2023-08-31-accounts

ST MARY'S SCHOOL ASCOT AliNUAL REPORT AND CONSOLIDATED ACCOUNTS YEAR ENDED JI AUCUSf 21123 Ytxr 9 eA10￿ne thelr vtslt lo Ihe SelJlndrfosA TVterfAII the Geographw field lrip to Iceland, O¢tobtr 2022 Compnv N•- 01844327 Ch•rlry No: 290286

ST MARY'S SCHOOL ASCOT CONTENTS OF THE FINANCIAL STATEMENTS CONTENTS Pag• Review ofthe Year by the Headmi5tres$ CouncAI Members. Govemors, Directors. Olficers and Advisers Report of the Governors (Incorporating Ihe Strategic Reporti ¢21 Indgpgndent Auditor's Report 22-24 Consolidated Slalemenl of Financial Activities 25 Con$olidaled and Charity Balance Sheets 26 Consolldaled Cash Flow Stslemenl 27 Nolgs to the Flnanclal Statements 2843

ST MARY'S SCHOOLASCOT REVIEW OF THE YEAR BY THE HEADMISTRESS FOR THE YEAR ENDED 31 AUGUST 2023 In a challenging year, l am delighted to r8POrt that St Mary s remains a positive and vibrant place where OUT pupils thrive in our close•knrt boarding communty. The 9irls arg so lucky to benefft from the attention ol the dedicated and tslented leaching staff. the superb modem facilities and of course the wonderful pastoral care provided by the devoted pastoral team. I have again been so immensety proud of what has been achieved in the classrooms, on the sports fiebds. in the Iheatre and of course in mustc throughoul the course of a busy $¢hool year. The a¢adern￿ year commenced with the sad news from Balmoral of the death ol Her Maiesty the Quèen. We held an upl¢fting and joyous ¢e1gbration ofherlrfg of service at Sunday Masslgd by Father Domiot and watched in awe the pageantry and splendour of the Slate funeral. The ¢oronation ol King Charles 111 was cause of great excitemenl not least because il allowed us lo add an extra day lo an exeal we8kendl Tho royal theme stretched lo the end ol the year when Her Royal H￿hnesS the Duchess of Edinburgh GCVO was kind enough to be our guèst speaker al Open Day. It was wondèrful lo hear of her work to end violence against women and girls around the wortd and she shared very poignant stories of some of the inspirational women peacebuilders she has mel. Her moving talk lo the whde school community was of particular value to our Igaving Upper Sixth cohort. In August we werè exlremety excited to receive the public examination results. At VGCSE, 54Y4 01 the grad69 were al grade 9. 75Vo were at grades 9 and 8, and 87% at grad@s 9 to 7. 40% of the pupils gained len OT more grades 8 or 9, and an impressive 609h ol the year group achieved 8￿h1 or more gradas 8 or 9. Al A Lgv81. 23% of gfades wef8 at A. and 78% of grados were awarded A'IA, in¢lu(ling four pupils who achieved 3 A.. and very impressively one pupil gained 4 A.. The sch￿1 was extremely provd ol the pupils who ha worked so hard and so eh6erfulty. Out of an UVI ygar group of ffity-six. pupils havo confimwd placgs ¢0 continue to university or othgr form$ ol highgr education. Offers were secured for a wide range of subjects trom many of the world's leadlng univgrsttigs, including three offers from Cambridge. 01 the 41 pupils going lo UK universities, 32178Qkl are taking up places al Russell Group Universrties with an additional seven117V•l going lo Sl Andrews. From this year's applican15, five pupils are heading to universiljes in the USA including the fir51 Sl Mary's successful applicant lo Harvard. Places are also secured al Georgetown. Penn, Notre Oame. and Boslon College. One pupil will be studying medicine at the Univ8rsty of Hong Kong wilh a furth8r lour heading to Europ• lo ICADE, Navarra. Universidad Francis¢0 de Vitoria and Trinty Coll8g& Dublin. Every year we say a fond farewell lo staff as they move on lo new challenges. One such mover whose departure I musl mention 15 Ms Ellott. the School's Senior Deputy Headmi51ress. We owe rnuch lo Ms Ellott whose conlr¢bulKJn lo School life. inrtially a3 Pastoral Oeputy and lattedy as Senior Deputy, and passion for the wellbeing of bolh pupils and staff is an examplg lo us all. We wish her well as she moves on lo her first Headshlp in London. I do hope you will enjoy reoding Ihe details of the c<Kurri¢ulor ￿hIeVements contained within the Board of Governors, report. I pay tribute lo our Directors of Music, Sw)rt antj Drama who have inspired the girls lo such high standards in an impressivety diverse range of activities. My h￿hlights for the year include Evie Chappell's achievement lo be ranked 7th in the UK for her age for the 1.SOOm steeplechase, the junior musical production ol Matilda the Musical which showcased such skill and lalent wthin the drama and music departmgnts and OUT annual Dance Show wlh the approprialety joyful lrtle. 'When il feels this oood,. To attain the ststus of a 'l8gend' at St Mary'$ you have to be very spKial indeed. Longevity in post is certainty one factor bul li does need more than that. Father Dermol. who retires from St Mary's after 30 years as our much loved Sch¢)ol Chaplain and many years as a School Govemor. has certainfy achieved legendary status. We will 811 miss his semions that have combined academic rigour with wonderful humour and of course immense spirituality, 8s well 8$ his cheerful presence around the School sile, whether whistling down the corridors or holdino court in the pupil Tefeclory. His ministry extended lo the wider Sl Mary's family and I know he will be much missed by current and past parents. Thank you Father Dermot for all you have done for us and we all wish you a long and healthy retirement. Mrs Danuta Staunlon Headmistress Page 1

ST MARY'S SCHOOL ASCOT COUNCIL MEMBERS, GOVERNORS, DIRECTORS. OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Coun¢ll m•m￿r3 The following served as Councll Members in the year endod 31 Augu$t 2023 and up lo the dats of this report.. MarkArmour Nicholas Oavidson Baroness Sarah Hogg CL8re Colacicchi Peter DaNrys Lord Hemphill (Chairl The Hon Oh3a Polizzi Board ol Gov•mors The governors of St Mary's School Ascot are the Schc￿r$ charity Iruslees undercharity law and the directors oflhe charitable company. The members oflhe Board ofGovemors who served in office as govemors during thè year Ènd subsequenily are lisled below. During the year the aclivities of the Board of Governois were supported by the work of seven commthees. Thè membership of each committge 1$ Shown below with the Chair annotated by an asterisk- shadèd arèas show those who have18ft the Board ¢y who no kng6r sèrve on the specified committee. F&GP Educ Bur N( Disc Sal SG Christopher Boirno De ut Chair ice Cl8m8nto Martin Hattrg11 Edward Horswell Ro 2Q23 101 (0) Annie Lee Peter McKenna Susannah Meadw8y Angus Neil inted Al8 Alex Polizzi Appointed June 2023 The Rev Dr DemK>I Ptr4Mr R8 2023 2023 {<) Sistef Mlchaela Robinson Gillian van Maaren oinled I Se tomber 2023 Clementine Vaughan Chair Louise WiL8on Rè James Weaver nted Febwa Koy.. F&GP= FinarKe and Gerwal Purposes", Dtrv- Oevekwnl.. E¢x= EdL￿tI￿.. Bw= B￿￿rieS,. NNn= Nominations," Dtsc- sciplin? aTrJ &i8V8rteg.' S￿= S8*ries'. SG= {0) 2022 Page 2

ST MARY'S SCHOOL ASCOT COUNCIL MEMBERS, GOVERNORS, DIRECTORS. OFFICERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Officers Ik•y managom•nt p•rsonMI ¢urr*ntty and throughout th• y•arl Mrs D Staunton- Headmistress Mr GK 8rand - Bursar. Ckrk lo CoLtnd and Clerk to the Govemors Prlnclpal addr•$s Sl Mary's Sch¢)ol Ascot Sl Mary's Road Ascot Berkshire SL5 9JF Advls•rB B•nk•rs Uoy(Js Bank Pk 10 High Street Bracknell RG12 18T Audllor Crowo U.K. LLP Aquis House 49-51 Blagrave Streel Reading Berkshire RG1 1PL HSBC Bank plc (Until January 20221 West End Area cOmn￿r¢Ial Centre 2nd Floor. 16 King Street London WC2E 8JF 8ollcltor$ Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Insuranc• Brok•rs Marsh Brokers Limited Capital House 1-5 Perrymount Rood Haywards Heath West Sussex RH16 3SY Harrison CL4rk Ri¢kerty$ Ellenborough House Wellinglon Sl Cheltenham GL50 1YD W•bslt• www.sl-marys4s￿l.¢O.uk Page 3

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 The members of the Sl Mary's School Ascot 8oard of Govemors present their Annual Report for the yèar ended 31 August 2023 underthe Charities Act 2011 and the Statement of Recommendod Practice"Accounting and Reporting by Charities- SORP 2015 IFRS 1021. induding the DirectOTS' and Stratsgic Reports, under the Companies Act 2006. tO9ether with the audited finanual stalerrnts for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The group consists of Sl Mary's SchoolAscot Ilhe"Schoof or"St Mary's'l. a regi$l8red charlty {ch8rity numb8r 2902861 and St Mary's Ascot Trading Company Limited (company numb8r 2633707). a wholly owned subs￿lary company. The School Is conslituled as a company limited by guarantee. irKorwatod in 1984 and registered in England l¢ompany numbèr 01844327). STRUCTURE. GOVERNANCE AND MANAGEMENT Gov•rnlng docum•nt The Charity is govemod by Its Memcrfandum and ArtKl8$ of Awiation18$t amènded on 19 Moy 2016. oun¢ll M•mb•r• Ind Gov•rnor• The Council Members. who meet annually. act as thè guardians of the •thos of the School and, amongst other duties, appoint the govemors of tho School. The Chair of Coun￿1 is required lo give written consent lo thè appointmonl ol a new Headmistress. The Board of Gov8mors. who under Charity Law are the Iru$tg8$ of the Charity, meet three times a year and are re$F￿sible for tho strategic lèadèrship, management and admini$trab'on ol thè charrty. The Memorandum and th'dgs of Ass￿latIon sèt out the legal posilion of th& Council Membgfs and govemors which is summarised as folkx'. Coun¢ll M•mb•r• Members of Ihe ch8 Bo•nl of Gov•morn Direclors of the chari Trustees of the chari Com an L8W Charit Law The governing documenis articulate the powers of Ihe B08rd ol Govemors in detail and only requlre the Board lo refer back lo Ihe Council Members shoukl they wish lo dose the School or borrow ovef £7,000,000. JI Councll Members 8nd governors giv8 of thèir tome freety W*lth no remuneratlon with thè 8x¢6p￿On of the School Chaplain who, until his relirgmont in Juty 2023, was both a gov8mor of the School and an employee. No govemor or person connected with a govemor r￿￿ved any benefft from either means-tested bursarse$ or scholarships awarded lo pupils. Th• BLFrsar is th6 Clefkto th8 Cour￿1 Membors and th8 Board of Govemors. Ho ts re8p)nslblo forco¢Ydlnating the work of the 9ovemors and their ctjnmtttees, preparation ol papers. manag8m8nt accounts and revithng the matters arising. R•crultm•nt and trnlnlng of gov•rnor• The Memoranijum and Art5cles ofAssocIa￿C￿ provide detail on the procedure for the appointment of Councll Membors and govemots. The Board of Governors will consist of no less Ihan three and no more than frfteen govemors and the majority of governors must be praclising Roman CatholKs. The govemors may co-opt an indtvidu811o join the Board bul they will onty hold office until the next Council Annual General Meeting when the appointment of the c opted govemor must be ratified. A govemor is appointed for up lo nin8 years and a govemor who has held office for nine years may hokl office lor a further three years in special ryrcumstan￿. Page 4

