Ch•rlty rngFstration numbfrr 310634
COM￿nY Tgglststlon numb•r 389663 (Englond and Wal9$)
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

ST MARYS SCHOOL, GERRARDS CROSS. LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
H•admlstr•
Mrs Patricia Adams MAIOxonl
Governorn
Derek Wlson (Chalr of Govemors)
Chris 8ayliss (Education Lead Govemor)
Dawd Campkin IFin8nce Lead Govemor)
Devinder Bansi
Stephanie Clifford
Anne Freeman
Marina Hall
Nitholas Hallchurch
Ni¢holas Moss
secrètary
Michael Bodtty
Ch•rSty numb•r
31(￿34
Comp•ny number
389663
R•gl8tsr•d office
Sl. Mary's School
Gerrards Cross
Bucks
SL9 8JQ
Audltor
Critchleys Audil LLP
Beaver House
2>38 Hythe Bridge Street
Oxford
OX12EP
Bank•J¥
The Roy81 Bank of Scotland
4042 High Street
Maidenhead
Berks
SL6 1QE
Soli¢iti>rn
Veale Wdsborough Vvzards. LLP
24 King Imlliam Slreel
London
EC4R 9AT

ST MARYS SCHOOL, GERRARDS CROSS, LIMITED
CONTENTS
Page
Govemors, report
Stalemenl of Govemors, responsibilities
Independent audilorf8 report
Stslemenl offinancial aclNilies
Balance sheet
10
Stslemenl of Cash flows
11
Notos to Ihe financAal statements
12-26

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 JULY2023
GovemoTS pres&nt their annual reW finanoal statements for the year ended 31 Juty 2023.
The finanaal stalements have been Prepa￿ in av￿rdance with the accovnting pollcies set out in note 1 to the
financial statements and comply with the Charity's Memorandum and Articles of Assouafion. Ine Companies Act
20J6 and 'Accounling and Reporting by Charities.. Slatemenl ol Recommended Practice applicable lo charilles
preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic
of Ireland (FRS 102) leffeclivo 1 January 2019)"
ObJ•ctlvets and •¢tiviti•s
The obie¢tNes of th8 Charity are sel out in Ihe Memor8ndum of AssocAalion. Th8y may be summarised 83 the
carrying on o! a School for girls Whe￿ the students may obtain an educatlon of Ihe hi9hesl order. the holding of
religious seNces and deliverin9 religious inslruclion in accordance with the (loctrine and PTincAples of the Church
of Eroland 8nd the undertaking of a¢tivilies lo advar￿e the cause of educatlon.
The Charity has the general misslon of promding an excellent educ￿lOn in a caiing, happy environment. where
each glrt devejops seM4yJnfKlence and achleves her￿11 ￿len￿al.
Then considering the slralegie5 employed to achieve the objectNes. the Govemors have gNen careful
consideration to the Charity Commission's ggneral gLtidance on public benefjl and In parbcular to Its
supplementary public guidance on advancSng edLKolron and on fee char9ing.
The slralegies empl¢)yed to achieve the Charty's objedives are:
To conlinualty monitor Ihe quality of teathing. Ihrough tsr9el 8èttin9, inset trainiThJ, observ41KJn. $harin9 and
discus$itsn of good pract*￿, ¥s weN as upd3liThJ resources and ¥dding new curricula.
To offer equal opportunittes to all girls.. to ensure all individual needs are addressed, that opporfunitie$ are
accessible lo everyone. providing Ilexible streamirrfJ 8nd rotation of staff.
To provide moral and spiritU81 guidance and Support, ft)31ering sel&confidence. seif-esteem. and welkbèing. as
well as aiding leaming.
To promote an active partnership with Ihe local commurllty and parents through rewlar formal and infornial
meetings, as well 85 rthnmunicalion through email and Parentmall.
To ensure high levels of pastoral care, by building slrong pupil-slafl ielationships as well as being at40 lo tsffei
the support of a quallfied school o)unsellot.
To regularly assess leadership and management, through pmfesslonal and independent review and lee(Jback
from departmenls. pupils and parents.
To pwvlde continu￿9 support of our pupils afready in Tecgipt ol bursaries.
To mainlain the provision ol means-tesled bitrsary places lo not Fower than 5% 01 total income.
To continue lo develop links with l¢xal stale schoois.
The prSmory activity of the Charity is to educate 91￿5 frcffi the ages of 3 10 18 within a Christian tramework. In
addilron to the wide range of academic subjeds offered and taught, the School is aNe to enhance the
educat￿nal experience through the many clubs and extracurricular ad1vil￿S offered. Christian ¥alues ale
incorporaled Ihiough as$0mbl¢es and in everyday schotsl life.
The Governors have pai¢J due regard to guidance issued by the Charily Commission in deci¢Ying whal activities
the Charity should undertake.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
Achlovemerts and p•rfornyn¢•
Following three years of summer ex8mination5 being based upon a c4Jrnbination of teacher assessments and
Examination Board manipulations to f#)unler the disruption of the COVID crisis, the 2023 examinations reverted
lo traditional methodologies. Thus the School's academic achievemgnt in 2023 can best be Compared to that of
2019. the year before COVID inlerventions.
The A-Level resuhs achieved were 40% A'IA, 80% A'IB. 96% A'IC and 100% A'IE. These resulls obtained by
Ihe girls, who spent two uilical years under Covid restrictions. show that their hord wcKk and diligence has been
rewarded and, for Sl. Mary's, also represent a significant improvement over th8 re$uH$ achieved in 2019.
The iesulls achièved al GCSE by Year 11 girls malched the high expedalions placAd upon them. From the
grades achieved, 16.5% were al grade 9. 31% at grades 9-8. 49°h were Level &7 and 96% Level ￿ - very
simllar lo those achieved in 2022. These results signfficantty exceeded the results 8chleved by the GCSE cohrxl
in 2019.
St Mary's offers 8 wide rarKJe of subie¢ts al GSCE and ￿LeVel, including EPQ, and hgs an established
enrithmenl programme.
The School continues to recruit high quality le8ching staff which alongside the investment into faalities offers an
exc£ll¢nl environment to 811 students. n is this ènvifonrnent that allows our sfvdenls lo delNer such creditable
examinalion resulls.
Pupil numbers increased again this year. The Schod promotès a threethfonn enty into Year 7. for whith leaching
slaff and leaching a5SiStanls are employed to maintain the School's othos. ensvring that lime is invested into
each girf to allow everyone lo reach their full potential. Importance is still ploced on ¢￿aurTicular &tiwlies, with
girfs invofved in sport, drama. music, debaling and partidpating In the Duke of Edlnburgh award schome.
Fundrnhlng
Tho s¢h¢)ol engaged in fundraisln9 which complied ￿th the Charilies (Prolectitsn And Sodal Investmenl) Act
2016 8nd Dats Proleclbn legis181ion. Fundraising èctimlies are predominantjy with the paTent body who donate
lo support larger scale projects Such as fac51i1￿$ maintenance and improvement and additional resouic8s for the
benefit of the students, as well as supporting the day-1c￿18Y running of the school. Other fundTaising actI￿treS
Indude approaches lo alumnae, frientjs of Ihe school and business conlads. generalty with a view to supporting
specifi¢ projecls. There are also oceasional fundraising events. which are often led by the SW4 (Parents,
AssocAalion>.

