Registerad number: 00988976 Charity number: 309266 ST MARY'S SCHOOL (COLCHESTER) LIMITED (A company limited by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 JIJJ
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company Ilmited by guarantee) CONTENTS Page Roferen¢e and administratlve details of the company, its Governors and advisers Governors. report Independent auditorfs report on tho financial statements Statement of financlal activities 3-17 18-21 22 Balance sheet 23-24 Statement of Cash flows 25 Notes to the financial statements 26-41
ST MARY'S SCHOOL (COLCHESTERI LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Governors K Abbott2 N R Baerg (appointed 10 July 20251 A Bell, Chair from 1 September 20251.3.4 E Eddy2 S Flower1,3,5 D Hamilton2 A Hampton lappointed 5 December 202412.5 M Jackson (resigned 10 July 202511 R G Lambert, Chair of Finance Committee. Co-chair until 31 August 20251.3.4,5 W Magill. Co£hair until 31 August 20252,3,5 S C O'Laoi lappoinled 11 December 202511 V Spencer-Allen lappoinled 11 Dfjcember 202513 K L Taylor (appointed 11 December 202511 C Woods4 Finance and Operations Committee Education Committee 3 Marketing and Business Development Committee Bursary Committee S Remuneration Committee Key Management N Griffiths Principal MA, PGCE, NPQH E L Bevan Head of Finance & Operations Bsc Business Admin, ACA Company reglstered number 00988976 Charlty reglstered number 309266 Reglstered offlce 91 Lexden Road Colchesler Essex C03 3RB Company secrètary & Finance Manager L Shirel Chair A Bell Independent auditor Griffin Chapman Chartered Accountants 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchesler Essex C07 7QR Page 1
ST MARY'S SCHOOL ICOLCHESTER} LIMITED (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Bankers Lloyds Bank PIC 25 Gresham Street London EC2V 7HN Sollcitors Birkett Long LLP Faviell House 1 Coval Wells Chelmsford Essex CM1 1WZ Webslte www.stmaryscolchester.org.uk Page 2
ST MARY'S SCHOOL ICOLCHESTERI LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The Governors are pleased to present their annual report togetherwith the consolidated finarncial statements of the charity for the year ending 31 August 2025. The annual report serves the purpose5 of both a Governors, report and a Directors, report under company law. The financial statements have been prepared in accordance with the accounting policies Set out on pages 26- 28 of the attached financial statements and comply with the Charities Act 2011,. the Companies Att 2006.. the Memorandum and Articles of Association,. and the Statement of Recommended Practice - Accounting and Reporting by Charities IFRS 1021. REFERENCEANDADMINISTRATION INFORMATION St Mary'5 School Icolchesterl wasfounded in 1908 and is registered with the Charity Commission under charitv number309266. STRUCTURE, GOVERNANCE AND MANAGEMEKr Governing Document The company, St Mary's School Icolchesterl Limited is constituted under a MemorandLJm of Association dated 27 August 1970 and is a registered charity, number 309266. Governing B¢)dy The structure of the Charity consists of a Board of Govemors that oversees the management of the Charity, a school, which has two principal elements, a Senior School for pupils aged 11-16 and a Lower School (including a Kindergarten) for pupils aged 2-11. The Governor5 of the charity who served during the year, were as Stated on page l. They are a150 the Charity Trustees and the Governors of the Charitable Companv. Recrultment and Training of Trustee Directors The Governors are voted onto the Board by the current Governing Body members. New Governors are inducted into the Governing Body and the School (including Board policy and procedures) by current Governors and the School Senior Leadership Team. New Governors are encouraged to gain first-hand knowledge of the working life of 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 of continuous trairning on offer and new governors attend workshops run by AGBIS. Organisational Management The Governors are legally responsible for the overall management and control of the school and meet as a whole, at least three times a year. Governors a5S15ted in the management of the charity via the operation of four sub-committees.. the Education Committee, the Finance & Operations Committee, the Marketing & Business Development Committee and the Bursary Committee. Page 3
ST MAR Y'S SCHOOL {COLCHESTERI LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The members of the Finance & Operations IF&OI Committee meet 1- 2 weeks before each meeting of the full Board and on extra occasions as required. Thi5 Committee specifically looks at the budget and accounts for the current year, short and medium-term forecasts and at infrastructure investment plans and makes recommendations for approval by the Governing Body. The Education Committee meets each term before the main Board meeting and the Marketing & Business Development Committee meet twice per year to discuss the Strategic direction of the school and the progress of the School's Development Plan. The Bursary Committee meets once a year in the summer term to di5CUSS reapplications of existing bursaries as well as on an ad hoc basis during the year when new bLJrsary application5 are received. The Principal and the Head of Finance & Operations attend meetings of the above Committees. Other working groups of Governors and senior staff convene when ne£e55ary to evaluate, oversee and l or monitor specific projects or issues. The day to day running of the School is delegated to the Principal, with the Head of Finance & Operations, the VI Principal and the Head of Marketing & Communications as the Senior Leadership Team. They are 5UPPOrted by their Wider Leadership Teams. Delivery of the School's charitable vision and purpose is primarilv dependent on the Senior Leadership Team. The Principal is responsible for all educational matter5 and for the day-to-day management of the School. She heads the School'5 senior Leadership Team and reports to the Board at each meeting. The Principal and Chair of Governors meet regularly. The School Development Plan is the working tool used by all parties and is regularly reviewed by the Governors. It reflects the short to medium term strategic direction of the School and is updated regularly. The Head of Finance & Operation5 is responsible for all non-3cademic aspects of the School, including researching, recommending and implementing financial decision5, management of the estate. IT infrastructure and maintaining all policies, as well as the management of non-teaching staff. In addition, she is responsible for many of the compliance and regulatory matters afferting the School. She reports directly to the Principal and also to the Board, as required, at each Governor's meeting. Related party relatlonshlps Governors None of our Governors receive remuneration or other benefit from their work with the org3nisation and anv expenses incurred by them on behalf of the School is claimed for and paid. All concerned sign a Conflicts of Interest declaration and are required to declare any interests that may arise, both at committee meetings and also through 3 Declaration of Interests form. In the reporting year no interests were declared. Senior Staff {see also section 'Organi5ational Management) In the year to 31 August 2025, the School's Senior Leadership Team wa5 comprised of the Principal, Head of Finance & Operations, the Vice Principal and the Head of Marketing & Communications. The Governors review the remuneration packages of the Senior Leadership Team as part of the Remuneration Committee which is comprised solely of members of the Governing Body with the Principal reporting to the Committee, as required. All pay considerations are ultimately subject to affordability. Page 4
ST MARY'S SCHOOL {COLCHESTERI LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Employment policy The School sUPPOrt5 the principle of equal opportunities and opposes unfair discrimination on the basis of age, sex, marriage and civil partnership, gender reassignment, race, disability, sexual orientation, religion or belief, pregnancy and maternity and part-time or fixed-term employment Idefined as 'Protected Characteristics'l. Being a committed equal opportunities etnployer, the School will take every possible step to ensure that employees are treated equally and fairly. Policie5 and practices will conform with the principle of equal opportunities in terms of recruitment, selection, training, promotion, career development, discipline, redundancy and dismissal. All staff are provided with a Staff Handbook detailing all policies and procedures relating to employment. The Staff Handbook template is provided by Harrison Clark Rickersby and is reviewed and updated annually. In addition, the Staff Handbook is reviewed annually by the School's external Human Resources consultants. Peninsular. This ensures that the School is provided with any updates required as a result of changes to legislation. The School communicates with all employees regularly through normal management channels which include weekly staff briefing5. termly staff meetings for all staff, email communication and team meetings. Staff are informed of any decisions that are likely to