Charity regigtr•tion nwiber 310634 (England and Wales) Company Yeglstr4tlon number 389663 ST MARY'S SCHOOL. GERRARDS CROSS, LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 'AF31GYL5" 2810512026 C4>APlEs HOUSÉ A18
ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Headteaeh Patriria Adams ki4lOxwl Lars Fox (Re$e0 31 August 202SI (Appointed 31 Augusl 20251 Goveffnors Dwek Wt50n (Chaif of Governors) Chris Bayliss (Educatron Leat1 Go¥ernorl Dawd Campkn'n IFinance Lead Go¥emor) Nick Moss Nith Hallthurth Marina Hall Rory Fisher Skan Salek Jean Ross Julie Hurst Phhl Lwhn (Appointed 14 odober 20251 (Appoinled 14 October 20251 (Appointed 14 October 202SI Secretary MKha¢l Bod(ly NKky Phipps (Resigned 31 August 20251 Ihppoinled 31 August 20251 Charity number 310634 Compary number 383 Regk*t•red offi¢e SI IAarfs Stho Gerrards Cross SL98JQ Auditor GrawkAudtt Oxfcmd LLP First Fknoi, Park Central 41>41 Pa End Street Oxfoid OX1 1JD Bankèrs The Royal Bank of slIand 4042 High Street Maidenhead Berks SL61QE Sollcltorn Veale 5b)rough Voards, LLP 24 King Wlliarn Street London EC4R 9AT
ST MARYS SCHOOL, GERRARDS CROSS. LIMITED CONTENTS Page Go¥emors' rert Ststement tsf Govemtys. re$pon$ily"lili¢s Independent auditofs report Stateffent of financial acbwties 10 Balan¢e sheet statenI of rash fl¢Ms 12 Notes to the financial slalemenls 13-28
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 The Govemors present Iheir annual pOrt and financol statements ts the 13 month p70d ènded 31 ALryu$I 2025. The financial yearond has been changed ttris year to 31 August from 317t Juty. resuming tn an aLUVWtting period of 13 months. The year-end ha5 been changed to coinode wilh the School's business year and to conlorm the yeai-end of most schools. Income in tK)th the current and (r)rarath¥e periods relates lo one academic year onty. The finan(>al statements have been prèpared aCry>rd8n with the accounts.ng policie5 set out in rhote 1 10 the financial statements and compty wth Ihe Charity's Memorandum and Arbdes of A5sooation, the Companies Act 2006 and "Atcounting and Reporring ty Chall$." StatenI of Rec¥)mne(l Pradice appluble to chanties Pfeparing their accounts in aCrdanCe the Finanaal Repryting Standard applble in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191-. Objectlves and actl¥ltles The objective5 of the Chaiity are set wl in ihe MeThranduM of AssoLiatson. They may lie summarised as the carying on of a School for girts where the students mty obtain an education of the highest order. the holding of reltgious services and delivering religious inslwction in accordance the dc¢thne and prinriples of the Church of England and the undertakn.ng of actiwis to a¢J¥ance the cause of education. The Chaity has the general rnisgon of providing w excelnt edUCan in a cwing. happy environment, where each girf dgvelops seN•conffidence and achiffts htr ful pot•nb"al. When con5K1enng the strategies employed to achieve Ihe objectNes, the Govemors have given carefvl consideration its the Charty Commi55ion's general guhlance on wblic benefit and in PartUlar to its SUFplementary public guKlance on advancing educab.on and on fee tharging. The strategies emWoyed to athie¥e the Chanty's obiedNes are: To continualty MrtOr the quality of teathing, Ihrough target setting. in$et tr•ning, obseThatyon. sharing and di5CU5sion of good practice. as well as updatirvJ resources and adding currluJ. To offer equal opportunities to all girts.. to ensure all indNMJual needs are addressed. that all opportunrties a accessible to everyone. woviding Ilexible strearning and rotab'on of Staff. To provide moral antj syritual guidance and svpport, fosteriny Sellndence. sewosteem, and Wele1n9, as weu as aiding leaming. To promote an active partne¥ship the ConnNY and parenls thwh regular forrnal and infonnal rneetings, as well as communication Ihrough emal ParentMl. To ensure high levels of pastoral rare, by budding 51rong wFkstaff relationships as well as bein9 able to offer the 5UPPOrt of a quali school counse40r. To regularfy assess a(lership and management. tfwough professial independent review and fee¢Jback from departments, puyls and parents. To provide contwiving support of our pupils already in rectipt of butsaries. To maintain the provision of mean54ested bursary places. To conts'nue to develop links with bjcal stsle schools. The primary activty ol the Charty is tts educate girls from the ages of 3 tti 18 within a Christian framework. In additson to the wide range of academic svbjects offwed and laught. the School is able to enhance the eduutional experience through the many dubs and extraoJtyitsJlai actiwth.es offered. Christsan values are incorporated through assemblw and in everyday schod lrfe. The Governors have paid due re9ard lo guidance issued by the Charity Collwnissn in deridin9 whai activities the Charity should undertake.
ST MARYS SCHOOL. GERRARDS CROSS. LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 Achie¥ements and perforniance The A-Level resulls a¢hVe in 2025 We 20% A"/A, 63A'18 and 88% A"/C. These SuIts Compa with results 2024 which We 26% A'/A, &1% A'/B and 79% A'L. The results ache at GCSE by Year 11 grts matthed the high exp13"05 placed vpon th8rn. Of the grade5 achieved, 49% were Level 7. 68% Level 96 and 97% Le¥el 94- very similar to those achieved in 2024. St Mary'5 offefs a de range of subjects at GSCE and A-Le¥el. mduding EPQ. aThJ has an established enrichment programme. The Sthoof conlinues to recruit high qUaty teaching staff which. alongside investhnt in facililies, offers an èxcellent enronent to all 51uden15. It 15 Ihi5 emiironment Ihat allow5 our sludenls to delNer such credFtable examinalw resurts. Pupil numbets throughout the year exceedet1 430. The imp05iti.on of VAT on School fee5 with effect from 1st January 2025 did not inNJact pupil number5 untd the new 25126 academic year. The pupil roll in September 2025 drnppp.d t() 193, alrrNJs1 pntirAly rtIlA IA 2[ lay xtirtprt to paren15' hii The School promotes a thefolI enty Year 7, for thich teaching Staff and teaching assistants are emF4oyed to maintsin the Sthool's ethos, ensuring Ihat time is invested into each girl to alow everyone to ath their full polential. Importance is st1 plad on extr3rAJrricular actiwb"es. With girfs invdved in sport. drama. music. deb•lOng and tslIng in lh¢ Duke of Edinburgh award stheme. Flnancoal wevlew The thange of yeor4nd to 31 August had a signifan1 Irryia(a on Ihe repryled re5ulls for 13 mcth$ •$ lollows.. Yerto Year to PAonth of 13 months to 31.07.2024 31.07.2025 Aug$1 2025 31.08.25 In¢orne Expenditure Net incomelldefii 7.645,413 7,920,091 7.543.494 8,072,764 101.919 1152.6ni 22,598 652.547 {629.949) 7,942.689 8.72S.311 1782,622) The defiut in August was maiwty salaries and ovelhead costs for the Irnth. Sthool fee5 ts onty e acadefflic year have been induded in eath year. As a result of •)trcJuction of VAT from 111 January 2025 fee rates were reeI ty 5% for Ihe Lent and Trinity terms resulted in a loss of income of approximatety £350.0. The School continued lo reflect ts tharitable mmitMentS through the distribubon of bursaries. scholarships and discounts worth a total of £830,01712024." £836,491). being 9.8% of grtsss fee income. The funds of the Charity are Wrt1 invested in Sthool propety and oiher fixed assets. Schocl fees receivable, less any discounts given, covef the w$t of proding tuition and other wnning costs of Ihe School. The fee$ are set at a level Ihat will prowde suffia.ent funds to cover the cost of fegular maintenance and modemisation of existing facilits.es and for funding new buildings in Ihe fviure.
