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2021-07-31-accounts

Trustees’ Annual Report for the period

From 1[st] Aug 2020 (Period start date) To 31[st] July 2021 (Period end date)

Charity name: St Mary’s School Gerrards Cross Limited

Charity registration number: 310634

Objectives and Activities

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SORP reference
Summary of the Para 1.17 We provide an excellent education in
purposes of the charity a caring, happy environment, where
as set out in its each girl develops self-confidence and
governing document achieves her full potential.
Summary of the main Para 1.17 and We aim, through our Prep and Senior
1.19
activities in relation to School, to provide a first class
those purposes for the education to girls from the ages of 3
public benefit, in to 18. We seek to provide a structured
particular, the activities, educational environment that
projects or services develops our pupils’ capabilities,
identified in the competences and skills. We promote
accounts. the academic, moral and physical
development of our pupils through
our academic curriculum, pastoral
care, sporting and other activities. We
provide an educational environment
where each student can develop and
fulfil his or her potential, building their
self-confidence and inculcating a
desire to contribute to the wider
community. In so doing, we prepare
our pupils for the opportunities,
responsibilities and experience of
later life.
Statement confirming Para 1.18 Confirmed.
whether the trustees
have had regard to the
guidance issued by the
Charity Commission on
public benefit
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Additional information (optional)

You may choose to include further statements where relevant about:

SORP reference N/A Para 1.38 Policy on grant making

N/A Para 1.38 Policy on social investment including program related investment N/A Para 1.38 Contribution made by volunteers N/A Other

Achievements and Performance

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SORP reference
We consistently achieve excellent
GCSE and A-Level results.
As an independent school we have
Summary of the main the luxury of being able to consider
Para 1.20
achievements of the what is best in the reforms and
charity, identifying the initiatives being handed down to
difference the charity’s schools and to ensure that the
work has made to the curriculum is tailored to the girls. As
circumstances of its an all-through school, we have the
beneficiaries and any privilege of creating a curriculum that
wider benefits to society is at all times set within a framework
as a whole. of prior learning and future
expectations.
Education at St Mary’s includes
academic rigour and in addition, we
offer a full range of co-curricular,
enrichment and leadership
opportunities. We work to ensure that
our students leave us as well
rounded, confident individuals, ready
to embrace the next stage of their
educational journey and to take their
place in the wider world.
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Additional information (optional)

You may choose to include further statements where relevant about:

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Achievements against Para 1.41
objectives set
Performance of
fundraising activities Para 1.41
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against objectives set
Investment performance Para 1.41
against objectives
Other
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Financial Review

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Review of the charity’s Para 1.21 Completed through Critchleys
financial position at the Auditors and submitted to Companies
end of the period House.
Statement explaining Para 1.22 Any funds are re-invested into the
the policy for holding organisation for the benefit of the
reserves stating why education of the girls.
they are held
Amount of reserves held Para 1.22 £268,951
Reasons for holding zero Para 1.22 n/a
reserves
Details of fund materially Para 1.24 n/a
in deficit
Explanation of any Para 1.23 n/a
uncertainties about the
charity continuing as a
going concern
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Additional information (optional)

You may choose to include further statements where relevant about: Collection of fees The charity’s principal sources of funds Para 1.47 (including any fundraising) Investment policy and objectives including any Para 1.46 social investment policy adopted A description of the Para 1.46 principal risks facing the charity Other

Structure, Governance and Management

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Description of charity’s
trusts:
Type of governing Para 1.25 Governing Body Terms of Reference
document
(trust deed, royal
charter)
How is the charity Para 1.25 Limited Company
constituted?
(e.g unincorporated
association, CIO)
Trustee selection Para 1.25
methods including
details of any
constitutional provisions
e.g. election to post or
name of any person or
body entitled to appoint
one or more trustees
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Additional information (optional)

You may choose to include further statements where relevant about:

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Policies and procedures
adopted for the induction Para 1.51
and training of trustees
The charity’s
organisational structure Para 1.51
and any wider network
with which the charity
works
Relationship with any Para 1.51
related parties
Other
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Reference and Administrative details

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Charity name St Mary’s School Gerrards Cross Limited
Other name the charity
uses
Registered charity 310634
number
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Charity’s principal St Mary’s School
address 92-94 Packhorse Road
Gerrards Cross
Bucks
SL9 8JQ
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Names of the charity trustees who manage the charity

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Name of person (or body)
Dates acted if not for
Trustee name Office (if any) entitled to appoint trustee
whole year
(if any)
Mrs Christine Governor
1
Bayliss
Mr David Governor
2
Campkin
Mr Derek Wilson Chair of
3
Governors
Ms Anne Governor
4
Freeman
Mr Nicholas Governor
5 Hallchurch
Mr Nicholas Moss Governor
6
7 Mrs Marina Hall Governor
Dr Devinder Governor
8
Bansi
9
10
11
12
13
14
15
16
17
18
19
20
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Corporate trustees – names of the directors at the date the report was approved Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted If not for whole ear

Funds held as custodian trustees on behalf of others

Description of the assets n/a held in this capacity

Name and objects of the n/a charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements n/a for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s)

Full name(s)

Position (eg Secretary, Chair, etc)

Date

Charity Registration No. 310634

Company Registration No. 389663 (England and Wales)

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Headmistress Mrs Patricia Adams MA(Oxon)
Governors Derek Wilson (Chair of Governors)
M Hall
H Philips
David Campkin (Finance Lead Governor)
N S Moss
Chris Bayliss (Education Lead Governor)
S Clifford (Appointed 20 March 2021)
N Hallchurch
D Bansi (Appointed 18 January 2022)
D Bansi (Appointed 18 January 2022)
Secretary L Andrews
Charity number 310634
Company number 389663
Registered office St. Mary's School
Gerrards Cross
Bucks
SL9 8JQ
Auditor Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
Oxfordshire
OX1 2EP
Bankers The Royal Bank of Scotland
40-42 High Street
Maidenhead
Berks
SL6 1QE
Solicitors Veale Wasborough Vizards, LLP
24 King William Street
London
EC4R 9AT

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

CONTENTS

Page
Governors' report 1 - 5
Statement of Governors' responsibilities 6
Independent auditor's report 7 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 27

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2021

The Governors present their report and financial statements for the year ended 31 July 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association , the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The objectives of the Charity are set out in the Memorandum of Association. They may be summarised as the carrying on of a School for girls where the students may obtain an education of the highest order, the holding of religious services and delivering religious instruction in accordance with the doctrine and principles of the Church of England and the undertaking of activities to advance the cause of education.

The Charity has the general mission of providing an excellent education in a caring, happy environment, where each girl develops self-confidence and achieves her full potential.

When considering the strategies employed to achieve the School’s objectives, the Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public guidance on advancing education and on fee charging.

The strategies employed to achieve the Charity’s objectives are:

To continually monitor the quality of teaching, through target setting, inset training, observation, sharing and discussion of good practice, as well as updating resources and adding new curricula.

