OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-29-accounts

Company Number 01686186

THE MOUNT SCHOOL (YORK)

A company limited by guarantee and a registered charity no. 513646

REPORT AND FINANCIAL STATEMENTS

for the year ended

31 August 2025

H P H Chartered Accountants 54 Bootham York YO30 7XZ

THE MOUNT SCHOOL (YORK) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

CONTENTS page
Trustees' Annual Report contents 1
Introduction from the clerk to the committee 2 - 3
Members of the committee's report 4 - 15
Auditor's Report 16 to 19
Consolidated Statement of Financial Activities 20
Balance Sheets 21
Consolidated Cashflow Statement 22
Notes to the Financial Statements 23 to 43

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

TRUSTEES' ANNUAL REPORT CONTENTS

TRU STEES' ANNUAL REPORT CONTENTS
1. FOREWORD FROM THE CLERK TO COMMITTEE ...................................................... 2
2. INTRODUCTION ............................................................................................................. 4
3. REFERENCE AND ADMINISTRATIVE DETAILS ........................................................... 4
4. OUR PURPOSE .............................................................................................................. 5
4.a. Overview ...................................................................................................................... 5
4.b. Principal aims ............................................................................................................... 5
5. LIVING OUR PURPOSE: HIGHLIGHTS IN 2024/25 ....................................................... 6
5.a. Academic achievement: in the classroom and beyond ................................................ 6
5.b. Co-curricular provision ................................................................................................. 6
5.c. Nurturing well being and self development .................................................................. 7
5.d. Community engagement and public impact: Quaker Values in Action ........................ 8
5.e. Delivering long term sustainability: our strategy ........................................................ 10
6. FINANCIAL REVIEW ..................................................................................................... 10
6.a. Reserves Policy ......................................................................................................... 11
6.b. Investment Policy, Objectives and Performance ....................................................... 11
6.c. Going Concern ........................................................................................................... 11
7. DELIVERY OF STRATEGY IN 2024/25 ........................................................................ 11
8. PLANS AND INVESTMENTS FOR FUTURE PERIODS ............................................... 12
9. STRUCTURE, GOVERNANCE AND MANAGEMENT .................................................. 13
10. RISK MANAGEMENT ................................................................................................ 15

1

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

1. FOREWORD FROM THE CLERK TO COMMITTEE

It is my privilege to present this year’s report on behalf of the Trustees of The Mount School York. This has been a year of progress on our strategy, albeit set against a challenging and changing landscape for independent education. I am especially pleased to report that the new leadership of our Head, Anna Wilby, has brought energy, openness, and a clear strategic direction focused on delivering the highest educational and pastoral standards.

The Mount remains firmly guided by its founding purpose: to provide an outstanding education within a distinctive Quaker ethos. This shapes not only academic outcomes, but the character, confidence and values of the young people in our care. As Trustees, we are more than ever focused on how best to prepare pupils for a future increasingly shaped by rapid technological advances, political change and widespread conflict. While the shape of that future is uncertain, the qualities young people will need are clear: critical thinking, creativity, adaptability, emotional intelligence and strong ethical judgement.

A Mount education is designed to develop these attributes in a deliberate and meaningful way. Pupils are encouraged not only to achieve academically, but to think independently and creatively, to reflect deeply and act with integrity. In this context, our Quaker values provide a powerful and relevant framework, equipping pupils to navigate complexity and make thoughtful decisions in a changing world.

What makes this approach especially effective is the School’s distinctive character. As a small and close-knit community, The Mount is able to focus on each individual pupil—supporting, challenging and nurturing each to reach their full potential. Alongside this, our all-girls senior environment enables girls to learn and lead with confidence, free from limitation or stereotype, and to grow into themselves without constraint at a pivotal time in their lives.

These are not just characteristics of the School, they are its defining strengths. Those strengths were reflected this year in many achievements at the Mount.

Academic results remained excellent, with outstanding A Level performance and strong outcomes, including excellent value-added at GCSE. Beyond the classroom, high levels of participation and achievement in music, drama, dance and sport continue to foster confidence, teamwork and creativity.

The Trustees and I are particularly proud of the pastoral care and wellbeing that are central to a Mount education. We were encouraged by the impact of enhanced pastoral structures and peer mentoring initiatives introduced this year, and by the strong culture of mutual respect and inclusion evident across the School community. It was pleasing to see this strength reflected in ISI’s compliance inspection report in January, which the School passed with flying colours.

It was also heartening to see Pupil Voice remaining a defining feature of school culture. Pupils are encouraged to contribute but also to lead and to shape their environment—developing the confidence and sense of responsibility that will serve them well beyond school. This year saw two pupil debates lead to decisions enacted by the Senior Leadership Team, a reinforcement and expansion of leadership opportunities and leadership training delivered to Senior School girls.

The Mount continued to play an active and expanding role in the community through partnerships, charitable activity and the sharing of our facilities, reflecting our commitment to public benefit. This reflects a simple belief that education should have impact beyond the school gates, both for our pupils and the community we serve.

2

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

As we look forward, Trustees remain mindful of the pressures facing the sector. Encouragingly, the School maintained pupil numbers during the year, outperforming wider national and local trends of falling school rolls. I am also happy to report that progress was made across all the strategic initiatives I announced in last year’s Report. These are set out in s7, but include: the securing of a medium-term financial underpin; the delivery of investment in facilities to support the creative and performing arts; the re-engineering of the Junior (now Prep) School educational model, and the expansion of commercial partnerships. These initiatives are important steps designed to strengthen both the School’s competitive position and its financial sustainability over time.

Looking ahead, the next phase of our strategy places increased emphasis on investing for growth. It is our considered view that families will expect – and deserve – more from their educational investment rather than less. Planned initiatives for the coming year include enhanced marketing and digital positioning, further investment in facilities and academic provision, the development of a new pre-school to strengthen the pupil recruitment pipeline, and continued expansion of diversified revenue streams. Alongside this, disciplined cost management and continued progress in fund raising will remain essential. Again, I look forward to reporting to you next year on progress on these initiatives.

My thanks go to the Senior Leadership Team and all staff for their commitment and professionalism, and to parents for their continued trust in the School. Above all, I thank our pupils. Their enthusiasm, integrity and achievements are at the heart of The Mount and give us every confidence in its future and in theirs, not only to navigate an uncertain world, but to shape it with confidence and purpose.

Yours in Friendship,

Greg Willmott

Clerk to the Mount School Committee

3

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

2. INTRODUCTION

The Mount School was founded by Quakers in 1785. The School is a Company Limited by Guarantee (Number 01686186) governed by its Memorandum and Articles of Association, and a Registered Charity (Number 513646).

The Company has a wholly-owned non-charitable subsidiary, Mount School Estates (York) Ltd.

The Committee members (governors) of the school are its directors and its trustees for the purposes of charity law. As Company Directors and charity Trustees, they present their annual report and audited accounts for the year ended 31 August 2025. They have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

They confirm the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

3. REFERENCE AND ADMINISTRATIVE DETAILS

All those listed below served as governors during the year, or on the date of approval of the report and accounts.

Members of the committee

Company registered number 01686186 Charity registered number 513646 Registered office Dalton Terrace, York, YO24 4DD

4

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

Senior Leadership Team

Principal : David Griffiths to December 2024; Head : Anna Wilby from January 2025 Deputy Heads : Joanne Goudriaan and James Waddington from September 2024

Head of PrepSchool : Rachel Capper Director of Business Operations (Bursar) Heather Berry Director of External Relations: Kate Linfoot

Professional Advisers

Auditors : HPH Chartered Accountants, 54 Bootham, York, YO30 7XZ Bankers : HSBC Bank plc, 13 Parliament Street, York, YO1 8XS Solicitors : Crombie Wilkinson, Clifford House, 19 Clifford Street, York, YO1 9RU

Insurance brokers : Arthur J Gallagher Insurance Brokers, Aspire, 2nd Floor, 2 Infirmary Street, Leeds Investment advisers : Brewin Dolphin Limited, 34 Lisbon Street, Leeds

4. OUR PURPOSE

a. Overview

The Mount School's charitable objectives are to advance the education of children and to carry on and conduct a school known as The Mount School York in accordance with the principles of the Religious Society of Friends (Quakers).

In pursuit of these objects, the School Committee must manage and maintain the property of the School, including its buildings, land, artefacts, works of art, books, historical documents, furniture, equipment and other effects owned by or held in trust by the School. The School also provides scholarships, bursaries, prizes and other financial support for pupils.

