under the contracts.
The movements during the year were:
**2022**
_2021_
**£’000**
_£’000_
_Balance at 1 September 2021_
**3,974**
_4,763_
New contracts
**2,212**
_1,228_
Amounts utilised in the payment of fees
**(1,764)**
_(2,017)_
**Balance at 31 August 2022**
**4,422**
_3,974_
**13b.**
**Bank loans**
An analysis of the maturity of loans is as follows:
**2022**
_2021_
**£’000**
_£’000_
Amounts falling due within one year - Bank loans
**600**
_600_
Amounts falling due within one year - Total
**600**
_600_
Amounts falling due between one and two years - Bank loans
**600**
_600_
Amounts falling due between two and five years - Bank loans
**650**
_1,750_
**1,850**
_2,950_|**Consolidated and Company**
**2022**
_2021_
**£’000**
_£’000_
Bank loan (Note 13b)
**1,250**
_2,350_
Advance fee scheme (Note 13a)
**2,512**
_2,395_
**3,762**
_4,745_
**13a.**
**Analysis of advance fee scheme**
Due:
Between one to two years
**1,247**
_893_
Between two to five years
**1,218**
_1,455_
Over five years
**47**
_47_
**2,512**
_2,395_
Due within one year
**1,910**
_1,579_
**Balance at 31 August 2022**
**4,422**
_3,974_
The balance represents the accrued liability under the contracts.
The movements during the year were:
**2022**
_2021_
**£’000**
_£’000_
_Balance at 1 September 2021_
**3,974**
_4,763_
New contracts
**2,212**
_1,228_
Amounts utilised in the payment of fees
**(1,764)**
_(2,017)_
**Balance at 31 August 2022**
**4,422**
_3,974_
**13b.**
**Bank loans**
An analysis of the maturity of loans is as follows:
**2022**
_2021_
**£’000**
_£’000_
Amounts falling due within one year - Bank loans
**600**
_600_
Amounts falling due within one year - Total
**600**
_600_
Amounts falling due between one and two years - Bank loans
**600**
_600_
Amounts falling due between two and five years - Bank loans
**650**
_1,750_
**1,850**
_2,950_|**Consolidated and Company**
**2022**
_2021_
**£’000**
_£’000_
Bank loan (Note 13b)
**1,250**
_2,350_
Advance fee scheme (Note 13a)
**2,512**
_2,395_
**3,762**
_4,745_
**13a.**
**Analysis of advance fee scheme**
Due:
Between one to two years
**1,247**
_893_
Between two to five years
**1,218**
_1,455_
Over five years
**47**
_47_
**2,512**
_2,395_
Due within one year
**1,910**
_1,579_
**Balance at 31 August 2022**
**4,422**
_3,974_
The balance represents the accrued liability under the contracts.
The movements during the year were:
**2022**
_2021_
**£’000**
_£’000_
_Balance at 1 September 2021_
**3,974**
_4,763_
New contracts
**2,212**
_1,228_
Amounts utilised in the payment of fees
**(1,764)**
_(2,017)_
**Balance at 31 August 2022**
**4,422**
_3,974_
**13b.**
**Bank loans**
An analysis of the maturity of loans is as follows:
**2022**
_2021_
**£’000**
_£’000_
Amounts falling due within one year - Bank loans
**600**
_600_
Amounts falling due within one year - Total
**600**
_600_
Amounts falling due between one and two years - Bank loans
**600**
_600_
Amounts falling due between two and five years - Bank loans
**650**
_1,750_
**1,850**
_2,950_|
|---|---|---|
||||
||||
||||
||||
||||
||||
||||
||||
|||_600_
_600_
_1,750_|
|||_2,950_|
The £3m loan (reduced to £1.85m by the balance sheet date), obtained through the Coronavirus Business Interruption Loan Scheme (CBILS), is secured by way of unlimited debenture.
Page 39
**ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **14. STATEMENT OF FUNDS (CONSOLIDATED)**
## **2022**
|**Unrestricted General**
**Funds:**
Ordinary School funds
**Restricted Funds:**
Bursary income
Capital Appeal Fund
Total funds|_Balance at 1_
_September_
_2021_
_£’000_
_28,015_
_-_
_-_
_28,015_|**Income**
**£’000**
16,703
252
13
16,968|**Expenditure**
**£’000**
(16,754)
(252)
-
(17,006)|**Transfers**
**£’000**
13
-
(13)
-|**Balance at**
**31 August**
**2022**
**£’000**
27,977
**-**
**-**|
|---|---|---|---|---|---|
||||||**27,977**|
Capital Appeal Fund represents funds generated specifically for the Mary Breen Courtyard. The Bursary income represents donations received to be applied towards bursaries.
The transfer in funds relates to reimbursement of capital project costs incurred by the School, ahead of the restricted donations being received.