To offer equal opportunities to all girls; to ensure all individual needs are addressed, that all opportunities are accessible to everyone, providing flexible streaming and rotation of staff.

To provide moral and spiritual guidance and support, fostering self-confidence, self-esteem, and wellbeing, as well as aiding learning.

To promote an active partnership with the local community and parents through regular formal and informal meetings, as well as communication through email and Parent mail.

To ensure high levels of pastoral care, by building strong pupil-staff relationships as well as being able to offer

the support of a qualified school counsellor.

To regularly assess leadership and management, through professional and independent review and feedback from departments, pupils and parents.

To provide continuing support of our pupils already in receipt of bursaries.

To maintain the provision of means tested bursary places to not lower than 5% of total income.

To continue to develop links with local state schools.

The primary activity of the Charity is to educate girls from the ages of 3 to 18 within a Christian framework. In addition to the wide range of academic subjects offered and taught, the School is able to enhance the educational experience through the many clubs and extracurricular activities offered. Christian values are incorporated through assemblies and in everyday school life.

The Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Achievements and performance

As a result of the Coronavirus pandemic summer examinations results 2021 were based on teacher assessments at both GCSE and A-level .

The results obtained by the girls showed an improvement from the previous year which reflected the hard efforts of all our students and despite a Covid Lockdown for most of the Lent term. At A-Level, from the grades achieved, 71% were A/A and Level 3 Distinction, and 98% A/A/B. All students obtained a university or placement of their choice.

The results achieved at GCSE by Year 11 girls matched the high expectations placed upon them. From the grades achieved, 58% were Level 9-7 and 99% Level 9-4.

St Mary’s offers a wide range of subjects at GSCE and A-Level, including EPQ, and has an established

enrichment programme.

The School continues to recruit high quality teaching staff which alongside the investment into facilities offers an excellent environment to all students. It is this environment that allows our students to deliver such creditable examination results.

Pupil numbers increased again this year. The School maintained a three-form entry into Year 7, for which teaching staff and teaching assistants have been employed to maintain the School’s ethos, ensuring that time is invested into each girl to allow everyone to reach their full potential. Importance is still placed on extracurricular activities, with girls involved in sport, drama, music, debating and a large increase to numbers participating in the Duke of Edinburgh award scheme.

The charity’s objectives are foremost in all planning. The provision of a sound education remains the key and investment in staff is seen to be a driver to the excellent results obtained by students, year-on-year. St Mary’s Christian roots are maintained through the close relationship held with St James Church and the Christian message is delivered to the girls through weekly assemblies.

At the start of the year a new dedicated Nursery and Reception facility was opened and has attracted a good increase in early years pupils.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Financial review

The School continues to build its strong financial position allowing the Governors to invest in the infrastructure of the School. The new Nursery building was paid for out of reserves. The Governors will maintain a level of reserves adequate to protect against any unforeseen circumstances.

The most damaging and exceptional event this year, seemingly far from resolution, has been the devastating impact on schools and on society and the economy generally of the Coronavirus pandemic, which took hold in early 2020. The School was fully open from the start of the school year but returned to lockdown for almost the whole of Lent term. It was to the credit of the School’s management and teaching staff that the high standard of virtual at home education developed in 2020 was immediately available, and a high standard of teaching were maintained. The Governors are indebted to all staff that gave unstintingly to achieve the best experience for the girls in very difficult circumstances.

In common with many independent schools, St Marys offered a discount on the Lent Term fees. At £250 per pupil, which cost the School £111,000, the discount was much lower than the 20% across the board discount granted for the previous year’s Trinity term which had reduced revenues by £476,000.

The School continued to reflect its charitable commitments through the distribution of bursaries, scholarships and discounts worth a total of £803,000 in the year , 12% of fee income. The school also applied discounts of £111,766 in relation to Covid-19. The School received £3,892 from the Governments Furlough Scheme. This commitment is important to the School and the Governors are committed to maintaining these levels into the future.

The commitment to improving the infrastructure continues as shown by the construction of the new Nursery in the summer of 2020. A new Multi Use Games Area (MUGA) began construction in July 2021, for completion in October 2021.

The funds of the Charity are wholly invested in School property and other fixed assets. School fees receivable, less any discounts given, for tuition and extra-curricular activities, cover the cost of providing tuition and other running costs of the School. The fees are set at a level that will provide sufficient funds to cover the cost of regular maintenance, modernisation of existing facilities and funding new buildings in the future.

The Governors regularly review all financial and operational risks which may have an impact on the School. Procedures are adopted to mitigate perceived risk and these are subject to regular review to ensure that there are adequate safeguards in place.

The School is aware that in the current economic and financial climate, a number of risks exist that could negatively impact St Mary’s. Risks fall into the following categories – Governance, Operational, Financial, External and Compliance. A full review of these risks was conducted during the year and the School’s risk Register was re-written and updated to include recent shifts in both the economic and political climates. These risks are not expected to have any immediate major impact on the School’s Objectives and Activities, however the Governors will continue to review these to ensure the continued smooth running of St Mary’s School.

Founded in 1872, the school is due to celebrate its 150 th anniversary in 2022 and initial plans are under way to ensure that this historic moment is celebrated in a suitable manner.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

The School’s public benefit remains in the forefront of the Governor ' s thinking and the School’s ethos. As a charity, the parents of our pupils have the assurance that all the income of the School will be applied for educational purposes. As an educational charity, the School’s educational activities benefit directly from tax exempt status and the School’s bursary and accessibility policies benefit indirectly from the tax exemption. The availability of bursaries is publicised widely through advertisements as well as through the School’s website.

Over the course of the last year 29 girls benefited from bursarial awards, including 2 students with a 100% bursary. A total of 101 girls received fee reductions through scholarships varying between 15-40%. Scholarship awards have increased in number from last year, allowing more students to benefit. A further 13 girls were in receipts of sister discounts. In total St Mary’s discounted £803,000 worth of fees.

In addition to these sums St Mary’s has a small fund used to assist those families in need with the cost of trips and extra-curricular activities.

St Mary’s continues to offer its facilities free of charge to local netball and gymnastic clubs.

Due to Covid-19 regulations, St Mary’s were not able to hold as many fundraising events as in previous years. Nevertheless, charities benefiting from fundraising included Sport Relief, MacMillan Cancer Support and Red Nose Day.

Structure, governance and management

St Mary’s School, Gerrards Cross, Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 6 September 1944 and amended to allow for current governance arrangements on 9 February 1955, 3 July 1955, 10 May 2012 and 6 May 2016. It is registered as a Charity with the Charity Commission. The liabilities of the members are limited to £1.

