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2025-07-31-accounts

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

Company number SC035577 Charity number SC009886

ARDVRECK SCHOOL LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

INDEX TO THE REPORT AND FINANCIAL STATEMENTS Page No.
Officers and Professional Advisers 1
Governors’ Report 2 – 11
Independent Auditor’s Report 12 –14
Statement of Financial Activities 15
Balance Sheet 16
Statement of Cash Flows 17
Notes to the Financial Statements 18 – 29

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

OFFICERS AND PROFESSIONAL ADVISERS

FOR THE YEAR ENDED 31 JULY 2025

GOVERNORS Debbie Spens John Forbes-Leith (to 10 March 2025) Jonathan Earl (to 30 April 2025) Harriet Langdale (from 17 October 2024) Charles Connell (from 27 November 2024) Henry Cheape (from 1 August 2025)

KEY MANAGEMENT PERSONNEL Head: Finance manager:

SECRETARY

COMPANY NUMBER CHARITY NUMBER

REGISTERED AND PRINCIPAL OFFICE ADDRESS

CHARTERED ACCOUNTANTS AND STATUTORY AUDITOR

BANKERS

SOLICITORS

Ian Abercrombie Carolyn Harrison Andrew Humphries (to 27 November 2024) David Clarke (from 11 December 2024) Danielle Cowan (from 31 October 2024 to 16 December 2025)

Ali Kinge Chris Higgo

Ardvreck School Ltd

SC035577

SC009886

Gwydyr Road Crieff Perthshire PH7 4EX

CT Audit Limited 61 Dublin Street Edinburgh EH3 6NL

Bank of Scotland The Mound Edinburgh EH1 1YZ

Lindsays 10 Blackfriars Street Perth PH1 5NS

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

Governors’ Report

For the year ended 31 July 2025

The Governors present their report and the audited financial statements for the year ended 31st July 2025.

This report has been written soon after a year in which Ardvreck celebrated its 142nd anniversary. It is testament to the dedication and hard work of the Headmistress, Ali Kinge, and her ‘dream team’ that 142 years after its founding by Bill Frost in 1883, Ardvreck continues to thrive in 2025.

Objectives and activities

Ardvreck School’s (“Ardvreck” or “the School” or “the Charity”) main aim and purpose is to provide an excellent all-round education for up to 170 boys and girls aged 3-13, including the provision of bursary support. It is a family school valuing selfless care for others, individuality, hard work, success measured against ability and a real sense of community. It draws on the best of the Scottish Curriculum for Excellence in developing successful learners, confident individuals, responsible citizens and effective contributors to society. The School achieves this aim by:

The Governors also encourage the use of the School’s facilities by a range of Crieff-based organisations where this does not compromise the day-to-day running of the School.

The School is a donor to and supporter of various local, Scottish and international charitable organisations, providing charitable support to individuals and for a wide range of purposes. Full details are available from the Headmistress.

The School aims to contribute to the following Scottish Government’s national outcomes:

The strategy for achieving the Ardvreck aims is for the School to be a forward thinking, co-educational, independent, boarding and day prep school serving Scotland, the UK and the international market. Ardvreck School aims to prepare children for places at all the UK’s leading secondary and senior schools by giving them a broad, inspiring and confidencebuilding education.

Tangible success is measured by children reaching the secondary schools of their choice and the number of those children attaining scholarships. Intangible success factors include the confidence, manners, selflessness and responsibility of children leaving Ardvreck School.

The main activity undertaken during the financial year continued to be the education of the children at the School. This activity has many facets including education in core subjects, sport, drama, music, outdoor activities, leadership and a range of other hobbies.

The standards and aims of the Charity continue to be enhanced through an ongoing development plan which sets out the vision and strategy for Ardvreck’s growth over the medium term.

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

Objectives and activities (continued)

Grant making

The Charity supports parents by providing bursaries to families who would otherwise have not been able to afford to give their children such a good start to their school career.

Volunteers

The School makes some limited use of volunteers. Friends of Ardvreck is an organisation run by current parents with the twin aims of ‘fun-raising’ and ‘fund-raising’. Friends of Ardvreck, the community of parents, grandparents, guardians, brothers and sisters who are attached to each child at Ardvreck School, continue to fundraise for the School. The Friends of Ardvreck annual Summer Ball continues to be a great success. Similarly, the Ard Challenge, an 11-mile activity filled yomp through the Scottish countryside in which the entire Ardvreck community participates, was also undertaken. It was an amazing day where our children walked a combined total of over 2,000km and completed a series of challenges.

Achievements and performance

Academic excellence

The 2024/2025 academic year has been yet another outstanding chapter in the rich history of our wee school on the hill. This report reflects the wide-ranging successes and significant milestones that demonstrate the continued dedication of our pupils and staff to maintaining educational excellence in an enriching and supportive environment.

Common Entrance and Scholarship results remain impressive, showcasing our pupils' consistent academic achievements. With excellent results across the board and pupils achieving well individually. Our Learning support department also saw pupils with significant needs achieving highly in their final examinations.

Our pupils continue to thrive in their transition to prestigious senior schools across the UK, securing numerous scholarships spanning Academic, Sport, Art, Drama, Music, and All-Rounder categories demonstrating their readiness for the next step in their educational journeys and reflecting the excellence of our dedicated teaching team.

The annual Science Fair was a resounding success, with pupils' innovative projects showcasing their critical thinking and communication skills. This year’s judge, Kevin Frediani, Curator of Dundee University Botanic Garden and Head of Grounds was most impressed by our young scientists’ curiosity and creativity.

Further developments to our senior pupils' revision packs were made, the inclusion of daily support ideas for more of the holidays were praised by pupils and parents alike. Responses were very appreciative of the increased structure and modelling for pupils to follow and create good revision routines.

Drama

December saw the children in Form 1 and Form 2 present Midwife Crisis, a hilarious nativity which focused on a Bethlehem midwife. Mrs Earl and Mrs Downey joined forces to produce a memorable afternoon in the Crabbie with a finale of the ever-popular Feliz Navidad.

Mrs Mannion and Mrs Naylor selected a heart-warming nativity entitled Simply the Nativity for the children in Little Ardvreck to perform. The children rose to the occasion and sang their hearts out for a hugely appreciative audience.

March saw our annual school production with Richard Rodgers and Oscar Hammerstein’s timeless classic, The Sound of Music, being this year’s show. Once again, Mr Hooson created a stunning Alpine backdrop for the set and the children more than rose to the occasion. With virtually every child in Form 3 to Form 6 involved and an Old Ardvreckian in the orchestra it was a production that will be remembered by all who were lucky enough to be involved.

