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2025-08-31-accounts

RYDAL PENRHOS LIMITED AND SUBSIDIARIES REPORT AND ACCOUNTS

FOR THE YEAR ENDED

31 AUGUST 2025

COMPANY REGISTRATION NUMBER: 3294434 CHARITY NUMBER: 1063489

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

CONTENTS Page
Company information 1
Trustees’ report 2 – 14
Independent auditor’s report 15 – 17
Consolidated statement of financial activities 18
Consolidated and company balance sheets 19
Consolidated cash flow statement 20
Notes to the accounts 21 – 37

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2025

Incorporation 19 December 1996 Company registration number 3294434 Charity number 1063489 Trustees Mrs D McKinnel (Chair) Mr JP Burgess (Resigned 23/04/2024) Mr M Gilman L A Mr B Park R A (Resigned 31/07/2024) Mr J C Salisbury R A Mrs BAM Watson L A T Mrs D Keogh L Mr N Jewsbury L The Revd A Charlesworth (Appointed 01/09/2023) Mrs J E Fenn (Resigned 31/01/2025)

Key of Committee Membership • Learning & Personnel - L • Resources - R • Audit & Risk - A • Trusts – T

The Trustees of the Rosa Hovey Scholarship Trust consist of a committee of the Head and three Trustees. Head/Principal T Hutchinson Key Management Personnel T Hutchinson-Principal A Thomas-Assistant Principal R Williams-Assistant Principal R Beamish-Chaplain L Spencer-Finance Manager

Registered Office Old House, Pwllycrochan Avenue Colwyn Bay, Wales, LL29 7BT Bankers National Westminster Bank plc. Union Street, Chester, CH1 1UA Solicitors Pothecary Witham Weld 70 St Georges Square, London, SW1V 3RD Auditors Xeinadin Audit Limited First Floor, The Foundation Herons Way Chester Business Park Chester CH4 9GB

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

COMPANY INFORMATION AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees (who are also the directors for the purposes of company law) submit their report and the accounts for the year ended 31 August 2025.

Structure, governance and management Constitution

The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up while he or she is a member, or within one year of ceasing to be a member, for debts and liabilities of the company contracted before he or she ceased to be a member, such amount as may be required not exceeding £10.

The governance and objects of the School are as laid down in the Articles of Association and Memorandum of Association which incorporates the provisions of the Methodist Secondary Education Trust Deed 1903, as subsequently amended.

Trustee body

A list of Trustees of the charity who served during the year and since the year end at 31 August 2025 is shown on the company information page.

Trustees are appointed for a term of five years and may stand for re-election. Conference nominated Trustees are appointed for three years. The Trustee body meets a minimum of four times a year and delegates responsibility to sub-committees as necessary.

The Board seeks to have a broad range of business, professional and educational skills; Trustees receive induction training and are encouraged to participate in regular training in their areas of particular interest.

Organisational Management

The Trustees determine the general policy and strategy of the School; the implementation of strategy and the management of the School is delegated to the Head and the Bursar, supported by Senior Leadership Team who together form the key management personnel.

Remuneration amounts are set by the Board and reviewed annually including reference to comparisons with other independent schools. The policy objective is ensuring appropriate incentives to encourage enhanced performance and, in a fair and responsible manner, rewarding for individual contributions to the School’s success. The Board appoints the Principal, the Head of Finance and the Chaplain.

Related Entities

Details of related entities are incorporated within the related party transactions note to the accounts.

VALUES, AIMS AND OBJECTIVES

Rydal Penrhos seeks to benefit the public through the pursuit of its stated aims ‘to advance education and learning’. The Trustees have given due consideration to the Charity Commission’s general guidance on public benefit. The school welcomes pupils from all backgrounds; to admit a prospective pupil the school must be satisfied that the school will be able to educate and develop that pupil to the optimum of his or her potential and in line with the general standards achieved by their peers. The Methodist foundation of the school is important to its identity and the way it promotes pupils’ attitudes and responsibilities to each other and society at large.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Our Aims and Objectives

Our key objectives for the year were:

STRATEGIC REPORT

Review of Operational Performance of the School

Academic

Rydal Penrhos provides excellent academic teaching and support (improving the long-term life prospects of local children and young people) through its stated aim ‘to advance education and learning’. This aim complies with section 3(1)(b) of the Charities Act 2006, and in serving the public qualifies as a charitable purpose as specified in section 2(1).

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Academic (continued)

Estyn most recently inspected Rydal Penrhos in December 2024. They described Rydal Penrhos School as offering a “collaborative environment with a shared focus on continuous improvement,” praising the school’s commitment to professional development and high educational standards.

The report highlighted the school’s “strong sense of community,” where pupils benefit from “positive and trusting relationships with staff,” creating a setting that fosters both well-being and academic success. Inspectors also commended the “calm, purposeful learning environments,” where pupils engage “with enthusiasm and commitment.”

Additionally, Estyn recognised that “pupils feel their voices are heard and valued,” a testament to the school’s emphasis on pupil engagement and leadership. The inspectors noted that the school’s approach ensures that every child has the opportunity to contribute, reinforcing an ethos where “effort is valued ahead of achievement.”

Estyn confirmed that the school meets all of the Independent School Standards (Wales) Regulations 2004. Rydal Penrhos is committed to ensuring every pupil fulfils their academic potential, secures the very best examination outcomes possible, and moves confidently towards success in higher education and the professional world — equipped to make a positive impact on the organisations, communities and individuals they encounter.

Across the academic year, expert teaching from experienced staff, delivered within first-class learning environments, sustained the school’s proud record of academic distinction and produced excellent results at every stage. Pupils at Rydal Penrhos consistently exceed expectations and set high standards for themselves and for others.

Exam Results

Once again in 2025, Rydal Penrhos celebrated outstanding results at both GCSE and A-Level.

At GCSE, 18% of Rydal Penrhos results were the highest possible grade of A (9 to 8).8% of pupils secured A to A (9 to 7) grades, while 97% of Rydal Penrhos entries achieved A* to C (9 to 4) grades.

At A-Level, 20% of grades at Rydal Penrhos were the highest possible A grade – double the Welsh average – while 45% of grades were A to A, and 83% of grades were A to C. Among the highest achievers was the Deputy Head Boy and Hockey Captain, who had attended Rydal Penrhos since Pre-School. The multitalented pupil achieved a remarkable four A grades, including the rare distinction of full UMS in Further Mathematics – meaning he dropped no marks whatsoever in one of the most challenging A-Levels available.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Preparation for Life After School; University Destinations

Rydal Penrhos gives high priority to preparing pupils for university and for the wider world beyond school. A specialist UCAS and Careers adviser works closely with pupils, offering tailored guidance on university applications, competitive courses and long-term career planning.

Each summer, pupils attend the UCAS Conference in Liverpool, where they engage directly with university representatives and explore a broad range of higher education opportunities.

In summer 2025, leavers progressed to an impressive range of respected UK institutions, including prominent Russell Group universities. Destinations included Durham University, Imperial College London, the University of Liverpool and the University of Exeter. Pupils also secured highly regarded degree apprenticeships, with one Year 13 pupil earning a place with Rolls-Royce to begin a career in engineering

For those choosing alternative routes — whether a gap year, employment or an apprenticeship — the school provides significant support to ensure every pupil moves forward with clarity, confidence and purpose.