affect their interests and are consulted on any significant changes. Charity Code of Governance The Governing Body remains aware of the Charity Governance Code published in 2017 lupdated in 20201 which sets out the principles and recommended practice for good governance within the sector. The Governing Body is satisfied that the School applie5 the principle5 of the code within its current Governance rrangements which inclLJdes the use of 3 Governor Compliance Checklist recommended by the Association of Governing Bodies of Independent Schools IAGBISI. OBJE5, AIMS, OBJEcfivES AND AcfiviTIES Charitable Objects The primary objective of the charity as set out in the companV5 Memorandum and Article5 of Association is the education of girls from the age of 'rising 3, Ifrom the age of 2 as of i September 20251 to 16 years. This includes the provision 2nd enhancement of education in three areas of the organisation- Kindergarten for pupi15 (including boys) aged 'rising 3, (from the age of 2 a5 of I September 20251 to 4, Lower School for pupils aged 4-11 and Senior School for those aged 11-16. In the furtherance of this Object, the Governors, as the charity trustees, have complied with the duty in s.4 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sertor guidance concerning the operation of the Public Benefit requirement under that Act. Aims of the School At St Mary's, our vision is to empower girls to thrive at St Mary's and beyond. Using our expertise in educating girls and the latest research, we empower gir15 by inspiring them to see the world as one of limitless possibilities and by equipping them with the knowledge, experiences and skills needed to thrive at St Mary's and beyond. We do this in an environment designed specifically for girls. One that is safe in every respect- to experiment and question, to take risks and follow passions, to innovate and lead. One that is free from judgement and stereotypes, and full of respect and support. Page 5
ST MARY'S SCHOOL ICOLCHESTER} LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The Aims of St Mary's are, as follows.. To provide an ambitious, girl-centered education To foster high aspiration5 and a bold attitude To create a compassionate culture where every girl is known, supported and understood To develop pupils, understanding of the world so they become dynamic and engaged global citizens To promote intellectual curi051ty and an enquiring mindset The St Mary's Values are- Ambitious strive for excellence show determination to succeed see the world as one full of limitless possibilities Bold have confidence in your abilitie5 be courageous exhibit a willingness to take positive risks Compassionate show kindness, SUPPOrt and respect towards every individual be community minded and globally aware demonstrate a commitment to protecting the environment Dynamic adopt a posltive mindset be imaginative and innovative productively challenge and drive positive change Enquiring be curious, investigate and constructively question be proactive in discovering new interests seize opportunities to broaden your knowledge Public Benefit Aims and Intended Impact The Governing Body has given due consideration to the Charity Commission'5 guidance on public benefit and undertaken appropriate activities in further3nce of the School's aims for the public benefit. We co-operate with, and fundraise for, many and varied charities in our ongoing endeavors to widen public access to the schooling we can provide. The School has a programme to optimise the educational use of our buildings and sporting facilities and to awaken in our pupi15 an awareness of the wider social context of the education they receive at the School. The School is engaged in sharing the educational expertise of staff with others outside the School and developing the involvement of pupils in charitable activities for the wider benefit of the public. We should particularly like to thank the member5 of staff who are involved in work in the community beyond School, as a natural part of their own activities. Page 6
ST MARY'S SCHOOL {COLCHESTERI LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The Curriculum The School maintains high academic expectations and provides strong guidance to enable pupils to achieve excellent outcomes. Th15 commitment is clearly reflected in the 2024125 public examination results, Wlth 99% of GCSE entries achieving grades 9-4 and 55% attaining the highest grades of 9-7. Value added increased from +0.27 to +0.82, a significant improvement. These outcomes represent the strongest results in the School's history and demonstrate the effectiveness of its educational strategies and focus on academic excellence. The School's curriculum is designed to support the holistic development of pupils, ensuring they are well prepared for adult life and able to make meaningful contributions to society. Equal value is placed on academic subjects and the creative, practical, and physical disciplines, including Art, Music, Design Technology, Drama, and Sport. Continued investment in these areas ensures pupils benefit from a broad, balanced curriculum and high-quality learning opportunities. staff professional development remains a core priority, strengthening the School community and improving outcomes for pupils. During the 2024125 academic year, three Tnembers of staff successfully undertook National Professional Qualifications, including NPQSL and qualifications focused on Leading Behaviour and CLJlture and Literacy. In parallel, the introduction of robust Quality Assurance processes has further strengthened teaching and learningi contributing directly to the School's continued success. Means-Tested Asslstance The Governing Body considers that bursaries are important in ensuring that children from families who would otherwise not be able to afford the fees can access the education offered. Bursary awards are available to children who meet the general entry reqL¢irements and are made on the basis of parental means or to relieve hardship where an existing pupil's education and future prospects would be at risk, for example in the case of bereavement or redundancy. In assessing mean5, the School takes a number of factors into consideration including family income, investments and savings and family circumstances. However, the School does not have a large cash endowment and, in funding bursaries, the School has to be mindful of ensuring a balance between fee-paying parents, many of whom make considerable personal sacrifices to fully fund their children's education, and those benefiting from the awards. Further details of bursaries and how to apply are provided on the School web51te. Bursaries are subject to annual review so that the School can ensure that support is only provided to those who require it. In 2024125, the School provided means tested bursary assistance to 17 pupils to the value of £53,793; 8.5% of gros5 fee income. Round Square St Marfs is a long standing and active member of the Round Square Association. Round Square schools are characterised by a shared belief in an approach to education built around six themes, the IDEALS, drawn from the theories of the educationalist Kurt Hahn. These ideals are Internationalism, Democracy, Environmentalism, Adventure, Leadership and Service. The Round Square ideals underpin the Discovery Framework, which supports schools in developing and Structuring holistic programmes that build character, competencies and life-skills in its Students. These ideals provide a common platform, shared by all schools in the Round Square network, around which to collaborate, swap and share learning resources and participate together in joint activities such as conferences, exchanges and academic projects. Page 7
ST MARY'S SCHOOL {COLCHESTER) LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 All pupils acros5 the School are involved in collaborating with other Round Square schools. The Lower School pupils created an online collaborative story writing activity whilst the Senior School pupils created collaborations around language acquisition and neurodiversity. The Senior School As515tant Head (Pastorall and Head of Marketing, Admissions & Communications attended the Round Square Form at Louisenlund School in Germany. The Forum had a focus on marketing which presented an excellent opportunity to network with other Round Square Schools. They attended several good practice sessions presented by other Round Square schools such as Embedding Round Square Within School Strategy and School Initiative, Gaining School Engagement and Leadership Buy-in, Making Round Square Visible in Your School and Easy Wins to Engage Students and Teachers. The pupil led Round Square Committee organised a staff Nintendo Switch and Dance competition to raise money for the Catherine Bullen Foundation. Towards the end of the year, they also ran an 'Assassins' game acr05S the whole school which was incredibly popular and enjoyed by all who took part. Both of these initiatives have raised money for various projects at the Good Hope Primary Schoo5 in the Kalahari Desert. In September, six students travelled to DLJbai for the Round Square International Conference. They had the opportunity to collaborate with students from a huge nurnber of