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The Board of Govemors requires breadth and depth of experience to carry out its duties effectively and efficiently. The Board will ak¥ays seek to appoint govemors who have a passion for education, an empathy with the full boarding nature of the School and an unde￿￿nding of the ethos of the School. 11 is critical th8t all governors ompathise with the objects of the charity. the ¥￿￿on. foatures and ethos of lh8 SchiKJI. Appointment of new governors is overseen by the Nominatwjns Committee. The committee will seek new governors by considering individuals who either make thems&￿eS known lo the Board or who thè Board actively $89k lo recwfi lo fill a particular skill gap. The commrttee will afrways seek dtversrty when recommending pot8nlial govemors lo the Board in line wth guidancè in the revised Charity Gov8man¢e Code {March 20211. They will also consider the requirements of the MerrK)randurn and Articles of Association 8$ well as a mix ol the following experience and skilL8'. education, legal, finanCela￿Un1ln9 and facililieslconstruction. On appolnlrnenl of a newgovemor. the Headmlstress and Clerk lo the G¢)vemors are responsbble for Inducting th8 nèwly appointed goverr￿r and Ihis is carried out through a taik)red programma of visits to lh8 School as well as written and verbal bfiefings. The Board of Govemors is provided with formal training periods throughout the year Inormalty aSSo￿ated wilh meetings of Ihe Board) which includes safeguarding Iraining. In addition, govemors are encour89ed to attend exlemal truslee training 8nd information courses designed lo keep them informed and updated on current issues in the sector and r8gulatory réquir6men15. This includes events sponsored by ISC, AGBIS, HMC. GSA, CISC and th6 ISBA. Organlsatlonal manag•m•nl The Board of Governors, as the charity Iruslees, Is189ally resp)nsible for Ihe overall management and conlrol ol the School. They meet three times a year. The work of implèmenting its policies 1$ canied QLrt ty soven committè•$'. Finance and Gengral Pu oses Commillee -F&GP" . F&GP Scrulinises revonug, the budget and capital exp¢nditure prior lo consideration by the Board. This commillee meets annualty wilh the auditors and lin81ises the audited financial sialemenls and annual report for approval by the Board. The committee also considers any general issues raised by the Headmistress, Bursar and Finance Bursar all ol whom attend the rneetin￿ as well as ¢onsiderirKJ a lermly heatth and safety report. ion mmi The Edl￿ation Commitiee. which meets tsvice a year. works wrth the Headmi$lrfjs$ and her senior 8cademtC staff on all stralegic e￿l￿OI￿)n issues ond reviews public examination resuKs on an 8nnual b851S. Bursa Commhtee. The rde of the Bursary Committee is lo detemlne who should r8celve means- tested bursaries and the value of the bursaries to be awarded. Nominations ommitt The Nominations Committee is responsib￿ lo the Board lor overseeing the recruitment and appointment of new govemors. Ogvek) ment Commitige. The Devek)pment Committee ovefsees the fundraising carried out by th9 School 8nd moets on an as required basls. Disci Cornmittee. The Disciplinary Commthee meets as required to consider any stsff disciplinè issues or grievances that require 9ovemor invotvement. Salaries Committee. The Salaries Committee meets annually lo consider staff remuneration issues. At this meeting the committee will meet with the staff representative$. Saf u8rdin Committee. The Safeguarding Committee meets with the Headmistress and DeS￿nated Safeguarding Lead IDSLI regularty throughout the year lo review safeguarding policy and practice wrthin the School. Page 5

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023 The Board of Govèrnors delegales the day to day running of the School to the Headmistress. The Headmistress chairs the SenKJr Management and Education Team which consists of the following staff.. Headmistress Senior Deputy Head Pasloral Deputy Head Academic Deputy Head Co-Cufficul8r Deputy Head 'rector of Sixth Fomi rector of Communications Director of Human Resources Bursar {al$o acts as Clerk to Council and to the Govemorsl within Ihg School each departm8nl {both academic and supw)rtl has an appointod Head of Dgpartment. This nol only provides an efficient structure lor the management of the Sch¢x)l and communication within the School. il also provides an effe¢ts've stru¢lure through which budgets a￿ fomalty delegated. The remunèr8tion of key management personnel (Headmistress and Bursarl is set by the 8oard, wlth the policy objective ol provtding appropriate incentives to erKourage enhanced perfonysance and of rewarding them fairty and rgsponsibly for their individual contributions to the School's success. The appropriateness and relevance of Ihe rernunerat￿n policy is reviewed re9ularly. including referenc& lo ￿nparison$ w￿h oth9r Independent schools. lo ensure that Ihe S￿￿1 remains sensitive to the broader issues of pay and employment ￿nd11￿1￿$ elsewhere. Sl•gurdlng The Board of Govfjfnors continues lo place a very hwh pnorty on theif duly lo safeguard the pupils. Governors ensure Sl Mary's is fully compliant with safeguarding legislation and guidance in line with the requirements of 'Working 109elher lo saleguard chikjfen (Juty 20221. and 'Keeping chiklren safe in education (September 20231.. The 8oard has appointed one govemor with gxperignce of safeguarding to have a leadership responsibility loi thè School's safeguarding arr8ng8ments. In addrtion, to support this 9ovemor. the Board has cr8aled a safegLsarding Su￿Committee which meets up to Mce a tgmi wrth the Headmistress and P8sloral Deputy Head (who is Ihe School's Desi9naled Safeguarding Lead IDSLII and reports back lo the Board al each Board meeting. The Board fomially reviews Ihe Safeguarding Policy on an annual basis as well as ensuring Ihat staff training and safer recrui1￿nI is laking place. The Board is satisfied that within the S¢h¢x•l Ihere is a strong safeguarding culture and that the School is compliant with both 'Workin9 together lo S8fegtJ8rd chSldren' and 'Kgeping children $afo in 8ducation'. Group $tructur• and r•latlonshl Sl Mary's Sch¢wl Ascot is wnnectod with St Mary's School Ascot Charitable Fund (the "Ch8rilablg Fund"), • registered charity number.. 800450. The objeclives of the cha￿tab￿ Fund a￿ lo promote the charitable work carrled on, promoted or supported by tha Congregation of Jesus and to help develop Sl Mary s School Ascot. The Charitable Fund provides lunding for bursaries and scholarships for the present and fLrture pupils of tho School. St Mary's Ascot Trading Company Limited is wholly owned by the S¢hool. The trading activities of this company ¢hiefy comprise a retail OLrtlel known as SMASH (St Mary's Aswl Shop}, the letting ofthe swimming pool and revenue from the ￿tting of the School premises lo communty 8nd commercial groups during the School's Easter and summer holidays. The Trading Company results are incorporated in thg financial slalements to compty with the requirements of Ihe Slatemenl of Recommènded Practice "Accounting and Reporting by Charilies" SORP 2015 IFRS 1021. The Board of Governors has noted lh8 Charity Commission's document 'Guidance for charities with a connection to 8 non4harW and can ¢onfimi that the rolat￿nship be￿een the School and the trading company is complionl. Page 6

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Bastrd on this assessment of the subsKliary's future trading position. the Board continues to assess the investm6nl in the trading company as appropriate from a risk perspectfve and that the investment 'makes sense,. Further, the Board asserts that the investment is permitted by the School's goveming documents, that il is an ¢ffe¢lNe use of charitsb￿ funds. that there is no pefsonal benefit or conflKI of interests and that the School is apptying proper management charges f(Y use of charitabbe resources Employm•nt pollcy Sl Mary's School Ascot Is an equal Opportun￿leS empwer and thls Is arti¢ulatgd in the School's Staff Employment Manu81. Full and fair consideration is given lo job appli¢alK)ns from disabled persons arKI due nsidtration is given to their trainin9 and empkjywthl needs. Communication and consuttation with 8mploy88s is a prhw at St Mary s School Ascot. In September 2023 th8 School enl8r&d a Voluntary Recognrtion Agreemgnt IVRAI with the NEU and NASu￿. This a9reem8nl provides for collèctive bargainin9 in rèsped of lèachlng staff (less members of the senK)r managgmgnt t8aml over pay. hours. I￿lleJaY$ arKI pensions. On an annuol bosis. Ihe Clerk to Ihe Govornors fomi81ty meets ￿1h a seth1￿n of support Staff ropresentatives who are oncouraged to raise any corterns regarding r•mun•ralion tsy mJht have. Prior lo each academic lemi am academic staff. r8sldential staff and key administrative staff att8nd INSET during which briefings and staff IrainiThJ takes pLqco. During the Christmas holidays the Bursar organises similar trainin9 and briefing ovent for the support stsff includès saféguarding training. heatth and safely Iraining as well as more strategic trThfings School's pgrformanca. The Governors can report on th6 Gènd6r Pay Gap In accordance wth The Equality Acl IGgnd•r Pay Gap Infomgllonl Regulations 2017. As al S April 2023 15 April 20221. the Schwl's workforce consists of 72.4% {74.4%) women and 27.6%125.6%1 men. Al Sl Mary's the mean gender pay gap is 10.6%18.1%18nd the median pay gap is 24.0%18.8%1. The percenlage of males and lernabes in the dfflerenl e8mings quartiles are as folknvs.. Qu•rtll• er Quarb'te er Middle Quarttle Lower Middle Qua￿'le Lower Quarb'le M•1• 32.8% 28.4% 32.8% 28.8% 17.9% 20.9% 26.9% 24.2% F•m• 67.20 71.6% 67.2% 71.2% 82.1¥. 79.1% 73.1% 75.8% These figures Indlcate that the split be￿n men and w￿an in 811 lour qu8rtil8$ arè broadly In proportion to the overall gender split in staff. There are shght but not material changes in the split bèiween quartiles 8lnce 2022 and Ihls represents a mvemenl of a very fow members of staff be￿￿en categories. Thè report Is published ofi the School's website. Charlty Gov•manc• Cod• The Board r￿ted the publkation ofthe Charity Govgrnanra Cod8 in 2017 by the Chanty Commlsslon and that It was updale¢J in March 2021. The Board has roviewed the seven areas covered by the code lorganisalional purpose,. lea¢Jership: decis40n-making. risk and control: toard &ffeclNeness- equality, diversity and inclusion., openness and accountability) and are satisfied that the charity meets the pn'nopkes and outcomes articulated in the code. Page 7

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Employ0• ongag•ment In line with the requirements of the Companies IMis¢ellaneous Reporting) ReguLHtions 2018. the Board of Governor5 are p￿aSed to report that they continue to engage with empbyees throughout the year. Examples ol dir¢cl ¢ngagement include meeting staff repre5enlalives as part of the annual remuneration review, engagemenl betsv¢en govemors who are parents of pupils within the School wilh staff from across the School, the observatson of 18ssons by govemors including a comprehensive learning walk by the Vice Chair of governors and until July 2023 th8 presence of the Schwl chaplain wilhin the staff body who was also a governor Iretlfed July 2023). On behalf of the Board, the Headmistress and her Senior Managemenl and EdU￿t￿n Team have a strong culture of Consulialion with staff before introducing signrficanl change and these issues are reported back lo the Board al Board meetings. The H&admislress and Bursar brief staff on an annual basis on tha overall pèrfomiancè ol the School. Thls is not only financial feporting but also how the School has pèrformed in publi examinations and universrty offefs. The brièfings Include lo￿ard-lookIng assessments of the School's future plans, $0 Ihal staff are appraised of strategic goals. The cutture of openness and transparency with the staff has bfed a positive spirit of mutual trusl and genuine concem by all employees in Ihe lon9.term success of the School as a charitable inslilulion. From September 2023 this culture will be lurther enhanced by the VRA that has been agreed wilh the NEU and NAsU￿. 8ulne#s rnltlonihlp• The School ￿n￿nUeS to engage with a large number of slakeholtjers, the most important of which are the pupils and Iheii parenis. The work of our leaching 5t8ff. p8slor81 staff and support Slaff. as directed by thè Board of Governors. the Headmistress and her S8nKir Management and Education Team, focuses on providing the pupils and parents with a hKJh qualty academic education underpinned by a strong Roman Catholic ethos sel within a strong boarding cuhure with first class pastoral carè. The success of this 15 outlined in the Strategic R6port below. The govemors wntsnug to place a swnificant emphasis on the need for strong and positive relationships with self employed staff su¢h as peripalatic music teachers ar￿ sports Coaches. Alihough thè relationship with setl employed staff is necessarily dffterent to that ol 8mpkiyèd staff (due to the roquirem8nts of HMRC an(J Employment Lawl, the School is proud thal many of these individuals have remained kjyal to th8 School for so many years, r&fl8cling the slrong and hacmonious ielatsonship that the School loslers. The govemors also value positive relalionships with suppliers whose work in support ol the School Is Invaluable. Gov8rnors require the Bursar io seek value for money when engaging any supplier bul this Is lempergd with forging strong r8latsonships Ihat are ultimalety beneficial lo r)olh parties. Tha Bursar also lakes into account gnvironmenlal credentials, when appropriate. when choosing a new sUppl￿r. The School is also proud lo place a priority on local businesses such as the provision of meal and other provisions lo the School kitchens and second-line elgclri￿0n support during School holKYays. OBJECTS, FEATURES. VISION. ETHOS AND STRATEGIES Charltable ObJ•cts The formal objed$ of the ¢harity are.. to promots and provide for such chanfable wo￿$ wheresoever and wh8t$O8v8r as advance the Roman Catholic religion,. and to advance educ8tAon by the provision ond Conduct ol an independent Roman CatholK school or schools for children of any creed (with preference lo Ihe children of the Roman CatholA¢ faith) and, in particular, bul without p￿JUdice to the generalty of Ihe forggoing. for the edUcat￿n ol girls, and by ancillary and incidental educational aclivrties and other associated activrfies for the benefit of th communty. Page 8