Relocation of Prep and Pre-School for One School Model

The commencement of the 2024–25 academic year marked the full realisation of the trustees’ strategic ambition to bring the entire school community together on a single site. With Pre-School and Prep pupils joining their Senior School peers in the newly configured facilities, Rydal Penrhos began its first full year operating as one unified campus from ages 2 to 18.

The transition has proved a tremendous success. The move has embedded a stronger sense of shared identity across all phases, with younger pupils benefitting daily from access to specialist teaching spaces and facilities, and older pupils embracing enhanced opportunities for leadership and mentoring within a cohesive school environment. Operationally, the consolidation has improved efficiency, strengthened communication between departments and streamlined pastoral support.

Feedback from parents, pupils and staff has been very positive. Families have commented on the enhanced continuity of education and the vibrant, inclusive atmosphere created by the single-site model. Staff collaboration across phases has increased, reinforcing academic standards and enriching sporting and extracurricular provision.

The trustees wish to record their sincere thanks to all those who contributed to the successful first year of single siting, including pupils, parents, carers, teachers, staff and the wider school community.

Development of New Astro Turf

Rydal Penrhos has delivered a major enhancement to its sporting infrastructure with the construction of a new, state-of-the-art Astro Turf pitch, developed in partnership with Sport Wales and Hoci Cymru. Supported by approximately £250,000 of Sport Wales pitch collaboration funding, this all-weather surface replaces the previous facility and reflects the school’s commitment to providing excellent sporting opportunities for pupils and the wider community.

The design and delivery of the pitch were guided by a dual purpose: to support the school’s strong sporting programme and to create an inclusive community asset that broadens access to high-quality facilities. Local clubs, regional teams and grassroots organisations are able to use the surface for training and competition,

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Development of New Astro Turf (continued)

significantly expanding opportunities for participation in hockey and other sports across Conwy and North Wales.

Alongside serving Rydal Penrhos pupils in physical education and competitive fixtures, the facility is already being used by neighbouring schools for festivals and outreach activities, helping to introduce sport to children of all abilities and fostering stronger relationships with local partners.

This development aligns with the school’s strategic priorities around health and wellbeing, community engagement and partnership working, and lays a foundation for future collaborative programmes that will benefit both the school and the wider region.

Extracurricular

Rydal Penrhos is committed to delivering a genuinely holistic education, ensuring pupils have abundant opportunities to pursue their interests and cultivate talents beyond the classroom. Each afternoon from 15:30 to 16:30, pupils from Reception upwards select from an extensive extracurricular programme comprising more than 100 clubs and societies.

Intellectual ambition is actively nurtured beyond timetabled lessons. A range of academically enriching clinics and societies — from Music to Economics — enable pupils to deepen their understanding, challenge themselves further and explore subjects in greater depth.

Creative and physical pursuits form a central part of school life. Music, drama and sport are embraced across all ages and abilities, promoting confidence, collaboration and resilience. Situated on the North Wales coast, the school is uniquely placed to offer sailing, mountaineering and a wide array of outdoor and team sports, allowing pupils to benefit fully from the natural environment that surrounds them.

The Duke of Edinburgh Award

Rydal Penrhos is a Licensed Centre for the highly regarded Duke of Edinburgh (DofE) Award scheme, offering all three levels of this prestigious programme. The DofE Award allows pupils to develop vital life skills, including leadership, teamwork, resilience, and self-reliance, through a series of challenging and rewarding experiences. Guided by the school’s dedicated DofE coordinator, dozens of Rydal Penrhos pupils achieved Bronze, Silver, or Gold Awards in the 2024/25 academic year.

Combined Cadet Force

The Combined Cadet Force (CCF), sponsored by the Ministry of Defence, aims to "provide a disciplined organisation in a school so that pupils may develop powers of leadership by means of training to promote the qualities of responsibility, self-reliance, resourcefulness, endurance, and perseverance." Open to all pupils from Year 8, the CCF operates from a dedicated base on the school grounds. In the year, a Sixth Form pupil was selected to serve as the Lord Lieutenant’s Cadet for Clwyd for 2025-26; the first in the school’s history to earn this prestigious post.

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Sports and Outdoor Education

Rydal Penrhos appreciates the powerful role sport plays in uniting communities and advancing health and wellbeing. With a longstanding and distinguished sporting heritage, the school continues to invest in first-class facilities that nurture and inspire its developing athletes. Throughout the year, a wide range of competitive fixtures and tournaments took place on campus, culminating in the annual Colours Awards, which celebrate the dedication and individual accomplishments of Rydal Penrhos pupils.

Individual pupils achieved distinction at regional, national and international level across a range of disciplines, reflecting the school’s culture of achievement and sports.

A Year 11 pupil was selected for the Wales Under 18 squad after a demanding year-long trial process, one of only two players from North Wales to secure a place. She marked her debut against Canada at the National Sports Centre in Cardiff with a Player of the Match performance, scoring twice in a memorable introduction to international competition.

A talented Year 11 karateka secured Gold in the 14–15 Male Cadets category at the EKF International Open in London, following a Silver medal at the BKF competition in Sheffield the previous week. In swimming, a Year 9 pupil delivered exceptional results at the Winter North Regionals in Llandudno, achieving personal best times in all eight events entered and earning five Gold medals, one Silver and one Bronze.

Rugby is among the most important sports in the school’s history and in the Year the First Team Captain and Head Boy were selected to represent the Welsh Independent Schools XV; a team comprised of the brightest rugby talents from across the independent school sector in Wales.

Creative Arts

Rydal Penrhos is committed to providing its pupils with extensive opportunities to explore the creative arts, including Drama, Music, and Art, both within the curriculum and through extracurricular activities. These experiences encourage self-expression and creativity, helping to develop confident, well-rounded individuals ready to make meaningful contributions to society and their future careers.

A highlight of the year was the whole-school production of Oliver! , which brought together Prep pupils in Year 5 and 6 through with their Senior School counterparts. This was an initiative made possible by the single siting of the school. Younger pupils performed alongside older peers, supported by pupil musicians, backstage crews and staff across departments.

The school has a strong musical tradition that spans a wide range of instruments, styles, and generations. Alongside a dynamic curriculum-based music programme, pupils took part in several public performances during late spring and early summer, with the highlight being the annual Spring Concert.

In November, Rydal Penrhos’ school choirs, Community Choir, and Community Wind Band performed a special concert in support of Children in Need. The collaboration between school and community ensembles enhances pupils’ musical development and fosters a spirit of shared learning.

The school’s community music groups continued to flourish, providing a platform for passionate local musicians—including pupils, alumni, parents, and supporters—to develop their talents while making use of school facilities for rehearsals.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Creative Arts (continued)

Rydal Penrhos also offers peripatetic Speech and Drama lessons, catering to pupils in Years 7 to 13 in individual, paired, or small group sessions. These lessons help refine communication and acting skills while building confidence, creativity, and teamwork. The school consistently performs exceptionally well at the Chester Competitive Festival of Performing Arts, achieving thirteen top-three placements in the past year.

Art holds a significant place within Rydal Penrhos, with pupil artwork displayed throughout the school. The school is proud to nurture many talented young artists, with current pupils demonstrating strong potential for future success. Both Prep and Senior pupils benefit from access to well-equipped Art Studios, allowing them to experiment with different artistic techniques under the guidance of experienced teachers.

School Trips

The school recognises that a top-quality education extends beyond outstanding classroom teaching. Therefore, a comprehensive programme of school trips is offered to enhance academic learning, reinforce key concepts, and provide pupils with valuable opportunities to explore new environments.