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ST MARYS SCHOOL. GERRARDS CROSS. LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 Public Benerrt ObNgation The School's ptsblic benefit obli9ation remains in the Govemots. thinkn"ng. As an etjucational tharity. the SchDoI'$ educational activrties have in the past benefftetl directy from tay and VAT exempl statu5 and it5 bursary and accessibility poliues have beneffted indireclty from that exemplion. Howew, from January 2025, VAT becarne (knryeable on independent fee$ at Ih¢ $twdara rtte of20 % and fromApril 2025 the enlillement of e4119n tharitie5 to discounts on Business Rates ceased to be availabl¢. The long-term impact of the addition of VAT to fee invoices and the exlent to whKh rt makes a private edvcation less affordable lo some parents is impossible to forer2St and quanlfy th any atraCy. The School's prAicvés regarding Iwrsaries and aGGessibility are under rewew as loss of tax4xempt status bites. Despile the loss of its tax-exempt status the tharity continues to have some public benefit obhgatson. Th¢ Sthool will continue to grant fee reductsons c¢)mmensurate wth its finanaal sibjation, in¥ofve itself in Mmunity affairs appropriately and offer ts fac4rties to loral wrterests for the greater good. Structur•, go¥emance and managemenl St Mary's School. Gerrards Cross. Limrted is a crynpany limited by gunIte govemed by rts PAemor8ndum and ticles of Association daie¢J 6 Sepiember 1944 and amende(I to allow for current governance arrangements on 9 February 1955. 3 Juty 1955, 10 May 2012 and 6 May 2016. 11 is registered a$ a Charrty the Charity Commission. The liabilths oflhe membets a limrted to £1. The Govemws of the Charitable Company Ithe Chantyi are rts Twstees for the purpose ofcharity law and Directors for the purposes ol company law but by ujstom anLI prathce throughout Ihe Sthool they are ay$ relerretl to as Govemors. The Board of G0mOr5 is cornprised of membew5 a broad range ol expertise. There are Governors wrth backgrounds in law. accountancy. e(lucab"on, bJsThss mwagemenl. medityne arvj real estate. Throughout the year the Govem¢xs have been.. Derek Wlson (Chair of Govemors) Chns Bayliss (Education Lead Go¥emor) Oavid Gampkin IFinance Lead Go¥emw) Nick Moss Nick Hallchurth Marina Hal Strphanie Clifford Anne Freeman Devinder Bansi Rory Fisher Sian Salek Jean Ross Julte Hurst ph Lunn {Resryned 9 Juty 2025} {Resignet1 12 February 20251 {Resigned 9 July 20251 {Appowrted 14 Othr 20251 (Appointed 14 Odober 202SI (Awointed 14 October 2025)
ST MARYS SCHOOL. GERRARDS CROSS. LIMITED GOVERNORS, REPORT IINCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 As sel oul in th8Artides ofA5sociation Ihe Ch•"rman Dfth8 Board of COVerr ts by the mombers ol Ihe aoard at an trdinary goneral meetir4J. Th¢ GO¥ety may also apwnt a new Govemot subject w ratificat at the next ordinary 99ra1 mt8b"ng. SenlorAppolntments The School's Headteacher. Patric4aAda r?re after seveTr yoaTr valued ser¥8 at Ihe eTrJ ofthe school year. 31stAugust 2025. Shg has bBen gJc£8d8d by Mr Lws Fox. the fomw Headtèather at Burgess H41 Girfs School. The Sthool Bursar and ¢thpanY Sècrntsry Mr l¢hal Brxldy vert 31stAugv5t 2025. lo be 51KC8gdgd by Mr5 Nlcky Phipps. Organls•tlon The Board of Govemots detemiines the 9eneral policy ofthe S. The dlY manapntnt ofthe Sthool Is detegated to the Headmi$tre5s and Ihe gursar. The Board meets each tem. There are no forrnal sub- ccfflmrttees Ihcwgh Iherg ar8 L8ad Gov8rrwx5 lor Educal)n, Finance & G8n8ral PLryWS. H•ath & Sef8ty. Safeguarding and Mental Hoatth, SEN and PSHCEE and Earty CareerTeachers. Governor Induction and Trninlng All n•w members are issu¢d ¥th the Gwdthes GO¥emS. •rKowagtd to 8iiend approprtate •xl¢mal trainiNJ ev•nts. All Gover1 p31ticipate in SafegtsorfAng If8Ing. credltor Poll¢y The companls rjmnt corKeming the payment oftrJe uethtors is ts foyH the CBfs Prornpl Payer5 The cornpanls current poly ¢rxxeming Ihp payrrwlt oftr ue¢itor5 15 to". • settle the terms Ofpaynt vthh Supplr$ when agreein9 the tern ofeach trarsacfTh', * ensure that sUp•erS are made avrdre of Ihe ol payThnl ty wuS)n of Ihe relevant terms In and . pay in a¢¢?)rdan Yiiith fv ¢unpan8 aTr1 other W (19all$. Th¢ Gov8mor5' report was apwoved by the Boanj ofG0vwr. Derk Wlls•n (Chalr of Govomors) Govemor Daled..
ST MARYS SCHOOL. GERRARDS CROSS, LIMITED STATEMENT OF GOVERNORS, RESPONSIBILITIES FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 The Governors. who are 8150 the directors of St Marfs Sthool. Gerrards Cr05$. Lirnited lor the puypose of company law. are responsible for pfeparing the G¢)vemots' Report and Ihe finanaal ststements in accordance wth applicable law and United 'ngdoMAcC0Unknng Stsnilards (Unrted Generalty Accepted Accounting Practice). Company law requires Ihe Go¥emors to Prepa ffinanual statements each finanoal 13 month perirJ whith 9i¥e a tTue and fair View of the state of affairs of the Charity and of the in¢Nning resources and appliGation of resourc85, including the wicome and txpendtiurè, of the chantable company for that 13 month period. In preparing Ihese finantsal statements, the Go¥emors a required to". - select suitable accountsng and then apFty them consistenty. - obsèNe the methods 8nd prifiaeS in the Charities SORP.. make judgements and estimates that are reasonable and prudenL state vthether applicable UK Accounbng Slandards have been fon(d. subject to any matwial deparlures th"sdose¢J and explained in the financial statements", and - prepare the finanaal slatements on Ihe going concem bags unless it is inappropriate to presume th81 th¢ Chaiity will Gontinue in operation. The Governws are re$wnwWe for keeping ad¢quat¢ accounling recwds that disdose Trth reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial slalements compty wilh the Companies Act 2006. They are also reSponble for safe9uardin9 the assets ofthe Charity and hence lor taking reasonable steps for the pventsOn and detecti offraud and other irregUla"e$.
