CHARITY NUMBER: 309088 COMPANY NUMBER: 924805 ST GEORGE'S SCHOOL ASCOT TRUST LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ST GEORGE'S SCHOOL ASCOT TRUST LIMITED CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 PAGE Governors, Officers and Advisers Govemors, Report Strategic Report 10-13 Auditors, Report 14-16 s￿lement of Financial Activi118S 17 Balance Sheet 18 Cash Flow Statement 19 Notès lo the Financial Statements 20-35 ST GEORGE'S SCHOOL ASCOT TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 GOVERNORS The School Governors, who are also the Charity Trustees and the Company Directors, are listed below. They have all setved in office throughout the year except where indicated, Mr A Mackintosh *# (Chairman) Mrs D Brown MBE Dr J Gibbons Mr P James. MrE Luker. MrAMiles Mrs R Niven Hirst Mr P Sedgwick. Mrs A Triccas # Mrs K Trueman Alexander" Mrs A Felix . {from February 20221 Mr J Pym (from February 2022 Memberof the Finance Sub-committee Member of the Education Sub-cotnmitlee Safeguarding Governor OFFICERS (Key management personnel Head Mrs E M Hewer Bursar and Clerk to the Governors Mr J F M Anderson PrÈncipal address and Registered Office Wells Lane Ascol SL5 7DZ Website www.stgeorges-ascot.org.uk ADVISERS Auditors Haysmacinlyre LLP 10 Queen Street Place London EC4R 1AG Bankers Barclays Bank PIC 19 High Street Ascot SL5 7JG Solicitors Farrer & Co 66 Lincolns Inn Fields London WC2A 2LH ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 The Govemors present their annual report for the year ended 31 July 2022, in accordance with the Charities Act 2011 and the Companies Act 2006 thus including the Governors, Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year, and confirm that the laller comply with the requirements of the Companies Act 2006, the Company's Memorandum & Articles of Association and the Charities SORP 2019. REFERENCE AND ADMINISTRATIVE INFORMATION Sl George's School Ascot Trust Limited, also known as Sl George's School, Ascot, (the School) is a charitable company limited by guarantee, registered in England & Wales, company registration number 924805, Charity registration number 309088. In the event ol the company being wound up, the liability of each member is limited lo a maximum of £1. No one member has overall control of the company. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The company is govemed by its Memorandum and Articles of Association, last amended on 18 Mar¢h 201N. Governing Body The members of the Governing Body are d8tail8d on page 3. The Goveming Body is self-appointing. Each Governor is elected for three years and ietittng Governors are able lo sland for re-elèction. Ouring Ihg year. o new Govemors were voted onlo the Board, Mrs Antonia Felix and Mr James Pym. Recrultment and Tralning of Govemors As identified earlier, the Govemors voted two new members onlo the Board, increasing il to twelve. Potential Governors are identified by members of the Governing Body and considered against the Body's specifications concerning eligibility, competence, specialist skills and local availability. 11 is critical that all Governors empalhise with the object, features and ethos of the School. Training is regularly offered to all Govemors. Bespoke courses are sometimes held in conjunction wlh Governors. meetings to address particular areas. On appointment of a new Governor. the Head and Clerk to the Governors are responslble for inducting the newly appointed Governor and this is carried out through a tailored programme of visits lo the School, providing an induction pack with a wealth of information parlicularty the Charity Commission guidan￿ on being a Trustee ICC31. The Board of Govemors is provided with formal training periods as required, which includes child protection training. In addition, Govemors are encouraged to attend external Iruslee training and courses designed to keep them informed and updated on current issues in the sector and regulatory requirements. This includes 8venls run by ISC. AGBIS, ISBA and professional firms. Organisational Wl?nagement The members of the Goveming Body are legally responsible for the overall management an(i control of the School. The Governing Body meets al least three times a year. Half of the preparation for Governors, meetings is undertaken by the Finance Sub-committee Chaired by Paul Sedgwick, which meets al least three weeks before each Governors. meeting. The other half is conducted by the second PTincipal committee, the Education Sub-committee, chaired by Andrew Miles. Committee members are listed on page 3. The Education Sub-commillee meets lermly. before the Governors. meeling. The day-lo-day running of the School is delegated lo the Head who is assisted in this by the Bursar. The Head and Bursar attend meetings of the Governing Body and ils Commillees. Other members of the Senior Leadership Team allend Governors, meetings as required and all Education Sub-commillee meetings. ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 The remuneration of key management personnel is set by the Board, wilh the policy objective of providing appropriate incentives lo encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions lo Ihe School's success. The appropriateness 8nd relevance of the remunerdtion policy is reviewed annually, including reference to comparisons with other indep8ndenl schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim lo recruit at a competitive market rale and subject lo experier7ce. Delivery of the School's charitable vision and purpose is primarily dependent on our key management personnel and staff costs remain the largest single element of our charitable 6xper7dilure. Group structure The Group is structured around Sl George's School Aswl Trust Limited and there is one subsidiary company, Sl George's Ascot Enlerprlses Limited. This is principally used for lelling income from Ihe Swimming Pool. The School continues lo be an aclive member of the Girls, Schools Association, Boarding Schools Association, Independent Schools, Bursars AssoGialion and the Association of Governing Bodies of Indepéndent Schools. Charltable Object5 The objects, as sel out in th8 Company's Memorandum and Articles of Association, are lo promote tho cause of education generally. Th& objects are achieved by the operation of St George's School Ascot Trust Limited, the principal a¢livily of which is providing education for day and boarding girls. Education is provided on the basls of Christian principles bul si George's welcomes girls of all faiths and backgrounds. The School is commilled to safeguarding and promoling the welfare of ils pupils and expects all staff and volunteers lo share this commitment. Governors do not identify any potential detriment or harm arising from the educational activities of the School and they provide an assurance of their commitment lo safeguard and protect the welfare of the pupils. Similarly, they seek lo engender a culture that welwmes diversity and IncI￿SIV*1y. Principal AGtivlty The School provides education lo girls belween the ages of 11 and 18 and ils slr2legic vlsion remains aligned with this. While fostering considerable academic success, the School continues lo demonslrale ils excellence in music, sport and the performing arts. The School provides a balanced education and during the year, the pupil roll remained heallhy. The previous two reporting periods were marked by significant COVID pandemic disruption. While this risk has receded somewhat, ¢onlinuÈd vigilance and effertive management remain in place lo ensure and assure safely al Sl George's. However, fresh challenges have subsequently emerged. Notably, travel disruption, a shrfl in the global economy, the war in Ukraine 2nd further sanctioning of some Russian families. These factors may have placed the pupil roll al risk if the School did not have resilience through éiversificalion. Importantly, the School does not subscribe overly lo a particular international market and while, for example the war in Ukraine, had a direct impacl on a very small number of pupils {fewer than 51, it did nol have a notable effect on pupil numbers. In dealing with the impact of the war in Ukraine, the School provided limiled short-lerm financial support lo a small number of pupils directly affected by it. ore broadly, pupil numbers remait) strong and the Governors are exlremety collfidenl in the School's continuing ability to deliver the obj@Gts sel out in ils Articles of Assoctation for many years. Sl Georye's continues to b& financially robust, though the Board is very cons¢ious of the potential risks posed by the recent rapid changes in the global economy and associated inslabilily. This was particularly apparent in the second half of the financial year and such turbulence is forecast lo continue in the mid-term of 1 2 years. While pupll numbers continue to grow healthily, the Board remains proactively engaged in miligaling any potential adverse effects or financial risks facing the School during 8 period of global instability. For example, ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 il is well hedged lo manage the near-lerm issue of gas and electricity Costs, borrowing remains low. there is a conservative approach to capital programmes and appropriate wage con8lrainl. Accordingly, the Govornors retain a deep-rooled conviction that the School remains a going concern for the foreseeable future. In the previoLES period the School reported on the publication of ils Environmental and Sustainability strategy. This has delivered considèrable succ&ss across a large number of areas including a reduction in food waste. improved biodiverslty, redu¢ed chemical use and, increasingly, wider pupil and staff engagement is driving these improvements. At the end of the period the School also commenced a significant solar power project which will be completed in August 2022 and il will reduce demand for the already 1 OOO/o renewable eleGlricily drawn from Ihe nstwork. Sl George's continues lo provide a broad educ2tion and has built upon the Diversity and Inclusion work conducted lo dale and highlighted in the previous report, lo ensure il remains a focus across