Reglstered number.. 0988976
Charity number: 309266
ST MARY'S SCHOOL (COLCHESTER) LIMITED
(A company limiled by guarantee)
GOVERNORS, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
IIJJ

ST MARY'S SCHOOL ICOLCHESTER} LIMITED
IA company limlted by guarantee}
CONTENTS
Page
Reference and administrative detalls of the company, Its Governors and advisgrs
Governors. report
Independent auditors. report on the financial statement$
Consolidated statement ot financial activities
9-12
13
Consolldated balance gheet
14
Company balance sheet
Consolidated statement of cash flows
15
16
Notes lo the financial sla*emenl$
17-35

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
(A company limiled by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2023
Governors
Mrs K Abbott
Mr A Bell lappoinled 6 July 20231
Mrs E Eddy lappointed 8 Decemb&r 20221
Mr S Flower lappoinled 7 December 20231
Mrs D Hamillon12PPOlnted 6 July 20231
Mr A Hildred, Chair until 2311212022 Iresigned 23 December 20221
Mr M Jackson
Mr R G Lambert, Chair ol Finance Commillee ICD-Ghair from 23112120221
Mrs M Loxley, Co-chair from 2311212022 to 1810912023 Iresign8d 18 September
20231
Mr W Magill, Co-chair from 2711212023
Mrs H Swain Iresigned 11 January 20231
Mrs J Triggs Iresigned 11 January 20231
Mr C Woods lappoinled 7 December 20231
Key Management
Mrs N Grillilhs Principal MA, PGCE, NPQH
Mrs E L Bevan Head ol Finance & Operations Bse Busin&ss Admin, ACA
Cornpany registered
number
0988976
Charlty reglstered
number
309268
Registered office
91 Lexden Road
Col¢hester
Essex
C03 3R8
Company secretary &
Finance Manager
Miss A Walker MAAT Iresigned 06101120231 Mrs L Shirel lappoinled 13103120231
Independent auditors
Grillin Chapman
Chartered Accounlanls
4 8 5 The Cedars
Apex 12
Old Ipswich Road
Colchester
Essex
C07 7QR
Page 1

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guarantee)
GOVERNORS, REPORT
FOR THE YEAR ENDING 31 AUGUST 2023
The Governors are pleased to presenl their annual report together with the consolidated financial slalemenls ol
the charity and ils subsidiary lor the year ending 31 August 2023. The annual report serves the purposes ol both
a Governors, report and a Directors, reporl under company law.
The financial statements Comply with the Charities Act 2011,. the Companies Act 2006.. the Memorandum and
Articles ol Association., and the Statement ol Recommended Practice- Accounting and Reporting by Charities
IFRS 1021.
Objectlves and Activities
a. Pollcles and oblectives
The primary objective ol the charity as set out in the company's Memorandum and Articles ol Association is the
education ol girls from th& age ol two years to sixteen years. This includes the provision and enhancement ol
education in three areas of the organisation - Kindergarten lor pupils (including boys) aged 'ri5ing 3, 10 4, Low&r
School lor PLJpils aged 4-11 and Senior School lor those aged 11-16. In the furtherance ol this Object. the
Governors, as the charity Iruslees, have complied with the duly in s.4 01 the Charities Act 2011 to have due
regard lo the Charity Commission's published general and relevant sub-sector guidance concerning the
op8ralion ol the Public Benefit requirement under that A¢1.
The School does not have an endowment fund available lo financ& our Public Benefit responsibilities. R8lher.
we sel aside an agreed amount ol our expenditure budget lo provide various forms ol assistance lo parents with
the cost ol lees, including bursaries. We publicise these on our website and elsewhere. Actual expendFture is
dependent on information provided by parents lo the School.
The Governors review the forms ol support available to ensure they remain relevant lo parents and potential
parents. During the year, 11 families have benelilled from this SLJPPOrt.
We co-operate with. and lundraise for, many and varied charities in ouf ongoing endeavours to widen public
access lo the schooling we can provide. The School has a programme lo oplimise the educational use ol our
bLJildings and Sporting facilities and lo awaken in our pupils an awareness ol the wider social context ol the
education they receive al the School. We should particularly like lo thank the members ol staff who are involved
in work in the community beyond School, as a natural part of their own aclivilies.
Strategic report
a. Revlew ol actlvities
This academic year (February 20231, the school underwent a routine Focused Compliance and Education Quality
Inspection by the Independenl Schools Inspectorate. These inspections are typically undertaken every 3 years,
however, as a resLJII ol COVID delaying the inspection limelable, il had been over 4 years since the last inspection
was ¢arried out. The Governors are extremely pleased to report that the School was rated 'Ex¢ellent' across ils
Kindergarten, Lower School and Senior School, the highest award given. The school was awarded 'Excellenl' lor
both areas covered by the EdLJCational Quality part ol the inspection, the quality ol the pupils, academic and other
achievemenls and the quality ol the pupils, personal development. The Focused Compliance part ol the Inspection
found that the school mel all eight ol Ihg required standards. The key findings ol the inspection report emphasised
the high levels ol attainment across the curriculum lor Early Years Foundation Stage IEYFSI, in National Curriculum
tests lor Year 6 and at GCSE level, as well as the excellent communication skills demonstrated by the girls al both
the Lower School and Senior School. The inspectors also commented on the strong relationships that are forged
between the teaching stall and pupils, which nurtures a positive mind-set to learning amongst the girls. The numerous
leadership options were also recognised, along with the girls, strong decision-making and collaboration sKills. The
Governors are delighted with the result and il is leslamenl lo the hard work ol the Senior Leadtrrship team. leaching
starf, non-teaching stall and pupils al the School.
Page 2

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guarantee)
GOVERNORS, REPORT
FOR THE YEAR ENDING 31 AUGUST 2023
As a non-selective school, we are delighted lo report that all students made significant progress during the academic
year.
Students performed extremely well in their GCSE exarninalions, as shown below, which reflects all the hard work
and ellort ol both the pupils and their teachers..
95°/o ol St Mary's candidales achieved a minimum 015 passes at grade 4 or above,
94°/o ol Sl Mary's candidates achieved a minimum 015 passes al grade 4 or above, including Maths and
English
37°/0 ol St Mary's candidates achieved 7 or more passes al grades 9-7
Al the Lower School, all Year 6 pupils gained places at secondary schools ol their choice, wilh many achieving
success at the 11 + exam lor Gramrnar Schools, whilst others secured scholarships lo the Senior School.
In standardised lest, Lower School pupils recorded results signilicanlly higher than National averages.
The enrichment timetable across the school, developed lo broaden the educational 8xperience, ollers a whole host
ol opportunities lor pupils lo develop their talents and learn new skills,. Classes are ollered in areas as diverse as
gardèning, Lego and STEM. through lo a whole range ol sports and music. In the Senior School a new enrichment
programrne based on the Round Square Ideals ollers every sludenl the opportunity lo work in their house groups lo
take part in a range ol activities including sport, Engine&ring, code breaking, up-cycling 2nd gardening.
The annual Senior School Activities Week this year saw year group trips lo Cornwall, PembrokeshirÈ, Croatia and
London. The Senior School Biannual Fashion Show look place in the Spring Term and was a resoLJnding success
and celebration ol pupil's achievements in this area. The Senior School also hosted an "Arts Fest in the Summer
term which was a highly successful Celebration DI pupil efforts and achievement across all areas ol the Arts Faculty.
The annual Celebration ol Achievement look place al the end of the SLJmmer term, an opportunity lo reward all the
girls lor their achievements at the end ol what had been another particularly su¢cesslul year.
During Autumn and Spring terms, pupils enjoyed various trips and visits, Year 4 enjoyed their first residential visit to
Bawdsey Manor and Year 5 and Year 6 enjoyed their residential visit lo the Isle ol Wight.
As a School, Sl Mary's IocLJsses the irnportance ol educating the whole young person. inspiring girls to explore their
talents, have the courage lo lake on new and exciting challenges and develop as individuals ready lo take their place
in an ever-changing world. The School continues lo develop thi5 through ils membership ol the Round
Square organisalion a worldwide network ol nearly 200 Schools in 50 countrie5 across six conlinenls. The school
engagement with Flound Square organisation is explained in greater detail in the Educational and Pastoral links
section on page 7.
Flnanclal Revlew
The School continues to operate against a backdrtsp ol linancial, economic and political challenges thai are
allecling the entire independent school sector. As such, the Governors were pleased lo see a further increase in
the number ol pupils on roll during the year with PLJpII nufflbers the highest they have been lor a number ol years.
However, despite this, linaneial performance continues lo be challenging as operational costs continue lo rise
rapidly and additional costs were incurred due lo further organisalional changes that were required lo improve the
ellecliveness and ellicien¢y ol the School. This resulted in a delicil 01 £113,848 lor the year against a budgeted
delicil 01 £27,859. This was very rnuch expected as the year progressed, and these operational changes were
discussed and agreed lo.
As reported below. deBPite limited additions during the year, our balance sheet performed well against the 2022
ligure1£4.3m compared lo £4.4ml.
Page 3