The Governors of the Charitable Company (the Charity) are its Trustees for the purpose of charity law and Directors for the purposes of company law but by custom and practice throughout the School they are always referred to as Governors. The Board of Governors is comprised of members with a broad range of expertise. There are Governors with backgrounds in law, accountancy, education, business management and real estate. Throughout the year the Governors have been:

Derek Wilson (Chair of Governors) M Hall H Philips David Campkin (Finance Lead Governor) R Martin (Resigned 10 October 2021) N S Moss Chris Bayliss (Education Lead Governor) S Clifford (Appointed 20 March 2021) N Hallchurch D Bansi (Appointed 18 January 2022) D Bansi (Appointed 18 January 2022)

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

As set out in the Articles of Association the Chairman of the Board of Governors is appointed by the members of the Board at an ordinary general meeting. The Governors may also appoint a new Governor subject to ratification at the next ordinary general meeting.

Organisation

The Board of Governors determines the general policy of the School. The day to day management of the School is delegated to the Headmistress and the Bursar. The Board meets twice each term. There are no formal sub-committees though there are Lead Governors for Education, Finance & General Purposes, Health & Safety, and Child Protection

Governor Induction and Training

All new members are issued with the Guidelines for Governors. They are encouraged to attend appropriate external training events. All Governors attended internal Child Protection training.

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

The Governors' r eport was approved by the Board of Governors.

.............................. L Andrews Secretary Dated: ......................... 19/3/2022

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

STATEMENT OF GOVERNORS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2021

The Governors, who are also the directors of St Mary's School, Gerrards Cross, Limited for the purpose of company law, 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 Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

Opinion

We have audited the financial statements of St Mary's School, Gerrards Cross, Limited (the ‘Charity’) for the year ended 31 July 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern 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 with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Governors

As explained more fully in the s tatement of Governors' r esponsibilities, the Governors, who are also the directors of the Charity for the purpose of company law, 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 Governors 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 Governors are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the governors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

1 April 2022

Katherine Wilkes (Senior Statutory Auditor) For and on behalf of Critchleys Audit LLP

Chartered Accountants Statutory Auditor

Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OX1 2EP

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
-
-
Charitable activities
4
5,566,455
-
Investments
5
120
-
Total income
5,566,575
-
Expenditure on:
Charitable activities
6
5,297,624
-
Total expenditure
5,297,624
-
Net gains/(losses) on
investments
-
-
Net incoming
resources before
transfers
268,951
-
Gross transfers
between funds
-
-
Net movement in funds
268,951
-
Reconciliation of funds
Fund balances at 1
August 2020
7,828,748
2,830
Fund balances at 31
July 2021
8,097,699
2,830		 TotalUnrestricted
funds
2021
2020
£
£
-
-
5,566,455
4,952,987
120
4,033
5,566,575
4,957,020
5,297,624
4,987,961
5,297,624
4,987,961
-
-
268,951
(30,941)
-
94,511
268,951
63,570
7,831,578
7,677,178
8,100,529
7,740,748		 Restricted
funds
2020
£
34,059
-
-
34,059
-
-
-
34,059
(94,511)
(60,452)
63,282
2,830		 Total
2020
£
34,059
4,952,987
4,033
4,991,079
4,987,961
4,987,961
-
3,118
-
3,118
7,740,460
7,743,578

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

BALANCE SHEET

AS AT 31 JULY 2021

2021
Notes
£
£
Fixed assets
Tangible assets
9
8,674,337
Current assets
Debtors
10
160,863
Cash at bank and in hand
1,881,104
2,041,967
Creditors: amounts falling due within
one year
12
(1,049,141)
Net current assets
992,826
Total assets less current liabilities
9,667,163
Creditors: amounts falling due after
more than one year
13
(1,391,634)
Provisions for liabilities
(175,000)
Net assets
8,100,529
Income funds
Restricted funds
17
2,830
Unrestricted funds:
General unrestricted funds
5,621,630
Revaluation reserve
2,651,069
Pension reserve
(175,000)
8,097,699
8,100,529		 2020
£
£
8,816,200
487,818
1,132,616
1,620,434
(938,788)
681,646
9,497,846
(1,491,268)
(263,000)
7,743,578
2,830
5,352,679
2,651,069
(263,000)
7,740,748
7,743,578

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Governors on 19 March 2022

Derek Wilson

Chair of Governors Company Registration No. 389663

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
£
926,785
(78,783)
120
(78,663)
(99,634)
(99,634)
748,488
1,132,616
1,881,104		 2020
£
£
505,594
(426,796)
4,033
(422,763)
(89,288)
(89,288)
(6,457)
1,139,073
1,132,616

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

Charity information

St Mary's School, Gerrards Cross, Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is St. Mary's School, Gerrards Cross, Bucks, SL9 8JQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Memorandum of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the Charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income, after any performance conditions have been met. The amount can be measured reliably and it is probable that the income will be received.

Fees receivable, less any discounts given, for tuition and extracurricular activities are recognised and accounted for in the peroid in which the service is provided. Fees paid in advance are treated as deferred income and included in other creditors.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation which requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Investment income is earned through holding assets for investment purposes and is included when the amount can be measured reliably. Interest income is recognised using the effective interest method.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Expenditure on charitable activities

These are costs incurred on the charitable activities, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.

1.6 Tangible fixed assets

Assets are capitalised as tangible fixed assets using a threshold of £1,000 and judgement. They are carried at cost or valuation, net of depreciation and any provision for impairment. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

School buildings completed since July 1996 2% per annum Fixtures and fittings 15% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use and reclassified to freehold or leasehold land and buildings.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

(Continued)

1.8 Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

The School recognises the cost of salaries paid to teaching staff in the August holiday period following the year end, as staff are entitled to these payments as a result of service rendered during the reporting period.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Basic financial assets

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year

1.9 Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. No charge to corporation tax arises on the results for this or the previous financial year as all income arises from non-trading activities and is applied to the charitable purposes of the School.

1.10 Retirement benefits

The School participates in a multi-employer pension scheme, The Governments’ Teachers Pension Defined Benefits Scheme, for its teaching staff. As a result it is not possible to identify the assets and liabilities of the scheme that are attributable to the school. The pension liability is the responsibility of the teachers’ pension scheme. Accordingly, under FRS 102 the scheme is accounted for as if it were a defined contributions scheme. The school is liable to contribute to the scheme at the rate prescribed by the actuary from time to time.