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 The Board of Govemors interprets and er¥Jages with this charitable object ty running a first clas5 independent gits, Roman Catholic trx)arding S¢￿)01. F•atur•s The Board dgfines the School throu￿ fbve fea¢ures'. cath0￿c Girfs Boarfin Small sile A￿mi¢ Vlslon To provkle a modem arKI hoh'slic Cathofic educatlon of outstarKlln9 quallty for youw womon lo In8plre and ompower them to play their full part in the gl¢)bal communty. Etho• Thè Schcofs Ethos to r8alise the WO￿n.. Nurturlng In each pupil a sense ol thelr own worth and talents by fosterfng Ihelr Inlo158clual, splrflual and personal development. 00vel0￿'n9 in pupil a bve of1gamN)g and irKl8pgTrJgnt thought through a rigorou8 #cadèmk fjducallon. Promollng a strong sense of pgr80nal rosponsibiltty, kindness, cooperatbn and soclal lusli founded in respect for the diverse needs of olhers in a gk)bal community. Encouraging each pupil lo enjoy Ihe fijll sa¢ramental lrfe and spiritual ri¢hnes$ of the Calholk Church. Fostering a partnershlp beknn parents, Schod and Ihe wider communty. Inspiring in 88ch pupil the confidence lo collaborate and lo 18ad throu9h an ènrfchlng and fulfilllng boarding ex￿rIenCe. Following in the Spirit of Mary Ward who cherishgd frefjdom of spirit. sinGerity. ond a cheerful drsposition.. Str•t•gl•• The 8oard of Governorn, In Nn8 with th8 rknv IAsN)n and Ethos of St Mary's and mlndful of the Impact of the Cov1￿19 pandemic. dirg¢t the lollowiThJ strateg￿S be fc4lowed for the perKKI 2021 to 2026. To mainlaln the number of pupils Sn the Schwl at ap)und 390 and sustain Ihe policy of giving preference lo Rom8n C8thdic appts'cants. To cuhivale our strong Roman Catholic ethos through the spiritual development of Our pupi￿ in daity pr8yeT, annual retreats and celebration ol the sètraments. To deliver on outstanding academic educatKJn wrthin the context of a changing wodd by continuing lo recruit teaching siaff of the hMJhest cah'bre and providing them with the training. resources and support they require, and maintaining the hi9hesl standards of senior l&adO￿h1p. To prepare pupils for the digital global community through excellent dNJital literacy and delivery of the lechnokoy curricuhjm. To ensure the most suitable curriculum for St Mary s pupiL8 is followed gtven the changing landsca of the public examination environment, Ihe requirements of further study and the worlj of work. To build on our strong boardiry ¢ullure and further d8vekJp our ￿Mprohansive system of pastoral Care to ensure that our pupils can thrive in a happy. busy and secure onvironmenl throughout the working day, in the evenings aThJ at weekends. To provide a varied and bespoke Cothcurricular programme that prOr￿te5 bolh excellence and enjoyment, and reflects the needs and concerns of a changing wortd. To broaden further access to our educational resources antl olher facilit￿$ through dgvekJpin9 our links with the local communty. Pago 9

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 To broaden and widen a¢¢ess to our School by conb"nuing to offer means-tested admission and hardship bursaries lo pupils who would not otherwise be able to attend, or whose edu¢atKJn is at risk ol being disrupted. Publlc ￿ne Sl Mary's School Ascot ffjmains committed to Ihe aim of providing public benefit and. in a¢cord8n¢8 wilh Section 17 of the Charities Act 2011. the Board of Governors confimis that Ihey have paid due regard to the Charity Commission's statutory guidance on publ￿ benefft in dg¢iding whi¢h activities the tharity should undgrtake. The awarding of bursaries for those unable to afford the fees al Sl Mary's is a measurable mean$ of providing public benefit and the Board of Govèmors places great importance and priorTty on the School's means-tesled bursary scheme. The School has 8 long history ol provKltng financial support to chibjren who woukl otherwise not be ab￿ to afford a St Mary s educabon. The School's bursary scheme is designed to asslst parents or prospective parents who, for financial reasons. are unablè lo sen¢J or continue lo send their daughter to th School. The scheme includes tAvo types of means.testod bursaries - admissions and hardship. To en5ur8 11 bursary awards are well focussed and onty the most deserving benefit, the Bursary Committee will lake a number ol18clors into ￿nSIdera110n, in additK¥n lo Current earniThJs, when assessing means. Thesg factor$ include property hoklings, inveslmènls. savings, 18mily holidays, cars and family circumstances such as d8p8ndant relalives and the number of siblin￿. Each case is assessed on its own meri15 by the Bursary Committee 8nd awards aro made accordingty. subject lo th8 School's abilrty lo fund thesg Wlthin tha context of Ils overall budget. Infomiation about fee assistance through m6ans-lesled bursaries is prOV￿ed lo all 8pplying lo the School and is published on the School's website. This year the value of rnean5-lesled ￿1rsary 8wards totalled £719,59112022.. £797.3031. This provide¢J as$istanc8 to 27 pupils of whom thirteen benefitted from al18asl 70QA remission of fees and seven from 900A or more remission of fggs. The means-testèd bursaries were funt1ed by the School and the St Mary's School Charitable Fund Icharily number.. 8004501, which was established for the purpose of providing funds for the Sl Mary's School Ascot scholarship and bursary programme. The School has made charitable donations lo Ihe capital fund ol Ihe Charitab￿ Fund in excess of £1.90m since 1994. In the year ended 31 August 2023 the Charilable Fund donated £182k12022.' £252kl to contribute to the funding of bursaries and scholarships. The Board ol Govemors believes that the work and aclNities for the public bengfit that take place throughout the year with childrgn from local schools and with the loc81 Community are fundamental to the Catholic ethos and spiril of the School and in line with Ihe charitable objects. These activities are a fo¢us for staff and pupils who not only w&l¢ome them as part of day to day lile bul they are widely ￿rCeiVed 8$ bgin9 a core activity for the School. The significant investment in time, energy and resources into our work with lo￿1 state schools reflects the Govemors, belief th81 these activitigs are the most effectiv8 way of broadening and w￿@ning acce5S to St Mary's resources lo the public. in¢￿dIng those in poverty. In 2022-23 the School has continLJed to devobp our dose relationship with the tsyo hxal stale schools wilh whom we have formal Memoranda of Understanding - Charters School and Si Franc¢s Catholic Primary School. Sl Mary's engagemenl with these schools is a matter of nom)o1 day lo day School lrfe and involves both the sharing ol resources and Ihe dual use of teaching staff. Charters puplls attend a len4esson cours8 in Mandarin as an enrichment activty. Charters pupils attend an after-school Russian club run solely for them. Sl Mary's provides funded ￿aCeS for pupils from Charters School lo attend the Medic Portal's univèrsity applicatKJns preparation day111 pupils in 2022-231. St M8ry'S Staff tèach swimming lo St Francis pupils in our Swimming w)1 every w8ek. St Francis Pvpbls come to our sci8nce laboratories for a demonstration and workshop run by our science stsff. Th8 Maths Department hosts pupils from Hoty Trinty and St Francts schools for the Primary Maths Team Challenge njn by Sl Mary's teaching staff (16 pupils in 2022-231- Page 10

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 Sl Marfs Estates Department continues lo provide a broad range of practical help lo Sl Francis School. This inclLKles grass and hedge cutting. leaf clearing. and servicing of grounds equipment as well as general moinlonance tasks which its ¢)wn ¢arelaker is unable to compkte. and the use of our barbecue. St Mary's provhled OLrtdoor Space for Si Fran¢i8 Sch￿1 to vun their after school dubs lthilst they werè dealing with issues presenled by the discov8ry ol RAAC concrete on their site. Two grass pitchès were made available to St Franus School over a six week period. Sl Mary's conllnués lo dèvèbp its role within thè Thames Valley L8aming Partnershlp equal partnership (rf stste and indepgndent $ocondary Schools in Berkshire. Events in 2022-23 includèd.. Our annual Inlematk*nal Women's Day conferance hosted by Sl Mary's for am partnershlp schools. A mgeling of the School's Docsoc society. ￿1¢h was joined by TVLP pupils. in which a member of the adrnissions toam for medi￿ne at UCL delivered a talk aboLrt how lo write a strong application. The Braln Day, a ta￿ by Guy Sutton for pupils sludylng A Level P8ychob)gy, whlch was attended by TVLP pupils. A talk by presenter 8ThJ l¢)umalist Louise Minchln. to whlth TVLP sdwls were invitgd. The Maths department'8 INfrstre8med ￿re lo Yoar 10 puwls In TVLP sctrf>ols. St Mary's also provldes a rang8 018UPPOrt lor wplls from other sctM)018: St Mary's acts as a vdunlary ￿X91 contre for Mo(1om Foreign Languogo oral ox3mln8tions. whlGh invofves hosting stale sctthls. provitjing chaperones and administering the examinations. A Model Unitèd Nations conference that includèd four k)cal stale schools, hoslod by our Hlslory Department. Support lo Oxbridge antj medical apph'cants. including inleNiew practice and written fee<lba¢k. lor 40 sludents from Charters Scho(l and Mulbery Girts School in Tower Hamlels. We 81$0 shared resources uicluding prepafalM)n se$s￿n plans, college analysis 8nd personal stalemenl oxemplars. Oxbridge interview practKe arHI feedback for pupils from Al Hallows Catholic School in Famham. The Classics deparlment provides a weekty after-school Greek Club at Sl Bemard's Calhollc Grammar School in Slough, gxploring the olphabet. basic grammar and slories of the ancient world. Pupils abct to pursuo Gregk further. and one of these w8nl on lo a¢hv&vo Ihe Inlgrmgdiale Grèek Certrficale in 2023. The sludy of Greek al GCSE ts 0150 offered. Sl Mary's hosts hockey and athletics competit￿n$ for hxal schools. St Mary's staff 8$ County Secretory for Ihe Berkshiro County ESAA and orgoni$e dislriGt alh￿1¢$ ompgtrtion for IoGal state and lThJgpendont s￿￿1$. whith 15 tho qualrtying compotition fty the ¢ounty loumamenl. Sl Mary's donated a Triton wooth¥o￿l￿j routef and tab￿ to St Crlspln's School, Woklngham for the use of their Product Design & 3D DesvJn pupils. Sl Mary s donated a rTh)torized 3.5m projector screen to Uxbridge College's theatre. St Mory's has a very high numb8r of pupils wtho parfiupate in the Duke of Edinburgh's Award - almost thè whole of Year 9 complete 8ronze. aboul tyl￿thIrd$ of Yoar 10 ￿n￿8t9 Sifvar, and a third of the Sixth Fomi cornplele Gold. The Award's Head Office eslimales that our pupils have contributed 2,600 hours of volunteering in the year ending March 202318 100% in￿aSe on the previous yearl, WTth a social value of £12,S04. D ol E equipmenl has also been d(￿ated lo U)e Westminster Youth Centre. Other examples of actwi¢ies carr￿d out this year for Ihe public benefft indude: Over 50 pairs of new pyiamas were donated to the Children's Hospital P￿.8ma5 appeal. Year 9 pupils look part in community service. dearing kxal pathways and helping out with gardening and patient care at the Ascot Day Cenlre. Sl Mary's made its sports centre available for local charity 8erkshire Wision to run a Goal8all session for visually impaired chihdren from the kncal arga. Pupils frorn the Schcol's Eco Committee conlritArted to thal initiatives, including doing volunlger gardening work at a kKal Nabonal Trust propety and ongaging th the Ryman Pen Recycling Scheme. Page 11

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The St Mary's communtty raised £28,500 for charitabk causes in the year 2022-23 through a variety of fundraising actsvrties including a charity funfair. charity tennis loumamenl, concerts and a silent auction. An Upper Sixth pupil cooked lood for the homeless in Reading every week throu9hout the ye8r. Two Sixth Form pupils volunleered in an orphanage in Mozambique. Sixth Form pupils assisted local communitses in Cambodia to build communty gardens that will hglp them lo grow their own food. A Lower Sixth pupil raised thefurKls needed for a year's edu¢atK)n for a chikl She had mel in Cambodia and is working wrth her Head of House to raise funds to continue this support into th8 future. Members of staff are qualrfied school inspectors and are perni￿ed lime off Irom Iheii Sl Mary's role to carry out inspections of other schools. The School doctoi has beon involved in a PTogr8mme co1￿Cting me(li¢al supplies lo send lo Ukralna, lo which St Mary s has donated. Govemors note that il is unfortunale that Council planniry conditws restrict the use by others ofthe Orchard Centre (sports cenlre) and the athletic5 and hockey facilities. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE The Board of Govemors 1$ pleased lo report that academic year 2022123 has been another highty successful year for the School when measurwj against Ihe charity's objects, Ihe Board's inlerprelalion of Ihe objo¢1s (to run a firsl class ind8p8ndènl girls. Roman Catholic boarding school) and the strategies sèl out by the Board for the School In 2022123. This section of the Report highlights key elements ol the activities and achievements of the School which have contributed to the Success. Duty und•r S•ctlon 172(11 of th• Companh$ Act 2006 The Board is able lo report that il has complied wtth Sts duty to h8ve regard lo th8 matters In Section 172111 lal-lfj of thfj Companies Act 2006. This duty sels out that the govemors, as director5 of the charitable company, must act in the way they consider, in good faith. woukj be mosl likety to promote the successful achievement of the objgcl$ of the charity in the current periods antl in the long tgm). In discharging their duties. the governors c8refulfy consider amongst other matters. the impact on and intergsts of othèr stakeholders in the School and faclor ihese inlo their decision making process. In partbcular.. Parent5 and pupll$ The govemors commil considerabbe lim8. effort and resources into undgrslanding and responding to the needs ol our pupils and parents. All Govemor decisions are tskon with the irnpacl on the pupils ond their parents firmty in mind seeking lo a¢h￿ve th8 highost standards. When necessary, the governors work quickty to resofve any isolated dis8greements thal may arise from time to lime. Employe•s The Board of Govemor5 15 kept fulty inlom)ed ol any employee concems through regular fomial and informal briefings from the Headmisl￿$s and Btjrsar. The govemors are committed to Pfomoling a positive and healthy environment for the teaching, residential, administrative and support staff for both physical and rnental wellbeing. The govemors promote inclusion in the workplace and provide resources for Iraining and devek)pmenl opportunities for all staff. The govemors encourage rgcruitment and development stralegie5 which seek to attract and retain talenled staff. The governors have invested more resources in an expanded empbyee assistance progfamme. The governors have allowed the School lo ¢reale a new post of Oireclor of Human Resources who will act as a focus for employee issuos. Supplier5 The governoTS promote the need to devdop long term and mutualty beneficial relationships with suppliers, regularty lesled again51 prevalling market conditions, and, in particular. are supportive of the development of relalKJns with local suppliers and those with strong environmental credentials. Page 12