ST MARYS SCHOOL, GERRARDS CROSS, LIMITED INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF ST MARYS SCHOOL. GERRARDS CROSS. LIMITED Opinion We have audited the financial statennts of St klarfs Sthool. Getyards Cross. Mited (the 'Charity'l for the 13 month period ended 31 August 2025 which comprise the staternent of finanrjal activits. the balance sheet. the stalemenl of cash flow5 and notes to Ihe ffinancial statements. indudirbg sKJnthnt accounting poliaes. The ffinancial reporting framework that has been applied in their preparation 1$ applicable law and United Kingdom Accounting Standards. including Finanaal Reportbn9 Slandard 102 The Finanoal Reportin9 Slandard applicable in thg UK and Republic oflreland (United lQngdom GeneraltyAccepted ACunts"ng PradKe). In our opinic. the financi ststements: give a Irue and fair eW of the slate of the tharilable companls affairs as at 31 August 2025 and of its incorning resources and a0icakn.on of resources, for Ihe 13 month period then ended," have been prope prepared in accordance wlh Unrted KM)gdom Generally Accepted Accounting Practice.. and have been prepared in ac£ordance with the requrements of the Companie5Ad 20C6. Basis"for opinlon We conducied our audit in acccwdance vhth Internatal Standards on Auditi"ng {UK) IISAS (UK>I and applicable law. Our responsibilities under those slandards are fvrther desuibed in the Auditorfs responsibilities lor the èuthl or the financial statements section of our report. a indepen¢Jent of the Chanty in accordance the ethical r¢quiremenls that are relevanl to our audit ol the financial Statements in the UK, induding the FRC'S Elhic•l Standard, and we have fulfilled our olhw eihical resw)sibilits in accorfwce Mth these requIrenntS. We believe Ihat the audii ewdence we hav¢ obtained is $ufficient and appropriate to provide a basis for our opinion. Conelussons relatlng to golng eoncern In auditing the finan0 statements, we have tonduded that the Govemots. use of the going concern basis ol accounting in ihe pfeparabon of the finanual statements is appropiiate. Based on the wc** we have perfomied, we have not identsfied any matewial uncertaintie5 rebating to tsvents or condrtions that. indimdually or collecti¥ety. may cast signthcant doubt on the Charivs abilty to continue as a goirvJ concem lor a period of at least twelve rnonths from when the finanual staiements are authorised for issue. Our responsibilities ant1 the responsibihtres ol the Govern$ tmlh sPeCt to going contem describe¢J in the relevant sections of this report. Olher InforniatS0 The other information ¢ornprise$ the information induded in th¢ annual pOrt other than the financial 5tat¢ment5 and our auditorfs report Ihereon. The Govemors a responsible for the other infomation contaTned wthin the annual report. Our opinion on the ffinanoal stalerTwts does not cover the olher infwmabon and we do not express any form ol assurance Condusion lherer. Our respon9bility is to read the other infomiation and. in doing 50. onsider whether the olher inlornab'on is rnaterial inry>nststenl 7•nth the financial stat¢ments or our knowledge obtained in the course of the audrt. or othemse appears lo be matelially misslated. If we idenlify such material incon5iStenues or apparent material missiaiements, we are required Io tletemine whether th15 gives rise to a material misstatelnent in Ihe finanaal statemenfs thernselve5. 11. based on the work we have pertormed, we condude that there is a material misstatement of this other inforniatson, we are qUI to report that fact. We have nolhing to repvt in this reg¥d. Matterg on whi¢h requlred to report by exceptlon We have nothing to report in respect of the folw.ng matter5 in relalion to the Charities (Accounts and Reports) Regulalions 2008 requires u5 to feport to you rf. in our opinion". the infom)ab"en given in th8 finan statements is th)conwstent in any material respect with the Govemors, port,. or suffioent accounting records have not been kept.. or the finanual statements a not in agreement wth the 4nn9 records.. or we have not receNed all Ihe Inf¢Ymaty and explanalions we requiwr for our audit.
ST MARY'S SCHOOL. GERRARDS CROSS. LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF ST MARYS SCHOOL. GERRARDS CROSS. LIMITED Rtsponsibililies of Governors As explained rnore fulty in the slatement of Go¥emors' responsi.1$, the Governors. ¥tho a also the d1CtOrS of the Charity for the purpose of o?mpany law, are responsitAe for the preparalion of the finanrial statements and for being satisfied that they give a true and fair view, and fDr svch intemal control as the Govemors determine is necessary lo enable the pparatiOn of financial statements that are from malerial misstaternent, whether due to fraud or eTrt)r. In preparing the finanryal statements, the Governors are re5PDll5ible for assessing the Charity's ability to conts'nue as a going concem. disdosing. as applicable. mallers related to going concem and usin9 the going conrEm basis of accounling unless the Govemors eiiher intend to liquKlate the tharitabk wmpany or lo r2ase operats"on5, or have no realislic altematNe but to do so. Audltof rèsponsibilities forthè udlt of th• flnaneoal statements We have been appointed a$ auditor under seOn 144 of Ihe Charilies Act 2011 and report in actordancL with th• Act and relevant regulatr.ons made or having effect theulmIer. Our objectives are to obtain reasonable assurance abwt whether the finanual statements as a whole are free from material misstatement. ¥thether due to fraud or error. and lo issue an audilorfs report that indudes our opinion. Reasonable assurance is a high level of assurance but is nol a guarantee that an audit conducted in accordance wlh ISAS IVKI wll aVayS detect a Material rni55laternent when it exists. Misstaternents can arise from fraud or error and are considered material if, indidUal or in the aggregate. they could rea50nabty be expected to influence the economic decisions ol users taken on the basis of these ffinancial ststements. IFTegularities, induding fraud. are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilitie5. ouuined above. to detecl material misslalernents in respect of iTfegulaiitses, includin9 fraud. The ent to our procedL¥es are capable of deteth.ng irregula.eS, IndJing fraud is detailed below.. Our approach to identfying and assessing the risks of matsrial fThSStatement in respect of irwulanties. including fraud and non-compliance with laws and regulations. was as Wlows. the engagement partner ensured thal the engagement team cc4lecthvety had the appropriate ts)mpeience. capabilrties and skills to Hlenttfy or recognise non-cornpliarKe with applble Laws and regulab"ons', we Klentified Ihe laws and regulations applicable lo the ¢h¥wity throu1 discussions wrth governors, and from our knovAedge and experience of the (ent's sedor. we focused on speafic kws and gulationS which we consKlered may have a direct material effecl on the financial statemenls or the ¢iper8ti(hrys of Ihe drIty. including Charities Ad 2011. dats protection. anti- bribw. employrrnnt. en¥r¢>nmental and heath and 5alety $1"0n. we assessed the extent of compliance wth the laws and regulalion5 idenlrfd above through making enquiries of management." an Kjentified k4ws and regulalths We comrwrucated wlhMI the audrt team wulaty and the team remained lert to instances of non-COry)lIaF throu9hout the audit. We assessed the suscepts"bilty of the charivs firwcial slatements to malerial misstatement. induding ciltaing an understsndin9 of how fraud might occur, by.. making enquiries of management as lo where they considered the was 5usceptibilty lo fraud, their krthiledge of actu. suspeded and *leged traud; ¢on$ideMg the internal Contrds in plKe lo mrtigale ri¥ks of fraud arhj non-corylianrx wrfh law5 and regulations. and To address th• risk offr¥ud through management b¥as and override ofcontrols, we.. . performeil ana1 wocedures lo identify any uwsual or unexpecled reL2lionship$', lested jovmal entrres to idenbfy unv5ual Iransaclions."