LAMDA (London Academy of Music and Dramatic Art)

Mrs Arbuthnott worked her dramatic magic with the thespians in the school who sat LAMDA examinations. With nearly forty children taking exams, we surpassed last year’s eighty nine percent Distinction rate with a stunning ninety two percent this year. We are so lucky to have Mrs Arbuthnott at Ardvreck. The LAMDA showcase, which has swiftly become a calendar highlight, took place in May with all of the children able to perform to an appreciative audience.

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

Achievements and performance (continued)

Music

Music continues to play a central role in life at Ardvreck. The year began with a packed Carols Around the Christmas Tree and a lively Twelve Days of Christmas, alongside chamber choir performances in the community. Our annual Carol Concert at Comrie Parish Church once again showcased every pupil from Little Ardvreck to Form 6.

Highlights included a successful Burns’ Supper, Chamber Choir performances at Glenalmond and St Ninian’s, and a busy May programme with the Pipe Band performing at major school events. House Music, Piping and Drumming competitions were of an exceptionally high standard, supported by expert adjudicators, and pupils achieved a 100% pass rate across all music exam boards thanks to our dedicated peripatetic staff.

In the classroom, pupils embraced a wide range of musical activities, including listening to excerpts from Don Giovanni, Rigoletto and Eugene Onegin, culminating in whole-school viewings. Little Ardvreck delighted audiences with their “Around the World” concert.

The Summer Serenade, themed “The Great Tartan Songbook,” brought together class performances and ensembles from across the school, supported by a vibrant Ardvreck Community Choir. Prize Giving returned to Comrie Parish Church, where the Chamber Choir offered a moving musical farewell to the leavers.

Art

This year, Little Ardvreck pupils joined the Art Department for lessons, producing an impressive first collection of work. Our small group of Art Scholars achieved success at several senior schools and continued to inspire younger pupils. Form 6 leavers designed their own board games, which were play-tested by younger year groups, providing valuable feedback for refinements. Pupils also enjoyed two enriching trips: Forms 1–3 visited the McManus Art Gallery and Museum in Dundee, and Forms 1–4 explored the contemporary sculpture park at Jupiter Artland.

Boarding

Boarding life at Dalvreck has flourished this year, with more than half the school regularly boarding and enjoying the warm, welcoming community it offers. Boarding sleepovers remained a highlight, giving every child a chance to try an overnight stay and leaving many eager for return visits.

Evenings and weekends were filled with a balance of relaxation and adventure, from time in the common rooms to outdoor exploration. Pupil voice continues to shape boarding life, with this year’s favourite addition being more games of Spotlight, now a much-loved winter activity.

We bid farewell to Mr Knock and Miss Edwards, whose energy and care have greatly enriched Dalvreck, and look forward to welcoming Mrs Hardie and the returning Mr Mitchell. With their arrival, the year ahead promises to be another exciting chapter for the boarding house.

Sport

Sport remains a central part of life at Ardvreck, with afternoons dedicated to coaching and playing across all year groups. Every child from Forms 1–6 represents the school, with competitive A teams and skill-developing B and C teams, while many pupils also gained selection for Caledonian representative sport and sports scholarships to senior schools.

The sporting programme includes Rugby, Hockey, Netball, Cricket, Athletics, Tennis, Swimming, Gymnastics, and Cross-Country, supported by specialist coaching. Ardvreck hosts two respected annual tournaments—the Boys’ Rugby 7s in Autumn and the Netball Tournament in Spring—and senior pupils benefit from a Sports Tour to northern England, experiencing different rules and school environments. Staff development and dedication continue to drive excellent progress and enjoyment in sport for all pupils.

Outdoor pursuits

Ardvreck’s outdoor pursuits, led by Andy Robertson, continue to be a highlight of school life. Pupils enjoy Barvicks— four Saturday expeditions into the Scottish wilderness each year, including Munro-bagging—and sixth formers summit Ben Nevis and complete a week-long Highland camp with sea kayaking and wild camping. Adventure Fridays offer activities such as skiing, orienteering, mountain biking, bushcraft, canoeing, climbing, and abseiling, while weekly outdoor learning is timetabled for junior pupils. Each pupil experiences at least one night under canvas in the summer term, fostering a lifelong love of adventure, physical activity, and the outdoors.

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED

(A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

Achievements and performance (continued)

The Scottish Adventure School (SAS)

The Scottish Adventure School (SAS) was established as a way of using Ardvreck’s facilities, expertise and location to help other schools with adventurous residential experiences. This year, SAS welcomed over a thousand children from all over the country taking part in a wide range of adventurous activities and utilising the extensive grounds on the Ardvreck estate. SAS has raised the profile of the School as a leader in outdoor education. With the passage of the proposed bill to see residential trips made compulsory in Scotland, SAS is well positioned to expand and to become a market leader in this field. This was exemplified by SAS winning the Outdoor Centre of the Year at the annual Prestige Awards.

Co-curricular

Ardvreck’s usual extensive range of activities was enhanced by extracurricular activity options which included the Headmistress’ Debating Society, Art, Gymnastics, Cricket Nets, Highland Dancing, Scottish Country Dancing, Tennis Coaching, Swimming, Ski Race Training, Football and Shooting.

Pastoral care/wellbeing

At Ardvreck, personal growth, resilience, and wellbeing are central to school life, with plenty of fun to support mental health. Initiatives include open communication with parents, visiting counsellors, individualised pupil support, wellbeing rooms, weekly assemblies, mental health presentations, and inspirational speakers. Wellbeing education is embedded across the curriculum, teaching coping strategies, emotional regulation, mindfulness, and regular monitoring using SHANARRI indicators. Pupils are encouraged to take risks, develop courage, and maintain a positive ‘can do’ attitude, ensuring they are supported to face life’s challenges with confidence.

Nursery

This year at Ardvreck Nursery has been full of curiosity, growth, and joyful learning. Children have developed confidence and independence through a play-rich, outdoor environment guided by our ethos of Earth Care, People Care, and Fair Share, from gardening and exploring nature to building friendships and sharing.

Enriching activities have included weekly dance, gymnastics, music, storytelling, and Little Ard-ventures stay-and-play sessions, while transition support for children moving to Little Ardvreck or local schools has ensured confidence and readiness. Connections with the wider Ardvreck community have flourished through reading and performances with older pupils, visits to care homes, and engagement with projects such as the Bumblebee Conservation Trust.

Children’s progress has been carefully tracked through Learning Journals, milestone records, and staff support from dedicated practitioners, ensuring every child is nurtured and challenged. Families and the wider community have played an important role, joining in events like the Ard Challenge and Easter egg hunt, creating shared memories and celebrating the children’s achievements throughout the year.