The school previously participated in a career average revalued earnings (CARE) defined benefit scheme for non-teaching staff. Under FRS 102, the net present value of deficit contributions payable, per the latest deficit funding arrangement, has been recognised as a liability.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Total Restricted
funds
2021 2020
£ £
Donations and gifts - 34,059

The income from donations and capital grants was £Nil (2020: £34,059) of which £Nil was unrestricted (2020: £Nil) and £Nil restricted (2020: £34,059)

4 Charitable activities

Charitable Charitable
Activities Activities
Total Total
2021 2020
£ £
School fees 6,447,040 6,214,989
Less discounts (915,298) (1,491,941)
Catering income - 100
Trip income 2,632 95,467
Other income 32,081 134,372
5,566,455 4,952,987

Income from charitable activities was £5,5 66 , 455 (2020: £4,952,987) of which £5,580,990 was unrestricted (2020: £4,952,987) and £Nil restricted (2020: £Nil)

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

5 Investments

UnrestrictedUnrestricted UnrestrictedUnrestricted
funds funds
2021 2020
£ £
Interest receivable 120 4,033
The investment income was £120 (2020: £4,033) of which £120 was unrestricted (2020: £4,033) and £Nil
restricted (2020: £Nil)

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

6 Charitable activities

Direct costs:

Staff costs
Catering
Educational supplies
Trips and activities
Staff support and development
Support costs:
Staff costs
Depreciation and impairment
Administation
House and grounds
Overhead and IT costs
Financial and other expenses
Other non-capital expenditure
Repairs and maintenance
FRS102 pension finance adjustment
Governance costs:
Auditors remuneration
Other
Total charitable expenditure		 2021
£
3,147,644
203,217
89,465
-
12,315
3,452,641
2021
£
912,855
220,646
118,307
243,674
265,265
52,054
7,252
102,368
(88,791)
1,833,630
2021
£
10,600
753
11,353
5,297,624		 2020
£
3,017,724
190,963
51,896
83,278
9,954
3,353,815
2020
£
721,512
245,781
109,673
185,348
270,700
61,936
-
51,343
(21,000)
1,625,293
2020
£
8,500
353
8,853
4,987,961

Expenditure on charitable activities was £5,2 97 , 624 (2020: £4,987,961) of which £5 ,297,624 was unrestricted (2020: £4,987,961) and £Nil restricted (2020: £Nil)

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

7 Governors

None of the Governors (or any persons connected with them) received any remuneration or benefits from the Charity during the year (20 20 : £Nil).

None of the Governors had any expenses reimbursed by the Charity during the year (20 20 : £Nil).

The key management personnel of the charity comprise the Headteacher, Deputy Headteacher and Bursar. The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the charity was £ 287 , 122 (20 20 : £314 , 087 ).

8 Employees

The average monthly number of employees during the year was:

Teaching - full time
Teaching - part time
Non teaching - full time
Non teaching - part time
Total
Employment costs
Wages and salaries
The number of employees whose annual remuneration was £60,000 or
more were:
£60,001-£70,000
£70,001-£80,000
£110,001-£120,000		 2021
Number
40
21
23
20
104
2021
£
4,060,499
2021
Number
-
1
1		 2020
Number
40
22
16
19
97
2020
£
3,739,236
2020
Number
1
1
1

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

9 Tangible fixed assets

Cost
At 1 August 2020
Additions
At 31 July 2021
Depreciation and impairment
At 1 August 2020
Depreciation charged in the year
At 31 July 2021
Carrying amount
At 31 July 2021
At 31 July 2020
10
Debtors
Amounts falling due within one year:
Scholars accounts
Other debtors
11
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 School
buildings
completed
since July
1996
£
9,572,630
-
9,572,630
1,020,790
156,283
1,177,073
8,395,557
8,551,840		 Assets under
construction
£
5,860
57,106
62,966
-
-
-
62,966
5,860		 Fixtures and
fittings
£
528,061
21,677
549,738
269,561
64,363
333,924
215,814
258,500
2021
£
139,262
21,601
160,863
2021
£
1,522,073
130,439
1,391,634		 Total
£
10,106,551
78,783
10,185,334
1,290,351
220,646
1,510,997
8,674,337
8,816,200
2020
£
444,442
43,376
487,818
2020
£
1,621,707
130,439
1,491,268

The Bank loan, which includes rolled-up interest, is repayable by fixed monthly instalments of £10,870 per month until the final repayment date, 31 January 2036, when any balance on the account becomes repayable. Interest is accrued at the rate of 1.84% above base rate.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

12
Creditors: amounts falling due within one year
Notes
Bank loans
11
Deferred income
15
Trade creditors
Other creditors
Accruals
13
Creditors: amounts falling due after more than one year
Notes
Bank loans
11
Provisions for liabilities
Notes
Retirement benefit obligations
16
15
Deferred income
Deferred income at 1 August
Released from previous years
Resources deferred in the period
Deferred income at 31 July		 2021
£
130,439
271,963
19,208
288,589
338,942
1,049,141
2021
£
1,391,634
2021
£
175,000
175,000
2021
£
239,035
(239,035)
271,963
271,963		 2020
£
130,439
239,035
11,851
184,664
372,799
938,788
2020
£
1,491,268
2020
£
263,000
263,000
2020
£
225,448
(225,448)
239,035
239,035

Deferred income represents fees received in advance.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

16 Retirement benefit schemes

The majority of the staff participate in one of two pension schemes; the Teachers’ Pension Scheme England and Wales (TPS) for teaching and related staff; and the Flexible Retirement Scheme for nonteaching staff.

Teachers' Pension Scheme

The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers’ Pension Scheme Regulations 2014. Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary’s Department. The latest actuarial valuation of the TPS was prepared as at 31 March 2016 and the valuation report was published in September 2018.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

Scheme changes

The key provisions of the reformed scheme implemented from 1 April 2015 include: a pension based on career average earnings; an accrual rate of 1/57th; and a Normal Pension Age equal to State Pension Age, but with options to enable members to retire earlier or later than their Normal Pension Age. Importantly, pension benefits built up before 1 April 2015 will be fully protected.

Flexible Retirement Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 37 non-associated employers. The scheme is a defined benefit scheme in the UK.

It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 201 9 . This valuation showed assets of £ 79 m, liabilities of £ 93 .9m and a deficit of £1 4 . 9 m. To eliminate this funding shortfall, the Trustees asked the participating employers to pay additional Deficit Contributions to the scheme aggregating £1,530,000 per annum increasing by 3% per annum. These additional contributions were allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

16
Retirement benefit schemes
Defined benefit schemes
Key assumptions
/
Discount rate
The amounts included in the balance sheet arising from the Charity's
obligations in respect of defined benefit plans are as follows:
Present value of defined benefit obligations
Deficit in scheme
PRESENT VALUE OF PROVISION		 16
Retirement benefit schemes
Defined benefit schemes
Key assumptions
/
Discount rate
The amounts included in the balance sheet arising from the Charity's
obligations in respect of defined benefit plans are as follows:
Present value of defined benefit obligations
Deficit in scheme
PRESENT VALUE OF PROVISION		 16
Retirement benefit schemes
Defined benefit schemes
Key assumptions
/
Discount rate
The amounts included in the balance sheet arising from the Charity's
obligations in respect of defined benefit plans are as follows:
Present value of defined benefit obligations
Deficit in scheme
PRESENT VALUE OF PROVISION		 (Continued
2021
2020
%
%
0.84
0.77
2021
2020
£
£
175,000
263,000
175,000
263,000		 (Continued
2021
2020
%
%
0.84
0.77
2021
2020
£
£
175,000
263,000
175,000
263,000		 (Continued
2021
2020
%
%
0.84
0.77
2021
2020
£
£
175,000
263,000
175,000
263,000
263,000
2021
£
2020
£
2019
£
Present value of provision 174,977
262,998
283,947

