SchurNacheT College Foundation Annual ieport and financial staternents for the period l April 2019 to 31 August 2020 Company ReglstTatlon NuTnbeT 2654912 Charity Number 1057915
SCHUMACHER COLLEGE FOUNDATION CONTENTS PAGE Legal and adrninistrative information Trustees, annual repoTt Independent auditors, ieport to the rnembeTS statement of financial activities and incorne and expenditure account Balance sheet io Notes to the financial statements
SCHUMACHER COLLEGE FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS Reglstered Company Number 2654912 Registered Charity Number 1057915 Registered office The Elrnhirst CentTe Dartington Hall Totnes Devon TQ9 6EL TTUStees AJ Boldon (appointed 9th ApTiI 2020} P Cenkl lappointed 27tli February 20201 S KuTnaT lappointed 22nd OctobeT 2019} NP Topping TP Allen Iresigned 9th ApTiI 20201 RJ Samuel (resigned I I, September 2019) Company secretary CC Mooyes Ireslgned iolh May 2019} TP Allen (appointed 10th May 2019, resigned 9th April 20201 MS Taylor (appointed 9th April 20201 Bankers Barclay5 Bank PIC Devon Bu5ines5 CentTe 3 Bedford Street ExeteT EXI IZA Independent AuditOTS Bishop Fleming Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 OBN
SCHUMACHER COLLEGE FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE PERIOD I APRIL 2019 TO 31 AUGUST 2020 The tTUStees, who aTe also Directors for the purposes of the Companies Act, Present their annual Teport and the financial statetnents of the charity for the period ended 3 1 August 2020. The financial statements comply with the ChaTltie5 Act 2011, the Companies Act 2006 and 'Accounting and Reporting by Charities., the Statement of Recommended Practice applicable to chaTities PTepariHg their financial stateTnent5 ill accoTdance with the Financial RepoTting Standaid applicable in the UK and Republic of Ireland IFR51021. The legal and administrative information set out on page 2 forms part of this report. The SchuTnacher College Foundation I the Foundation) is a company limited by guaTantee, registered in England and Wales, and was incorporated on 17 October 1991. It is a wholly controlled subsidiary of Lhe Dartinglon Hall Trust and is governed under memorandum and articles of association. Tho Foundation is registered as a charity in England. Its powers under the memorandurn of association include using professional fundTai5ers and holding investments. OBJECTS OF THE CHARITY The object5 of the Foundation are to promDte and organise schemes to provide education for the benefit of the public including courses ot intordisciplinary study informed by ecological and spiritual values and in particulaT to support and eNcourage the work of Schumachei College lan activitu of The Dartington Hall Trust). CHANGE OF ACCOUNTING REFERENCE DATE During the period under rewew, the Accounting Reference Date for the Dartington Hall Trust and its, subsidiaries wa5 changed frorll 31 March to 3 l August, to align with the academic year. Accordingly, the financial statements have been prepared foT a 17 month period to 31 August 2020. The cornparatives are for the year ended 31 MaTch 2019. AIMS AND ACTIVITIES During 201912C), the funds provided by the Foundation to Schumacher College were used to develop the portfolio of learning prDgTarnmes at Schurnacher College and to commence the refurbishrnent of the Old Postern roof. Ullfortunately the iefurbishment work wa5 interrupted by the Covid-19 pandeTlliC duiing the TepoTting period. DuTing 2020121 the Foundation will continue to support the renovation WOTk at the Old PosteTn and the learning programme at Schumacher College. with the aim of ensuring that as many people as Possible are able to benefit fTom the College PTograTnmes and to bTing about impact with the support of the growing worldwide network. This will assist Schumacher College in innovating its learning prDgramme to inspire change makers, social enlrepreneurs and pracliLioners to enable them to create a more sustainable way of life. TRUSTEES The Trustees, who are the Directors of the company for the purposes of the Companies Act, at the date of this report and who seTved duTing the period are Set out on page 2. A number Df ihe Truslees are connected with Schumacher College, as indicated below. The Trusteès, who act in a voluntary capacitu, make all decisiDns of policy and are responsible for the PToper administration of the charity. They meet at least twice a year.
