ST MARY'S SCHOOL ASCOT CHARITABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 Charity No.. 800450 ST MARY'S SCHOOLASCOT CHARITABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 CONTENTS Page Trustees, Report Independent Auditors, Report Statement of Financial Activities Balanc& Sheet 10 Notes lo the Financial Statements ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE INFORMATION The Trustees present their report for the year ended 31 August 2024. Trustees Th8 Trustees of the Fund during thè year under review and up to the date of signing of thè Trustèes. Report were as follows.. Mrs A Brooks (Chairl Mrs M Johnson (Relired 31 December 2023) Ms C McBrid8 (From 1 January 2024} Mrs L Miles Mr S Mitchell Mr C Sillars Addr•$s st Mary's School Ascot St Mary's Road Ascot Berkshire SLS 9JF Audltors Crowe U.K. LLP R+ Building 2 Blagrave Streèt Reading Befkshire RG1 1A2 8anker• Lloyds TSB Bank PIC 10 High Street Bracknell 8erkshire RG12 1BT Inv•$tm•nt Manag•rn CCLA Investment Management Ltd One Angel Lane London EC4R 3AB Page 1 ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT (CONTINUED YEAR ENDED 31 AUGUST 2024 The Trustees present their Annual Report for the year ended 31 August 2024 under the Charities Act 2011 and the Statement of Recomm8nded Practice ' Accounting and Reporting by Charities" SORP 2015 IFRS 102), tO9ether with the audited financial statements for the year. The charity was constituted by a declaration of trust on 2 November 1988 by St Mary's School Charitable Trust {As¢oll Limited as amended by deeds dated 25 March 2013 and 23 June 2015. STRUCTURE, GOVERNANCE AND MANAGEMENT Rocrultment, Inductlon and Tralnlng of Trustoes The Deed of Amendment executed on 25 March 2013 stales that the number of Trustees shall nol exceed len and each Trustee will serve for a pèriod of 5 years. A Trustee may be reappointed for a second term of S years if Trustees think fit. Only in exceptional circumstances will the Trustees be able lo re-appoint an individLtal for a third term. The Deed provides for transition arrangements. Any Trustee can recommend a new Trustee to be appointed lo the Board of Trustees at any lime. However the appointment will not be ratified unless it has been unanimously agreed by the other Trustees al an Annual General Meeting. All new Trustees are provided with information on thè responsibility of being a Trustee and. from lime to time, are sent details of courses and seminars whi¢h may be relevant to their responsibilities. Management ot Rlsk8 The Trustees have identified a number of risks that might impact on the operation of the charity. The main ones surround the security of the investment assets and the protection of the income earnecl which is the main source of funds for the gift to the school. Contro15 including the regular review of investment advisor's activity, thorough consideration of the investment risk profile and performance. Policies to miligale olher risks including those governing the risk of fraud, the potential impact of a cyberattack or the inappropriate use of charily funds are in place and are regularly reviewed by thé Trustees. A risk manag6ment r8vlew Is carried oul bi-annually by the Trustees, Organlsatlonal Stru¢turo The Trustees rneet twice a year lo monitor and review the level of the Charitable Funds. Théy delegate Ihe day to day adminislralion of the Charity to the Bursar at Sl Mary s School Ascot and the Investment of funds lo a professional and regulated investment management company. In April 2021 CCLA Investment Management Lld were appointed 8S the Charitable Fund's investment managers, replacing Charles Stanley & Co. Limited. This change was rjriven by the Trustees, aim of achieving a more streamlined investment managernenl structure and process through an increased institutional approach, usin9 pooled funds and benefiting from reduced fees. A representative from the investment manager presents a review of investment portfolio performance lo the Trustees at each of their meetings. OBJECTIVES AND ACTIVITIES The objectives of the Charity are lo promote the charitable work carried on, promoted or supported by the Congregation of Jesus ICJ), being work lo promote and provide for the advancement of education and religion. (with preference to female children of the Roman Catholic faithl and lo help to develop St Mary's School Ascot wheresoever and whatsoever by such means as the Trustees in their discrelion think fil and in parti¢ular, subie¢t 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 maintenance and SUPPOrt of the school. The Trustees confirm that Ihey have paid due regard lo the Chafity Commission's statutory guidance on public benefit in deciding what activities the Charity should undertake. By providing funds lo St M8ry'$ S¢hool Ascot (Charity Number 2902861 for their means-tesled bursaries and scholarship awards, the Charity is assisting the School in ils Continuing efforts lo ensure thal access to the education offered is not restricted to only those who can afford the fees. The Board of Governors of the Sch¢)ol have developed an expanded means-lested bursary scheme, including admissions or access bursaries. The St Mary's School Ascot Charitable Fund awards to the School are in direct support of that scheme. Page 2 ST MARY'S SCHOOL ASCOT CHARrrABLE FUND TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW The financial slate of thè Fund is considered to be satisfactory despite the volatility in the stock market durin9 the year. The Trustees have continu6d lo assess the needs of the School and have provided funds for bursaries and scholarships. The charity