ST MARY'S SCHOOL ASCOT CHARITABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2021 Charty No. 81)0450 ST MARY'S SCHOOL ASCOT CHARrrABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2021 CONTENTS Pag• TNsleeG' Report Independent Auditors, Report Statement of Financial klivrt Balance Shggt 10 Notes lo the Financial Statements ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 REFERENCE AND ADMINISTRATIVE INFORMATION The Trustees present their report for the year ended 31 August 2021. Trust•es The Trusteès of the Fund during the year under rev*w and up to the date of signing of the Trustees, Report were as follows: Mrs K Garyett£ox Mr C Sillars Mrs A BTook6 Mrs M Johnson Mr P south1￿11 (Retired 21 October 20211 Mrs L Miles Mr S Mrtchdl Addr•s$ Sl Mary's School Ascot Sl Mary's Road Ascot Berkshire SLS 9JF Audltorn Crtr•** U.K. LLP Aquis Hou 4￿51 Blagravg Str•8t Reading Berkshiro RG1 1PL B*nk•rn Lbyds TSB Bank Pk 10 High Stre Bracknell Berkshire RG12 18T lTrv•stm•nt Manag•rn Charles Stanley & Co. Linrted {Unlil 26 April 20211 55 Bishopggate London EC2N ￿s CCLA Invesknent Management Ltd (From 26 April 20211 Sfjn*or House 85 Queen VKtoria Street London EC4V 4ET Page 1 ST MARYS SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 The Trustees present their Annual Report for the year ended 31 August 2021 under the Charities Act 2011 and the Stslement of Recommended Practice" Accounting and Reporting by Charities" SORP 2015 IFRS 1021, together wrth the audited finanaal statements for the year. The charity wa5 conststuted by a declaration of tnjst on 2 November 1988 by Sl Mary's School Charrtable Trust (Ascot) Limrted as amended by deeds dated 25 March 2013 and 23 June 2016. STRUCTURE. GOVERNANCE AND MANAGEMENT R•cruStm•nt. Inducllon and Trainlng of Trust• The Deed of Amendment executed on 25 March 2013 ststes that the number of Trustees shall not exceed len and each Trustee will serve for a period of 5 years. A Trustee may be reappointed for o second lefm of 5 years if Trustees think fil. Onty in exceptional circumstances will the Trustees be able to I￿apPOInt an individual for a Ihird lem. The Deod prOV￿e$ for transitson arfangemenls. Any Trustee can rocommend a new Truslee to be appointed lo the 8oaTd of Trustees al 8ny lime. However the appointment will not be ratified unless rt has b&en unanimously agreed by the other Tru$toe8 al an Annual General Meeling. All new Trustees are provided with information on the responsibility of being a Trustee and. from time to timè, are sènt details ol courses and seminars which may be le￿vant to their responsibl1r¢￿$. M•nag•mont of Rl•ks The Trustees have identsfied a numb•r of risks that n¥ght impacl on the operation of the charity. Tho main ones Surround the 8ecunty of the investment assets and the protection of the income earnèd which is the main Souree of funds for the gift lo the school. Controls including the rogular review of investment advisor's activity thorough eonsideralion of the investment risk profile and performance. Policies to miligalè other risks including those 9oveming the fisk ol fraud. the pol&ntial impact of a cyberattack or the inappropriate use ol charity funds are in place and are r•gLtlarty reviewed by the Trusttes. A risk managernent revitrw carried out bi-annually by the TNsl•es. Organh•tlon•l Slrudur• The Tru51ees meet tsvice a year lo monitor and review the level of the Charitable Funds. They delegate the day lo day administration of the Charrty to the Bursar at St Mary's School Ascot and the investrnenl of funds to a professional and regulated investment management company. In April 2021 CCLA Investment Managernent Ltd were appointed as the Charitable Fund's investment manag8rs, roplacing Charlés Stanley & Co. Limited. This change was driven by the Trustees, aim of achieving more slrearnlinèd investment management structure and process through an increa$gd insts'tulional approach, using pooled funds and benefitsng from reduced fees. A representstive from the investment managef presènts a review of inveslmenl portfolio wrforrronce to the Trustees at èa¢h of th•ir meetings. OBJECTIVES AND ACTivrriES The