SCHUMACHER COLLEGE FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE PERIOD I APRIL 2019 TO 31 AUGUST 2020 Under the articles of a550ciation. the Trustees rnay at any tirne appoint anu eligible person to be a TTUStee who shall hold office ulltil the next annual gelleial meeting and then shall be eligible for re- election. If the number of Trustees fa115 below the minimum of three, the Foundation may also appoint any oligible person to be a Trustee in general meeting by ordinary resolution. REVIEW OF ACTIVITIES FOR THE PERIOD The financial surnmary of the 17 month period is Set out in the audited finallcial statements. During the period, incoming resources totalled £159,661 12019.. £2.000,8571 and Tesources expended totalled £432.8 1212019.. £ 146.589). In 2019 the Tnain source of incoTne was an anonyThou5 doNation of £2Tn, given to 5UPPOrt the future of SchuTnacher College at the Old PosteTTI. A grant of £424,307 120 19.. £139,728) was payable to Schumacher College, part of The Dartington Hall Trust. The majority of this arnount, £383,679, was given to SLIPPOTt the work to ref urbish the Old Postern roof. RISK AND RESERVES Restricted funds aTe held for specific purposes and do not paTt of the Foundation'5 geneTal reserves. Restricted reserves at the 31 August 2020 were £1.7 17.590 12019.. £2.031.4171. The Foundation is able to operate with low or nil general reserves due to the continued administrative support from The Dartington Hall Trust as well as careful consideration of available f unds prior to awaTding funding to SchumacheT College. General reseTves at 31 August 2020 weTe £41,30712019= £6311. CONNECTED CHARITY Schumacher College Foundation raises fund5 and provides financial support for Schumacher College, part of The Dartington Hall Trust, a iegi5teTed chaiity Ichaiity nuTnber 2797561. During the period, trustees, AJ Bolden, P Cenkl, RJ Samuel and TP Allen were employees of The Dartington Hall TTUSt. S KuTndr woiked fur Schumacher College on a solf-ernployed. ad hoc, basis. NP Topping was a trustee of The Dartington Hall Trust. Tho adrninistration of the Foundation was carried out by The Dartington Hall Trust at no charge. RE5PON51BILITIES STATEMENT OF THE TRU5TEE5 The Trustees (who are also the directors of the company for the purposes of company lawl are Tesponsible foT PTepaTing the TTUStee5' ieport and the financial Statements in accoidance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the Trustees to prepare financial statemenls for each financial year. Under cornpany law the Trustees must llDt approve thc financial statements unless they are satisfied that they give a tTue and fair view of the state of affaiTS of the company and of its incoming Tesources and application of resources. including its income and expenditure, foT that period. In PTeparing these fillancial statement5. the Trustee5 are requiTed to.. select suitable accounting policies and then apply theTn consistently., observe the methods and principle5 of the Charities SORP (FR5 1021- make judgrnents and accounting e5tiTnates that are reasonable and prudent., state whethei applicable UK Accounting StandaTd5 IFRS 1021 have been followed, subject to any material departUTes disc105ed and explained in the financial statement5., prepaTe the financial 5tatement5 on the going concerll ba515 unles5 It l5 inappiopTiate to
SCHUMACHER COLLEGE FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE PERIOD I APRIL 2019 TO 31 AUGUST 2020 presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and 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. 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 irregLAlarities. DISCLOSURE OF INFORMATION TO AUDITORS In so far as the trustees are aware.. there is no Telovant audit information of which the independent exarniner is unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant examination information and to establish thal the independent examiner is aware of that information. DIRECTORS, INDEMNITIES As permitled by the Articles Of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. Tho indornnity was in force throughout tho last ftnancial poriod and currently rernains so. The company benefits from the Dartington Hall Trust's DirectOTS' and officers. liability insurance in respect of itself and its Directors. SMALL COMPANY PROVISIONS This TepoTt ha5 been prepaied in accordance with the special piovision5 of part 15 of the CoTnpanie5 Act 2006 relating to small companies. Registered office-. The Elrnhirst Centre Dartington Hall Totnes Devon TQ9 6EL P Cenkl (Trustee) Approved by the trustees on 17th August 2021
