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2025-08-31-accounts

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

Charity number: 306716

THE MOUNT KELLY FOUNDATION

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

CONTENTS

Page
Reference and administrative details of the Charity, its Trustee and advisers 1 - 2
Trustee's Report 3
Trustee's Responsibilities Statement 14
Independent Auditors' Report on the Financial Statements 15 - 18
Consolidated Statement of Financial Activities 19
Consolidated Balance Sheet 20
Charity Balance Sheet 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23 - 40

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

The sole Trustee of the Charity is Mount Kelly Foundation Governors, a company registered in the UK; company number 03069235.

The Board of Directors of Mount Kelly Foundation Governors are a self-appointed body. These directors are referred to as Governors throughout this report.

The co-opted Governors are elected by the Board of Mount Kelly Foundation Governors. Service on the Board is for a term of four years. Retiring Governors can be re-elected.

Charity registered
number 306716
Principal office Mount Kelly
Parkwood Road
Tavistock
Devon
PL19 0HZ
Governors Mr Stuart Anderson
Dr Michael Atkinson (resigned 5 June 2025)
The Reverend Prebendary Roger Carlton, Nominated Governor of the Dean and
Chapter of Exeter Cathedral
Mrs Wendy Davis
Mrs Sara Hirst
Mr Keith Hollinshead
Mr James Kitson
Mrs Amanda Le Page
Mrs Kerstin Lewis, Nominated Governor of the Bishop of Exeter
Mr Ian MacQueen (Chair)
Mr Andrew Main
Mr William May Somerville (appointed 11 June 2025)
Mrs Hilary Monk
Mr Niel O'Neill
Mr Rob Ormsby
Mrs Diane Ray
Mr Duncan Swift
Mr Julian Trahair
Mr Alan Trice (resigned 10 February 2025)
Mr Adrian Vinken
Mr Julian Whiteley
Officers Mr G T Ayling, Principal of the Foundation
Independent auditors Bishop Fleming Audit Limited
Chartered Accountants
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN
Bankers Natwest Corporate Services Team
PO BOX 33
St Andrews Cross
Plymouth
PL4 0YH

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Solicitors

Harrison Clark Rickerbys Ellenborough House Wellington Street Cheltenham Gloucestershire GL50 1YD

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustee presents its annual report together with the audited financial statements of The Mount Kelly Foundation (the Charity and the Group) for the period 1 September 2024 to 31 August 2025.

Structure, Governance and Management

Constitution

The Charity provides education in Tavistock for children from the ages 4-18. It is exploring international opportunities, runs summer schools for overseas pupils, and swimming camps throughout the year. The day to day running of the School is delegated to the Principal of the Foundation and the Director of Finance and Operations.

The Charity is constituted by an 1872 Trust Deed and registered with the Charity Commissions under Charity number 306716. The Trust Deed has been amended in subsequent years, the latest amendment being in 2014.

Recruitment and Training of Governors

Mount Kelly is a member of HMC, SoH, IAPS, AGBIS, ISC, BSA and ISBA, all of which provide regular guidance, support and training. Compliance with Charity Commission regulation and best practice are reviewed on a regular basis and the Governing Body is continuing to consider its present and future composition, considering known requirements and the need for a range of skills. Governors’ training is enhanced through attendance at courses, webinars and the circulation of appropriate briefs.

Governor Meetings

The Governors meet as a full Board at least once each term and have a full complement of subcommittees. During the year there were a total of 33 meetings (2024: 34 meetings).

Organisational Management

The Trustee of the Charity is Mount Kelly Foundation Governors (formerly Kelly College Governors), a company limited by guarantee. Through its directors, Mount Kelly Foundation Governors has responsibility for the overall management of the Charity and its interests.

Group Structure and Relationships

The Charity’s wholly owned trading subsidiaries carry out non-charitable trading activities on behalf of the Charity.

Compliance Inspection

The School passed a no-notice ISI compliance inspection in November 2024.

Objectives and Activities

Policies and Objectives

The Objects of the Charity are the provision and conduct in or near Tavistock of a boarding and day school for young persons and the promotion of the education of former pupils of the School. Within these Objects, the Charity also has various permanent endowed and un-endowed trust funds held for special purposes in connection with the development of the School’s facilities and for scholarships, bursaries, prizes and other educational purposes.

Mount Kelly recognises the benefits of having a diverse school community, with individuals who value one another, and the different contributions everyone can make. All members of the community are expected to value and respect others and pupils are taught this as part of their Mount Kelly education. The School is committed to being an equal opportunities education provider and employer, committed to equality of opportunity for all members of the school community. In the provision of equal opportunities, the School recognises and accepts its responsibilities under the law

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

and opposes all discrimination. Further details can be found in the School’s Pupils and Staff Equality Policies.

As a charity Mount Kelly understands fully its responsibility to maximise and demonstrate the benefits that its work provides for individuals, communities and the wider public. The School is committed to developing a culture of collaboration and partnership that enhances the experiences of our pupils and ensures the School is a force for good beyond its own boundaries. This undertaking is clearly defined in the 5-year Strategic Plan that will see the School strengthen and sustain a long-term commitment to the well-being of the community.