international schoo15, working on projects within the IDEALS framework. They were also treated to excursions such as.. dinner in the desert with camel rides, a dinner cruise along the Dubai Marina, a cultural entertainment evening and shopping and sight-seeing in the Dubai mall. More recently, these students delivered an assembly about Round Square, as well as organisation and Culture Day celebration for all students at St Mary's. This involved, cultural dress, dancing. food, henna and morel Charitable Givlng and Fund-raising As a Round Square school, ch3ritable giving is a key part of the Service ideal and the pupils at both the Lower and Senior schools enjoy coming up with original and creative ways to raise fund5 and awareness for a number of charities. Lower School The charity committee developed a programme of events to encourage pupils to consider others and raise awareness of those who need support and are less fortunate than them. The committee raised over £2,500 through a movie night, old toy sale and a disco. Charities chosen by the pupils were Make 3 Wish and Hearing Dog5 for the 81ind. In addition, our Harvest Festival held at St Albright's church was again well supported by parents providing lots of non-perishable food to be given to St Helena Hospice who were extremely grateful for the contributions. Children in Need is alway5 a great charity event at the Lower School with the pupils dressing in non-uniform, often wearing spots. Alongside this, we held our annual Pud5ey Bear raffle, which is always a firm favourite of the pupils, Wlth the Pudsey Bears hand knitted by parents of the staff. Senlor School During the year, the Asslstant Head Co-curricular developed a programme of event5 and ideas to encoLJrage pupils to grow 35 global citizens and encourage philanthropy. As a result, the School supported the following charities raising over £3,000 during the year.. 1. Catherine Bullen Foundation Page 8
ST MARY'S SCHOOL (COLCHESTER) LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 St Mary's has supported this local charity for a number of years, in particular through the work of the Round Square Committee. Roger and Linda Bullen live locally in West Mersea and Set up this charity to support impoverished communities in rural Namibia, in memory of their daughter, Catherine, who died there whilst travelling to a medical elettive in Southern Africa, whilst training as a medical student. We have developed a link with Good Hope Primary School, which serves the disadvantaged San community in the Kalahari Desert. We have helped purch35e cooking equipment, school uniforms and Shoes fortheir pupils, and the most recent projert was to help build an irrigation system for the school garden. 2. Beacon House Several former St Marys Staff members have volunteered with this local homeless charity in previous years. Pupil leaders in the school chose to support this charity at Christmas, so that the St Mary's Christmas festivities can help support those that are less fortunate in the Ioc31 community at that time of year. 3. Children in Need and Comic Relief The Miss Comrie scholar5 have traditionally led the activitie5 and fundraising in sUPPOrt of these national charity events. The Miss Comrie scholars decide on activities, competitions and events to run ir) school,- planning, organising and then delivering the charitable days. One of these days involved 3 very popular "Anything but a backpack" competition. Pupils were able to show off their creativity by storing their books and pencil cases in a variety of interesting containers. 4. WWF A small group of pupi15 on the Eco-team were motivated to approach the school over the need for people and nature to work together to achieve global sustainable outcomes. Last year, they organised a bake sale for the whole school to raise awareness of the key issues, and to fundraise. 5. Bernard Brett House The House staff and pupil officials organised the annual St Mary's Harvest Festival. As ever, pupils were very generous with their donations. The Bernard Brett staff were incredibly appreciative of our generosity, when House Staff and pupils dropped them off. Use of Facilities St Mary's prides itself in supporting the local community, providing opportunities for educational events and school facilities to be used whenever possible. Sl Mary's School allows the use of it5 facilities for a range of activities which are open to non-school members. The following Arts organisations have had use of St Marfs School facilities durirbg the year.. The Actors Lounge Chameleon's Web Theatre Company Associated 8oard of the Royal Schools of Music IABRSM - for music exams) Theatre Arts Academy London Academy of Music & Dramatic Art ILAMDA- for drama exams) Page 9
ST MARY'S SCHOOL ICOLCHESTER} LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDE[) 31 AUGUST 2025 House Events St Mary's operates a successful house system across all year groups encouraging pupils to work together a5 a team and develop a sense of community and togetherness with each house being led by a team of staff members. In the Autumn term, the pupil and staff House teams at the Senior school organised and ran a communitv- building festive day Iyulefestl at the end of the last week of the term. They designed a range of activities to get each House to work together, culminating in a Christmas Fair in the afternoon, where there were a range of stalls to raise money for the school Christm35 charities, as well as hosting a community Christma5 concert. This has now becorlle a very popular, annual tradition. At the Lower school, we continued to include House events for the pupils including an inter-house talent competition, a photographic competition, math challenge event and a general knowledge quiz. These went alongside the netball, hockey and cr05s-country house events which were already in place. This academic year, the Senior school Sports Day format continued as per the prior year, so that the traditional sports day event was confined to the morning, with the afternoon dedicated to the inaugural 'Hou5e Olympics,, organised by the House teams with pupils competing in a range of traditional sports day competitions to win the Miss Jones cup. The Lower school Sports Day also continued with last year's new format, held at the Garrison track. The pupils enjoyed taking part in the different disciplines combined with the normal competitive races. Furthermore, our calendar of inter-house sporting contests was established in the year to promote the hoLJse spirit and friendly, fun competition. These included the Rowing Regatta, as well a5 new events such as Chri5tm35 Denchball and Tchoukball. These led to participation from a very13rge number of pupi15 across every year group at the Senior School. Enrichment Enrichment activities are a core part of the St Mar¢s all round education and in the academic year 2024125, we continued with carousel of Enrichment activities as part of every pupil's timetable. These ranged from STEM activities such as engineering and coding,. creative activities including upcycling and creating sustainable art,. to Model United Nations and debating. Following pupil voice feedback, new options were also introduced back into the timetable, in particular Choir and Orchestra, in addition to the PE options. Clubs continued to be developed during the year and a comprehensive lunchtime programme was created with addition31 pupil-led clubs established including Japanese Club, Model United Nations Club and Bingo Club. As part of the Model United Nations club, 10 pupils from Year ID participated in a two day MUN conference at Felsted School. They represented variou5 nations on UN committees such as UNICEF, Environment and Ecology and WHO. Following their successful participation in the MU N conference, these pupils designed and ran an internal conference for St Mary's Year 8 pupils in November 2025. Page 10