ST MARYS SCHOOL, GERRARDS CROSS, LIMITED
GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED}
FOR THE YEAR ENDED 31 JULY2023
Flnancial r•vi•w
The school rnnlinues lo rnalnlain a strong financial posilion allowing the Governors lo invest in rts inlr8$lructur&.
The Govemors will maintain a level of Iiqutd reserves adequate to protect against any unforeseen arcumstances
as Occu￿d in the prèmous hvo years.
Followin9 three years of Covid reslriclions. il wa8 essentially business as usual n 2022r23. Net Income for the
year amounted lo £41,3651£345.379 in 2021r221. The decline in nel in￿? largety iesulled from an inueased
level of essential mainlenance ￿18 and ¢osls of Catering, ulililies and IT.
The School continued to reflect its charitable commiknents through the distribution of buisaries. s¢hoLarships and
discounts worth a lolal of £733,389, 9.5% of fee Income.
The funds of the Charrfy ale wholly invested in School propety and other fixèd assets. School fees recervable,
less any ¢Jiscounls given, cover the cost of Pfoviding tuilK)n and other Tunning costs of the School. The fees are
set al a level tho1 will pmmde sirfficient funds lo cover the cost ol regular melntenan￿, modemisalion of exisli
facilities and funding new buildings in the future.
The Govemois regularly remew all financial and operational risks which may have an impad on the School.
Procedures are adopted to mitigate perceived risk and these are subject lo regular reviw lo ensure that there
are adequale safeguards in place. The School Is aware that, in the current econom￿ and finanryal climate, a
numbèr of risks exist that could negatively Impact Sl Mary's. Risks fall into the following categories
Govemance. Opefaliongl. FinancAal, External and Cornpliance. A full review of these risks was ctsndueted during
the year and the School'$ Risk Reglstgr was re-wrrtten and updated lo include recent shifts In both the economic
and political clirnales. These risks are not expected to have any immediate major impact on Ihe School'8
objectives and activities. However. 2024 will be a General Eledion year and a change of govemment threalens
the application of VAT to independent school fees. R is impossible lo forecast the ffinancial irnpad of such
legislation and the e￿ent lo vthi¢h il may reduce parental demand is unquantffiable- onty lime WIN tell.
The School's public benefit oblwJalion rern￿n$ In the forefront ofthe Govemors, thinking. As a tharity, the parents
of our pupils have the assurance thal all the income of the School will be applied for educational purposes. As an
educabon81 charty, the School's educational activitiès benefrt directty from tax exèrnpl stslus and its buisary and
essiblllty poliryes benefrt indirectly froffl the tax exemplfjon.
The gvaifabifity of bursarfes is publiclsed widety through advertisernenls as well as through the Scho¢l's website.
Over the course of Ihe18sI year 26 girfs benefrted frtsrn bU￿arial awar¢Js. Alotal of 105 girls received fee
reductions through scholarships varying befv￿en 1540%. Afurther 11 girts were in rec*ipls of 51Ster disCOUnt$.
In tolol Sl Mary's dis￿￿nted £733,389 worth of fees. In addltion to these sums St Mary's has a small fvnd used
lo assist Ihose famil￿$ in need with the &)st of Irlps and CC￿cuT￿cUtaT actiwties.
Sl Mary's contbnues to offer 115 facilities free of charge to local netball and gymnastlc Clubs. the OFening of
the new 8Jl-wealher playing Surface in September 2021, il has been gratifying to See il in use every evening of
the school-week by local junior soccer clubs, girts and boys.
The girfs Ihemselves njn a numter of fttndiaising events throughtyjl Ihe year. Charities beneffting from
lundraising included Children in Need. Age UK, the NSPCC. Greal Omiond Street Hospital, Macmillan Cancer
Support. Read for Good. El￿￿[iC Eels. JLtnior Diabetes Research and Buckinghamshire Mind.
Structure. govern•nc• and managemgnt
St Marfs School, Gerrard$ Cross. Limited ts a ￿MpanY limtted by guarantee govèmed by its MemcDndum and
Artlcles DfAssociation daled 6 September 1944 and 8rnended lo allow lor current governanc* arrangewents on
9 February 1955. 3 Juty 1955, 10 May 2012 and 6 May 2016. 11 is regislolgd as a Charity with the Chariiy
Commrssion. The liabilities of the members are limlled lo £1.
The Governors of the Charitsble Company {Ihe Charltyl are its Trustees for the puipose of charrty law and
Directors lor the purposes of company law bul by custom and practice throu9houl the School they are always
referfed to as Goverriors. The Board of Governors is comprised of members with a broad range ol exwise.
There are GovernoTS wilh backgrounds in law, accountsncy, education, business rnanagemenl. matjicine and
real estate. Throughout Ihe year the Governws have been:

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
t)erek Wlson (Chair ol Governors)
Chris Bayliss (Ed(*calion Lead Govèrnor)
David Campkin (Finance Lead Govemor)
Devinder Bansi
slePhan￿ Clifford
Anne Freeman
Marina Hall
Nicholas Hallchurch
Nicholas Moss
As sel oul in the Artide5 ofAsso¢iation the Chaimian of the Board Df Gtsvemors is appoinled by the members of
the Board at an ordinary general meeting. The Governors may also ap￿In1 a new G¢)vemor subject to ralificallon
al the next ordinary ggneral meeting.
Oryanhauon
The Board of Govemors determines the general policy of thè School. The daily managemenl ol Ihe School is
delegated lo the H&8dmislress and the Burs8r. The Bo8r¥J meets h¥ice each tem. There are no fonnal sul
rKJmmittees though Iheie are Lead Govemors for Educallon, F￿￿nce & General Purposes. Heatth & Safety,
Safeguarding •nd Menlal Heatth.
Govemor Indu¢tlon *nd Tralnlng
All new members are issued with the Gutdelines for Governors. They are encournged to attend oppropri8le
extemal Iralnlng event8. AN Govemors participate In Safeguarding training.
Creditor Pollcy
The company's current policy conceming the paymènt of trade creditors Is lo follow the CBI'S Pfompl Payers
Code.
The company's currenl policy o)nceming the payment oftrade creditors is to..
settle Ihe terms of payment with supplier5 when agreeing the terrns oleach Iransaction..
• ensure that supplieTS aTe made aware of the teTms of payment by inclusion ofthe relevant lems in contracts..
and
. pay in accordance with the company's conlraclu•l and other legal obligalton5.
The Govemors. repori was approved by the Board of Governors.
Mlchael Boddy
Secretary
Dated..

