ST MARY'S SCHOOLASCOT CHARITABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025 Charity no. 81)0450 r MARY'S SCHOOLASCOT CHARITABLE FUND REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025 CONTENT5 Page Trustees, Report Independent Auditors, Report Statement of Financial Activities Balance Sheet io Statement of Cash Flows li Notes to the Financial Statements 12-15 ST MARY'S SCHOOLASCOT CHARITABLE FUND TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2025 REFERENCE AND ADMINISTRATIVE INFORMATION The Trustee5 present their report for the year ended 31 Au8ust 2025. Trustees The Trustees of the Fund during the year under review and up to the date of signing of the Trustees, Report were as follows: Mrs A Brooks Ms C Mc8ride Mrs L Miles Mrs Mitchell Mr C Sillars Mrs M Wentworth-stanley Address St Marfs School Ascot St Mar¢s Road Ascot Berkshire SL5 9JF Audltors Crowe U.K. LLP R* Building 2 Blagrave Street Readin8 Berkshire RGI IAZ Bankers Lloyds TSB Bank PIC 10 High Street Bracknell Berkshire RG12 IBT Investment Managers CCLA Investment Management Ltd One Angel Lane London EC4R 3AB Page I ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 The Trustees present their Annual Reportfor the year ended 31 Au8USt 2025 undèr thè Charities Act 2011 ènd the Statement of Recornmended Practice"Accounting and Reporting by Charities" SORP2015 IFRS 1021. together with the audited financial statements forthe year. The charity was constituted by a declaration of trust on 2 November 1988 by St Mary's School Charitable Trust IAsCOtI Limited a5 amended by deeds dated 25 March 2013 and 23 June 2016. sTRU￿URE. GOVERNANCE AND MANAGEMENT RecrultmenL Inductlon and Tralnlng of Tfusteès The Deed of Amendment executed on 25 March 2013 states that the number of Trustees shall not exceed ten and each Trustee will serve for a period of five years. A Trustee may be re-apptsinted for a second term of five years if Trustees think fit. Only in exceptional circumstances will the Trustee5 be able to re-aPPDint an individual for a third tèrm. Any Trustee can recommend a new Trustee to be appginted to the Board of Trustees at any time. However the appointment will not be ratified unless it has been unanimously ègffted by the other Trustees at a meeting of the Trustees. All new Trustees are provided with information on the Charitable Fund as part of an induction process. All new Tru5tee5 are provided with information on the responsibility of being a Trustee and. from tlme to time, are sent details of courses and seminar5 which may be relevant to their responsibilities. Managèmènt of Risks 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 eamed which 15 the main source of funds for the 8ift to the school. Controls induding the regular review of investment advisorfs activity. thorou8h consideration of the ifivestment risk profile and perforrnance. Policies to mitigate other risks including those 8overnin8 the risk of fraud, the potential impact of a cyberattack or the inappropriate use of charity funds are in place and are ￿gUlarlY reviewed by the Trustees. A risk management review is carried out bi-annually by the Trustees. Organlsatlonal Structure The Trustees meet twice a year to monitor and revlew the level of the Charitable Funds. They delegate the day to day administration of the Charity to the Bursar at St Marfs School Ascot who is the Clerk to the Trustees and the investment of funds to a professional and regulated investment management company. In April 2021 CCLA Investrnent Management Ltd were appointed as the Charitable Fund's investment managers. replacing Charles Stanley & Co. Limited. This change was driven by the Tru5tee5' aim of achieving a more streamlined investrnent rnana&ement Structu￿ and process through an increased institutional approach, using pooled funds and benefiting from reduced fees, A representative from the investment manager p￿sentS a review of investment portfolio performance to theTrustees at each of their meeting5. 