ST MARY'S SCHOOL ICOLCHESTER) LIMtTED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Trips & Educational Visits Numerous trips linked to the curriculum took place throughout the year. At the Senior Schooli pupils visited Krakow and Auschwitz; whilst this was primarily a History and RS trip, it was opened to all GCSE pupils as the experience was valuable for everyone. The bi-annual ski trip also took place during the first week of the Easter holidays. 42 pupils from Year 9 to 11 travelled to Saalbach-Hinterglemm in Austria for a fantastic week on the slopes. St Mary's has continued to consolidate its link with the Willem van Oranje school in Oud Beijerland near Rotterdam in the Netherlands. St Mary's pupils establish a penpal link late in Year 8 and they meet their penpal early in Year 9 for a range of cultural and relationship-building activitie5 when the Dutch school visit the UK in the Autumn Term. The Senior School Challenge Week, which happens in lune every academic year, continued to be developed in 2024125. Year 7, Year 8 and Year 10 used the expert setvices of Flooglebinder, a sustainability-focused B Corp, to lead trips to Pembrokeshire, the Netheflands and Croatia. This wa5 to ensure that the week5 were challenging, edLJC3tion31 and focused on the St MarWs Values. Year 9 undertook their Bronze Duke of Edinburgh Award as part of their Challenge Week. Pupils who remained in school were challenged with a wide range of activities from an enterprise day, cultural and sporting activities and running a community 'service' day. At the Lower school, numerous trips linked to the curriculum took place throughout the year, including the Year 4 residential to Bawdsey Manor and the Year 5 and 6 residential to the Isle of Wight. All trips provide pupils with fantastic experiences where they can build resilience, be bold and be compassionate towards each other. Day trips included the Jewish Living Experience, Layer Marney Tower, Pizza Express, Essex Food and Farming and Hedingham Castle. Economic Impact In 2018, Oxford Economics was commissioned by the Independent Schools Council, on behalf of their 1,205 schools in Britain, to assess the economic contribution made by those schools annually. Using the tool developed as part of their review, St Marfs School has contributed the following in 2024125.. Total savings generated for the UK taxpayer, as a result of St Mary's pupils not taking up their free UK state school place is £2.9m per annum. St Mary's dirertly employed 111 people during the period. Total amount of UK tax supported by St Marls School'5 activities is £4.2m per annum l£1.9m of 'direct tax contribution, £0.5m of 'indirect tax contribution, and £1.7m of 'induced tax contribution), Total ontribution to UK GDP of £12.2m perannum1£4.9m of 'direct GDP,, £2.4m of 'indirectGDP' and £4.9m of 'induced GDP'I. Current Objectives The School's objectives are set to reflect the educational aims and the ethos of the School, and to maintain and enhance the academic success of the School. In setting the objectives and planning the activities the Governing Body has given careful consideration to the Charity Commission'5 guidance on public benefit. This year, the focus has been on the continued achievement of academic performance and academic value added, and development of the co-curricular programme. The key objectives for the year included: Page11
ST MARY'S SCHOOL ICOLCHESTERI LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 To develop further mechanisms for the improvement of academic performance To develop measures of added value in 311 areas of school life To enhance the programme of staff training and development To maintain, and grow where p055ible, pupil numbers across Kindergarten, the Lower and the Senior Schools To Continue to build on the School's internationalism through membership of organisations such as the Round Square To develop partnerships to deliver improved outcomes for all involved To identify opportunities in line with the School's eth05 that deliver additional income streams Strategies to achleve the year's objectives These included continuing to review the School's academic syllabus in order to benchmark academic standards against external public examinations and independent value-added criteria, with academic achievements being enhanced by a strong empha515 on sporting and social skills. The School continued to develop the expertise of teaching staff and ensuring succession planning and staff development. REVIEW OF ACHIEVEMENTSAND PERFORMANCE FOR THEYEAR In the 2024125 academic year, the school continued to demonstrate its commitment to professional developrnent for staff, which ultimately benefits the entire school community. Three educators were supported in completing various National Professional Qualification5, including NPQSL and courses focused on Leading Behaviour and Culture, as well as Literacy. A further two members of staff are completing NPQSL'S this academic year. This investment in staff development aligns with the school's overarching goals, fostering an environment where both educators and pupils can achieve remarkable success. In the realm of sports and extracurricular activities, the School celebrated numerous achievements, including national and regional accolades across various sports disciplines. alongside individual representation at the national level in multiple sports. The Arts department also demonstrated remarkable success, securing several victories in prestigious competitions such as the GSA and ISA. Additionally, pupils engaged in a wide array of events aimed at fostering internationalism, including our own Model United Nations and Round Square initiatives. Throughout the year, students took part in a rich prograrnme of Creative activities, including Year 7's trip to the Van Gogh Immersive experience and GCSE Art and Photography visits to jumbo Water Tower and the Tate Gallery, with some student work potentially displayed when jumbo reopens. The school launched its Christmas Card competition, celebrated success in the ISA 3nd Colchester Rotary Club Art competition, and hosted major events such as the Winter showcase, the annual Charter Hall Christmas concert, and a Year 6- Senior School monologue and music evening. MUSIC Students enjoyed an all-day workshop with the Army Band of Colchester, while Hospitality and Catering pupi15 explored London's street-food scene. Later in the year, the biannual Fashion Show highlighted impressive textiles work from Years 8-11, music ensembles performed at the School Proms and Rock Proms, and rehearsals began for the upcominE production Three Cheers for Maisy. lune concluded with the annual Art5 Fest and a Year 10 Fashion & Textile5 trip to London's Graduate Fashion Week, the world's largest BA fashion showcase. Page 12
ST MAR Y'S SCHOOL ICOLCHESTER) LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The Lower School pupils again excelled in the Year 6 SATS tests, with all pupils meeting the year group expectations with many achieving the high standard, we were especially proud of Reading with 90%, 65% in Spelling, Punctuation and Grammar and Maths with 65% meeting the Higher Standard. Of the 19 pupils who took the KS2 SATS, 37% achieved a Higher Standard across all 3 subject areas- Reading IIIO+l, Maths IIIO+l and Writing (working at greater depth). This academie year, Year 6 pupils all submitted their own personal projects and achieved IPQ level 2 qualifications. A Year 6 pupil was shortlisted for the Peregrine Prize for Young Writer5. A Year 4 pupil performed Mark Anthony, Julius Caesar, at Stratford Upon Avon, having won the ISA Shakespeare Monologue competition. Music continues to go from strength to strength. This year the choir entered the Rotary Festival of which we were successful winners. The after-school music concerts continue to be highly successful with a large percentage of the pupils taking part in performances to develop performance skills with an audience. These have seen pupils play a variety of instruments including ukelele, violin, guitar, clarinet, piano and voice at different ability levels. A large proportion of the Lower School pupils also take LAMDA exams with a very high percentage achieving distinctions. Success is also seen in ABRSM exams Wlth pupils again gaining excellent results. The school also saw 2 5wimmer5 in Year 6 become finalists in the ISA National Swimming Gala where both were gold medallistS. The Year 3 and 4 production of Cinderella and the Year 5 and 6 production of Joseph and his Amazing Technicolour Dreamcoat were both hugely successful, allowing pupils to develop performance skills on the Stage. FINANCIAL REVIEWAND RESULTS FOR THEYEAR The school continues to operate against a backdrop of financial, economic and political challenges that are affecting the entire independent school sector. In particular, the introduction of VAT on independent school fees in January 2025 is a significant challenge facing the sector and one that will likely take some time to see the full impact of. Despite this, the Governors were pleased to see pupil numbers increase at both the Lower School and Senior School during the year compared to prior year as well as an increase in occupancy at the Kindergarten. Following the govemment's decision to introduce VAT on school fee5 from l January 2025, part way through an academic year, the governing body took the decision to SUPPOrt parents as much as possible by absorbing 7.5% of the VAT increase for the remaining two terms of the academic year. Notwithstanding the introduction of VAT on fees in January 2025, and a commitment by the School to absorb some of this additional c05t on parents behalf, as it was introduced midway through the academic year, as well as additional cost burdens, such as increased National Insurance contribution rates and the loss of charitable business rate relief, the Governors were pleased to see an overall surplus of £102,981 for the year ended 31 August 2025. Page 13
