ST MARY'S SCHOOL ASCOT AliNUAL REPORT AND CONSOLIDATED ACCOUNTS YEAR ENDED JI AUCUSf 21123 Ytxr 9 eA10￿ne thelr vtslt lo Ihe SelJ*l*ndrfosA TV*terfAII the Geographw field lrip to Iceland, O¢tobtr 2022 Comp*nv 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 cI 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 stalerr*nts 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. S*l•gu*rdlng 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 m*Jht 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• 67.2*0 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￿. 8u*lne#s rnl*tlonihlp• 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 $ocondary Schools in Berkshire. Events in 2022-23 includèd.. Our annual Inlematk*nal Women's Day conferance hosted by Sl Mary's for am partnershlp schools. A mgeling of the School's Docsoc society. ￿1¢h was joined by TVLP pupils. in which a member of the adrnissions toam for medi￿ne at UCL delivered a talk aboLrt how lo write a strong application. The Braln Day, a ta￿ by Guy Sutton for pupils sludylng A Level P8ychob)gy, whlch was attended by TVLP pupils. A talk by presenter 8ThJ l¢)umalist Louise Minchln. to whlth TVLP sdwls were invitgd. The Maths department'8 INfrstre8med ￿re lo Yoar 10 puwls In TVLP sctrf>ols. St Mary's also provldes a rang8 018UPPOrt lor wplls from other sctM)018: St Mary's acts as a vdunlary ￿X91 contre for Mo(1om Foreign Languogo oral ox3mln8tions. whlGh invofves hosting stale sctthls. provitjing chaperones and administering the examinations. A Model Unitèd Nations conference that includèd four k)cal stale schools, hoslod by our Hlslory Department. Support lo Oxbridge antj medical apph'cants. including inleNiew practice and written feelkMing matters In relatM?n to which the Companio$ 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 tru*t••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 $tat•ffl•nt8 Our objectives afe to obtain reasonabk assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud Of error, and lo issue an auditor's report that indudes our opinion. Reasonabk assurance is a hwJh level of assurance, bLrt is not 8 guarantee that an audrt conducted in accordance ￿1h ISAS IUKI will a￿ayS detect a material misslatgmgr¢l when il exists. Misstalemenls can arise from fraud or error and are conshlered material if, indivitlually or in the aggregate. they coukl reasonably be expected to Inf￿nCe th8 ac0￿rn￿ decish)ns of users taken on thg basis ol these finanual stslements. Details of thè extent to which the audrt was consxlered capable of detectir*J irregulariti88, includlng fraud and nonacompliance Wbth laws and reguL41ions are set out be￿w. A further description of our responsibilities for the audtt of thg financial statèments is kscated on the Flnancial Roporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description foms part of our audréorfs report. Extènt to which th• audit was consider•d ￿Pable of d•t•ctlng Irr•gularities. includlng fraud Irregularilies, including fraud. are instances of non•compliance with taws and regulations. We identified and assesseil the risks of mat8rial mi$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 Ch*flt•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 consolid*led 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 uncert8inl*s 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. •) C4*h at b*nk 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<