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guarantee)
GOVERNORS, REPORT
FOR THE YEAR ENDING 31 AUGUST 2023
Throughout the year, the Finance department has continued their locus on containing the level ol bad debts and
the Governors have acknowledged the level ol control in place.
a. Going concern
Aller making appropriate enquiries, the Governors have a reasonable expectation that the company has adequate
resources lo continue in operational existence lor the foreseeable future. For this reason they continue to adopt the
going concern basis in preparing the financial slalemenls. Further details regarding the adoption ol the going
concern basis can be found in the Accounting Policies notes al note 2.2.
b. Principal rlsks and uncertalntles
The Governors keep under review a risk management strategy relating to..
financial risks to the Charity.,
risks associated with the daily health and safety ol the stall, pupils and visitors-
risks associated with any oll-site activities undertaken by staff and pupils.,
the financial risks resulting from low pupil numbers.,
the two separate siles Ilocaled 3 miles apart) from which the School operates.,
the necessary level ol income and reserves required to support and maintain the viability ol the School-
the burden ol meeting Ctsnlormily and regulatory issues.
The Principal and her Senior Leadership Tearn continue to keep the School's activities under review, particularly
with regard to any major risks that may arise from lime lo lime as well as the sys18ms and procedures
established lo manage them. They monitor the elle¢tiveness ol the system ol internal controls, website
arrangements and other viable means, including insurance, by which the risks identified can best be miligaled.
During the year. the Governors reviewed the School's policies relating lo these risks and other mallers and
established a rolling programme ol such reviews. Pupil numbers, staff ellectiveness. and the soundness of the
School's financial situation are kept Ljnder constant review.
¢. Teachers, Pension Scheme
The School participates the Teachers, Pension Scheme I the TPS'I for its leaching staff. The lolal employer
pension charge lor the year1202212023 £514,203) includes employer contributions payable lo the TPS ol
£486,516 as explained within note 26 01 the accounts.
The TPS is an unlund&d multi-employer defined benefits pension scheme governed by The Teachers, Pensions
Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members
contribute on a'pay as you go" basis with contributions from members and the employer being credited lo the
Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rale is set by the secretary ol State following scheme valuations undertaken by the
Government Actuary s Department. The most recent actuarial valuation ol the TPS was prepared as at 31 March
2020 and the Valuation Report, which was published in October 2023.
Following the M¢Cloud judgement, the remedy proposed that when benefits becorlle payable, eligible members
can select to receive them from either the reformed or legacy schemes lor the period 1 April 2015 10 31 March
2022. The actuaries have assumed that members are likely lo choose the oplion that provides them with the
greater benefits, and in preparing the 2020 valuation have valued the 'greater value. benefits for groups ol relevant
members.
The valuation confirmed that the employer contribution rale for the TPS would increase from 23.6°/* to 28.6°/o from
1 April 2024. Employers are also required lo pay a scheme administration levy ol 0.08°/o giving a lolal employer
contribution rale o128.68°/..
Page 4

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA ¢ompany limited by Buaranteel
GOVERNORS, REPORT
FOR THE YEAR ENDING 31 AUGUST 2023
d. Rese￿e$ Policy and Financlal Posltion
The Governors regularly review the level and nature of the reserve funds available lor the School. Whilst previously,
the Governors aim was to have free reserves equating lo one term's expenditure where practicable, the Governors
acknowledge that recent sharp rises in operational costs have resulted in current free reserves falling below that
ligure1£1.9m summer term 20231. The SchoDI carries no debt and the Governing Body approves the funding ol
capital expenditure out ol reserves. if appropriate.
Al the year-end, the School's free reserves arnounted to £577,683. The Governors will continue lo balance further
improvements to free reserves with the need lo invest for the lulure and will continu& lo allow the free reserves to fall
below the benchmark they have sel where required improvements are identified and justified. Throughout the year
the governing body monitors the silualion, using cash flow as a SLJrrDgate measure.
Structure Govgrnan¢e and Management
Constltutlon
Sl Mary's School was initially founded in 1908 and is now a charitable company providing independent day
School education lor girls aged from 'rising 3, and boys from 'rising 3, to 4.
The Company Si Mary's School Icolcheslerl Limited and the group is consliluled under a Memorandum ol
Association dated 27 August 1970 and is a registered Charity number 309266.
The principal object ol the Cornpany St Mary's School Icolchesterl Limited and Ihe group is to provide
educational services and support lo girls aged from 'rising 3, 10 16 and boys Iroffl 'rising 3, 10 4.
b. Method of appolnlmenl or election of Governors
The Governors ol the School who servecl during the year, were as slated on page 1. They are also the Charity
Trustees and the Governors ol the Charitable Company. The year saw the appointtllenl ol Mr Antony 8ell, Mrs
Esther Eddy and Mrs Deborah Hamilton during the year.
New Governors are encouraged lo gain lirsl-hand knowledge ol the working life ol the School through supervised
visits during the School day and attendance at School events where they meet staff, students and parents. There is
a programme ol conlinuoLJS training on oller and new Governors attend workshops run by AGBIS. The Governors
assist the Principal in supporting the Senior Leadership Team.
. An Overvlew
Once again, the Governors are plèased lo report that the academic r8sLJlts achieved at all three levels,
EYFS, Lower School and Senior School are excellent. 'Resulls in national tests at ihe age ol eleven were well
above the national average lor maintained primary Schools, Results al GCSE have been good in relation lo
the national average. Pupil attainment as shown by the slandardised measures ol progress, indicate that pupils
make good progress across the board.
Our Kindergarten continues lo flourish and the standard ol care and education is acknowledged by parents.
Attendance has Temained very healthy and pupils ¢onlinu8 to progress through into the Lower School.
Financially. the School has maintained its locus on strict control ol all expenditure. together with a prudent
approach to our rolling maintenance programmes. The Governors continue to monitor the situation regarding
pupil nLJmbers closely and this retnains a key IOCLJS as we finance investment lor the long-term success ol the
School.
All these achievements are the direct result ol the work ol the Principal, Mrs Grillilhs and her dedicated Senior
Leadership Team. leaching stall and non-lea¢hing stall. We thank them lor their successes and continuing ellorls.
Page 5