the School and its value is conveyed routinely in the curriculum, through pupil clubs and groups, and during school events. The School also adheres lo the principles Dullined in thè UK Corporate Governance Code (formerly the Combined Code) where applicable and in particular with those around governance policies and practices along with high levels of Iransparoncy. Publi¢ Beneflt In selling the School's objectives and planning aclivilies, the Governors have given careful consideration to the Charity Commission's guidance on public benefit. The Governors, policy, in line with that of other independent schools, is to award scholarships on the basis of the individual's ability. Whether or not a scholarship is offered, parents also have the opportunity lo apply for a means-tesled bursary lo supplemerbl il so that their daughter can come lo the School. This year the value of scholarships and bursaries to the School's pupils was £736,08712027 £680,301). Means-tesled bursaries ol up lo 100'1n of fees 8re 8vei18ble lo new entrants lo the School lo widen public access and they are also availabl8 to existing parents encountering unforeseen hardship through no fault of their own, whose daughlgr's education is al a critical st8ge. The School allains excellent results not only in academic subjects bul also in the areas of Art, Drama. Music, Performing Arts and Sport Ilncludlng Swimming scholarships). In recognition of the strengths of these departments. scholarships are offered lo pupils at 11+ 13+ and al Sixth Form in addition lo Academic scholarships. The Sohool has no endowment lo support ils gr2nt making and these awards are therefore financed out of income. Local Community Relationships and other Charitable Activities 2021-22 St George's ￿0p￿rateS with local charities and partner organisalions in ils ongoing endeavours to widen public access to the schooling il provides and lo encourage Ils pupils lo be aware of the social context of the all.round education they receive. A de5CriPtion of thes& activities is included below. St Georye's benefits the local comMu￿11Y by sharing ils facililies. This provision is inevitably limited by boarders use and the Safeguarding restrictions of operating a small boarding school. Ac¢ess lo the sile is down a narrow residential lane, and ther6 is limited onsite parking. Sl George's is also subject lo local planning reslriclions. The School operated normally for thé majority of the year. but acc@ss for visitors and opportunities for Ihe pupils lo go out into the community were still limited by the pandemic well into the Spring Term. However, despite these conslrainls, the followtng activities were undertaken.. embers of staff volunteer as governors in local schools. Englemere Decorative & Fine Arts Society used the School Chapel for their monthly meelings and other key events, ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 The Windsor Royals Netball Club used the Sports Hall facilities for weekly training and matches. chartp.rs Netball League used the netball courts lor training and matches. ThroLJghoul Ihp year, girls engaged with Amnesty Inlernational as part of their Amrkesly cl￿b, conlribuling lo their lettèr writing Campaigns and giving a whole-school 8ss8mbly to increase awareness. The new Eco~Squad Club saw students engage in liller picking in the local community. DofE volunteering saw St George's girls involved in a number of Signifi￿nt community activities. Loca5 partner schools used the swimming pool al a redLÉced fee. In September, Students from a local school who were unable to participate in a Year 6 residential visit with their peers came lo Sl George's for an enrichment day including swimming, music and ari aclivilies. In September the pupils decided to support the Worldwide Fund for Nature, the Brain Tumour Charity, and Action for Children as the School charities for the year. Throughout the year, a variety of ev8nls Ilisled bèlow) raised a total of £3,791 for these causes. In September, the girls raised money through a non-uniform day for Jeans for Genes. In October, the pupils raised money and bought 249 kgs of goods for the Harvest Festival which were then donated lo Wokingham Foodbank. In October and November, the School collected money for the Royal British Legion Poppy Appea1. In November, the School's Deputy Head Girl planted saplings as part of the Queen's Jubilee Canopy programme. In December, the Fifth Year students organised a Christmas Film nlghl for the School Charitle8. In December, the School took part in Christmas Jumper Day raising money for Save the Children. In Decetmber the School Carol Service was held al Windsor Parish Church and allended by members of the School community. A retiring collection provided funds for the School charities. In February a "Simpl8 Lunch. on Ash Wednesday saved £200 which was donated lo the School Charities. In February a school "Memes" non-uniform day raised £495 for the School Charilies. In March the school community marked World Book Day with a collection of children's literature which saw around 300 books donated lo