ST MARY'S SCHOOL ICOLCHESTERI LIMITED GOVERNORS REPORT & FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 AUGUST 2025 Fee income increased during the year, however, as the School chose to absorb some of the VAT on behalf of parents reducing thi5 increase to £317,03314.9%1. Conversely. total expenditure increased by 9.1%1£577,1931 reflecting the part year impact of the National Insurance contribution rate rises and the loss of business r3te relief, both imposed in April 2025. Whilst net current assets have decreased in the period by £191,252, of this £178,411 relatesto VAT on fixed 355ets that became recoverable when the school registered for VAT I" January 2025. There has been a significant level of investment made during the end of the Summer term, continLJing during the Autumn, in respect of the refurbishment of the Food Technology room at the Senior School and the new Kindergarten building at the Lower School to enable the expansion of our Kindergarten provision to a total daily occupancy of É14 children. Overall, the balance Sheet performed well compared to prior year1£4.7m compared with £4.6m as at 31 August 20241- Reserves policy The Governors regularly review the level and nature of the reserve ftjnds available for the School. Whilst historically, the Governor5 aim was to have free reseNes equating to one term's expenditure where practicable, the Governors acknowledge that recent sharp rises in operational cost5 have resulted in current free reserves falling below that figure1£2.2m based on the summer term 20251. The School carries no debt and the Governing Body approve5 the funding of capital expenditure out of re5erve5, if appropriate. At the year-end, the School's free reseNes amounted to £697,207. The Governors will continue to balance further improvements to free reseryes with the need to invest for the future and will continue to allow the free reserves to fall below the benchmark they have set where required improvements are identified and justified. Throughout the year the governing body monitors the situation, using cash flow as a surrogate measure. Investment powers and policy The charity has one investment in a Sterling Liquidity Fund. The charity's investment objectives are to generate income to support investment across the Estate as well as fund bursary award5, while providing security of the capital sum. The Trustees are satisfied with the overall performance of the charity's investments. Going Concern The School has prepared forecasts that consider the cash position, sources of income, as well as planned expenditure. These forecast5 consider anticipated pupil numbers, delayed fee payments, reduted fees and other income, bursary support and potential bad debts as well 35 the likelihood of neEative sensitivities on the School's financials. These sensitivities include a potential decline in pupil numbers as parents continue to find fee affordability difficult following the imposition of VAT on school fees in january 2025. Results of the financial forecasts and expected future cashflows indicate that the cash reserves of the charity are adequate to meet their obligations as they fall due. Having regard to the above, the Governors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Page 14
ST MARY'S SCHOOL ICOLCHESTER) LIMITED GOVERNORS REPORT & FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 AUGUST 2025 FUTURE PLANS The key objective of the Governors 15 to balance the provision of an excellent all-round education to all pupi15 with maintenance and improvement to all the School's facilitie5 and asset5. However, the Governors recognise that we must plan beyond the immediate future to ensure the long-term provision of excellent education for the pupils entrusted to our care. Careful monitoring of the financial climate and trends and its effect on parental ability to maintain fee payments will be a continuing focus, especially given the backdrop of the rising cost of living and inflation and following the imposition of VAT on fees on l January 2025. To ensure that we deliver value for money ancl remain affordable, we monitor the fees charged by other education providers in the area, as well as those charged nationally, whilst ensuring that our excellent Standards are maintained. Our focu5 Is to continue to improve upon our academic results,. develop and add extra value to the School offer in order to Stimulate growth in pupil numbers and to capitalise upon the ongoing success of the Kindergarten as a feeder into the main School. The plan also recognises the importance of the marketing effort in this process. The Governors were pleased to see that 2024/25 was another strong year for the St Mary's transport service, with occupancy levels increasing and customer satisfaction high. The bus service continues to be reviewed regularly to ensure that the routes offered are the most optimal for the pupils attending the School. Following extensive research and increasing demand, 2 new routes were launched for the academic year 2024/25 extending out towards Frinton-on-sea and to the East of the school towards Ipswich both of which have proved popular. The School also invested in a new app for parents to Use in relation to the bus service, launched in September 2024 that allows them to see live tracking information as well as report absences, amongst other benefits. RISK MANAGEMENT The Goveming Body is responsible for the management of the risk5 faced by the School. Risks are identified, assessed and controls established throughout the year. A formal review of the school'5 risk management processes and register is undertaken on an annual basis. Through the annual review of the risk register, the Governors consider the key risks facing the School and agree5 appropriate mitigation. The principal risks the School faces are considered to be.. Ongoing parental affordability leading to declining numbers on roll remains a high priority particularly following the recent introduction of VAT onfees on l January 2025. Ongoing rises in operating cost5 following the loss of business rate relief in April 2025 and National Insurance contribution rate. Inability to recruit and retain staff of the right calibre. The School aims to recruit, retain and develop excellent staff, and this qualitywould be at risk if less than optimum staff remuneration and conditions were to depress morale. The School also employs specialist staff and has clear policies and procedures to ensure high levels of staff welfare and safety. Inadequate investment in facilities. The aims and ethos of the School require continuing investment in facilities including Ict for teaching and learning, pastoral care, sports, drama and other artivities. Failure to generate adequate annual surplu5 for reinvestment would compromise this. Page15
ST MARY'S SCHOOL {COLCHESTER) LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Failure to comply with relevant regulation5. The School is subject to regulation by a number of bodies, particularly in relation to safeguarding. child protection, health and safety and data protection. The School appoints and trains staff appropriately, and takes the necessary specialist advice to ensure compliance. The key controls used by the charity include.. formal agenda5 for all Committee and Governor activity,. detailed terms of reference for all Committees- these are reviewed every three years,. comprehensive strategic planning, budgeting and management accounting,. established organisational structure and lines of reporting,. formal written policies; safeguarding procedures as required by law and best practice for the protection of the vulnerable,. a detailed Risk Register reviewed annually by the relevant sub-committees with key risks reported to and discussed by the Board Through the risk management processes established for the School, the Governing Body is satisfied that the major risks identified have been appropriately mitigated where nece55ary. It Is recognised that 5VStems can only provide reasonable and not absolute assurance that major risk5 have been managed. The Head of Finance & Operations continues to support the Governing Body in the rnanagement of risk, policy review and best practice, with a particular emphasi5 on safeguarding and regulatory compliance. The Governing Body regularly reviews the effectiveness of current plans and strategies for managing all identified risks for the School. STATEMENT OF RESPONSIBILITIES The Governors Iwho are also Directors of St Mary's School Icolchesterl Limited for the purposes of company lawl are responsible for preparing the Governors, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governor5 to prepare financial statements for each financial year. Under companv law the Governors must not approve the financial statement5 unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Governors are required to.. select suitable accounting policie5 and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. Page 16
ST MAR Y'S SCHOOL {COLCHESTER) LIMITED GOVERNORS REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Governors are responsible for keeping accounting records that are sufficient to show and explain the charitable company and the groLJP'S transactions and d15close with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Governors at the time when this Governors, report is approved has confirmed that.. so far as that Governor is aware. there is no relevant audit information of which the charitable group's auditors are unaware, and that Governor5 have taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. This report was approved by the Governors on 28/1126 and signed on their behalf bv.. A Bell Chair of Governor Page 17