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guarantee)
GOVERNORS, REPORT
FOR THE YEAR ENDING 31 AUGUST 2023
d. Organisational structure and declslon maklng
The Board ol Governors administers the Charity.11 meets Iouf limes a year as a lull Board and there are
subcommittees lor Education. Finance & Operations, Bursaries and Marketing and Business Developrnenl, all of
which meet formally with additional meetings, as required.
Other working groups ol Governors and senior stall convene when necessary lo evaluate, oversee, and l or
monitor specific projects or issues.
The Principal Is responsible for all educational matters and lor the day-to-day management ol the School. She
heads the School's Senior Leadership Team and reports to the Board at each mèeting. The Principal and Chair ol
Governors meet regularly. The School Development Plan is the working tool used by all parties and is regLJlarly
reviewed by the Governors.11 rellecls the short lo medium term strategic direction ol the School and is updated
regularly.
The Head ol Finance & Operations is responsible lor all non-acadernic aspects of the School, Including
researching, recommending and implementing financial decisions, management ol the eslale, IT inlraslruclure and
maintaining all policies, as well as the management ol non-leaching stall. In addition, she is responsible lor many
ol the compliance and regulatory matters allecling the School. She reports directly to the Principal and also to the
Board, as required, al each Governor's meeting.
The Governor5 are mindful of their regulatory responsibilities. The S¢hoDI underwent a routine Independent
Schools Inspeclorale Fo¢us8d Compliance and Educational Quality inspection during this academic year IFebTuary
20231 and the Regulalory Compliance part ol the inspection ltsund that 'lhe School meets the standards in the
schedule to the Education Ilndependenl School Slandardsl Regulations 2014 and relevant requirements of the
statutory framework lor the Early Years Foundation Stage and a5social&d requirements and no further action is
required as part ol this inspection.
e. Related party relationships
Governors
None ol our Governors receive refnuneralion or other benefit from their work with the organisation and any expenses
in¢LJrred by them on behalf ol the School is claimed lor and paid. All concerned sign a Conflicts ol Interest declaration
and are required lo declare any interests Ihal may arise, both at committee meetings and also through a Declaration
ol Interests form. In the reporting year no interests were declared.
Senior Staff {s88 also section d. 'organisational slructure and decision making.)
The School's Senior Leadership Team is comprised ol the Principal, Head of Finance & Operations, Head ol Senior
School and Head ol Lower School. The Governors review their pay annually and ensure that the pay policy is applied
using agreed erileria. The Principal and the Head ol Finance & Operations. salarie5 are assessed against national
benchmarking within the independent sector., the other team members are then calculated against the Principal's
pay, using an agreed formula.
All pay considerations are ullimalely subject lo allordability.
Page 6

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guaranteel
GOVERNORS, REPORT
FOR THE YEAR ENDING 31 AUGUST 2023
Educational, Pasroral links and other relationships
As a School, Sl Mary's focusses on the importance of'characler education educating the whole young person,
inspiring girls lo explore their talents, have the courage lo lake on new and exciting challenges and develop as
individuals, ready lo take their place in an ever-changing world. The School continues lo develop this Ihrough ils
membership ol the Round Square organisation- a worldwide network ol over 200 Schools in more than 50 countries
across six Continents. Stall and pupils continue lo conne¢l globally through allending the Round SqLJare annual
International Conference as well as taking part in other Dnline and in person conferences and collaborations. The
RoLJnd Square Committee is also committed to service activities through the year, working with a local charity called
the Catherine Bullen Foundation to provide all students al the Good Hope Primary School in rural Namibia with a
school uniform including shoes,. they are continuing their work to raise money lor a gardening project to grow their
own food.
St Mary's was awarded ils 8th Eco Schools Green Flag with distinction in July 2023, this is the culmination of 17
years, worth ol dedication lo sustainability. This is the ultimate accolade and mean5 that the school is ollen
showcased by Keep Britain TidylEco Schools as an organisalion to support other aspiring schools, locally, nationally,
and globally. St Mary's was praised for how environmental topics have been embedded into the curriculum at Sl
Mary's and that green issues are used to enrich learning and engage young people In irnFXlrtant issues. The Eco-
Schools team were incredibly Impressed by how Sl Mary's green agenda has unil&d pupils, stall, families and the
wider community in a common goal.
The School works hard lo develop ils relationships with local primary and le&der schools, with regular invitations lo
School events and productions.
Memberships
The School is a member ol..
the Girls, Schools Associalion
the Independent Schools BLJrsars' Association IISBAI and the Head ol Financ& & Operations attends
regional and national meetings on the School's behalf
the Independent Association ol Prep Schools IIAPSI and the Head of Lower School attends regional and
national meetings on the School's behalf
the Independent School's Association IISAI
Round Square organisalion
The School holds the nationally recognised International Sehools Award and has gained ils eighth Green Eco Flag
with distinction.
f. Rlsk management
The Governors have assessed the major risks lo which the Company St Mary's School Icolcheslerl Limited and
the group is exposed. in particular those related lo the operations and finances ol the Company St Mary's School
ICol¢hesterl Limited and the group, and are satisfied that systems and procedures are in place lo ffliligale
exposure to the major risks.
Future developments
The key objective ol the Governors is lo balance the provision ol an excellent all-round education to all pupils
with maintenance and irnprovemenl lo all the School's facilities and assets. However, the Governors recognise that
we musl plan beyond the immediate ILJture to ensure the long-lerm provision ol excellent education lor the pupils
enlrusled to OLJr care. Careful moniloring ol the financial climate and trends and ils effe¢l on parental ability to
maintain lee payment will be a continuing locus, espe¢iaSly given the backdrop ol the rising cost ol living and
inllalion. To ensure that we deliver value lor rnDney and remain allordable. we monitor the lees charged by other
education providers in the area. as well as those charged nationally, whilst ensuring that our excellent standards
are maintained.
Page 7

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guarantee)
GOVERNORS, REPORT
FOR THE YEAR ENDING 31 AUGUST 2023
Our locus is to continue to improve upon our academic r&sulls,' develop and add extra value lo the School oller in
order lo slimulale growth in pupil numbers and to capitalise upon the ongoing success ol the Kindergarten as a
feeder into the main School. The plan also recognises the importance ol the marketing ellort in this process.
Sehool Bus service - 2022123 was another strong year lor the St Mary's bus service, with occupancy levels
remaining constant and customer satisfaction high. The bus service continues lo be reviewed regularly lo assess
potential new routes and expansion.
Governors, responsibilities slalement
The Govemors Iwho are also Directors ol Sl Mary's School Icolcheslerl Limited lor the purposes ol company
lawl are responsible lor preparing the Governors, report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdofn Generally Accepted Accounting
Practice).
Company law requires the Governors to prepare financial statements lor each financial year. Under company
law the Governors must not approve the financial slalemenls unless Ih&y are salislied that they give a true and
lair view ol the slate ol allairs ol the charitable company and the group and ol the incoming resources and
appli¢alion ol resources, including the income and expenditure, ol the charitable group lor that period. In
preparing these financial statements, the Governors are required lo..
select suitable accounting policies and Ihen apply them consistently,.
obsetve the methods and principles in the Charities SORP.,
make judgments and accounting estirnales that are reasonabl& and pruclenl",
prepare the financial slalemenls on the going ¢on¢ern basis Ljnless il Is inappropriate lo presume that the
Charitable group will Continue in operation.
The Governors are responsible lor keeping accounling records that are sullicient to show and explain
the charitable company and the group's transactions and disclose with reasonable accuracy at any time the
financial position ol the charitable group and enable them lo ensure that the financial slalemenls Comply with the
Companies Act 2006. They are also responsible lor safeguarding the assets ol the ¢harilable company and the
group and hence lor taking reasonable steps lor the prevention and detection ol fraud and other irregularities.
Disclosure of information to auditors
Each DI the persons who are Governors al the lime when this Governors. report is approved has confirmed Ihal..
so lar as that Governor is aware, there is nts relevant audit information of which the charitable group's
auditors are unaware, and
that Governors have taken all the steps that ought to have been taken as a Governor in order to be aware
any relevant audit information and to establish that the charitable group's auditors are aware ol that
inlormalion.
This report was approved by the Governors on
and signed Dn their behalf by..
R G Lambert
(Co-chair ol Governors)
Page 8