Aims and Intended Impact

As an educational charity for children, Mount Kelly’s principal activity is the education and pastoral care of its pupils and it aims to achieve excellence in education and preparation for life. This is achieved by helping each individual pupil to maximise their academic potential, and also by providing a programme to enrich the curriculum and develop character. The provision of high-quality pastoral care and the development of moral and spiritual values enables pupils to contribute to both the local community and society in general. Mount Kelly’s key features are as follows:

The Mount Kelly Purpose

Mount Kelly delivers a values-led, life defining educational experience.

Mount Kelly Values

COMPASSION

Empathy Tolerance Kindness

We treat others with compassion, demonstrating empathy, tolerance and kindness in all that we do

COURAGE

Determination Resilience Grit

We act with courage, demonstrating determination, resilience and grit in the face of both opportunity and challenge and always striving to learn through life’s journey

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

HUMILITY

Modesty Gratitude Selflessness

We behave with humility; we are modest in our success, grateful for our blessings and selfless in the way that we share them

RESPECT

Courtesy Service Consideration

We value and respect every person equally; always seeking to serve those around us and treating all with courtesy and consideration

COMMITMENT

Dedication Loyalty Endurance

We demonstrate commitment to our School and to those around us, making the most of opportunities available; we are dedicated, loyal and always endure through to the end

INTEGRITY

Honesty Decency Morality

We value integrity above all; we are honest with ourselves and others, conducting our lives with decency whilst striving for the highest moral standards

Objectives for the Year

The Governing Body set the following aims for the academic year 2024-25

2021 – 2025 Strategic Plan Objectives and Actions

The year to 31 August 2025 comprises the second year of the Strategic Plan and actions taken in this year are set out below. Actions taken in the first year of the plan are available in last year’s Trustee’s Report and Financial Statements.

Academic Improvement

To equip our young people with intellectual confidence and the qualifications, skills, knowledge, attitudes and values demanded by the future world.

What we will do to achieve this

Actions taken this year

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 A Thinking School, accredited by the University of Exeter, takes an explicit, evidence informed, whole school approach to developing pupils’ metacognitive capability and intelligent learning behaviours

2 OECD (Organisation for Economic Co-Operation and Development) Education 2030 is a global initiative to build a common understanding of the knowledge, skills, attitudes and values necessary to shape the future towards 2030

Well Being

To develop empowered and emotionally secure young people with the ability to manage the demands of modern life.

What we will do to achieve this

Actions taken this year

Sport

To embed in young people a life-long appreciation of participation, performance, health and wellbeing through sporting activity.

What we will do to achieve this

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Actions taken this year

Extra-curricular

To foster in young people passions and interests and a value of participation, leadership, responsibility, creativity, service, teamwork and healthy lifestyles.

What we will do to achieve this

Actions taken this year

Partnerships

To place Mount Kelly firmly within a network that enhances the educational experience of our pupils and ensures the School is a force for good beyond its own walls.

What we will do to achieve this

Actions taken this year

Sustainability

To promote sustainable lifestyles and reduce the School’s carbon footprint.

What we will do to achieve this

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Actions taken this year

Leadership

To realise the Mount Kelly Purpose through outstanding leadership at all levels.

What we will do to achieve this

Actions taken this year

Stewardship

To ensure that the wellbeing of the Foundation that has been entrusted to us is safeguarded and passed on in robust health for the benefit of future generations.

What we will do to achieve this

Actions taken this year

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Investment

To realise the Mount Kelly Purpose to provide a values-led, life defining education experience through continued investment in our people, infrastructure and facilities.

What we will do to achieve this

Actions taken this year

Public Benefit

The Trustee confirms it has complied with its duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit and seek to meet the Foundations’ charitable purposes in following its objectives.

Employment

The Foundation employs an average of 215 individuals with a total wage bill of £5,658,369.

Local economy

al economy
· Estimated contribution to Devon economy £7.5m
· Local pupils with academic & MTB Bursary support £394,323

Swimming

Both the 25m and 50m indoor swimming pools owned and operated by the Foundation are available for public use. During the year 2024-25 there have been over 70,000 public attendances.

The Learn to Swim Programme has taught over 400 children and 54 adults this year. The pools host multiple swimming clubs on a weekly basis as well as surf and lifesaving clubs and 2 free diving clubs. The Swim Centre hosted a course to qualify triathlon coaches and staff delivered 2 courses to qualify over 20 lifeguards. The facilities were available for use by local primary schools and during the 2024-25 year 13 local schools received swimming lessons.

The Swim Centre has also hosted several events to include BUCS Triathlon, 2 local triathlons, a Swimathon National Charity event, 2 Pony Club Tetrathlons, English School Association Regional Swimming Gala and an Ocean Walker Workshop.

Mount Kelly Swim Centre is also host to residential swim camps and swim schools. Almost 500 swimmers attended residential camps from various different clubs from across the country and over 200 swimmers attended 2 Swim Schools.

The 50m pool has heralded a huge improvement in the Mount Kelly swim programme, with resulting in reputational benefits for town and locality.

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THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Sports facilities

A range of facilities are used by local organisations:

All weather pitches Tavistock Hockey Club, Tavistock Rugby Football Club, Horrabridge Football Club Campus Dartmoor Velo, Tavistock Triathlon, Tavistock Taekwondo Club, High Five, Archery Club, Spooners and West Dartmoor Pony Club, Hockey camp, Wortham Hall Stannary Brass Band Sports Hall MCCF Cricket Hub, Brendon Worth Cricket School, Rugby Tots, Tavistock Badminton Club, Moorland Maidens, Yelverton Cricket Club Sports fields Football camps, Rugby camp, Hockey camp Courts Deep West Fives club

Partnerships

Mount Kelly has entered into agreements with several organisations including:

Tavistock Hockey Club Shared financing arrangement for all-weather pitch Tavistock College Athletics track and swimming pool Tavistock Athletics Shared facilities and coaching Tavistock BID Sponsorship of gift card Tamar Energy Community Solar panel installation and management Chelsea Football Club Creating southwest girls’ football hub and commercial Foundation residential camps

Mount Kelly is represented at Tavistock and Devon Chambers of Commerce, and the Tavistock Rotary Club.