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Community and th• •nvironm•nt The Governors are Consc￿￿$ of the St￿1.$ important robg within the community. The School lakes ils role within the communTty very seriousty and Promotes and encourages Community and charitable contribution as part of the overall publK benefit provided by the charity. Ahhough few ol the pupils are drawn from the immediate IrKal ￿MmunIty. the School is an important kxal employer and has an influential position in the local community. The S¢ho)l also re¢ognises the importance of ils environmèntal respon5ibililies and has measures in place to monitor and control ils impact on th8 h)cal environment and its compliance with any regulatory environmental standards. Th8 School seeks to impb8ment Folicigs aimed at roducirvJ any Wential detri￿ntaI environmental impact of ts aclivllies. Standards and conduct The School sets ilsem the highest olsland8rds in Ihe way il manages its relat￿nShiP with parents, staff and suppliers. This approach, founded on the School's Roman Catholic ethos, is characleris8d by faimess and transpar8ncy. These standards are cleaty communicated to èvery staff member on Induction and adherence to whKh is expecled and enforced. Pupll numb•r• and a¢ad•mlc •chl•v•m•nt St Mary s provid8s an environmènt nol available in the maintainèd sector.. a¢adomic. rosidential, glrls only and Catholic. Thg core athity has been the education of 394 children.. 371 boarders,. and 23 day boarders. Sl Mary's continues lo delbver a broad, balanced, ambitious and knowl8dge-rich CLtrriculum. The A Level and IIGCSE pupils achieved impressive public examination resuns this summer. Al VGCSE, 54Vo ol the grades were al grade 9. 75% were al grade5 9 and 8, and 87% al grades 9 to 7. 40% of the pupils gained Ion or morg grades 8 or 9, and an impressive 60% of the year group achieved eight or more grades B or 9. AI A Level, 23% of grades were at A. and 78 % of grades were awarded A'IA, including four pupils who achieved 3 A., and very impressively one pupil gained 4 A. The school was extremety proud of the pupils who had worked so hard and so cheerful￿. Out of an UVI year group of fifty-six, fiftyaone pupils have eonfimed places lo continue lo university or other lomis of hyh8r 8ducation. Foty4ix pupils are slarts'ng this year wlh five deferring their places lo 2024. The five rfrmaining pupils will be making a wst A Level applicalKn in the coming year. Offers were se¢uTèd for 8 wide range of subje¢t$ from many of Ihe world's ￿adIng universili6s, inclLtrding threè offèrs from Cambridge. 01 the foty-one pupils going lo UK universib'es, 32178%) are iaking up pla¢e$ at Russell GTOUP Universities with an additional seven117%1 going lo Sl Andrews. Of the nine post applTrc8nls, two secured an Oxbridge place, and an addilKnal six secured Ru￿ell G￿P pL8ces. From this year's appli￿nts, five pupils are heading lo universitie5 in the USA including the first St M8ry'S successful applicant to Harvard, Placgs are also secured at G￿rgetoWfi, Pènn, Nolr6 Dame, and Boslon College. One pupil will bg sludying medicine at the University of Hong Kong wilh a further four heading to Europe lo ICADE, Navarra. Universidad Francisco de Vrtoria and Trinty College Dublin. Of the remaining UCAS applicants, 69% of students secured their first-cho￿O placgmenl and 879h of sludonts Secured a place al their first or insurance choicè. Two PU￿1$ obtsined a place through clearing. Co<urrl¢ul•r aGtlvltl•# Pupils were ab￿ to njoy a wide rang8 of cooirri¢ular activities last year with all academic departments contributing enlhusi8slicalty lo the wider lrfe of the pupils. Drama The Drama department delivered a diverse and chalenging prc*3ramme of theatrical opportunity outside of the classroom. A notsble addition this yeaT was Ihe creation of The Play8rs- an audition8d, elite pertomiance company aimed al those who aspire to theatncal careers in the future. Page 13

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The Michaelmas term started wrth our Drama Captain's play, Remote, by Stef Smith. This moving and engagingly p8rformed production featured a cast of girls from Years 10 and above and deart with themes of prolesl. power and seW4iscov8ry. Throlbghout the tgm), pupils in The Players company participated in two theatre workshops led by industy professionals Ms Ellen Jakubiel Iteacher at the Central School of Ballell and Tania Newton (West End musical theatre performerl. The House Drama Festival directors also enjoyed a workstrw)p. le¢J by professional theatre director Fran Moulds. exploring physical theatre. The tem finished wilh 8 whole School production of the Chart8s Dickens's dassic Great EXpeCtat￿nS. Thi5 gothic classic had a cast of over 30 pupils across all year groups and invrted us into a world of fascinating characters with som8 oulslanding performances. The Lent temi saw The Players perforrning th￿r first production. The Sky is not the Limit, an original piece of theatre created by company members and led by the Director of Drarna. A mixture of dram8, dance and dazzling multimedia effects was ¢ombin8d wth an immersive, promenade staging lo great a¢cl8im. The House Drama Festival challenge(J each House to ¢￿ale and perform a short original piec8 of theatre ce￿bratIftg the life of an in$piralional woman in the style of Kneehigh Theatre Company. Six fabuk)usly crealive portormancos explored the diverse lives of FrKla Kahlo. Malala Yousafzai. Caroline Herschel, Joan of Arc, Dolly Parlon and Rose Ayling-Ellis. The wnpelrtion wasjudged by actress Charlotte Pyke. Trinty and newly introduced LAMDA Drama Exams were taken this term, wth 70% of pupiL8 achieviThJ a Distinct￿n. Thrèe co<urrlcular drama produclions were stsged in summer temi. Choos. ty Laura Lomas, was 8 symphony of inlerconnecled scenes exploring the intethlining hves of unrelated characters. A talented cast ol Year 9 pupils brought the play lo lrfe and Invited the audience lo find meaning in the tjisparate strands of narrative. The American Theatre Showcase was an evening ol theatre and song celebralin9 the very best playwright$ ond composors from across the pond. Featuring pupils from all year groups. ihis was an opportunity for those takin9 extra dram8 ￿$$0￿$ lo showcase their talents. Later in the term, as part ol 8 new Initiative Year 7-9 pupils were given the opportunlty lo perfomi in a junior musical. Metilda, by Tim Minchln. tèlls the story of an extraordinary girl who dares lo tske a stand against tho ghastly Miss Trunchbull. The House Film competition was a twfrlemi project. which culminated with a Gala evening late in the summer term. After weeks ol wrrting Iheir scripis, Shooting and editing (heir films. the premie￿$ werg pre$¢nted at a special event to the whole Schcol. The competit¢on was judged by professh)nal actor, dlreclor and pro(Iucgr. Dan Poole, who was incredibty impressgd with our youn9 film rnakèrs. Music al Sl. Mary's continues lo be al the heart of School lilo, wrth sg1v￿¢s, ¢on¢erts, perforniances and recordings stemming from our beaulrlul Chapel. This academic year has. on¢9 again, seen many fine performances from all our ensèmbbès and choiTS. The New Girts Recital in the Michaelmas term ensured all Year 7 pupils and Se￿¢tOd soloists from Years 7 and 9 had the opportunty lo perform for the first time. The Year 7 Choirwas stmng and joyful. and the audience appreciative. Open MIC evenings conlinve lo be populart&rmty events at St. Mary's, encouraging pupils from all year groups lo contribute. The rne￿y formed Junior Session Band were regular performers Ihroughout the year, whi151 the Senior Session Band played a wide-ranging repertoire to an extraordinary standard at every event, often taking a leadership role in the creation of event sel lists. The Music Scholars and Senior Musicians concert in November was a delKJhtful event. showcasing the talents of our four scholars alongside other senior musicians. each perfoming a sok) and culminating in an ansembla Plgce specialty wmpo$8d by Mr Rees for strings. wood￿nd and marimba. Page 14

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The Voices by Candlelight con￿rt, where Senior Madrigal pèrformed Britten's beautiful 'Miss8 Brevis in D, alongside further choral works and vocal sokns, began the run-up lo Christmas, followed shortty afterwards by the Advent Charity Concert, featuring festive cheerfrom the Senior Orchestra, Jazz Band and the ever-popular Staff Choir. amongst other ensembles and groups. The tradrtKfftal Carol Service. featuring Campion, Junlor Campion and the Davenport Christmas Choir. took place in the Orchard Centre to accommodate the ever- growing audience sYz¢ and whole Schod as congregation. beftye Ihe choirs returned lo Sl. Mary's Church, Cadogan Street for the first time since 2019 for the AAA Carol Seryi¢8 alongside alumnae. The Lent term held a beautilulty prepared Year 11 c￿cert. GCSE musicians perfom)ed alongside Year 11 Campion singers. There was a wide sethtion of solo pieces. both instrumentalists and sing8rs, as well a$ fin81 choral piece 'Field$ of Go￿. perfom)ed by the Year 11 Campion singers. The annual Rock Concert also look place this term. f88turing the Seni¢y. Junior and nevAy formed Intemiedi8te SessK)n Bands who all played to great acclaim. Lunchtime concerts continued lo lako in the Chapel and. this lemi. in¢bJded a maslerclass by Dr Maureen Galea for GCSE musicians. This year, the House Music Competition was split into thr￿ 8eCt6on8'. Vocal, Instrum8ntsl and Battle of the Bands. Mr lan Hillier from Sl. George's Ascot was the adjudicator for the Vocal compelilion, which was joyous occasion, with Rookwood being crowned winnefs. Mr Simon Rushby. former Director of Music al Reigale Grammar, adjudicated the Instrumental compelilion Wh￿ shone the spollighl on m8ny of our high- calibre pgrtormers. A mix of cLassical and pop r6pertoire from all Houses fasutted in ènolher impressive Rookwood win. Battle of the Bands was a lively, uplifting celebration of rock and pop music featuring bands from each of the slx Houses. W￿rnOTe w(ffi Ihis competition. bul Rookwood were Ihe overall winners of House Music 2023. The Vocal and Orchestral ¢on¢ert in March featured Senior Orchestra, Senior Madrigal and the perfomiance ol an A Level composition, The Aquarium, ty Music Captain. Ashton Bligh. The con¢grt lealured Campion's perlorman¢e of Fauré's Requiem accompanied by a professional orchestra. and concluded with an original rendilion of Ed Sheeran's Perfecl aff8nge(I by Mrs Rees for sokjists, Campion and orchgstra. The summer term began with the annu81 Music Captain's concert, which look the fomi of a mlnl rock concert In the Rulus Sewell StudKJ and featured forty minules of highty polished music from a band that fealur8d Uppof Sixth, Lower Sixth and Year 11 musicians. This was followed later in Ihe lerm by a recital of eclectic pieces composed by our A Lovel musicians, portormed by Sen1￿ Madngal singers and Visiting Music Teachers. The annual Jazz Concert in April fealuretl OUT Jazz Band akJng5ide talented sok•ists. Highlights includ•d thè Jazz Band playing The Pel6r Gunn Theme. the Saxophone Quartel playing Caravan of Love and th8 Senior Jazz Ensembb playing Girt Irom Ipanema, all to lo&tappiw, hyh a¢daim. Under a new Director of Sport. the Sports Deparlment saw continued growth in the number of pupils taking part in regular sporting activity. The inlroductN)n of compelitive cricket and football fixtures across the year enabled pupils to develop their akn'lities across broa¢Jer disciplines. whilst fixlures in rninority sports such as polo and $qua$h saw lurther SLTrccesses for Ihe School. The relurbishmenl of the gym, completed in summer 2022. was a resounding success. The facility is extremely popular with the pupils and has injected a new energy inlo frtness sessions. The Quilters Astro was re-laid at the same lime, affofding Sl Mary's the luxury of two excellent hockey pilches which can be adapted lo hous& n8tb811 and tannis. Michaelmas lem fixtures saw the Senior 18l Xl hockey team win the Berkshire Schools tournament and progress lo the Regional Finals. The younger year groups also nolched up notsble successes, with every pupil in Years 7 and 8 having the opportunity to represent the School. The U13 Tennis squad enjoyed success at the LTA Youth Schools Years 7 and 8 DivisK)n 2 Regional FinaLs. beats.ng Wycornbe Abbgy in the final- an outsianding achievement refteclive of the depth of tennis talenl at Sl Mary's. Olher highlights in¢luded the U15 Trampoline team wnning the Soulhern Regional Finals in the IS￿ of Wvjht. the U13 tennis le8m winning the LTA regional final, and Ihe numerous swimmers who broke pefsonal besls in the English Schools Swimming Association gala. Page 15