Little Ardvreck

What a fantastic year it has been for Little Ardvreck (P1–2)! From autumn to summer, our youngest pupils embraced outdoor adventures, creative exploration, and memorable experiences with boundless energy. Highlights included paddling on a local loch, cycling challenges, festive visits to a Christmas tree farm, and a heart-warming nativity performance.

Spring brought outdoor walks, the inaugural Child Chase, snowy sledging, art in nature, and visits to MacRosty Park and Innerpeffray Library. The Summer Term saw a swashbuckling Pirates topic, the Ard Challenge, and the annual night under canvas, all fostering teamwork, resilience, and independence.

Our Pre-Prep pupils have made excellent academic and personal progress, embracing every challenge with enthusiasm, and we look forward to seeing them grow even further next year.

Admissions

Visits are all arranged by our dedicated Registrar, Mrs Annie Le-Roy Lewis, and take place throughout the year as day and overnight tasters for those considering Ardvreck. We also run a Spring Weekend in March for prospective pupils and continue to invite prospective families to come on site to performances of our school plays, concerts, sports events and to our Magic Lantern talks. Our Nursery continues to thrive and was full by the end of the Summer Term with many leavers feeding into Little Ardvreck in the Autumn. Although Ardvreck is a non-selective school, we assess all our prospective pupils during their tasters to ensure that we can fully support each pupil before offering them a place.

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

Achievements and performance (continued)

International pupils

Our links with European families continue to grow, welcoming visitors from France and Spain this year. Pupils come for one term to a full year, often returning year after year, and leave fluent in English after fully engaging with the opportunities Ardvreck offers. All visiting pupils require a Child Student Visa and health insurance, arranged by their parents. Conveniently located an hour from Edinburgh and Glasgow airports, we provide transport, and our supportive parent body hosts visitors during exeats and half terms, fostering lasting friendships.

Charitable activities

This year offered many opportunities to embrace the values that have shaped Ardvreck since 1883, fostering a concern for others and a desire to give back. Beyond the school, we support the local community by employing local staff, attending church services, and visiting a home for the elderly, instilling a sense of service in our pupils.

The school community also supported a range of local and international charities through events such as selling Ardvreck Salt, Christmas cards, Pyjama Day, the Christmas Fayre, and a whole-school sponsored walk. Our Charity of the Year was the Tayside Mountain Rescue Association, a volunteer-based organisation providing emergency assistance in Tayside and beyond.

Staff

The Headmistress’ aim is to nurture an ethos where courtesy is at the forefront of every human interaction. A school where working hard and playing hard is of equal importance and where good humour and fun permeate every undertaking. She endeavours to kindle this shared vision with her ‘dream team’ and has managed to retain an unbelievable team of staff who are talented, intelligent, committed, loyal, hard-working and incredible amounts of fun. They are movers and shakers, optimists, can-doers, smilers and who all care, beyond belief, about the education and wellbeing of every single child in our school.

Events

The Ardvreck community loves events where everyone can come together for fellowship; we are serious about having fun. Major events this year have included: Harvest Festival; Grandparents’ Gathering; a spectacular bonfire and fireworks party on Guy Fawkes night; Ard Sevens and Senior School Fayre, the Christmas Fayre; Burns’ Night celebrations; World Book Day; Sports Day and the Ard Summer Ball and Auction – to name just a few!

Expeditions

Trips and expeditions form an integral part of an Ardvreck education and the children enjoy a plethora of educational and adventurous expeditions throughout the year. Most notably, our Fifth Form (year 7) this year enjoyed a week-long educational visit to Château de la Baudonnière in Normandy while the Sixth Form leavers (year 8) had a week-long adventure in Glencoe which included an overnight sea kayaking expedition to wild camp on a remote beach.

Friends of Ardvreck

The 2024/25 year was another successful one for the Friends of Ardvreck. Highlights included the newly formatted Rugby Sevens and Senior Schools Fayre, the memorable “It’s a Grant Night” performance by Peter and Michelle, and support for the school production of The Sound of Music.

The summer term saw the reopening of the swimming pool, the culmination of the Friends’ main fundraising mission, and the success of the Ard Challenge with well-stocked refreshment stops. The year ended with ArdFest, generously hosted by Matt and Leonie Willcock at Rossie on the Earn, where auction proceeds completed the remaining pool costs and kicked off fundraising for the changing rooms. Thanks are extended to all who contributed their time, generosity, and enthusiasm.

Alumni

We continue to strengthen links with our Old Ardvreckians, who fondly remember their Barvicks in the Perthshire countryside. Alumni engagement on social media grows steadily, with news, photographs, Throwback Thursdays, and the option to include Ardvreck on LinkedIn. Old Ardvreckians are always welcome to visit and are assured a warm reception. Ardvreck’s inaugural Golf Day on 15 April 2025 brought together 32 participants—including alumni, parents, grandparents, and staff—on the Rosemount Course at Blairgowrie Golf Club, with ages ranging from 20 to 92.

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

Financial review and results for the year

Ardvreck is a small school of limited means, yet it continues to achieve great things with the resources it has — furthering its charitable aims and delivering an excellent educational experience to the children in its care.

In recent years, the School has faced strong headwinds, most notably the significant increase in the cost of many essential supplies and staff costs, which lie out with our control, and the impact of VAT on school fees.

Amidst the challenges, there have been meaningful successes. The Scottish Adventure School (SAS) operation has been sold to our financial sponsor (accounted for in the 2023-24 financial statements) which has generated muchneeded funds and also allowed for further investment in and development of facilities on the school estate. Ardvreck is still home to SAS and the two operations co-exist in perfect harmony on the hill; from spring to early summer, children of P6 and P7 age attend residential activity camps and enjoy adventurous learning both on-site and further afield. Following the SAS programme, the school becomes home to ‘Camp Cooper’ for six weeks, welcoming young people from around the world as part of the International Summer Camps programme.

The Ardvreck Nursery also continues to flourish, offering provision to children aged 3 to 5 as a Perth & Kinross Council partner-provider for the 1,140 funded hours childcare scheme. The nursery is now at capacity — a very encouraging sign for the future.

All of this activity supports and complements the School’s core purpose: to care for and educate young people in a way that is proudly different. Ardvreck’s distinctive approach continues to attract recognition — culminating with winning ‘The Best Prep School in the Land’ award by Tatler Schools Guide!

In the year to 31 July 2025, fee income net of bursaries and discounts decreased from £2,126,881 to £2,028,859, reflecting mainly a reduction in average pupil numbers for the academic year. In 2024, the sale of the Scottish Adventure School, together with donations received, resulted in a positive EBITDA (earnings before interest, taxation, depreciation, amortisation and revaluation) of £298,677. The equivalent figure for 2025 was a negative EBITDA of £56,926.