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
STATEMENT OF GOVERNORS. RESPONSIBILITIES
FOR THE YEAR ENDED 31 JULY2023
The Governors. who are also the directois of St Mary's Sthool, G¢rr8rds Cross, Limited foi the pU￿OSe of company
law. are iesponsible for preparing the Governors, Report and the ffinanGial stalemenls in 8c¢ordance ￿th 8pplicable
law and United KingdomAccoLFnting Standards (United Kingdom GenerallyAceepled Acwjnting Praclice}.
Company Law requrres the Govemors lo prepare financial statements for e8ch financial year whic* glve a true and
fair view of Ihe stale of affairs of the Charity and of the incoming resources and application of resources, including
the income and expenditure, of the charitable company f￿ thal year.
In preparing these financial statem&nls, the Goveinors are required lo.-
- select suitable accounting poltcies and then apply them consistenlty-
obserye the methods and principles In the Charities SORP,.
- make ludggments and estlmate5 that are reasonable and prudgnl.
stale whether applic8blÈ UK Accounling Stsndards have been followed. subjed lo any malerial departures
disclosed and explained the financial statements.. and
prepare the financial statements on the goin9 conGem basis unless rt is Inappropriate lo presume Ihat the Charity
will Continue in operation.
The Govemors are responsible for keeping adequate accounting re¢oids Ihat disclose v￿th reasonabk ¥ccuraw at
any time the financial position of the Chaiily and enable them lo ensure that the financh21 statements comply with
the Companle8 Ad 2006. They a￿ also responsible foi safeguarding the assets of the Charity and her￿ for laking
reasonable steps for the prevenllon and dele(aion of fraud and gther irregularities.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE GOVERNORS OF ST MARYS SCHOOL, GERRARDS CROSS, LIMITED
Opinion
We hove 8udited the financial statements of St Merfs School, Gerrards Cross. Limrfed Uhe 'Charity? for the year
ended 31 JLtly 2023 which comprise the slalemenl of fin8nci31 actNities. the b8lan¢e sheet, the slalement of cash
flows and notes to the financial slalements, including significant accounling policies. The financial reporting
framework that has be8n applied in their prepaialion is applicable law and United Klngdom A￿o(mIlng Standards,
Induding Financial Reporfirkg Standard 102 Th8 Finènth81 Reporting Sland8rf 8ppk8bb In the UK ond Repubmc of
Ireland Iuniled Kingdom Generally Accepted Accounling Practice).
In our oplnion. the financial slalements..
give a Iwe an(d f8ir vtew of the stale of the charitable company's affairs as at 31 Juty 2023 and of its Incomlng
resources and application of reSoU￿e$. for the year then ended..
have been propedy prepared in accordance with Uniied Kingdom Generally Accepted Accountlng Prnctice..
and
have been prepared in aceNdan¢e with th& requlremenls oflhe Companies Acl 2006.
B•$18 for oplnlon
We conducted our audil In accordance wllh Inlernaiional Sfondards on Audlllng (UK) IISAS (UK)) and appfi¢able
law. Our rèsponsibililies under Ihose standards are further descflbed in the Audilofs responsits'lities for Ih6t 8udil ol
the finan￿.81 stalen￿nIS section of our report. We are independent of the Charity In accordance wth the 8th1￿1
requirements that are relevant to our audlt of the financlal slalemenls in the UK, Induding the FRC'S Elhlc31
Standard. and we have fulfilled our other ethical responsibilitres in accor(Jance with U)ese requiroments. believe
that the audit eviden￿ we have obtsined is sufficient and appropriate to provide a basis forour opinion.
on¢lu$ions rglatlng to golng concem
In auditing the financial slalemenls, we have c4)nduded Ihal the G¢)vemors' use of the going ￿ncern bas￿ of
attounling in the preparation of Ihe financlal slalemenls Is apwopriete.
Based on Ihe wort we have performed, we have not identif*d any material uncertainties relating to events or
conditions Ihol. indmduolly or collectively. may c4s1 significant doubt on the Charivs ability lo conliwè as a goirig
concem for a peric¥J of al least twelve months from ￿en the finanual slalemenls arg aulholised for issue.
Our responsibilities and the responslb1lil￿S of Ihe GovemNs wlth respecl lo golng ¢on¢em are deSt￿bed In the
relevant Sections of this report.
Oth•r Infomiatlon
The other inlorm81ion ￿MpriseS Ihe informalion induded in the annval report other than the financial slalemenls
and oui audilovs report Iher80n. The Govemors are responsible for Ihe other infowmation contained within the
annual report. Ouf opinion on the financial slatements does not cover the other infrimialion and we do not exp￿$$
any form of asstJrance conclvsion thereon. Oui responsibility is lo read the other information and. in dolng so,
consider whelhel the other infomialion is materialty inconsistent with the financial slalemenls or Ouf knowledgè
obtained in the course of the audit. or olherwise appears to be matertally misstated. If we identrfy such malerial
inconsis1encles or apparenl material missialements, we are required to determine ￿ether this gives rise lo a
material misstatement in Ihe financial slalements themselves. If. based on the work we have perfome(l. we
conclude that there Is a malerial misslalement of this other information. we are required to report Ihal lact.
We have nothing lo reporl in this regard.
Matt¢fS on whi¢h we are Y•quir•d to r•port by exception
We have nothing to rèport in fe5pecl of the following matter5 in relalion lo which Ihe Chafilies (Accounts and
Reports) Regulations 2008 require us to report lo you if. in our opinion..
the information given in the financial st8lemenl$ 1$ incon$islent in any materi81 respecl wilh the Govemors.
report.. or
sufficient a¢counlin9 recA)Tds have not been kept., or
Ihe financial statements are nol rn 8greemenl with the accounting re¢ords-, or
we have not received 811 the infomialion and explanations we require for our audit.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
Responsibilities of Governorn
As explained more f(tlly In Ihe *alemenl of Govemors, responsibifrties, the Govemors. who are also the directois of
the Charity for the purpose of company law. are responsible for the preparation of the ffinanc4al stalements and for
bein9 salisfied that they give a Ixue and fail view. and for such internal control a$ the Governors delermine is
necessary lo enable the preparation of financial slalemenls Ihal are free from maleri81 misstalement, whether due
lo fraud or error. In preparing Ihe financial stalemenl$, the Governors are responsible for asses&ng the Chartty's
abilty to continue as a going concem, disclosing, as applicable, matters ¥elaied to going concern and using the
going concem basis of accounting unless the Govemors either intend lo liquidale Ihe charilable company or lo
cease operations. oi have no realisb"c alternative but lo do SD.
Auditors responsibilities for the audlt of the financlal sl•tements
We have been appointed as audiloi under se¢tlon 144 of the CharTrlies Act 2011 and roport in accordance with the
Act and relevant regulations made or having effecl Ihereunder.
Our objectives ar• to obtain reasonable assura￿ aboLrt whether the fin8n¢i81 stalemerrts as a whole are free from
material misstaternenl. whèiher due to Iraud or error, and to issue an audilorfs report that includes our opinion.
Reasonable assurance is a high level of assvrance but is not a guarantee Ihat an audit conducted in accordan¢e
with ISA$ (UK) will 8fv4ays detect a material misslalemenl when it exists. Misstatements ¢an arise from fraud or
errol and ale considered material rf. individually oi in the aggTegale, they could reasonably be expected to inlluence
the etsjnomic de￿Slon$ of users tsken on Ihe basis of these financial ststemenls.
I￿egularities, Including fraud, are wistances of nonwcompliance wilh la￿ and re9uiations. ￿ ¢JeswJn pr￿dureS in
line with our responsibilities. outlined above. lo detect material misslalements in Tespect of irregularilies. including
fraud. The extent lo which OLFr procedures are capable of detecting irregularities, includin9 fraud is detsiled below=
Our approach lo Ident￿Ing and assessing the risk$ of material mlsstalement in respect of Irregularit￿S. Includin9
fraud and non-compliance wtth laws and regulations. was as folkjws..
the engagemènt partner ensured Ihal the engagement team ¢dleclivety had the appiopriate o)mpelence.
capabilities and skills to idenlfy OT re￿gnISe non-C(Jmpliance wtth applicable laws and ￿gula￿n8.
we identif￿d the laws and regulations oppli¢able to the charity Ihrovgh d16￿$$10n$ wilh govemors. and
from our knowledge and experien(* of the cJierFt's sector,.
we focused on $pecrfic18w$ ènd re9uLgtrons which we considered may have a dlre¢t material effect on the
financial $tslements or the operations of the charty. including Charities Ad 2011. dats protection. anli-
bribery. employment. enviionmental and health and safety legislation..
we asses$ed the extent of compliance with the laws and fegulalions Idenbfigd abovè through making
enquiries of m8nagement'. arKI
identified Laws and regulations were communir2ted within the audit team regulady anil the team remained
alert lo inslan¢es of nonaCAimplIan￿ throughout the 8udit.
We assessed the susceptibility of the charity's financial Statements to rnaletial misslalement. includiThJ obtaining an
undgistanding of how fiaud might occur. by..
making enquiiies of management as to wheie they considered there was $us¢eptibility to fraud, their
knowledge of actual. suspected and alleoed fraud.,
¢onsiderin9 the intemal controls in place lo miligale iisks of fraud and non.rnmpli¥nce with laws and
regulations., and
To address the risk of fraud through management bias and override of controls, we..
perfomied analylical procedure5 to identify any unusual or unexpected r&L81ionships',
lesled joumal entries lo identify unusual transathions-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE GOVERNORS OF ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
855e56ed whether judgements and 8ssumpliDns made in determining the accounlitvJ estimalgs Isel out in
Note 11 were indicative of polenlièl bias.,
investigated Ihe raiionale behind significant or unusual transactions; and
In response to the risk of irregularities and non-complian￿ with laws and regulations. we ¢Jesigned procedures
which included, bul were not Ilmlled to..
agreeing financial $tstemenl disclosures to underlying supporting documenlalion.,
re8dlng the minules of meetings ol those charged wlh govemanLY'.
enquiring of managem&nl as lo actual and potenti81 litigatlon and daiff*-
There are Inherent Imitolions in our aLKlit procedures described above. The morè removed that laws and
regulations are from financlal Iransactions. the kss 1Skely it is that we would bewme aware of non-compliance.
Auditing standards also limit the audil prQ￿dltrQ$ requiied to idèntify non-compfian¢e with law5 and règulations to
enquiry of the govemors and olher m8nagemenl and the inspeclion of regulatory and legal correspondence. rf any.
Material misslatemenls that arlse due to Iraud can be h8Tder lo detect Ihan those Ihel arise from ermr as Ihgy mgy
Invo￿ deli￿rate col￿e31Men1 or collusion.
A further description of our responslbllllles Is avall8ble on the Fln8ndal Rep￿Ing CoLmciI's webstte at..
¥wM.fi¢.or
.uklaudilor5￿s
Thls des¢ription forms part of our audltor's rep)rt.
Use of our report
Thls report is made solety lo the charfly'$ Iruslges. os a body. in accordance wlth p￿t 4 of the Charittgs IAccounls
and Reports) Regulations 2008. Our audit work has been undertaken so that we mlghl slale to the charity's twslees
Ihose m8tters we a￿ requrred to slate to them in an auditorf$ report 8nd for no olhei purpose. To the fullest extent
pemitted by law, we do not accept or assume responsibilty to anyone olh&r than the ¢haiity and the charity's
trustees as a body, for our work, for this ieport, or foi Ihe opinions we have fom*d.
Katherlnè Wilk•s IS¢nlor Statutory Audltor}
for and on beljalf of Crltchleys Audlt LLP
2113124
Chartered A¢countsnts
Statutory Auditor
Beaver House
23-38 Hylhe Bridge Streel
Oxford
OX12EP

ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY2023
Unrestrict•d Restrictsd
funds
funds
2023
2023
Total Unrestricted Restricted
funds
funds
2022
2022
Tolal
2023
2022
ne
Charilable activities
Investmenls
7,132,367
33.270
7,132,367 6.429,461
33,270
1,075
6,429.461
1,075
Totsl Incom•
7.165.637
7.165,637 6.430.536
6,430,536
ndl
Charitsble actMi*s
7.124.272
7.124,272 6,085,157
6,085.157
Total •xp•ndllur•
7,124,272
7,124,272 6,085.157
6,085.157
Not Incomlng
ve$ourc•s before
transfers
41.365
41,365
345,379
345.379
Net movement in funds
41,368
41,365
345.379
345,379
Reconcillatlon oflunds
Fund balar¢￿$ al I
Augusl 2022
8.477.198
2.830 8.480.028 8,131.819
2.830 8.134,649
Fund balan¢•¥ •t 31
Jtsly 2023
8.518.563
2.830 8.521.393 8.477,198
2,830 8,480.028
The stalem&nl of ffinancial acliwties includes all gains and losses recognised in the ye8r.A# income and expenditure
derive from continuing acttviligs.
The stslemenl of financial actlvitSes also comploes wrth the requirements lor an income and expen¢Jiture account
under the Comp8nies Act 2[￿6.

ST MARY'S SCHOOL GERRARDS CROSS, LIMITED
BALANCE SHEET
ASAT31 JULY2023
2023
2022
Notes
Flxed assets
Tangible assets
8.978.548
6,746.815
CuTr¢nt ass•ts
Debtors
Investments
Cash 81 bank and in hand
11
12
69,427
700.000
1,593.054
2.342.279
2.362.481
2,412.122
Credltors., amounts falllng du• wtthln
one ye•f
14
(1,507.232)
11247.185)
Nel Current assels
855.249
1,164.937
rot•l assets les$ Gurr•nt 15abllltl•$
9,833,797
9.911.752
Credllors: •mounts falllng du• aft•r
mor• than on• y￿r
15
(1.201.516)
11,290,844)
Provl$lon$ for Ilibllltl•8
(110.8881
1140,8801
Net as¥•ts
8,$21,393
8.480.028
Incom• funds
Re51ri¢te(I lunds
Unrestricted f￿￿$.
General unresfricted funds
Revaluation reseNe
Pension rese￿0
2.830
2.830
6,013,511
2.615,940
1110,888)
6,107.525
2.510,553
1140,8801
8.518.563
8.477,198
8.521,393
8.480.028
The directors 8cknowledge their responsibilities fof complying wilh the requirements of the Companies Act 20C6
wilh respect lo accounling Tecords and the preparation of financial statements.
These financial stslemenls have b8en prepared in accordance with the provisions applicable lo companies subjeci
to the small Companies iegimg.
The ￿nar￿la1 stalemenls were approved by the Governors on .........................
Derek Wlson
Chalr of Govemo
Company Rgglstratlon No. 389663
to.

ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
2023
2022
14ot•s
Cash flows from op•ratlng a¢tivlths
Cash 9eneraled from operation5
25
525.301
B84,749
Investing a¢tlvities
Purcha$e of tanglble fixed assets
Investments
Inveslmenl income ieceiv&d
(518.468)
(7C(),￿o)
33.270
1323,859)
1,075
Net cash usod in Inv•sthig actlvltl
11,185.198)
1322,7841
Fin•nclng actlvltl•$
Repaymèni of bank loans
{89,3281
(11)0,790)
Net ¢a•h us•d in financing *ctivlti•4
(89,3281
(100.7901
IdecreueVln¢r•a$• In ca$h •nd Guh
•qulval•nts
1749,225)
461.175
Cash and ¢8sh equivalents al ￿gInnIng ofyear
2.342.279
1.881.104
Cash •nd ca$h •qulval•nts at end of y•4r
1,593.054
2.342.279
11

ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY2023
A¢cou•)tlng poNcltts
Ch•r5ty Infomutloft
St Mary's School. Gerrards Cross, Limited is a private company limited by guaranlee inco￿5r81td in England
and Wales. The registered office is St. Mary's SchoDI. Gerrards Cross. Bu(kn. SL9 8JQ.
1.1 Ac¢ounllng ¢onventlon
The finanoal slatemenls have been prepared in accordance with the Charity's Memorandum of AssccAalion,
the Compentes Act 20C6 and "Ac¢ounling and Reportin9 by Charities: Slalement of Recornmended Practice
applic8ble lo charilSes preparing Ihgir accounls In 8ccordance with the Flnanaal Reportin9 Standard
applicable in the UK and Republic of Ireland IFRS 102} leffectlve 1 January 20191" The Charity is a Public
Benefrt Enthty as deffined by FRS 102.
The financial slalements arè prepared in sterling, whith 15 the fuFKtion81 ¢￿tren¢y of the Charity. Monetary
amounts in these finanaal slalements are rounded lo the nearest £.
The finanaal Slalements havè been prepared under thè historical cost convention. modffied lo intjude the
revaluation of freehold propèrties and lo include inveslmenl properlies and certain finanual inslwments al lair
value. The principal accounting policie5 adopted are sel out below.
1.2 Golng con¢em
Al Ihe IKne of approvirMJ Ihe finanrAal 51alemenls. the Govemors have a reasonable expeGtalion that the
Charity has adequate resources lo cnntinuo in operational existence for the foreseeable fuluig. Thu$ the
Governors ryJTrlinue to gdopf the going ¢oncem bosis of a￿o￿nting in weparing the ffinancial slotements.
1.3 Charltabl• lund5
un￿81￿￿¢ted funds are available for use al the discretion of thè GovemoTS in furtherarKe of Iheir charitable
obiectives.
Reslricied fvnds are Subject to specific condiiions by donors or grantors as lo how they may be used. The
purposes and uses of the ieslricted funds 8re set out in the notes lo the financial statements.
1.4 Ineomg
All incA)rning resources a￿ included in the Statement of Financial Adivilies (SOFA) vh)8n the tharity is leg81ty
enlilled lo the in(xJme. after any perfomianrE conditions havo been m•1. The amount can be measured
reliably and rt 15 probable that the income will be received.
Fees receivable. less ary discounts given. for tuith)n and extracurricular 8CtMiie$ are récognised and
8CLounted for in the per￿d in which the servirE is Provided. Fees paid in advan￿ are Irealed as deferred
Icnme and ￿cluded in other crèdilws.
For donations to be recognised the ch81ity will h8ve been notified of the arnounls and the settlement dale in
writing. If there are Conditions attached lo the donation which requires a level of performance before
entitlement can be obtained then income Is deferred until those conditions a￿ fully mel or the fulfiknent ol
Ihose ￿nd[l￿)n$ is wilhbn Ihe control ol th& charity and it 1$ probable that they will be fulfilled.
Inveslment income is earned through holding assets for Investment purposes and is induded when the
amount ¢an be measurèd reliabty. Inte￿$t in¢ome is recognised using the effective intere51 method.
12-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
A¢¢ountlng poll¢ie*
Icontlnued)
1A Ewndltur•
All expenditure is accounled for on an accruals basis and has been classrfied under headings that aggregate
all costs related to the category. Expenditure is recognised where there is a legal or con￿rUCtIve obligation lo
make payments to third parfies, il is probable that Ihe settlement will te required and the amount of the
obligation can be measured ieliobly. 11 rs categorised untlei the following headlngs..
Expendlture on ¢haritabl¢ a¢tivlti•s
These are costs incurred on the charitable ac11￿lIeS. induding support eosts and costs relalino lo the
govemari¢e of the charity appoI￿Oned lo charilable acliwlies.
Iriecovfrr3b￿ VAT is charged as an expense against the aclivity for which expendiiure arose.
Support costs alloGatlon
Support costs are those Ihat assisl the WO￿ of the charity bul do not directly represent charrtable actiV411es
and include office costs. govemance ¢osts, adminislratwe payroll costs. They are incurred ¢Jire¢tly in support
ol exp8ndllure on the objecls oflhe charity and indude proieci m8nagement carried oui al the sthool.
1.6 Tanglble fix¢d •$8ets
Assets are ¢apilalised as tsngible fixed assets using a threshold of £1.CW and judgement. They are carried at
COSt or valualitsn. net DI deprecialion and any Pfovision for impairment. Cost includes costs dir¢clty
attributable lo makin9 the asset capable of operthg as intended.
Depreuation 1$ feccgnlsed so as lo write off the cost or valuation of assets less Ihelr ie8idual v3knes over their
useful Irves on the following boses..
Land and buildings
Plant and equipment
Fixtures and fittings
2% per annum
5% per annum
15% per annum
The gain or loss arising on the disposal of an asset Trs deleimlned as Ihe dfierence be￿een the sale
proceeds and the c4rryin9 value of the asset, and is recognised in the statement olfinancial activrties.
Assets in the course of eonstw¢lk*n are included at cosi. Depretsation on these assets is nol charged until
Ihey are broughl into use and recjassified lo freehold or leasehold land and building$.
A review for impaimient of 8 fixed asset 13 carried out if events or thanges in circum$latK*S ind￿te that the
¢arrying value of any fjxed asset may not be recoverable. Shortfalls belween the carrying value of fixed
assets and their recover8ble amounts are recognised a5 irnpairments. Impairment losses are recognised in
the Statement of Fnanoel A¢tivitie$.
1.7 C*sh and ¢o$h equivalents
Cash and cash equivalents include cash in hand. deposits held al call with banks, othèr short-lerrn liqul
inveslments wilh original maturities ol three months or less, and bank overdralts. 8ank overdrafts ale shown
within borrwings in current liabilities.
13.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
A¢countSng polloles
(Contlnued)
1.8 Finan¢i•l In•trnments
Debtors and creditors with no slated inleresl rale and recewable or payable within one year are recorded at
transadion price. Any losses arising from impairmenl are recognised in expen(rrtUTe.
The School re¢ogni$es thg cost of salaries paid lo toaching Staff in the August holiday per￿d following the
yèar end. as staff are enlitleil to these paymen1$ as a result of seNce rendered during the reporting period.
Loans and borrowings are inittally recognSsed 81 the transaclion prtt including transaction costs.
Subseqvenlty. they are me8$ured al amortised cost uslng the effectNe interest rate method. ￿$S Impain￿nI.
If an arrangement ￿nSti1U1es a finance transaction il is measured al present value.
Impalrment
Asse1$ not measured at fair value are revithved for any indication that th¢ asset may bo impaired al each
balance sheet dale. If su¢h indication exists. the recoverable amount of the asset. or the asset's cash