In addition, The Mount School York Foundation ( charity number 1171116 ) has been established, the principal purposes of which are to underpin the School's goal of widening access to a Quaker education and “……in particular to advance the education of past, present and future pupils of The Mount School York”. The Foundation works to boost funding for facilities improvements large and small, and also provides for bursaries, prizes and other awards for pupils and old scholars.

b. Principal aims

The Mount School York exists to provide an outstanding education within a distinctive Quaker ethos, enabling pupils to flourish academically, personally and socially. The School seeks to develop confident, compassionate and intellectually curious young people who are equipped to contribute positively to society. Within this overall purpose, the School’s principal aims are to:

  1. deliver academic achievement and strong pupil learning outcomes;

  2. provide a broad and enriching co-curricular programme;

  3. nurture pupils’ wellbeing and personal development;

  4. uphold the School’s Quaker values of community, equality and peace; and

  5. ensure the long-term sustainability of the School through careful stewardship and investment.

The School’s delivery against each of these objectives this year is set out below.

5

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

5. LIVING OUR PURPOSE: HIGHLIGHTS IN 2024/25

a. Academic achievement: in the classroom and beyond

At the Mount, the purpose of academic achievement at all levels of pupil ability is much more than the attainment of exam grades; it plays a critical role in personal fulfilment, career success, and societal contribution. It empowers individuals to lead meaningful lives, engage with their communities, and continuously seek knowledge and growth.

At A level, The Mount achieved an outstanding record, with 100% A-B results in ten subjects. Notably, all Art A-level students received As, showcasing the strength of the Arts programme. All girls who applied to universities have successfully pursued their next steps at prestigious institutions.

At GCSE level, the school maintained a commendable standard, with 13% of grades awarded at the highest level (grade 9), more than twice the national average. The value added at GCSE was particularly impressive, with students on average achieving nearly half a grade higher than expectations.

To extend and broaden the relevance of our academic provision, we announced the addition of Business and Economics to our array of subjects at both A and GCSE levels and welcomed a new Head of Computing, Digital Strategy and AI who has both an academic and an entrepreneurship background.

The Prep School has now completed its planned restructure, moving towards a full-time staffing model to enhance continuity and relationships between staff and students (as well as receiving a facility make over and refurbishment). Our outstanding Explore, Discover, Create programme remains a core and distinctive educational feature of our Prep School offer.

Across the school, in-class education continued to be enhanced through a programme of enrichment and real-world learning that included GCSE Science Live lectures, residential visits at Marrick Priory and Cranedale Centre, Duke of Edinburgh expeditions, Bath Model United Nations, creative academic projects such as the Children Who Changed the World art exhibition, an academic lecture series, team maths challenges and much more.

b. Co-curricular provision

Co-curricular activities enrich the educational experience, providing pupils with essential life skills, enhancing academic performance, and promoting overall well-being. They play a crucial role in developing well-rounded individuals prepared for future challenges.

The Trustees are proud of the breadth and outstanding quality of the School’s co-curricular provision but also the high levels of participation across all year groups.

Music continued to be a major strength of the School. Pupils performed widely both within School and in the community. In School, weekly ‘Choc Lunch’ recitals provided a platform for pupils to perform in an informal setting, showcasing talent across various instruments and styles. Pupils from Year 1 to Year 11 undertook ABRSM instrumental examinations across a wide range of instruments and grades from prep to Grade 8. This year, School ran a 24 hour Music-a-Thon, an engaging fundraising event that brought together musicians from across the school to perform and celebrate their talents

Mount pupils had the opportunity to deliver a range of community performances, from local retirement homes to performances at the Living North Fair and the Ivy restaurant. The School hosted a community musicmaking ‘Come and Sing’ event featuring Faure’s Requiem, which involved students and local musicians, fostering community connections. Our growing excellence in music was reflected this year in a number of achievements and external recognition: our strings players received national recognition by being awarded Silver in the Best Classical Musician Awards (Chamber Music Category) and the Mount Chamber Choir was selected by York St John University to perform on Holocaust Memorial Day.

6

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

Dance is rapidly becoming a major strength at the Mount. Pupils participated in an outstanding Dance Showcase involving girls in all year groups from Year 3 to College II as well as the School’s dance clubs. The Mount Dance Team won their way through to the National Finals of the Great Big Dance Off in a competition involving 130 schools. Mount girls were awarded places on the esteemed London Ballet Company Associate Programme and were accepted into the York Scholars Dance programme. Nationally, two Mount girls were selected to represent Team England at the 2025 Dance World Cup in Spain.

Drama continues to provide opportunities for confidence, self-expression and team work across all School years. The Senior School production of “The Witches” saw pupils across Senior year groups performing and collaborating together. The Prep School staged an impressive production of Hansel and Gretel, showcasing the talent of younger students. And further still down the School, pupils in Early Years and KS1 celebrated their annual Prep School Jamboree, highlighting their achievements in music and performance.

Sport remained an important part of School life with high levels of participation at all ages, with an emphasis on teamwork, confidence-building and enjoyment as well as activity and well-being. Pupils competed in netball, swimming, football, gymnastics, badminton, rounders, athletics and cross-country in over 130 fixtures across the year.

Sporting achievement also remained high for a small school; in addition to many individual sporting successes, the Mount hosted the York Schools’ Gymnastics Competition and were crowned overall champions among the 13 local schools competing. The U18 netball team won the York League, while the U16 team advanced to the semi-finals.

c. Nurturing well being and self development

The Mount places a very strong emphasis on pastoral care and the wellbeing of all pupils, recognising that this underpins both academic success and personal development. For the Mount, our foundation is our closeknit community, in which pupils are known as individuals and supported to develop confidence, resilience and a strong sense of self. Positive relationships between pupils and staff are central to this approach, supported by the School’s structure which enables regular contact between pupils, tutors and teaching staff throughout the day.

Well being

The School’s Quaker ethos continues to play a significant role in shaping its pastoral provision. Values of kindness, respect, equality and reflection are embedded in daily school life, contributing to an environment in which pupils feel safe, valued and able to express themselves.

Trustees were particularly pleased to note the extent to which pupils demonstrate these values in their interactions with one another which demonstrate peer support, collaboration and inclusivity across year groups.

The pastoral team was restructured this year to offer enhanced individual support for all students, ensuring that academic and emotional needs are met. Particular attention was given to pupils preparing for public examinations, with guidance provided on effective revision strategies, time management and the importance of balancing academic work with rest and wellbeing.

The School also put in place a new peer-mentoring programme, which has begun to show positive effects on student well-being and academic progress.

Finally, the School marked Children’s Mental Health Awareness Week with a range of activities and continued to promote open conversations around mental health and wellbeing throughout the year. Pupils were encouraged to reflect on their own wellbeing and to develop strategies to support themselves and others. Opportunities for rest, reflection and social connection were actively encouraged, including during holiday periods and at the end of busy terms.

7

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

Empowerment: pupil voice and leadership

The Mount School fosters a culture where students are encouraged to voice their opinions and contribute to school life.

Initiatives such as the School Council allow students to discuss matters affecting their education, to propose changes that enhance their school experience and, most importantly, to have those changes executed. One of the highlights of 2024/25 was the whole Senior School Council regarding The Mount’s continued use of X (formerly Twitter). It is very rare for school-aged children to have the confidence to speak in front of their peers in the way that our pupils did on this occasion. Our Executive Team found their views very persuasive, followed their recommendations and stopped posting new content on X, in line with many other Quaker organisations. At The Mount our objective is not simply to listen to our pupils’ voices, but to invite, respect and give them power.

Whilst giving each pupil the chance for their individual voice to be heard, preparing girls for leadership is also an important part of a Mount education. Pupils have abundant chances to take on leadership roles, whether in the College Leadership Team, as House or Sports Captains, or in various committees and councils.

Our new mentoring programme paired older students with younger ones, fostering a sense of responsibility and promoting a supportive school environment. Also in 2024/25, a large group of senior pupils underwent leadership training, exploring leadership skills, values and personal strengths. Their individual personal leadership profiles were developed in tailored self-development sessions and group activities.