Capital expenditure during the year amounted to £90,712. (2024: £143,517), and school fees continued to represent the principal source of income, accounting for approximately 65% of donations and charitable activities revenue.

The result for the year, including a downwards property revaluation of £956,167, has had a negative impact on net assets, which now stand at £391,065 (2024: £1,566,154). These comprise Unrestricted Funds of £380,606 (2024: £1,513,887) and Restricted Funds of £10,459 (2024: £52,267).

Going concern

As highlighted in recent years, the independent school sector has been impacted by a number of factors including the pandemic, higher than expected salary and pension cost increases, large increases in food and catering costs, utility price rises and the impact of VAT on school fees.

The senior team actively monitor existing and forecast pupil numbers on a regular basis and, along with available reserves, and in conjunction with the Governors use this as a basis to make decisions about the School and its operations.

The Governors and senior team had previously identified a need to secure a more sustainable long term financial position for the School given the challenges highlighted above. While additional short-term funding to meet working capital requirements and necessary School estate investment was secured last year and into 2026, arrangements have now been made with another educational organisation such that the School will become a subsidiary of their group and overall control will be exercised through sole membership. Ardvreck will continue to be overseen and managed by a Board of Governors which will include representation from the educational organisation, and the School will maintain its day to day activities at its existing location in Crieff. As part of this arrangement, further short term external funding and finance will be provided by one of the Governors as disclosed in the notes to the financial statements.

The Governors have approved the latest available management information and financial performance and cash flow projections which include key income drivers and cost assumptions and take into account both the short term support and long term support secured from the new arrangement noted above.

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

The Governors are of the view that with the support that they have secured from external investment in the School, together with access to the ongoing benefits of buying power and administrative cost sharing, Ardvreck will have sufficient resources to continue to operate and meet debts as they fall due and therefore remain a going concern with a secure long term future at its existing location.

Reserves policy

As at 31 July 2025 the Balance Sheet shows the assets and liabilities attributable to various funds by type while the Statement of Financial Activities summarises the year’s movements in each fund. Unrestricted income funds amounted to £121,996 (deficit). (2024: £55,118 - surplus), the Revaluation Reserve stood at £502,602 (2024: £1,458,769), and Restricted Funds totalled £10,459 (2024: £52,267).The result for the year to 31 July 2025 has negatively impacted total net assets which now stand at £391,065 (2024: £1,566,154). These reserves are there to support the ongoing investment in the School and to maintain sufficient level of funds for the ongoing commitments of the School.

The Governors give consideration to the level of reserves that reflect the inherent risk associated with the School’s activities. The Governors consider the wider economic situation and climate and plan for likely impact on trading results. The policy of the School is to have sufficient funds available to meet the running costs.

Risk Management

Effective risk management is central to the operation of Ardvreck School. A comprehensive Risk Register is regularly reviewed and updated to identify and mitigate emerging risks, protecting pupils, staff, reputation, and financial sustainability. Key areas of focus include:

Plans for future periods

The Governors are committed to improving all aspects of the School’s offer; educational, pastoral care, sport, music, drama and outdoor education activities, within and out with the special place that is home to Ardvreck.

As part of Ardvreck’s strategy, the Governors continue to evaluate and develop opportunities to diversify income streams, to support greater investment in the School’s facilities now and in the future in pursuit of delivering excellence in education and care.

Key management personnel and remuneration policy

All staff play an essential role in the provision of excellent care and education of young people. The Governors consider that key management personnel of the school comprise the Board of Governors, the Headmistress and her Senior Leadership Team.

Ali Kinge is the Headmistress. Ali is responsible for the day-to-day running of the School and for maintaining the highest possible standards in all areas; educational, pastoral, and risk management.

Staff salaries are reviewed annually by the Governors including those of key management personnel. Teaching salaries are benchmarked against salaries of colleagues in the maintained sector, non-teaching support staff salaries are reviewed against prevailing inflation. Changes to staff salaries are implemented from September 1st each year although financial performance of the school ultimately determines the awarding of pay increases.

The Governors are not remunerated for their services as Governors, as Trustees of the charity’s assets or as Directors of Ardvreck School Limited. Reasonable expenses incurred by Governors may be paid.

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED

(A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

Structure, governance and management

Ardvreck School Limited is a Company limited by guarantee and is governed by its Memorandum and Articles of Association (M&A) (incorporated 17th August 1960), which were revised and adopted 24th June 2010. In January 2013, OSCR confirmed that Ardvreck School met the charity test and as such continues to be eligible to be registered as a charity in Scotland.

Appointment and conduct of the Governors

Each Governor of the School is de facto a Company Director. The composition of the Board of Governors is kept under review to ensure that a balance of expertise is maintained. This will include representation from education (head of a senior independent school and/or head of a preparatory school), financial management, estate management, pastoral care and the parent body. The current Board also ensures representation, so far as is possible, across Scotland and the Armed Forces/expatriate communities from where the pupils are drawn. Most of the Governors have experience of Ardvreck and there is an appropriate male/female balance. This ensures that Governors provide a wide range of experience to ensure that effective governance can be exercised and appropriate advice provided to the Head and Senior Management Team. Up to 12 Governors can be appointed and a quorum of four Governors is required at any Board Meeting or before any decision is taken that may fundamentally bear on the satisfactory operation of the School. Each Governor will serve for a five-year term. From amongst the Board a Chair, Deputy Chair and Committee Chairs will be appointed. The current Chair decides the selection of a new Chair with advice from members of the Governing Board and in consultation with the Head. The Headmistress is not a Governor but is present at all Governors’ Board Meetings except when issues of remuneration or the appointment of a successor is being discussed. In addition, the School Secretary may be present at meetings for the provision of writing of minutes.

Conduct of the Board of Governors

The Governors determine the general policy of the School. The day-to-day management of the School is delegated to the Head who acts in the capacity of Chief Executive; she is answerable to the Governing Board. The Governing Board routinely meets three times per year during the school terms, with Governor led sub-committees also meeting termly. The decision-making process of the Board is consensual; matters are thoroughly discussed and decisions made. Although there are rules in the Memorandum & Articles about voting on certain matters, votes are usually only taken when they are required as a formality - such as for the approval of minutes or financial statements.

Governors’ induction and training

Potential Governor appointments are first discussed at a Board Meeting. The Chair contacts the candidate, providing an outline of responsibilities and the Governors’ Induction Booklet, followed by a one-to-one meeting to discuss the role. The candidate may then accept or decline the appointment. Induction begins with this meeting and continues with guidance from the Induction Booklet, which details Governor responsibilities and relevant school information. Governors also have access to SCIS training courses, in-service events, and extensive governance documents to support their ongoing development.