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

2021
£

2020
£
Provision at start of period 262,998
283,947
Unwinding of the discount factor (interest expense) 1,917
3,116
Deficit contribution paid (28,160)
(28,339)
Remeasurements - impact of any change in assumptions (378)
4,274
Remeasurements - amendments to the contribution schedule (61,400)
-
Provision at end of period 174,977
262,998

INCOME AND EXPENDITURE IMPACT

2021
£

2020
£
Interest expense 1,917
3,116
Remeasurements – impact of any change in assumptions (378)
4,274
Remeasurements – amendments to the contribution schedule (61,400)
-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

16 Retirement benefit schemes

(Continued)

DEFICIT CONTRIBUTIONS SCHEDULE

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company's balance sheet liability.

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement
in funds
Balance at Incoming Transfers Balance at Incoming Balance at
1 August 2019 resources 1 August 2020 resources 31 July 2021
£ £ £ £
£		 £
Development fund 60,452 34,059 (94,511)
-
-		 -
Maths prize 1,080 - - 1,080
-		 1,080
Sports award 750 - - 750
-		 750
General 1,000 - - 1,000
-		 1,000
63,282 34,059 (94,511)
2,830
-		 2,830

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

18
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
TotalUnrestricted
funds
2021
2021
2021
2020
£
£
£
£
Fund balances at 31
July 2021 are
represented by:
Tangible assets
8,674,337
-
8,674,337
8,816,200
Current assets/
(liabilities)
989,996
2,830
992,826
678,816
Long term liabilities
(1,391,634)
-
(1,391,634) (1,491,268)
Provisions and
pensions
(175,000)
-
(175,000)
(263,000)
8,097,699
2,830
8,100,529
7,740,748		 Restricted
funds
Total
2020
2020
£
£
-
8,816,200
2,830
681,646
-
(1,491,268)
-
(263,000)
2,830
7,743,578

19 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
33,333
144,474
177,807		 2020
£
25,984
25,078
51,062

20 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

21
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase in creditors
Increase in deferred income
Cash generated from operations
22
Analysis of changes in net funds/(debt)
At 1 August 2020
£
Cash at bank and in hand
1,132,616
Loans falling due within one year
(130,439)
Loans falling due after more than one year
(1,491,268)
(489,091)		 2021
2020
£
£
268,951
3,118
(120)
(4,033)
220,646
245,781
326,955
59,989
77,425
187,152
32,928
13,587
926,785
505,594
Cash flows At 31 July 2021
£
£
748,488
1,881,104
-
(130,439)
99,634
(1,391,634)
848,122
359,031

Critchleys Avdit LLP Beaver House 23-38 Hythe Bridge Street Oxford OXI 2EP Management letter to the Governors of St Mary's School T 01865 261100 www.crii¢hleys.co.uk Year ended 31 July 2021 30 November 2021 Management Letter 2021 Pagel i

CRITCHLEYS Contents Introduction................................................................................................................................ Purpose of the document ...................................................................................................... Acknowledgements.................................................................................................................. Limitations Executive Surnmary...................................................................................................................... Further assistance...................................................................................................................... Audit StatUS................................................................................................................................ Area5 of Audit Focus.................................................................................................................... Audit differences........................................................................................................................ Summary of adjusted differences from draft numbers provided by managetnent........... There were no non-trivial unadjusted differences identified Potential Control Weaknesses..................................................................................................... Update on matters raised in previous reports........................................................................ New tnatters arising in this year Proposed Letter of Representation...........................................................................................13 Other audit matters..............................-_..............................-.....................................................14 .11 Detailed comments on the financial statements and audit opinion................................... Qualitative aspects of accounting practices......................................................................... Judgements made by management....................................................................................... Independence matters ............................................................................................................ Seriou5 incident reporting....................................................................................................... Current and future issues in the sector...............................-......................................................Is Man3gement Letter 2021 Page12

CRITCHLEYS Introduction Purpose OF the document In accordance with our nortnal practice and the International Standard5 on Awliting (UK and Ireland) 260, we are writing to draw your aitention to variovs marters which arose during the course of our audit of your financial st3tement5 for the year ended 31 July 202L This letier includes an executive summJy of the key findings below which are svpported by the deiailed sections thereafter. The purpose of the audit is to enable us to express an opinion on the financial 5tatement5. Our audit included consideration of internal controls relevant to the preparation ol the financial 5t3tement5 in order to design audit procedures thar ar& appropriaie in the circumstances. but noi lor Ihe purpose of expressing an opinion on ihe effectiveness Of intern81 controls. The matters reported are limited to those deficiencies that the auditor has Ideniified dvring the audil and Ihai Ihe audiior has concluded are of svfficieni Importance 10 merit being reported to those charged with goverTrance. Our audil included obraining svfficient and appropriate audit evidence to support ovr opinion_ We use a varieiy of audit techniques to obtain audit evidence. including test5 of design ol contio15.' analytical review,. verification of specific transaciions and balances., and Ihird-party verification_ We a150 assessed Ihe accovniing principles Used and significant estimates made by management, as well as evalvaiing the overall financial statement presentation. Our audit involved a risk-based approach and included an examination of evidence on a sample ba515. Because of Ihe sample naiure and other Inherent Iimitaiions of an audil. iogeiher with the inhereni limitations of any accounting and nterTral control system. there 15 an vnavoidable risk that some error5 and material tnisstatements may remain Undiscovered. Any errors and Irregulariiy Identified have been Includ￿ within Ihis report. Thi5 letter is in respect of all entitie5 Wlthin the group, specifically St Mary's School (the Scho911. Acknowledgements We would also like 10 take this opportunity of expressing our Ihanks 10 your staff for Iheir assistance during our audil and with the accouni's preparation_ A subsianiial amovni ol preparation workwas required in order 10 be fully ready for Ihe audil and we appreciate Ihe effons of Lisa Andrews and her finance ieam. Limitations please note that this reporr has been prepared for the sole use of St Mary's School and It must noi be disclos&d 10 Ihird parties, quot&d or referred 10, withoui ovr prior wrirten con5eni_ No responsibility is assutned by us lo any other per50n or entity. Management Letter 2021 Page13

CRITCHLEYS Executive Summary We are ple35ed to attach our report and our key findings are summari5ed below. We identified seven audit adju5tment& Overall. their impact is immateri31. Page 6. We have provided an update op previous contfol weakne55e5 identified. Five new potential low risk conirol w&aknesses were Ideniified. Page 7-12. Other matters of significance are detailed on page u No significani findings were Ideniified from our audil risks. Page 5. A number of specific points wirhin Ihe proposed lerter of represenrarion have been ovtline on wge Is Further assistance Should Governors or management wish to ask any qvestions regarding the matters raised in this leiter or if we can be of any further assistance, ple35e contact Katherine Wilkes. Katherine Wilkes Audit Partner kwilke5 critchle 5.co.uk Telephone OL865 261100 Websiie Find out tnore about Katherine by watching her introductory video on Management Letter 2021 Page14