In the Prep School, in their final week in the Summer Term, our Year 6s rose to an entirely new challenge, demonstrating their leadership and creativity during their 'Take over day' where they planned and delivered engaging lessons to pupils across the Junior School.

d. Community engagement and public impact: Quaker Values in Action

Living Our Quaker Values

Continued commitment to Quaker value of community, equality, and peace remains central to school life as it is lived, daily, at the Mount. It also remains a key and specific aim of the School to improve understanding of Quakerism within the whole school community. This is achieved in a number of ways:

8

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

Broadening access to educational provision

Trustees consider it essential, particularly in uncertain economic times and increased fees, that School maintains its programme of financial support to current and future prospective families. Means-tested bursaries amounting to £302,545 were paid during the year, representing 7% of gross fee income. In addition, scholarships, discounts and other fee remissions brought the total financial support to pupils to £910,021 or 21% of gross fee income.

The Mount School also remains very proud to be part of the York Independent-State Schools Partnership (ISSP) a successful and worthwhile enterprise, which was recognised in 2017 in a government white paper as being a flagship project. ISSP, which comprises 13 independent and state secondary schools within York City Education Authority, delivered introductory programmes, Summer School Masterclasses and a business and entrepreneurship programme to pupils from the York area.

As part of ISSP, there continues to be a wide range of activities available for pupils to become involved in, providing valuable opportunities for them to meet and engage with high-achieving pupils from schools across York. These shared experiences support collaboration, broaden perspectives, and encourage pupils to develop confidence in academic and enrichment settings. This has included attending Masterclasses, engaging with the Business & Enterprise Programme, and participating in talks delivered by a wide range of inspirational and knowledgeable speakers. Through these opportunities, pupils are able to deepen their understanding of different subjects, explore new interests, and gain insight from individuals with diverse experiences and expertise

Making a contribution to a challenging world: charitable initiatives

A critical part of educating socially responsible pupils is teaching pupils the value of ‘giving back’ through a personal commitment of time, energy and effort. To that effect, throughout the year, the school organized fundraising events for various causes, such as local food banks and environmental charities. Events included bake sales, sponsored walks, charity performances, donation appeals, a charity Ball organised by College 2 girls and even a 24 Hour Music Marathon. National Charities such MacMillan, Jeans for Genes, Children in Need benefitted but Mount pupils also worked hard to provide meaningful support for charities and groups in our local community including Jessie’s Fund, the Kyra Women’s Project, YorkMix Toy Appeal and York Foodbank.

The Prep School also maintained its particular connection with the Ebor Care Home, sending cards and homemade decorations at Christmas when their usual carol singing visit could not take place.

Sharing our legacy: partnerships with the local community

The School opens its facilities to around 30 local clubs, community groups and societies as well as six York schools who make weekly use of the pool. This community connection remains of vital importance to us. In 2024/25 we built further connections, with the Mount opening up as the York base for the Tom Dean Swimming School. Hundreds of local children will benefit from the services provided by this new partner. Our facilities are regularly used by The London College of Music and the Associated Board of the Royal Schools of Music, (music exams) and LAMDA (speech) and this year we again hosted a piano masterclass – again open to the public.

The School also opened its doors to the broader community, putting on events such as the Ceilidh and Burns Night Supper and the Annual Firework display, occasions which not only celebrate cultural traditions but also bring together families, alumni, and local community members.

Out of School term, the Mount Estate provided a holiday club venue for children through our partnership with United Adventure Education and we regularly host community, sports and music groups in our Boarding House and facilities more broadly.

9

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

e. Delivering long term sustainability: our strategy

Context and overall strategic imperatives

The challenges identified in last year’s Trustees Report have, if anything, become more severe, with pupil numbers in the independent sector in 2024/25 falling around 10% and school closures, mergers and retrenchments across the country as a result. The coming 18 months will inevitably be challenging as economic conditions and uncertainties continue to impact affordability for families and their commitment to the long term investment that an independent education represents.

As noted in last year’s Report, long term financial sustainability can only be achieved when pupil numbers attain (and maintain) a level where the School is able to make consistent surpluses of around 5% - 10%. This is especially true of a school like the Mount which has, over the last two years already developed an efficient operating model, that has significant operational gearing and that is scaled to fit the needs of a small, intimate school on a compact yet spacious site.

The Trustees remain of the strong belief that there remains an excellent future for Schools that possess a distinctive and differentiated value proposition, that provide a highly individualised educational focus and that consistently and continually seek to provide more, rather than less, for parents’ investment. Re-trenchments, efficiencies and cost savings alone will not provide a safe long term strategy for most schools.

In that belief, the School’s financial sustainability strategy was set last year with a primary goal of growth. The strategy this year remained consistent with the direction set out in last year’s annual report. This has 6 imperatives, namely to:

  1. Secure a mid term financial underpin to help provide resilience through challenging peaks and troughs in trading conditions

  2. Systematically identify opportunities to release capital from under-utilised or dysfunctional areas of our physical footprint, to reinvest in growth and development initiatives

  3. Maintain pressure on costs and efficiency

  4. Innovate and develop our proposition in order to drive growth

  5. Drive further growth in commercial diversified revenue streams

  6. Step up our fund raising process and outcomes in securing donors and donation funding

6. FINANCIAL REVIEW

The School’s financial performance in 2024/25 faced significant challenges following the imposition of VAT, the removal of business rates and upwards pressure on employment costs from national insurance reforms.

Consequently the School put in place the sustainability strategy outlined in section 5.5. Whilst the execution of this strategy is at an early stage, modest improvements in the operating position were achieved this year.

Operating deficit, before an exceptional technical pensions adjustment, was £582,701 (£789,514 in 2023/24). After the technical adjustment, the operating deficit was £970,474 (£789,514 in 2023/24). Cash at bank and in hand at the year end amounted to £1,267,926 (£472,818 in 2023/24). Cash generated, including the refinancing, was £795,108 (£249,528 cash outflow in 2023/24).

Following a revaluation of the School’s estate, Net Assets at the year end were £2,887,999 (£433,498 in 2023/24), of which £246,351 relates to restricted funds (£237,235 in 2023/24). Negative free reserves at the year end were £2,031,691 (£2,528,685 in 2023/24).

The economic and broader trading environment remains challenging. School Committee continue both to keep day to day financial performance under close review and to maintain focus on delivering against its sustainability strategy. Progress in execution in 2024/25 is summarised in s7 below.

10

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

a. Reserves Policy

Our aim is to build up a cash reserve to provide a prudent cashflow buffer. The cautiously estimated level required is £1,000,000, achieved via securing a cash surplus in each year’s income and expenditure. We aim to raise the size of this surplus by increasing pupil numbers and carefully managing costs, and to augment it by fundraising and full use of our assets.

Note 24 in the financial statements shows assets and liabilities attributable to the School's various reserve funds. As funds become available, they will be added to the cash reserve.

b. Investment Policy, Objectives and Performance

The School’s investment powers are governed by the Memorandum and Articles of Association, together with the Trustee Act 2000. They adhere to an ethical investment policy, in line with the policies of Quakers. Currently, the School’s excess funds are held in interest-bearing deposit accounts in the form of cash.

c. Going Concern

The Governors have assessed the School’s ability to continue as a going concern. This assessment has considered the School’s current financial position, future financial projections, and the key risks and uncertainties facing the School. Governors and Senior Leadership Team are of the opinion that the near term trading environment will continue to present challenges and have formulated further responses beyond ‘business as usual’.

These responses and their progress, are set out in sections 7 and 8 below. As noted in last year’s report, key components of this strategy were the securing of a mid term finance facility and the identification of a surplus asset for disposal. At time of writing, both these initiatives have been executed and the funds secured for the School. In addition, in future periods, the School expects to be in receipt of significant and committed donation funds which will provide further financial resilience and support continuing investment in executing the School’s strategy.

The Governors have reviewed detailed forecasts that include these elements. These forecasts demonstrate that the School is expected to have sufficient resources to meet its liabilities for at least 12 months following the publication of this report. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

7. DELIVERY OF STRATEGY IN 2024/25

Over the course of 2024/25, the School was active in delivering key programmes to improve our competitiveness, improve pupil attraction and retention and to expand our diversified commercial revenues. This progress is summarised below:

Initiatives announced in 2023/24 Report Delivery in 2024/25
Secure a mid-term financial underpin to support
Hampden Private Bank in place as 5 year finance
investment and provide resilience provider
Re-open Reception to boys and subsequent year
Boys now in Reception and Year 1, and making up
groups to return the Junior School to its original
40% of classes
mission, increase our addressable market and
reinforce the School’s family feel
Develop our College proposition to augment our
‘Ignite’ proposition designed in Summer 2025 for
strong academics with skills-based development
delivery in September 2026
and enhanced, differentiated appeal
Targeted investment in facilities that manifest
Dance Studio build begun in Summer 2025 (and
commitment to creative and performing arts completed at time of writing)

11

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

Initiatives announced in 2023/24 Report Delivery in 2024/25
Review and revitalise our Junior School educational
Completed over Summer 2025 and in place for
proposition and model to ensure its excellence and
new academic year
competitiveness
Migrate our swim school partnership to a National
Tom Dean Swim School on board and fully in
Brand model to further enhance the Mount brand, as
operation on site
well as providing superior financial returns
Further explore avenues to drive revenues and free up
Disposal of old Parish Hall and Cottage Building
capital from our estate, especially where underutilised
(complete at time of publication)
by the School.
Grow our commercial revenue streams through more
Residential lettings increased
extensive lettings during holiday periods
Expand Pre-School to serve the community more
In planning, for delivery in September 2026
effectively as well as to provide School with a larger
‘feeder’operation and increased income

These initiatives, like all strategic projects, will take some time to mature and deliver their full benefits. However, Trustees have gained confidence in the trajectory of the strategy from the fact that the School was able to buck the national sector trend of decline by maintaining stable pupil numbers across 2024/25.