objèctives of the Chanty are to promote the charitable work carried on, promoleil or supported by the Congregation of Jesus ICJI, being wofk to promote and provide for the advancement of education and religion. Iwilh preference lo female children of the Roman Catholic faithl and to help to develop St Mary's School Ascot wheresoever and whatsoever by such means as the Trustees in their discretion think fit and in particulaf, subject to certain conditions. in the provision of bursaries, scholarships and granl-in-aid for the benefit of present and future pupils of the said school and for the maintonanc8 and support of the school. Thè Trustees confimi that they have paid due regard to th• Charity Commission's statutory guidanee on public benefft in deciding what activities the Charty should undertake. By providing funds lo Sl Mary's School Ascot Icharty Number 2902861 foi their means-testod bursaries and scholarship awards. the Charity is assisting the School in its conbnuing efforts lo ensure that access lo the education offered is not restricted to only those who can afford the fees. The Board of Governors of the School have ¢Jeveloped an expanded means-lested bursary scheme, including admissions or a¢cess bursaries. The St Mary's School Ascot Charila￿e Fund awards to the School a￿ in direct support ol that scheme. Page 2 ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 FINANCIAL REVIEW The financial state of the Fund is conwdered lo be satisfactory given the improvements in the stock market during Ihg year. The Trustees have continued to assess tha needs of the School and have provided funds for bursafies and scholarships. The charty had income of £229,77712020: £535.4111 and expenditure of £314,67912020.. £175,236> in the year. A donation of £97.251 12020.. £343.0001 was received from the familie$ of past and present pupils at St Mary's School Ascot. In the prior year this was supplemented with an additional donation of £50,000 from St Mary's Schod Ascot In the year to 31 August 2021 St Mary's School Ascot made no donation lo the Fund, as the school minimised outgoings during a period of Careful cash man89emenl in response to the impact ol the COVID-19 pandemic. Included in expenditure are awards of £293.000 12020." £150,000) rnade lo Sl Mary's School Ascot to fijnd bursarie5 and scholarships. The increase in donations is connected lo the Board of Governors of Sl Mary's S¢h¢x>l Ascot increasing spending on hardship bursaries for families impacted by the COVID-19 pandemic. R•••rv•• Pollcy In 1997. the Trustees exercised their powers under the Trust 06ed and transferred the accumulated balance of the UnTeslricl¢d General Fund at 31 August 1997 to an expendab￿ Endowm?nl fund in order to build a Strong capitsl base from which the future requir8ments of the Charity could be funded. The inve8tm8nl income 8nd inlerest income of thè Charity ar• used lo provide bursaries. 8cholarship8 and granls-in-aid for the benefit of present and future pupils of Sl Mory's School Ascot and to m801 adminislratson expenses. any 8urrAu8 or deficit arising is transf•rr•d lo or from the endowment. The Trustees aim to continue increasing the End¢?wff￿nt, which currently slands at £4.Smillion, investing the fvnds lo generate incoff*. The purpose of the Endowment is to provide funding for scholarships and butsaries and, 8ubJé¢l Ih8relo, meet major nonvrecurring expenditure related lo Ihg maintenance and support of the School ond lo increase the capital base in ordor to generate dditional investment income and intoiest income. The Trustees monitor the level of the Endowment on 8 bi-annu81 basis and revièw th¢ policy annu811y. Award Poll¢y Thg policy 1$ to make awards lo Sl Mary'$ School Ascot based on an approximation of annual unreslricled income available to the Fund. These awards are monitored to ensurè they used for purposes consislent with the objectNes of the fund. Inv••tmeTrt P0￿r*, Pollcy and Porfomi•n¢• The Trustees have powers to invest and change investments free￿ and have powers to employ professional investment manager * a reasonable remuneration. The Trustees hav& placed no conslrainls on their