CRITCHLEYS Audit Status Our 3udit is 5ubstaDtially cotnplete. There have been no significant change5 toour audit plan, dated 8 October 2021. There are no Significant matter5 that are out5taDding and Deed to be re501ved prior to 15suing our audit opinion. We have a 5m311 amount ol routine completion procedure5 to conclude prioi to 155uing our audit opinion. Areas of Audit Focus As detailed in our audit plan, dared 8 October 2021 we Idenrified the following significani risk areas during our audit pl3Dning and have included a brief Summary of the work carried out and our fiTrding5 below. Risk area Incorrect treaimeni of restricted funds. Work carried ovt Review ol income and expenditure relaiing ro Individual Funds to ensure correct restrictions are adhered to. Work was carried out on Ihe nominal aciivily relating to the fund'5 balances. Conclusion No issues noted with regard5 to fund movements and treatment of restricted funds. Capital expeTrditure Ireaied as repair5. C05t5 spent on building works were reviewed to See il they were appropriaiely caiegorized as repairs or fixed a55et5. No issues were Doted Bad debts- risk that debtors are ov&rstared, therefore bad debi provision understated. Review of debtors io check ifihe adequacy No issves were noted of the bad debt provi5iOD. Nanagemeni override ol conirols Review of journal adjustmenis made during the year to a55ess appropriateness. No issves were noted. Related party transactions Disclosures in noie 17 were reviewed_ The Register of Governors interests wa5 reviewed ro Identify any other related partie5 No Issues were noted Fraud in relation to reveTrue Testing wa5 cornpleted over incotne which No issues were noted. Included vouchin9 entries 10 documentation, cut oFf and a proof in total ol school fees. No Issues of fraudvleni Tevenue recognirion were identified. recognition. Our audit procedure5 go beyond the above higher risk areas to cover Material are35 01 the financial statements. No significant 155ues were noted during the procedure5. Management Letter 2021 P3gel s

CRITCHLEYS Audit differences In the normal course of an audit. we can identify misstatement5 ID the fin3nci31 data provided to US at the stari ol the audif_ Where Individval errors or their aggregaiion exceed our materiality level. If83,717 for Ihe School) we are required to modify our audit report Il they are not adjusted ID tbe fin31 fin3ncial statement5. For the inieresi of Governors and managemeni. we have summarised both the errors thai have been corrected 3Dd those that have not. In accordance with ICAEW guidance on triviality limit5 for audit, we ret)0rt 311 items exceeding 5% of the materiality, which for thi5 year is £4,180 Summary of adjusted differences from draft numbers provided by marbagement No. Description of error Impact on SOFA Irnpact on Balance sheer 1£) Audit fees not accrued Catering cosis not accrued (costs relate to curreni financial yr but were paid in the Trext Eio,600 IEIo.6001 Ei7.369 IEI7.3091 Construction costs relating tg MUGA not accrued for.. -Fixed asset additions -Accruals Novement In pension ftjnd valuation -PensioTr scheme [52.392 IE52,3921 £88,000 1É88,0001 -PeTr5ion reserve Reallocate credit balance In the Irade debtor ledger to other crediiors -Debiors -creditors Adjvsi school fees (to write off old balance in order to briTrg balaTrce in line with deposil schedule) Catch up OD pension coniribuiions made £18,379 1£18,3791 IEM,s351 £￿.$55 £54.651 1£54,6511 TOTAL E97.155 (£97,155) There were no rhon-trivial unadjusted differences identified Management Letter 2021 Page16

CRITCHLEYS Potential Control Weaknesses Your management is responsible for idenrilication, assessment and monitoring ol risk, and lor developing, operating and monitoring the systems of internal control. Our udit procedures are designed primarily lor the purpose ol expressing an opinion on the financial statemeDt5 and therefore do not constitute a full and detailed review ol all a5pect5 01 the systems and controls and therefore cannot be relied upon to identify all actval and potential weaknesses, We have inclvded a summary ol the issves Ihat we have identified below. Update on matters raised in previous reports observation Implic8rions &risk Recommendation Update 2020/21 Djrino the testing ol tho discounts, bursary and In the event of any di5puie5, there 15 no evidence to In the event ol any disputes, there 15 no evidence lo During teEling rAiried out in th9 yeai suppoii the lefrns ol Ihp bursary or scholarship prowided svpport Ihe terms ol Ihe buT￿rY or Scholarship provided scholaiships no Issves were noted ith lack ol supporiiDg documeniaiion present. This point 15 considered closed. no supporting documentAlion as piool ol ieims and to show the bursary or scholArship awarded could bÈ provided for 2 students from the sample 0110. During Ihe ie51ing of the conirols In Ihe event ol any dispuies there is Do evidence to over payioll Ihe employee SUPPOTI Ihe employmeni ieims or piool ol the selected as 8 leav&r, no employee's current status with Ihe school. SUPPOTting documeniation could be provided as ihe employee's folder could not be located. Despiie the employment status iecords should be During testing carried out in the year maintained loi the le931 reouiremeni 016 years. s leaver was agaiD selected, Tro issues were noiÈd with 5vppoiling documgntation in relation to the leaver being pre5eDt. Thi5 point is COn51defed closed. Management Letter 2021 Page17

CRITCHLEYS observation Implications & risk Recommendation Update 2020/21 The capilali53tion policy ol Éi,oooA c3pitalisalion policy which is Trot enforced can lead to A cle3r c3Pitali5ation policy should be established A5 per our 3vdit testing c3rfied Is not being adhered to. The an under513tetnenl of fixed 3S5et5 and afi over51atetnent The policy shovld PTovide guidance on when the out we did not note any Instances iepairs 3fid maintenance account5 01 expenditure, policy can be overridden example.. decorating a hall. where item5 were not C3Pltali5ed were reviewed lor expenditure in ording lo the c4pitali￿t10n excess ol the threshold, 16 items This can c8US& 3 material Impact to the financial The c3Pltalisation policy should b& circulated to 311 policy. This point is Considered were Identified and upon IuTthef Statements and Could result In not showing 8 true or13ir relevant staff. c105ed. Investigation 3 were deleimined representation to the users. lo be Irealed IncoTTecily. The 3 Iletns repiesenied 40% 01 the lotal valve ol the iiem5 selected for feview. Th15 as51St5 cofflpar3bility ol ihe financial statements. A formal schedule ol deposits Wilhour a formal register ol thè parents deposit A formal register should be kept ol parents, deposits, As per work carried out in relaiion made by PJfenis is not held. In especially in the Current year situation reconciliaiion is This would en8blp the School 10 account lor Ihe 10 the debtors testing il was noied the prior ye3r sn 8djustmeni was almost impossible. changes to the deposit reqviremeni when they Ih3t 2 Formal register ol deposils made 10 3gree Ihe parent occur, deposits to the number ol n the event ol any legal èClion5 ag3inst the School by ddilionally, a reconciliation ol the balance should be was being prep3rad, This point is performed At every year end. Ensuring the balance considered closed. stvdents as Jt the yèar-end. the parenis ihe record5 are Doi appropriaie 3s proof mgiches rhe nvmber ol students ss the year end And However, in the previous years can't be presented ol what wa5 8ciually paid by p3rent5.disciepancie5 could be exp18ined. Ihe depogit was f?50, 2nd lh£ current deposit Is f500. Ag such the method previously used which was deemed reasonable would no longer be appropriate unless all pupils are reouired 10 pay f500 iegèrdless ol when they Èntered. Management Letter 2021 Page18