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The standout pertomiance of the Lent tenm was the Senior 1￿ Xl hockey team taking third place at the National Finals in Nottingh8m- an incredible a¢hievemenl by a team of dedicated and highly skilled pupils. Our n&tball team5 also achieved 50rne excellent resuhs with the U14A team winning the Ascot Schools tournament and the U14Bs winning the Plate competition. The 1# Vll look se¢ond place in the Ascot Schools tournament, whilst the ￿ Vll were runners-up in the Charterhouse toumarnent. Sl Mary's was pl8ased to host ils fiisl inter- schools football tournamenls with the U12, U13 and U14 teams all tn'umphanl. Continued success in the swimming pool saw 26 new personal bests sel, induding six new School fecords, whilst the School's polo team won the Polo SUPA Ladie5 Sch¢)ols National Arena Championships in the Novbc8 section 8gainst tOU9h opposilion. The summer lem's annual Dance Show showcased the amazing talent of almosl 100 pupils in an extravaganza of music and movement. On the sports pitches, il was encouraging to see the pvpils competing against local schools at hard ball cricket for the fI￿t time. with some notable viclorie5 for the U13A and U12A teams in Ascot Sehools toumaments. Sl Mary's r￿Ided 29 t8nnis teams across 121 matches wi(h over 180 pupils represgnting the School in this mapr sport. The mixèd d￿bleS 8venl WTth Elon was prodictabty popular ond greal fun, but all ygar gfoups teams performed except￿81￿ on the compelitive fixture cir¢uil. Alhl8tics prodLJced oulstan¢Jing individual and team pertorniances across the term. with the ne￿Y crowned Sports Captain achieving a ranking of 8th in the United Kingdom for the 1.500m sle8plechase. The English S¢hools Cup team fini5hefl Se￿nd in both the Junior and Intermediate age groups, whilsl the Sl Mary's team came fir51 in a large-scalè lournamenl invofving tWts￿e schods including Brighlon College, Wycombè Abbey and Bradfield. The polo le8m c8mè Se￿nd in the SUPA Senior Summof Nalionals o)mpelilion, beating several established schoo15 in the process. Duke of Edinbu Award 136 pupils completed their Gohj. Sifver or Bronze Award eX￿dItiOns, with our LVI participants travellin9 10 Vercors in France lor their Gold assessment. We were notified by DolE adminislfalor5 that Sl Mary's pupils completed 2,600 hours of volunleering belween April 2022 and March 2023 with an eslirnaled social value ol over £12,000. Seven of the Gold Award pupils atten¢Jed Buckbngham Palaco in May lo celebrate their successful completion of the award. S eakers 11 was a ple8SUfe lo welcome a diverse range of engaging speakers lo Sl Mary s acTOSS the aca¢Jemic year. The exlensive programme of talks en8￿e$ pupils of all ages lo li$len to inspirational individuals. each with Iheir own stories, advice or experiences lo sha￿. The swaker programme this ygar included talks from Sir Anthony Seklon IBritish educator and hislonanl. Jessica Fullord-Dobson laward-winning portrait pholograph8rl, Louis8 Minchin Ibroadcaster, journalist and wrilerl. Dr Philipp8 WhTlfofd IMP and surgeon), Rachael Lk)yd linlernationalty acclaimed opera singer). Hayley Scott (Crime Scene Invgsligalorl, Maxinè Evans (West End act￿$$ and difector), Fkur de Bono (Head ol Social Media al Everyone's Inviled) and Dr Garelh Williams (academic and author of historical nove15}. In additK)n, it was a delight to wolcome Dr C8lherine Mccormack lindependenl curator and ¢onsuliant becturer al Sotheby's Institute of Art and th University of Oxfordl as the keynote speaker for our annual Intemalional Women's Day festival, and Chemmy cott (Workl Cup alpine ski rac8r} as our guest of honour at the Celebration of Sport evènl. and Societies St Mary's offered pupils a choice of over 50 different clubs and societies lo engage with over the last academic year. Many clubs are sel up and run by enthusiastic pupi15 wishirtg to share their passions. Notable new societies last year included the Doc Soc Isel up to support pupiL% applying lo Study Medicine at universilyl, the Engineering So¢igty. the Flamenco Club and the Dungeons and Dragons Society. Page 16

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Fundraising Although Sl Mary's School Ascot does not have as its primary oty'ecl fundraising, the Schwl acknowledges and abides by the Fundraising Regulatorfs Cod8 of Practice and is complianl with the General Data Protection Regulations. The School's principal inwme 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 Devèltspmenl D1￿clOr who Is currenlty also PA to the H88dmistress. The Trustees direcl and ovarsoe the School's fundraising activities through the Developmtnl Committeè. a sub-committee ol the Boar(l of Govgmors. Tho School's fundraising activities are restri¢tgd to Ihe St Mary's communty wh6ch includes current and fomier parents and membgrs of the Ascot Ajumnae Associalkjn. The School doe5 not approach members of the public. There have been no complaints or con¢ems raised by any r￿rnber ol the Sl Mary's community with regartl lo the School's luf￿raisIng activibes during academic year 2022123. STREAMLINED ENERGY AND CARBON REPORTING {SECR) This is the fourth annual report which includes streamlined onergy and ¢arbon rgporting. Greenhouse gas {GHGI emissions and energy use data for the 1 September 2022 10 31 August 2023 and f¢y the same peritid in the prevityJ$ ye8r are as fol0￿.. UK GHG Emli•lon •nd En•rgy Dat• Pr•vlous Y•ar CurTtnt R•portlng 2021-2022 Y•ar 2022-2023 Energy consumption used to okulale emissions {kWlh); al , mandatory energy sourc*s aro induded. 6,433,017.7 5.835.605.9 Scop• 1.. Emisslons tr￿￿ tho r￿1)u$ll0n of Nalural Gès tco 901.04 827.27 S¢op• 1.. Emi8sion8 from comtrAtslion of Fuel fortransm aTrJ lor healing IC02e 18.7 20A S¢op• I.. Eml8slons of Biomass Pemets tC02e S¢op• 3.. EmlssSons from buslness travel in ' vehicles. where the company repaid mileage claims IC02e {av8rag8 vehicl8lluel source unkn¢hvnl Scop• 2.. Emissions from purchased Eledfiaty iC028 IREGO 8ack8d Ranowable Grid Supplied E￿iCIty) 261.2 254.3 Total gross C028 based on above (tC02el 1,181.9 1.103.0 Intensity R8tlo'. kg C02e gross based on mandatory '. above per melre square of Gross Intemal Are8.. (Kg C02e m" '), bèing 22.370.4 m2 52.8 kg co￿ m 49.3 kg CO2• ffl" Methodology and Thlrd Party Vertficatlon An evidence-based methodology was adopted in accordance with BS EN ISO 140￿3..2019, Section 4.3; verifiable dats has been colbcted from the folk￿1n9 sources: En•rgy Data.. Energy MeteriThJ, Invow. Suppty SummarieslSlalem8nts. RePa￿ent Claims for buslness mileage, Fu81 Cards, and correskY)nden¢e wrth suppliers. Page 17

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Prèvlous Audlt Data.. ESOS Phase11 and Energy Audit 18119 February 2019. and SECR 2021122. Emission Conversions.. All emissv)n factors for C028, have bgen calculated using Defra Conversions 2023, as the per￿1 ￿verS four months of 2022 and eight months of 2023, in accordan¢e with Defra guidelines. Roporting P•riod.. The SECR disckjsure is lor the Financial Year 31 August 2022 to 30 September 2023. for inclusion to Annual Accounts made up lo 31 August 2023. Int•nsbty Rallo.. The Intensity Ralio is based on the School's Gross Intemal Area {GIAI as kilograms of Carbon-dioxide EquiVa￿nI 1kgc0￿ m- l. Groy Fleot.. Where ipplicable. ￿nsUmption was converted using Defra conversions. based on the inlormation provided, Miles Re¢laimed as a total cost al Rates Payab￿ or Miles Claime¥J. Where Size. Type and Fuol are unknown. Ih8se have be8n Calculat￿ using Avèrages and Unknown respe￿Ive1y. The energy data has been compiled and audited by Sean Midgley IESOS L8ad A3ses50r) of Powerful Allles Limited, CIBSE Registration No.. ESOS185262. En•rgy •fflcl•ncy ctlon Sl Mary s School Ascot procurg onty 100'h Renewa￿6 Genèration Guarante8 of Orl9in IREGOI Cortifled Eleclricsly, resuhing in 'Zero Carbon Emi$s￿n$. attributable lo Scope 2 Ebeclricily Gener8tion. However, the requirements of the Streamlined Energy and Carbon Reporting ISECRI Schem, require that Grid Electricity or Local Grid Eleclricity Imarket Based) Emission Factors are used lo repx)rt on Scope 2 Emissions. REGO backed 8leclricity complements the Solar PV arrays instslled lolalling 7.81 kwp. gon8Tating an estimated 7,029 kwh pa. miligalin9 1.46 IC02 of emissions from UK grid SUppl￿d eleciricity. these ore additional to the Renewablg Engfgy procufed. All gnergy metering at Sl Mary s is now ol eilh8r Automated Meter Reader IAMRI or Smart Melering. providing the greatest 9ranularily and accuracy of energy data. The Gas and Half-Hourly ElectTlClty is visible onlln8 for Monitoring and Targeting purposes. whilst Ihe Non-Half-Hourty Eleclricity Melers are r¢ol available online. Non- Hall Hourty electricity use accounts lor <7% of all electricity use and <1.5°A of total energy use, which is predominantly Domestic dwellings. During the current reporting pgriod Sl Mary's hav8 rèducéd total Energy Consumption by 597,491.8 kwhl 9.30k. compared with thg pr8vioiJs year. with a red4Jciion in carbon dioxide emissions of 78.9 IC029. By far the largest fe¢Juction in carbon dioxide is dLte to a reduction in the consumption of Natural Gas, accounting lor 73.8 IC02e. This is a signifscanl improvemenl, as Scope l emissions account for 76.9% of all Greenhouse Gas IGHGI ernissions, when using UK Grid Eleclricity figures. As Sl Mary s use IOOY.'Zero Carbon, electricity, Scope 1 emissions a￿ attributsble for 99.9%, wrth Calering. Healing and Hol Water making up 97.5% of GHG Emissions at St Mary's School. St Mary's School Ascot have continued to invest in Light Emitting Diode {LEDI lighting on a rolling prograrn, including repla¢ement larnppost heads with LED allemalNes and an OWLET lighting control system, cuNently around 95V• of all lighting has been upgraded lo LED. This was one of ihe ESOS Phase 2 Opportunibes which is almost complete. FINANCIAL REVIEW R•sults for the Yo•r The consolidated results of the year are shown in the consolidated statement of financial actNities on page 26. Net incom& amounted to £0.180m12022.. Expenditure £0.038ml. Expenditure during the ygarwas £18.7m 12022= £17.Oml. Page 18

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Financial viabillty and res•rv•s bvel and policy The Board of Govemofs, having reviewed the fijnding facilils availab￿ to the School together with the expected ongoing dernand for place5 and the Sch(N￿'s lulure projecletl cash fh)ws. have an expectation that the School has adequate iesources to conlinue its auivities for Ihe foreseeabk future and consider that there were no material uncertainties over the School's financial viability. Accordingly. they also continue to adopt th6 going concem b8515 in preparing the financial slalements as tsu￿1ned in the Stslemenl of Accounting and Rèporting R6sponsibililies. The School currenlty has total unrostricted fvnds (ex￿dIng designated funds) of Q8.2m12022.. £28.Oml and fixed assets of £30.1m12022'. £30.4ml. The excess of fixed assets over unrestricted funds is £1.9m12022'. £2.4ml. Al th6 year ènd, the School's consolidated unreslricled funds stood al £28.2rn12022.. £28.Om). After adlusllng for unrgslncled functs'onal fixed assets for the chanty's own use and bwowings against them, th8 S¢hi)ol had no free r8serves18s ¢Jelined by the Charty Commission). 11 is the Govemors. k)ng temi policy lo build up free reserves out of annual operating surpluse5 and. subject lo the prior demands ol further expendilure lo equip the School with the uplo4Jate facilities needed lo maintain the standard of educational seNices provided for the benefit ol all pupils. to establish reserves to cover the risks and uncertainli8s of 0￿ratIng as an ind8pendont 8ducationAI establishmgnl equwaknt to onè t8rm's oparating costs (currently approximately £6.1m12022.' £5.6mll. PRINCIPAL RISKS AND UNCERTAINTIES The governors are responsible for the overseeing of Ihe risks fard by the School 8lthou9h detai￿d consideration of risk is d&legaled lo the Headmistress and the Senior Managem8nt and Education Team. Risks are identified, assessed and controls oslablished throughout the ygar. In tho opinion of the governors the School has eslablishetj systems of inlemal controls and other viable mgans including insuranco ￿Ver which, under normal conditions. should allow all risks lo be managed lo an acceptable ￿Ve1 in its day to day operations. 11 is iecogni5ed that systems can onty provide reasonable bul not absolute assurance Ihal major risks hav8 b8en adoquatety manag8d. The govgrnor$ formally review risk at thg F&GP meeling as a standing agenda itern. Areas of particular concern are highlighted lo the main Board through the dissemination of a new 'Top Risks, paper which draws on the whole Sehooy risk register. In the risk register, risk is div￿e￿ ifjlo five sections and al each meeting of F&GP one section is considered. The sections are Exlemal. FInar￿e. Govemance, Operations and Compliance risks. In addition, the entsre risk r8gister is reviewed annualty by the Bursar and significant hanges lo risk profil8$ or control measuros are highlightod to govemors al the time. The mosl sonificant risk to the Charty is a substanlial fall in pupil numbers which would have an immediate Impact on the School's finances. This risk is mitigatffll by a wid¢ ranging set of ￿nIr01 measures including the provision of a first Class education experience for the pupils provided by a well-resourced. Skillod and dedicated team of academic, pastoral and support stsff. The staff are ab￿ lo draw on the fiTsI ¢la$s facilities which not only serve to provide an OLtstanding education environment bul help promote the School lo prospective parents. The School's demonstrable success in public examination5 is a150 a major factor in maintsining pupil numbers. The Board's continuing work to ensure Ihe Headmistress and her senior managers hav& the rgsources to providg this first ¢L4s$ educatson experience is fundamental to ￿d￿cIng the risk of drop in pupil numbers despite Ihe imp8Ct of faclors oulsKle the School's immodiale controf such as financial hardship during a period of hKJh inflation. The Board of Governors do not undereslimale the risk lo the School's financial health as a result of the cumulative impact of change5 in legislalv)n, tsx h"abilty and pension conth"butions. all of which are outsid8 of the School's direct contrd, such as the rernoval ol charitable stslus. ces5alion of the charitable business rale relief, disproportionalg and sudden inuease to the employer's contribution to the Teachers. Pensions Scheme 8nd imposition of VAT on school fees. Page 19