Culture

The Mount Kelly Choral Society and Tavistock Festival collaboration has been re-established after the pandemic and is as strong as ever. Again, there have been the cycle of concerts at the Dickensian evening, the Christmas Tree Festival and the annual Remembrance Concert at the parish church.

Volunteering

The School has a far-reaching programme that sees pupils and staff assisting with the Food Bank, Tavistock Locals Help, Rotary activities, local litter picking and gardening.

Grant Making Policy

The Trustee’s policy, in line with that of other independent schools, is to award some grants on the basis of educational ability, subject to the restrictions imposed by the original donor of funds. The Charity has continued to its move towards a policy of granting a greater proportion of means-tested bursary awards, making such awards this year to the value of £1,291,345 (2024: £1,263,753).

Volunteers

The Parents’ Association maintains its interest in the life of the School, raising funds to support noncurricular activities, and a significant number of parents support the extra-curricular life of the School as volunteers.

Review of Achievements and Performance for the Year

Operational Performance of the School

The academic year finished with 602 pupils on roll, with boarding at maximum capacity at the College. A strong pipeline of Year 9-13 enquiries continues to cement our strategic objective plan to optimise our facilities.

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Mount Kelly has a philosophy that is committed to an all-round education, and the provision of a wide range of extra-curricular opportunities enables our pupils to explore, grow and develop as wellrounded individuals.

A Level results were again strong, 37% were graded A-A and 59% A-B. Over 80% of pupils secured their places at their chosen of universities in the UK and overseas, with consistent rates of entry into Russell Group, Bath and Loughborough universities.

Success with overseas university applications has been impressive, with pupils joining well recognised universities, particularly in the USA.

At GCSE 42% of grades were 9-7 and 85% 9-5 with a 94% pass rate. Over a quarter of our pupils achieved a 7 or above in at least five subjects.

There was also success at the Prep, with pupils winning places and scholarships not only at the College, but also at other well-known HMC schools.

This has been another exceptional year for our high-performance athletes.

The highlight of the swimming year was seeing Mount Kelly place nine swimmers at the European Juniors, exceeding last year’s recording breaking eight swimmers. Our swimmers secured seven medals including three golds.

There was also representation for Mount Kelly at the World Senior Championships, where three medals were secured.

The National Arena League final again showed Mount Kelly’s strength and depth, finishing 2nd but being the highest performing school programme. Other notable successes include Top Club at the Southwest Regional Championships for the fourth consecutive year.

At the 2024 British Summer Championships, Mount Kelly once again delivered brilliant results on the national stage with our swimmers winning a total of 55 national medals. There was also considerable success at the home nations Nationals.

The Girls’ Performance Football Programme in partnership with Chelsea FC Foundation has now firmly established itself. The girls won the Independent Schools Football Association (ISFA) U18 trophy for the second year running, and junior teams have been added at U14 and U15 age groups.

The School has continued to provide players for the England ISFA Under 18’s.

Participation rates are high through the School, and the core sports of netball, rugby, hockey and cricket continue to thrive. It is particularly pleasing that the number of girls playing cricket continues to rise.

Our youngest sportsmen and women continue to receive much improved and regular quality coaching and the overall quality of the provision at the Prep has strengthened markedly, with again a growth in the quantity and quality of fixtures. The new female Head of Prep Sport has provided much energy and motivation

Music continues to be a strength with pupils, ensembles and choirs performing to an executional standard. The senior choir is particularly talented, and our pupils continue to perform in many local events. Associated Board music exam uptake remains strong with considerable success at every level. The School maintains a very lively programme of informal concerts.The School also runs a programme of public concerts, welcoming to the School professional soloists and ensembles of the

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

highest calibre, performing to our own pupils and to the wider community. This programme has started to return to the school following the pandemic.

Outdoor pursuits remain an important element of Mount Kelly’s extra-curricular life. Strong activity has be well consolidated during the year. Pupils in Years 6, 7 and 8 have been most fully engaged in the Learning Outside the Classroom programme, spending time during the summer term learning in the natural environment. We maintain a high profile in the Ten Tors Challenge and the Devizes to Westminster International Canoe Race, and a lively involvement in Duke of Edinburgh Gold Awards.

In Performing Arts, a significant number of pupils this year once again took LAMDA examinations with Distinction passes at Grade 8. The main College drama production of the year was Chicago, which proved to be an enormous success and much enjoyed by the large cast. The Prep School also undertook multiple and very successful year group productions.

The Trustee would like to thank all involved with the Foundation for their continued hard work and ongoing success.

Future Developments

Management will continue with the implementation of the Strategic Plan. The strategy gives clear direction to the Charity and to continue to build on the quality of the educational experience at Mount Kelly and within the broader strategic imperative of ensuring commercial sustainability.

Early discussions are underway around the next five years of strategic planning.

Financial Review

The Statement of Financial Activities for the year is set out on page 19 of the financial statements.