This fact, together with the progress made in 2024/25 in securing a financial partner, means that the focus of the strategy for the next two years will shift further to driving growth and in enhancing our fund raising delivery. Cost discipline will of course need to be maintained but we are planning further investment in 2025/26 and 2026/27, where that investment directly improves our proposition, distinctiveness and competitiveness. Some of these investments are outlined below.

8. PLANS AND INVESTMENTS FOR FUTURE PERIODS

We have a number of significant and specific initiatives in active development at the time of writing. These are all focused at the growth agenda outlined above and aim to enhance our competitiveness, improve pupil attraction and retention and to expand diversified commercial revenues. Plans for the coming year include:

As before, we look forward to being able to update in next year’s Report and Accounts on the progress of these initiatives and their outcomes.

12

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

9. STRUCTURE, GOVERNANCE AND MANAGEMENT

The School's governing body is The Mount School Committee. All members of the School Committee - the governors - are approved by Quakers in Yorkshire (QiY), and members of the Religious Society of Friends (Quakers) should be well represented amongst their number. Two parent members are nominated by current parents, two Old Scholars by the Mount Old Scholars Association (MOSA), and the School Committee itself may co-opt up to four additional members.

All governors are appointed to serve for terms of up to four years. Terms may be set to minimise membership turnover in any one year. The Clerk and a Deputy are appointed by School Committee to serve for four years, which may be renewed once. Within the overall limit of a maximum of eight years’ continuous service, all those retiring may be re-appointed. Governors are also available for re-election should there be a gap of a minimum one year in their service.

After an initial induction meeting when their service begins, Governors have regular training sessions on safeguarding, governance and other matters.

The Members of The Mount School Committee, as the Trustees of the Charity, are legally responsible for the overall direction and control of the School. All Trustees give their time freely and no remuneration was paid to Trustees as Trustees in the year. Expenses paid to School Committee members were limited to travel and accommodation costs where necessary, plus reimbursement of fees for attending training events and conferences.

The Mount School Committee meets at least once each school term, and subcommittees use a mixture of online and in person meetings. We have embraced this use of technology for the flexibility it offers; it enables governors, not all of whom live locally, to keep up to date with the rapid pace of development in the school. The School’s principal sub-committees, which are advisory to the main committee, also meet at least once a term.

They are:

Two other committees meet as required:

13

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

In addition to serving on sub-committees, individual governors are appointed to serve as:

All governors may, with notice, attend meetings of the sub-committees of which they are not members.

School Committee conducts an annual self-assessment exercise in order to identify areas for improvement in the governance model and its conduct. The composition of Committee is also reviewed regularly by reference to a skills matrix to ensure that Committee contains the mix of capabilities and experience required to oversight and support the School in a rapidly-evolving context.

The day-to-day running of the School is delegated to the Head, the Deputy Heads and the Head of the Prep School, together with the Bursar and the Director of External Relations, who form the Senior Leadership Team (SLT). The Head attends meetings of The School Committee and the sub-committees as of right. The Deputy Heads and the Head of the Junior School, the Bursar and the Director of External Relations attend meetings of committees as appropriate. Other members of staff attend meetings of the committees by invitation as necessary.

Governors Responsibilities

The purpose of this statement is to distinguish the Governors (also Directors’ and Trustees’) responsibilities for the financial statements from those of the auditors as stated in their report.

Company and charity law require the Governors to prepare financial statements which give a true and fair view of the Charitable Company’s state of affairs at the end of its financial activities for that year. In preparing those financial statements the Trustees are required to:

The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charitable Company and enables them to ensure that the financial statements comply with the Companies Act 2006 and applicable charity law. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Directors and Trustees are aware:

14

THE MOUNT SCHOOL YORK ANNUAL REPORT OF THE SCHOOL COMMITTEE FOR THE YEAR ENDING 31 AUGUST 2025

10. RISK MANAGEMENT

The Finance sub-Committee keeps under review arrangements for assessing and controlling all manner of risks:

The School Committee keeps all The Mount’s activities under review, and key controls include:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Approved by the Members of the Committee and signed on its behalf by:

Greg Willmott Clerk (Chair), The Mount School Committee 26 May 2026

15

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE MOUNT SCHOOL (YORK)

OPINION

We have audited the financial statements of The Mount School (York) (the “charitable company”) for the year ended 31 August 2025, which comprise the Consolidated Statement of Financial Activities and Income and Expenditure Account, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and the related notes, including 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 OF OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 trustees’/director'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 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 directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The trustees/directors are responsible for the other information contained within the annual report. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

16

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE MOUNT SCHOOL (YORK)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent 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.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

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

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Trustees' responsibilities statement on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

17

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE MOUNT SCHOOL (YORK)

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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

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

In response to the risk of irregularities and non-compliance with laws and regulations and risk of fraud, we designed procedures which included but were not limited to: sample testing on the posting of journals, detailed substantive testing on the completeness of income, review of post year end expenditure, detailed substantive testing on control accounts, reading of minutes of meetings of those charged with governance and detailed evaluation of management’s assessment of going concern.

18

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE MOUNT SCHOOL (YORK)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion, or the provision of intentional misrepresentations. We are not responsible for preventing fraud and cannot be expected to detect all fraud.

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 Auditor's report.

USE OF OUR REPORT

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

......................................

Sarah Wearing (Senior Statutory Auditor)

For and on behalf of HPH, Statutory Auditor

54 Bootham York YO30 7XZ

26 May 2026

19

THE MOUNT SCHOOL (YORK) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income and endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
9
Other expenditure
10
Pension remeasurement
10
Total expenditure
Net gains on investments
Net expenditure
Transfers between funds
Other recognised gains:
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
509,518
3,537,467
186,290
828
74,804		 Restricted
Funds
£
16,488
-
-
-
-		 2025
£
526,006
3,537,467
186,290
828
74,804		 2024
£
153,066
3,680,410
105,775
2,141
109,742
4,308,907 16,488 4,325,395 4,051,134
111,358
4,779,307
10,059
387,773		 -
7,372
-
-		 111,358
4,786,679
10,059
387,773		 95,342
4,864,557
749
-
5,288,497
-		 7,372
-		 5,295,869
-		 4,960,648
120,000
(979,590)
-
3,382,785		 9,116
-
-		 (970,474)
-
3,382,785		 (789,514)
-
-
2,403,195
238,453		 9,116
237,235		 2,412,311
475,688		 (789,514)
1,265,202
£ 2,641,648 £ 246,351 £ 2,887,999 £ 475,688

The notes on pages 23 to 43 form part of these financial statements

Incoming resources and net movement in funds derive wholly from continuing operations