investment manager in respect of the holding of investment. The investment manager has bèen asked by the Trustees lo refer to the Chairman should there be any concern about any particular potential shareholding. The Trustees are satisfied with the p8rformanc• of the investment portfolio durin9 the year bul are mindful that the stock market Temains volatile. PLANS FOR THE FUTURE To continue lo manage the investment portfolio in order lo maximise the amount available to make awards to St Mary's School Ascot. Page 3 ST MARWS SCHOOL ASCOT CHARITABLE FUND TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 STATEMENT OF TRUSTEES. RESPONSIBIUTIES Thè Trustees are responsib￿ for preparing the Truste85' Report and the financial slatemenls in accordance with applicable law and United ￿ngdorn Accounting Standard8 (United Kingdom Generally Accepted Accounting Practs'cel. The law applicable lo eharilies in England & Wales requires the Trustees to prepare financial slalemenls for each financial year which give a true and fair view of the State of affairs of the Charity and of the incoming resources and applieation of resour￿ of the Charrty for that period. In preparing these financial statements, the Trustees are required to.. seléct suitable accounting polic￿8 and ¢hen appty them consistently.. observe the methods and principles of the Charities SORP.. make judgements and estimates that are reasonablè and prudént., state whether applicable accounting standards have beèn followed, subjrfl to any material departures disclosed and explained in the financial staternent5', and prepare the financial statements on the going concém ba$18 un1é68 It is Inappropriatè lo presume that this basis applies. Tho Trustegs are responsible for ke•ping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial $tatemenl¥ comply wlh the Charities Acl 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed dated 2 November 1988 as amended by deod$ doted 25 March 2013 and 23 June 2016. They are al80 responsible for safeguarding the 08sèl$ of the Charity and hence for tsking reasonable steps for the prevents'on and detection of fr8ud and othèr irregularili•s. y order of the Tru$lee$'. Mrs K Garrett-cox Chair Date_ 2•lL Page 4 A Crowe Crnwg U.K LLP Charter•dAccotsnÈ8nts Member of cro￿ Global Aquks Houx 4￿51 Blagrave Street Re8(#ng 8er*sh¥e RG1 IPL, U Td +44101118 959 7222 Fax +44 (Ql118 958 4640 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Oplnlon We have audited Ihe financial statements of St Mary's School Ascot Charitable Fund for the year ended 31 August 2021 which comprise the Statement of Financial Aclivrties, the Balance Sheet. and notes lo the financial sLitemenls. including a summary of Signrfunl accounting polic￿S. The financial reporting framertork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financ￿1 Reporting Standard applicable in the UK and Republ￿ of Ireland (Unrted Kingd(￿ Gener￿ly Acwted kcounling Practi¢81. In our opinion th8 financial statements: gw• a Inje and fair Vie•V of the state of the Charity's affairo 89 at 31 August 2021 and of its ir￿ming resources and applKalion of resources. for the year then ended.. have been properly prepared in accordance with Unrted Kingdom Generalty Accepted Accounting Practice., and have begn prepared in x¢ordance with th¢ roquIr￿?nts of the ChaIrt￿5 Act 2011. B*•kn foroplnlon We conducted our audrt in accordan￿ with International Slandards on Audrting IUKI IISAS IUKII and appl￿8b1e law. Our responsibilitios under those standards are further described in the Auditor'$ responsibilrties for the audrt of the financ￿1 slalements secth)n of our report. We are independent of the charity in accordan￿ wrth Ihe ethical requirements Ihal are relevant to our audrt of the financial slatemenls in the UK, including the FRC'S EthKal Standard, and we have fulfilled our other ethical responsibilrties in accordance wilh these requirements. We bel￿¥9 that the audit evidence we have obtainod is sufficient and appropnate lo provKle a basis for our opinK)n. Concluslons rnl•tlng to golng conc•m In audrting the financi81 ststèments, wa have concluded that the Govemor's use