CRITCHLEYS observation Implications & risk Recommendation Update 2020/21 TTIP incorne 3nd expenditure and TTIP incotne afid expenditure are reqviTed to be shown TTiP5 should be given their own norniTra1 code which As per our avdit testing c3rried out, netted in the accounting Tecord5. 5epar31ely In the Iin3ncial $13tetnenls as lo not mislead Is easily identifiable, Upon review ol these code5, we noted that trip Income was A schedule Showing the incotne the users, Withovt the required inlortnation income aTrd Incotne aTrd expenditure shovld easily be being IFealed in the ¥(ne way as i and expenditure lor the Financial expenditure would be undeT51ated and redvces the di51ingvished. the previous year. year could not be PTovided. cotDP3r3bility yeaT on year wiihoul a consistent way lo easure income In place. Iternatively. a Sched￿le DI trip Income and expenditure lor the financial year coul(J be pui in Additionally. trips wefe recorded with other ir8nsaclions such as book cost which made il diFFicult io identify smaller trips, $iatements, this Can be international or local, Depreciation was noi char9ed on Not following the e51abli5hed policies reduce5 the Ihe cuireThl year additions. Thi5 comparability ol the account5. W8S not in line wilh the prior years. Once the cuirent policy is to ch8rge a lull year depreciation OD additions which rneet ihe criieri8 (which is advised as a lixed asseri register 15 nol This can cause 3n overstaiemenl ol Ihe net book value held), the policy should be applied consislenily ol fixed 3S5et5 and a coiresponding understatement ol annually. depreciaiion expense. s per our 8udii testing carried out e Doled ihai a113ddiiions were correctly depreci8led accordin9 to Ihe appropriaie policy in place. This poini is now closed, Management Letter 2021 Page19

CRITCHLEYS observation Implications & risk Recommendation Update 2020/21 No Register of Interests was 3ble There is a risk that that related party IFans3clions may be We recornrnend that all Trustees cotTrplete lo be provided uTrdisclosed in the accounts Th15 15 a 5taiuiory declaiaiion ol ifiieiest lorffls which is then stored in requiretnent. the form ol a Register of Interest This Should bg updated e3ch ye3r and al each board tneeting Trustees Should be asked Il theTe ale any new Inlere515 to be 8w3re of, A5 per our audit le5ting c3rried out we noted that a fegisier ol InleTe5t wa5 in p13ce and w3s being vpd3ted regularly. This point Is now closed. As part ol ovr review ol pefsonnel Files, we were Unable lo locale a signed coDtract ol employment ol two employees, Unable to provide clariiy in the event ol leg31 disputes, It is besi practice that signed contracts are fetained As per 8udii testing carried out for a11 employees 3S this Shows positive employee acceptance ol the terms and condirions sel out issues were noied wirh regards lo employep contracts or now closed, Management Letter 2021 Page l io

CRITCHLEYS New matters arising in this year Observaiion Implications & risk Recommendaiion Management response No fixed asset register was being prepared No record is being kept of additions and disP05als ol fixed A fixed asset register should be kept assets, this covld result in depreciation being incorrectly detailing all the asset5 which make vp each calculated or disposals being mis-accounted loi. ol the asset classes along wirh dates ol when they came into use so that depreciation can be correctly calculared based on these dates. We will keep the need lor ihis under review. The loirnal schedule of deposlts total balance is differenl lo the total value ol dep051ts on the trial balance due lo hisiorical Issues. Thi5 has resulted in a 5rnall difference between what the An adjustment is to be proposed in order to A working schedule ol refunds and accounts iellects a5 deposils owed and reality, this is en5uie thal the schedule ol deposits agrees deposits is held and continually updated. understating creditors by a small amount due to these back lo the trial balance. A5 part ol year end historical differences which have been brought forward over procedure5 Ihe loimal schedule Should be the year. agreed 10 the trial balance. Accruals balance not including As per thè cut off testing it was noted that there werè 3 14 review ol costs paid in the first wèek of 3 addifional accruals noted accruals which were not accounred For. These accruals were the following Financial year should be during testing lor the audit lees, catering costs and the MUGA construction carried out in order to understaTrd il they costs. This resulred in the accivals balance being relate to the new Financial year or rhe understated by these amounts noted. current financial year, thi5 will help Identify any potenli31 accruals. We agree with this point. Management Letter 2021 Page l li

CRITCHLEYS New matters arising in this year Observaiion Implications & risk Recommendaiion Management response Credit balances noted on the As per testing carried out on trade debtor5 It was noted that A regular revievrf ol the aged debtor ledger aged debtors ledger there were a number ol overpayments which resulted in should be carried out in order to identify credit balances. These balances were understaiing Ihe trade and reallocate these balances so ihat they debtors balance. do not sit on the debtors ledger as credit balances. When the credit balance arise5. rhe reason shovld be iden(ilied and the balance either repaid or raken to income. Ongoing iiem that is continuously reviewed. The employer pension contribution5 were not completely up to date As indicated by the Bursar it was noted that in previous A monthly review should be carried out as years the employer pension contributions were noi correctly part ol the payroll procedures to Identily accounted for, this was a5 a result ol the previous Bursars what amounts are due to be paid lor the management ol the accounts function. The risk is that the employer pension contributions accounts did not correctly iellect the total value ol conlributions oaid. A monthly review is completed every month since the employment ol Ihe new bursar from September 2020. This wa5 provided to audiror5 during ihe audit process. Management Letter 2021 Page112