ST MAR Y'S SCHOOL (COLCHESTERI LIMITED
IA company Ilmlted by guaranlee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST MARY'S SCHOOL {COLCHESTERI
LIMITED
Opinion
We have audited the financial statements of Sl Mary's School Icolcheslerl Limited (the 'parenl charitable
company'l and ils subsidiaries Ilhe 'groLJP'I lor the year ended 31 August 2023 which comprise the Consolidated
statement ol financial aclivilies, the Consolidated balance sheet, the Company balance sheet, the Consolidated
statement of cash flows and the related notes. including a summary ol significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable
in the UK and Republic ol Ireland, (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion the financial slalemenls..
give a true and lair view ol the slate ol the Group's and ol the parent charitable company's allairs as at 31
August 2023 and ol th& Group's incoming resources and application of resources, including its income
and expenditure lor the year then ended.,
have been properly prepared in accordancè with United Kingdom Generally Accepled Accounting
Practice,. and
have been prepared in accordance with the requirements ol the Companies Act 2008.
Basis for opinion
We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditors. responsibilities lor the audit
of the financial statements section ol our report. We are independent ol the Group In accordance with the elhi¢al
reqLJirements that are relevant lo our audit ol the financial slalemenls in the United Kingdom, including the
Financial Reporting Council's Ethical Standard, and we have lullilled our other ethical responsibilities in
accordance with thgse requirements. We believe that the audit evidence we have obtained is sullicient and
appropriate lo provide a basis for our opinion.
Conclusions relatlng to golng concern
In auditing the financial statements, we have coneluded that the Governors, use ol the going concern basis ol
aecounling in the pr&paralion ol the financial statements is appropriate.
Based on the work we have performed, we have not idenlilied any material uncertainties relating lo events or
conditions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable
company's abilily to continue as a going concern lor a period ol al least twelve months from when the financial
slalemenls are aulhorised lor issue.
Our responsibilities and the responsibilities ol the Governors with respect to going concern are described in the
relevant sections ol this report.
Page 9

ST MARY'S SCHOOL {COLCHESTERI LIMITED
IA company Ilmlted by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ICOLCHESTERI
LIMITED (CONTINUED)
Olher information
The other inlormatiDn comprises the information included in the Annual report other than the linallcial statements
and our Auditors, report thereon. The Governors are responsible lor the other information contained within the
Annual report. Our opinion on the financial statements does not cover the other information and, ex¢epl lo the
extent otherwise explicitly staled in our report, we do not express any form ol assurance conclusion Ihereon_ Our
responsibility is lo read the other information and, in doing so, Consider whether the other information is
materially inconsistent with the financial slalemenls or our knowledge obtained in the CDurse ol the audit, or
otherwise appears lo be materially misstated. 11 we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a Tnalerial misslalement in the financial
statements themselves. 11, based on the work we have pertormed, we conclude that there is a material
misstatement of this other information, we are required lo report that lacl.
We have nothing to report in this regard.
Oplnlon on other matters prescribed by the Companles Act 2006
In our opinion, based on Ihe work undertaken in the course ol the audit..
th8 information given in the Governors, report lor the financial year lor which the financial statements are
prepared is Consistent with the financial statements.
the Governors. report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light ol our knowledge and underslanding ol the charitable company and its environm&nl obtained in the
course ol the audit, we have not identified material misslalements in the Governors, report.
We have nothing to report in respect ol the following matters in relation lo which Companies Act 2006 requires
us lo report lo you il, in our opinion..
the parent charitable company has not kept adequate and suff icienl accounting records, or retLJrns
adequale lor our audit have not been received from branches not visited by us., or
the parent charitable ccimpany financial statements are not in agreement with the accounting records and
returns., or
certain disclosures ol Governors, re￿￿￿eratiOn specified by law are not made., or
we have not received all the information and explanations we require lor our audit.
Responsibilities of trustees
As explained more lully in the Governors. responsibilities slalemenl, the Governors (who are also the cSirector5 01
the charitable company lor the purpose5 01 company lawl are responsible lor the preparation ol the financial
slalemenls and lor being satisfied that they give a true and lair view, and lor such internal control as the
Governor5 determine is necessary lo enable the preparation ol financial statements that are Ire6 from material
misstaternent, whether due lo fraud or error.
In preparing the financial slatemenls. the Governors are responsible lor assessing the Group's and the parent
charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related to going
concern and using the going ¢on¢ern basis ol accounting unless the Governors either intend lo liquidate the
Group or the parent charitable company or to cease operations, or have no realistic alternative bul lo do so.
Page 10

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
{A company limlted by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ICOLCHESTERI
LIMITED ICONTINUED)
Auditors. responslblllties for the audil of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due lo fraud or error, and to Issue an Auditors. report that includes our
opinion. Reasonable assurance Is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always detect a rnaterial misslalemenl when it exists. Misslalemenls can arise
from fraud or error and are considered material il, individually Or in the aggregate, they could reasonably be
expected to influence the economic decisions ol users taken on the basis of these financial statements.
Irregularities, including fraud, are instances ol non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to delecl material misstatements in respect ol irregL41arilies,
including fraud. The exlenl lo which our procedLJres are Capable ol delecling irregularities, including fraud is
detailed below..
We obtained an understanding ol the legal and regulatory Irameworks that are applicable to the charitable
company group and lor those that are most significant, we enquired into how management ensures compliance
is maintained.
We identified that the principle risks ol non compliance with laws and regulations related lo the regulatory
industry that the school as a charitable company operates in. This ellects the ability lo continue the charitable
activities ol educating girls 3 - 16 land boys 3 - 41 Other r8levanl laws and regulations of note include health
and safety.
Enquiry and review ol the entity's transactions was undertaken to highlight any inslan¢es ol penalties, lines or
legal activity which could suggest non-compliance with laws and regulations. There was no conlradictory
evidence found.
We also Considered those laws and regulations that have adirect impact on the preparation ol the financial
slalements including the Companies Act 2006. and Charities SORP.
We evaluated management's incentives and opportunities for fraudulent manipulation ol the financial statements
(including the risk of overide ol conlrolsl and determined that the principle risks were related to the override ol
delegated authorities and the misappropriation ol funds.
In response we incorporated lesling ol procLJrement and expenditure and any other entries al risk ol lalling
outside ol delegated aulhorities.
Scrutiny ol unusual transactions and analytical procedures were used to help identify risk laclors in monies
received and expended during the year.
It is also slated as a reminder, that the primary responsibility lor the prevention and detection ol fraud rests with
both management and those charged with governance ol the charitable company group.
A further description tsl our responsibilities lor Ihe audit ol the financial slalements is located on the Financial
Reporting Council's website at.. www.lrc.or
.￿￿audItorsreS
onsibilities. This descriplion forms part ol our
Auditors, report.
Page11