Incoming resources were £12,136,254 (2024: £12,080,845). The primary source of income in the year was the receipt of school fees.

The total net movement in funds for the year was a surplus of £344,289 (2024: surplus of £334,228). The total net movement of unrestricted funds was £374,835 (2024: surplus of £197,548). The total net movement of restricted funds was £69,529 deficit after £24,590 revaluation gains on investments (2024: £79,098 deficit after £66,860 revaluation gains on investments). The total net movement of endowment funds was £38,983 surplus after revaluation gains on investments of £29,292 (2024: surplus of £215,778 after revaluation gains of £59,023). Note 7 details the total expenditure on the various elements of the Foundations’ charitable activities. Details of the net movement in restricted funds are given in note 17.

Going Concern

The Trustee has continued to instigate a program of financial efficiencies and cost mitigations to maintain a robust operational position. Pupil pipeline interest remains strong for the academic year ahead, and the Foundation continues to explore and develop business and commercial income diversification opportunities which will further expand and strengthen the business model.

The Trustees has reviewed the current position and does not anticipate any material changes to the operations of the School. In light of this, the Trustee is confident that the Charity has adequate resources in place and consider it appropriate for the financial statements to be prepared on a going concern basis.

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Reserves Policy

The reserves policy of the Foundation is to maintain free reserves equal to approximately one full term’s expenditure. Use of reserves should always be planned and approved in advance by the Trustee and should be accompanied by a clear business case, articulating, as far as possible, how the funds are intended to be used. The policy is reviewed annually.

At the year end, total unrestricted reserves held by the Foundation amounted to £15,488,519 (2024: £15,113,684). The restricted reserves held by the Foundation were £2,451,138 (2024: £2,520,667). The endowment reserves held by the Foundation were £867,512 (2024: £828,529).

Risk Management

The Trustee has assessed the major risks to which the Charity is exposed as including, failure to meet legal requirements, negative publicity, too few sources of income, exposure to fraud and not having adequate insurance cover.

The Trustee has reviewed these areas of potential risk and concluded that, operationally, these risks are significantly mitigated; record keeping is performed by the Mount Kelly Foundation which has adequate internal controls, insurance cover is reviewed every year, and a lawyer is on hand when needed. The exposure to a loss of income was considered when the investments and reserves policies were agreed.

Investment Policy and Objectives

The Trustee is responsible for the oversight of the implementation of the investment policy and monitoring the performance of investments. The Board seeks professional advice when required. The Board gives guidance as to the balance required between income and capital growth, risk parameters and the investment strategy having due regard to the law and regulations on the investment of charitable assets.

The investment policy of the Foundation is to generate a positive financial return on funds over a medium to long term period through a balanced portfolio with a low risk profile and low capital volatility.

The investments are managed by Brewin Dolphin Limited.

This report was approved by the Trustee on 19 March 2026 and signed on its behalf by:

I.M Macqueen G.T Ayling Chair of Mount Kelly Foundation Governors Headmaster and Principal of the Foundation

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

STATEMENT OF TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025

The Trustee are responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustee are required to:

The Trustee are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustee on and signed on its behalf by:19 March 2026

I.M MacQueen G.T Ayling Chair of Mount Kelly Foundation Governors Headmaster and Principal of the Foundation

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THE MOUNT KELLY FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MOUNT KELLY FOUNDATION

OPINION

We have audited the financial statements of The Mount Kelly Foundation (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity statement of financial position, the Consolidated statement of cash flows and the related notes, 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustee is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

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THE MOUNT KELLY FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MOUNT KELLY FOUNDATION (CONTINUED)

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF THE TRUSTEE

As explained more fully in the Trustee's responsibilities statement, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee determines 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 Trustee is responsible for assessing the Group's and the parent charity'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 Trustee either intends to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

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THE MOUNT KELLY FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MOUNT KELLY FOUNDATION (CONTINUED)

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, purchase ledger and payroll, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act, the Charities SORP and the Charities Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These included safeguarding regulations, data protection regulations, occupational health and safety regulations, education and inspections legislation, and employment legislation. Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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 Auditors' Report.

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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MOUNT KELLY FOUNDATION (CONTINUED)

USE OF OUR REPORT

This report is made solely to the charity's Trustee and its directors in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustee those matters we are required to state to it 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 charity, its Trustee and directors for our audit work, for this report, or for the opinions we have formed.

Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 0BN

Date: 24/4/2026

Bishop Fleming Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 18

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income and
endowments from:
Donations and
legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Total income and
endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (expenditure)
/income before net
gains/ (losses) on
investments
Net gains on
investments
12
Net income
Transfers between
funds
17
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Endowment
funds
2025
£
-
-
-
16,749
16,749
7,058
-
7,058
9,691
29,292
38,983
(14,649)
24,334
828,529
24,334
852,863		 Restricted
funds
2025
£
17,554
-
-
18,895
36,449
2,972
47,716
50,688
(14,239)
24,590
10,351
4,376
14,727
2,520,667
14,727
2,535,394		 Unrestricted
funds
2025
£
6,002
11,273,359
803,695
-
12,083,056
1,119,366
10,668,735
11,788,101
294,955
-
294,955
10,273
305,228
15,113,684
305,228
15,418,912		 Total
funds
2025
£
23,556
11,273,359
803,695
35,644
12,136,254
1,129,396
10,716,451
11,845,847
290,407
53,882
344,289
-
344,289
18,462,880
344,289
18,807,169		 Total
funds
2024
£
79,250
11,179,988
782,243
39,364
12,080,845
1,092,133
10,780,367
11,872,500
208,345
125,883
334,228
-
334,228
18,128,652
334,228
18,462,880

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

The notes on pages 23 to 40 form part of these financial statements.