SCHUMACHER COLLEGE FOUNDATION INDEPENDENT AUDITORS. REPORT FOR THE PERIOD I APRIL 2019 TO 31 AUGUST 2020 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SCHUMACHER COLLEGE FOUNDATION OPINION We have audited the financial 5tateTllellts of Schumacher College Foundation (the 'chaYitable company'l for the period ended 3 1 August 2020 which comprise the Statement of financial dLt1tie5 and incoThe and expenditule (Iccount, the CliaTlty b¢ildnce slieet, and the rel<]ted notes, including a surnmary of significant accounting policies. The financial reporting framework that has bèen appliod in thoir preparation is applicable law and Unitèd Kingdom Accountin9 Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the Charitable company's affairs as at 31 August 2020 and of the Charitable company's incorning resources and application of resources, including its incorne and expenditure for the period then ended., have been properly prepared in accordance with United Kingdom GeneTally Accepted Accounting Practice", dnd have been prepared in accordance with the requirements of the Companies Act 2006 and the Charitie5 Act 2011. BA51S FOR OPINION We conducted our audit in accordance with International Standard5 on Auditing (UK) (ISAs IUK}I and applicable law. Our responsibilities under those standards are f urther described in the Auditors, responsibilities for the audit of the financial statements section of DLLr report. We are independent of the Charitable company in accordance with the ethical requirements that are relevant Lo our audiL of the linancial slalemenLs in Ihe Uniled Kingdom, including Ihe Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these iequirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. CONCLUSIONS RELATING TO GOING CONCERN We have nothing to TepoTt in Tespect of the following matters in relation to which the ISAS (UK) require us to report to you where.. the Trustees, use of the going concern basis of accounting in the preparation of the financial staternents is not appropriate.. or the Trustees have not disclosed in the financial statements any identified material uncertainties that Thdy cast significant doubt about the chdTltdble company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months fToni the date when the fillancial 5tateTnents are authoTised for i55ue. OTHER INFORMATION The Trustees are responsible for the other information. The olher information comprises the information included in the Annual report. other than the financial statements and our Auditors. Teport theieon. Our opillioll on the financial Statements does not cover the otheT information and, except to the extent otheTWiSe explicitly stated in OUT TepoTt. we do not express any forTn of a55urance conclu5iOH thereon.
SCHUMACHER COLLEGE FOUNDATION INDEPENDENT AUDITORS. REPORT FOR THE PERIOD I APRIL 2019 TO 31 AUGUST 2020 In connection with OUT audit of the fi'nancial statements. our responsibility 15 to read the other infoTmation and, in doing so, COH5ideT whetheT the otheT infomiation is mateTially incons1Stent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially rnisstated. If we identify such material inconsistencies or apparent rnaterial mis5tatemonts, we are required to determine whether there is a rnaterial misstatement in the financial statements or a material misstatemènt of the other information. If, based on the work we have perforrned, we conclude that there is a material misstaternent of this other inforrnation. we are required to report that fact. We have nothing to repoTt in this regaTd. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the aLAdit.. the information given in the Trustees, report for the financial period for which the financial 5tatement5 are prepared i5 conslstent with the finanaal staternents. the Trustees, report has been prepared in accordance with applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable cornpany and its environment obtaiNed in the course of the audit, we have not identified Tnateiial misStatemeHts in the Trustees, report. We have nothing to report in rospect of the followin9 mattors in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. Lhe charitable company has not kepl adeqLAate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the charitable company financial stateThents ale not in agreement with the accounting records and Teturns.. or certain disclosures of Trustee5' remuneration spec.ified by law are not made., or we have not receivod all the information and Èxplanations we requiro for our audit., or the Trustees weTe not entitled to prepare the financial staternents in accoTdance with the small COTnpanies regitne and take advaNtage of the 5tnall COTnpanies' exeTnPtions in preparing the Tru5tees' report and from the requirernent to prepare a Strategic report. RESPONSIBILITIES OFTRUSTEES As explained more fully in the responsibilities statement of the Trustees, the Trustees (who are also thp. director£ of the charitable compan Ji far thp PlJTpo£eE of c.OTllpany lawl are Tesponsihlp. foT 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 rnisstatement, 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 gDing concern, disclosing, as applicable, matlers 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 opeTations, or have no realistic alteTnative but to do 50.