The Trustees are pleased to report that, in the year, numerous curriculum school trips took place, from visits to local educational attractions, to a Year 6 residential week at the Arete Centre in Llanrug, where pupils took part in surfing, coasteering, a night assault course, orienteering, kayaking, and other such teambuilding activities.

The principal international visits of the year were to Sestriere, Spain and Peru.

Prep and Senior pupils travelled to Sestriere, the site of the 2006 Winter Olympics, for a residential skiing trip. Over 70 pupils from Year 4 to Year 13 took part, developing their skiing skills and reinforcing ties of community on world-class snowsport slopes.

During a trip to Spain, Senior pupils explored the historic and cultural landscapes of Madrid and Toledo. From the winding medieval streets of Toledo to the grand boulevards and striking architecture of Spain’s capital, pupils encountered landmarks shaped by centuries of artistic, political and cultural influence. Guided exploration of historic quarters, civic spaces and significant architectural sites brought classroom study vividly to life, deepening understanding through first-hand experience.

A particular highlight of the visit was an immersive Spanish cookery workshop. Working alongside experienced local chefs, pupils prepared traditional regional dishes while learning about the heritage, customs and stories that inform Spanish cuisine. This hands-on experience fostered collaboration, creativity and cultural awareness, providing meaningful engagement beyond sightseeing alone.

In the summer, a cohort of Senior pupils travelled to Peru for a global citizenship trip in partnership with Edukid. During the visit, pupils spent time in the local school and undertook home visits to villages in the surrounding jungle region, gaining a profound understanding of the challenges faced by children who often travel long distances to access education and may lack suitable accommodation near school.

The trip was not a standalone experience; rather, it formed part of a sustained whole-school commitment to raising awareness of global development, with links across the curriculum including Spanish and Geography, and strong connections to The Duke of Edinburgh’s Award.

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FOR THE YEAR ENDED 31 AUGUST 2025

Admissions

Rydal Penrhos aims to educate as many pupils as it can without sacrificing the standard of its provision. The school recognises that, by educating more children and young people, it increases the scale of the public good generated by its work.

Throughout the year, the school hosted several admissions events for prospective pupils and their families. This included: an expanded Open Day in September, featuring a range of activities for children and young people; several Open Mornings throughout the year; a brand new Sixth Form Discovery Day; and over 100 private tours and taster sessions.

Fees, Fully Funded Places, Scholarship Premiums and Bursaries

Rydal Penrhos upholds a fair and transparent fee structure, with clear eligibility criteria for financial support schemes, including Fully Funded Places, Scholarship Premiums, and Bursary Schemes, readily available to prospective parents.

The school strives to set fees at the lowest level necessary to maintain its high-quality education, ensuring accessibility for more pupils and reinforcing its charitable mission. This commitment is reflected in a consistent real-term reduction in fees (adjusted for CPI) between 2018/19 and 2023/24, achieved through efficiency and cost-saving measures without compromising educational standards.

To enhance affordability and minimise additional costs, the school incorporates key expenses within its standard fees, including school meals and all GCSE and A-Level examination entry fees - saving families approximately £500 in Year 11, £200 in Year 12, and £350 in Year 13.

By each year offering two Fully Funded Places in Year 7 and Year 12 to new pupils joining from the North Wales area, Rydal Penrhos serves the public interest, supporting local, disadvantaged people who can achieve great things and contribute to society at large.

Alumni

Rydal Penrhos is delighted to maintain a rich and active relationship with its alumni, several of whom are parents and/or members of staff. The school's alumni association, the Rydal Penrhos Society, brings together former pupils of Penrhos College, Rydal School, and Rydal Penrhos School.

The Society has over 2500 active members, with whom the school is in regular contact, sharing newsletters, alumni-related news stories and other forms of communications.

Former pupils participate in a wide-range of Society Sports, including hockey, cricket, netball, rugby and golf. Each year a number of named trophies are contested, including the prestigious Marsden Trophy, a golf competition first established in 1932.

Staff

Rydal Penrhos staff are uncompromising in their pursuit of professional excellence. Ongoing training, purposeful performance development and carefully planned inset days ensure that teaching is continually sharpened, grounded in research and responsive to the needs of our pupils. This culture of reflection and refinement underpins the consistently strong outcomes achieved across the school.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES TRUSTEES’ REPORT

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Staff (continued)

That ethos is exemplified by a teacher of Humanities who secured Bronze in the ‘Inspiration of the Year’ category at the Welsh Veterans Awards. His leadership in transforming revision culture embedding researchled study strategies and promoting disciplined, resilient habits has had a tangible impact on pupil performance, contributing to GCSE results that place the school’s top grades at more than four times the national average.

Commercial Activities

Income generated through Rydal Penrhos’ commercial operations contributes half of the funding required for the school’s Fully Funded Places programme, which provides two fully funded places each year in Year 7 and Year 12 for local children from financially disadvantaged backgrounds.

Over the past year, the commercial programme has continued to expand, increasing opportunities for the wider community to access and benefit from the school’s facilities and resources. In a typical week, more than 2,500 local children, young people and adults use the campus through partnerships with community organisations, small enterprises and charitable groups. In support of vulnerable young people in the region, the school makes its facilities available free of charge to the local Young Carers group for their fortnightly meetings.

Rydal Penrhos has also strengthened its profile within the North Wales wedding sector. At the beginning of 2025, the school hosted its own dedicated wedding fayre for the first time, alongside exhibiting at a range of regional wedding events and industry showcases.

A major addition to the school’s commercial activity during the year was the launch of the Rydal Penrhos Swim Academy. The Academy became Conwy’s first Swim Wales accredited Learn to Swim provider, delivering nationally recognised standards of coaching, safeguarding and progression.

The programme meets growing local demand for high-quality swimming tuition, with structured pathways from water confidence to advanced development, delivered in small groups. Strong enrolment in its inaugural year reflects both community appetite and the school’s ability to leverage its facilities to serve families across the region.

Service Families

The Trustees value the longstanding tradition of welcoming service families into the Rydal Penrhos community. We recognise the distinctive experiences and pressures that can accompany military life and are proactive in ensuring that children from service backgrounds are understood, supported and able to thrive.

The school is proud to hold Silver status through the Armed Forces Friendly Schools Cymru initiative and the Gold Award within the Armed Forces Covenant Employer Recognition Scheme—clear acknowledgements of our sustained commitment in this area. By signing the Armed Forces Covenant and working closely with SSCE Cymru, we strengthen the support available to pupils, parents and staff, ensuring that effective strategies and resources are in place.

Mindful of the effects of mobility, deployment and transition, our approach is underpinned by the principles of the UN Convention on the Rights of the Child. We understand that at different points in their education, service children may require additional academic, pastoral or wellbeing support. Provision is therefore both anticipatory and responsive, combining tailored pastoral guidance, focused academic oversight and access to wellbeing initiatives.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Service Families (continued)

Central to this is pupil voice. Through structures such as the School Council, Peer Mentoring, the PSHE programme, the TootToot platform and wider health and wellbeing initiatives, service pupils are given meaningful opportunities to be heard, to share their experiences and to access timely support.

Environmental, Charity and Community Service

At Rydal Penrhos, respect for the natural environment, service to others and the determination to contribute positively to society are woven into daily school life. Located between the North Wales coastline and Eryri (Snowdonia) National Park, the school is acutely aware of both the privilege and responsibility that come with such a setting. Protecting the environment and strengthening the communities we serve — locally, nationally and internationally — form an important part of our educational mission.