Page 19

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
21
Creditors: amounts falling due within one
year
15
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
Total funds		 11,723
2,988,105
2,808,270
5,808,098
(7,408,948)		 2025
£
22,706,148
1,784,390
24,490,538
(1,600,850)
22,889,688
(4,082,519)
18,807,169
852,863
2,535,394
15,418,912
18,807,169		 9,360
2,246,193
3,558,551
5,814,104
(7,133,919)		 2024
£
23,055,270
1,740,538
24,795,808
(1,319,815)
23,475,993
(5,013,113)
18,462,880
828,529
2,520,667
15,113,684
18,462,880

The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:

I.M MacQueen

G.T Ayling

Chair of Mount Kelly Foundation Governors Headmaster and Principal of the Foundation Date: 19 March 2026

The notes on pages 23 to 40 form part of these financial statements.

Page 20

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 AUGUST 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
Total funds		 3,045,701
2,652,758
5,698,459
(7,345,137)		 2025
£
22,704,399
1,784,390
24,488,789
(1,646,678)
22,842,111
(4,082,519)
18,759,592
868,263
2,508,629
15,382,700
18,759,592		 2,351,614
3,384,336
5,735,950
(7,027,280)		 2024
£
23,053,362
1,740,538
24,793,900
(1,291,330)
23,502,570
(5,013,113)
18,489,457
828,529
2,520,667
15,140,261
18,489,457

The Charity's net movement in funds for the year was £343,134 (2024 - £409,459).

The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:

I.M MacQueen G.T Ayling Chair of Mount Kelly Foundation Governors Headmaster and Principal of the Foundation Date: 19 March 2026

The notes on pages 23 to 40 form part of these financial statements.

Page 21

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities
Net cash used in operating activities
20
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Repayments of finance leases
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
21
The notes on pages 23 to 40 form part of these financial statements		 2025
£
(304,769)
35,644
20,269
(275,040)
386,118
(376,389)
(209,398)
(234,879)
(1,235)
(236,114)
(750,281)
3,558,551
2,808,270		 2024
£
2,807,121
39,364
-
(2,630,014)
691,769
(926,862)
(2,825,743)
(224,524)
(44,374)
(268,898)
(287,520)
3,846,071
3,558,551

Page 22

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Mount Kelly Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

1.2 GOING CONCERN

The Trustees continue to risk assess and mitigate against the current threats facing the independent school environment, which continues to prove extremely challenging. Business diversification opportunities have been evaluated and developed with a view to enlarging and optimising revenue streams, whilst continually interrogating the Foundation business model to ensure financial and operational efficiency.

On this basis, the directors do not anticipate any material changes to the school and consider it appropriate for the financial statements to be prepared on a going concern basis.

1.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 23

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of any irrecoverable VAT.

1.5 GOVERNMENT GRANTS

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold property - 1 -2% straight line
Land - not depreciated
Assets under construction - not depreciated
Motor vehicles - 15% straight line
Fixtures and fittings - 6.67 - 25% straight line
Other fixed assets - 6.67% straight line

1.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Page 24

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.8 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.9 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

1.12 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 FINANCE LEASES AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 25

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.14 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Group and which have not been designated for other purposes.

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

Investment income, gains and losses are allocated to the appropriate fund.

2. INCOME FROM DONATIONS AND LEGACIES

Donations
TOTAL 2024		 Restricted
funds
2025
£
17,554
68,363		 Unrestricted
funds
2025
£
6,002
10,887		 Total
funds
2025
£
23,556
79,250		 Total
funds
2024
£
79,250

3. INCOME FROM CHARITABLE ACTIVITIES

Tuition fees: Gross fees
Less Bursaries, Scholarships and other discounts
Other Educational Income: After school care
Registration fees
Other ancillary income: Interest on unpaid fees
Income from extra activities		 Unrestricted
funds
2025
£
14,983,473
(3,908,315)
5,004
30,261
-
162,936
11,273,359		 Total
funds
2025
£
14,983,473
(3,908,315)
5,004
30,261
-
162,936
11,273,359		 Total
funds
2024
£
14,411,548
(3,431,240)
4,956
21,380
2,259
171,085
11,179,988

Page 26

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Sales
Rent receivable
Other commercial activities
Commercial swimming		 Unrestricted
funds
2025
£
27,285
44,496
184,225
547,689
803,695		 Total
funds
2025
£
27,285
44,496
184,225
547,689
803,695		 Total
funds
2024
£
28,856
31,376
132,468
589,543
782,243
5.
INVESTMENT INCOME
Investment Income
TOTAL 2024
6.
INVESTMENT MANAGEMENT COSTS
Investment management fees
TOTAL 2024		 Endowment
funds
2025
£
16,749
17,726
Endowment
funds
2025
£
7,058
6,535		 Restricted
funds
2025
£
18,895
21,638
Restricted
funds
2025
£
2,972
3,146		 Total
funds
2025
£
35,644
39,364
Total
funds
2025
£
10,030
9,681		 Total
funds
2024
£
39,364
Total
funds
2024
£
9,681