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF ST MARY'S SCHOOL (COLCHESTERI LIMITED Opinion We have audited the financial statements of St Marls School Icolchesterl Limited {the 'charitable companVI for the year ended 31 August 2025 which comprise the Slalement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a sumrnary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Acceplad Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitable companls affairs as al 31 August 2025 and of its incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordance with the requirement5 of the Companies Act 2006. Basis for opinion We conducted our audit in accord8nce with International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in Ihe Auditor's responsibilities for the audit of the financial s18temenls section of our report. We are ind8pendenl of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial stslements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We b81ieve that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing th8 financial slalements, we have concluded that the Govemors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfom)ed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitablo companls ability lo eonlinue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors wth respect lo going concern are described in the relevant sections of this report. Page 18
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY'S SCHOOL ICOLCHESTER) LIMITED ICONTINUEDI Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report Ihereon. The Govemors are rosponsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the exlenl otheNise oxplicitly staled in OLJr report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, considor whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, wg are required to determine whether this gives rise lo a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Oplnlon on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Govemors, report for the financia5 year for which the financial statements are prepared is consislonl with the financial stal8ments. the Governors, report has been prepared in accordancg Wlth applicable legal requirements. Matters on which we are required to report by exceptSon In the light of our knowledge and und8rslanding of the charitable company and ils environment obtsined in the course of the audit, we have not identified material misstalemenls in the Governors, report. We have nothing lo report in respect of the following matters in relation lo which Companies Act 2006 requires us to report lo you rf, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of Governors. remuneration specified by law are not made.. or we have not receiv8d all the infomialion and explanations we require for our audit. Responsibilitles of trustees As explained morè fully in the Governors, responsibilities slalement, the Govemors (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Governor3 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Govemors are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going ¢oncem and using the going concern basis of accounting unless the Governor3 either intend lo liquidate the charitable company Dr lo cease operations, or have no realistic alternative but lo do so. Page 19
ST MARYS SCHOOL ICOLCHESTERI LIMITED IA company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARY'S SCHOOL {COLCHESTERI LIMITED (CONTINUED) Auditorfs responsibillties for the audit of the financial ststements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether dLJe to fraud or error, and lo issue an Audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalement when il exists. Misslatemenls Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our respon5ibililies. outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecb'ng irregularities. including fraud is detailed below.. We obtained an understanding ol the legal and regulatory frameworks that are applicable lo the charitable company group and for those that are most significant, we enquired into how management ensures compliance is maintained. We identified that the principle risks of non compliance with laws and iegulalions related lo the regulatory industry that the school as a charitable company operates in. This effects the abilily lo continue the charitsble activities of educating girls 3 - 16 land boys 3 41 Other relevant laws and regulations of note include health and safety. Enquiry and review of the entity's transactions was undertaken to highlight any instances of penalties, fines or legal activity which could suggest non-compliance with laws and regulations. Thero was no contradictory evidence found. We also considered those laws and regulations that have adirecl impact on the preparation of the fir)ancial statements including the Companies Act 2006, and Charities SORP. We evaluated manag&ment's incentives and opportunities for fraudulent manipulation of the financial statements lincluding the risk of overide of controlsl and determined that the principle risks were related lo the override of delegated authorities and the misappropriation of funds. In response we incorporated testing of procurement and expenditure and any other entries at rtsk of f811ing outside of delegated authorities. Scnjtiny of unusual transactions and analytical procedures were used lo help identify risk factors in monies received and 8xpended during the year. It is also staled as a reminder, that the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemance of the charitable company group. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklaudilorsres onsibilities. This description forms part of our Auditor's report. Page 20
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guaranto81 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST MARYS SCHOOL ICOLCHESTERI LIMITED ICONTINUEDI Us& of our report This report is made solely lo the charitable companls rnemb&rs, as a body, in aecordance with Chapter 3 of Part 16 01 the Companies Act 2006. Our 8udil work has been underlaken so that we might slate lo the charitable companys wnember5 those rnatters we are required lo state to them in an Auditorfs report and for no other purpose. To the lullesl extent permitted by law, we do not a¢¢epl or a55ume responsibility lo anyone other than the charilable company and ils members, as a body, for our audit work, lor this report. or for Ihe opinions we h8ve formed. Daniel Aldworth FCCA FMAAT (Senior $tatylory audltorl for and on behalf ol Griffin Chapman Chartered Accountsnts Registered Auditors 4 & 5 The Cedars Apox 12 Old Ipswich Road Colthesler Essex C07 7QR Dale.. 13 F IG Page 21
ST MARY'S SCHOOL (COLCHESTERI LIMITED (A company limited by guaranleel STATEMENT OF FINANCIAL ACTivifiES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2025 Unrestrlcted funds 2025 Restrlcted funds 2025 Total funds 2025 Total furjds 2024 Note Income from: Donations and legacies Charitable activities Inveslm4nls 28,683 6,900.695 91,532 28,683 6,900,695 91,532 26.056 6.525, 735 92,876 Total in¢ome 7.020.910 7,020,91D 6.644,667 Expèndlture on: Chafttable activities 6,917,929 6,917,929 6,340, 736 Total expenditure 6,917,929 6,917.929 6.340.736 Net movemènl in funds 102,981 102,981 303, 931 ReGonGlliation of fund5'. Total funds brought forward Nel movement in funds 4,605,558 102,981 1.000 4,606,558 102,981 4.302,627 303,931 Total fund5 carrled forward 4,708,539 1,000 4.709,539 4,606,558 P89e 22
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA Company limited by guarantee) REGISTERED NUMBER: 00988976 BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Flxed assets Tangible assets 12 4.011.332 3.767, 599 4.011.332 3. T67,599 Current assets Stocks Debtors Investmen15 Cash al bank and in hand 13 14 15 4.792 272,859 1,815,507 422,089 4,467 198.282 1.733, 695 770,112 2,515,247 2. 706,556 Current Ilabllities Credilorg= amounts falllng due within one year 16 11,817,040) (1.817.09T) Net current assets 698,207 889,459 Total assets less current liabilitles 4.709,539 4,657.058 Creditors: amounts falling due aft¢r more than on8 year 17 f50.500) Net assets excludlng pension asset 4,709,539 4,606,558 Total net assets 4,709.539 4,606,558 Charity funds Restricted funds . Unreslricled funds 19 1.000 4,708,539 1,000 4,605.558 Total funds 4,709,539 4,606,558 The Governors acknowledge their responsibilitigs for complying with the requirements of the Ad with respect to aOuntIng records and preparation of financial 51atemenls. The financial slalemenls were approved and aulhorised for issue by the Governors and slgned Dn Iheir behalf by. A Bell Chair of Governors Date.. Page 23
ST MARY'S SCHOOL (COLCHESTERI LIMITED IA company limited by guarantee) REGISTERED NUMBER.. 009B8976 BALANCE SHEET ICONTINUEOI AS AT 31 AUGUST 2025 The notes on pages 26 to 41 form pan of these financial slalemenls. Page 24
ST MARY'S SCHOOL {COLCHESTER) LIMITED (A company Ilmited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Cash flows from operating activities Nel cash used in operating activities 178.440 506, 104 Cash flows from Investing activities Dividends, interests and rents from investments Purchase of tangible fi'xed assets Fixed assets valuation adjustment 91,532 92,816 1714.594) (302. 175) 178.411 Net cash used in inve$ting actlvltles {444,6511 1209,299) Cash flows from financing activities Not cash provlded by financing actlvlties Change In cash and cash equlvalents in the year Cash and Cash equivalents al the beginning of the yoar {266.211} 2,503.807 296,805 2,20T,002 Cash and cash equivalents at the end of thg year 2.237,596 2.593,807 The notes on paggs 26 to 41 form part of these financial statements Page 25