ST MARY'S SCHOOL. GERRARDS CROSS, LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF ST MARYS SCHOOL. GERRARDS CROSS, LIMITED • 8$sessed whether judgements and assumMS made in detewrrniing the accounting ¢sts"mates {set out in Note 11 were indicative ol potentK41 bias.. * investigated the rationale behind 99r[an1 or sUal ISa(n5.. and In response to the risk of fftgulanlies and bws and reguPdtKJns, we designed procedures vthich induded, but were nol lifflrted to.. agreng financial staternent di5¢JOsus to und"n9 supporling dlhwmentation." reading Ihe rrinutes ol meetings tsfthose chArged govemance" enquiring of management as to actual and potenb.al kngation daims," There are inherent limitaD'on$ in our audit proCedUS de5uibed above. The more MoVed that laws and regulations a from frnan)al tran5aLlions, Ihe les5 like it is that we would become aware of noT7-compliance. Auditing 5tandard$ also limit Ihe audit procedures reqUId to Klentfy non-Mpli8nce wlh laws and regulations to enquiry of the go¥emors and other management and the inspecb.on of wulatory and legal correspondence, if any. Malerial misStatement5 that arise due lo fraud can be harder to dete(X than those that arise frcn error as they may nVve ddiberate concealment or collusion. A fijrther de5cripts.on of our responsibdities is avad&Jle on the Financial Repoityng Council's website at.. .ukJauditorsies This Oescrybon fomis part of our audrtoYs reptht. U•• ol our report This port is made solety to the charitys twstees. as a body. in accordance Part 4 of the Charities IAccounts and Reports) Regulations 2CK18. Our audit wcrfk has been undertaken so that we might state to the chaiity'5 twstees Ihose matters we are required to state to them in an audrtor's report and for no other purpose. To the fvllest extent pprmitted by law. we do not accept or assume rÈsponsitx"lity to anyone other than the charty ant1 the charty's trustees as a bjdy. for our audit wcrfk. for this reporL or for Ihe cynions we have fomied. Katherlne Wllkes Bsc FCA (Senior Slztulory Audlt(w) For and on behalf of Gra7tha Audrt OxlLYd LLP. Slatul(vAyditof ChArtered Accountants F¥5t Floor. Park Central 4041 Park End Street Oxford OX1 1JD Date..
ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 UnTrstsicted R•strlct•d Totsl Unr•strlcted RtrIcted Total funds lund¥ 13 month5 funds fund¥ 12 months to August lo July 2025 2024 202S 2025 2024 2024 Ineom• from: Charitable activrt Investments 7,863.988 78.701 7,863.988 78.701 7,569,533 70.880 5,000 7.574,S33 70.880 T¢)l•l Income 7.942.689 7.942.689 7.640.413 s.cth 7,645,413 Expenditure on: Charitable activrts Other expenditure 8.720,B 3.856 565 8.721.455 3.856 7,533.208 5.775 4.511 7.537.719 5.775 10 Total expendlture ,724.746 8.725.311 7.538,983 4,511 7,$43,494 incomellexpendlturl 1782,057) 15651 (782,6221 101.430 489 101,919 other recognistrd g•lns and losses- Actuanal gainslllossesl on defined benefit pension schemes 1249) 1249) 2,734 2.734 Net movem•nt in funds 1782,31XI () (782.8711 104.164 489 104.653 Reeonelloatlon of lund$: Fund balanees at 1 August 2024 8.936.263 3.319 8.939.582 8,832,099 2.830 8,834,929 Fund balanees at 31 August 2025 8.153.957 2.754 8,156.711 8.936.263 3.319 B.939,582 The stale1r of financial actmtses inchjdes all gains and losses recognised in the 13 fflonth period. Al InCcffi aDd expendIbj derive from ¢tinUing ai?ribe5. The statement ol finanryal actNiti"es also COMe$ lIh the requiremenls for an incoff and expendi(ure account under the Companie5 Act 2006. 10-
ST MARY'S SCHOOL. GERRARDS CROSS, LIMITED BALANCE SHEET AS AT31 AUGUST 2025 2025 2024 Flxed as$ts Tangble assets 12 9.305.750 9,221249 Currgnt as5•ts Deblors Investmen1$ Cash at bank and in haThJ 14 150.531 750.C 664.697 219.786 1.050,CX) 791,871 1..r28 2.C61.657 Credltors.. amounts lallong due wlthln gne year 16 11.853.714) 11.347,3181 Net ¢urrnnt Ili•bilitt•sVassets 1288.4861 714.339 Totsl $èts l•s$ ¢uff•nt liabililles 9.017.264 9.935,588 Creditots". amounts fvlling due after rnore than one year 17 (808.2581 1911.7781 Defined benefil persic liability 152,2951 184.2281 Met assets 8.156.711 8,939.582 The funds ofth• Charity Restricted Income lunds unsIre funds Unreslrted funds- revakl)Tr Pension reserve 2.754 5.rfjo.570 2.545.882 152.2951 3.319 6.439.fj80 2.580,811 184.2281 8,156.711 8,939.582 The directors acknoled9e their re5ponsitslitie5 for COMy• wth the requirenrts of the Compani¥s Ad 2f#)6 with respect to aLwunting records and the weparalKsn of financial **ements. These finanrial statements have been prepwed in acccvdance the provisions applble 10 comwies subject Io sfflall companies regime. The financial 5taternenls wete apwo¥Ed by Ihe on ......................... Derek W150n Ichaif of Govenw)r$l Go¥ernor Cempany registraiin number 389663 IEn¥aTh1 aThJ Waks)
ST MARYS SCHOOL. GERRARDS CROSS. LIMITED STATEMENT OF CASH FLOWS FOR THE 13 MONfH PERIOD ENDED 31 AUGUST 2025 2025 Cash Il¢)ws from opèrnling •ctivilies Cash generated from operations 59.343 339.310 Invesling 4¢livities Purchase of tangible fixed assets Movement in treasury SelveS hebj Investment income received 1461.6981 1571.6351 I350,0) 70,880 78,701 Net cash us•d in inv•sting a¢livits¢ 182.9971 (850,7551 Financlng actlvltles Repayment ol bank loans (103,5201 {289.7381 14et cash uwl in financing Kti¥il•es {103,5201 1289,7381 14et decrease in cash and cash equivalents (127.1741 {801,1831 Cash and cash equN8lents at beginning of 13 month period 791.871 1.S93,054 Cash and ¢ash #quivalents at end of 13 month period 664.697 791.871 12-
ST MARYS SCHOOL. GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 Aceountlng poli¢t•s Charity inlomiatio St Mary's School, Gerrards Cross, Limited ts a private compary lifflited by guwantee ¢¢rpOrated in England and Wales. The registered Offi is St. Maty5 School. Gerrards C>$$, Bucks, SL9 8JQ. 1.1 Reportlng pertod The school has exten¢Jed its accountin9 period to Ihe 13 nnIb period ending 31sl Augusl 2025. This was done to align the accounts.ng penod %bryth the school year. As Ch. the prior year ffigures in Ihe accounts are not directty comparable to this periods figures. 1.2 Accounting convention The finanu3151atement5 have been prepared in arthrdance the Charity's Memorandum of Associab"on, the Cornpanies Act 20]6 and -Accovnting and Reportin9 by Chanb"es'. Ststement of Recommended Practice applicable to charities preparing Iheir accounts in accort1ance the Finanual Reporting Standard applicable in the UK and Republjc of Ireland IFRS 1021 {effeclNe l January 20191" The Charity 15 8 Public Benefft Entity as defined by FRS 102. The StateMts are prtpar¢d in sterfing, whtth is the funciimal currency of the Charty. Monetary amoun15 these finwcial stateThnts are rounded to the nearest £. The finanrial stslements have been prepared U[eT the histowical c051 conventh?n, modified lo include the valuation ol freehi)Id wuperts.es and to Tndude investment properfies and certain finwcial instnjments at fair value. The pnncipal accounty'ng policies adopted are Set out be. 1.3 Going concgrn Al the tirn¢ of approving the financial statements, the Govemors have a reasonatle expeaation that the Chanty has adequale resources lo contsnue in operational e$tenCe Ihe foreseeable ftjture. Thus Ihe Govemors continue to adopl the 90ing concern basi5 of accounting in pp¥9 the financial stalements. Managernenl ha5 prepared foTh¥ard-looking financial mod and budgets. vthich have been reviewed by the Board of Govemors. As part of the Sth¢)ofs established risk managernent frarnework, the Govemors have assessed the princ4pa risks lacwry the S1 and consKlere(I bolh the acb"on$ already laken anLI those availatye to mitl9ate these risks_ Based on this review, the Govemots are satisffied that no material uncertainties exist ihat would casl signific2nt doubt on the Schcxjl's ability to conbnue as a goin9 concem. They are confident that the School has suffioent resources to conlinue eyerating for a period of al ka5t b¥elve months from the dale of approval of these finanaal ststements. Accordingty. the G0vem0 conts.nue to adopt Ihe goiThJ concern basis ol a(X0ting in preparing the financial statements. 1.4 CharltablÈ funds nsIn¢te funds a available for use at the discretion of the Govemor5 in fvrtherance of their tharitable bjectwe5. Restricted ftjnds are subject to specific condibons by donots or grantor5 as lo they may be used. The purposes and uses ol Ihe restricied lunds are S out in the notes to the finanual slalements. 13.