generaung unll. Is esllmated and compared lo Ihe carying amount. Wheie the ¢arrying amount exceeds Rs
re￿verable amount, an impaiTmenl loss 1$ recognised in profrt or I￿$ unless the a$$gt is carried 81 a
revalued amount vA)ere the impaiiment loss is a revaluation decrease.
B•sic flnanclalassets
Current asset investments are short term highly liquid investmenls and 3fe held at falr value. These include
¢88h on deposil and cash equlvalenls with a malurty of less than one year
1.9 Tthtion
The charty is an &x8mpt tharity within the meaning of schedule 3 Df the CharitiesAct 2011 and is considered
Io pass the lesls sel in Paragraph I Schedule 6 Finance Act 2010 8nd Iherefore It meets the definition of
a charitable company for UK corporatSon tsx purposes. No charge lo corporation lax arlses on the resulis for
this 01 the preMov$ financial yeai as all ￿n￿me arises from non-Ira(Jbng a￿1￿11¢$ and ss applied lo Ihe
charitable purposes of the School.
1.10 Retiremenl bener
The pension costs charged in the financial Statements ropresent the ¢onlributions payable ty Ihe tha¥ity
during the ye8r in aCcOrdar￿ with FRS 102.
The School parti¢ipales in 8 mulli-employer pension scheme. The Governments. Teachers Pension Defined
Benefrts Scheme. for ils leaching staff. As a resutt il is nol possible to idenlfy the a55e15 and liabilities of the
scheme thal are attributable lo the school. The pension liabilrty is the responsibility of the leacheT$' pension
scheme. Accordingly. under FRS 102 the scheme is accounted for as if it were a defined contribultons
scheme. The school is liable lo contribute to Ihe scheme at the rale prescribed by the acluary from 1Sme to
The school previously participated in a career average revalued eamings ICAREI defined benefrt scheme fof
non-teaching staff. Under FRS 102. the net p￿sent value of deficit contributions payable. per Ihe lalesl deficit
funding arrangemenl. has been recogni5ed as a liability.
14-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
Crftl¢*l ac¢ounllng •Stlm•tes and judg•monts
In the applicalion of the Charity's accountivtg policie3, the Govemofs are r8quired to make Judgements.
eslirnales and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from othei source$. The estimates and associated assumptions ar& based on hislorrcal experience and other
factors thal are conside￿d to be relevant. Actual results may differ from these eslimales.
The eslimales and undedying as5umptlons are revièweil on an on90ing basis. Revlsbns to accountiNJ
eslimales ale recognised in the period In which Ihe estimate its ievtsed Whe￿ Ihe revision affects only that
period. or in the period of th? revision at)d future periods where the revision affeds both cutrent and fulure
pertods.
Crltl¢al judo•ments
D•pr•ciatlon
Depreciation ha$ been cakulaled based upon on the estlmated useful econom￿ Ives ol fixed assets.
Deprecialion for the year totalod £286.735.
Provlslon for bad d•bts
The provision for bad debts has beerj e*kul8ted based on managemenfs asse$$ment ofwhethef ¢)utstsndin9
debtors will be received. The provision lotaletJ £50,000 al the year end.
Charitabh *ctivltl•s
Ch•ritablg Charftable
A¢tlvlties
Actlvlti0S
Total
Total
2023
2022
School fees
Less discounts
Trip income
Other income
7,734,031 7,124.088
1733.3891 1770.3411
24,137
6,040
107.588
69.674
7.132,367 6,429.461
Income from charitable aclivities was £6,842,393 (2022.. £6,429.461) of wh￿h £6.842.393 waB ￿n￿strided
(2022.. £6.429,4811 and £Nil reslricted12022'. £Nill.
Incom• from Inv•stments
Unmtrictsd Unr•¥trtctsd
funds
funds
2023
2022
Interest receivable
33,270
1.075
15-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
Incomè from Inv￿lmontr
(Conllnuedl
The investment inc4)me was £33,270 {2022.' £1.075) of which £33,270 was unrestricted12022: £1,07518nd
£Nil reslricled12022'. £￿1
Charltsble •¢t5vllles
Dlrnct ¢￿ts".
2023
2022
Staff costs
Calering
Educ8lion81 supplies
Staff support arKI demplopmenl
3,937,639 3.487.813
392,038
315,571
131.4Q7
94.034
22.465
30.281
4.483.549 3.927,639
Support co$ts:
2023
2022
Slaff costs
Deweciation and impairment
Adrnintslralion
Gardening atml tr8vel costs
Overhead and IT costs
Finencial and Dther expenses
Other tK1￿caprta1 expenditure
Repairs and mainlenance
FRS102 pen6iDn finance adiuslmènt
921.522
286,735
374.859
113.144
481.678
69,445
67.781
251,776
63.378
942,325
251.381
188.116
247,615
309.737
34.721
25,347
147.2SO
1574)
2,630,318 2,145.918
G0￿Mon￿ ¢o•t8:
2023
2022
Auditors remuneralton
Other
10.350
11.130
470
10.405
11.600
Totsl charmable expèndltu
7.124.272 8.085,157
Expenditure on ehaiilable activities was £6,970,155 {2022' £6,085,1 sn of which £6.970,155 was
unreslficted {2022'. £6,085,157) and £Nil restricted (2022.. £Nilj.
16-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JUL Y2023
Govttnorn
None of the Govemots {or any persons connecled with them) receive(l any ￿m￿neration or benefits from the
Charity durlng the year {2022.' £Nil).
None of the Govèmors had any expenses reimbursed by the Chathy during the year Q022". £Nil).
Thè key management personnel of the charily comprise the Headleacher, Deputy Headleac￿rS an(J Bursar.
The lolal amount of employee benefits linctuding employer pension conlribulionsl ieoived by key
managemenl personnel foi their services lo the Charity was £488.28012022.' £367.5141.
Employ
The average rrthlhty number of employees duiing the year was:
2023
Number
2022
Number
Teaching- full lime
Teaching. part lime
Non teachlng- full Itme
Non leaching- part tim
41
23
47
19
35
To181
1c6
Employm•nt c•)sts
2023
2022
dges 8nd salaries
Social security costs
Other pension costs
3.781,858
359,614
717,689
3.424.522
341,844
663,772
4.859,161
4.430.138
The number of employees whose annual remvneration was more than £60.000
is as foNows".
2023
Number
2022
Number
£60.001-£70,OIKI
£70,001-£80,000
£110.001-£120.000
Tax•lion
The charity is exempl from tax on incorne and gains falling within section 505 of the Taxes Act 1988 OT section
252 01 the Taxation ol Chargeable Gains Act 199210 ihe extent that these are applted lo its ch8nlable otyects.
17-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
T4nglble futd atsets
L*nd •nd A•8•ts und•r
bulkllnos con8tructlon
Pl•nt•nd Flxtur•s ar
•qulpThnt
fjilln
Cost orvaluatlon
At 1 August 2022
Addilic)ns
9,572,630
78.814
234.507
35.858
702.056
207.830
10,509,193
518.468
195.966
Al 31 Juty 2023
9.651,444
195,966
270.365
909,886
11,027,661
Dopr•clatlon and 5mpairm•nt
At 1 August 2022
Depieciali¢)n charged in the year
1.333.356
157,721
11.197
13,518
417,825
115,496
1.762,378
286,735
Al 31 July 2023
1.491.077
24.715
533,321
2.049.113
Carrying amount
Al 31 Juty 2023
8,160.367
195,966
245,650
376.565
8,978.548
At 31 Juty 2022
8,239,274
223,310
284.231
8,746,B15
L8nd and buildings with a ¢arrying amount of £5,975,000 were revalued ¥117 April 2015 by Jones Lang
L8salle Ltd, independent valuers not connected wlh Ihe Charity on the basis of market value. Subsequent
a(idilions are at cost.
At 31 July 2023, had the Tevalued assets been carried at historic tt)st less lccumu￿ted dep￿cl*ll0n and
arLumLFlaled impairment 105ses, their carrying amount would have been approximately £5.712,956 12022
£5.728.722).
10 Fln•D¢lal In$lruments
2023
2022
Carrylng amount of flnanclal •ssets
Instruments masuied al fair value through profrt or loss
7C(J.C(()
11 Dobtors
2023
2022
Amounts falllng du* wlthln one y••r:
Scholars accounts
Other debtors
74.039
{4,6f21
51.443
18.400
69.427
89.843
18-

