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|
Page 1
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:
- Mount Kelly is an all-round co-educational School, where pupils from the age of 4-18 are nurtured and encouraged to realise their full potential
- Mount Kelly is a school which values strong academic performance, and it works tirelessly to maximise the ability of every child
- Mount Kelly is located on the edge of Dartmoor National Park and makes every use of its exceptional surroundings to widen pupils’ experiences
- Mount Kelly is proud to be a close-knit school and there is special emphasis on individual pastoral care where our family values pervade every aspect of school life
- Mount Kelly understands what it takes for pupils to compete at the top level; the expectations and structures of its globally recognised swimming programme are replicated in other fields across the School
- Mount Kelly is a school with a strong sense of service to the community and believes it is important to give children a chance to attend the School who could not afford to do so
- Mount Kelly is a Christian School, where the importance of tolerance, understanding and kindness are central and pupils of all faiths and none are supported equally
- Mount Kelly produces balanced, confident, well-rounded and ambitious pupils and they have a fierce pride in being part of Mount Kelly.
## **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
- To improve the overall academic value-added for pupils taking public examinations
- To continue to make demonstrable progress with the 5-year Strategic Plan.
## **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**_
- Drive scholarly ambition and value-added achievement
- Become a _Thinking School[1]_
- Engage with _OECD Education 2030[2]_
- Maximise digital literacy and capability
- Embed an integrated whole-school curriculum that is broad, inclusive, relevant, challenging, inspiring and globally focused
- Develop a programme of off-timetable intensive enrichment courses
- Grow the role of Personalised Learning
- Strengthen pathways to the best post-secondary educational programmes worldwide
## _**Actions taken this year**_
- Numeracy policy reviewed
- Prep scholarship programme reviewed
- Embedded new shape of the week
-
- Review of the cycle of assess/plan/do/review undertaken
- Review of tutoring expectations and delivery completed
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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**
- Academic enrichment through societies increased
- Application made for Level 2 Thinking Schools
- Improved pupil/parent transitions
- Intranet working group set up
_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**_
- Ensure an uncompromising commitment to a safeguarding culture
- Become a Rights Respecting School
- Embed whole-school wellbeing programmes and curricula
- Support a strong and inclusive boarding ethos
- Foster support systems through the vertical House structure
- Ensure all pupils and cultural diversity are represented and celebrated equitably
- Enhance the sense of belonging through Team, House, School
- Support pupils on the journey to global citizenship
## _**Actions taken this year**_
- Embedded and reviewed behaviour polices
- Boarding refresh
- Mental Health Group set up
- EDI Committee set up
- Streamlined safeguarding processes and procedures
- Rewards & Sanctions reviewed
- Improved transitions for neurodiverse pupils
## **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**_
- Maintain a world class swimming programme
- Develop a girls’ football programme in partnership with Chelsea FC Foundation
- Foster traditional competitive team sports
- Explore additional competitive team sports
- Promote individual sporting pursuits
- Develop accessible and inclusive recreational opportunities
-
- Engage our sportsmen and women in all aspects of the Mount Kelly experience
- Support local, regional and national sporting initiatives
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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**_
- New staff well supported
- Created fresh 5-year vision
- Football development plan formed
## **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**_
- Strengthen the Shackleton programme, Duke of Edinburgh’s Award scheme, the Ten Tors and Devizes to Westminster challenges as the core of our offering
- Widen participation in volunteering
- Deepen opportunities for creative performance
- Develop life-skills and entrepreneurship programmes
- Enhance the current seven-day-a-week provision
- Reimagine pupil leadership opportunities
- Devise a rolling programme of trips accessible for all pupils
- Maximise staff skills and capability
## _**Actions taken this year**_
- New Shackleton programme established
- Reviewed refreshed and extended offering
## **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**_
- Widen the community engagement programme
- Support the local economy through collaboration
- Strengthen links with key education partners
- Establish Mount Kelly as a primary school hub
- Utilise technology to maximise partnership opportunities
- Develop exchange programmes with schools in the UK and overseas
-
- Deepen impact through collaboration with third party charities and organisations
- Enhance Mount Kelly’s international and on-line presence
## _**Actions taken this year**_
- Increased activity through volunteering
- Increased local sponsorships
- Programme of forums delivered
- Business Network programme formulated
## **Sustainability**
To promote sustainable lifestyles and reduce the School’s carbon footprint.
## _**What we will do to achieve this**_
- Embed a programme of sustainability and environmental responsibility within the curriculum
- · Promote pupil ownership initiatives
- Develop an energy management to reduce heat and power consumption
- Develop opportunities to decarbonise heat
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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**
- Increase on-campus solar electrical power generation
- Optimise water usage
- Promote positive changes of habit amongst all stakeholders
- Factor sustainability into decision-making
## _**Actions taken this year**_
- Mount Kelly Nature programme developed and delivered
## **Leadership**
To realise the Mount Kelly Purpose through outstanding leadership at all levels.
## _**What we will do to achieve this**_
- Promote leadership that lives out the values of Mount Kelly
- Maintain a Governing Body that operates with commitment, a strong focus on mission and specific, clearly articulated responsibilities
- Ensure that the Governing Body is appropriately structured to deliver long-term continuity of leadership
- Recruit and develop executive leadership that is progressive, innovative, reflective and selfcritical
- Cement in practice a programme of senior leadership development
- Develop professional support programmes for all staff
- Act on the importance and benefits of diversity and inclusion
- Explore alternative pupil leadership structures
## _**Actions taken this year**_
- New governors appointed subject to skills audit from previous year
- New Senior team formed for new academic year
- Senior Leadership Development Programme extended to more staff
- ‘Democratic’ Head Boy/Girl selection process reviewed and improved
## **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**_
- Cement our Purpose at the heart of all we do
- Maintain first class financial management
- Foster a dynamic, creative and diverse approach to commercial activity
- Recognise the contributions to success made by all members of our community
- Ensure a clear and vibrant communication of our purpose and achievement
- Promote lifelong engagement with Mount Kelly through the enhanced role of the Development and Alumni Office
- Prepare for our 150[th] anniversary in 2027
- Offer new opportunities for future generations through increased bursary funding
## _**Actions taken this year**_
- Restructured finance function
- Plans for 150th Anniversary agreed
-
- Legacy fundraising plan established
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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**_
- Enhance a work environment that is welcoming, respectful and inclusive
- Deliver equal opportunities for supportive personal and professional development
- Ensure all staff are represented fairly and equality
- Invest in IT networks that best serve every aspect of Foundation activity
- Build sustainable business practices and infrastructures
- Upgrade teaching, performance and social spaces
- Complete the refurbishment of our boarding houses
- Maintain and develop sporting facilities commensurate with our ambition
## _**Actions taken this year**_
- Continued rolling classroom and office refurbishment programme
- Continued upgrades to fire precaution measures
- Estate management plan developed
## **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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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977
## **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
Page 13
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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
Page 14
Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977
## **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:
- give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 August 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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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Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977
## **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:
- the information given in the Trustee's Report is inconsistent in any material respect with the financial statements; or
- the parent Charity has not kept sufficient accounting records; or
- the parent Charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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:
- the nature of the sector, control environment and Group performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
Page 16
Docusign Envelope ID: 877C0394-F82D-4A7E-BBE5-3361912E5977
## **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:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
- enquiring of management and those charged with governance concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing internal control reports; and
- in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
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.
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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