Page 27

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Activities
undertaken
directly
2025
Support
costs
2025
£
£
Educational
5,169,782
-
Domestic & Catering
-
2,014,178
Maintenance
-
914,475
Administration
-
2,183,821
Finance Costs
-
246,106
Governance
-
188,089
5,169,782
5,546,669
TOTAL 2024
5,272,825
5,507,542
8.
AUDITORS' REMUNERATION
Fees payable to the Charity's auditor for the audit of the Group's annual
accounts
Fees payable to the Group's auditor in respect of:
All non-audit services not included above
9.
STAFF COSTS
Group
Group
2025
2024
£
£
Wages and salaries
5,658,369
5,687,796
Social security costs
585,760
526,596
Contribution to pension schemes
545,562
555,788
6,789,691
6,770,180		 Total
funds
2025
£
5,169,782
2,014,178
914,475
2,183,821
246,106
188,089
10,716,451
10,780,367
2025
£
32,650
3,850
Charity
2025
£
5,266,115
559,653
532,900
6,358,668		 Total
funds
2024
£
5,272,825
2,185,889
1,013,566
2,037,420
179,837
90,830
10,780,367
2024
£
14,500
9,790
Charity
2024
£
5,295,287
503,641
542,325
6,341,253

Page 28

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. STAFF COSTS (CONTINUED)

The average number of persons employed by the Group during the year was as follows:

Education
Domestic
Administration
Maintenance
Subsidiary Companies		 Group
2025
No.
121
17
26
20
34
218		 Group
2024
No.
123
18
27
21
34
223

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 2 2
In the band £70,001 - £80,000 2 1
In the band £110,001 - £120,000 - 1
In the band £140,001 - £150,000 1 1

10. TRUSTEE'S REMUNERATION AND EXPENSES

During the year, the Trustee received no remuneration or other benefits (2024 - £NIL).

During the year ended 31 August 2025, expenses totalling £9,773 were reimbursed or paid directly to Governors who form part of the Mount Kelly Foundation Governors Trustee (2024 - £14,062). The expenses related to Trustee away days, travel and subsistence.

Page 29

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. TANGIBLE FIXED ASSETS

GROUP

COST
At 1 September 2024
Additions
Disposals
At 31 August 2025
DEPRECIATION
At 1 September 2024
Charge for the year
On disposals
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024		 Freehold
property
Assets
under
construction
£
£
23,392,245
202,867
-
171,651
-
-
23,392,245
374,518
2,316,478
-
270,365
-
-
-
2,586,843
-
20,805,402
374,518
21,075,767
202,867		 Motor
vehicles
£
185,407
16,510
(20,269)
181,648
84,643
21,988
(20,269)
86,362
95,286
100,764		 Fixtures and
fittings
£
3,734,924
86,879
-
3,821,803
2,440,270
289,783
-
2,730,053
1,091,750
1,294,654		 3G pitch
£
967,843
-
-
967,843
586,625
42,026
-
628,651
339,192
381,218		 Total
£
28,483,286
275,040
(20,269)
28,738,057
5,428,016
624,162
(20,269)
6,031,909
22,706,148
23,055,270

At 31 August 2024

Page 30

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. TANGIBLE FIXED ASSETS (CONTINUED)

CHARITY

COST OR VALUATION
At 1 September 2024
Additions
Disposals
At 31 August 2025
DEPRECIATION
At 1 September 2024
Charge for the year
On disposals
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024		 Freehold
property
Assets
under
construction
£
£
23,392,245
202,867
-
171,651
-
-
23,392,245
374,518
2,316,478
-
270,365
-
-
-
2,586,843
-
20,805,402
374,518
21,075,767
202,867		 Motor
vehicles
£
185,407
16,510
(20,269)
181,648
84,643
21,988
(20,269)
86,362
95,286
100,764		 Fixtures and
fittings
£
3,688,607
86,879
-
3,775,486
2,395,861
289,624
-
2,685,485
1,090,001
1,292,746		 Other fixed
assets
£
967,843
-
-
967,843
586,625
42,026
-
628,651
339,192
381,218		 Total
£
28,436,969
275,040
(20,269)
28,691,740
5,383,607
624,003
(20,269)
5,987,341
22,704,399
23,053,362

Page 31

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. FIXED ASSET INVESTMENTS

GROUP AND CHARITY
COST OR VALUATION
At 1 September 2024
Additions
Disposals
Revaluations
Transfers between classes
AT 31 AUGUST 2025
NET BOOK VALUE
AT 31 AUGUST 2025
AT 31 AUGUST 2024
13.
STOCKS
Finished goods and goods for resale
14.
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Fees		 Listed
investments
Cash
account
held as part
of
investment
portfolio
£
£
1,733,385
7,153
372,214
-
(382,752)
-
54,390
-
4,176
(4,176)
1,781,413
2,977
1,781,413
2,977
1,733,385
7,153
Group
2025
£
11,723
Group
Group
Charity
2025
2024
2025
£
£
£
51,128
15,642
-
-
-
124,490
100,751
13,728
100,751
363,413
226,090
347,647
2,472,813
1,990,733
2,472,813
2,988,105
2,246,193
3,045,701		 Listed
investments
Cash
account
held as part
of
investment
portfolio
£
£
1,733,385
7,153
372,214
-
(382,752)
-
54,390
-
4,176
(4,176)
1,781,413
2,977
1,781,413
2,977
1,733,385
7,153
Group
2025
£
11,723
Group
Group
Charity
2025
2024
2025
£
£
£
51,128
15,642
-
-
-
124,490
100,751
13,728
100,751
363,413
226,090
347,647
2,472,813
1,990,733
2,472,813
2,988,105
2,246,193
3,045,701		 Total
£
1,740,538
372,214
(382,752)
54,390
-
1,784,390
1,784,390
1,740,538
Group
2024
£
9,360
Charity
2025
£
-
124,490
100,751
347,647
2,472,813		 Charity
2024
£
-
134,261
13,727
212,893
1,990,733
3,045,701 2,351,614