ST MARYS SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
12 Current •8$et imwtmttnts
2023
2022
Unlisted investments
700,CrfJO
13 Loan$ and overdrnft8
2023
2022
Bank loans
1,331.955
1,421.283
Payable wilhin one year
Payable after one year
130,439
1.201.516
130,439
1,290,844
The Bank loan, which Includes rolled-up inlefesl. 1$ repayable by fixed monthly ins181ments ol £10,870 per
month until the final repayment date. 31 January 2036, when any balance remaining on the account becomes
repayable. Interest is accrued at the rele of 1.84% 8bove base rate.
14 Credltorn: amounts falllng due wlthln on• y•ar
2023
2022
Not•$
Bank loans
Deferred income
Trade creditors
Other credito
Accruals
13
17
130.439
175.884
356.794
333.444
510.671
130,439
485.341
16.025
219,010
396,370
1,507,232
1.247.185
15 Cr•dltors: amounts f*lllng du• after mom than one y•ar
2023
2022
Bank loans
13
1,201,518
1.290,844
16 Provlslon$ for Ilablllugs
2023
2032
Not•s
Reliiemenl benefil oblSgations
18
110,888
140,880
110,888
140,880
19-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
17 Defvrr•d In¢om•
2023
2022
Deferred income at 1 August
Released from previous years
Resources defvrrgd in Ihe period
485.341
(4B5,341)
175.884
271,963
(271.963)
485.341
Deferred income al 31 Ju
175,884
485,341
Defeffed in￿rne represents fees received in advance.
.20-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
18 R￿rem•nt benèfit $clwn
Defined ¢ontrlbution ¥cheme¥
The majority of the staff participate in one ol two pension schemes., Ihe Teachers, Pension Scheme Englar*Y
and Wales (TPSI for leaching and relaied stsff.. and the Flexible Retiiement Scheme loi non-leaching slaff.
T••ch•rs' Pen$lon Scheme
The TPS is an unlunded multt-employer defined benefrts pension scheme govemed by the Teacl)ers' Pension
Scheme Regul81ions 2014. Members conlTibvle on a "pay as you go" basis with contributions from members
and the employer being (Yedited lo the Ex¢hequer. Retirement and other penslon benefrts are paid by public
funds provided by Parfiament
The ernployei contriblrtion rate is sel following scheme valuations un¢Jertaken by the G0￿Mment Actuary's
Department. The lalesl actuarial valuation of the TPS related to the perfod ended 31 March 2016. and that of
the LGPS related to the period ended 31 March 2019.
The Teachers. Penslons Regulalions 2010 roquSre an amual account. the Teathers. Pension Bud9eling and
Valuation Account. to be kept of receipts and expenditure {indudin9 the cost of penslon increases}. From 1
April 2001, the Account has been credited with a Teal rale of relum. which is equivalenl lo assuming that the
balance in IheA¢counl is invested in notional investments that produco that r¢al rate of ￿tUrn.
S¢hem• ¢h*ng•$
The key provisions of the reformed scheme implemenled from 1 April 2015 include.. a pensron based on
career average earnings.. an accrual rate of 1157th,. and a Nonnal Pension Age equal to Stsle Pension Age.
bul with options lo enable members lo reliie earfier or later than their Norrnal Pension Age. Importantly,
pension benefits built up before 1 April 2015 will be fully wolected.
FJ•xlbl• Retlrnm•ht Plan
The company participates in the scheme. a Mult￿eMploYer scheme which pr￿￿eS benefits 10 50me 37 non
associated employefs. The scheme is a defined benefrt stheme in ihe UK.
11 is not possible fol the company to obtain sufficient tnlormalion lo enable it lo account for the scheme as 8
efined benefit scheme. Therefore it ac￿untS lor the scheme as a defined contribution scheme.
The scheme Is subiect to the funding *i$lalion OLrtlined in the Pensions Act 2004 which came Into force on
30 December 2005. This. together With documenls i55ued by the Pensions Regulator and Technical Aduarial
Standards issued by Ihe Financial Reporting Council, set out the framework for funding deflned benefil
OCCLtpalional pension schemes in Ihe UK.
The scheme r6 classified as a lasl-man standing 8rrangemenf. Therefoie Ihe cornpany is potenlially liable for
other partiapating employers, obligation5 if those employers a￿ unable to meet their share of the scheme
ef*cil followng wilhdrawal from the scheme. Participating employers are legally requirei11o meet th¥ir share
of the scheme dèfiat on 8n annuity purchase basis on withdrawal fiom the scheme.
A full aduarial valualion for the scheme was carried out at 30 September 2016. This valuation shvwed assets
of £80.45m. liabilities 01 £85.30m and a dsfiol of £24.86m.
A full acluarial valuation for the scheme was ¢aTried out al 30 Seplembei 2019. This valuation shNed assets
of £79m, liabilities 01£93.9m and a deficit of £14.9m. To eliminate this fitnding Shortfall, the Trustee asked the
partKipating employers to pay additional contributions to Ihe scheme as follows..
Deficit Conlrl)ulions from 1 April 2021 to
30Se
lember 2027..
£1,530,C(JO per annurn (payable monthly and increasing by 3%
each
eaionlhe 1slA
-21