'ST MARYS SCHOOL, GERRARDS CROSS. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 Accountlng pDllcle• Icontlnuedl 1.5 Inc4)m• All incoming resowces are induded in the Stalement of Financial AdNth"es ISOFAI ¥An the charity is legalty entiued to the income. after any performance condr(ions have been met. The amounl can te measured reliabty and it is probabk thal the income wll be r1ved. Fee$ receivable. less any discounts given. for rtIOn anLI eXtraCurri1Iar actNibes are recognised an(J accounted for in the period in which the Serv is pwded. Fees pakl in advanr are treated as deferred Hicome and induded in other credrtois. . Fof donations to be recognised the chanty will have been nobfied of the amounts and the settlement dale in Wri.ng. If there are condiliMs altathed to the donatKtn which requires a level of rforManCe before enlitlernenl rAn be obtained then income is defed unb"I those condilws a fvly met or the fulfilment ol those condit)ns is wrfhin the conlrol of the thority and Fi 15 probab Ihal they be lulfilled. Investment coMe is earned thrwgh hokling assets for investment purpose5 and is indvded when the amount can be measured rdiably. Interest Incon is iecognised usin9 the effectNe Inte$t melhod. 1.6 expenditure All expenditure is acCted for on an accwals basis and has been dassified under headings thal ag9gate all costs related to the category. Expendr(ure is recognised where there is a legal or construcbve obligation to make payments to third parties, rt is probable Ihat the setuement will be required and the amounl ol the obligation ran be measured relatrAy. It 1$ calegwwd underlhe follNI"rwJ headin95". Expenditure on eharitable activities These are costs inajrred on Ihe charilabk activths, inthding support costs and cost5 relating to the governan ofthe charty apporb.oned lo charilatAe acti$. Irrecoverable VAT is tharged as an e¥pense against the acti¥ty for expenditure arose. Support costs •ll0110Th Support costs are those that assist Ihe rk of Ihe charty bul do not directy repTesent tharitable activibe5 and include offe costs. governan costs, adrnini$trdlNe payTdl costs. They are illcurred directly in sUPPOrt of expendittjre on the obj.ects of the charity amd inclvde prc4ecl rnanagerrent out at the school. 1.7 Tangible fixed amets Assels a caprtalised as langitle fixed assets using a thshOld of£1.{Y and jud9emenL They are carried al cost or valuation. net of depre¢iabon and any prO510n for irnpairrnent. Cost indudes costs dire¢1ty attributable tt> making Ihe asset capable of opefab.ng as intended. Depreuation is recognised so as to wrrte off Ihe cost or of assets less their re$Klual values over their Useful Iwes on the following base5'. Land and buildin95 Plant and equipment Fixlures and fittings Website 2% per annum 5% pèr annum 15% per annum 20% per annum The gain or loss arising on Ihe"disposal of an asset is determined as the drfference belween the sale proceeds and the ¢arry9 value of the assel, 8n¢l 1$ recognised in the $tstrmeni offmancial aCtrtIes. 14-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 Accounting pollcies Icontlnuedl Assets in the course of con5lTudion are included at w$t. Depreciab"on on these a$sels 15 not tharged until Ihey are brought inio use and reclassrfied to freehLld or 8$ehold land and buildings. A VIeW for impaient of a ffixed asset is carried out if events or changes in orcumstances ind4cate Ihat the Carrying value ol any fixed asset may not be recoverable. Shortfalls beeen the carrying value ol fixed asset5 nd their recoverable amounts are reo)Jnise(l as inyinrents. Impwmient losses are recowised in the Statement of Finanaal AclNrfies. 1.8 Cash and e85h equlvalents Cash and cash equivalents indude cash in hand, dep05ts hekl at call ryth banks, olher 5hort-term liquid investments vthh original maturie5 of three rnth$ or less, aThJ bank overdrafts. Bank overdrafts are shovm wlhin borrowngs in tsJrTent Ikqbilrts. 1.9 Financial In$trwnents Debtors and creditors with no stated interest rate and re1¥ale or payable wrthin one year are recorded at transaction price. Any losses arising from IpalmnI a recognised in expendrture. Loans and borrwngs are initiaty recognised at the transaction price induding transaction costs. Subsequenty, they are measured at amor1 cost using the effeclrve interest rate method, les5 impairment If an arr8rwJement conslitutes a finance transact it is rneasud at psent Value. tmpainnent Assets not measure(l at fair value are ewet1 for ary inth"catIc that the asset may be impaired at each balante sheet date. If such Indication exists. the recoverat4e amount of the asset. or ihe asset's cash generating unit. Is estsmated and ccthpared to the canwng amount. the carrying amount exceeds its coverable amount, an impaimient loss is recognisetl in profit or loss unless the asset Is carried at a revalued
mount ¥hre the irryJaimni loss is a revaluation deuease.