08JECTIVESAND ACTIVITIES The objettives of the Charity 3re to promote the charitable work carried on, prurnoted or supported by the Congregation of Jesus ICJI, tseing work to promote and provide for the advancement of education and religion, Iwith preference to female children ol the Roman Catholic faithl and to help to develop St Mary's School Ascot wheresoever and whatsoever by such rneans as the Trustees in their dIsC￿tion think fit and in particular. subject to certain conditions, in the provision of bursaries, scholarships and grant-in-aid for the benefit of present and future puplls of the said school and for the maintenance and support of the school. TheTrustees conf5mi that they have paid due regard to the Charity Commlssion's statutory guidance on public benefit in decidin8 what attivities the Charity should undertake. By providing funds to St Mary's School Ascot (Charity Number 2902861 for their means- tested bursaries and scholarship awards. the Charity is assisting the khool in its continuin8 efforts to ensure that access to the education offered is not restricted to only those who can afford the fees. The Board of Governors of the School have developed an expanded means-tested bursary scheme, Sncluding adrni5sitsns or atcess bursaries. The 5t Mary's School Ascot Charitable Fund awards to the School are in diTect 5UPPOrt of that scheme. Page 2 ST MARY'S SCHOOL ASCOT CHARITABLE FUND TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 FINANCIAL REVIEW The financial State of the Fund is consldered to be satisfactory despite the volatllity in the stock market durin8 the year. TheTru5tee5 have continued to as5e$5 the needs of the School and have provided funds for bursaries and scholarships. The charity had income of £867,02612024.. £281,789) and expenditure of £221,33812024.. £237,099) in the year. Donations of £732.16812024.. £160.4431 were received from the families of past and present pupils at St Mary's School A5COt and supporters of thè Schtsol. In the yearto 31 August 2025 St Mar¢s School Ascot donated £nil12024'. £nill to the Fund. Included in expenditure are award5 of £220,00012024.. £230.9991 made to St Marf5 khool ￿COt to fund bursaries and scholarships. Reser¥es Poll In 1997. the Trustees exèrcised their powers under the Trust Deed and transferred the accumulated balan￿ of the Unrestrirted General Fund at 31 August 1997 to an expendable endowment fund in order to build a strong capttsl base from which the future requirements of the Charity could be funded. The investment income and interest income of the Charity are used to provide bursaries, scholarships and grants-in-aid for the benefit of present and future pupils of St Mary's School Ascot and to meet administration expenses,. any surplus or deficit arisin8 15 transferred to or from the endowment. The Trustee5 aim to continue increasin8 the EndDwment, which currently stands at £5.Ornillion12024.. £4.5millionl, investing the lund5 to generate inctsme. The purpose of the Endowment is to provide funding for scholarships and bursaries and, subject thereto, meet major non-recurrin8 expenditure related to the maintenance and support of the School and to increase the capital base in order to generate additional investment income and interest incorne. The Trustees rnonitor the level of the Endowment on a bi-annual basis and review the poliry annually. Award Pollcy The policy is to make awards to St Mary's School Ascot based on an approxirnation of annual unrestritted income available to the Fund. These awards ère monitored to ensure they are used for purposes consistent with the objectives of the fund. Investment Powers. Pollcy and Performance The Tru5tee5 have powers to invest and change investments freely and have powers to employ a professional investment manager at a reasonable remuneration. The Trustees have placed no constraints on their investment manager in ￿sPeCt of the holding of investrnent. The investrnent rnanager has been asked by the Trustees to refer to the Chairman should there be any concern about anv particular potential shareholding. The Trustees are concerned with the relative perfgrrnance of the portfolio during thè year but are mindful that the stock market remains volatile. PiAN5 FOR THE FUTURE To continue to manage the investment portfolio in orderto mzximise the amount available to rnake awards to St Mary's School Ascot. Page 3 ST MARY'S SCHOOL ASCOT CHARtfABLE FUND TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparin8 the Trustees. Report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel. The law applicable to charitles in England & Wale5 requires the Trustee5 to prepare financial Statements for each financial yearwhich give a true and