Page 32

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
2025
2024
£
£
Bank loans
232,139
221,878
Advanced fees
883,425
1,600,784
Trade creditors
498,055
252,801
Amounts owed to group undertakings
-
-
Other taxation and social security
720,033
161,841
Obligations under finance lease and hire
purchase contracts
120,740
62,862
Fees received in advance
3,315,157
3,417,694
Other creditors
1,426,458
1,151,671
Accruals and deferred income
212,941
264,388
7,408,948
7,133,919
Group
Group
2025
2024
£
£
Fees received in advance at 1 September
3,417,694
3,663,696
Resources deferred during the year
3,315,157
3,417,694
Amounts released from previous periods
(3,417,694)
(3,663,696)
3,315,157
3,417,694
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Group
2025
2024
£
£
Bank loans
3,518,735
3,763,875
Net obligations under finance lease and hire
purchase contracts
11,148
70,260
Advanced fees
552,636
1,178,978
4,082,519
5,013,113		 Charity
2025
£
232,139
883,425
474,935
60,390
711,288
120,740
3,315,157
1,426,457
120,606
7,345,137
Charity
2025
£
3,417,694
3,315,157
(3,417,694)
3,315,157
Charity
2025
£
3,518,735
11,148
552,636
4,082,519		 Charity
2024
£
221,878
1,600,784
242,914
-
151,549
62,862
3,417,694
1,151,667
177,932
7,027,280
Charity
2024
£
3,663,696
3,417,694
(3,663,696)
3,417,694
Charity
2024
£
3,763,875
70,260
1,178,978
5,013,113

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Page 33

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED
FUNDS
General Funds
ENDOWMENT
FUNDS
Endowment Fund
RESTRICTED
FUNDS
Scholarships and
bursaries funds
Investment income
Bursary fund
Music school fund
Swimming pool
fund
Hockey pitch fund
Old Mount Kelleian
bridge donation
TOTAL OF FUNDS		 Balance at 1
September
2024
£
15,113,684
828,529
482,562
21,638
434,491
193,075
936,573
426,528
25,800
2,520,667
18,462,880		 Income
£
12,083,056
16,749
-
18,895
17,554
-
-
-
-
36,449
12,136,254		 Expenditure
£
(11,788,101)
(7,058)
(2,972)
-
-
(4,796)
(22,299)
(20,021)
(600)
(50,688)
(11,845,847)		 Transfers
in/out
£
10,273
(14,649)
1,615
(21,638)
24,399
-
-
-
-
4,376
-		 Gains/
(Losses)
£
-
29,292
8,267
-
16,323
-
-
-
-
24,590
53,882		 Balance at
31 August
2025
£
15,418,912
852,863
489,472
18,895
492,767
188,279
914,274
406,507
25,200
2,535,394
18,807,169

Page 34

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. STATEMENT OF FUNDS (CONTINUED)

The Music School fund was brought in as part of the Mount House School merger and was originally established for the expansion of the existing music facilities. The fund is fully invested in fixed assets.

The Scholarship and bursary funds represent gifts to the School to fund scholarships and bursaries. The fund is represented by investments.

The Investment Income fund consists of income received from investments and is held as cash.

The Bursary fund consists of donations made to the School to fund bursaries.

The Swimming pool fund consists of donations and grants made to build a new 50m swimming pool. These funds have been fully utilised in the construction of the pool. Expenditure on this fund represents a proportion of the depreciation of this asset.

The Hockey pitch fund represents income donated to the School for the refurbishment of its hockey pitch. Expenditure on this fund represents the depreciation on the assets these funds have purchased.

The Old Mount Kelleian bridge donation represents income donated to the School from the Old Mount Kelleian fund towards the cost of erecting a bridge between the College and the Prep School.

Page 35

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
General Funds
ENDOWMENT
FUNDS
Endowment Fund
RESTRICTED
FUNDS
Scholarships and
bursaries funds
Investment income
Bursary fund
Music school fund
Swimming pool
fund
Hockey pitch fund
Old Mount Kelleian
bridge donation
TOTAL OF FUNDS		 Balance at
1 September
2023
£
14,916,136
612,751
449,210
15,505
505,358
197,871
958,872
446,549
26,400
2,599,765
18,128,652		 Income
£
11,973,118
17,726
-
21,638
68,363
-
-
-
-
90,001
12,080,845		 Expenditure
£
(11,815,103)
(6,535)
(3,146)
-
-
(4,796)
(22,299)
(20,021)
(600)
(50,862)
(11,872,500)		 Transfers
in/out
£
39,533
145,564
231
(15,505)
(169,823)
-
-
-
-
(185,097)
-		 Gains/
(Losses)
£
-
59,023
36,267
-
30,593
-
-
-
-
66,860
125,883		 Balance at
31 August
2024
£
15,113,684
828,529
482,562
21,638
434,491
193,075
936,573
426,528
25,800
2,520,667
18,462,880