ST MARY'S SCHOOL {COLCHESTERI LIMITED
IA company Ilmlted by guaranleel
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ICOLCHESTERI
LIMITED {CONTINUED}
Use of our report
This report is made solely lo the charitable company's members, as a body, in a¢¢ordance with Chapter 3 01 Part
16 01 the Companies Act 2006. Our audit work has been undertakell so that we might slate lo the charitable
company's members those matters we are required to state to them in an Audittsrs, report and lor no other
purpose. To the lullesl exlenl permitted by law, we do not accept or assume responsibility lo anyone other Ihan
the charitable company and ils members, as a body, lor our audit work, lor this report, or lor the opinions we
have formed.
Daniel Aldworth (Senlor statutory auditor
lor and on behalf ol
Griffin Chapman
Chartered Accountants
Registered Auditors
4 & 5 The Cedars
Apex 12
Old Ipswich Fload
Colchesler
Essex
C07 7QR
Date..
13 Mthr6k &2Lk
Page 12

ST MAR Y'S SCHOOL ICOLCHESTERI LIMITED
IA Company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND
EXPENDITURE ACCOUNT}
FOR THE YEAR ENDED 31 AUGUST 2023
Unrestrictsd
funds
2023
Restrlcted
funds
2023
Total
funds
2023
Total
funds
2022
Note
Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
25.460
6,043,425
35,603
45.972
25,460
6,043,425
35,603
45,972
35,886
5,801,31
72,748
1,890
Total incom
6.150.460
6,150,460
5,911,836
Expenditure on..
Raising funds
Charitable activities
73.212
6.191,096
73,212
6,191,096
77,141
5,979.071
Total 8xpenditure
6.264.308
6,264,308
5,996,218
Net movement In funds
1113,8481
(113,848)
(84,382)
Reconeillatlon of funds:
Total funds brought ftsTward
Nel movement in funds
4.41 S.475
1113,8481
1,000
4.416.475
(113.8481
4,500,857
(84,382)
Total funds carrled forward
4,301.627
1.000
4,302,627
4.416,475
The Consolidated slalemenl ol financial activities includes all gains and losses recognised in the year.
The notes on pages 17 to 35 form part ol these financial statements.
Page 13

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
(A company Ilmited by guarantee)
REGISTERED NUMBER: 0988976
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023
2023
202£
Note
Flxed a$$et$
Tangible assets
3,723,944
3, 733,430
3,723,944
3,733.430
Current assets
Stocks
Debtors
Cash at bank and in hand
13,210
143,333
2.207,002
58,691
2,225,376
2,363,545
2,582, 779
Credilors.- amounts falling due within one
year
11,784,862)
11,899, 734)
Nel current assets
578.683
683,045
Total assets less Current liabililio$
4,302.627
4,416,475
Net assets excluding penslon asset
4,302,627
4,416,475
Total nel assets
4,302.627
4,416,475
Charily funds
Reslricled funds
Unrestricted tunds
1,000
4,301,627
1,000
4,415,475
Total fund$
4,302,627
4,416.475
The Governors acknowledge their responsibililies lor complwng with the requirements ol the Act with respect lo
accounting records and preparalion ol financial staternents.
The financial statements were approved and aulhorised lor iSSLJe by the Governors and signed on their behalf
by..
Mr R G Lambert
Ico-chair of Governors)
Dale..
7 lol
The notes on pages 17 10 35 form part ol these financial statements.
Page 14

ST MAR Y'S SCHOOL {COLCHESTERI LIMITED
IA company limited by guarantee)
REGISTERED NUMBER: 0988976
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023
2023
2022
Nolg
Flxed assets
Tangible assets
Investments
3.723.944
3,733,430
3.723,945
3, 733,431
Current assets
Stocks
Debtors
Cash al bank and in hand
5,826
167,540
2.189,634
7,314
348,526
2,225,074
2,363,000
2,580,974
Creditorg.. amounts falling due within one
year
11.784,3181
(1,894,967)
Net current assets
578,682
685,94/
Total assèts less current liabilities
4,302.627
4,419,378
Net assets excluding penslon asset
4,302,627
4,419,378
Total net assets
4,302.627
4,419.378
Charity fund$
Reslricled funds
Unreslricled funds
19
1,000
4,301.627
I,ooo
4,418,378
19
Total funds
4,302.627
4,419,378
The Cornpany's net Thovemenl in funds lor the year was £1116,7511 (2022- £(74,046)J.
The Governors acknowledge their responsibilities lor cofflplying with the requirements ol the Act with respect to
accounting records and preparation ol financial slalemenls.
The financial statements were approved and aLJthorised lor issue by the Governors and signed on their behalf
by..
Mr R G Lambert
(Co-chair ol Governors)
Date..
7 Li14
Page 15

ST MARY'S SCHOOL ICOLCHESTER} LIMITED
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
Cash flows from operatlng activltles
Net cash used in operating activities
170,590
707, 191
Cash flows from investing activities
Dividends, interests and renis from investments
Proceeds from the sale ol tangible fixed assets
Purchase of tangible fixed assets
45,972
1,890
250
1234,936)
(550,476)
Net cash used in investing activities
1188,964) 1548.3361
Cash flows from fSn8ncing activities
Net cash provided by flnanclng actlvltles
Change In cash and cash equivalenls in Ihg year
Cash and cash equivalents al the beginning ol the year
18.374)
2,225.376
158.855
2,066,521
Cash and cash equivalent$ at the end of the year
2.207.002
2,225.376
The notes on pages 17 10 35 form part ol these financial statements
Page 16

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company Ilmlted by guarantge)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
General information
The company is a company limited by guarantee. The members ol the company are the governors
named on page 1. In the ev&nl ol the company being wound up, the liability in respect ol the guarante& is
limited to £1.00 per member ol the company.
Accounting policies
2.1 8asls ot preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Statement ol Reeommended Pra¢li¢e applicable to charities
preparing their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK
and Republic ol Ireland IFRS 1021 leffe¢livg 1 January 20151, the Financial Reporting Standard
applicable in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006.
Sl Mary's School Icolchesterl Limited meets the definition ol a public benefit entity tjnder FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise
stated in the relevant accounting policy.
The Consolidated statement of financial activities ISOFAI and consolidated balance sheet
consolidate the financial statements ol the Group and ils subsidiary undertaking. The results ol the
subsidiary are consolidated on a line by line trasis.
The GroLJP has taken advantage ol the exemption allowed under section 408 01 the Companies Act
2006 and has not presented ils own Statement ol financial activities in these financial statements.
2.2 Golng concem
The governors assess whether the use ol going concern is appropriate, ie whether there are any
material uncertainties related to events or conditions that tnay cast significant doubl on the ability ol
the Charitable Company group lo continue as a going concen. The governors make this assesmenl
in respect ol a period ol al least one year from the dale ol authorisation lor issue ol the financial
slalements and have concluded that the Charitable Company group has adequate resources to
continue in operational existence lor the lorseeable lulure and that there are no material Ljncertainties
about the Charitable Company group's ability lo continue as a going concern, thus they continue lo
adopt the going concern basis ol accounting in preparing the financial stalemenls.
Page 17