Relationship with related parties

Due to the nature of the School’s operations and the composition of the Board, it is possible that transactions may take place with organisations in which a Governor may have interest. All transactions involving the Governors or organisations in which the Governors may have a material interest are conducted in accordance with normal project and procurement procedures. Further detail of material transactions are set out in note 20 to these financial statements.

Funds held as custodian trustee on behalf of others

Neither the Charity nor any of the Governors are acting as a custodian trustee on behalf of others.

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Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED

(A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

Structure, governance and management (continued)

The Board of Governors for the reporting period consisted of the following:

Governors’ responsibilities

The Governing Board, who are directors for the purpose of company law and trustees for the purpose of charity law, is responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governing Board to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the company and of the income and expenditure, of the company for that period.

In preparing these financial statements, the members of the Governing Board are required to:

The members of the Board of Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions, disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

In so far as the Governors are aware:

10

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED

(A company limited by guarantee and not having share capital)

Governors’ Report (continued)

For the year ended 31 July 2025

Auditor

CT Audit Limited will be proposed for re-appointment at the Annual General Meeting.

Small company exemptions

This report has been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with Financial Reporting Standard applicable in United Kingdom and Republic of Ireland (FRS 102) and in accordance with special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the Board and signed on its behalf by:

Debbie Spens Chair of Governors

04 June 2026 Dated:

11

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED

(A company limited by guarantee and not having share capital)

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS AND MEMBERS

Opinion on annual financial statements

We have audited the financial statements of Ardvreck School Limited (the ‘charitable company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practise) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ 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 charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other information

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

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

12

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS AND MEMBERS (continued)

Opinion on other matter 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 Governors’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charity Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Respective responsibilities of Governors

As explained more fully in the statement of Governors’ responsibilities set out on page 10, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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 Governors 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report to you in accordance with regulations made under those Acts.

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:

13

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED

(A company limited by guarantee and not having share capital)

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS AND MEMBERS (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates and considered the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. This included but was not limited to the Charities and Trustee Investment (Scotland) Act 2005, and The Charities Accounts (Scotland) Regulations 2006.

We focused on laws and regulations that could give rise to a material misstatement in the charity's financial statements. Our tests included, but were not limited to:

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s Governors, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the members and the charitable company’s Governors 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, its members as a body, and its Governors as a body, for our audit work, for this report, or for the opinions we have formed.

Jeremy Chittleburgh BSc CA (Senior statutory auditor) for and on behalf of CT Audit Limited, Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL

04 June 2026 ……………………

CT Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

14

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account)

FOR THE YEAR ENDED 31 JULY 2025

Note
Income from:
Donations
6
Charitable activities
7
Other income – Sale
of Scottish Adventure
School
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net (expenditure) /
income
Transfers between
funds
15
Losses on revaluation
of fixed assets
11
Net movements in
funds
Reconciliation of
funds:
Total funds brought
forward
15
Total funds carried
forward
15		 Unrestricted
funds
Restricted
funds
Total
2025
Unrestricted
funds
Restricted
funds
Total
2024
£
£
£
£
£
£
511,400
8,600
520,000
303,699
50,408
354,107
2,560,770
-
2,560,770
2,881,191
- 2,881,191
-
-
-
288,824
-
288,824
3,072,170
8,600
3,080,770
3,473,714
50,408 3,524,122
3,299,692
-
3,299,692
3,447,466
-3,447,466
3,299,692
-
3,299,692
3,447,466
- 3,447,466
(227,522)
8,600
(218,922)
26,248
50,408
76,656
50,408
(50,408)
-
30,000
(30,000)
-
(177,114)
(41,808)
(218,922)
56,248
20,408
76,656
(956,167)
-
(956,167)
-
-
-
(1,133,281)
(41,808) (1,175,089)
56,248
20,408
76,656
1,513,887
52,267
1,566,154
1,457,639
31,859 1,489,498
380,606
10,459
391,065
1,513,887
52,267 1,566,154

All incoming resources are derived from continuing activities.

The notes on pages 18 to 29 form an integral part of these financial statements.

15

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

BALANCE SHEET

AS AT 31 JULY 2025

Note
Fixed assets
Tangible fixed assets
11
Current assets
Stocks
Debtors
12
Cash at bank in hand
Total current assets
Liabilities
Creditors falling due within one year
13
Net current liabilities
Total assets less current liabilities
Creditors falling due after more than one year
14
Net assets
The funds of the charity:
Unrestricted income funds
15
Restricted income funds
15
Revaluation reserve
15		 2025
2024
£
£
1,698,215
2,741,841
28,531
29,786
700,708
274,132
29,833
787,402
759,072
1,091,320
(1,700,818)
(1,876,333)
(941,746)
(785,013)
756,469
1,956,828
(365,404)
(390,674)
391,065
1,566,154
(121,996)
55,118
10,459
52,267
502,602
1,458,769
391,065
1,566,154

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

04 June 2026

The financial statements were approved by the Board on _______ and signed on its behalf by;

…………………………… ………………………….. Debbie Spens (Chair) Charles Connell Governor Governor

Company number: SC035577

The notes on pages 18 to 29 form an integral part of these financial statements.

16

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

Note
Cash flows from operating activities:
Net cash (used in)/provided by operating activities
17
Cash flows from investing activities:
Purchase of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities:
Repayments of previous loan financing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
17		 2025
2024
£
£
(696,038)
1,017,333
(90,712)
(143,530)
52,364
-
(38,348)
(143,530)
(23,183)
(21,292)
(23,183)
(21,292)
(757,569)
852,513
787,402
(65,111)
29,833
787,402
Analysis of changes in net debt
Cash and cash equivalents
Cash at bank and in hand
Borrowings
Debt due within one year: loans
Debt due after one year: loans		 At
1 August
2024
Cash flows
At
31 July
2025
£
£
£
787,402
(757,569)
29,833
787,402
(757,569)
29,833
(22,700)
(2,087)
(24,787)
(390,674)
25,270
(365,404)
(413,374)
23,183
(390,191)
374,028
(734,386)
(420,024)

The notes on pages 18 to 29 form an integral part of these financial statements.

17

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. GENERAL INFORMATION

Ardvreck School Limited (SC035577) is a charitable company limited by guarantee and has no share capital. The charitable company is incorporated in the United Kingdom and is registered in Scotland. It is recognised as a charity for tax purposes by HMRC and is registered with the Office of the Scottish Charity Regulator (OSCR) under charity number SC009886. The liability of each member in the event of winding-up is limited to £1. The registered office is Gwydyr Road, Crieff, PH7 4EX. The principal activity of the charitable company is the running of an independent co-educational school.