SCHUMACHER COLLEGE FOUNDATION INDEPENDENT AUDITORS. REPORT FOR THE PERIOD I APRIL 2019 TO 31 AUGUST 2020 AUDITORS, RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our Objectives are to obtain reasonable assurance about whelher Ihe financial statements as a whole are fTee from material misstatement, whether due to fraud OT eTror, and to issue an AuditOTS' report Ihat includes our opinion. Reasonable assurance is a high level of assurance, but is not a ouaTantee that an audit conducted in accordance with ISAS IUKI will alwaus detect a rnaterial misstatement when it exist5. Misstaternents can arise fTOTll fraud or eYTor and are consideTed material if, individually or in the aggregate, they could reasonably be expected to influence the econotnic decisions of useTS taken the basis of these financial stdteThentS. A further description of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council's websito at.. www.frc.org.uklauditorsrÈsponsibilities. This description form5 part of our Auditors. report. USE OF OUR REPORT This report is made solelu to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. and to the charitable company's trustees, a5 a body, Part 4 of thè Charitiès (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we rnight state to the charitable company's rnembers those matters we are required to state to them in an Auditors, report and tor no other purpose. To the tullest extent permitted by law, we do not accept or assume reSPDnsibility to anyone other than the chaTltable cornpany and its members, as a body, for our audit work, for this report, or for the opinions we have foTmed. Craig Sullivan I enior statutory auditor) for alld ON behalf of Bishop Fleming LLP Chartered Accountants statutDry Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 OBN 181812021
SCHUMACHER COLLEGE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD I APRIL 2019 TO 31 AUGUST 2020 Unrestricted Funds 0110412019 to 3110812020 Rgstricted Funds 0110412019 to 3110812020 Total Funds Total Funds 0110412019 to 3110812020 12 months lo 3110312019 Note Income from: Donations, legacies & grants Investment incorne 48,174 1,007 110,480 158,654 1.007 2,000,857 Total tncome 49,181 110,480 159,661 2,000.857 Expendlture on.. Raising funds Grants to Schumacher College SuppoTt & Administration costs 5 Total Expenditure 446 446 424,307 8,059 253 139,728 6,608 424,307 8,059 8,505 4Z4,307 432,812 146,589 Net (expenditUTe)lincome 40.676 (313,827) (273,151) 1,854,268 Total funds brought forward Total funds carried forward 631 2.031,417 2.032.048 177.780 41,307 1.717,590 1,758.897 2,032,048 The charity has no Tecognised gain5 or losses OtheT than the results for the period as set out above. All of the activities of the charity are classed as continuing
SCHUMACHER COLLEGE FOUNDATION BALANCE SHEET 31 AUGUST 2020 31 March 2019 2020 Not• tUent assets Debtors Cash at bank 89,763 2,DD4.683 1,928,241 Total Current Assets 1,928,241 2,094,446 Current Ilabllitles Creditors.. amounts falling due within one year (169,344) 162,3981 Net current a55ets 1,758,897 2,032,048 Total assets less liabilities 1,758.897 2.032.048 The funds of the charity: Restricted funds Unrestricted funds io 1,717,590 41.307 2.031,417 631 Total charity funds 1,758,897 2.032,048 The notes on pages I I to 17 form part of these financial statements Those accounts have been prepared in accordance with the PTOViSiOllS applicable to the small cornpanies, regime and in accordance with FRSIO2. These financial statements were appioved by the tIUStees on the 16th August 2021 and are signed on their behalf by.. IL[ Q4 P Cenkl CTTU5tee) io