Basic financialassets Current assei investments are shofl tem hKJhty liquid investments and are held at fair value. These Include cash on depogt and cash equivalents a matunty of less than one year 1.10 Taxatlon The charity is an exempt charrty V1n the meaning of Schedule 3 of the Charities Act 2011 and is Considered to pass the tests set out in Paragraph I Sthedule 6 Finance Act 2010 and thefore rt meels the definilion of a charitable cornpany for UK torporats.on tsx pu05e5. No charge to CoOration tax ari5e5 the results for this or the pwous finanaal year as al wuirne arise$ from non-Irath'ThJ aclivibes and applied lo the tharitable purp05e5 of the School. 1.11 FletSremeftt beneffts The pension costs charged in the finanoal statements present the contributtons payable by the charity during the 13 month period in accordanee 7Aryth FRS 102. The School pa"CIpate$ in a MUeMploYer pension scheme. The Governments, Teachers Pension Defined Benefrts Scherne, for ils teaching Staff. A5 a resutt it is not pjssibje to identfy the assets and liabilities of the scheme that are attribUlae to the school. The pens liatslity is the responsibilty of the teachers, pension scheme. Accordingty. under FRS 102 the scheme is accounted for as if it w¢re a ¢Jefined contributions scheme. The school is liable to contribute to the scheme at the rate presrxbed by Ihe acbjary from time to "me. Th* school previousty participated in a career average revaluel eamings (CARE) defined benefft scheme for non-teaching staff. Under FRS 102, Ihe nel present value of deficrt contributions payable, per the latest deficit funding arrangement, has been recognised as a ablMY. 15-
ST MARVS SCHOOL. GERRARDS CROSS. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 CAtleal aceountong •$timatès •nd Judgements In the applicats.on of the ChariV5 acuntIng polirye5. Ihe Govemoys a wuld to make judgements, estimates and assumpb.ons about the canwng amount of assets and liabile$ that a not readity apparent from tsiher sources. The estymate5 and assooated aSSumptn5 are based on historical experience and other factors that a considered lo be relevant. Actual result5 may dfftef from these estimates. The estimates and UndwIvr9 assumpb.ons afe reviewed on an ongoing basis. Revisions to accounting estifflates are recognised it) the period in whith Ihe eslimate is revised where ihe revision affects onty that pefiod, or in the peiiotj of the reviwn and luiure perh)d5 knthere the affects both current and fvture periods. Crltlcal ludgements Depreclatlon Depreuation has been calculated based upon the estmnated useful economic Iv4es of fixed assets. DepreCiatn for the 13 month peiiod totslled £377.197 (2024.. £328.9341. Provlslon for bad debts The pmvision for bad debts has been calculate(I based on managements a55es5ment of whether outstsnding debtors will be received. The proviwon lotalled £50.CK(J at the 13 nth period end. {2024'. E50,000} Income fmm ch41it•bJe actlvllles Charltable Charitable Activitles Acll¥ities forthè13 forthe 12 months to months lo August July 2025 2024 School fees (one acadenyc yearl Less discounts Trip inc(Ime Olh¢r income 8,563,647 8,260,509 1830,0171 1836,4911 15.168 7,307 115.190 143.208 7.863.9B8 7,574.533 Anaty$i¥ by lund Unrestricted funds Restricted fvJnd$ 7.863.988 7.$69.533 5,000 7.863,988 7.574,533 Income fmm chantable aeS was £7,863,988 12024.. £7.574,5331 of whith £7,863,988 was unrestrided 12024.. £7,569.5331 anrj £Nil restrided (2024". £5,1). SdK)ol fees for onty one academic year have been included in both 2024 and 2025. 16-
ST MARY'S SCHOOL. GERRARDS CROSS. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 Incom• from in¥estrftents Unrestricted Unr•strlcted funds lunds forthe13 forthe 12 monlhs to rnonlh8 to Avgust July 2025 2024 Interest receivab 78.701 70,880 The inve5trnent income was £78,701 I224.. £70,880) ofwhich £78.701 was unrestricted {2024'. £70,880) an £Nil re$tricted12024." £Ndl Expendiiuwe on charitable aClivili¢s Charltable Actl¥ities foTthe13 months to August 2025 Charitsble Activities foTthe12 months to July 2024 Dlrect costs Staff costs Catering Educalional SUpplS Staff support and development 4,838,B26 428.895 158.665 18.840 4,233.048 373.930 132,927 17,251 5.445.226 4.757.156 Share of wpport and 9ovornance ¢osts (see note 61 Support Govemance 3.263,669 12.560 2.765,991 14.572. 8,721.455 7.537,719 AnatysS8 by fund un$tried lunds Restn(aed lund$ 8.720,690 565 7,533.208 4.511 8,721.455 7,537,719 Expendilvre on chanlatle artivities was £8.721.455 {2024." £7,537.7191 of whKh £8,720.890 was unrestricted 12024.. £7,533.2081 and £565 restn.cted I24.. £4.5111. Due to the than9e in year end from 31 Juty to 31 Augus1. Ihe 2025 results fof stsff costs indude an additional month of expenditure relating to August 2025. 17-
ST MARYS SCHOOL. GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 Support costs allocated to actlvllies Totsl fortht Total forth 13 months to 12 months to August July 2025 2024 Staff costs Depreciatson Adrninislratwjn Gardening and travd costs Overhead and IT costs Financial and other expenses Other non-capital expenditure Repairs and maintenan FRS102 pension finance a¢"ustment Bad debt wlite off GernanCe tosts 1.630,626 377,197 417.604 78.892 HO,897 176.742 8.706 108,101 3,748 21.156 12,560 1.319,210 328,934 390,837 84,948 361.367 83.391 33.634 134,540 3,180 25,950 14,572 3.276.229 2.780.563 Analysed between: Charitable Activities 3.276,229 2,780,563 Included in 9o¥emance costs a audit fees totsll'ng £12.5LKJ ex¢Jding VAT {2024.. £9.0001. Due to the Change in year end from 31 ju to 31 AugusL Ihe 2025 resuhs for staff costs. depreaation and overheads indude an addrfifmal month of expetNlilure relatin9 toAu9U5t 2025. Nei movemtnt In funds 2025 2024 The nel movement in is slaled after thargingl{uedrtmg): Fees payable for the audit of the tharivs fman(ial stateMts Depretiation of owned tangible fixed assels 12,500 377,197 9,OCpJ 328,934 Governors Mrs Clifford received payment for her wk as a siwy tea¢h¢r. This was at a market rate of rnneratie of £33,75812024.. £26.4481. No other Govemors (of any persons connected wth thernl r*cer¥ed any temunerats.on or benefts frm the Charity during the 13 rnonth period12024.. £Nill. None ofthe G¢)vemors had any expenses reThiKled ty the Chaity during the 13 month period12024.' £Nill. The key management peTsonnd of Ihe charty compn5e the Headteather. Deputy Headleachers and Bursar. The tolal amount of employee benefrts (induding employer pension cntribUtiOns} rer1ve by key management petsonnel for their services lo the tharity VAS t648,31712024". £549.4431. 18-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 Employoe5 Th¢ average monlhty nurthr of employees during the 13 fflonth period was.. 2025 Numbpr 2024 Number Teathing - fvll tirne Teathing - part time Non teachin9- fv11 lirne Non leachin9- Part b.me 21 22 42 40 . Toial 113 111 Total for the Total for ¢he 13 month$ to 12 months to August JY 202S 2024 Employment eosts Wages and salaries Social seuJTty costs Olher pensw costs 4,793.455 538,778 1,137,219 4,293,689 414,431 844,138 6.469,452 5.552.258 Oue to the change in year end frrrfn 31 Juty to 31 August, Ihe 2025 results for emptynent costs incbjde an additional nhjnth of expendrture relaling to August 21Y25. The number of employees whose annual rnefatsOn was mrKe Ihan £60,C is as fo1ry41S.' 2025 Number 2024 Number £60,Cfj1-£70.000 £70,001-£80,000 £80.001-£90.000 £90.001-£100.1)IxI £110.0014120.OC4J £130.0014140,000 19-