These financial statements are presented in pounds sterling (GBP) as that is the currency in which the charitable company’s transactions are denominated. They comprise the financial statements of Ardvreck School Limited.

2. ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with United Kingdom Accounting Standards, including the Financial Reporting Standard 102, (United Kingdom Generally Accepted Accounting Practice), ’The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)’, the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” second edition 2019, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

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

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires Governors to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.

The principal accounting policies applied in the preparation of the financial statements are noted below. These policies have been applied consistently to all the years presented, in dealing with items which are material in relation to the Company’s financial statements unless otherwise stated.

18

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (continued)

2.2 Going Concern

The future operations of the School are dependent on the generation of future operating surpluses and sufficient ongoing operating cashflows.

The Governors and senior team had previously identified a need to secure a more sustainable long term financial position for the School given the economic challenges faced by Ardvreck. While additional short-term funding to meet working capital requirements and necessary School estate investment was secured last year and into 2026, arrangements have now been made with another educational organisation such that the School will become a subsidiary of their group and overall control will be exercised through sole membership. Ardvreck will continue to be overseen and managed by a Board of Governors which will include representation from the educational organisation, and the School will maintain its day to day activities at its existing location in Crieff. As part of this arrangement, further short term external funding and finance will be provided by one of the Governors as disclosed in the notes to the financial statements.

The Governors have approved the latest available management information and financial performance and cash flow projections which include key income drivers and cost assumptions and take into account both the short term support and long term support secured from the new arrangement noted above.

The Governors are of the view that with the support that they have secured from external investment in the School, together with access to the ongoing benefits of buying power and administrative cost sharing, Ardvreck will have sufficient resources to continue to operate and meet debts as they fall due and therefore maintain a secure long term future at its existing location. The financial statements are therefore prepared on a going concern basis.

2.3 Income

The fees credited to the Statement of Financial Activities are the total fees due for the academic year. Bursaries given are shown separately within the notes.

Deferred income

Where income is received in advance of meeting any performance-related conditions and there is not unconditional entitlement to the income, its recognition is deferred and included in creditors as deferred income until the performance conditions are met.

Donations and legacies

Donations and legacies receivable for the general purposes of the School are credited to ‘unrestricted funds’. Donations and legacies for purposes restricted by the wishes of the donor are taken to ‘restricted funds’.

Incoming resources received by the School in an agency role, together with the related expenditure, are excluded from the financial statements in accordance with the requirements of the Statement of Recommended Practice for Accounting and Reporting for Charities (SORP, FRS 102).

Grant income

Income from government and other grants, whether ‘capital’ or ‘revenue’ grants, is recognised when the Company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

19

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (continued)

2.4

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is summarised under functional headings on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the School.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its estimated useful life, as follows:

Freehold property - Nil
Plant, fixtures and fittings - 10% - 20% straight line
All weather surface & cricket pitch - 2% - 10% straight line
Motor vehicles - 25% reducing balance
Computer equipment - 20% straight line
Items costing less than £500 are written off as an expense as acquired.

The freehold property is carried at fair value determined by an independent valuer based on market value (vacant possession). No depreciation is provided. Impairment is not required due to the plans in place for ongoing repairs.

2.6 Leasing commitments

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

2.7 Stock

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of financial activities.

2.8 Debtors

Debtors are recognised at the expected settlement amount.

2.9 Creditors

Creditors are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

20

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (continued)

2.10 Financial assets and financial liabilities

Financial instruments are recognised in the balance sheet when the Company becomes a party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price. Subsequent to initial recognition, they are accounted for as set out below.

Financial instruments are classified as ‘basic’ in accordance with Chapter 11 of FRS 102.

At the end of each reporting period, basic financial instruments are measured at amortised cost using the effective interest rate method or fair value.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the charity has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry.

2.11 Pensions

The School contributes to the Scottish Teachers’ Pension Scheme at rates set by the Scheme Actuary. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Charitable company. In accordance with FRS 102 the scheme is accounted for as a defined contribution scheme and the pension costs charged in the financial statements represent the contributions payable by the School during the period.

The School also contributes to the defined contribution personal pension schemes for non-teaching staff at 3% of annual basic pay and these contributions are accrued accordingly.

2.12 Funds

Funds are transferred from unrestricted funds to the designated funds if the Governors decide to utilise funds for a specific project. The Designated Fund is then written off over the estimated useful life of the assets concerned. Funds are transferred to Restricted Funds if monies are received for a specific purpose.

The Revaluation Reserve includes changes in the fair value of the property which is a non-distributable fund so is shown separately from other funds.

2.13 Taxation

The School is a registered charity therefore does not pay tax on any surplus. During the financial year the charity was not VAT registered therefore all costs are stated inclusive of VAT.

3. CRITICAL JUDGEMENTS AND ESTIMATES

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The Directors are satisfied that accounting policies are appropriate and applied consistently. Key sources of accounting estimation have been applied to the depreciation rates which are deemed to be appropriate for the class of asset, the valuation of the property, and the recoverability of debtors.

21

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

4.
5.		 MOVEMENT IN FUNDS
This is stated after charging:
Depreciation of tangible assets
Auditor’s remuneration – audit fee
Auditor’s remuneration - fees for tax advisory & accountancy services
Operating lease rentals – plant and machinery
EMPLOYEES
Number of employees
The average headcount during the year amounted to:
Teachers
Nursery
Administration
Domestic/maintenance/matron/catering/drivers/gap students
Employment costs
Wages and salaries
Social security cost
Other pension costs		 2025
2024
£
£
125,810
170,350
11,970
11,220
2,670
2,520
36,204
35,000
2025
2024
No.
No.
22
24
7
5
5
5
34
34
67
68
2025
2024
£
£
1,639,175
1,570,067
157,007
144,913
245,371
203,415
2,041,553
1,918,395

Included within wages and salary costs were redundancy and other termination payments amounting to £14,327 (2024: Nil).

Numbers of employees receiving remuneration and benefits in excess of
£60,000 were as follows:
£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000		 2025
2024
-
1
-
-
1
1

No Governors received remuneration or expenses during the year.

The School considers its key management personnel comprise the Headmistress and Bursar. The total employment benefits including employer pension contributions and employers’ national insurance contributions of the key management personnel were £181,898 (2024: £189,497).