## _2021_
|_Unrestricted General_
_Funds:_
_Ordinary School funds_
_Restricted Funds:_
_Bursary income_
_Capital Appeal Fund_
_Total funds_|_Balance at 1_
_September_
_2020_
_£’000_
_28,340_
_-_
_-_
_28,340_|_Income_
_£’000_
_15,437_
_293_
_70_
_15,800_|_Expenditure_
_£’000_
_(15,832)_
_(293)_
_-_
_(16,125)_|_Transfers_
_£’000_
_70_
_-_
_(70)_
_-_|_Balance at_
_31 August_
_2021_
_£’000_
_28,015_
_-_
_-_|
|---|---|---|---|---|---|
||||||_28,015_|
Page 40
**ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **15. RELATED PARTY TRANSACTIONS**
Father Dermot Power, who is the school Chaplain and an employee, was reappointed as a governor in December 2008. Father Power’s salary for the year was £43,990 _(2021: £43,120)_ and £10,417 _(2021: £10,211)_ was contributed towards his pension. All governors’ decisions regarding his employment, including remuneration and benefits, are made by the governors excluding Father Power to avoid any potential conflict of interest.
During the year governor donations to the school totalled £1,820 _(2021: £50,000)_ .
## **16. PENSION COSTS**
The School participates in the Teachers' Pension Scheme (the "TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,179,375 _(2021: £1,154,302)_ .
Contributions payable by the School on other pension schemes amounted to £271,124 _(2021: £270,818)_ .
Contributions totalling £158,685 _(2021: £153,483)_ were payable to the schemes at the year end and are included within other creditors.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers 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 accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.
On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.
Page 41
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **16. PENSION COSTS (CONTINUED)**
The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.
The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.
Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.
## **17. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT**
|Increase/(decrease) in cash in the year
Loan reductions
Advance fees scheme
Change in net debt
Net debt at 1 September
**NET FUNDS AT 31 AUGUST**|**2022**
**£**
**266**
**1,100**
**(448)**
**918**
**(810)**
**£**
**108**|_2021_
_£_
_(882)_
_50_
_789_
_(43)_
_(767)_|
|---|---|---|
|||_£_
_(810)_|
## **18 ANALYSIS OF CHANGE IN NET FUNDS**
|Cash at bank and in hand
Loans
Advance fees scheme|_Net debt as at_
_1 September_
_2021_
_6,114_
_(2,950)_
_(3,974)_
_(810)_|Cash
Change
£
266
1,100
(448)
918|**Net debt as**
**at 31 August**
**2022**
**£**
**6,380**
**(1,850)**
**(4,422)**
**108**|
|---|---|---|---|
Page 42
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **19. FINANCIAL INSTRUMENTS**
Financial assets held at amortised cost are fees receivable, other debtors, amounts due from group companies and cash at bank.
Financial liabilities held at amortised cost are bank loans, trade creditors, other creditors and accruals.
||**2022**|_2021_|
|---|---|---|
||**£’000**|_£’000_|
|**CONSOLIDATED**|||
|Financial assets measured at amortised cost|**6,954**|_6,296_|
|Financial liabilities measured at amortised cost|**3,202**|_3,956_|
The group’s income, expense, gains and losses in respect of financial instruments are summarised below:
||**2022**|_2021_|
|---|---|---|
||**£’000**|_£’000_|
|Interest income and expense:|||
|Total interest income for financial assets held at amortised cost|**7**|_10_|
|Total interest expense for financial liabilities held at amortised cost|**-**|_8_|
||**2022**|_2021_|
||**£’000**|_£’000_|
|**COMPANY**|||
|Financial assets measured at amortised cost|**7,135**|_6,320_|
|Financial liabilities measured at amortised cost|**3,155**|_3,925_|
The company’s income, expense, gains and losses in respect of financial instruments are summarised below:
|summarised below:|||
|---|---|---|
||**2022**|_2021_|
||**£’000**|_£’000_|
|**Interest income and expense:**|||
|Total interest income for financial assets held at amortised cost|**7**|_10_|
|Total interest expense for financial liabilities held at amortised cost|**-**|_8_|
Page 43
## **ST MARY’S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022**
## **20. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
|_Notes_
_INCOME FROM:_
_Charitable activities_
_Fees receivable_
_3_
_Ancillary income_
_5_
_Other trading activities_
_Lettings income_
_4_
_Other trading income_
_4_
_Investments_
_Bank and other interest_
_Voluntary sources_
_Donations_
_Coronavirus Job Retention Scheme Grant_
_Donations from the Charitable Fund_
_Total income_
_EXPENDITURE ON:_
_Raising Funds_
_Trading expenditure_
_6_
_Charitable activities:_
_School operating costs_
_6_
_Total Expenditure_
_6_
_NET (EXPENDITURE)/ INCOME_
_Transfer between funds_
_14_
_NET MOVEMENT IN FUNDS_
_Balances brought forward_
_Balances carried forward_|_Unrestricted_
_Funds_
_£’000_
_14,544_
_452_
_-_
_32_
_10_
_27_
_372_
_-_
_15,437_
_72_
_15,760_
_15,832_
_(395)_
_70_
_(325)_
_28,340_
_28,015_|_Restricted_
_Funds_
_£’000_
_-_
_-_
_-_
_-_
_-_
_70_
_-_
_293_
_363_
_-_
_293_
_293_
_70_
_(70)_
_-_
_-_
_-_|_Total_
_2021_
_£’000_
_14,544_
_452_
_-_
_32_
_10_
_97_
_372_
_293_
_15,800_
_72_
_16,053_
_16,125_
_(325)_
_-_
_(325)_
_28,340_
_28,015_|
|---|---|---|---|
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