20

THE MOUNT SCHOOL (YORK) BALANCE SHEET AS AT 31 AUGUST 2025

Company number: 01686186

Note
FIXED ASSETS
Tangible assets
16
Investments
17
CURRENT ASSETS
Stocks
18
Debtors
19
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
20
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: amounts falling due
21
after one year
TOTAL NET ASSETS
REPRESENTED BY
Restricted funds
15
Unrestricted funds
17
General funds
Designated funds
Revaluation reserve		 2025
2024
£
£
5,905,519
2,699,318
120,000
120,000
6,025,519
2,819,318
3,996
8,371
734,605
346,207
1,267,926
472,818
2,006,527
827,396
(2,947,223)
(2,285,996)
(940,696)
(1,458,600)
5,084,823
1,360,718
(2,196,824)
(885,030)
£ 2,887,999
£ 475,688
246,351
237,235
(2,031,691)
(2,528,685)
1,290,554
2,767,138
3,382,785
-
£ 2,887,999
£ 475,688
Consolidated		 2025
2024
£
£
5,905,519
2,699,318
120,000
120,000
6,025,519
2,819,318
3,996
8,371
734,605
346,207
1,267,926
472,818
2,006,527
827,396
(2,947,223)
(2,285,996)
(940,696)
(1,458,600)
5,084,823
1,360,718
(2,196,824)
(885,030)
£ 2,887,999
£ 475,688
246,351
237,235
(2,031,691)
(2,528,685)
1,290,554
2,767,138
3,382,785
-
£ 2,887,999
£ 475,688
Consolidated		 2025
2024
£
£
5,883,823
2,674,941
120,010
120,010
6,003,833
2,794,951
3,996
6,872
666,576
345,342
1,239,919
444,403
1,910,491
796,617
(2,926,623)
(2,273,040)
(1,016,132)
(1,476,423)
4,987,701
1,318,528
(2,196,824)
(885,030)
£ 2,790,877
£ 433,498
246,351
237,235
(2,128,813)
(2,570,875)
1,290,554
2,767,138
3,382,785
-
£ 2,790,877
£ 433,498
Charity		 2025
2024
£
£
5,883,823
2,674,941
120,010
120,010
6,003,833
2,794,951
3,996
6,872
666,576
345,342
1,239,919
444,403
1,910,491
796,617
(2,926,623)
(2,273,040)
(1,016,132)
(1,476,423)
4,987,701
1,318,528
(2,196,824)
(885,030)
£ 2,790,877
£ 433,498
246,351
237,235
(2,128,813)
(2,570,875)
1,290,554
2,767,138
3,382,785
-
£ 2,790,877
£ 433,498
Charity
2,819,318 6,003,833 2,794,951
8,371
346,207
472,818		 3,996
666,576
1,239,919		 6,872
345,342
444,403
827,396
(2,285,996)		 1,910,491
(2,926,623)		 796,617
(2,273,040)
(1,458,600) (1,016,132) (1,476,423)
1,360,718
(885,030)		 4,987,701
(2,196,824)		 1,318,528
(885,030)
£ 475,688 £ 2,790,877 £ 433,498
237,235
(2,528,685)
2,767,138
-		 246,351
(2,128,813)
1,290,554
3,382,785		 237,235
(2,570,875)
2,767,138
-
£ 475,688 £ 2,790,877 £ 433,498

The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in the financial statements. The surplus of the charity is £2,357,379 (2024: deficit £799,947).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

Greg Willmott

Clerk to The Mount School Committee 26 May 2026

The notes on pages 23 to 43 form part of these financial statements

21

THE MOUNT SCHOOL (YORK) CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities
Net cash used in operating activities
26
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Pension deficit payments
Cash inflows from new borrowing
Repayment of borrowings
Loan interest paid
Net cash provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
(343,900)
(4,303)
828
(3,475)
(42,069)
1,415,000
(175,000)
(55,448)
1,142,483
795,108
472,818
1,267,926		 2024
£
(374,417)
(11,224)
2,141
(9,083)
(66,028)
200,000
-
-
133,972
(249,528)
722,346
472,818

The notes on pages 23 to 43 form part of these financial statements

22

THE MOUNT SCHOOL (YORK) 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) issued on October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Mount School (York) 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 Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

The school made an operating deficit in the year of £970,474 of which £387,773 relates to an exceptional pension deficit remeasurement in the year. The net current liabilities at 31 August 2025 were £940,696 and negative free reserves were £2,031,691.

As detailed in that Report, the governors are actively exploring and implementing a range of different options and initiatives which will improve the financial position of the school. The six pillars of the strategy are laid out in their report on page 12.

The key elements of that strategy are increasing pupil numbers, maintaining a streamlined cost base and, developing the commercial potential of under-used parts of the school estate to support capital expenditure and educational activities. A range of specific initiatives are already under way and pillars 1 and 2 are complete.

Since the year end, the school has sold a redundant part of the School site which has provided a further £967,000 which has been re-invested in the initiatives set out in the Members of the Committee's Report.

The School has also received since the year end a further injection of funds of £900,000 which will be used over the forthcoming 2 years to support the deliverance of the strategy laid out on page 12. There is also the potential for further funding in year 3 should the need arise. The funds are not restricted and are convertible into donations based on set dates and requirements.

Based on the above the Trustees believe the group to be a going concern and therefore continue to adopt the going concern basis of preparation for these financial statements.

23

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.3 Company status

The charity is a company limited by guarantee registered in England and Wales. The members of the company are the members of the committee named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.4 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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

1.5 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 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 irrecoverable VAT.

1.6 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

1.7 Basis of consolidation

The financial statements consolidate the accounts of The Mount School (York) and all of its subsidiary undertakings

The charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.

24

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.8 Taxation

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meetes the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, or to the extent that such income or gains are applied exclusively to the charitable purposes.

1.9 Tangible fixed assets and depreciation Freehold property

Freehold property is stated at fair value at the date of valuation, less subsequent accumulated depreciation and accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not materially differ from the fair value of the properties at the year end.

Additions and improvements to the school estate costing more than £1,000 are capitalised and included in fixed assets.

Furniture and equipment

Items of furniture and equipment costing more than £1,000 are capitalised and included in fixed assets at cost.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Depreciation

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.

Depreciation is provided on the following bases:

Freehold property 2% straight line Office equipment and other fixed assets Furniture and fittings, playing field machinery and kitchen equipment are all depreciated at 10% straight line. The telephone system, teaching equipment and vehicles are depreciated at 20%.

1.10 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.

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

1.11 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.

25

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.12 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.

1.13 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.

1.14 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.

1.15 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.

1.16 Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

1.17 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

The charity operates two defined benefits pension schemes.

The school participates in the Teachers' Pensions Scheme in respect of the teaching staff and in The Independent

The ISPEN is a defined benefit scheme, which is externally funded and contracted out of the State Second Pension (S2P). The Scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the school. Under the terms of FRS102, in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid through the year. The present value of the school's deficit contribution is recognised as a liability in accordance with SORP (FRS102).

26

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.18 Fund accounting

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

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the 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.

1.19 Composition fee scheme

Parents are encouraged to pay for school fees by lump sum in advance. The amount received is invested and interest is accrued. This is treated as deferred income until the pupil joins the school whereupon the fees for each school term are charged against the remaining balance and taken to income.

1.20 Employee benefits

The costs of short term employee benefits are recognised as a liability and expenses.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Pension deficit contribution:

The charity has entered into a commitment to provide deficit funding to The Independent Schools' Pension Scheme, of which it is a contributing employer. Under FRS 102, the fair value of the commitment is recognised. The calculation of fair value of the commitment is subject to an assumption of the discount rate. The rate is determined by reference to market yields at the reporting date on high quality corporate bonds.

27

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

3. INCOME FROM DONATIONS AND LEGACIES
Unrestricted
Funds
2025
£
Donations (including Gift Aid)
509,518
Total 2024
128,066
4. INCOME FROM CHARITABLE ACTIVITIES
Gross fees receivable
Less: Total bursaries, grants and allowances
Recharge for education and sports requisites
Add back bursaries paid for by restricted funds
Total 2024
5. INCOME FROM OTHER TRADING ACTIVITIES
Income from non charitable trading activities
The Mount School Estates (York) Limited trading income
Total 2024		 Restricted
Funds
2025
£
16,488
25,000
Unrestricted
Funds
2025
£
4,294,721
(910,021)
152,767
3,537,467
3,705,410
Unrestricted
Funds
2025
£
186,290
105,775		 Total
Funds
2025
£
526,006
153,066
Total
Funds
2025
£
4,294,721
(910,021)
152,767
3,537,467
7,372
£ 3,544,839
3,705,410
Total
Funds
2025
£
186,290
105,775		 Total
Funds
2024
£
153,066
Total
Funds
2024
£
4,516,799
(836,389)
-
3,680,410
25,000
£ 3,705,410
Total
Funds
2024
£
105,775

28

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6. OTHER INCOMING RESOURCES

Other income
Summer school
Swimming pool
Total 2024		 Unrestricted
Funds
2025
£
45,874
359
28,571
74,804
109,742		 Total
Total
Funds
Funds
2025
2024
£
£
45,874
36,933
359
9,929
28,571
62,880
74,804
109,742
109,742