ST MARYS SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 AIONTH PERIOD ENDED 31 AUGusf 2025 10 Other expendlture Unrestricted Unrestrfcted fvnds funds for the 13 forth• 12 months to months to Au9U$I July 2025 2024 Finanong costs 3.856 5,775 11 Taxalion The charity 15 exempt from tax on income and gains tslling vitiin 5ectKJn 505 of the Taxes Act 1988 or sedion 252 of the Taxath"on of Chargeable Gains Act 1992 to Ihe extent that these are applied to its charitable objects. 12 TangiNe fixed o$$•ts Land and Assets under Pknt and FtLtsvM and TbVeb#h• Total Cost or wal110n At 1 August 2024 Addiltons Disp05als Transfer in year 10,119.887 225.401 30.755 270.365 31.785 1.150.897 202.812 {12.1001 21,522 11,593,426 1.71x1 461,698 {12,1001 30.755 {30,7551 At 31 August 2025 10.376.043 302,150 1.341,609 23.222 12.043.024 Depreciation and Impatrment At 1 August 2024 Depreaalion char9ed in the 13 month permjd Eliminated in resped ol disposals 1,658,259 38.233 671.381 4.304 2,372.177 186,664 16.335 169,195 5,003 377.197 112.1LKJI 112,1001 Al 31 August 2025 1,844.923 828,476 9.307 2,737,274 Carrying •mount Al 31 August 2025 8.531.120 147.582 513.133 13.915 9.30S,750 Al 31 Juty 2024 8.461.628 30,755 232,132 479,516 17.218 9,221,249 Land and buildings a rarying amount of £5.975,OCKI were revalued al 17 April 2015 by Jone5 Lang Lasalle Ltd. independent valuets not connected ¥*th the Chan"ty on the tsa$ of market value. Subsequent additions are at cost. At 31 August 2025, had the valued assets been carried at histori¢ cost less accumulated t1epreciation and 8ccumul3ted Impalmnt I0s. thcir cawg am¢yJnt would have been approximatety £5.428.9JO (2024.. £5,S76,6331. -20-
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 12 Tanglble filed aets (Continued) 13 Financial Inslrumtnts 2025 2024 Canylng amount ol fiMnclal a$s•ts Cash held in treasury seThes 750,000 1,OSO,O 14 Debto 202S 2024 Amounts falkng due 7lthin ¢)ne ye•r. Stholars accounts Othw debtors 28,596 121,935 107,401 112,385 150,531 219,786 1S Loans •nd overdr•fts 202$ 2024 Bank loans 93B.697 1,042.217 Payable thin one year Payable after one year 130.439 808,258 130.439 911.778 The Bank loan. which indudes rolled-up inte$t. is repayable by fixed monthty instslmenls of £10.870 per month until the final repayment date, 31 January 2036. when any balance remarning on Ihe account becomes repayable. Interest is accwed al the rale of 1.84% above base rate. 16 Creditows.. amounts tslbing dye Tthin one ye•r 2025 2024 Bank loans Other taxation and social seoJnty Deferred income Trade credilors Other credrtors Accruals 15 130,439 195.308 874.403 412.333 211.181 30.050 130.439 18 852,861 106,111 230,899 27,008 1.853.714 1,347,318 21
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR TIIE 13 MONTH PIRIOD ENDED 31 AUGUST 2025 17 CredStoYs: amounts falling due after more thaD year 2025 2024 Bank loans 15 808,258 911,778 18 D•l•rrBd Incom• 2025 2024 Olher defer in¢ome 874.403 852,861 Deferred income 1$ induded in the finano¥l $tstement$ 8$ follm.. 2025 2024 Deferred income is included wrthin_' Current liabilities 874,403 852.861 Movements in the 13 month period". Defer incorne at 1 August 2024 Released from previous periods Resources deferred in the 13 month [1(1 852.861 1852.8611 B74,403 175.884 1175,8841 852,861 Oeferred incoff at 31 Augvsl 2025 874,403 852.861 Deferred income represents fees a recei¥e(l ¥1 athtance but relate to Ihe nexl finanual year.
ST MARY'S SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 19 Relirernent bengfft hne5 Oefined contribulion The majonty of the staff parbcipate in one of hvo pension sthemes.. the Teachers. Pension Scheme Engsand and Wales ffPSI for teaching and related slalr. and the Flexth Rets"rement Scheme for non4eaching staff. Teachers. Penslon Scheme The TPS is an unfunded mul110mOYer defned beneffts pension sche govemed by the Tead)ers' Pension Scheme Re9Ula1$ 2014. Members contribute on a "pay as you go. basis wth c¥)ntn'butions from members and the employer being cJedrted to Ihe Exthequer. Retrement and other pension beneffts a paid by publ funds provided by Padiarnenl The employer contrilwtyon rate is sel following stheme valualn$ undertaken by the Government Actuary'$ Department. The latest actuarial ¥aluatKJn of the TPS related to the period ended 31 March 2020, and that of the LGPS r¢laled to the period ended 31 March 2022. The Teachers. Pension5 Regul81¥)ns 2010 reqLMre an annual accoLt, the Teachers. PenOn Budgeting and Valuation Account, to be kept ol recelpts and expenditu linduding the cost of pension iweasesl. From 1 April 2001. the Account has been credrted ryth a real rate of retum, which is equNalenl tts assuming that the balance in the Account is invested ) nobonal in¥estments that Vce that real rate of tUrn. Scheme ehanges The key provisions of the refonned stherne implernented from 1 April 2015 indude" a Fension based on career average earnings.. an accyval rate of 1157th. and a Nonnal Pension Age equal to Slate Pension Age. but with options to enable member5 to Teb"re earlier OT later than their Normal Pension Age. Importantw, pension benefrts built before 1 April 2015 wll be fvlty protected. Post year tnd event- Teachefs Ptnsion Scheme In November 2025. the submitted form nokn to Ihe T•acher&' Pension Scheme ITPSI ol rts decision to exrt the scheme. In line the slalutory nobcE penod. the School's partsupation in TPS wll cease on 31 March 2026. which Mryll be the dale on teathing staff atuue pension benefits within that scheme. th effect from l Aprll 2026. Ihe Sehool adopt the Aviwa Pension Trusl for Independent Schools {APTISI as its penston provi%on for teathing stsff. From Ihis dale. empl1)yer and empkjyee coniribution5 lof eligible leathing Staff will be directed into APTIS. 8enefils accrued within TPS up to 31 March 2fj remain ft wote¢ted under TPS regul*ion$. Fului• pension benefrts from 1 A11 2026 ¢knYard wdl be govemed by the terns of the APTIS scheme.