Sustainability is not treated as an abstract concept, but as a lived commitment. Pupils are actively involved in initiatives designed to reduce the school’s environmental impact, encourage responsible consumption and promote long-term stewardship. These experiences foster practical understanding alongside values of care and accountability.

During the 2024–25 academic year, Rydal Penrhos was proud to support Gafael Llaw, a North Wales-based charity dedicated to improving facilities and care for children and young people from Gwynedd and Anglesey who are affected by cancer. Established in 2013, Gafael Llaw raises funds to enhance hospital environments, provide specialist equipment and support services beyond what statutory health provision can offer, and contribute to initiatives that make treatment experiences more comfortable and humane for families living with a cancer diagnosis. Pupils and staff engaged in a range of fundraising events and awareness activities, including a Sponsored Walkathon and Carol Service.

Alongside this focused collaboration, pupils and staff continued to engage in a broad range of charitable and community activities. From environmental conservation projects and food bank collections to sponsored challenges and creative fundraising events, the school community consistently lives out its founding ethos to “Do All the Good You Can.” A particularly inspiring example saw Year 6 pupils raise £774.50 for Ogwen Valley Mountain Rescue Organisation through a sponsored ascent of Yr Wyddfa, combining resilience, teamwork and civic purpose.

Through these sustained charitable, community and environmental efforts, Rydal Penrhos nurtures socially aware, compassionate young people — individuals equipped not only with strong academic foundations, but also with the character and conviction to make a meaningful difference in the world.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Other Relationships

As an Associate member of the Methodist Independent Schools group, the school benefits significantly from the collective ethos and educational initiatives of that group. The Heads of school are also members of the Society of Heads and of WISC.

Financial review and future plans

Rydal Penrhos completed its one-school vision in September 2024 and the benefits can be seen across the school. This has been a highly success project is bringing the school together and improves Rydal’s efficiencies.

A target enrolment remains at 350 pupils from Reception to Y13, with efforts remaining to achieve this goal. The school now has full and growing preschool and even with the difficult external economic the pupil role remains steady and continues to grow. Efforts to continue to increase pupil number remains with increased marketing efforts.

VAT has been introduced, and the school continues to manage growing costs.

The schools’ strategic vision is also looking to diversify and aims to bring in revenue in the fourth term and ‘sweat’ all current assets / facilities at the school. A range of additional services are now offered from external exams to swim school. This aspect will continue to grow over the next few years and bring financial improvement to the school.

The Trustees are committed to ensuring the smooth and sustained financial improvement of the school.

Investment powers and policy

The investment powers are governed by the Memorandum & Articles of Association that permits the funds of the School and its subsidiary charities to be invested in any investment or security as the charity may think fit. Investments are held under the management of the TMCP and Investec, which provides investment advice.

Reserves

Total reserves of the group at 31 August 2025 were £17.792m (2024: £19.044m), with unrestricted funds of £17.792m (2024: £19.044m) which includes designated funds of £Nil (2024: £Nil). At 31 August 2025 the group had restricted funds of £Nil (2024: £Nil) and a permanent endowment of £5 (2024: £5).Further details of the restricted and designated funds are given in note 17.

The Trustees regard ‘free’ reserves as being the reserves of the School after deducting fixed assets not covered by specific bank financing and investments held to generate income for the various Trust funds. On the basis described there is a deficit of free reserves of £1.504m (2024: £0.021m). Similar to many other independent schools, the School has invested heavily in fixed assets which have resulted in this deficit.

The need for day-to-day working capital is met by careful management of short-term liquid resources.

The policy is to reduce the level of free reserves deficit from annual operating surpluses, subject to the prior demands of further capital expenditure to equip the School with the up-to-date facilities needed to maintain the standard of educational services currently provided.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Risk management and principal risks and uncertainties

The Governing Body is responsible for the management of the risks faced by the School, and a formal review of the risk management processes is undertaken regularly.

The main risks that the Trustees have identified and the plans to manage those risks are:

This risk is managed though safeguarding policies, providing a broad and attractive curriculum, staff recruitment policies, pastoral support for both pupils and staff and management of health and safety matters.

This risk is managed by marketing activity to maintain and expand pupil numbers, maximising pupil retention, maintaining a reputation for academic excellence and active cash flow management.

The Trustees are satisfied that the major risks identified have been adequately mitigated as far as possible.

It is the Board’s policy that key controls should include:

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of Rydal Penrhos Limited for the purposes of company law) are responsible for preparing the Trustees' Report (including the group director’s and strategic report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

Auditors

In accordance with the company’s articles a resolution proposing that Xeinadin Audit Limited be reappointed as auditor to the group and parent charitable company will be put at a General Meeting.

This report, incorporating the group strategic report, was approved by the Trustees, in their capacity as company directors, on 14[th] May 2026 and signed on their behalf by:

…………………………………………. Deborah McKinnel Chair

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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF RYDAL PENRHOS LIMITED

FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of Rydal Penrhos Limited (the ‘charitable parent company’) and its subsidiaries (‘the group’) for for the year ended 31 August 2025 which comprise comprise the group statement of financial activities, the group balance sheet, the charitable company balance sheet, the group statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report set, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

15

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF RYDAL PENRHOS LIMITED (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

•Enquiry of management and those charged with governance around actual and potential litigation and claims;

•Reviewing minutes of meetings of those charged with governance;

•Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

16

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF RYDAL PENRHOS LIMITED (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

•Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the companies license to operate. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stephanie Baker BA(Hons) ACA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited 14thMay 2026
Chartered Accountants
Statutory Auditor First Floor, The Foundation
Herons Way
Chester Business Park
Chester
CH4 9GB

Notes:

  1. The maintenance and integrity of Rydal Penrhos Limited’s website is the responsibility of the Trustees; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the web site.

17

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted Restricted Permanent 2025 2024
Funds Funds endowment Total Total
Notes £ £ £ £ £
INCOME FROM:
Donations and legacies:
Gifts and donations
2		 457,464 203,313 - 453,057 1,077,694
Charitable activities:
School fees 3 4,385,626 - - 4,593,347 4,444,234
Trading and other activities:
Lettings income 4 296,119 - - 296,119 268,150
Other income 4 7,155 - - 7,155 7,323
Investments
Investment income 5 9,131 - - 9,131 19,027
--------------------- ----------------- --------------- --------------------- ---------------------
Total income 5,155,495 203,313 - 5,358,809 5,816,428
---------------------- ----------------- --------------- ---------------------- ---------------------
EXPENDITURE ON:
Raising funds:
Finance costs 17,468 - - 17,468 45,765
Charitable activities:
Teaching costs 3,592,312 - - 3,592,312 3,240,276
Welfare costs 740,180 - - 740,180 697,051
Premises costs 1,400,918 - - 1,400,918 2,549,590
Support and governance costs 866,987 - - 866,987 831,888
---------------------- ----------------- --------------- ---------------------- ----------------------
Total expenditure 8 6,617,865 - - 6,617,865 7,364,570
-------------------- ----------------- --------------- -------------------- --------------------
Net (expenditure) before
investment gains and transfer (1,259,056) - - (1,259,056) (1,548,142)
Net gains/(losses) on 10 6,987 - - 6,987 16,074
investments
Gross transfer between funds 203,313 (203,313) - - -
-------------------- ------------------ ---------------- -------------------- --------------------
Net movement in funds (1,252,069) - - (1,252,070) (1,532,068)
Reconciliation of funds:
Total funds brought forward 19,044,442 - 5 19,044,447 22,576,515
---------------------- ----------------- --------------- --------------------- ---------------------
Total funds carried forward 17,792,373 - 5 17,792,378 19,044,447
=========== ======== ======= ========== ==========

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure is derived from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 21 to 38 form part of these financial statements.