CRITCHLEYS Proposed Letter of Representation In accordance with standard practice for such an audit and based on the work carried out to date, we will ask the Governors to 3pprove and sign tbe attached letter ol repre5eTrtation to accompany the signed final financial siatements. We draw your aiieftiion to ihe specific representaiions contained wiihin point 15 as follow5 below, other￿lse the letter is routine. The allocation of expendiiure between Ihe headings oFcosi of generating funds, charitable activities, SUPPDrt cost5 and governance costs has been reviewed and it 15 C0Tr5idered that the allocations are reasonable. No restricted income has b￿Tr received in the year. other than that disclosed in note 17 to the accounis. The charily has been noiified by the P&nsions Trust of Ihe estimaied employer debi on withdrawal from the CARE pension scbeme (the scheme for administrative employees) based on the financial Posllion of Ihe scheme at 30 September 2014. The Governors consider that the possibility of ihe school leaving the scheme to be 50 remote tbat they consider that neither a provision in the accounts or a note 10 the accovnts regarding a contingeni Iiabilily is required_ We confirm our agreement to the journal adjusimenis in Ihe accovnis. The Provision for dovbrful debts is adequaie 10 cover all balances which are likely to be uncollectable. The trustee neither received nof waived any remvneration during the year and they did not have any expenses reimbursed during the year. Management Letter 2021 Page113

CRITCHLEYS Other audit matters Detailed comments on the financial statements and audit opinion Based upon our work carried out to date. and subject to no significant events occurriiig piior to the signing of the audit report, we anticipate i55uiDg an vnmodified audit report in your 5t3tutory financial statemeTrts. (lualitative aspects of accounting practices We have no comments to make concerning the qualitative aspect5 of the Sch<)ol's a¢¢ounting practices and financial reporting, including accountitTg policies. accovnting estimates and financial statement disclosvres. Judgements made by management During our audit, we are required to review the main judgements or estimates made by management, which would have a material or Significant impact on the financial Statements. We have identified the following rn3in judgement areas and our cotnments thereon. Depreciaiion rates- no issues noted Bad debt provi5ion- no i55ue5 noted Independence matters We provide 3ccounting and taxation ctsmpli£nce 5eroices to [￿e school in addition to acting as 3uditDr5. We consider that there are no i5sue5 that aFfect our indeperdence as statutory auditor5 to the school because ih& Governing Body takes any decisions where judgment Is reqvired. We consider Lisa Andrews (Bvrsarl to be informed managemer)t. We have therefore complied with the relevant ethical requiremenis concerning Independence. Serious incident reporting All tru5tee5 are re5pon5ible lor identifying and reporting, in a timely fashion, any Serious ineidentS to the Chariiy Commission, In accordance wilh iheir requiremenis for all regisiered charities. whilst ovr audit scope doe5 not specifically require u5 to identify any such matters. we report to the Governors that there weie no such actual or potential matter5 that came to our attention. Management Letter 2021 Page114

CRITCHLEYS Current and future issues in the sector Reptjtation is everything Repuiaiion Is someihing 10 be cherished_ As we have seen with some cases In the pasi few years such as Oxfam and Kids Company, repuiation can ￿$11Y be damaged. and Il takes a long time to repair. The good news thai Oxfam has been iaken out of special measures hasn't hit the front pages in quiie Ihe same way. The Charity Commi55ion conducted Some research just before tbe pandemic hit which Showed trust within the charity Sector ha5 improved since these scanda15 bit and the enormou5 amount of charity work that h35 taken p13ce in the pardemic is only going lo have furthei increased that trv5t. Support for trvsiees The Charity Commission has produced some s-rninuie gvides for Irvstees which can be found at www. rnm -rnin Although not groundbreaking, these guides help trustees understand their responsibilities and cover tOPiC5 such 35.. Charity purpose and rule5 making decisions at a charity managing charity finaTrces managing conflicts of interesl in a charity What to send to the Charity Commission and hgw to get help Safeguarding in charities Safegvarding coniinues to be a focvs by the Charily Commission WFO ha5 recently published som& guidance On 58leguarding in international aid charities. Safeguarding improvements have been tnade ITr 4 key aiea5'. Accountability to people they work with. including impioved safeguaiding policie5 and procedures. Organisational cvlivre, such as Ihen The employmeni cycle, for example rhe creation of Ihe Mi perpetrators of sexual rni5conduct from tnoving around the 5ectoi undetected. Reports and complaints mechanisms. wiih Improved transparency and accouniabilily reflected by the increased number of safeguarding serious iDcideTrt report5 received by the Cotnmission. in 2019 to stop Although Ihese arose from work wiihin iniernaiional aid charities, they are very applicable io Ihe wider sector. Better together- collaboration within the chaiity sectoi Working c105ely with other similar charitie5, a Detwork of branche5. and/or pooling iesgurces to work in a smarter way is becoming increasingly key when setring a charity's sirategy_ Il's aboui working iogether, helping each oiher, learning from each other, realising our sirengihs and realising the strengrhs of oihers 10 be tnore effective, not to rnertion the potential p051tive impacts it could have on the environment. Similar charities can come toJether and create a powerful voice when it cotnes to lobbying government 3nd this can make a real difference. Management Letter 2021 Page115

CRITCHLEYS SORP 2024 Now thai seems like a long way inio the fviure, bul It will be here before we know it. The SORP making body has been formed with greater emphasis on representaiion of view of 'user5' as we11 as iechnical. regulatory and academic voice5. We are expecting a draft SORP 50metitne between July 2022 and July 2025 Wlth the final SORP to be ITr place lor periods comtnencing gn or aler i January 2024. So, for a March year-end charity this will noi Impa¢[ the accounts vniil 2025. bvt an early read recommended to Identify ihe Impacts on the comparative period. Related partie5 The Charity Cotnmi55ion recently published a report about related party transactions not always being transparent. The Trustees remain responsible foi ensuring such disc105ure5 are cornpiehensive and cotnplete. The Fundraising Regulator Fundraising has certainly been a challenge dvring the pandemic and the F¢Jndraising Regulator has been publishing regular update5 and guidance to the sector as to how to rutTr sale fund-raising activitie5 during this time. These are definiiely worth a read lor any charity running hjndraising even(& ht www.lundraisin re nce New Charities Bill announced in Qveen's Speech On li May 2021, the Queen announced the Introduction of a Dew Charitie5 8111. This 15 a significant and has been a long tim& ¢omir,g lor Ihe sector. The Bill has been designed io reduce Ihe bureaucracy that charities face and will make it e35ier for charities to change their governing docutnents. sell their land, deal with permanent endowment Funds, and to merge with oiher charities_ Charity annual return An annual return 15 required by the Charity Commission for all registered charities in England and Wales. On 30 June 2021 Ihe Charity Commission updated the question documeni r&ouired to be compl&ied during this proces5. Charities and Terrorism The Charity Commission has updaied lis Chariiies and Terrorism which is designed to help Irustees familiarise themselves with the legal Framework which aims to piotect the UK from terrori5t abuse and understand how this affeas charilies. 11 provides svmmary InFormaiion on key aspecis of the UK'S covnier-ierrorism legislaiion and highlights how particular provisioD5 are likely to affect charities and their work. ht www. vernmen charilies-an errorism com ter- Management Letter 2021 Page l 16