Page 36

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

18. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 Balance at
September Transfers Gains/ 31 August
2024 Income Expenditure in/out (Losses) 2025
£ £ £ £ £ £
General funds 15,113,684 12,083,056 (11,788,101) 10,273 - 15,418,912
Endowment
funds 828,529 16,749 (7,058) (14,649) 29,292 852,863
Restricted
funds 2,520,667 36,449 (50,688) 4,376 24,590 2,535,394
18,462,880 12,136,254 (11,845,847) - 53,882 18,807,169
SUMMARY OF FUNDS - PRIOR YEAR
Balance at Balance at
1 September Transfers Gains/ 31 August
2023 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
General funds 14,916,136 11,973,118 (11,815,103) 39,533 - 15,113,684
Endowment
funds 612,751 17,726 (6,535) 145,564 59,023 828,529
Restricted
funds 2,599,765 90,001 (50,862) (185,097) 66,860 2,520,667
18,128,652 12,080,845 (11,872,500) - 125,883 18,462,880

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
TOTAL		 Endowment
funds
2025
£
-
852,863
-
-
-
852,863		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
1,534,260
21,171,888
1,001,134
(69,607)
-
5,808,098
-
(7,408,948)
-
(4,082,519)
2,535,394
15,418,912		 Total
funds
2025
£
22,706,148
1,784,390
5,808,098
(7,408,948)
(4,082,519)
18,807,169

Page 37

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
TOTAL		 Endowment
funds
2024
£
-
828,529
-
-
-
828,529		 Restricted
funds
2024
£
1,581,976
912,009
26,682
-
-
2,520,667		 Unrestricted
funds
2024
£
21,473,294
-
5,787,422
(7,133,919)
(5,013,113)
15,113,684		 Total
funds
2024
£
23,055,270
1,740,538
5,814,104
(7,133,919)
(5,013,113)
18,462,880
20.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
21.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand		 FROM OPERATING
Group
Group
2025
2024
£
£
344,289
334,228
603,893
710,864
(53,581)
(125,883)
(35,644)
(39,364)
-
14,183
(2,363)
(3,135)
(741,912)
131,843
(419,451)
1,784,385
(304,769)
2,807,121
Group
Group
2025
2024
£
£
2,808,270
3,558,551

Page 38

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. ANALYSIS OF CHANGES IN NET DEBT

At 1
September
2024
£
Cash at bank and in hand
3,558,551
Debt due within 1 year
(221,878)
Debt due after 1 year
(3,763,875)
Finance leases
(133,122)
(560,324)
23.
CAPITAL COMMITMENTS
Amounts contracted but not provided for in these financial statements:
Acquisition of tangible fixed assets
24.
FINANCE LEASES
AMOUNTS PAYABLE
Not later than 1 year
Later than 1 year and not later than 5 years		 Cash flows
At 31
August 2025
£
£
(750,281)
2,808,270
(10,261)
(232,139)
245,140
(3,518,735)
1,234
(131,888)
(514,168)
(1,074,492)
-
135,284
Group
Group
2025
2024
£
£
77,641
62,863
11,148
70,260
88,789
133,123		 Cash flows
At 31
August 2025
£
£
(750,281)
2,808,270
(10,261)
(232,139)
245,140
(3,518,735)
1,234
(131,888)
(514,168)
(1,074,492)
-
135,284
Group
Group
2025
2024
£
£
77,641
62,863
11,148
70,260
88,789
133,123		 Cash flows
At 31
August 2025
£
£
(750,281)
2,808,270
(10,261)
(232,139)
245,140
(3,518,735)
1,234
(131,888)
(514,168)
(1,074,492)
-
135,284
Group
Group
2025
2024
£
£
77,641
62,863
11,148
70,260
88,789
133,123
Group
2024
£
62,863
70,260
133,123

Amounts owed under finance leases relate to Plant & Equipment supplied in the year by a third party.

Page 39

Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977

THE MOUNT KELLY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25. PENSION COMMITMENTS

There are several pension schemes available to employees of the School, a Direct Contribution Scheme for teaching staff and a Group Personal Pension and a Death in Service Life Assurance for non-teaching staff.

Defined Contribution Scheme

On 1 January 2022, the Mount Kelly Foundation put into place a new defined contribution scheme for teaching staff. At the year-end, £nil (2024 - £nil) was included in creditors in respect of contributions to this scheme. The assets of the scheme are held separately from those in the School in independently administered funds.

Non-teaching staff

All non teaching staff are invited to participate in the Group Personal Pension Plan and the Death in Service Life Assurance. This scheme is a defined contribution scheme, and the assets of the scheme are held separately from those in the School in independently administered funds.

Contributions totalling £63,479 (2024 - £22,612) were payable at the year-end.

26. OPERATING LEASE COMMITMENTS

At 31 August 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

AMOUNTS PAYABLE
Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2025
£
30,253
41,398
71,651		 Group
2024
£
82,536
70,782
153,318		 Charity
2025
£
30,253
41,398
71,651		 Charity
2024
£
82,536
70,782
153,318

27. RELATED PARTY TRANSACTIONS

A number of employees of the Charity have children who are pupils at the school and therefore pay fees to the School. All transactions are conducted in accordance with the Foundation's financial regulation and normal procurement procedures, although they are given staff discount of 50%-80%.

Page 40