22

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED

(A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

6.
7.
8.		 DONATIONS
Donations
CHARITABLE ACTIVITIES – INCOME
School fees
Less: bursaries and discounts
Net school fees
Extracurricular activities
Rental income
Investment income
Other income
Total income
CHARITABLE ACTIVITIES – EXPENDITURE
Charitable activities
School running costs:
Teaching costs
Welfare costs
Premises costs
Extra-Curricular Activities costs
Scottish Adventure School costs
Support costs (note 9)
Governance costs (note 10)
Total expenditure
Charitable activities
School running costs:
Teaching costs
Welfare costs
Premises costs
Extra-Curricular Activities costs
Scottish Adventure School costs
Support costs (note 9)
Governance costs (note 10)
Total expenditure		 Staff costs
Depreciation
£
£
1,389,480
-
555,481
-
96,592
125,810
-
-
-
-
-
-
-
-		 2025
2024
£
£
520,000
354,107
2025
2024
£
£
2,586,099
2,719,861
(557,240)
(592,980)
2,028,859
2,126,881
478,170
724,394
10,000
7,000
5,654
142
38,087
22,774
2,560,770
2,881,191

Other
costs
Total
2025

£
£

10,929
1,400,409

285,714
841,195

378,173
600,575

154,987
154,987

1,502
1,502

278,865
278,865
22,159
22,159
2,041,553
125,810
1,132,329
3,299,692
Staff costs
Depreciation
£
£
1,269,921
-
573,703
-
81,646
170,350
-
-
-
-
-
-
-
-
Other
costs
Total
2024

£
£

12,979
1,282,900

298,903
872,606

437,697
689,693

187,844
187,844

153,353
153,353

238,548
238,548
22,522
22,522
1,925,270
170,350
1,351,846
3,447,466

All costs relate to the one charitable activity of the School, the running of an Independent School within the community.

23

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

9.
SUPPORT COSTS
Printing, postage and stationery
Advertising and marketing
Leasing costs
Computer costs
Telephone costs
Other professional fees
Accountancy fees and costs
Bank interest and charges
Bad debt provision
Other administration costs
Total
11.
TANGIBLE FIXED ASSETS
Freehold
property
Plant
fittings &
equipment
£
£
Cost
As at 1 August 2024
2,361,032
1,615,958
Additions
-
89,524
Disposals
(4,592)
(46,028)
Reclassification
1,278,059
(1,073,473)
Revaluation
(1,984,499)
-
At 31 July 2025
1,650,000
585,981
Depreciation
As at 1 August 2024
-
1,285,029
Charge for year
-
118,205
Reclassification
1,028,332
(852,504)
Revaluation
(1,028,332)
-
At 31 July 2025
-
550,730
Net book value at
31 July 2025
1,650,000
35,251
Net book value at
31 July 2024
2,361,032
330,926
10.
GOVERNANCE COSTS
Governance costs comprise:
Legal and professional
Audit fees and costs
Total		 9.
SUPPORT COSTS
Printing, postage and stationery
Advertising and marketing
Leasing costs
Computer costs
Telephone costs
Other professional fees
Accountancy fees and costs
Bank interest and charges
Bad debt provision
Other administration costs
Total
11.
TANGIBLE FIXED ASSETS
Freehold
property
Plant
fittings &
equipment
£
£
Cost
As at 1 August 2024
2,361,032
1,615,958
Additions
-
89,524
Disposals
(4,592)
(46,028)
Reclassification
1,278,059
(1,073,473)
Revaluation
(1,984,499)
-
At 31 July 2025
1,650,000
585,981
Depreciation
As at 1 August 2024
-
1,285,029
Charge for year
-
118,205
Reclassification
1,028,332
(852,504)
Revaluation
(1,028,332)
-
At 31 July 2025
-
550,730
Net book value at
31 July 2025
1,650,000
35,251
Net book value at
31 July 2024
2,361,032
330,926
10.
GOVERNANCE COSTS
Governance costs comprise:
Legal and professional
Audit fees and costs
Total		 All weather
& cricket
equipment
£
204,586
-
-
(204,586)		 Motor
vehicles
£
33,117
-
(896)
-
-		 2025
2024
£
£
12,733
8,054
15,958
10,750
16,910
12,546
34,217
24,513
11,554
13,576
10,062
5,811
49,377
26,207
39,970
51,671
417
22,909
87,667
62,511
278,865
238,548
2025
2024
£
£
10,189
11,302
11,970
11,220
22,159
22,522
Computer
equipment
Total
£
£
13,204
4,227,897
1,188
90,712
(848)
(52,364)
-
-
-(1,984,499)
1,650,000
585,981		 - 32,221 13,544
2,281,746
-
1,285,029
-
118,205
1,028,332
(852,504)
(1,028,332)
-		 172,088
3,740
(175,828)
-		 23,112
1,784
-
-		 5,824
1,486,053
2,081
125,810
-
-
-(1,028,332)
-
550,730		 - 24,896 7,905
583,531
1,650,000
35,251		 - 7,325 5,639
1,698,215
2,361,032
330,926		 32,498 10,005 7,380
2,741,841

The freehold property was valued on 14 May 2025 by an independent valuer based on market value (vacant possession). The Governors consider that this valuation remains appropriate as at 31 July 2025.

The School’s heritable property is subject to a first ranking standard security in favour of the Bank of Scotland. The School is also subject to a bond and floating charge in favour of the Bank of Scotland.

24

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

12. DEBTORS 2025 2024
£ £
Trade debtors 647,830 162,956
Prepayments and accrued income 52,878 104,836
Other debtors - 6,340
700,708 274,132
13. CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Bank loans 24,787 22,700
Trade creditors 144,636 200,402
Other taxes and social security costs 228,527 383,610
Other creditors 526,218 650,034
Accruals and deferred income 776,650 619,587
1,700,818 1,876,333
ANALYSIS OF DEFERRED INCOME 2025 2024
£ £
At 1 August 2024 606,348 676,423
Amounts released from previous years (606,348) (676,423)
Incoming resources deferred in the current year 757,322 606,348
At 31 July 2025 757,322 606,348
Where the School receives fee or summer camp income in advance the proportion relating to future periods is
deferred until the School has entitlement to that income.
14. CREDITORS – AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR 2025 2024
£ £
Bank loan 365,404 390,674
2025 2024
Amounts repayable: £ £
Between one and two years 25,118 24,347
Between two and five years 87,172 79,157
More than five years 253,114 287,170
365,404 390,674