fair view of the stste of affalrs of the ChaNty and of the incoming resources and application ef ￿sOurceS of the Charity for that period. In preparin8 these financial statements. the Trustees are required to.. select Sultable accounting policie5 and then apply them conslstently,. observe the methods and principles of the Charitie5 SORP.. make judgements and estimates that are reasonable and prudent- state whether applicable accounting Standards have been followed, subjert to any material departures disclosed and explalned In the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that this basis applies. The Trustees are responsible for keepin8 prDper accounting recgrds that di5£1ose with reasonable accuracy at any time the financial position Df the Charity and enable them to ensure that the financlal statements comply with the Charitie5 Art 2011. the Charitv (Accounts and Report51 Regulations 2008 and the provisions of the Trust Deed dated 2 November 1988 as amended by deeds dated 25 March 2013 and 23 June 2016. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable Step5 for thÈ prevention and detection of fraud and other irregularities. By order of thè TrusteÈs Mrs A Brooks Chair 9 December 2025 Page4 A Crowe Crowe U.K. LLP Chartered Accountonts Member of Crow2 Global R+ BuiliJin8 2 Blagrave Street Reading Berkshire RGI IAZ, UK Tel +44101118 959 7222 Fax +44101118 958 4640 WWW.CTowe.co.uk INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF ST MARY'S SCHOOL ASCOT CHARrrABLE FUND Oplnlo We have audited the f1nancial statements of St Marvs School Ascot Charit8ble Fund for the year ended 31 Au8USt 2025 which comprise the Statement of Financial Activities. the Balance Sheet. Cash Flow and notes to the financial statements, including a Summary of significant accountin8 policies. The linancial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Aicounting Standard5, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kin8dom Generally Accepted Accounrin8 Practlcel. In our opiTrion the financial staternent5'. give a true and fair view of the state of ihe chariWs affairs as at 31 August 2025 and of Its Incomin8 resources and application of resources, lor the year then ended: have been properly prepared in ad 77,031 38.854 Reconclllatlon of Income to net cash flow from operaling aclivities: Net movement in funds Adjustmentfor: Investment income Interest received Revaluation of fixed asset investrnents Increase/lDecreasel in treditors Net osh from operatin8 activities 447.954 374.452 1129,5881 1121.3281 15,2701 1181 197,734 1329.7621 12.2491 2.950 508,581 173.706 The accompanyin8 notes on pages 12- 15 form part of these flnanclal statements. Page 11 ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Basis of accountlng The financial statement5 have been prepared in accordance with the FSnancial Reporrlng Standard applicable in the UK and Republic of Ireland IFRS1021, and the Statement of Recornmended Prartice applicable to charities preparing their accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021- effective l January 2019. The tharity Is a Public Beneftt Entrfcy registered as a charity in En8land and Wales. They are drawn up on the historical c05t convention as modified by the revaluation of investments. b Goins Con￿rn The Trustees have an expettation that the charity has adequate resources to continue Its actlvlties for the fo￿Seeable future and con5iderthat there were no material uncertainties over the charitls financial viability- Accordin8ly. they continue to adopt the soin8 concern basis i preparin& the financial statements a5 Outlined in the Statement of Tru5tees' Responsibllities on page 4. c Critical accountln8 ludgements and key Sour￿ of •stimation unrertainty In the application of the accDunting policies. Trustee5 are required to make judgement, e5tirnates and assumptions about the carrying value of assets and liabilities that are not readily appa￿Trt from other source5. The estimates and underlwng assumptions are based on historical experience and other factors that are consideied to be relevant. Artual results mav differ from ihese estimates. There are no critical accounting judgements or key sources of estlmatlon uncertalnty used In preparing these accounts. d Awards Awards are accounted for a5 and when entitlemeTrt arises. the amount can be reliablv quantified