7. EXPENDITURE ON RAISING FUNDS Other trading expenses

Premise expenses and consumables
Staff costs
Depreciation
Total 2024
ANALYSIS OF GRANTS
Grants for bursaries
Total 2024		 Unrestricted
Funds
2025
£
54,895
53,781
2,682
111,358
95,342
Grants to
Individuals
2025
£
-
25,000		 Total
Funds
2025
£
54,895
53,781
2,682
111,358
95,342
Total
Funds
2025
£
-
25,000		 Total
Funds
2024
£
36,635
55,694
3,013
95,342
Total
Funds
2024
£
25,000

8. ANALYSIS OF GRANTS

29

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type

Teaching
Welfare
Premises
Overheads
Total 2024		 Unrestricted
Funds
2025
£
2,247,994
650,027
663,763
1,217,523
4,779,307
4,839,557		 Restricted
Funds
2025
£
7,372
-
-
-
7,372
25,000		 Total
Funds
2025
£
2,255,366
650,027
663,763
1,217,523
4,786,679
4,864,557		 Total
Funds
2024
£
2,225,383
668,335
800,609
1,170,230
4,864,557

10. OTHER EXPENDITURE

Pension scheme remeasurement
Pension scheme interest
Total 2024		 Unrestricted
Funds
2025
£
387,773
10,059
397,832
749		 Total
Funds
2025
£
387,773
10,059
397,832
749		 Total
Funds
2024
£
(12,839)
13,588
749

11. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Teaching
Welfare
Premises
Overheads
Total 2024		 Activities
undertaken
directly
2025
£
2,108,984
228,153
167,604
-
2,504,741
2,603,547		 Bursaries
paid for by
restricted
funds
2025
£
7,372
-
-
-
7,372
25,000		 Support
costs
2025
£
139,010
421,874
496,159
1,217,523
2,274,566
2,236,010		 Total
Funds
2025
£
2,255,366
650,027
663,763
1,217,523
4,786,679
4,864,557		 Total
Funds
2024
£
2,225,383
668,335
800,609

1,170,230
4,864,557

30

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. ANALYSIS OF EXPENDITURE BY ACTIVITIES (continued) Analysis of direct costs

Wages & salaries
Depreciation
Catering staff costs
Staff training
Office expenses
Miscellaneous
Supply teachers
Total 2024
Analysis of support costs
Wages & salaries
Depreciation
Repairs & maintenance
Departmental costs
Provisions
Rates & water
Light & heat
Insurance
Travel
Legal and professional fees
Telephone
Office expenses
Marketing
Interest & charges
Miscellaneous
Bad debt write offs
Auditor's remuneration
Cost of trustees' meetings
Irrecoverable input VAT
Pension scheme charges
Total 2024		 Teaching
2025
£
-
-
-
139,010
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
139,010
113,618		 Teaching
2025
£
2,046,807
-
-
5,322
35,268
15,797
13,162
2,116,356
2,111,765
Welfare
2025
£
-
-
16,203
-
387,930
-
-
-
-
-
-
-
-
-
17,741
-
-
-
-
-
421,874
374,096		 Welfare
2025
£
205,133
22,906
-
114
-
-
-
228,153
294,239
Premises
2025
£
-
-
63,770
-
-
117,835
260,434
54,120
-
-
-
-
-
-
-
-
-
-
-
-
496,159
578,066		 Premises
2025
£
64,878
101,565
-
1,161
-
-
-
167,604
222,543
Overheads
2025
£
554,641
53,735
-
-
-
-
-
-
8,032
149,878
24,102
97,111
73,247
72,005
1,832
100,521
16,135

2,355
39,540
24,389
1,217,523
1,170,230		 Total
Funds
2025
£
2,316,818
124,471
-
6,597
35,268
15,797
13,162
2,512,113
2,628,547
Total
Funds
2025
£
554,641
53,735
79,973
139,010
387,930
117,835
260,434
54,120
8,032
149,878
24,102
97,111
73,247
72,005
19,573
100,521
16,135
2,355
39,540
24,389
2,274,566
2,236,010		 Total
Funds
2024
£
2,380,100
129,433
42,237
5,630
33,480
36,632
1,035
2,628,547
Total
Funds
2024
£
420,583
55,712
140,023
113,618
338,359
60,979
341,275
54,519
5,217
213,297
26,268
46,883
123,909
44,874
94,737
-
17,175
590
137,992
-
2,236,010

31

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. TURNOVER

All turnover arose within the United Kingdom.

13. AUDITORS' REMUNERATION

2025
£
9,240
Fees payable to the charity's auditor in respect of:
All non-audit services not included above
6,895
STAFF COSTS
Group
Group
Charity
2025
2024
2025
£
£
£
Wages and salaries
2,267,529
2,272,561
2,213,748
Social security costs
231,707
204,741
231,707
355,258
379,075
355,258
70,746
-
70,746
2,925,240
2,856,377
2,871,459
Fees payable to the charity's auditor for the audit of the charity's annual
accounts
Contribution
to
defined
contribution
pension schemes
Redundancy and termination payments		 2024
£
9,600
5,520
Charity
2024
£
2,216,867
204,741
379,075
-
2,800,683

14. STAFF COSTS

Termination payments amounting to £70,746 (2024: £nil) were accrued for during the year, relating to 3 employees.

The charity incurred supply teachers costs of £13,162 (2024: £1,035) and catering staff costs of £nil (2024: £42,237) during the year which are not included in the figure above.

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

Teaching staff
Non-teaching staff
Non-executive directors
The average headcount expressed as full-time equivalents was:
Full time equivalents (excluding Non-executive directors)		 Group
2025
No.
53
45
10
108
Group
2025
No.
68		 Group
2024
No.
48
47
7
102
Group
2024
No.
68

32

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. STAFF COSTS (CONTINUED)

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 3 -
In the band £90,001 - £100,000 - 1

The School considers its key management personnel to comprise the Head and the Senior Management team listed on page 2 of these accounts. The total employment benefits including Employer's national insurance and pension contributions, of the key management personnel were £459,753 (2024: £391,124).

15. TRUSTEES' REMUNERATION AND EXPENSES

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

During the year ended 31 August 2025, expenses for travel and subsistence totalling £2,013 were reimbursed or paid directly to 2 Trustees (2024: £590 to 5 Trustees).

16. TANGIBLE FIXED ASSETS Group

Cost or valuation
At 1 September 2024
Additions
Reclassification
Revaluation
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Reclassification
Adjustment on revaluation
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold
property
£
4,313,626
-
856,236
552,138
5,722,000
1,933,305
86,273
811,069
(2,830,647)
-
5,722,000
2,380,321		 Office
equipment
£
974,963
4,303
12,869
-
992,135
716,698
79,465
12,453
-
808,616
183,519
258,265		 Other fixed
assets
£
869,105
-
(869,105)
-
-
808,373
15,149
(823,522)
-
-
-
60,732		 Total
£
6,157,694
4,303
-
552,138
6,714,135
3,458,376
180,887
-
(2,830,647)
808,616
5,905,519
2,699,318

33

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. TANGIBLE FIXED ASSETS (CONTINUED)

Charity

Charity
Cost or valuation
At 1 September 2024
Additions
Reclassification
Revaluation
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Reclassification
Adjustment on revaluation
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold
property
£
4,313,626
-
856,236
552,138		 Office
equipment
£
915,767
4,303
12,869
-
932,939
681,879
76,784
12,453
-
771,116
161,823
233,888		 Other fixed
assets
£
869,105
-
(869,105)
-
-
808,373
15,149
(823,522)
-
-
-
60,732		 Total
£
6,098,498
4,303
-
552,138
5,722,000 6,654,939
1,933,305
86,273
811,069
(2,830,647)		 3,423,557
178,206
-
(2,830,647)
- 771,116
5,722,000 5,883,823
2,380,321 2,674,941

The land and buildings occupied by the School are held on trust for Quakers in Yorkshire which has given permission for the properties to be used for the purposes of the school.

Revaluations

The freehold property was revalued as at 31 March 2026 by Carter Jonas LLP who is external to the School. The basis for this valuation was market value. This class of assets has a carrying amount at historical cost of £4,313,626 (2024 - £4,313,626). The accumulated depreciation on this historical cost if it had not been revalued is £2,019,578 (2024 - £1,933,305).