ST MARY'S SCHOOL ASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The Board acknowledges the financial risk represented by extreme increases in th8 cost of energy. The School'5 energy contract was renewed in Oclober 2023 and as a result il is lorecasl that our 8nef9y Costs will double. The Board of GovemoTS a¢kn¢)wled9e that inadequate safeguarding of the pupils is a key risk in a school environment. The govemors, who receive annual safeguarding Ifaining. primarily monitor safeguarding within thè School through th6 safeguarding committèe. th8 safeguarding govemor and through safeguarding reports received diroctty from the DSL at each and every Board meeting. Safeguarding is ahvays the first agenda Item at every Boar(J meeting. The governors w8lcome the work of tho Sch)ol's Safeguarding Review Board which coordinates safeguarding policy matters across the School sile. Finally, thè govemors also recognise Ihat heallh and safety is atsvays a significant area for risk management. Al Sl Mary's the nsk5 range from fire and infraslructuro to Porsonal risks, paTb"cul8rfy on School trips. The governors, who receive a fonnal Heatth and Safety report on a tem)ly basis, acknowledge that tho lev81 and breatjlh of acllvrty al St Mary's means thg risks are 5onrficanl bul are managed appropriatgly through senslblè risk assessment ant1 Ihorough planning. Further reassurance is achi8ved through the empbymenl of an external indopendenl fire risk assessor and an exiemal independent health and safety auditor. FUTURE PLANS Tho Board of Govemors, supported by the Council. remains (￿u$04 on advancing the Roman Catholic faith through the advancfjment ol education of chikjren by managing and adminislering a small, academic. Roman Catholic, girls. boarding $¢hool. Th8 Board is Consc￿u5 of the threat that Ihe COVID-19 pandemic has had on th6 Inde￿ndent education sector and, in particular, boarding Schools. The Board believes that the School's current slNclure, strategy and OP¢falions place ¢t in a slfong positi.on to remain resili8nt lo the impact ol any fulure pandemlc although the Board is not complacent and remains alert to the need to be 0gikn in any fosponse that circumstan¢8s may demand in the lulure. Thè Board continues lo oversee the development of the curriculum as advised by the Hgadmislress. The governors, guided by the Education Committ88, were pleased that the School is keeping abr8ast of developments in public examinations including IGCSE. Pre-u and the Inlemalional Baccalauroate. These inilialives are clearly important and the School may well in Ihe future have to adopt some, or all ol them, bul the Board conbnues lo believe that a small school such as Sl Mary s $I￿UkI not risk bein9 in the vanguard of these changes. The Board continues lo p&ce a Signif￿ant Priority on broadening and widening access lo th6 School through the means-tssted bursary schomo, links with local state sch¢)ols and work wlh the local ￿Mmunity. With regard to infraslruclure development, the Board of Govemors is conscious of the need to maintain an equitable balance between ensuring the currenl pupils benefil whilst, al Ihe same lime. ensuring a sound infrasi¥ucture and financkil base are preserved for the next 98rnralion of pupils in the same way as the current pupils benefit today from the invèslments made in Ihe past. Maintaining and. where necessary, developing the fabric and facilities of the School are central lo the Board of Govemor's strategy. A rolling programme of improvements and maintenance is embedded into Ihe School'5 funding programme. Page 20

ST MARY'S SCHOOLASCOT REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 STATEMENT OF GOVERNORS. RESPONSIBILMES The govemors Iwho are also directors of St Mary's School Ascot lor the purposes of company lawl are responsible for preparin9 the Govemors. Report and the financial statements in accordance with applicable law and United Kingdorn Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company kqw requires the gov8mors to prepare financial stslements for aach financial year which giv8 a true and fair view of the state of affairs of the charttab58 company and the gfOUP and of the incoming resources and application ol resources. inchjding the income and expenditure, oflhe charty and the gfOUP for that period. In preparin9 these financial stalemenls. the Trustees are required lo= Se￿¢1 suitable accounling policies and then apFdy them consislendy: observe the methods and Pfinciples in the Charities SORP.. make judgments and estimates that are reasonable and prudènl., stale whether appli￿b￿ UK Accounting stsn¢Jards have boen folkjwed, subject to any material departurgs disclosed and explained in the financial ststements,. and prepare the financial statements on the going u)ncem basis Un￿$$ il is inappropriate lo presume that tha charitable compony will continu8 in busin8s8. The govemors are reSp￿sIble for keeping proper accounling records Ihal sufficient to show and explain the group's and Ihe School's IransaCt￿n$, dI￿lOse with reasonable accuracy at any tsme the financial posttion of the chantable cornpany and the group and enabl8 them to ensure that th8 financial stslements comply with the Companies Acl 2006. They are also responsible for safeguarding thè assets of the charitable company and the group and hence for tsking reasonable steps for the prevention and deteclion of fraud and other irregularities. So far as each olthe govemors is aware at the time the report is approved.. there is no rg18vanl audrd infonnalion of which the company$ auditors 4r8 unaware.. and the governors have lakgn all steps that they ought lo h8ve taken lo make themselves aware ol any relevant audit information and to establish thal thè audiknrs are aware 01 that Inform8t￿n. In approving this Truslees, Report. the Board are olso approving the Strategic Retx)rt includod herein their capacity os wmpany director5. BY ORDER OF THE BOARD Ms Clementine Vaughan Chair of the GovemorslDirectors 30 November 2023 P8ge 21

A Crowe ChwteredAccountants Member of Crvwe Global Aqui5 House 49-51 Blagrave Streot Reading 8eftshire RGI 1PL. UK Tel [phone] Fax [phone] ¥w.crowe.rA). INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST IAARYS SCHOOL ASCOT Oplnlon We have audited the flnancial ststements of St Marf$ Ascot for the ygar onded 31 August 2023 whlch comprise the Slalemenl of Consolidalod Financial Activities. consol￿al8d Balar￿9 Sheet. Consolidated St8temenl of C85h Flows and notes lo the financial slatemenls. including significant accounting policies. The financial reporting framework that has be6n applied In their preparation is applicable law and United Kingdom A¢￿￿ntIng Standards. including Financial Reporting Sland8rd 102 The Financial Reporting Slan¢J8ft1 appluble in the UK and Republic of Ireland {Uniled Kingdom Ggnerally Accopled Accounling Practice). In our ¢)pinion thè finartk81 statements: give a true and fair view of the stale oflhe group's and the charitable company's affairs as at 31 Augusl 2023 and of the group's inwne and expenditure. for the year then ended.. have been properly prepared in accrAdance with Unile¢l Kingdom Generalty Accepted kncounling Practice.. and have been prepared in accordance wllh the requiremènts ofthe Companies Act 2006. 84111 lor oplnlon We conducted our audit accordance with Inlomational Standards on Auditing IUK} {ISAs {UK)l and applicable law. Our responsibilrtigs under those standards are further described In the Auditor's responsibilrties for the audit of the financial stalements sect￿) of our report. We are independent of the group in accordance with the elhical requirements th81 ore rolevant to our audit of the financial stslements in the UK. including Ihg FRC'S Eth￿al Standard, and we have fuffilled our other ethical rèsponsibilitiès In accordance with these requirements. We belve that the audrt eVKIen￿ wo have obtsined is sufficient and appropriate to Pfovide a basis for our oynion. Concluslons r•latlng to golng conurn In auditing the financial statements. we have concludèd that the govemorfs usè of the goirvj concom bas18 ol accounling in the preparation ol the finanaal statements is appropriatè. Basèd ¢)n the work we hav8 pèrformèd, we hav8 not identsfied any material uncertalntles relallng lo events or conditions that, individualty or collacttvely. may cast swnificanl doubt on the group's abllity to conllnue 8$ o going ￿rKern for a poriod of atloasl months from when the financial statements ale a￿th￿&S8d for issue. Our responsibilities ond Ihe resw)nsibililies of tho 9ovemoTS with respect to goiro coneem are described in the rebvanl sections of this rewt. Oth•r Infom)atlon The governors are reskxinsible Ihe other informatK)n conl8ir)gd wilhin the annual report. Th8 other information comprises the inf0mat￿n included in the annual report, other than the financial ststements and our auditor's rep)rt Ihereon. OUT opinKJn on the financial stslemenls does not cover the other information and, except lo the exlenl otherwise explicitly staled in our ￿￿x)rt, we do not express any fomi ol assurance conclusion thereon. Our responsibility is lo read the other inforrnalion and, in doing so. considef whether the other infomiation is materially inconsistent wlh the finanual statements or our knowledge obtsined in the audit or othetwise appears lo be materially mi5Stated. If we hlenlfy such material inconsistencies or apparent material misstatements, we are required lo detemiine whether this gives rise to a rnalerial misstatement in the financial statements themsefves. If. based on the work we have performed, we conclude that there 15 a material misststement of this other Infornati￿. we are required to rewrt that fad. We have n¢)thing lo report in this regard. Page 22

Crowe INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ASCOT (CONTINUED) OplThlon8 on oth•r matt•r8 pr•scrlb•d by the C1)m￿nI•S Act 2006 In our opinion baselkMing matters In relatM?n to which the Companio$ Act 2006 requlres us to rfrwt lo you rf. in our opinion: adequate and proper accounting re￿IdS have r￿1 been kepl: or thg financial statements ar6 not in agreement the accounting records and rotum8; or certain disckisures of trustees, remuneralion spocified by law arè not made; or we have nol received all the infomat¥)n and explanations we requirè for our audlt R•spon•Sbllltl•s of trut••s As oxplained mort fully in th8 gl)V8mors' responsibi1it1gs $tst8menl sol out on pag8 22, the govemors (who aro also the diroctors ol the charitable company for the purpo$o$ of company law} arè rèsponslble for the preparation of the financial statements and for being satisfied that Ihoy give a trno and lair vlew, and for such intemal control as tho governors délemiine ts ￿ceSSary to enablg Ihe prgparabon ol financial $18tem8nts that are free from malgnal misstatement. whether due to fraud or error. In preparlng Ihg financial statemonts. thg govemors are responsible forassessing the charitabl8 company 8 ability lo conlinue 8s a going concem, disclosing, as applicable, matters rekled to gling concem and using the going concem basis of a¢￿untIng unlgss Ihe govgmors either intend lo liquidate the chgrrtablg company or to coase operaknns, or have no realkslic aftemotNe bul to do $0. Audltor's responslbllltl•• for th• audlt of th• fln•n¢l•l $tat•ffl•nt8 Our objectives afe to obtain reasonabk assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud Of error, and lo issue an auditor's report that indudes our opinion. Reasonabk assurance is a hwJh level of assurance, bLrt is not 8 guarantee that an audrt conducted in accordance ￿1h ISAS IUKI will a￿ayS detect a material misslatgmgr¢l when il exists. Misstalemenls can arise from fraud or error and are conshlered material if, indivitlually or in the aggregate. they coukl reasonably be expected to Inf￿nCe th8 ac0￿rn￿ decish)ns of users taken on thg basis ol these finanual stslements. Details of thè extent to which the audrt was consxlered capable of detectirJ irregulariti88, includlng fraud and nonacompliance Wbth laws and reguL41ions are set out be￿w. A further description of our responsibilities for the audtt of thg financial statèments is kscated on the Flnancial Roporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description foms part of our audréorfs report. Extènt to which th• audit was consider•d ￿Pable of d•t•ctlng Irr•gularities. includlng fraud Irregularilies, including fraud. are instances of non•compliance with taws and regulations. We identified and assesseil the risks of mat8rial mi$statement of the financial statements from irregulariti'8s, whether due to fraud or erTof, and discussed these betr￿n OUT audit team members. We then designed and perfomied audit procedures responsive lo those risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. Page 23