18

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

BALANCE SHEETS

AS AT 31 AUGUST 2025

Notes Consolidated Consolidated Company Company
2025 2024 2025 2024
£ £ £ £
Fixed assets
Tangible assets 9 19,296,807 19,023,114 19,286,677 19,023,114
Investments 10 213,644 206,657 4,876 5,049
Investment in subsidiary 10 - - 2 2
-------------------- -------------------- -------------------- --------------------
19,510,451 19,229,771 19,291,555 19,028,165
-------------------- -------------------- -------------------- --------------------
Current assets
Debtors 11 221,633 3,472,893 311,124 3,472,893
Cash at bank and in hand 1,004,375 1,515,641 949,324 1,509,769
-------------------- -------------------- -------------------- --------------------
1,226,008 4,988,534 1,260,448 4,982,662
Creditors: amounts falling due
within one year 12 (1,213,644) (5,031,683) (1,152,944) (5,078,872)
-------------------- -------------------- -------------------- --------------------
Net current liabilities 12,364 (43,149) 107,505 (96,210)
-------------------- -------------------- -------------------- --------------------
Total assets less current liabilities 19,522,816 19,186,622 19,399,060 18,931,955
Creditors: amounts falling due
after more than one year 13 (1,730,438) (142,175) (1,730,438) (142,175)
--------------------- --------------------- ---------------------- ----------------------
Total net assets 17,792,378 19,044,447 17,668,622 18,789,780
=========== =========== ========== ==========
Capital
Permanent endowment 17 5 5 - -
Reserves and funds
Restricted funds 17 - - - -
Unrestricted funds:
General reserve 17 1,731,213 2,899,920 1,607,462 2,645,258
Designated funds 17 - - - -
Revaluation reserve 17 16,061,160 16,144,522 16,061,160 16,144,522
---------------------- ---------------------- --------------------- ---------------------
Total funds 17,792,378 19,044,447 17,668,622 18,789,780
========== ========== ========== ==========

As permitted by s408 Companies Act 2006, the charitable company has not presented its own statement of financial activities and related notes. The charitable company’s deficit for the year was £1,121,159 (2024: £1,441,999).

These financial statements were approved by the Trustees and authorised for issue on 14[th] May 2026 and are signed on their behalf by:

Deborah McKinnel Chair

The notes on pages 21 to 38 form part of these financial statements.

19

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

2025 2024
£
£		 £
£
Reconciliation of net expenditure to net cash
flow from operating activities:
Net income/(expenditure) before investment (1,243,014) (1,532,068)
gains/(losses)
Depreciation charges 257,996 175,780
Interest paid 12,758 45,765
Investment income (9,131) (19,027)
Gain on investment (6,987) (16,074)
(Increase)/decrease in debtors 3,251,261 (130,281)
Increase/(decrease) in creditors (3,804,477) (1,835,115)
(Increase)/decrease in stock - -
(Profit)/Loss on sale of property - 1,071,870
----------------- -----------------
Net cash provided from operations (1,541,595) (2,239,151)
Net cash flow from investing activities:
Investment income 9,131 19,027
Purchase of tangible fixed assets (540,746) (384,106)
Net proceeds from sale of tangible assets - 3,760,000
----------------- -----------------
Cash provided from/(used in) investing activities
(531,615)		 3,394,921
Cash flows from financing activities:
Bank loan repayments (14,561) -
Interest paid (12,758) (45,765)
Proceeds from bank loan 1,589,263 -
----------------- -----------------
Net cash (used in) financing 1,561,944 (45,765)
--------------------- ---------------------
Increase in cash and cash equivalents (511,266) 1,110,006
Cash and cash equivalents at beginning of the period
1,515,641		 405,635
--------------------- ---------------------
Cash and cash equivalents at the end of the period
1,004,375		 1,515,641
========== ==========
ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024
£ £
Cash in hand and at bank 1,004,375 1,515,641
--------------------- ---------------------
1,004,375 1,515,641
========== ==========

20

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

Charity information

Rydal Penrhos is a charitable company limited by guarantee incorporated in England and Wales and registered with the Charity Commission. Rydal Penrhos Limited was incorporated on 19 December 1996 (company number: 3294434) and registered as a charity on 17 July 1997 (charity number: 1063489). The registered office is Old House, Pwllycrochan Avenue, Colwyn Bay, Wales, LL29 7BT.

The group consists of Rydal Penrhos Limited and all of its subsidiaries.

The Charitable Company’s financial statements have been prepared in compliance with the Charities SORP (FRS 102) effective 1 January 2019.

Legal Status

The members of the company are the Trustees. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.

Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (as amended for accounting periods commencing 1 January 2019)”. The charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of land and buildings and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The charitable company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The School has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

Basis of consolidation

The consolidated financial statements incorporate those of Rydal Penrhos Limited and all of its subsidiaries (i.e entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefit) on a line by line basis.

All financial statements are made up to 31 August 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

21

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Going concern

The accounts have been prepared on a going concern basis not with standing a deficit incurred in the year of £1,252,070 the consolidated net asset position of the school at 30 August 2025 was £17,792,378 and the consolidated net current asset position was £12,364.

The financial statements have been prepared on a going concern basis. The Trustees have reviewed forecasts for a period of at least 12 months from the date of approval of the financial statements. These forecasts indicate that the charity expects to incur a deficit and is reliant on certain significant receipts, including property sales and exceptional income, to maintain adequate cash flow.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

The judgement that the catering equipment provided to the School through a contract with the catering provider effectively a loan and contingent liability (as set out in note 22) rather than a finance lease is considered a significant judgement.

The School depreciates tangible assets over their estimated useful lives based on historic performance. The actual lives can vary. When determining the residual value the trustees aim to assess the amount that the asset would currently obtain if the asset were disposed using market prices where possible.

In the view of the Trustees, no other assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

School fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period to which they relate, after deducting allowances, scholarships and other remissions granted by the School, but including contributions received from restricted funds.

Fees received for education to be provided in future years are carried forward as deferred income.

Investment income

Income from investments is accounted for on a receivable basis and includes all relevant tax credits.

Donations, legacies, grants and other voluntary income

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Voluntary income for the School’s general purposes is accounted for as unrestricted income to general funds. Where the donor or an appeal has imposed trust law restrictions, income is credited to the relevant restricted fund.

22

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability

Expenditure

Expenditure is accrued as soon as a liability from a past event is considered probable. Irrecoverable VAT is included with the item of expense to which it relates. Costs of charitable activities include expenditure associated with the running of the School and include both direct and support costs.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance, personnel, payroll and governance. Governance costs comprise the costs of complying with constitutional and statutory requirements including strategic planning for its future development, external audit, any legal advice for the School’s Trustees, the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Fixed assets

Tangible fixed assets are initially measured at cost with expenditure on plant and equipment and motor vehicles over £1,000 being capitalised. All tangible fixed assets are subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property 0.5% straight line
Plant and equipment 20% straight line
Solar panels 5% straight line
Motor vehicles 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities for the year.

Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

Investments in subsidiaries are valued at cost less provision for impairment.

23

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Debtors

Trade and other debtors are recognised at the settlement amount due for the provision of services delivered. Prepayments are recognised at the amount prepaid or the amount it has paid in advance.

Cash and cash equivalents

Cash and cash equivalents include cash and deposits with a short term maturity of three months or less from the date of opening the deposit account. Bank overdrafts are shown within borrowings in current liabilities.

Creditors and provisions

Creditors and provisions are recognised where the School has a present obligation resulting from a past 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 reliably, amounts are recognised at their settlement amount.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the school and which have not been designated for other purposes.

Designated funds are unrestricted funds of the school that have been set aside by the Trustees for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the school for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are retained on trust for the benefit of the school as a capital fund.

Operating leases

Rents payable under operating leases are charged in the Statement of Financial Activities on a straight-line basis over the period of the lease.

Pension costs

For eligible employees, the School contributes to the Teachers’ Pension Scheme (TPS), a superannuation scheme which provides benefits based on final pensionable pay. The TPS is a multiemployer scheme and the School is unable to identify its share of the underlying assets and liabilities of the scheme. In accordance with FRS 102, the TPS is therefore treated as a defined contribution scheme and the contributions are recognised in the Statement of Financial Activities as they are paid each year.

Support staff may join the Aviva defined contribution group personal pension plan to which employees currently contribute 5% of their total pensionable salaries whilst the School makes a contribution of 3.2%. The contributions are recognised in the Statement of Financial Activities when incurred.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.

24

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

2. DONATIONS & LEGACIES 2025 2024
£ £
Gifts and donations 660,777 1,077,694
---------------------- ----------------------
660,777 1,077,694
=========== ===========
The total restricted gifts and donations is £203,313 (2024: £nil)
3. SCHOOL FEES 2025 2024
£ £
Gross fees and charges 4,774,170 4,863,680
Less: Bursaries, allowances and scholarships (388,544) (452,712)
---------------------- ----------------------
Group Total 4,385,626 4,444,234
=========== ===========
4. TRADING AND OTHER INCOME 2025 2024
£ £
Rents and lettings 296,119 268,150
Profit from the sale of property - -
Other income 7,155 7,323
` --------------------- ---------------------
303,274 275,473
=========== ===========
5. INVESTMENT INCOME 2025 2024
£ £
Income from investments 9,131 19,027
======== ========
6. NET MOVEMENT IN FUNDS 2025 2024
£ £
This is stated after charging:
Auditor’s remuneration (including value added tax) 27,600 23,400
Other fees payable to the auditor - 1,200
Depreciation 257,996 175,780
========= ========

25

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

7. STAFF COSTS 2025 2024
£ £
Wages and salaries 3,157,175 3,099,710
Social security costs 345,505 270,268
Pension contributions 544,830 412,689
Termination payments - -
--------------------- ---------------------
4,047,510 3,782,667
=========== ===========
Aggregate employee benefits of key management personnel 417,653 445,002
========= ========
Key management personnel are considered to be the senior leadership
team as set out on the company information page.
2025 2024
Number Number
The average number of employees during the year was made up as follows:
Teaching 39 41
Non-teaching 65 75
----------- -----------
104 116
----------- -----------
The number of employees whose emoluments exceeded £60,000 per annum were:
£60,001 - £70,000 - 2
£70,001 - £80,000 2 -
£100,001 - £110,000 - 1
£130,001 - £140,000 1 -
===== ======

26

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

8. ANALYSIS OF EXPENDITURE 2025 2024
Staff costs Other Depreciation Total Total
£ £ £ £ £
Costs of raising funds
Bank interest and fees - 17,468 - 17,468 45,765
Costs of charitable activities
Teaching costs 3,157,194 435,118 - 3,592,312 3,240,276
Welfare costs 158,425 581,755 - 740,180 697,049
Premises costs 382,214 760,708 257,996 1,400,918 2,549,591
Support and governance costs 349,677 517,310 - 866,987 831,888
--------------------- --------------------- --------------------- -------------------- --------------------
4,047,510 2,312,359 257,996 6,617,865 7,364,570
========== ========== ========== ========== ==========
Comparative period 2024
Staff costs Other Depreciation Total
£ £ £ £
Costs of raising funds
Bank interest and fees - 45,765 - 45,765
Costs of charitable activities
Teaching costs 2,948,371 291,905 - 3,240,276
Welfare costs 132,291 564,758 - 697,049
Premises costs 336,694 2,037,117 175,780 2,549,591
Support and governance costs 365,311 466,578 - 831,888
--------------------- --------------------- --------------------- --------------------
3,782,667 2,464,084 183,137 7,364,570
========== ========== ========== ==========
2025 2024
Total Total
£ £
Governance included in support costs
Trustees’ expenses 1,916 1,660
Audit and accountancy fees 27,600 24,600
-------------------- --------------------
27,600 26,260
========== ==========

27

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

9 TANGIBLE FIXED TANGIBLE FIXED
ASSETS Land and Property Plant and Motor Fixtures &
Buildings Improvements Equipment Vehicles Fittings Total
Group £ £ £ £ £ £
Cost
At 1 September 2024 18,987,500 240,807 1,570,634 117,077 - 20,916,018
Additions - 209,458 312,101 - 10,130 531,689
Disposals - - - - - -
Revaluation - - - - - -
--------------------- --------------------- -------------------- ----------------- ----------------- -----------------
At 31 August 18,987,500 450,265 1,882,735 117,077 10,130 21,447,707
2025
--------------------- --------------------- -------------------- ------------------ ----------------- ------------------
Depreciation
At 1 September 2024 601,273 62,360 1,120,729 108,542 - 1,892,904
Charge for year 94,221 2,251 157,683 3,840 - 257,996
Disposals - - - - - -
--------------------- --------------------- -------------------- ---------------- ----------------- ----------------
At
31		 August 695,494 64,661 1,278,412 112,382 - 2,150,900
2025
--------------------- --------------------- -------------------- ---------------- ----------------- ----------------
Net book value
At
31		 August 18,292,006 385,654 604,323 4,695 10,130 19,296,807
2025
=========== =========== ========= ======= ======= =======
At
31		 August 18,386,227 178,447 449,905 8,535 - 19,023,114
2024
=========== =========== ========= ======== ======= ========
Company
Cost
At 1 September 18,987,500 240,807 1,570,634 117,077 - 20,916,018
2024
Additions - 209,458 312,101 - - 531,689
Disposals - - - - - -
--------------------- --------------------- -------------------- ----------------- ----------------- --------------------
At
31		 August 18,987,500 450,265 1,882,735 117,077 - 21,447,707
2025
--------------------- --------------------- -------------------- ------------------ ------------------ --------------------
Depreciation
At 1 September 601,273 62,360 1,120,729 108,542 - 1,892,904
2024
Charge for year 94,221 2,251 157,683 3,840 - 257,996
Disposals - - - - - -
--------------------- --------------------- -------------------- ---------------- ---------------- ----------------
At
31		 August 695,494 64,661 1,278,412 112,382 - 2,150,900
2025
--------------------- --------------------- -------------------- ---------------- ---------------- ----------------
Net book value
At
31		 August 18,292,006 385,654 604,323 4,695 - 19,296,807
2025
=========== =========== ========= ======= ======= =======
At
31		 August 18,386,227 178,447 449,905 8,535 - 19,023,114
2024
=========== =========== ========= ======== ======== ==========

28

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

9. TANGIBLE FIXED ASSETS (continued)

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

finance leases or hire purchase contracts.
2025 2024
£ £
Plant and equipment - 12,686
Motor vehicles - -
======== ========

At 31 December 2020 the land and buildings were revalued by Stannybrook Property Consultants, Chartered Surveyors at £27,268,000. Therefore, at that date the resulting revaluation totalled £24,440,403. Stannybrook Property Consultants are independent valuers, not connected with the School. The valuation was conducted on an open market value basis of vacant possession and available voidspace. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The historic cost of the assets at 31 August 2025 is £4,351,074 (2024: £4,351,074). If the revaluation policy had not been applied, the carrying value of these assets would have been £2,220,796 (2024: £2,232,371). The depreciation on the revalued amount for the period was £83,362 (2024: £83,362).