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
l• R*lir•m•nt b•n•fit schemes
Icontlnuedl
The recovery plan contributions Are allocated to eaGh participating employer in line with Iheir estimalèd share
of the scheme liabilities.
Where thè Scheme is in deficit and where the company has agreed to a deficit funding arrangement the
c￿MpanY iecognises a liabiltty for this obligation. The Bmount recognised is Ihe net present value of Ihe deficit
reduction conlribulions payabFe under the agreement Ihal relates lo lh& deficit. The present value is calculaled
using the discoLml rale delailed in these disclosures. The unwinding of the discount rate is recognised 8$ a
finance cost.
Defined benefft8ch•me8
Key asSumpt￿nS
2023
2022
DISc￿nI r
3.17
The disc£Junl rates shown above are the equivalent singfe discount rates which. when used to discounl the
future recovery plan contributions due. would give the same resuKs as uslng a ￿1 AA corpor* bond yield
¢>Jrve lo discount the same recovery plan contributions.
The amounts induded in the balanc* sheet arising from the ChaiitY$
oblig3llons In respect of defined benefrt plans are as follows..
2023
2022
Present value of definéd benefrt obligations
110.888
140,880
Deficit in scheme
110.888
140.880
-22-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY2023
18 Retlx¢ment ben•fit *ch•m
IContlnu•dl
PRESENT VALUE OF PROVISION
2023
2022
Present value of provision
110,888
140,880
RECONCILIATION OF OPENING AND CLOSING PROVISIONS
2023
2022
Provi$Kin al slari of period
Unwinding of the discount factor linteresl expense)
Deficit conliibution paid
Remeasurements- impact of any change in assummions
Remeasuremen15- amendments to the ￿)ntribUtIOn schedule
Promsion al end of period
140,880
3.995
(27.755)
(6,232)
174,977
1.348
126.9461
(8,4991
110.888
140.880
INCOME AND EXPENDITURE IMPACT
2023
2022
Inleiesl expgnse
Rerneasuremenls- Smpad of any change in 8ssumption$
3.995
(6,232)
16,499)
"includes defmed contribution schemes and future seTViCO conlribLrtions li.e. excluding any deficit reduction
payments} to defined bènefrf scheme$ which are treated as defined contribution schemes. To be rLimpleled by
the company.
The company must recognise a liability measured as the present value of Ihe contributions payable Ihal aiise
from Ihe defidt recovery agreement and the resufting expense in the IrK￿Me and expendrtuie account i.e. the
unwinding ofthe discount rale 8$ a finance cosl in the period in which it arises.
11 is Ihese ¢oniributions that have teen used to derivg the cornpany's balance sheet liabilty.
-23.

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
18 R•tlr•m•nt b•n•fitschemes
Icontlnuedl
OEFICIT coKfRIBUTIONS SCHEDULE
Year ending
31 Juty 2023
{£s
28.587
31 Juty 2022
l£s)
27,755
31 July 2021
Year 1
26,946
Year 2
29,445
28,587
27,755
Yeor 3
30.328
29.445
28.587
Year 4
31.238
30.328
29.445
Year 5
5.309
31.238
30,328
Year 6
5,309
31.238
Year 7
5.309
19 RMtrlct•d fund#
The restrictèd funds of the charity Comprise Ihe unexpended balances of donations and grants held on trust
subject lo speciftc conditions by donors as lo how they rnay be used.
Movement
In fvnds
Mov?mert
In fvnds
Incornlwj
l•M￿ •t
t¢•ty 31 July 2023
Balane• at
1 Augutst 2021
Incomlng
8oL•rK• at
rn•our¢•¥ l Aygvst 2022
Maths prize
Sports award
General
1.080
750
1.080
750
1.080
750
1.000
2.830
2,830
2.830
-24-

ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JUL Y2023
ZO Anatysl8 of net u$ets between fund$
Unr￿trICted R•8trfcted
fvnds
funds
2023
2023
Tot#1 Unrestricted Restricted
funds
funds
2022
2022
Total
2023
2022
Fund balances al 31
Juty 2023 are
represented by..
Tangible assets
Current a$selsl{liabillltes}
Long temi liabilities
Provislons and
pensions
8,978.548
852,419
11.201.516)
8,978.548 8.746,815
855.249 1.162.107
(1.201,516) 11,290,844)
8.746,815
1.164,937
11,290.8441
2,830
2,830
(110.888)
1110,8881 1140.880)
(140.880)
8,518.563
2.830 8.521,393 8.477.198
2,830 8.480,028
21 Oper•tlng 1ga$e ¢ommFtsnents
Al the reporting end d81e ihe Ch8rity had outstanding comrnilmenls for future minlmum lease payments undei
nOn•Ca￿lIable opgiating leasgs, which fall due as follows=
2023
2022
Wthin one year
Behveen h¥0 gnd five years
70.596
91,209
45.768
118,129
161,805
163.897
22 C•pitsl eofflmltmonts
Amounts contracted for but not prowdod in the financral statements..
2023
2022
Driveway, wa$hToom proiect
328,312
The amounts induded for capital ¢ommilments include costs towards the new driveway and the washroom
PiC*jecl$.
23 Events •fterth• r•porttng date
There were nc* post year end events lo disclose.
.25-

ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
24 Ro18tsd yrty transo¢Uo
Trnns•ctlon8 wlth rel•t¢d partles
During the yesr the Charity entered Inlo the followlng tranSa￿lDn$ with related partbs..
One g0vem￿. Mrs Clifford, works occ8sponally for the school as a $uppty lea¢her at a market iale of
remunerat*)n.
25 C4*h gentrntsd from opernliom
2023
2022
sur￿￿5 for the year
41,365
345,379
AdSuslmen15 for..
Investment income rect4nlsed In slalement of financAal adivbtie$
Depreciation and iM￿lTment oftsngible fixed assets
133.2701
286.735
11.0751
251.381
Movements in working capilal..
Decrease in debtors
Incrèa5elldecrea5e) In credllws
Incre8se in provislons
IDecre8seYincre8se in deferred irw)Jme
416
569.504
129.9921
1309.4571
91.020
{IS.3341
213,378
Cash gen•r*t¢d from operat10
525.301
884,749
26 ATr•tysls of£hang•s Sn netfun
Al 1 AugMt2022
C4¥h flowry At 31 2023
Cash at bank and in hand
2.342.279
{749,2251
1.593.054
Loan5 falliThJ due within one year
Loans falling due after more Ihan one year
(130.4391
11,290,844)
1130.439)
11201.516)
89.328
920,996
1659,8971
261,099
-26-