Crowe �

INDEPENDENT AUDITOR'S REPORT

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

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

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be 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, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

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

Use of our report

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

Janette Joyce

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

Reading

Date: 6 December 2023

Page 24

ST MARY'S SCHOOL ASCOT CONSOLIDATED STATEMENT OF FINANCIAL ACTivrriES (INCORPORA TING AN INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED 31 AUGUST 2023 Unrestsid￿ R•strl¢t¢d Fund Fund• £'ooo £'OOD Tolal 2023 £'DOO Total 2022 £'ooo INCOME FROM: haritabl• actlvlti Fees receivable Ancillory income 16.959 1.283 16.959 1.283 15, 743 770 Other tradlng actlvltl• Lettings incomt Other trading irKome 325 325 120 41 Inv••lm•ftts 8ank and other Interest 75 75 Voluntary •ourc•• Donat￿n¥ Donations frorn the Chwitablg Fund 19 18 37 35 Total Incom• EXPENDITURE ON: R•l8lng Funds Trading expendr¢ure 146 97 Chflt•bl• •ctlvltl•8 School operating costs 41 Total Exp•ndltur• 17 NET IEXPENDITUREY INCOME 163 18 181 (38J Transfer behyeen funds NET MOVEMENT IN FUNDS (38) Balon￿S brought foThvaTd 27 977 ￿015 •l•n¢•¥ carrl•d forward notes on pages 28 to 43 fm part ofthese fina￿la1 statements Page 25

ST MARYS SCHOOL ASCOT CONSOLIDATED BALANCE SHEET 31 AUGUST 2023 COMPANY NUMBER.. 01844327 Consolldatod 2023 2022 £'ooo £000 Company Notes 2023 £'ooo 2022 £000 FIXED ASSETS School bU1￿1n9S and equipment Investments- in subsKliary company 30.108 30.409 30.108 30,409 30.108 30,409 30,109 30.410 CURRENT ASSETS Stocks Debtors Cash 10 11 37 506 33 541 25 754 21 T27 5,393 6,954 5,318 6,908 CREDITORS: tlue within one year NET CURRENT ASSETS 321 TOTAL ASSETS LESS CURRENT LIABILITES 29.788 31.739 29,788 31.739 CREDITORS: dug after more than one year 13 TOTAL NET ASSETS FUNDS Re$lrl¢t•d Funds.. Capital Appeal 14 Unr•$trl¢t•d G•n•ral Funds.. Ordinary School Funds 14 TOTAL FUNDS 14 The déficrt for th6 year in relatKJn to the School only was £181 k (2022.. defiGit £82kJ. The financial statements weffj approved arKI authorised for Issue ty the Board on 30 November 2023 Ms Clementlne Vaughan Chair olw The notes on pages 28 10 43 lomi part of th8se financial statements Page 26

ST MARY'S SCHOOL ASCOT CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 £'ooo 2022 £'ooo Not• Cash flows from 0￿ratIng actlvttl•$ Net cash provided by operating activities (see note below) Cash flows from Inv•sllng adlvltles Interest received Payments for tangible fixed assets 75 831 Nel cash in investing activities 11,316) (824) Cash flows from flnan¢lng a¢tlvlll•s Cash received for new advance feè contracts Amounts utilised on advance fee contracts Bank loan iep8ymgnts 882 12.0221 2,212 (1, 764) Net cash Ikiws from Ilnanclng activities Chang• In cash and c#h èqulval•nts In th• rnportlng p•rlod 17,18 {1.$301 266 C8sh and cash equivalents al the be9inning of the repo￿.n9 period Cash •nd c•h •qulv•l•nt# at th• •nd of th• r•portlng p•rlod R•con¢lllatlon ot n•t Incom• to n•t cash Ilow from owrntlng actlvltl•s.' Nel income I Ideficrtl for Ihe r¢porting perbod (per Ihe SOFA) AdJustm•nt for.. Depreciation charggs Intèrest received Ilrb¢reasel l Decreasè in stock Decrgase I Iln¢reasel in debto Increase in credilors 181 f38) 1,692 {75} 14) 35 1,615 (T) (i) (51) Net cash WQVKled by op8raliThJ actrviti8s Analysls of cash and ush •qulvalents Cash in hand Notice deposits 2,796 3,365 Total cash and cash equivalgn¢s The notes on paggs 28 to 43 form part of these financial statements Page 27

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CHARITY INFORMATION Sl Mary's School Ascot's principal aclivty continues lo be the running of 8n independent, girls,, Roman Catholic b08rding school. The inCorp￿ated charity {charity number 290286, company number 018443271 is domiciled in the UK. The address of Ihe registered office is Sl Mary's School Ascot, St Mary's Road. Ascot. SL5 9JF. ACCOUNTING POLICIES The financial stslemenls have been prepared in accordance with the Financial Reportin9 Stsndard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their a￿untS in accordance with the Financial Reporting Slandaid applicable in the UK and Republic ol IreL9nd IFRS 1021- effective 1 January 2015. No sèparate SOFA or Income and Expenditure a¢￿In1 has b8en pres6nled for School alone as pemitted by Section 408 of tl)8 Companies Act 2006. Tho School is a Public Bgnefit Entity registered as a charlty in England and Walos and a company mited by guaranleg l¢ompany number. 01844327 and charty number.. 2902861. •) B•$l$ of pr•paration The aceounts 8re prepared under the historical tost eonvènlion. The accounts present the consolidled statement of financial aclivities (SOFA}, the consolidated statement ol cash flows and Ihe consolidatèd and school balance sheets comprising the consolidation ol th8 School and with ¢ts wholly owned subsidiary St Marfs School Ascot Trading Company Limited. bl Golng conc•m The Board of Govemors. having rèviewtd thè tèms of the School's fundlng lacililias, tog8ther with the expected ongoing demand IOT places and the School's lulure projeclgd cash flows. have an 8xpecialion Ihal the Sch¢)ol has adequate resoufces to meet all of its liabilities as they fall due and continuè its activrties for the loreseeable lulure. The governors further consider that there were no material uncert8inls impacting th8 School's short- and medium-lerm operation81 budgets. Accordingly, they also continue to adopt the going concern basis in preparing the financial slalements a$ oullined in the Stalemenl of Accounting and Rgporting Responsibilrties. ¢) Crltlcal accountlng lud9m•nt8 and key $our¢•s of ostlmallon uncertalnty In the application of the accounting policies. governors are ￿qUired lo mako judgment, eslimales, and assumptions about the carrying value of assets and liabilitlOS that are not readily apparent from other sources. The eslimales and undetying assumptions are based on hislorical experience and other factors Ihal are ￿nSIdered to be relevant. Actual results m8y drffeT from these e$limales. Page 28

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POUCIES (continued) c) Crltlcal accountlng Judgments and k•y sour¢•s of ostlmatlon ￿n￿rtaInty {contlnued) The eslimates and underlying assumptions are reviewed on an ongoing basis. Revisions to a¢¢ountsng estimates are recognised in the period in which the estimate is r8vise¢J rf the revision affects only that per￿1, or in the per￿ of the rèvision and future periods if the revision affected current and fvture pefiods. Judgrnents made by the govemors. in the application of these accounting policies that havg signifTrc8nl effect on the fin8ncial stslements and estimales with a synificanl risk of material adjuslmenl in the next year are deemed lo be in relation to Ihe depreciatson ral8s of tangible fixed assels and are discussed below. In the view of the govemofs, no assumptions conceming thg fvture or estimation uncèrtainty affecting assets or liabilities al the balance sheet dale arg likgty lo result in a m8leTial adjuslmènl to their carrying amounts in the next financial year. dl Incom• All incoming resources are In¢￿￿ed in the statement of financial acbviti8s whon the charitable company is legally enlilled lo the ir+comg. roceipt is probable and tho amount can bo quantified with reasonable accuracy. •) F••s and •5mllar Incom• Fees receivable and other fees are accounted lor in the period In which the service is provided. Fe8$ recgivable reprosent f8651oss bursaries and allowan￿$ and other income derived from the School's continuing activities. Incom• from pupll •xtras Charges are made lo pupils to ￿Ver Ihe cost of 'Extras'. In some cases the Costs slightly exceed the Charges made and in othgrs there is a small Surplus remaining. The inlenlion is for pupils, pafent$ lo pay lor thes* costs bul not to achieve a profit on recharging. g) Inv•$tm•nt Incom• Inveslmenl income from bank balonces and fixed inlerest 3eGuriti¢s 1$ •¢¢ounled for on an accNals basis. h) Donatlons, l•gacles. grants and oth•r voluntary Incom• Volunlary income is accounted for as arsd when entitlement arises, amount can be reliably quantified and the economic beneffil to the School ts considered probable. 11 Expend5ture Expendrturfj is accounted for on an accruals basis and is allocated to expense headings on a direct cost basis. The Irrecoverab￿ VAT is included with the item of expgn$o lo which it ￿lates. Govemance cosis comprise costs incurred in meeting slalutory and conslilutional requirements of the School. Page 29

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES l¢ondnu•dl J) Tanglble Ilx•d assets Fixed assels are state(i al cost ￿$S deprecialion calculated on Ihe following basis. Buildings 2% pgr annum on a straight line basis Improvements and extensions 2- 10% per annum on a straight line b8SiS Alhlelics and hockey lacilty 6.6% per annum on a straight line basis Fumilure and equipment 20 - 25% per annum on a Stra￿h1 line basis Indlvldual rtems costr"ng18ss than £2.000 are not capitalised. except when they fomi part of a larger project. Asstr¢s are carried in the BaLan¢e Shoet al historical cost. Assets under the course of construth'on are not depreciated until ihey are compl8te and broughl into use. kl Inv•8tm•nts Investments in subsidiar￿$ are valued al cost less provision for impalm￿nt. l} P•n•lon •¢h•m•i al A conlribulory Group Personal Ponsion Plan has been established ft)r certain adminislralNe and olhor noTrleaching staff. This is a defined contribution s¢hem8. Contributions lo the plan are made in accordance with the rules of the plan and are charg8d to 8xp8nditure when they are payabl8. b) Th8 T8achers' Pension Scheme - Thi8 sdwme 15 a mulli4mployèr penslon scheme. 11 1$ not possible to identfy the SchcÉ*l'$ share of the undeftying assols and liabilities of the Teachefs. P6n$￿Tr Scheme on a consislenl and reasonable basis. Thereloro, as required by FRS102. the School accounts for the scheme as if it wgre a dgfinod contribution scheme. The School's conlribulions. which are in accordance with the recommendalions of the Govemmgnt ktuary, aro charged in the period in which the salaries lo which Ihey relate are payabkn. c> A workplace pension scheme has also been esiablished for other staff which is provided by People's Pension. This is a d¢fined contribution scheme. Contributions to the plan are made in accordance wrth the rules of the plan and are charged lo èxpenditure whèn they are payable. ml Unr•slrlct•d funds Unreslricted Funds are fvnds opplied ot Ihe disuehon of the govgmors in furthèrancè of thè objects of the School. n) Restrl¢ted funds This roprosents thg mon￿5 T￿01Ved fly Specific purposes as di$closed in note 14. ol Flnanclal In$trum•nts Basic financial instruments are inrtially recognised at transaction value and subsequently mfrasured at amortised cost wtth the exc8Ption of investm8nts which are hehl al fair value. Financial assets held at amortised cost comprise cash at bank and in hand. togèther with trade and other debtors. A specffic provision is made for debts for which recoverability 1$ in doubl. Cash al bank and in h8nd is ¢Jefined as all cash held in instant access bank accounts and us as working capital. Finantyal liabilities held al amortised cost comprise all ¢r8ditors except social security and olher taxes and provisions. pl D•btors Trade and otherdebtors are recognised at the Sett￿ment amount dug after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Page 30

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINIJEDI FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES l¢onllnued} ql Parents, deposlts The governors have rèviewed the ￿)ntract lenms under vthich pupil fee dèposits are held by the School. Akhough under normal circumslances these will bg repaid over fijlure yoars when the pupils complete their education al the School. pupls Can leave at earlier dales. The School does not. therefore. have an unconditional rNJhl lo retain tt)e individual deposits for al least Iwefve months after the balance sheet date and. in line wrth the requirements in FRS 102, the baknce of the deposits hekl al Ihe year end have been Includetl within Current li0￿.1111¢8. The prior year pupil feè de￿5¢ts balance ho$ b8en simiLgrty represènted. rl Advance Fe• S¢h•m• Arnounts rèceived under the School's Advance Fee Schème eonlracts for education not yel utilised to settle school fees are recorded as defeffed income and allocated as curr8nt liabilities whgrg the education will be provided within ￿1ve months from the reporting date and as long-lerm liabilth'es where the education will be provKlgd in subsequent years. •) C4h at bnk and In hand Cash at bank and cash in hand indud88 cash and short term hvJhly Ibqukl investments. t) Cr•dStorn and provlslon• Croditors and provisions arè reeognised where the School has a prèsent obligation rosultlng from a past event thal will probably result In the transfer of funds to a third party and the amounl due to settle the obligation can be measuretl or eslimated feliably. Credilors and provisions are normalty recognised al their sett￿ment amount after allowing for any trade discounts due. FEES RECEIVABLE 2023 £'ooo 2022 £000 Gross fees Less: lolal bursaries. grants and olbwances 17.724 16,410 19 16,777 15,497 Add back.. Bursariès paid for by the Charitable Fund 182 252 Page 31