had income of £281,78912023'. £302,664) and expenditure of £237.099 {2023.' £189,621) in the year. Donations of £160,442 12023.. £139,248) were received from the families of past and present pupils at St Mary's School Ascot. In the year to 31 August 2024 Sl Mary's School Ascot donated £nil 12023.. £50,000} lo the Fund. Included in èxpenditure are awards of £230.999 (2023: £181,739) made to St Mary's School Ascot lo fund bursaries and scholarships. R•ts•rv•s Pollcy In 1997, the Trustees exercised their powers under the Trust Deed and transferred Ihe accumulated balance of the Unrestricted General Fund at 31 August 1997 to an expendable Endowment fund in order to build a strong capital base from which the future requirements of the Charity could be funded. Th8 investment Income and interest income of the Charity are used to provide bursariés, scholarships and granls-in-aid for the benefit of present and future pupils of Si Mary's School Ascot and lo meet admlnlslrallon expenses- any surplus or deficil arising is transferred to or from the endowment. The Trustéès aim to continue increasing the Endowment. which currently stands at £4.5million. investing the funds to generate income. The purp058 of the Endowment is to provide funding for scholarships and bursaries and. subject thereto, meet major non-recurring expenditure related lo th8 maintenance and support of the School and lo increase the capital base in order to generat8 additional investment income and interest incom8. The Trustees monitor the level of the Endowment on a bi-annual basis and review the policy annually. Award Pollcy The policy is to make awards to Sl Mary's School Ascot based on an approximation of annual unrestricted income available to the Fund. These awards are monitored to 8nsure they ara used for purposes Consislenl with the objectives of the fund. Inv•stmont Powers. Pollcy and Porformance The Trustees have powèrs to invest and change investments freely and have powers to employ a professional investment manager al a reasonable remuneralion. The Trustees have placed no constraints on their inveslment manager in respect of the holding of investment. The investment manager has been 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 performance of the investment portfolio during the year but are mindful that the stock market remains volatile. PLANS FOR THE FUTURE To continue to manage the investment portfolio in order to maximise the amount available to make awards to St Mary's School Ascot. Page 3 ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financi81 statements in accordance with applicable law and United Kingdom Accountin9 Standards (United Kingdom Generally Accepted A¢counling Practice). The law applicable to ch8rilie$ in England & Wales requires the Truslees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. seleGt suitable acGountlng policles and then apply them consistently; obseNe th8 melhods and principles of the Charities SORP., make judgements and éstimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepar8 the financlal statement$ on the going concern basis unless it is inappropriate to presume that this basis applles. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure Ihal the financial statemenls comply with the Charities Act 2011. the Charity (Accounts and Reports} Regulations 2008 and the provisions of Ihe Trust Deed dated 2 November 1988 as amended by deeds dated 25 March 2013 and 23 June 2015. They are also responsible for safe9uarding the assets of the Charity and hence for laking reasonable steps for the prevention and detection of fraud and other irregularitles. By order of the Trustees: Mrs A Brooks Chair Date: /0 IOZF Page 4 Crowe Crowo V.K. LLP CharteredA¢count8nts Member of Crowe Global R+ BuildirrfJ 2 Blagrave Street Resdin9 Beth$hi￿ RG1 1AZ, UK Tel 444101118 959 7222 Fax +44101118 958 4640 www.crowe.co.uk INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Oplnlon We have audited the financial statements of Sl Mary's Sch¢)ol Ascot CharStable Fund for the year ended 31 August 2024 which comprise Ihe Statement of Financial Activili85, the Balance Sheet, and notes lo the financlal statements, including a summary of significant accounting policies. The financial reporting Iramework thal has b88n applied in their preparation is applicable law and United Kingdom Accounting Standards, includin9 Flnancial Reportlng Standard 102 The Financial R8POrting Standard applicable in the UK and Republic of Ireland Iunlted Kingdom Generally Accepted Accounting Practice). In our opinlon the financlal statem6nls: glve a true and fair view of the state of the charlty's affairs as al 31 August 2024 and of its Incomln9 resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Acc8pt8d Accounling Practice; and have been prepared in accordance wSth the requlrements of the Charltles Act 2011. 