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
(A cornpany limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accounting policies Icontinuedl
2.3 Income
All income is r&cognised once the company has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measLJred reliably.
Where the donated good is a fixed asset, il is measured al fair value, unless il is impractical lo
measure this reliably, in which case the cost of the itetn to the donor should be used. The gain is
recognised as income from donations and a corresponding amount is Included in the appropriate
fixed asset class and depreciated over the useful economic life in accordance with the company's
accounting policies.
On receipt, donated professional services and facilities are recognised on the basis ol the value ol
the girt lo the company which is the amount it would have been willing to pay lo obtain services or
facilities ot equivalenl economic benefit on the open market,. a corresponding amount is then
recognised in expenditure in the period ol receipt.
Income tax recoverable in relation to investment income is recognised al the lime the investment
income is receivable.
2.4 Expendlture
Expenditure is recognised once there is a legal or constructive obligation lo Iransler economic benefit
lo a third party, it is probable that a transfer of economic benefits will be required in settlement and
the amount ol the obligation can be measured reliably. Expencliture is classified by activity. The costs
ol each activity are made up ol the lolal of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs allribulable lo a single activity are allocated dire¢lly
to that activity. Shared costs which contribute lo more than one activity and support costs which are
not altribulable to a single activity are apportioned between those activities On a basis consistent with
the use ol resources. Central stall costs are allocated on the basis ol time spent, and depreciation
charges allocated on the portion ol the asset's use.
ExpenditLJre on raising ILJnds includes all expenditure incurred by the Group lo raise funds lor ils
charitable purposes and includes Costs ol all fundraising activities events and non-charilable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
GroLJP'S objectives, as well as any as50cialed support costs.
All expenditure is inclusive ol irrecoverable VAT.
2.5 Interest recelvable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Group,. this is normally upon nolilication ol the interest paid or payable by the institution
with whom the funds are deposited.
Page 18

ST MARY'S SCHOOL {COLCHESTER} LIMITED
IA company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accountlng pollcles {contlnuedl
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible
fixed assets are measured al cost less a¢cumLJlated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its inlended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allocale the CDSt ol tangible fixed assets less their residual value
over their estimated useful lives, using the slraighl-line melhcKI.
Depreciation is provided on the following bases..
Freehold property
Motor vehicles
Fixtures and fillings
School equipment
2 lo on c05t
20QJy on cost
1 OQ/o on cost
25 /0 to 33.30/0 on cost
The assets, residual values, useful lives and depreciation methods arg reviewed. and adjusted
prospectively il appropriate, or if there is an indi¢ation ol a significant change since the last reporting
date.
2.7 Investments
Fixed asset investments are a form ol linan¢ial instrument and are initially recognised al their
transaction cost and subsequently measured al lair value al the Balance sheet dale, unless the value
cannot be measured reliably in which case it is ffleasured al cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on
inveslmenls, in the Consolidated statement ol financial activities.
Investrnents in subsidiaries are valued al cost less provision lor impairment.
2.8 Stocks
Stocks are valued al the lower ol cost and nel realisable value alter making due allowance lor
obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion ol fixed
and variable overheads.
2.9 Debtors
Trade and other debtors are recognised al the settlement amount after any trade discount ollered.
Prepayments are valued at the amount prepaid nel ol any trade discounts due.
2.10 Cash al bank and in hand
Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity
of three months or less from the dale DI acquisition or opening ol the deposit or similar account.
Page 19

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accountlng policies Icontinuedl
2.11 Llabllltles and provisions
Liabilities are recognised when Ih&re is an obligation al the 8alance sheet date as a result ol a past
event, it is probable that a transl&r ol economic benefit will be required in settlement, and the amount
ol the selllement ¢an be estimated reliably.
Liabilities are recognised al the amount that the Company anticipates il will pay lo s&llle the debt or
the amount it has received as advanced payments lor the goods or services it musl provide.
Provisions are measured at the best estimate ol the amounts required lo settle the obligation. Where
the etfecl ol the lime value ol money is fflaterial, the provision is based on the prasent valLJe ol those
atnounls, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The
unwinding ol the discount is recognised in the Consolidated statetnent ol financial activities as a
finance cost.
2.12 Financi81 instruments
The Charitable Company Group only has financial assets and financial liabilities ol a kind that qualify
as basic financial inslrumenls. Basic financial instruments are initially recognised at iransaclion value
and subsequently measured al their selllemenl value with the exception ol bank loans which are
subsequently measured at amortised cost using the ellective interest method.
2.13 Operating leaseg
Rentals paid under operating leases are charged lo the Consolidated statement ol financial activities
on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a
straight line basis over the lease term, unless another systematic basis Is representative ol the lime
pattern ol the lessee's benefit from the use ol the leased asset.
2.14 Penslons
The Charitable Company Group operates a defined contribution pension scheme and the pension
charge represents the amounts payable by the Group lo the fund in respect ol the year.
2.15 Fund a¢countlng
General funds are unrestricted funds which are available lor use al the discretion ol the Governors in
lurlherance ol the general objectives ol the Group and which have not been designated lor other
purposes.
Restricted funds are lund5 which are lo be used in accordance with specific restrictions imposed by
donors or which have been raised by the Group lor particular purposes. The costs ol raising and
administering such funds are charged against the specific fund. The aim and use ol each restricted
fund is Sel out in the notes lo the financial statements.
Investment income, gains and losses are allocated lo th8 appropriate fund.
Page 20

ST MAR Y'S SCHOOL ICOLCHESTERI LIMITED
IA company limlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Critical a¢counllng estimat9$ and areas of judgment
Eslimales and judgments are continually evaluated and are based on hislofical experience and other
laclors, including expectations ol lulure events that are believed to be reasonable under the
circumstances.
Critical accounting eslimales and assumplions..
The company makes estimates and assumptions concerning the future. The resulting accounting
estimates ancl assumptions will, by delinilion, Seldo￿ equal the related actual results. The eslimales and
assumptions that have a significant risk ol causing a material adjuslmenl lo the carrying amounts ol
assels and liabilities within the next linancial year are discussed below.
Stock
stock is stated at the lower ol cost Ilirsl in first out melhodl Dr net realisable value. Stock
provisions are recognised lor slow moving, obsolete or unsalable inventory and are reviewed on a periodic
basis. This figure is incorporated into the value ol closing stock at the year-end_
Income from donations, legacies and government grants
Unrestricted
lund$
2023
Total
lunds
2023
Total
lunds
2022
Donations
25,460
25,460
35,886
Total 2022
35,886
35,886
Income from Charltable activities
UnrÈstrleted
funds
2023
Total
funds
2023
Total
funds
2022
Income from charitable activities - Upper School
Income from charitable activities - Lower School
Income from charitable activities - Kindergarten
4,220,181
1,564,947
258,297
4,220,181
1,564,947
258,297
3,935,524
1,596,347
269.441
Total 2023
6.043,425
6,043,425
5,801,312
Total 2022
5,801,312
5.801,372
Page 21

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Income from other tradlng actlvltles
Income from non charitable trading activities
Unrestilcted
lunds
2023
Total
funds
2023
Total
funds
Shop income
35,603
35.603
72, 748
Tot312022
72,748
72,748
Investment income
Uniestricted
funds
2023
Total
funds
2023
Total
funds
2022
Investment income- bank interest
45,972
45.972
1,890
Tolal 2022
1,890
1,890
Analysis of expenditure on charltable actlvltles
Unrestrlcted
funds
2023
ToLIl
2023
Tolai
Upper School
Lower School
Kindergarten
4,212,165
1,7Q6,442
272,489
4.212,165
1,706,442
272,489
4, 122. 134
1,538.493
258,450
6,191,096
6.191,096
5,919.07i
Total 202
5,919,077
5.919.07i
Page 22