and the etonomlc benefrt to the charity 15 considered probable. e Investment Income Investment incorne and interest 15 credited on a receivable basis. Bank interest is credited when received. l Awards of Bursarles and Scholarships Grants are accounted for when they becorne payable. Page 12 ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Icontinuedl Expenditure Charltable activities intlude scholarships and bursarSes. Support costs are those cost incurred in the charity's compliance with statutory and coTrstitutioThal requirements. h Inveslrnents Quoted inve5trnents are valued at their closing middle market price on the balance sheet date. Increases and decrease5 in market value are reflected in the Statement of Financial Activities. l Flnanclal Instruments Basic financial instruments are initially recognised at transaction value and subsequenily measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at arnortised cost comprise cash at bank and ifi hand. Cash at bank and in hand is defined as all cash held in instant acce55 bank accounts and used as working capltal. Financial liabilities held at amorrised cost comprise all creditor5. Credltors and provisions Creditors and provision are reco8nised where the charity has a present obligation resultinKfrDm a pasi event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and prowsion5 are normally recogni5ed at their Settlement amount after allowing for any trade discounts due. k Funds Endowrnent Fund The trust deed etnpowers the Trustees to treat part of the funds as endowment. The Tru5tees' objective in treating these funds as capital funds is to build up a strong capital base from which the future requirements of the Charity can be funded. UnrestTlCtedlGeneral Fund Thi5 represents the income fund5 of the charity. The balance of the general fund at the year end is transferred to orfrom endowment funds. Page 13 ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE Accoufrirs YEAR ENDED 31 AUGUST 2025 STAFF COSTS ANDTRUSTEES, REMUNERAnON The charity did not have any employees in the year12024.. Nill. The trustees provide their services on an honorary basis. No Trustee received any remuneration and there were no reimbursements of expenses durtng the yearl2022: Nill. SUPPORT COSTS 2025 2024 Professional fee5 Governance costs 1,308 1308 6,070 6.070 Bank charge5 30 30 1.338 6.100 FIXED A55Ef INVWMETrif5 2025 2024 Unlt Trust Market Value at I September New fund5 Invested Net Ilossesllgains on revaI￿atIon Market Value at 31 August 4.358.$40 3,933,778 550,000 95.0 1197.7341 329,762 4.710.806 4,358,540 Cost of investrnents at 31 August 4.705,058 4,155,058 Deposlt fund Value at I September New funds invested Value at 31 August 125.0(M) 55,262 180,262 125,0(K) 125.000 Total Fixed A55et Investments 4.891￿68 4,483.540 The investment portfollo Is made up as follows.. Charity Authofi5ed Investment Fund Charity Authorised Deposit Fund 4.710,806 4.358,540 180,262 125,OQO 4.891,068 4,483,540 FUNDS The transfer of £645,68812024 £44,960) between the endowrnent fund and the unrestritted general fund rep￿entS the transfer to the expendable endowment of the surplus on the general fund in accordance with the accounting policy stated in note Ik. CREDITORS: Amounts falling due wlthln one year Accruals 6.501 8.750 Page 14 ST MARY'S SCHOOL ASCOT CHARITABLE FUND NOTES TO THE AccouKrs YEAR ENDED 31 AUGUST 2025 SCHOLARSHIPS AND BURSARIES Funding for the Scholarships and Bursaries wa5 paid to St Mary's School Aseot for the benefit of pupils attending the Sch￿1. RELATED PARTIES There were no disclosable ￿lated party transactions during the current or p￿e￿Ing year. PRIIJR YEAR COMPARATIVES BY FUND Unrestrirted Generul Fund Expenduble Endowment Fut7d Total 2024 INCOMEFROM.. Awords St Mary's SchoolAscot Parents undsupporters of St Mary'5 School Ascot Investments 16Q,443 160,443 121.346 121.346 rott71 itKome 281789 281,789 EXPENDinJRE ON.. Chorituble uctivities.. Scholorship5 ond 8ursorAe5 5upportcosts 230,999 6.100 230,999 6,100 Toml expendlture 237,099 237.099 Net income/llossJ before investrnert guins 44.6 44.690 Net gains/flossesJ on inve5tfftents 329.762 329.762 Net irKoffte/{10551 Tronsfrr betweenfvnds NETMOVEMENfiN FUNDS FUNDS BROUGHTFORWARD FUND5 CARRIED FORWARD 44,690 (44.S90) 329.762 44,690 374,452 4,139.192 4,513,644 374,452 374,452 4.139,192 4,513.644 Page 15