8••1s for oplnlon We ¢orKlucted our audit in accordance with Internallonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our respon5ibiliti8s und8r those standards are fvrther described In the Auditorfs responsibilitie$ for the audit of th& financial statements Section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olher ethical responslblllties In accordance with these requirements. We believ& that the audit evid&n¢e we have obtained is sufficient and appropriate to provide a ba515 for our opinion. Concluslons r•lollng to golng ¢on¢orn In audrting the financial statements, we have concluded thal the Trustee's use of the going concern basis of a¢￿unting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not idenlifi&d any material uncertainties relating to events or conditions that, individually or collectively, may cast signfficanl doubl on the ¢harity's ability to continue as a going concem for a peri¢)d of at least twelve months from when the financial statements are authorised for issue. Our responsibillties and the responsibilities of the Trustees with re$￿cl lo golng ¢on¢em are described in the relevant se¢lions of this report. CThT U.K. LLPkn4 h*edl￿￿bwPYmlIh￿ r•gbslWln ￿9￿1•r•&￿￿bVr￿e)07o¢3.Th￿•v1tW•OlfflC•ffj ot 55 LtrJwt• H￿1, Lmdon EC4M 7M.Alstolkne LLPI mErnbw4 15 91 rEg￿ered dl*. Al Ins¢b4¢ryy•tbtkfflérsln ts fvrnxre In UKby th• CT(wJ• V.K.LLP* a olcrm Gktyal v•r*n. f¥h M*m￿rI￿r OffA￿ Qknbalii aMpwal• kn9•l•ThMy. Cw•V.K Page 5 Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Oth•r Infomiatlon The Trustses are responslble for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other informalion and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, ¢onsider whether the oth&r Snfomation is materially inconsistent with the financial statements or our knowledge obtained In the audil or Othe￿1$e appears lo be materially misstated. If we identSfy such material inconsistencies or apparent material misstatements, wè are required to determine whether this gives rise lo a material misslalemenl In the financial statements themselves. If, bas6d on Ihe work we have performed, we conclude that Ih8r8 1$ a materi81 mlsstatemenl of this othèr infomatlon, we are required to report that fact. We have nothing to report in Ihls regard. Mattor8 on whl¢h wo aro r•qulrod to r?port by •xe•ptlon We have nothing lo report in respect of the following matters In relation to which the Charltl8s (Accounts and Reports) Regulations 2008 requires us to feport to you If, In our opinion.. the Informatlon glven In Ihe financial statements is inconsistènt In any malerlal respect with the trustees. report; or adequate and proper accounting records havè not been kept; or the financial statements are not In agreement with the accounting records and r8turns,' or we have not recèived all thè informalion and explanations we require for our audit. Ro•pon•lbllltl•8 of Tru8t•es As explained more fully in the TTusle8s' responslbllltSes statement set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees determine Is necessary lo enable the preparation of financial slalem8nts that are fr6e from malerial misslalement. whether due to fraud or error. In preparing the financlal slatemonls, the Trustees are responsible for assessing th8 charlty's ability to continue as a going concern. disclosing, as applicable, matters related lo going ¢on¢ern and using the going con¢ern basi$ of accounting unless the Trustees either Intend to liquidate the charity or to cease operations. or have no realisbc alternative but to do so. Page 6 A Crowe INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARITABLE FUND Audltofs re$ponslbllltlo$ for the audlt of Ihe Ilnonclal slatem•nts We have been appointed a$ auditor under se¢bon 151 of the Charitles Act 2011 and roport in accordance with the Act and relevant regulations made or having effert thoreund8r. Our obloctives are to obtaln reasonable assurance about whether the financial $tat8menls as a whole are free from material misstalement, whether due to fraud or error. and lo issue an auditOT'S report that includes our opinion. Reasonable assurance is a high lèvel of assurance. but is nol a guarantee that an audit conducted In accordancè with ISAS (UK) will always delect a material misstatement when it exists. Misslal8ments can arise from fraud or error and are Considered material if. individually or in the aggr8gal8. they could reasonably be 8xpectgd to influenc8 the economic decislons of users laken on Ihe basis of these financial statements. Details of the extent to which the audit was consid&r&d capable of detectlng Irregularities, including fraud and non-compliance with laws and regulations, are sel out below. A fvrther description of our responsibilities for the audlt of the financlal statements Is localed on the Financial Reporting Coun¢ll's webslle at: www.frc.org.ukjaudllorsresponslbllities. Thls description forms part of our audilor's report. Extent lo whlch the audlt was con8ldered capable of detectlng Irregularltles, Includlng fraud Irregulariti88, including fraud, are Instances of non-compllance wllh laws and regulations, We identified and assessed thé rlsks of material misstatement of the financial $talemenls from irregularities, whether due lo fraud or error, and dlscussed these between our 8udil team members. We then designed and perfom8d audit procedures responsive lo those risks, includlng obtsining audit evidence sufficient and appropriat8 to provld8 a basis for our oplnlon. We obtained an understanding of th8 legal and regulalory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and r&gulalions we considered in this context for the UK operations were the Charities Act 2011, together wlth the Charities SORP IFRS10212019. We assessed the required compliance with these laws and regulations as part of our audrt procedures on the related financial statements. In addition, we consid6r6d provisions of other laws and regulations that do not have a direct effect on tho financial slalements but compliance with which might be fundamental lo the charity's ability lo operate or to avoid a material penalty. We also considered the opportunilies and incentives that may exist within the Charity for fraud. The laws and regulations we considered In this context for the Charity were Charity Commission regulations. Auditing standards limit the required audit procedures to identfy non