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General information The Charitable Company is a Company limited by guarantee. The members of the Company are the Governors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited lo £1.00 per member of the Company. Accounting pollcies 2.1 Basis of preparation of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151. the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and th6 Companies Act 2006. Sl Marfs School Icolcheslerl Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern The Governors assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related lo events or conditions that may cast significant doubl on the ability of th8 Charitable Company Group to continue as a going concen. The Governors mak8 this assesment in respect of a period of al least one year from the dale of aulhoTisalion for issue of the financial ststemenls and have concluded that the Charitable Company Group has adequate resources to continue in operational existence for the forseeable future and that there are no material uncertainties about the Charitable Company Group's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial slalements. 2.3 Income All income is recognised once the Charitable Company has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measUd reliably. Where the donated good is a fixed asset, it is measured at fair value, unloss It is impractical lo measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognisod 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 Charitable Companvs accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift lo the Charitable Company which is the amount il would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market-, a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to investment income is cognIsed at the time the investment income is receivable. Page 26
ST MARY'S SCHOOL (COLCHESTERI LIMITED (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting pollcles Icontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. ExpendilLJre is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable lo a single activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one acb'vily and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consi51enl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the porb'on of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the companls objectives. as well as any associated SUPF)Ort costs. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company company,. this is normally upon notification of the interest paid or payable by the institution with whom the funds ara deposited. 2.6 Tanglble fixed assets and dgpre¢iation Tangible fixed assets costing £250 or more are capilalised and rocognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially rg¢ognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the slraight-line method. Depreci8tson is provided on the following bases.. Freehold property Motor vehicles Fixtures and fittings School equipment 20h on cost 200kn on cost 100k on cost 250/0 10 33.3 /0 on cost The assets, residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. 2.7 Stocks Stocks are valued at the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 27
ST MARYS SCHOOL ICOLCHESTERI LIMITED {A company limited by guarantea} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies {continuedl 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid invgslmenls with a short maturity of three months or less from the dale of aUlSIt10n or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance shegl date as a result of a past event, it Is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the company anticipates il will pay to sellle the debt or the amount it has rgceived as advanced payments for the goods or setvices it must provide. Provisions are measured al the best eslimale of the amounts required to settle the obligation. Where the effect ol the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.11 Flnan¢ial instruments The Charitable Company Group only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently moasured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Operatlng leases Rentals paid under operating leases are charged lo the Slalement of financial activities on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are racognised on a slraighl line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the Seased asset. 2.13 Pensions The Charitable Company operates a defined contribution pension scherne and the pension charge represents the amounts payable by the Charitable Cornpany to the fund in respect of the year. Page 28
ST MARY'S SCHOOL (COLCHESTERI LIMITED IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies leontinued) 2.14 Fund accounting General funds are unrestricted funds which arg available for use al the discretion of the Governors in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Restricted funds are funds which are to be usgd in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial stslements. Investment income, gains and losses ara allocated to the appropriats ftjnd. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by dofinilion, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next financial year are discussed below. Stock stock is staled at the lower of cost (first in first out melhodl or net realisable value. Stock provisions are recognised for slow moving, obsolole or unsalable inventory and are reviewed on a periodic basis. This figure is incorporated into the value of closing stock al the year-end. Incomo from donations, legacies and government grants Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Donations 28,683 28,683 26.056 Total 2024 26.056 26,056 Page 29
ST MARY'S SCHOOL {COLCHESTER) LIMITED (A company limitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from charltable activities Unrestricted funds 2025 Total funds 2025 rolal funds 2024 Income from charitable activities - Upper School Income from charitable activities - Lower School Income from charitable activities - Kindergarten 4,866,978 1,586,321 447,396 4,866,978 1,586.321 447,396 4,516,412 7,672, 161 337, 762 Total 2025 6,900,695 6,900,695 6,525,735 Total 2024 6,525, 735 6,525, 735 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Investment income - interest 91,532 91,532 92,876 Total 2024 92,876 92,876 Page 30
ST MARY'S SCHOOL ICOLCHESTER) LIMITED {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of oxpenditure on charitable activities Unrestricted funds 2025 Total 2025 Total 2024 Upper School Lower School Kindergarten 4,772.996 1,748.834 396.099 4.772,996 1.748,834 396,099 4,355,049 1,702, 189 283,498 6,917,929 6.917,929 6,340, 736 rotal 2024 6,340,736 6,340, 736 Analysls of expenditure by a¢tivilies Actlvltles undertaken dlrectly 2025 Support costs 2025 Total funds 2025 Total funds 2024 Upper School Lower School Kindergarten 3,268,751 1,173,969 307,366 1,504,245 574,865 88,733 4,772,996 1,748.834 396.099 4.355,049 1. 702, 189 283,498 4,750.086 2.167,843 6,917,929 6.340, 736 Total 2024 4,487, 711 1,853.025 6,340, 736 Page 31
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA Company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Auditor's remuneration 2025 2024 Fees payable lo the Charitable Companys auditor for the audit of the Company's annual accounts Fees payable to the Charitable Company's auditor in respect of: All non-audil services not included abDve 7,334 11.792 2,760 2.622 10. Stsff costs 2025 2024 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 3,649.753 379,597 536.689 3,398, 788 310,855 585,392 4.566,039 4.294,435 The average number of persons employed by the company during the year was as follows.. 2025 No. 2024 No. Teaching staff Domestic & non-teaching staff Adminislralive stsff 50 46 16 12 28 30 10 Nursery 106 95 The number of employees whose employee benefits 18xcluding employer pension costs) exceeded £60,000 was.. 2025 No. 2024 No. In the band £60,001- £70,000 In the band £70.001 - £80,000 In the band £80.001 - £90,000 In the band £90.001- £100,000 In the band £100,001 - £110,000 In the band £110,001- £120.000 Page 32
ST MARVS SCHOOL {COLCHESTER} LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. Governors, remuneration and expenses During the year, no Govemors received any remuneration or other benefits (2024- £NIL?. During the year ended 31 August 2025. no Govemor expenses have been incurred (2024 - £NIL). 12. Tangible fixed asset$ Assets Motor Fixtures and under vohicles fittings constmction Freehold property Total Cost or valuatlon Al 1 September 2024 Additions Transfers between classes Valuation adjustment 4,808.372 47.499 51,382 1,414,619 178.626 36,264 176.8961 30,918 488.469 136.264} 6.305.291 714,594 {101,515) (178,4111 At 31 August 2025 4,754.356 51,382 1,552,613 483.123 6,841,474 Depreciation Al 1 September 2024 Charge for the year 1,637.806 91.808 27,382 7,200 872.504 193.442 2.537,692 292,450 At 31 August 2025 1,729,614 34,582 1,065,946 2,830,142 Net book value Al 31 August 2025 3,024,742 16,800 486,667 483.123 4.011,332 At 31 August 2024 3, 170.566 24.0(A) 542,115 30,918 3. 767.599 During the year HMRC rules changed, the charitable company was rgqLJired lo register for VAT. The valuation adjustments relate lo VAT that became recoverable on fixed assets when the charitable company b8come VAT registered. 13. Stocks 2025 2024 Finished goods and goods for resale 4.792 4,467 Pago 33