ST MARY'S SCHOOL, GERRARDS CROSS. LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THC 13 MONTH PERIOD ENDED 31 AUtsU5T 2025 19 Retirement benefrt ¥¢heme Icontlnuedl Flexlble Retlwement Pl• Th¢ o)mpany participe$ in the stheffle. a muh1-em0Yer stheme vthich provides benefits tts some 37 non- associated employers. The scheme is a deffined benefii Scheme in the UK. 11 is not P055ible for the compary to obtain suffioent infonab.0n to enable it to account for the scheme a5 a defined benefit stheme. Therefore it accounts forthe scheme as a defined Cfjntn'butK scheme. The scheme is subject to the fvindin9 leglati¢)n the Pensirns Act 2LYJ4 4¥thich ne into force on 30 December 2005. This, togelhei with d(KMentS issued by the Penons Regulator and Technical Actuarial standards issued by the Financial Reporb"ng Counal, set out the framework for funding defined benefft oc¢up41ional pensw 5therT$ in Ihe UK. The s¢h¢me is d•$$ffi¢d a$ a lasl-man standing anangement.. Therefore the ¢0[nY is pentiaty li8 for other participating employers. obligalions rf those employew5 a unable to meet their share of the scheme deficrt following withdrawal froffl the stheme. Partitspating employers are legalty required to meet their $h3re of the stheme defiot ¢)n an annuty purthase basi5 On withthawal from the schen. A fuu actuarial ¥aluatirm lor the scheme was carried out at 30 September 2022. This valuation showed assets of £49.6m. liabilities ol £57.1m and a defiot of £7_5m_ To eliminate thi5 ftjnding shortfall, Ihe Trustee has asked the partiopating employers to collecb.vety pay total additional contrt)ut#)ns to the scheme as follows Deficit Contribvlions fri)m 1 Apwil 2024 10 31 March 2027.. t1.672.0 per annum (payable monthly and increasin9 by 3.0% ear on the 1st Note that the scheme's pwous valuation was carrieLI out wlh an effeciNe date of 30 September 2019. This valuation showed assets of £79m, liabilth.es of £93.9m and a defirit of £14.9m. To eliminate this fundin9 shortfal, the Trustee asked the partKipating ernploye to pay additKJnal conlribvbons to Ihe scheme as follows.. Defirit Contrit¥Jb"ons from 1 April 2021 to 30Se lember 2027.. £1.530,Cl per annum (payable monthty and increasing by 3.0 each ear on the 1slApril) Th? recovery plan contn'butions are JGated lo each partiupating emper in line Tth their estimated share of the scheme liabilrties. ere the stheme is in defficrt and where the company has agreed to a defficrt funding atyangement the eompany recognises a liakn.lty for this obligation_ The an>[bnI rett4Jnised ts ihe net psent value ol the deficit reduction contributions payabk under the agreement Ihat lateS to the deficit. The presenl value is c3lculaled usin9 the discount rate detailed in these d1sdosu5. The unwinding of Ihe discount rate is recognised a5 a finance co$L -24-
ST MARY'S SCHOOL. GERRARDS CROSS. LIMITED NOTES TO THE FINANCIAL STATEMENTS qCONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 19 R•tirnment benefit schemes Icontinuedl Oellned benellt schemes Key 8ssumpfr.ons 2025 2024 Discounl rale 4.36 The dis¢ounl rates shown above are the equivajenl 5in9k discount rates which. wl)en used to discount the tulure ret¢)very plan contribub.ons due. would give Ihe same re5utt$ 85 Using a full AA corporate bond yield curve to discount the Same recovery plan contribution5. PRESENT VALUE OF PROVISION 2025 2024 Present ¥at of provision 52,295 84,228 RECONCILIAnON OF OPENING AND CLOSING PROVISIONS 2025 2024 Provision at srt of period Unwinding olthe discount lactor (interest expense) Deficit contribub.on panj Remeasurements- mpad of any change in assumptions Remeasurem¢nts- anendments to the contribubon schedub? 84.228 3,856 136,038) 249 110.B88 5.775 129,7011 1,114 13.848) PrWsl at end of period 52.295 84.,228 INcoMe AND EXPENDITURE IMPACT 2025 2024 Interest expense Remeasurement5- impact ol arby thange in 055urnpIKJns ReMeaSurnents- wnpad of any change in a$suThylK>n5 3,856 249 5.775 1.114 13,484} "indud85 d¢fined conlribubon sthemes and futu seThtyce contrubons {i.e. exduding any defvt ductIon payments) to defined benefft schemes which are treated as defined contribution sc*emes. The Company must recognise a liabihty measu as the yesent value of the contributions payable that Arise fmm the defjcit recovery agrnent and the Su"ng expense in the income and expenditure account i.e. the unwinding ol the discount rate a5 a finance tost in the peiiod in which it arises. The folltiwng schedule detads Ihe conlrthknis agreed ben the conyany and the scheme at eath year end penod.. 25-
ST MARYS SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTI.1 PCRIOD ENDED 31 AUGUST 2025 19 Retirèment bènèfft selm•s Icontlnuedl DEFICIT CONTRIBUTIONS SCHEDULE Year ending 31 Au9USt 2025 £s 33,888 31 Juty 2024 31 July 2023 £s Year 1 32,820 28.587 Year 2 20,110 33.805 29,445 Year 3 22,983 30.328 Year 4 31.238 Year S Year 6 Year 7 The coryany rnusl cOgnise a Ikibilrty Measu as the present value of the contributions payable that arise frorn the defrji recovery agreement and the resulb.ng expense in Ihe inrre and expenditure accounl i.e. the unwnding ol the discount rate as a finance cost in the peri¢xl wh• rt arises. It is Ihese contrilMJts"s that ha¥e been used to derive Ihe corrpanys balance sheet h"abilty. 20 Restricted funds The restricted funds of the tharity comprise the unexpended balances of dIaln$ and gTrnts held on trusl subje¢t io $pe()fic condrtK*)s ty donors as to how they may be used. At 1 August 2024 Incoming resources Resources At 31 August eypended 2025 Nnaths prize Sports award General SEN Department 1,080 750 1.000 1761 750 489 15651 3.319 15651 2,754 Pre¥lou$ year. At 1 August Incorning 2023 resources R850urc•s expended At 31 July 2024 Maths piize SpIs award General SEN Department 1,080 750 1,000 489 750 14,5111 2.830 (4,511) 3.319
ST MARYS SCHOOL, GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 21 Analysis of net assets bel funds Unrestrlcted funds 2025 Resirlcted funds 202S Totsl 2025 At 31 Augu8t 2025- Tangible a55ets Current a5sets1lliaIiIIeS) Long term liatMlib"e5 ProvI$tin$ and pensions 9,305.750 1291.2401 (808.2581 152.2951 9.305.750 1288,4861 1808.2581 {52.2951 2,754 8.153.957 2,754 8.156.711 Unrestricted funds 2024 Restricted funds 2024 Totsl 2024 At 31 Juty 2024.. Tangible a55ets Current assetsllliabilitsesl Long temi Tr"abilits"es proviOn$ and pensions 9.221.249 711.020 1911,7781- 184.2281 9.221,249 714.339 (911.778) 184,228) 3.319 8.936,263 3,319 8.939.582 22 Operating lea¥e comrnilmenls At the reporting end date the Chanty had outstanding commi1ThntS for future minimum lease payments under nOnncelIae operabng leases. fal due as follcths.. 2025 2024 W*thin one year Beeen tsvo and five years 140.509 157,220 157.281 235,649 297,729 392,930 23 Capltal commitin•nts Amounts contracted for but nol prowded in the finanoal ststements: There are no amrNJnts induded for Capi ccrfwwnitrnents. -27-
ST MARY'S SCHOOL. GERRARDS CROSS, LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2025 24 Ev•nts ¥ft•t thè roporting d•te Thère were no post balance sheet events to disclose. The decision to exrt the Teachers Pens)n Stheme has been detailed in note 19. 25 Related party transaclions There were no disdosable related paty tran58ction5 during the 13 rnnth period, olher than those noted note 812024- none). Cash gen¢f•t¢d irtyn oper•tiws 202S 2024 (Defiutllswplus for the 13 rnonth period 1782,6221 101.919 Adjustments for. Investment income recognised in statenwt of financial acb¥its Depfeoation and impairment of tangible fixed assets Difference betseen pension charge and cash contributhjns (78,7011 377.197 12491 170,8801 328.934 2.734 Movements in IrkIng capltal: Decreasellincreasel in debt¢Y5 Increaselldecreasel in ueditors Increase in PTOVlSiOnS Increase in deferred income 69.255 484.854 131,9331 21.S42 1150.3591 1523.3S51 126.6601 676.977 Cash generaled fvorn opernllo 59,343 339,310 27 Analysls of changes In nel Idebtlllunds At 1 August 2024 ¢•* Iltythry AtJl Augwt 2025 Cash at bank and in hand 791,871 1127,1741 664.697 Loans falling due vnthin one year Loans falling due after more than one year {130,439) 1911,778) (130,439} {808.2581 103,520 1250.3461 123.654) 1274,ocpJI 28-