the Children's Book Project. In March on International Women's Day, the Feminist Club ran an art competition with the winning design printed as a greetings card. The profits from the sale of these cards went to Berkshire Women's Aid. In March a Bake Sale was h8ld in aid of the Red Cross as part of the DEC Ukraine Humanitarian Appeal which raised £843. In March the Fourth Year Charity Sleepover raised around £1,000 for School Charities. In March the Third Year students organised an Easter themed raffle which raised £488 for School Charities. In April during Mental Health Awareness week a bake sale was held lo raise money and awareness for Mind with £241 collected. In June the First Year girls undertook a Charity Fole, raising £597 for school charities. In June the Second Year girls did a v8ry successful 'T8acher for a Day, and r8ised around £175 for school charities. In June the school community collected a minibus full of clothes and other items whlch were driven lo the London donation centre of the Association of Ukrainians, Great Britain for those suffering from the impact of the Russian invasion of Ukraine in both the UK and Eastern Europe. In the Summer Temi Sixth Form students allended a local primary School to undertake paired reading literacy work. In July. the Drama Departrnenl lent a local primary school Goslumes and props for their end of year production. In July the St George's Library donated surplus and duplicate books to a local primary school. In addition lo the above, the School aims lo foster an appreciation amongst the girls of the needs of other5 less fortunate th2n themselves. This social awareness and sensilivity is fostered by regular fundraising for charity by girls through year group and School activities such as fairs, competitions and s&rvice within the School. The pupil Charity Committee also works lo support the School's three ch0s8n annual oharities lenvironmenlal, health and social juslicel as well as for standalone events. For all good causes, the School raised around £5,850 during the year. The School does not ciGlively fundraise for itself, and is therefore not ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 registered with the fundraising regulator nor does it work with any third party fundraisers. No complaints have been received by the school regarding ils fLAndraising practices in the year. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Publlc Benefit, Slrategic Aims and Intended Effect The School encourages the individual development of each girl, whether boarder or day glrl, focusing on her st￿n91h$ and abilities in order lo produce the most appropriate educational portfolio for her. The School places great importance not only on academlc excellen￿ bul also on her woml and spiritual welfare and views, as a priority, tho growth of vharacler, values and inner resources, which will equip her to cope with the rapid changes she will encounter in the world and inculcate a sense of seTvice and a desire lo conlribule to the wider community. The Scl)ool gives each girt increasing freedom and responsibililies as she progresses Ihrough Sl George's so Ihal when she leaves the Sixlh Form she is ready to make the most of university, the world of work and life in general. The School supports glrls to become "Confident, Capable and Connected.. Objectives for the Ye?r The objectives sel by the Governors for the current year were to.. Ensure aft environment Ihat remains as COVID~19 safe as practicable and follows Govemment guidelines. To continue lo strlve lo maximise individual performances at A Level and GCSE wlh a return to publiG exams. Develop and implement a new academic reporting system. Develop and improve the provision for the academieally able, gifted and Academic Scholars. Share excellent teaching practice and expertise in learning innovation acmss all school departments. Preparts for future EQIFCI ISI Inspg¢1ion. Increase and improve Professior)al Development and Staff Appraisal. Develop the provision for Co-curricular scholars {SGA Stretch Group). Implement new DfE Relationships, Health and Sex Education guidance across the School. To continue lo develop and enrich the #SGASixlh experience lo ensure strong retention of existing pupils and allracl new pupils. To develop and increase flexi and tailored boarding. Continue lo develop and respond to pastoral wellbeing support for pupils and staff especially post pandemic. Reconnecting the School orbce COVID-19 reslriclions ease with a range of whole school events. Embrace opportunllies for celebrating and ensuring Diversity and Inclusion across the School community, To oonlinue lo offer expertise on the range and variety of post-18 options and develop the #SGAPrep8red programme. To prepare the School to become a Google Reference school, lo encourage pupil engagement {Googliesl and lo train and Gertify staff as Google users and trainers. To launch a revised School Website. Rekindle and develop partnerships with local Schools and the local community which were affected during the pandeiniL. Improve School Transport Connections lo