17. FIXED ASSET INVESTMENTS

Consolidated

FIXED ASSET INVESTMENTS
Consolidated
Cost or valuation
At 1 September 2024
Revaluation
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Investment
properties
£
120,000
-
120,000
120,000
120,000		 Total
£
120,000
-
120,000
120,000
120,000

The properties at Love Lane are considered to be investment properties. The properties were formally valued on 10 September 2024 by Carter Jonas Surveyors, on an open market basis in accordance with the guidelines issued by the Royal Institution of Chartered Surveyors. These have been used for the valuation as at 31 August 2025.

34

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. FIXED ASSET INVESTMENTS (CONTINUED) Charity

Charity
Cost or valuation
At 1 September 2024
Revaluation
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Investment in
Investment
subsidiary
properties
companies
£
£
120,000
10
-
-
120,000
10
120,000
10
120,000
10		 Total
£
120,010
-
120,010
120,010
120,010

Principal subsidiaries

The following was a subsidiary undertaking of the charity:

Registered office or Compan principal place y Principal of business Name number activity The Mount School Estates 02456402 The Mount School, Letting of premises held (York) Limited Dalton Terrace,York, under licence from The YO24 4DD Mount School (York) for educational purposes

Class Included of shares Holding in consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Profit for
the
Income Expenditure year Net assets
Name £ £ £ £
The Mount School Estates (York) Limited 186,290 (111,358) 74,932 97,133

35

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

18. STOCKS
Group
Group
2025
2024
£
£
Finished goods and goods for resale
3,996
8,371
19. DEBTORS
Group
Group
2025
2024
£
£
Due within one year
Trade debtors
478,367
265,582
Amounts owed by group undertakings
-
-
Other debtors
79,761
33,890
Prepayments and accrued income
176,477
46,735
734,605
346,207
20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
2025
2024
£
£
Payments received on account
739,350
524,592
Trade creditors
427,736

191,638
Pension scheme funding deficit liability
78,897
13,145
Other taxation and social security
320,499
51,634
Composition scheme
297,217
174,807
Other creditors
98,121
214,615
Other loans
99,996
222,594
Amounts owed to group undertakings
-
-
Accruals and deferred income
885,407
892,971
2,947,223
2,285,996		 Charity
2025
£
3,996
Charity
2025
£
410,338
-
79,761
176,477
666,576
Charity
2025
£
739,350
403,087
78,897
307,965
297,217
97,574
99,996
19,215
883,322
2,926,623		 Charity
2024
£
6,872
Charity
2024
£
220,829
47,321
33,569
43,623
345,342
Charity
2024
£
524,592
188,044
13,145
51,634
174,807
214,068
222,594
-
884,156
2,273,040

The loans are secured on various School properties.

36

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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

Pension scheme funding deficit liability
Other creditors
Bank loan
Other loans
Composition scheme		 Group
2025
£
477,165
-
1,300,000
60,000
359,659		 Group
2024
£
187,154
80,000
-
-
617,876		 Charity
2025
£
477,165
-
1,300,000
60,000
359,659
2,196,824		 Charity
2024
£
187,154
80,000
-
-
617,876
2,196,824 885,030 885,030

Hampden Bank loan

On 22 August 2025 the School entered into a £1,300,000 interest only loan as borrower and Hampden & Co plc as Lender ("Hampden Bank"). The facility is for a term of 5 years after the date of the agreement. The interest rate applicable to the loan is a fixed rate of 6.9%.

The bank loan facilities are secured by a first legal charge dated 22 August 2025 over freehold property at The Mount School, Dalton Terrace, YORK, YO24 4DD and a debenture (including charged land) dated 22 August 2025 which includes fixed and floating covering all the property and undertakings of the School.

22. PENSIONS

The company participates in the TPT Retirement Solutions - Independent Schools' Pensions Scheme, a multi-employer scheme which provides benefits to some 51 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2023. This actuarial valuation was certified on 11 December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

Deficit contributions

From 1 September 2025 to 31 January 2034: £6,000,000 per annum (payable monthly and increasing by 3% on each 1st September)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 September 2022 to 30 June 2032: £2,687,000 per annum (payable monthly and increasing by 3% on each 1st September)

37

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. PENSIONS (CONTINUED)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value. is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

The company participates in the TPT Retirement Solutions - The Growth Plan scheme, a multiemployer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2025 to 31 March 2028: £2,100,000 per annum

(payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2028 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

38

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. PENSIONS (CONTINUED)

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Reconciliation of present value plan liabilities

Opening liabilities
Remeasurements
Contributions
Interest cost		 2025
£
(200,299)
(387,773)
42,069
(10,059)		 2024
£
(258,621)
26,392
45,518
(13,588)
(556,062) (200,299)

As disclosed in notes 20 and 21, the pension liability includes amounts due in less than one year of £78,897 (2024: £13,145) and amounts due in more than one year of £477,165 (2024: £187,154).

23. STATEMENT OF FUNDS Current year

Balance at 30
September
Income
2024
£
£
Unrestricted funds
Designated funds
Tangible fixed assets
2,699,318
-
PAC project
37,896
-
MOSA fund
29,924
-
2,767,138
-
General funds
School general fund
(2,370,576)
4,122,617
Pension deficit
(200,299)
-
Mount School Estates
42,190
186,290
(2,528,685)
4,308,907
Revaluation reserve
-
-
Total Unrestricted funds
238,453
4,308,907
Restricted funds
162,216
15,872
PAC project
1,000
-
Academic Development Fund
71,556
-
Legal fees
1,844
-
Sports for Champions
619
616
Total restricted funds
237,235
16,488
Total of funds
475,688
4,325,395
Scholarships, bursaries and
prizes		 Balance at 30
September
Income
2024
£
£
Unrestricted funds
Designated funds
Tangible fixed assets
2,699,318
-
PAC project
37,896
-
MOSA fund
29,924
-
2,767,138
-
General funds
School general fund
(2,370,576)
4,122,617
Pension deficit
(200,299)
-
Mount School Estates
42,190
186,290
(2,528,685)
4,308,907
Revaluation reserve
-
-
Total Unrestricted funds
238,453
4,308,907
Restricted funds
162,216
15,872
PAC project
1,000
-
Academic Development Fund
71,556
-
Legal fees
1,844
-
Sports for Champions
619
616
Total restricted funds
237,235
16,488
Total of funds
475,688
4,325,395
Scholarships, bursaries and
prizes		 Balance at 30
September
Income
2024
£
£
Unrestricted funds
Designated funds
Tangible fixed assets
2,699,318
-
PAC project
37,896
-
MOSA fund
29,924
-
2,767,138
-
General funds
School general fund
(2,370,576)
4,122,617
Pension deficit
(200,299)
-
Mount School Estates
42,190
186,290
(2,528,685)
4,308,907
Revaluation reserve
-
-
Total Unrestricted funds
238,453
4,308,907
Restricted funds
162,216
15,872
PAC project
1,000
-
Academic Development Fund
71,556
-
Legal fees
1,844
-
Sports for Champions
619
616
Total restricted funds
237,235
16,488
Total of funds
475,688
4,325,395
Scholarships, bursaries and
prizes		 Expenditure
£
-
-
-
-
(4,821,376)
(355,763)
(111,358)
(5,288,497)
-
(5,288,497)
(7,372)
-
-
-
-
(7,372)
(5,295,869)		 Gains on
revaluation
£
-
-
-
-
-
-
-
-
3,382,785
3,382,785
-
-
-
-
-
-
3,382,785		 Transfers
in/out
£
(1,476,584)
-
-
(1,476,584)
1,496,584
-
(20,000)
1,476,584
-
-
-
-
-
-
-
-
-		 Balance at 31
August
2025
£
1,222,734
37,896
29,924
2,767,138 - 1,290,554
(2,370,576)
(200,299)
42,190		 4,122,617
-
186,290		 (1,572,751)
(556,062)
97,122
(2,528,685) 4,308,907 (2,031,691)
- - 3,382,785
238,453 4,308,907 2,641,648
162,216
1,000
71,556
1,844
619		 15,872
-
-
-
616		 170,716
1,000
71,556
1,844
1,235
237,235 16,488 246,351
475,688 4,325,395 2,887,999