10. INVESTMENTS
INVESTMENTS Unrestricted Restricted Total
£ £ £
Group – listed investments
At 1 September 2024 206,657 - 206,657
Revaluation gains 6,987 - 6,987
------------------- -------------- -------------------
At 31 August 2025 213,644 - 213,644
========= ======== =========

The historic cost of the group listed investments held is £161,468 (2024: £161,468).

Subsidiary undertakings

The following subsidiaries have been consolidated in these accounts:

Charities and funds Gillian Campbell Trust (1085795) Charity number: 1085795 Rydal Penrhos (525752) Charity number: 525752 Rosa Hovey Scholarship Trust Charity number: N/A Trust Non-trading company Rydal Penrhos (Sport & Leisure) Limited Company number: 03590034

Trading company

Mountcare Residential Limited Company number: 16303483

The registered office for each of the above subsidiaries is: Old House, Pwllycrochan Avenue, Colwyn Bay, Wales, LL29 7BT

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

29

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

10. INVESTMENTS (continued)

Subsidiary
undertaking
Company £
At 31 August 2025 and 31 August 2024 2
========

The whole of the issued ordinary share capital of Rydal Penrhos (Sports & Leisure) Limited, a company registered in England and Wales, is held by nominee’s on behalf of the School.

Mountcare Residential Limited is a company limited by guarantee and was incorporated on 10 March 2025.

A summary of the balance sheets and profit and loss accounts from the audited financial statements are set out below:

Mountcare Residential Rydal Penrhos Rydal Penrhos
Limited (Sports & Leisure)
Limited
2025 2025 2024
Profit and loss account £ £ £
Turnover - - -
Expenditure (51,643) (72) (72)
Other operating income - 5,942
======= ======= =======
Net profit/loss before tax (51,643) (72) 5,870
======= ======= =======
Balance sheet
Fixed assets 10,130 - -
Current assets 5,800 5,872
======= ======= =======
10,130 5,800 5,872
Current liabilities (111,024) - -
Net Assets/(Liabilities) (51,643) 5,800 5,872
======= ======= =======
Share capital - 2 2
Profit and loss account (51,643) 5,798 5,870
--------------- --------------- ---------------
(51,643) 5,800 5,872
======= ======= =======
Company – listed investments:
£
Market value
At 1 September 2024 5,049
Revaluation gains/(loss) (173)
-------------------
At 31 August 2025 4,876
=========

The historic cost of the investments at 31 August 2025 was £4,129 (2024: £4,129).

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

30

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

11. DEBTORS Group Company
2025 2024 2025 2024
£ £ £ £
Fees receivable 38,856 3,292,748 38,856 3,292,748
Prepayments and accrued income 119,461 167,729 119,462 167,729
Amounts owed from group undertakings - - 89,491 -
Other debtors 63,315 12,416 63,315 12,416
------------------ ------------------ ------------------ ------------------
221,633 3,472,893 311,124 3,472,893
========= ========= ========= =========
12. CREDITORS: due within one year Group Company
2025 2024 2025 2024
£ £ £ £
Bank loans (note 14) - 14,562 - 14,562
Trade creditors 294,619 370,212 274,052 370,212
Fees in advance 737,190 4,235,460 737,190 4,235,460
Other taxes and social security costs 79,694 74,362 78,729 74,362
Accruals and deferred income 30,667 246,217 30,667 246,217
Amounts owed to group undertakings - - 39,167 47,188
Other creditors 71,474 75,617 71,473 75,617
Finance lease - 15,253 - 15,253
--------------------- --------------------- --------------------- ---------------------
1,213,644 5,031,683 1,152,944 5,078,872
=========== =========== =========== ===========
13. CREDITORS: due after more than one
year Group Company
2025 2024 2025 2024
£ £ £ £
Bank loans (note 13) 1,589,263 - 1,589,263 -
Other creditors 141,175 142,175 141,175 142,175
Finance lease - - - -
------------------ ------------------ ------------------ ------------------
1,730,438 142,175 1,730,438 142,175
========= ========= ========= =========
14. MATURITY OF DEBT Group Company
2025 2024 2025 2024
£ £ £ £
Within one year - 14,562 - 14,562
Two to five years 1,589,263 - 1,589,263 -
Over five years - - - -
------------------ ------------------ ------------------ ------------------
1,589,263 14,562 1,589,263 14,562
========= ========= ========= =========

31

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

15. FINANCIAL INSTRUMENTS

Group 2025 2024
£ £
Financial assets measured at amortised cost 102,171 3,305,165
Financial assets measured at fair value 213,644 190,583
Financial liabilities measured at amortised cost (2,913,414) (4,927,641)
------------------ ------------------
Net financial liabilities measured at amortised cost (2,597,599) (1,415,819)
========= =========

Financial assets measured at amortised cost comprise fee debtors and other debtors. Financial assets measured at fair value comprise listed investments and investment property. Financial liabilities measured at amortised cost include bank loans and overdrafts, trade creditors, other taxes and social security costs and other creditors.

16. PENSION COMMITMENTS

Defined Benefit scheme

The School participated in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £209,908 (2024: £495,709) and at the year-end £nil (2024: £44,041) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Contributions from members and the employer are credited to the Exchequer and retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the Teachers’ Pension Scheme was prepared as at 31 March 2020, with the Valuation Results published in October 2023. This confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% with effect from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08%, giving a total employer contribution rate of 28.68%.

The School withdrew from the Teachers’ Pension Scheme in December 2024 and, as a result, no employer or employee contributions were made to the TPS post December 2024.

Other pensions

The employer’s contributions paid into the group personal pension plan operated for teaching and support staff amounted to £334,922 (2024: £90,558).

The amount outstanding for pension contributions at the year end were £46,719 (2024: £7,536).

In December 2024, the School withdrew from the TPS and commenced a new defined contribution group personal pension scheme with Royal London for teaching staff. Under the new scheme, employer contributions are made at 16% of pensionable salaries.