benefit pupils. Continue lo develop the use of School facilities lo include publi¢ benefit. ST GEORGE'S SCHOOL ASCOT TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 JULY 2022 PROVISION OF INFORMATION TO AUDITORS Each of the persons who are Governors al the time when this Governors, report is approved has confirmed: So far as Ihe Directors are aware, there is no relevant audit infom)alion ol which the School's auditors are unaware. Governor8 have taken all the steps that ought to have been taken as Governors in order lo be awa of any information needed by the School's auditors in connection with preparing their report and lo establish that the School's avdilors are aware of that information. AUDITORS Iri accordance with Section 485 of the Companies Act 2006, a resolution proposing the appointment of auditors of Ihe company will be pul to th& Annual General Meeling and will be subjecl to tender. ST GEORGE'S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE ope￿I10naI Performance of the School This year's cohort of Fifth Year and Upper Sixth students was the first since 2019 to be assesged by public examination. In consideration of the effects of the pandemic on these two year groups, adaptations were made to the assessment procedures this year as follows.. • Advanced Infomialion was published for Most subjects outlining the arèas of focus for the examirlalions. Conlenl was reduced for subjects including History and Gecoraphy. Equation and formula sheets were produced for subjects including Maths and Physics. Art, Texlilas and Photography students were assessed on the strength of their portfolio only. In addition, grade boundaries were set in such a way as lo produ￿ a spr8ad of grades which reflected a mid-way point between 2019 and the Teacher Assessed Grades of 2021. Ac8demic results for 2022 are as follows: 430/0 of A Level results were graded A'IA with 71Q/o of A Levels awarded an A. B grade. 60°A of GCSES were graded al a 7 or above with 42 /0 of GCSE results being awardèd a grade of 8 or 9 and 77°/0 of GCSES awarded a grade of 6 or better. In addition lo the School's Ir8dillon of impressive academic results, St Georye's is proud of the high levels of value added achieved every year. The GCSE value added statistic was particularly pleasing in 2022 with a score of 0.9. This ranked the School among the lop 20/. for value added in the Country. Post COVID, competition for university places has been significantly greater than in previous yecTrrs. We are therefore delighted that 62D/o of Upper Sixth Form pupils seGured places al their first choice universities with 80A gaining their insurance. FINANCIAL REVIEW Results for the Year The turbulence caused by COVID-19 has receded considerably and the School delivered a full year's education wilhoul any closures. While the pandemic continued lo affect some pupils, either through illness or travel conslrainls, these were low in numbers and the School did not experience any disruption of a scale that was seen during the previous Iwo reporting periods. Pupil numbers remained comparable lo the previous year bul with a small increase in boarding and a slight increase over811 during the year. Given recent disruption, the Governors sought to support and underpin parental Confiden￿ by keeping fee increases lo a modest level and accordingly, the School has shown further improvement in ils financial position while maintaining pupil numbers. Al the start of the period, a sm811 deficit was predicted but the end of year position was considerably more positive than forecast. This came as a result of more ptjpils joining during the year, offective cost control and management, a conseNative approach lo capital spending. and improved lelling incume. The latter has incre2sed considerably and included extensive use of the Swimming Pool and residential camps al Easter and in the summer. The initial forecasl OLJllurn was Iherefortr adjusted as the position sI￿ng1hened during tho year and the EBITDA was £554,520. The ond of year position, before pension adjustment, reflected a surplus of £110,031 {2021 (£3.39311. This figurè Is after spending £243,094 {2027,' £240, 121) on repairs and maintenance in the year. The result also included part of the cost for the mAjor capital project for 2022123, the inslallalion of a large solar panel array on the Sports Hall roof. the purch28e of new minibuses lo renew the floel and several minor capital projeGIs to improve safely and sccurily across the site. 10 ST GEORGE'S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 Investment Performance agalnst ObjeGtJves The overall investment objecllves of the School are to create sufficient funds through income and capital in order to enable the School to Garry out its purposes ¢onsisterLlly, year by year and with due and proper consideration for future needs. They include the maintenance of and, if possible, enhancement of the value of Ihe invested funds while they ar8 retained. The School's investments are reviewed by the Govemors and managed by M&G Inveslmenls. There remains a nominal amount of school