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Analysis ol expenditure on charitable activities Iconllnuedl
{¢ontlnuedl
Analysis ol expendlture by activities
Aetlvltles
undèrtaken
directly
2023
Support
costs
Total
funds
2023
Total
lund5
2022
2023
Upper School
Lower School
Kindergarten
2,882.349
1,190.494
187,339
1,329,818
515,948
85,150
4,212,165
1,706,442
272,489
4, 122. 134
1,538,495
258,450
4,260,182
1,930,914
6.191.096
5,919,Q7i
Total 2022
3,962,874
1,956,203
5,919,077
10. Auditors. remunerallon
2023
2022
Fees payable lo the cornpany's auditor for the audit ol the company's
annual accounts
11,400
71.340
Fees payable to the company's auditor in respect ol..
All non-audil services not included above
2,580
2, 148
Page 23

ST MARY'S SCHOOL {COLCHESTERI LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Slaff Costs
Group
2023
Group
Company
2023
Con7pany
2022
Wages and salaries
Social sg¢urily costs
Contribution lo defined Contribution pension
schemes
3,230,438
311,242
3,045,550
301,990
3,219,980
311,101
3,035,92£
301.82i
514,203
485,961
514.129
483,874
4.055,883
3,831,50i
4,045,210
3,821.623
The average number ol persons gmploygd by the company during the year was as follows..
Group
2023
Group
Company
2023
Company
2022
No.
No.
Teaching stall
Domestic & non-leaching stall
Adminilralive stall
Nursery
41
40
13
14
41
40
13
14
13
15
15
75
73
75
73
Th8 number ol 8mployees whose employee benefits lex¢luding employer pension ¢oslsl exceeded
£60,000 was..
Group
2023
No.
Group
2022
No.
In the band £60,001 £70,000
In the band £70,OQ1 £80.000
In the band £80,001 £90,000
12.
Governors, remuneration and expenses
During the year, no Governors received any remuneration or other benefits (2022- £NILJ.
During thè year ended 31 August 2023, expenses lotalling £NIL were reimbursed or paid directly to
Governors (2022 - £27110 d Governors).
Page 24

ST MARY'S SCHOOL {COLCHESTERI LIMITED
{A company limited by guaranleel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
13. Tanglble fixed a$$ets
Group
Freehold
property
Motor
vehicleg
Flxtures and Assets under
Ilttlnlls
construction
Total
Cost or valuatlon
Al 1 September 2022
Additions
Transfers between classes
4,511,822
15,382
36,000
1,078,192
125,895
57,310
162,784
73,041
1220,1451
5,768,180
234,936
162,835
AI 31 ALJgust 2023
4,674,657
51,382
1,261,397
15,680
6,003,116
Depreclatlon
At 1 September 2022
Charge lor the year
1,461,654
87,198
15,382
4.800
557.714
152.424
2,034,750
244,422
Al 31 August 2023
1,548,852
20.182
710,138
2,279,172
Net book value
Al 31 August 2023
3,125,805
31,200
551,259
15,680
3.723.944
At 31 August 202£
3,050, 168
520,478
162, 784
3, 733,430
Company
Freehold
property
Motor
v•hieles
Flxtur85 and Assets under
fitting5 eonstruction
Toial
Cost or valuation
Al 1 September 2022
Additions
Transfers between classe5
4,511.822
15,382
36.000
1.078,192
125,895
57,310
162,784
73,041
1220,1451
5.768.180
234,936
162,835
Al 31 August 2023
4.674,657
51,382
1,261,397
15,680
6,003,116
Page 25

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
(A Company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Tangiblo fixed assets Icontinuedl
Company {continuedl
Fraehold
property
Motor
vehicles
Flxturas and Assets under
fittings
construetlon
Total
Depreciation
Al 1 September 2022
Charge lor the year
1.461.654
87.198
15,382
4.800
557,714
152,424
2,034,750
244,422
Al 31 August 2023
1,548.852
20,182
710,138
2,279,172
Net book value
At 31 August 2023
3.125.805
31,200
551,259
15,680
3,723,944
At31 August202
3,050, 168
520,478
162,784
3, 733,430
14.
Fixed asset investments
Invèstmènts
in subsidiary
companles
company
Cost or valuation
At 1 September 2022
At 31 August 2023
Net book value
Al 31 August 2023
Al 31 August202£
Page 26

ST MAFIY'S SCHOOL ICOLCHESTERI LIMITED
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
15.
Stocks
Group
2023
Grou
Company
2023
Company
Finish&d goods and goods lor resale
13.210
58,691
5,826
7.314
16.
Debtors
Group
2023
Group
Company
2023
Gompan
2022
Due wlthln one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
20,342
97.975
24,318
20,231
156
99,97K
48,216
5,375
794,958
156
122,835
5,690
195,049
122.835
143,333
298.772
167,540
348,526
17.
Creditors.. Amounts falllng due wilhin one year
Group
2023
Group
Company
2023
Company
Trade creditors
Other laxalion and social security
Other creditors, accruals and deferred income
93.120
71,208
1,620,534
113,141
71,228
1, 715,365
93.656
71.208
1,619,454
112,028
71,228
1,711,711
1.784,862
1,899,734
1,784,318
1,894,96i
Group
2023
Group
Company
2023
Company
2022
Deferred Income and fees In advan¢0
Deferred income al 1 September
Resources deferred during the year
Resources released during the year
773,941
554,808
(664,9611
299, 104
1,031,333
(556,4962
7T3,941
554.808
1664,9611
299, 104
1,031.333
(556,496)
Deferred income a131 August
663,788
773,941
663,788
773,941
Page 27

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company Ilmlted by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
18. Flnanclal Instruments
Group
2023
Group
202
Company
2023
Company
2022
Financial assets
Financial assets measured al lair value
through income and expenditure
Financial assets that are debt instruments
measured at amortised cost
2,207.002
2,225,376
2,189,634
2,225,074
20.498
103,663
44,705
153,568
2,227.500
2,329.C139
2,234,339
2,378,642
Group
2023
Group
Company
2023
Company
202
Financial liabilities
Other linaneial liabilities measured at lair
value through income and expenditure
214,053
477,088
213.509
472,322
Financial assets measured al lair value through income and expenditure Comprise bank and cash
balances.
Financial assets are debt instruments ffleasured at amortised cost comprises debtors excluding pre-
payments and tax recoverable.
Other financial liabilities measured al lair value through income and expenditure comprise creditors,
exclLJding taxation, social security and deferred Income.
Page 28

ST MARY'S SCHOOL {COLCHESTERI LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL ST ATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
19. Statement of funds
Statement of funds- current year
Balanee at I
September
2022
Transfers Balance at 31
Inlout August 2023
Incom
Expandlture
Unrestricted lunds
General Funds all funds
Fixed asset lund
6B2,045
3,733,430
6,150.460 (6,019,886)
1244,4221
1234,9361
234.936
577,683
3.723,944
4,415,475
6,150.460 {6,264,3081
4,301,627
Restricted funds
Reslricled Funds- all funds
1.000
1,000
Total ot funds
4.416.475
6,150,460 16,264,308)
4,302,627
The transfer tsf funds reflects unreslricled general funds being ulilised lo support the purchase ol
unrestricted fixed ass&1 additions during the y&ar.
Page 29

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
{A company limiled by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOP THE YEAR ENDED 31 AUGVST 2023
19. Slalement of funds Icontlnued)
Statement of funds- prlor year
8a13nce al
I Septembei
2021
Balance al
31 August
2022
Transfers
in/oul
Income Expenditure
Unrestricted funds
General Funds - all funds
Fixed asset fund
1,092,081
3,407, 776
5,911,836
(5,775, 1871
1221,031)
(546,685)
546,685
682,045
3, 733,430
4.499,85i
5,911,836 (5,996,218)
4,415,475
Restricted funds
Restricted Funds - all funds
1,000
1,000
Total of funds
4,500,857
5,911,836 (5,996,218)
4,416,475
20. Summary of funds
Summary ot funds- cur￿nt year
8alan¢e at 1
September
2022
Transfers Balance at 31
inlout August 2023
Income
Expenditure
General funds
Reslri¢led funds
4.415.475
1,000
6.150,460 16,264,308>
4,301,627
1,000
4.416.475
6.150,460 16,264,308>
4,302,627
Page 30