32

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

The net assets are held for the various funds as follows:

Unrestricted Restricted Permanent 2025
funds funds endowment Total
£ £ £ £
Group
Tangible fixed assets 19,296,807 - - 19,296,807
Investments 213,644 - - 213,644
Net current assets/(liabilities) 12,359 - 5 12,364
Creditors due after more than one year (1,730,437) - - (1,730,437)
---------------------- ----------------- --------------- ----------------------
17,792,373 - 5 17,792,378
=========== ======== ======= ===========
Company
Tangible fixed assets 19,286,677 - - 19,286,677
Investments 4,878 - - 4,878
Net current assets/ (liabilities) 107,505 - - 107,505
Creditors due after more than one year (1,730,438) - - (1,730,438)
--------------------- ----------------- --------------- ---------------------
17,668,622 - - 17,668,622
=========== ======== ======= ===========
Unrestricted Restricted Permanent 2024
Comparative period funds funds endowment Total
£ £ £ £
Group
Tangible fixed assets 19,023,114 - - 19,023,114
Investments 206,657 - - 206,657
Net current assets/(liabilities) (43,154) - 5 (43,149)
Creditors due after more than one year (142,175) - - (142,175)
---------------------- ----------------- --------------- ----------------------
19,044,442 - 5 19,044,447
=========== ======== ======= ===========
Company
Tangible fixed assets 19,023,114 - - 19,023,114
Investments 5,051 - - 5,051
Net current assets/ (liabilities) (96,209) - - (96,209)
Creditors due after more than one year (142,175) - - (142,175)
--------------------- ----------------- --------------- ---------------------
18,789,781 - - 18,789,781
=========== ======== ======= ===========

33

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

17a. ENDOWED FUNDS

At 1 At 31
September August
2024 Income Expenditure Gains/(losses) Transfer 2025
£ £ £ £ £ £
Group
Permanent capital 5 - - - - 5
endowment
======== ======== ======== ======= ======= ========
At 1 At 31
September August
2023 Income Expenditure Gains/(losses) Transfer 2024
£ £ £ £ £ £
Group
Permanent capital 5 - - - - 5
endowment
======== ======== ======== ======= ======= ========

This permanent capital endowment lies within Rydal Penrhos (charity 525752) held for the general purposes of Rydal Penrhos and must be retained within the group.

34

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

17b. RESTRICTED FUNDS

At 1 At 31
September August
2024 Income Expenditure Transfer 2025
Group £ £ £ £ £
Astro Turf Grant - 203,313 - (203,313) -
------------------ ------------------ ---------------- ------------------ ------------------
- 203,313 -
 (203,313) -
======== ======== ======== ======== ========
At 1 At 31
Comparative period September August
2023 Income Expenditure Transfer 2024
Group £ £ £ £ £
------------------ ------------------ ---------------- ------------------ ------------------
- - - - -
======== ======== ======== ======= ========

Income was received in the year relating to the development of the Astro turf. The expenditure on this was capitalised and therefore a transfer has been made between restricted funds and unrestricted funds.

35

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

17c. UNRESTRICTED FUNDS

At 1 At 31
September August
2024 Income Expenditure Gains/ Transfers 2025
(losses)
Group £ £ £ £ £ £
General reserve 2,899,925 5,155,495 (6,617,865) 6,987 286,675 1,934,525
========== ========== =========== ========== ========== ==========
Revaluation reserve 16,144,522 - - - (83,362) 16,061,160
========== ========== =========== ========== ========== ==========
Total unrestricted funds 19,044,447 5,358,809 (6,617,865) 6,987 203,313 17,792,373
========= ========= ========= ======== ======== =========
At 1 At 31
Comparative period September August
2023 Income Expenditure Gains/ Transfers 2024
(losses)
Group £ £ £ £ £ £
General reserve (177,309) 5,816,428 (7,364,570) 16,074 4,609,297 2,899,920
========== ========== =========== ========== ========== ==========
Revaluation reserve 20,753,819 - - - (4,609,297) 16,144,522
========== ========== =========== ========== ========== ==========
Total unrestricted funds 20,576,510 5,816,428 (7,364,570) 16,074 - 19,044,442
========= ========= ========= ======== ======== =========

The revaluation reserve arose in 2021 from the uplift and subsequent depreciation of land and buildings during the period. Further details on this revaluation are included in note 9.

36

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

18. BANKING FACILITIES

Bank loans

On 26 August 2007, the School entered into an agreement to borrow up to £600,000 in the form of a loan to finance the construction of a sixth form recreation area within the existing dining hall, and the refurbishment of the Preparatory School. At the balance sheet date the amount owing within 1 year was £nil (2024: £14,562). These facilities are secured by legal mortgages over the land and buildings in which legal ownership vests in the Trustees of the Methodist Secondary Education Trust Deed of 1903 as custodian Trustees at the direction of Rydal Penrhos Limited, as beneficial owners (who are the managing Trustees). A letter of comfort has also been jointly given by the company and the Trustees of the Methodist Secondary Education Trust.

On 24 March 2001, the company together with Rydal Penrhos (Sports & Leisure) Limited entered into an unlimited multilateral guarantee, with the company’s bankers.

On 22 August 2025, the Company granted two fixed charges in favour of Ortus Secured Finance I Limited, which were registered at Companies House on 28 August 2025. The charges remain outstanding at the balance sheet date and secure borrowings in accordance with the related finance agreements. The balance of the loan at the balance sheet date was £1,589,263.

19. FINANCIAL COMMITMENTS

At 31st August 2025 there were capital commitments of £nil for plant and machinery (2024: £168,000).

20. COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025 the School had total commitments under non-cancellable operating leases as set out below:-

out below:-
Assets other than
land & buildings
2025 2024
£ £
Operating leases which expire:
Within 1 year 26,386 53,918
Within 2 – 5 years 4,382 8,650
---------------- ----------------
30,768 62,569
======== ========

21. RELATED PARTY TRANSACTIONS

Transactions and balances between the School and the various subsidiaries are eliminated on consolidation.

Trustees are volunteers and are not remunerated, however, Trustees’ expenses totalling £1,916 (2024: £1,660) for travel and accommodation have been reimbursed.

Transactions with companies in which trustees have an interest are conducted at arm’s length and on normal commercial terms.

37

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

22. CONTINGENT LIABILITY

The School’s catering provider invested £500,000 in equipment in 2019 for use over the contract period. The agreement contains a clause requiring the School to repay the unamortised amount of this investment if the agreement is terminated over the contract period. At the year end the contingent obligation would have been £146,857 inc VAT.

23. COMPARATIVE CONSOLIDATED SOFA

Unrestricted Restricted Permanent 2024
Funds Funds endowment Total
INCOME FROM: £ £ £ £
Donations a Legacies:
Gifts and donations 1,077,694 - - 1,077,694
Charitable activities:
School fees 4,444,234 - - 4,444,234
Trading and other activities:
Lettings income 268,150 - - 268,150
Other income 7,323 - - 7,323
Investments
Investment income 19,027 - - 19,027
--------------------- ----------------- --------------- ---------------------
Total income 4,682,573 - - 4,682,573
---------------------- ----------------- --------------- ----------------------
EXPENDITURE ON:
Raising funds:
Finance costs 45,765 - - 45,765
Charitable activities:
Teaching costs 3,240,276 - - 3,240,276
Welfare costs 697,051 - - 697,051
Premises costs 2,549,590 - - 2,549,590
Support and governance costs 831,888 - - 831,888
---------------------- ----------------- --------------- ----------------------
Total expenditure 7,364,570 - - 7,364,570
-------------------- ----------------- --------------- --------------------
Net (expenditure) before
investment gains (1,548,142) - - (1,548,142)
Net gains/(losses) on investments 16,074 - - 16,074
Gross transfer between funds - - - -
-------------------- ------------------ ---------------- --------------------
Net movement in funds (1,532,068) - - (1,532,068)
Reconciliation of funds:
Total funds brought forward 19,044,442 - 5 19,044,447
---------------------- ----------------- --------------- ----------------------
Total funds carried forward 19,044,442 - 5 19,044,447
=========== ======== ======= ==========

38