money with M&G and the Governors remain commilled lo reinvestlng regularly in M&G lo build up reserves. However, given the globa5 uncertainty that was experienced duilng the year and which is expected to continue for the next COLJple of years, the stratcgic decision was taken to pause investments lo ensure the School retained a high level liquidity. Al 31 July 2022, the listed investments {comprising mainly Equities and Convertible Stocks) had a market value of £3 {2021.' £1). Rese￿¢$ Policy The Governors. policy is currently unchanged-. to bulld up free reserves lo meet demands for further expenditure out of annual operating surpluses lo equip the School with the up-1041ale facilities need8d lo improve and maintain tha standard of educational services, pastoral 8nd sporting facilities. After capital expenditure there are currently no freely available r888Nes {2021'. £0). The School's unrestricted funds stood at £11,200,4g9 (2021.. 11,128,203) at the year-end. FUTURE PLANS Sl Georye's is a place where girls flourish academically, creatively, physically and morally. a place where risks can be taken, lessons are learnt. and challenges are welcomed. We strive for the very besl for our girls and by developing their love of learning, their academic poterklial and their individual talents, we are able to urture them to become happy, responsible, well balanced and resilient young women in the twenty-first century. The Govarnors, together with the Head and Senior Leadership Team, ca￿Y out regular reviews of the future plans for the School. Plans for the next soveral years have been the subject of a Comprehenslve. ongoing review and revision lo the School's 1(kyear slffitegy. The headlines from this will be publicised In September 2022 and there are a number of themes, which remain relevant-. To continue to develop and improve the IT provision for pupils, slaff and parellls through the ICT steering group and Academic Management Team, supported by the Learning Innovation Le8d. The School has committed lo the purchase of enhanced IT support to pupils in 22123, building on the success achieved in recent years. To invest in existing fa¢ililies lo ensure Ihal Sl George's maintains an exemplary standard in all areas. To strengthen the Sl George's Swimming Programm8 for PLtpils, under the Head of Swimming and with our external provider, Frogs and Friends. maintaining the use of tho school swimming pool for school activities, competitions, swimming l&ssons, local primary school use., an area which has séen considerablè &xpansion. To fijrther develop and consolidate links with the local community including local primary schools, charity and volunteering opportunities, and exploring further avenues for use of the schoal facilities {e.g. rbelball courts, sports hall, Ihealrel, by the local community. To continue to develop the School alongside sound environmental principles, for example the pupil environmental committee and prefect appointment have been achieved and a new solar panel projecl is being completed. During the period the School also changed housekeeping equipment to reduce Ihe use of harsh chemicals. Such work will be bLtriII upon. The Senior Leadership Team and Governors Strategy Group are to publish a new 10-year development plan and sh8re this with key stakeholders. ST GEORGE'S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 FIXED ASSETS The valuation of freohold land and buildings of the Gompany depends largely on their conlintied use as a school or similar activity. The Govemors 2re satisfied that, assuming they continue lo be used for their current purposes and are maintained in good repair, the market value of the freohold land and buildings is not less than the value al which they are shown in these financial slat8menls. Movements in 18ngible flxed assets are shown in note 7 of the financial statements. RISK MANAGEMENT The Governing Body is respon.qible for the management of the risks faced by St George's. Detailed considerations of risk are assessed by senior staff for remew by the F&M and Educalion Sub-committees and then c&ntrally by the Governing Body. Risk is assessed in three categories,. Slralegic, Financial and Operational risk. Risks are identified. assessed and controls or mitigations established throughout th& year. A fomial review of the risk management process is undertaken on a rolling basis throughout each year. The key controls used it)clude- Formal agenda for Goveming Body and sU￿cOm[￿ll1ee meetings. Comprehensive planning, budgeting and management accounting. Established reporting lines. Formal wrillan policies. Altlhorisalion and approval levels. External assurance and inspection. Princlpal Risks and Uncertainties The Governors congider there lo have been a shift over this period. The COVID-Ig risk has reduced to a more manageable level difficult bul il is the global economic situation, which is now the most significant risk and a cause for concem. Increases in inflation, particularly energy and food, will increase the School's operating rL)sl over the near-lerm and this was already notable