25

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

15.
FUNDS
Unrestricted funds
Designated funds:
Science lab refurbishment
Cricket nets
Play park
Total designated funds
Unrestricted funds - general
Total unrestricted funds_(excl_
revaluation reserve)
Revaluation reserve
Total unrestricted funds
Restricted funds
Other
Friends of Ardvreck – Swimming
Pool
Fundraising project
Total restricted funds
15.
FUNDS
Unrestricted funds
Designated funds:
Science lab refurbishment
Cricket nets
Play park
Total designated funds
Unrestricted funds - general
Total unrestricted funds
Revaluation reserve
Total unrestricted funds
Restricted funds
Sporting improvements
Other
Friends of Ardvreck – Swimming
Pool
Total restricted funds		 Balance
brought
forward
1 August
2024
Income
Expenditure/
revaluation
Transfers
Balance
carried
forward
31 July
2025
£
£
£
£
£
1,500
-
(1,500)
-
-
2,000
-
(2,000)
-
-
6,795
-
(599)
-
6,196
10,295
-
(4,099)
-
6,196
44,823
3,072,170
(3,295,593)
50,408
(128,192)
55,118
3,072,170
(3,299,692)
50,408
(121,996)
1,458,769
-
(956,167)
-
502,602
1,513,887
3,072,170
(4,255,859)
50,408
380,606
1,859
-
-
-
1,859
50,408
-
-
(50,408)
-
-
8,600
-
-
8,600
52,267
8,600
-
(50,408)
10,459
Balance
brought
forward
1 August
2023
Income
Expenditure
Transfers
Balance
carried
forward
31 July
2024
£
£
£
£
£
3,000
-
(1,500)
-
1,500
4,000
-
(2,000)
-
2,000
7,394
-
(599)
-
6,795
14,394
-
(4,099)
-
10,295
(15,524)
3,473,714
(3,443,367)
30,000
44,823
(1,130)
3,473,714
(3,447,466)
30,000
55,118
1,458,769
-
-
-
1,458,769
1,457,639
3,473,714
(3,447,466)
30,000
1,513,887
30,000
-
-
(30,000)
-
1,859
-
-
-
1,859
-
50,408
-
-
50,408
31,859
50,408
-
(30,000)
52,267

26

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

15. FUNDS (continued)

The science lab refurbishment relates to a parental donation specifically given for the refurbishment of the science lab. The science lab was upgraded in December 2015. As the upgrade is now complete the balance of the fund was transferred to a designated fund in the prior year and is being written off over the estimated useful life of the asset. Various donations were also received from Old Ardvreckians to fund sports equipment for the School.

The School received a grant from The Big Lottery Fund in the sum of £10,000 during prior years. The grant was given to support the installation of new cricket nets at the School. The Friends of Ardvreck also donated £10,000 towards the project which was completed in March 2016. As the project is now complete the balance of the funding is being written off over the estimated useful life of the asset.

Included in restricted funds was £50,408 donated in the prior year, including Gift Aid, to be used towards the Swimming Pool at the school. Following completion of the swimming pool refurbishment works during 2025, this fund was released to unrestricted general funds.

In 2024, included in restricted funds was an amount of £30,000 donated during the year to be used for sporting improvements at the school. In the current year, with the agreement of the donor, it was agreed that these funds could be applied for general use by the school and they were transferred to unrestricted general funds.

The Fundraising Project fund comprises of donations specifically to be applied for fundraising for the School.

The revaluation reserve includes changes in the fair value of the property which is a non-distributable fund so is shown separately from other funds.

16.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
£
Fund balances at 31 July 2025 are represented by:
Tangible fixed assets
1,698,215
Current assets
748,613
Creditors – amounts falling due within one year
(1,700,818)
Creditors – amounts falling due in more than one year
(365,404)
380,606
Unrestricted
funds
£
Fund balances at 31 July 2024 are represented by:
Tangible fixed assets
2,741,841
Current assets
1,039,053
Creditors – amounts falling due within one year
(1,876,333)
Creditors – amounts falling due in more than one year
(390,674)
1,513,887
17.
NET CASH USED IN)/PROVIDED BY OPERATING ACTIVITIES
Net movement in funds for the year/
Adjustments for:
Revaluation of property
Depreciation
Decrease)/(increase) in stock
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operating activities		 Unrestricted
funds
£
1,698,215
748,613
(1,700,818)
(365,404)		 Restricted
funds
Total
£
£
-
1,698,215
10,459
759,072
-
(1,700,818)
-
(365,404)
380,606 10,459
391,065
Unrestricted
funds
£
2,741,841
1,039,053
(1,876,333)
(390,674)		 Restricted
funds
£
Total
£
-
2,741,841
52,267
1,091,320
-
(1,876,333)
-
(390,674)
1,513,887 52,267
1,566,154
2025
2024
£
£
(1,175,089)
76,656
956,167
-
125,810
170,350
1,255
(4,160)
(426,576)
401,802
(177,605)
372,685
(696,038)
1,017,333

27

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

18. FINANCIAL COMMITMENTS

At 31 July 2025 the company had commitments under non-cancellable operating leases as follows:

Other
Less than one year
Between one and two years
Between two and five years		 2025
2024
£
£
14,167
36,204
6,393
14,167
1,196
7,654
21,756
58,025

Lease payments of £36,204 (2024: £35,000) were recognised as an expense during the year.

At the year end, the Board had committed to capital expenditure of £Nil (2024: £Nil).

The total future minimum rental income receivable under non-cancellable operating lease agreements is £128,000 (2024: £160,000) over the course of 5 years (£32,000/year) subsequent to the year end in relation to letting of the School premises to the Scottish Adventure School.

19. PENSION COSTS

20. RELATED PARTY TRANSACTIONS

Two members of the Board had children attending the School during the financial year in accordance with the School’s normal terms (2024: none). During the year, the School received donations from two members of the Board of Governors totalling £382,451 (2024: £nil). In addition, an interest-free loan from a Governor was fully repaid in the year to 31 July 2025, and replaced with a new interest-free loan of the same amount. No interest was charged and no security was provided. The balance of the loan outstanding at 31 July 2025 was £200,000. At 31 July 2025, amounts receivable from two Governors totalled £2,581 (2024: £nil). The balances were unsecured, interest free, and repayable on demand. Charles Connell (Governor) is a director and controlling party of SAS Outdoors Limited which trades as the Scottish Adventure School from whom the School receives lease payments as detailed in note 18 above. There were no other related party transactions.

28

Docusign Envelope ID: 7F31A47B-610B-84A9-8206-4D8EF93193A9

ARDVRECK SCHOOL LIMITED (A company limited by guarantee and not having share capital)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

21. POST BALANCE SHEET EVENTS

On 3 May 2026 Ardvreck School entered into an arrangement with another educational organisation such that this organisation would become the sole member of the School and a Governor. The existing Governors will continue in post to oversee the day to day operations of the School which will continue to operate as before at its existing location in Crieff. In addition, SAS Outdoor Limited acquired the School premises on 4 June 2026 for the sum of £1.65m based on an independent professional valuation, and these will be leased back to the School for a nominal charge. Other private loans provided to the School have been waived, and an additional unrestricted donation of £200,000 plus Gift Aid made by Charles Connell to the School.

29