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 TRADING INCOME The School owns 100% ofSI Marfs School Ascot Trading Company Limited, which provides leisure and conference facilrties lo local and olhef gfOUPS. The registered office ol St Mary's School Ascot Trading Company Limited is St Mary's School Ascot. Sl Mary's Road, Ascot. SL5 9JF. Its taxable profits are donated under 8 deed of covenant to the School. Its trading ￿s￿lts, extracted from ils audited accounts were.. 2023 £'ooo 2022 £000 Turnov•r Lettings income Other trading income 325 120 41 385 161 Cosl of sales Gro•$ pro 293 123 Admlnlstralion 59 59 Op•ratlng protbtl(lo##l 234 Covenant lo school Net profit Taxation 44 Profit lor the y•ar N•t a$s•ts ANCILLARY INCOME 2023 £'ooo 2022 £'ooo Other charges lo pupits School trips Registration fees hgr 718 430 41 88 440 225 43 62 Page 32

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ANALYSIS OF TOTAL EXPENDrnJRE Slaff costs £'ooo Other £'ooo Depreciation £'ooo 2023 £'ooo 2022 £000 Charitable •¢tlvltl$ School operating costs Teaching costs Welfare costs Premises costs Support costs Dèvelopment and Marketing Finance and othèr costs Donations 8.166 1.791 1.068 870 157 1.588 861 1,157 820 169 9,923 2,652 3,748 1.690 210 136 235 8,854 2.457 3.589 7,445 186 55 1.523 136 Co•ts of ral¥lng fund Trading expenditure 97 Included with support ￿$ts ore govem8nce costs of £28k (2022.. £24kJ. Slaff costs £000 Other £000 Dep￿latIOn 2022 £000 2021 £000 2022 Chantable 8clivitfft$ School ope￿tIng costs Teaching costs Weffar8 ￿$1$ Premlses cosls Support costs Development end Marketing Fingnce and other Costs Donolions 7,718 1,703 1,021 740 152 978 754 158 8.854 2.457 3,589 1,445 186 55 8,271 2, 126 3,490 1,670 178 59 1,457 705 55 Costs olraisln9 funds Trading expendilu 97 72 Include(I with support wsts are govemance eLJsts of £30k (2021.. £25kJ. Page 33

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ANALYSIS OF TOTAL EXPENDrruRE {CONTINUEDI EXPENDITURE 2023 £'ooo 2022 £'ooo Charitable activities in¢￿de.. Depreciatson Govemance cosls Auditor's remunerab'on: Audit Other services 1.692 1,615 23 22 Oonalions Donations to the Charilabl8 Fund Other donations t)onatsons Irom the Restricted Fund to contribule towards bursaries az 21 TOTAL STAFF COSTS 2023 £'ooo 2022 £'ooo Wages and salari9$ Social Security costs Pension Contribut￿n$ 9,557 1.016 8.966 955 Th9 avgragg number of employe8s in Ihe year was.. Teaching stsff Support staff 109 17 109 17 Key rnanagement personnel include the gOVerr￿TS. Headmistres5 and the Bursar las stsled on page 31. Total ￿m￿neratIon of key management personnel lincluding employer's pension and employèr's NS) during the year was £488.S10 (2022.. £455.225). Totsl lernination payments madg during tho y8ar wero £nil (2022.. £nil). One of the governors. The Rev Dr Demol Power. was employed as the School Chaplain Isee note 15 for further delailsl. Three govemors (2027.- had travelling and accommodation expenses of £1.564 (2022.. £1,169) reimbursed lor attending meelings. None of the other governors or pgrsons Connfjd￿ them r￿e1Ved any remuneration or Ottr￿r benefit from the School (2022.. None). Page 34

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 TOTAL STAFF COSTS {CONTINUED} Number of emptyees e8ming over £60,CW {gross pay and tsxable benefitsl during the year were as fdbws:. 2023 No 2022 No £60.001 - £70.000 £70.001 - £80.000 £80,001 - £90,000 £90,001 - £100.0 £140,¢X11- £150.000 £150,¢X11 - £160.OCrfJ £160,¢XSO- £170,0(rfJ 25 Number of hyher paid employoe$ contributhMs lo a pension scheme Tolal cost of empbyer's conlribulions in relation lo the above Page 35

O*nr J (ry U<<Q < Q<U£i < Z4i

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 INVESTMENTS {School ontyl 2023 £'ooo 2022 £'ooo Share in subsidiary company:. Sl Mary s Ascot Trading Company Limlted 10. STOCKS Consolldat•d 2023 2022 £'ooo Company 2023 £'ooo 2022 £'ooo Con$um8bles 11. DEBTORS Con•olld•t•d 2023 2022 £'ooo Comp•ny 2023 £'ooo 2022 £000 School fees receivable and other charges Prepayments and accrue(I income Other debtors Amounts due from SUbs￿lary undertaking 333 335 333 335 154 19 206 154 13 205 12. CREDITORS: Amounts falling dua within one year Consolldat•d 1023 2022 £'ooo Company 2023 £'ooo 2022 £'ooo Bank loan (see note 13bl Other laxalion and siKial security Advance lee scheme Isee note 13a Trade ¢￿d￿or$ School fees receivod in advance Final term deposits Other creditors Accruals and deferred InC￿Me 600 600 230 244 230 1.102 490 1.910 652 1,802 432 1,910 637 1.359 797 380 41 1,359 797 369 908 793 439 793 66 Page 37

ST MARY'S SCHOOLASCOT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 13. CREDITORS: Am¢Junts falling du8 after mole than one year Consolidatod and Company 2023 2022 £'ooo £'ooo Bank loan {Nole 13b} Advance fee schemo (Note 13a) 150 1,250 13. Anly•l• ol adv•nc• f•e sch•m• Due.. Befvleen one to yeapJ Between two to five years Over five years 742 738 1.247 7.218 Due within one year Bal•n¢• at 31 August 2023 The balance represents the accruod liabilty undor the rnntracts. The movements during the year were: 2023 £'ooo 2022 £'ooo Balance at I S&pt8n7ber 2022 New ¢ontra¢t$ Amounts ulilised in the payment of fees 4.422 882 3,974 2,212 B*l4nu at 31 August 2023 13b. Bank loan• An analysis of th• maturity of loans b5 as foHows.' 2023 £'ooo 2022 £'ooo AJnounts falling due wthin one year- Bank loan$ 600 A￿)Unts falliThJ due vmhin one year- Totsl 600 600 Amounts falling due between one and Iwo y•ars- Bank kyans Amounts falling due betweèn two and fiv• yèars - Bank k)ans 150 600 The £3m loan (reduced to £750k by the balance sheet datel. obtained through the CoTonaviTUS Business Intefruption Loan Scheme ICBILSI. 15 secured by way of unlimited deb8nturo. Page 38

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 14. STATEMENT OF FUNDS {CONSOLIDATEDI 2023 88lance 811 September 2022 £'ooo Balance at 31 August 2023 £'ooo Incom• £'ooo Expenditure £'ooo TrnJfor £'ooo Unrèstrictsd G•n•rnl Funds: Ordinary School ffiJnd¥ R•$trlcl•d Funds: Bursary income Capital Appeal Fund Other restn'cled donat￿n$ 27.977 18.721 (18.5581 18 28.158 182 1182) Total funds Capltal Appgal Fund represents funds generated spocfflcally for the Mary Bmn Coutyard. Thg Bursary Income represents donations rewved from the Charitsble Fund to bg applied towards bursariès. The tran8fer In funds relates lo re1mbu￿oMenI of ￿pItal projecl costs incurred ty the School, ahead ol the restrictod donations being received. 2022 8818n¢e al I September 3021 £'ooo Balance èt 31 August 2022 £000 Income £￿00 Expenditurg £000 Translers £'ooo Unrnslncled Gener81 Funds.. Ordinary School fvnds Restricted Funds.. Bursary income Capilal Appeal Fund 28,015 16,703 (16. T54) 13 27,977 252 73 (252) 13 Total fvnds Page 39

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 15. RELATED PARTY TRANSACTIONS Falhor Dermot Power. who was the school Chaplain and on employ88. was reappointed as a govemor in December 2008. Father Power's salary foi the period lo 31 August 2023 whon h8 left Ihe school was £45,530 (2022.. £43,990J and £10,782 (2022.. £10,417J was contributed towards his pension. All governors, d￿lS4onS regarding his empknyment, including remuneration and bengfils, are made by the govemors excluding Father Power to avoid any potential conflict of interest. Ouring the year govemor donalions to the school totalled £nil (2022.- £1,820J. 16. PENSION COSTS The School participates in the TeacheTS' Pension Scheme (the YPS'I for its leaching staff. The pension charge for the year includes contributs.ons payable lo the TPS of £1,254,666 (2022.. £1, 179,375). Contributions payable by the Schts)l on othér pens￿n 8chem8s amounlod lo £266,334 (2022.. £271, 124). Conlrfbutions lotalling £185,$64 (2022.. £158,685) woro pgyablo to tho ￿hOmeS al thè yèar ènd and are includod within other crodrtws. The TPS is an unlunded mulli-empbyer define(I benefits pension scheme governed by The Teachers, Pensions Regulalions 2010 (as amended) and The Teachgrs, Ponsion Scheme Regulations 2014 las arnendedl. Members ¢onlribule on a-pay as you go" basis with contributions Irom mem￿r$ and the empkjyer being credited lo Ihe Exchequer. Rellrement and olher penslon benefits are paid by public funds provKled by Parliament. The gmploygr contribution rate is set by the Secretary of State following scheme valuations undertakgn by Ihe Govemment Actuary s Departmenl. The rnost recent actuarial valuation ol the TPS was prepared as al 31 Morch 2020 and the valUat￿n Report was published in October 2023. Following the Mccloud judgement. the femedy proposed that when benefits become payable, eligible members can sèlect to receive them from either the reformed or legacy schemes for the period 1 April 2015 10 31 March 2022. The actuanes have assumed Ihal members are likely to choose th8 option that provides them with the grealer benefits, and in preparing the 2020 v81u81ion have valued the 'greater value. beneffits lor groups of relevant members. The valvation confim)ed thatthe empbyer wntribulion rale for the TPS would increase from 23.8% to 28.6V• from 1 April 2024. Empk)yers are also fequired to pay a scheme adminislralion levy of 0.08% giving a totsl employer contribulion ratg of 28.68%. Page 40

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 17. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2023 2022 IDecrèaseifincreasè in cash Sn the year Loan reduct￿n$ Advance fees schem (1,5301 1,100 266 1. 100 448 Change in nel debl 710 918 Net debt al 1 September 810 NET FUNDS AT 31 AUGUST 18. ANALYSIS OF CHANGE IN NET FUNDS Net debl as 81 I Septsmbgr 2022 Cash Chan Net d•bt as at 31 August 2023 Cash at bank and In hand Loans Advance fees scheme 6.380 (1.850) 11,5301 1.100 14 4,850 17501 Page 41

ST MARY'S SCHOOL ASCOT NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 19. FINANCIAL INSTRUMENTS Financial assets held at amortised cost are fees receivable. other debtors. amounts duè from group CoMpan￿S and cash at bank. Financial liabilities held at amorbsgd cost are bank loans. trade Creditc￿s. other creditors and accruals. 2023 2022 £'ooo CONSOLIDATED Financial assets measured al amortised cost Financial liabilities measured al amortised cost 5,202 1,661 6,495 3,033 The group's income. expense. gains and losses in respecl of finanTh81 instruments arg summarised below.. 2023 £'ooo 2022 £000 Intgr881 income and expgnse.. Total inleresl income for linanclal assets hold al amortised cost Total interest eX￿n$8 for flnancial liabilities held 81 amortised cost 75 2023 £'ooo 2022 £000 COMPANY Financial assets measured al amortised cosl Financial liabilities measuied al amortiseo cost 4,885 1,587 6.682 2,926 The companys income, expensè. gains and losses in respect of financial In$trumgnts are summari$8d b81ow: 2023 £'ooo 2022 £000 Int•rn$t In¢¢m• and •xp•n$•: Totsl interest income for linancol assets held at am¢ytisgd cost Tot81 interest expense for financial liabilities held at amortised ￿$1 75 Page 42

ST MARY'S SCHOOL ASCOT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

		Unrestricted	Restricted	Total
	Notes	Funds	Funds	2022
INCOME FROM:		£'000	£'000	£'000
Charitable activities
Fees receivable	3	15,743		15,743
Ancillary income	5	770		770
Other trading activities
Lettings income	4	120		120
Other trading income	4	41		41
Investments
Bank and other interest		7		7
Voluntary sources
Donations		22	13	35
CJRS Grant
Donations from the Charitable Fund			252	252
Total income		16 703	265	16,968
EXPENDITURE ON:
Raising Funds
Trading expenditure	6	97		97
Charitable activities
School operating costs	6	16 657	252	16,909
Total Expenditure	6	16 754	252	17 006
NET (EXPENDITURE)/ INCOME		(51)	13	(38)
Transfer between funds	14	13	(13)
NET MOVEMENT IN FUNDS		(38)		(38)
Balances brought forward		28,015		28,015
Balances carried forward	14	27 977		27 977

Page 43