in the current period. The budget for the next rinancial ppriod has identified these areas where possible and a contingency is also planned for. It is not yel clear whether, or lo what degree pupils, parents will be affected but il should be noted that the pupil numbers for 22123 shown a notable increase. Regardless, controls h2ve been pul in place to mitigate this risk and ils possible enduring nalLJre. As previously mentioned, a tempered fee increase was applied. As indicated, the Governors fomially review risk at the Finance & Marketing and Eduoalion Sub~Commillee meelings as a standing agendts item. Risk is divided into three seclions and al each meeting one section is Considered. The sections are Strategic, Financial, and Operational risks. In addition, all the risk register is reviewed annually by the Senior Leadorship Team and the Full Board of Governors and significant changes to risk profiles or control measures are highlighted. The most signrficant risk lo the charity, and indeed most Independent schools, continues lo be any significant reduction of pupil numbers. lèading lo a marked reduction in income. This is a maller that receives continuous attention. The risk is compounded by the possibility of future government legislative changes lo bLJsiness rates relief or the addition of VAT lo fees. Identified as significant risks with some mitigations available, this would increase operating costs and almost certainly lead lo increased fees, r8ising the risk of reduced pupil numbers even higher. Health & Safety is a significant issue that demands effective risk management. The risks associated with all operational activities are minimised by thorough planning and risk assessment. The School m8intains an effective accident reporting process bul this has now been complemented by the addition of a near miss ieporting system and associated training and analysis froni which lessons are drawn, The Governors receive an annual Health & Safely report and the School retains Owen David as H&S consullants 10 8udll an6 advise on related mallers. 12 ST GEORGE'S SCHOOL ASCOT TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 The Governors are therefore satisfied that for all major risks identified for the School, appropriate Controls have been pul in place and are mainlained lo miligale those risks lo as low as reasonably praclicable and loler£ibSe.11 is recognised that systems can provide only reasonable, bul not absolute assuran￿ that major iisks will nol be realised. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors are responsible for preparing the Annual Report and Ihe slalements in aceordarkce with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl- Company law requires the TnJsl8es to preparo finanaal slatements for each financial year. Under company law the Trustees musl not approve the financial slalements unless they are satisfied that they give a true arnd fair view of the stsle of affairs of the charilable company and of the incoming resources and application of resources, including the income and expenditure, of the charltable company for that period. In preparing these financial statements, the Trustees are required lo-. select suitable accounting policies and then apply them Consistently., observe the methods and principles in the Charities SORP., make judgments and estimates Ihal are reasonable and prudent., state whether applicable UK accounting standards have been followed, Sltbjecl to any mal&rial departures disclosed and explained in the financial stalemenls,. and prepare the financial slalemenls on the going concern basis unless it is inappropriate to presume that the charitable company will conllnue in business. Thé Governors are responsible for keeping proper accounling records that disclosa wlh reasonable accuracy al any time the financial position of the company and enable them lo ensure that the financial slalemanls comply with the Companies Act 2006 and the provisions of the charity's conslitulion. They are also rasponsible for safeguarding the assets of the chcirity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Thls Annual Reporl, prepared under the Charities Act 2011 and the Companies Act 2006. was approved by the Governing Body of Sl. George's School Ascot Tru51 Limited on 8 December 2022 including in their capacity as company directors approving the Strategic Report conlained therein, and is signed as authortsed on ils behalf by.. A Mackintosh CHAIRMAN 13 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST GEORGE'S SCHOOL ASCOT TRUST LIMITED Opinion We have audited the financial statements of Sl George's School Ascot Trust Limited for the year ended 31 July 2022 which comprise the Consolidated Slalemenl of Financial Aclivilies, the group and parent charitable Gompany's Balance Sheels, the Consolidated Cash Flow Statement and notes lo the financial slalemenls. including a summary of significant accounling polictes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportinq Standard 102 The FFnanci81 Reporting Slandard applicable in the UK and Republic of Irel&nd (United F