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
20. Summary of fundg {conlinued)
Summary of funds- prlor year
Balance al
I September
2021
Balance al
31 Augusl
2022
Transfers
inloul
Income Expenditure
General funds
Restricted funds
4.499,857
I,ooo
5,911,836
(5,996,218)
4,4 15,475
1.000
4,500,857
5,911.836 (5,996,218)
4,416,475
21.
Analysls of nel assets between funds
Analysis ol net assels between funds- current year
Unrestrlcted
lunds
2023
Restrleted
funds
2023
Total
lunds
2023
Tangible fixed assets
Current assets
Greditors due within one year
3,723,944
2,362,545
11.784,8621
3,723,944
2,363,545
11.784,8621
1,000
Total
4,301,627
1,000
4,302,627
Analysis ol net assets between funds - prlor year
Unrestricleo
lunds
Restriotecj
funds
Tolai
funds
2022
Tangible fixed assets
CLJrrenl asse15
Creditors due within one year
3,733,430
2,581. 779
(1,899, 134}
3,733,430
2,582, 779
(1,899,734)
1,000
Total
4,415,475
4,416,475
Page 31

ST MARY'S SCHOOL ICOLCHESTERI LIMITED
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
22.
Reconcilialion of ng1 movement in funds to net cash flow from operating actlvltles
Group
2023
Group
2022
Nel expenditure lor the year las per Statement ol Financial Activities)
1113,8481
(84,3821
Adjustments for:
Depreciation charges
Dividends, interests and rents from Investinents
Loss on the sale ol fixed assets
Decreasallincreasel in stocks
Decreasellincreasel in debtors
Increase in creditors
244.422
145.9721
221.031
(1,8901
3,541
(7,713)
(20,521)
597,125
45.481
155,379
1114.8721
Nel cash provided by operating activities
170.590
707, 191
23.
Analysis of cash and cash equivalents
Group
2023
Group
2022
Cash in hand
2,207,002
2,225,376
Total cash and cash equivalents
2.207.002
2,225.376
24. Analysls of changes In ngt debl
At1
September
2022
At 31 Auyust
2023
Cash flows
Cash al bank and in hand
2.225,376
18,374)
2.207.002
2,225,376
118,374)
2.207,002
Page 32

ST MARY'S SCHOOL ICOLCHESTERI LSMITED
(A company Ilmited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
25.
Capltal commitments
Group
2023
Group
2Q2
Company
2023
Company
2022
Contracted for but not provided in these
financial statements
Assets under construction
36, 734
36,734
26.
Pension commltments
The school runs a defined contributions scheme lor non-teaching staff. The superannuation charge
representing the contributions payable lo the defined contribution scheme lor the year to 31 sl August 2023
were £27,68712022 £28,255).
In addition the school also operates the teachers pension scherne which was previously available to all
teaching stall.
Teachers Penslon commitment$
The Teachers, Pension Scheme ITPSI is a slalLJlory, Contributory, defined benefit scheme, governed by
the Teachers, Pension Scheme RegLJlations 2014. Membership is automatic lor lull-time teachers in
schools and, from 1 January 2007 is aLJtornalic lor teachers in parl-lime employment following
appointment or a change ol contract. although they are able Its opt out.
The TPS is an unlunded scheme and members contribute on a'pay as you go, basis - these contributions
along with those made by employers are credited lo the Exchequer. Retirement and other pension
benefits are paid by public funds provided by Parliament.
Valuatlon of the Teachers, Pension Scheme
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review ol the TPS
in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014
published by HM Treasury. The aim ol the review is lo specify the level ol future contributions. ActLJarial
scheme valuations are dependent on assumptions about the value ol lulure costs, design ol benefits and
many other laclors. The latest actuarial valuation ol the TPS was Carried out as al 31 March 2016. The
valuation report was published by the Department for Education on 5 March 2019. The key elements ol
the valuation and subsequent consultation are-.
Employer contribution rates set al 23.68Q/o ol pensionable pay (including a 0.08°/o employer adminislralion
charge).
Total scheme liabilities (pensions currently in payment and the estimated cost ol lulure benelilsl IDr
service to the elleclive date of £218,100 million, and notional assets leslimaled future contributions
together with the notional investments held al Ihe valuation dale) of £196,100 million giving a notional past
servic& delicil DI £22,000 million.
The SCAPE rate, sel by HMT is used lo determine the notional investment return. The current SCAPE
rale is 2.4°/o above the rale ol CPI, assumed real rate ol return is 2.4 10 in excess ol prices and 2°/0 in
excess ol earningB. The rale ol real earnings growth is assumed lo be 2.2U/.. The assumed nominal rale
of return including earnings growth is 4.45 1..
Page 33

ST MARY'S SCHOOL {COLCHESTER} LIMITED
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
26.
Pension commilments Icontinuedl
The next valuation result is due to be implemented from 1 April 2024.
The employer's pension costs payable to TPS in the year amounted lo £486.51612022 - £455,711).
A copy ol the valuation report and supporting documentation is on the Teachers. Pensions website.
Under the delinilions sel out in FRS 102, the TPS is an unlunded mulli-employer pension scheme. The
Charitable Company has accounted for its contributions to the scheme as il it were a defined contribution
scheme. The Charitable Company has set out above the information available on the scheme.
27.
Operating lease commltments
Al 31 August 2023 the Group and the company had ctsmmilmenls lo make future minimum lease
payrnenls under non-cancellable Dperating leases as follows..
Group
2023
Group
202£
Company
2023
Gompany
2022
Amounts payable:
Not later than 1 year
Later than 1 year and not later than 5 years
9,365
42,767
18,339
56,965
9,365
42,767
18,339
56,965
Tolol
52,132
75,304
52,132
75,304
28.
Related party transactlons
During the year the company entered into transactions lotalling £nil 12022 £2,700) with governor H
Swain lo provide pastoral support services. These transactions were al commercial rates. at 31 st August
2023 £nil12022 £nill were oulslanding.
During the year the company entered into transactions lolalling £4,86012022 £13,0731 with Birkett Long
solicitors ol which the governDr M Loxley is a partner. These transactions were at commercial rales, at
31 sl August 2023 £nil12022 £nill were outstanding.
29.
Principal subsidiaries
The following was a subsidiary undertaking ol the company..
Name
Company
nurnber
Reglstered office or principal Principal activity
place of bu$lness
SMS Icolcheslerl Limited
07579755
91 Lexden Road. Colchester,
Essex. C03 3FIB
School shop
Page 34

ST MARY'S SCHOOL {COLCHESTERI LIMITED
(A company limiled by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
29.
Prlnclpal $ubsidiarles Icontinuedl
Class of
shares
Holding
Included in
consolldalion
Ordinary
1 OOY. Yes
The financial results ol the subsidiary lor the year were..
Name
Income
Expendiiurè
ProflVILoss
Surplusl
ID&ficltl for
thè year
SMS Icolcheslerl Limited
76,206
73,303
2,903
The subsidiary company ceased trading al 31st August 2023 and the subsidiary company is lo be
dissolved. The results lor the parent company and the subsidiary reflect the impairment ol a £40,604 loan
from the parent company lo th& subsidiary.
Page 35