39

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

23. STATEMENT OF FUNDS (CONTINUED)

Prior year
Balance at 1
September 2023
Income
£
£
Unrestricted funds
Designated funds
Tangible fixed assets
2,876,252
-
PAC project
37,896
-
MOSA fund
29,924
-
2,944,072
-
General funds
School general fund
(1,689,241)
3,920,359
Pension deficit
(258,621)
-
Mount School Estates
31,757
105,775
(1,916,105)
4,026,134
Total Unrestricted funds
1,027,967
4,026,134
Restricted funds
162,216
-
PAC project
1,000
-
Academic Development Fund
71,556
25,000
Legal fees
1,844
-
Sports for Champions
619
-
Total restricted funds
237,235
25,000
Total of funds
1,265,202
4,051,134
24. SUMMARY OF FUNDS
Current year
Balance at 1
September 2024
Income
£
£
Unrestricted funds
Designated funds
2,767,138
-
General funds
(2,528,685)
4,308,907
Restricted funds
237,235
16,488
475,688
4,325,395
Prior year
Balance at 1
September 2023
Income
£
£
Unrestricted funds
Designated funds
2,944,072
-
General funds
(1,916,105)
4,026,134
Restricted funds
237,235
25,000
1,265,202
4,051,134
Scholarships,
bursaries
and
prizes		 Prior year
Balance at 1
September 2023
Income
£
£
Unrestricted funds
Designated funds
Tangible fixed assets
2,876,252
-
PAC project
37,896
-
MOSA fund
29,924
-
2,944,072
-
General funds
School general fund
(1,689,241)
3,920,359
Pension deficit
(258,621)
-
Mount School Estates
31,757
105,775
(1,916,105)
4,026,134
Total Unrestricted funds
1,027,967
4,026,134
Restricted funds
162,216
-
PAC project
1,000
-
Academic Development Fund
71,556
25,000
Legal fees
1,844
-
Sports for Champions
619
-
Total restricted funds
237,235
25,000
Total of funds
1,265,202
4,051,134
24. SUMMARY OF FUNDS
Current year
Balance at 1
September 2024
Income
£
£
Unrestricted funds
Designated funds
2,767,138
-
General funds
(2,528,685)
4,308,907
Restricted funds
237,235
16,488
475,688
4,325,395
Prior year
Balance at 1
September 2023
Income
£
£
Unrestricted funds
Designated funds
2,944,072
-
General funds
(1,916,105)
4,026,134
Restricted funds
237,235
25,000
1,265,202
4,051,134
Scholarships,
bursaries
and
prizes		 Prior year
Balance at 1
September 2023
Income
£
£
Unrestricted funds
Designated funds
Tangible fixed assets
2,876,252
-
PAC project
37,896
-
MOSA fund
29,924
-
2,944,072
-
General funds
School general fund
(1,689,241)
3,920,359
Pension deficit
(258,621)
-
Mount School Estates
31,757
105,775
(1,916,105)
4,026,134
Total Unrestricted funds
1,027,967
4,026,134
Restricted funds
162,216
-
PAC project
1,000
-
Academic Development Fund
71,556
25,000
Legal fees
1,844
-
Sports for Champions
619
-
Total restricted funds
237,235
25,000
Total of funds
1,265,202
4,051,134
24. SUMMARY OF FUNDS
Current year
Balance at 1
September 2024
Income
£
£
Unrestricted funds
Designated funds
2,767,138
-
General funds
(2,528,685)
4,308,907
Restricted funds
237,235
16,488
475,688
4,325,395
Prior year
Balance at 1
September 2023
Income
£
£
Unrestricted funds
Designated funds
2,944,072
-
General funds
(1,916,105)
4,026,134
Restricted funds
237,235
25,000
1,265,202
4,051,134
Scholarships,
bursaries
and
prizes		 Expenditure
£
-
-
-
-
(4,944,382)
58,322
(49,588)
(4,935,648)
(4,935,648)
-
-
(25,000)
-
-
(25,000)
(4,960,648)
Expenditure
£
-
(5,288,497)
(7,372)
(5,295,869)
Expenditure
£
-
(4,935,648)
(25,000)
(4,960,648)		 Gains on
investments
£
-
-
-
-
120,000
-
-
120,000
120,000
-
-
-
-
-
-
120,000
Gains on
investments
£
-
-
-
-
Gains on
investments
£
-
120,000
-
120,000		 Transfers
in/out
£
(176,934)
-
-
(176,934)
222,688
-
(45,754)
176,934
-
-
-
-
-
-
-
-
Transfers
in/out
£
(1,476,584)
1,476,584
-
-
Transfers
in/out
£
(176,934)
176,934
-
-		 Balance at 31
August 2024
£
2,699,318
37,896
29,924
2,767,138
(2,370,576)
(200,299)
42,190
(2,528,685)
238,453
162,216
1,000
71,556
1,844
619
237,235
475,688
Balance at 31
August 2025
£
1,290,554
(2,031,691)
246,351
(494,786)
Balance at 31
August 2024
£
2,767,138
(2,528,685)
237,235
1,265,202 4,051,134 475,688

40

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

24. SUMMARY OF FUNDS (continued)

Scholarships, bursaries and prizes

This fund represents monies given to the school for the provision of scholarships, bursaries and prizes to students. Included within this fund is £8,134 from the Women Teachers Fund and £35,226 from MSSTET.

PAC Project

Funds have been designated in relation to the Performing Arts Centre project, which is currently in planning stages.

Academic Development Funds

Monies for the provision of scholarships and bursaries.

Legal Fees

This fund represents the amounts given to the school in order to cover the costs of future legal fees incurred.

Sport for Champions

This fund represents the income and expenditure associated with a Sports for Champions event which was held during the year. The surplus of this event will be allocated to the refurbishment of the netball courts.

MOSA Fund

This fund represents money received from Mount Old Scholars Association.

Transfers

Transfers out of the fixed asset fund relate to additions, net disposals and depreciation in the year. During the year the fixed asset fund has been reduced by the outstanding balance of the new loan which is secured on the properties.

The transfer from Mount School Estates represents the gift aid payment.

25. ANALYSIS OF NET ASSETS BETWEEN FUNDS Current year

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Current year
Tangible fixed assets
Investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total
Prior year		 Unrestricted
Funds
2025
£
3,382,785
120,000
1,692,356
(2,947,223)
(896,824)
1,351,094		 Designated
Funds
2025
£
2,522,734
-
67,820
-
(1,300,000)
1,290,554		 Restricted
Funds
2025
£
-
-
246,351
-
-
246,351		 Total
Funds
2025
£
5,905,519
120,000
2,006,527
(2,947,223)
(2,196,824)
2,887,999
Tangible fixed assets
Investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
Funds
2024
£
-
120,000
522,341
(2,285,996)
(885,030)
(2,528,685)		 Designated
Funds
2025
£
2,699,318
-
67,820
-
-
2,767,138		 Restricted
Funds
2024
£
-
-
237,235
-
-
237,235		 Total
Funds
2024
£
2,699,318
120,000
827,396
(2,285,996)
(885,030)
475,688

41

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

26. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Interest received
Decrease/(Increase) in stocks
(Increase)/decrease in debtors
Increase in creditors
Pension finance costs
Actuarial movement on pension
Loan interest paid
Net cash used in operating activities
27. ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total cash and cash equivalents
28. ANALYSIS OF CHANGES IN NET DEBT		 Group
2025
£
(970,474)
180,887
-
(828)
4,375
(388,398)
377,258
10,059
387,773
55,448
(343,900)
Group
2025
£
1,267,926
1,267,926		 Group
2024
£
(789,514)
188,158
(120,000)
(2,141)
(5)
(208,357)
556,693
740
9
-
(374,417)
Group
2024
£
472,818
472,818
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 September
2024
£
472,818
(228,782)
(187,154)
56,882		 Cashflows
£
795,108
128,786
(1,172,846)
(248,952)		 At 31 August
2025
£
1,267,926
(99,996)
(1,360,000)
(192,070)

42

THE MOUNT SCHOOL (YORK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

29. 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:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2025
£
81,291
64,974
146,265		 Group
2024
£
70,421
1,910
72,331		 Charity
2025
£
81,291
64,974
146,265		 Charity
2024
£
70,421
1,910
72,331

30. RELATED PARTY TRANSACTIONS

The following trustees had children at The Mount School (York) on a fee paying basis during 2024/25: M Nurcombe, G Willmott and P Macdonald.

The land and buildings are held in trust for Quakers in Yorkshire.

A loan from J. Pattison (governor) of £200,000 was advanced to the school in 2023. The loan is interest free with a redemption date of 31 December 2025. The balance remaining outstanding at the year end was £80,000.

Amounts totalling £315,000 (2023: £71,913) were donated to the School by the trustees.

31. POST BALANCE SHEET EVENTS

The sale of St Paul's Parish Hall and The Cottage, Dalton Terrace completed on 8 November 2025 for £1,000,000. The net proceeds will be used to invest in the long term strategy of the School.

43