ST MARY'S SCHOOL {COLCHESTERI LIMITED (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Debtors 2025 2024 Due wlthln one year Trade debtors 62,312 10.546 200.001 27,488 29 170, 765 Other debtors Prepayments and accrued income 272,859 198,282 15. Current asset investments 2025 2024 Unlisted investments Iliquidl 1.815,507 1, 733,695 Crgditors: Amounts falllng due within one year 2025 2024 Trade creditors Other tsxaliDn and social security Other creditors Other creditors, accruals and deferred income 347,977 539,674 167, 145 7T.028 929,389 1,572,924 1,817,040 1,817,097 Page 34
ST MARY'S SCHOOL {COLCHESTERI LIMITED IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Deferred income and fees in advance Deferred income a11 September Resources deferred during the year Resources released during the year 726,280 4S9,686 {707,9351 663, 788 663,669 (601, 177) Deferred income at 31 August 478,031 726.280 17. Creditors: Amounts falling due after more than one year 2025 2024 Accruals and deferred income 50,500 18. Flnancial instrumgnts 2025 2024 Financlal assets Financial assets measured al fair value through income and expenditure Financial assets that are debt instruments measured al amortised cost 2,237,596 127,322 2.503,807 27,517 2,364,918 2.531,324 2025 2024 Flnanclal Ilabllltlos Other financial liabili118s measured at fair value through income and expenditure 949,071 786,692 Financial assets measured at fair value through income and expenditure comprise bank and cash balances. Financial assets are debt instruments rneasured al amortised cost comprises debtors excluding pre- payments and tax recoverable. Other financial liabilities rneasured at fair value through income and expenditure comprise creditors. excluding taxation, social security and deferred income. Page 35
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Statement of funds ststement of funds . eurrent year Balance at 1 September 2024 Balance at 31 August 2025 Transfers inlout Income Expenditure Unrgstricted funds General Funds all funds Fixed asset fund 837.953 3,767.605 7,020,910 16,625,479) {536,177) {292,4501 536,177 697,207 4.011,332 4.605.558 7,020,910 16.917,9291 4,708,539 Restrlcted funds Restricted Funds - all funds 1,000 1,000 Total of funds 4,606,558 7,020,910 16.917,9291 4,709,539 The transfer of funds reflects unrestricted general funds being utilised to support the purchase of unrestricted fixed asset additions during the year. statement of funds - prior year Balance al I September 2023 Balance al 31 Augusl 2024 Transfers in/oul Income Expertdilure Unrestricted funds General Funds - all funds Fixed asset fund 5T7,683 3,723,944 6,644,667 (6,082,216J (258,520) (302, 775) 302, 175 837,959 3,767,599 4,301,627 6,644,667 (6,340, 736) 4,605,558 Restricted funds Restricted Funds - all funds 1,000 1,000 Totsl of funds 4,302, 627 6,644,667 (6,340, 736) 4,606,558 Page 36
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Summary offunds Surnmary of funds- ¢urrent year Balance at 1 Saptamber 2024 Balance at 31 August 2025 Transfers inlout Income Expenditure General funds Restricted funds 4.605.558 1,000 7,020.910 (6,917.929) 4.708,539 1,000 4.606.558 7,020,910 16,917,929) 4.709,539 Summary of funds- prioryear Balance at f September 2923 88lance 81 31 Augusl 2024 Transfers in/out Income Expenditure General funds Restricted funds 4,301,627 7,000 6, 644,667 (6,340. 736) 4,605,558 1.000 4,302,627 6, 644,667 (6,340, 736) 4, 606,558 21. Analysis of net assets between funds Analysis of net assets between funds . current year Unrostricted Restricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets 4,011,332 2,514,247 11,817,0401 4,011.332 2,S15,247 11.817.040) 1.000 Creditors due within one year Total 4,708,539 1,000 4,709,539 Page 37
ST MARY'S SCHOOL ICOLCHESTERI LIMITED {Acompany limitgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21. Analysis of net assets between funds {continuedl Analysis of net assets between funds prior year Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 3,767,599 2.705,556 (1,817,097) (50,500) 3, 767,599 2, 706,556 (1,817.097) (50,500) 1,000 Total 4,605.558 1,000 4,606,558 22. Reconciliation of net movement in funds to net cash flow from operating actlvlties 2025 2024 Net income for the year las per Statement of Financial Activiliesl 102,981 303.931 Adjustmonts for: DepClatiOn charges Interests and investments 292,450 (91.5321 13251 (74,5771 (50.557) 258.520 (92,876) 8,743 (54,949) 82, 735 Decreasellincreasel in stocks Increase in debtors Increaselldecreasel in creditors Net cash provided by operatlng activities 178,440 506, 104 23. Analysls of cash and cash equivalents 2025 2024 Cash in hand 422,089 1,815.507 770. 112 1, 733,695 Liquid investments Total cash and cash equlvalents 2,237,596 2,503,807 Page 38
ST MARY'S SCHOOL ICOLCHESTERI LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 24. Analysis of changes in net debt At1 September At31 2024 Cash flows August 2025 Cash at bank and in hand Liquid investments 770.112 1,733.695 (348.023) 81.812 422,089 1,815,507 2,503,807 {266,211) 2,237.596 25. Capital commitments 2025 2024 Contracted for but not provided in those financial statements Assets under construction 354,002 26. Penslon commitments The Charitsble Company runs a defined contributions scheme for non-leaching staff. The superannuation charge representing the contributions payabl& lo the defined conlributs'on scheme for the year to 31st August 2025 were £13,76912024 £29,402). In addition the Charitable Company also operates the teachers pension scheme which was previously available lo all teaching staff. Teachers Penslon commitments The Teachers, Pension Scheme ITPSI is a statutory. contributory, defined benefit scheme, governed by the Teachers. Pension Scheme Regulations 2014. Membership is automatic for full-lime teachers in schools and. from 1 JanLJary 2007 is aulomab'c for teachers in part-time employmènt following appointment or a change of contract, although they are able lo opt out. The TPS is an unfunded scheme and members contribute on a 'pay as you go, basis - these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by PaAiament. Valuation of the Teachers. Pension Schemg The Government Actuary, using normal aclLJarial principle3. conducts 8 formal actuarial review of the TPS in accordance with the Public Service Pensions IValLJations and Employer Cost Capl Directions 2014 published by HM Treasury. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of Page 39
ST MARYS SCHOOL ICOLCHESTERI LIMITED IA company Ilmlted by guarant901 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 26. Pension commitments {continuedl benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by thg Department for Education on 27 October 2023, with the SCAPE rate, sel by HMT, appling a notional inv951ment relum based on 1.70/0 above the rale of CPI. The key elements of the valuation outcome are.. Employer contribution rates sel al 28.689/0 of pensionable pay lincluding a 0.08°/o employei adminislialion charge) this is an increase of 50/0 in employer contributions and the cost control result is such that no change in member benefits is needed. (The Charitable Company has agreed under consultation th81 it will only be funding contributions al 23.68010 for schemo members, the 50k balance will be funded by the employe8 through salary sacrifice.} Total scheme liabilities (pensions currently in payment and the estimated cost of futu benefits) for service to the effective dale of £262,000 million, and notional assets leslimaled future contributions together with the notional investments held at the valuation datel of £222,200 million giving a notional past service deficit of £39,800 million. The next valuation result Is due to be implem8nl8d from 1 April 2028. The employerfs pension costs payable to TPS in the year amounted to £527.74912024 - £555,900). A copy of the valuation report and supporting documentstion is on the Teachers, Pensions Website. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charitable Company is unable lo identify its share of the underlying assets and liabilities of the plan. Accordingly, the Charitable Company has taken advantage of the exemption in FRS 102 and has accounted for its contributions lo the scheme as if il wgre a defined conlribub'on scheme. The Charitable Company has sel out above the information available on the scheme. 27. Operating lease commltments At 31 August 2025 the company had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2025 2024 Amounts payable.. Not later than 1 year Later than 1 year and not later than 5 years 9.664 23.439 9,664 33,703 Total 33.103 42,767 Page 40
ST MARY'S SCHOOL ICOLCHESTERI LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 28. Related party transactions The company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the company al 31 August 2025. Page41