of the going concern ba818 of accounting in the preparation ol the financial statements is appropriate. Based on the work we have perfornied. we have not KIentrf￿ any material uncertaint￿$ relating lo events or conditions that. individualty oi colleclivety. may cast Signrf￿ant doubl on the charrty's ability lo conlinug as a going concern for a pe￿d of at bast tsvefve months frLYn %then the financial statement$ are authorised for issue. Our responsibilib'es and the responsibilrties of the Tru5tee$ *ryth respect to going concern are described in the relevant sections of this feport. Cttr4rtU K LLP rmfftkn*(￿7043 ￿$sL￿ Lor Page S Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Other Infomiatlon The Trustees are responsible for the other infomialion. The olher infomiation comprises the infomalion included in the annual report, other than the finanekql stalemenls and our audrtor's report thereon. Our opinion on the financial slalements does not the other inf0mlat￿ and we do not express any fomi of assurance conclusion thereon. Our responsibilrty is to read the other infrxmalK*n and. in doiry so, Consider whether the other infomiation is materially ineonsislenl wrth the financial Slalements or our knowledge obtained in the audit or otherwisè appears to be materialfy misstated. 11 we identfy such materid incons15tencies or apparent material misstslemenls. we are required to detefmine whether this gNOS rise lo a material misstalemenl in the financ￿1 statements themsefves. If. based on the work we have perfomied, we ￿nclUde that ther8 is a material misslatemenl of this other informats"on. we are required to report that facl. We have nothing lo ieport in th* reg8rd. M•tt•vs on whlch w• are r•qulr•d to r•port by •x¢•ptloD We havé nothin9 to report in respect of the folh)wng matters in relat￿n lo the Charrtie8 (Accounts and Report81 Regulations 2008 requires us lo report lo you rf. in our opinion.. the infomiation gtvon in the finarKial ststemenls is inconsistent in any malerkgl respect with tho Irustees, report,. or adequate and proF4Jr accounting records have not been képt.. or th6 financial $tslements are not in agfeemenl wlh t￿ accounting record$ and retums., or we have not received all the information and explanati¢￿5 we require for our audrt. R•spon#lbllltltt of Tru8t••s As explained more fully in the Trustees. responsibilrties statement set out on page 4. the Trustees are responsible for Ihe preparation of the financKal slalements and for being $81isfied that they give a true and fair view, and for such inlernol control as the Trustees determine is necessary lo enable the preparation of financial slalemenls that aro free fr(xn maten•l mi$stslemenl. whethef due lo fraLvJ or error. In preparing the financial slalements. the Trustees are responsible for assessing the Charity's gbilily lo continue ag a going Concern. disck)sing. 8$ applicabk. matters re￿Ied lo goin9 concem and using the going concem basis of accounting unless the Truslees either intend lo IiquKlale the charty or lo cease yerations, or have no realistsc attematNe bul lo do so. Page 6 Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Audltof s r￿POnsIbl11t18$ for the audlt of th• financl*l Stat￿nents We h8ve been appointed as audrtor under soclion 151 of the Chaftties Act 2011 and report in accordan¢e with the Act and re￿vant regulations made or having eff￿1 thereunder. Our objectives are lo obtain reasonable 8SSUTance about whethgr the financkql statem￿ts 88 4 whole are free from malerol misstatement, whether due to fraud oi error. and lo issue an auditor's report that includes our cyinion. Reasonab￿ assurance is a hyh level of assurance. bul is not a guarantee that In audit conducteil in accordance wrth ISAS IUKI w￿1 afv4ays delecl a malerral mi$stalemenl when il exists. Misststemenls can arise from fraud or error and are considered malefial rf, individually OT in the aggrogate, they could rèasonably be expected lo inlluence the economK dectsions of users t*en on the basis of these financial slatemenls. Detai￿ of the gxt•nl to which the audrt was con$Klored capabl8 of detectin9 irrogularitios, including fraud and non