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS PERIOD I APRIL 2019 TO 31 AUGUST 2020 GENERAL INFORMATION Schumacher College Foundation supports the work of Schurnacher College, a departrnont of the Dartington Hall Trust. The charity is a company limited by guarantee and Tegisteied in England. It does not have any share capital. The address of its registered office is The Elmhirst Centre, Dartington Hall, Totlles, Devon, TQ9 6EL. STATEMENTOF COMPLIANCE These financial statements have been prepared under the hi5torieal cost convention and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their fi'nancial statements in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFR5102} leffective I lanuary 20151- Icharities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FR5102} and the Companie5 Act 2006 The charity has availed itself of section 382 of the Companies Act 2000 and adapted the CoThpaHies Act foTmat to reflect the special Hature of the chaiity's activities. The charity meets the definition of a public benefit entity under FRSIO2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation These financial statements have been prepared on the going concern basis, under the historical cost convention. The preparation of financial statements in conformity with FRS 102 Tequiros the use of certain CTltical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounling policies. Cash flow statement The tTUStee5 have taken adv<]nt(Ige of the exemption Fin¢]nCl¢il RepoTtiHg StandEITd No 102 from including a cash flow statement in the fi'nancial statements on the grounds that the charity is srnall. Change of accounting refeTence date During the period under review, the Accounting Reference Date for the Dartington Hall TTUSt and its, subsidiaries was changed frorn 31 March to 31 August, to align with the academic year. AccoTdingly, the financial statements have been prepaTed for a 17 month peTiod to 3 1 August 2020. The comparative5 are for the year ended 31 March 20 19. Incoming resources and defeffed income VoluntaTy income iNcluding dolldtions. gift5. legacies and gTant5 Is recognised wheTe theTe Is entitlement. receipt is probable and the arnount can be measured with sufficient reliability. Such income is only restrictod or defèrred when.. The donor has imposed conditions which must be met before tho Charity has unconditional entitlernents or The donor specifies it musl only be used in future accounting periods.
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS PERIOD I APRIL 2019 TO 31 AUGUST 2020 Income fTDm charitable activities, which includes income Teceived under contract or where entitlement to grant funding is subject to 5pecilic performanee conditions, is reeogni5ed as eaTned a5 the Telated goods OT 5eivices ale PTovided. Thi5 illCOTne is treated as defeTred when it is received in advance of the activity to which it relates. Going concern The Directors believe that preparing the financial statements on the going concern basis is appropriate due to the generous donation received. Consolidated flnanctal statements The Dartington Hall Trust remained the sole member of the charitable company for the 17 month period from l April 20 19 to 3 1 August 2020. Schumacher College Foundation is included in the Dartington Hall Trust's consolidated financial statements which ale publicly available. Therefore the cornpany is exernpt bu virtue of section 400 of the Companies Act 2006 from the requireTnent to prepare consolidated financial statetnent5. These financial statements are the charity's separate financials statements. The charity's functional and presentation currency is the pound sterling. Taxation Schumacher College Foundation. as a registered charity. is exempt from taxation on incorne falling within section 505 of the Taxes Act 1988 OT section 256 of the Taxation of ChaTgeable Gains Act 1992 to the extent that this is applied to its charitable objectives. GTants and donations Teceivable Grants and donalions are accounted for gross when receivable, as long as they are capable of financial measuTement. Resouyces expended ExpenditUTe 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. All expenditUTe is accounted for on an accruals basis and has beell classified under appropriate category headings.. Costs of raising funds comprises the costs of attracting voluntary income together with investrnent managernent. Support costs include f unctions that assist the work of the charity but do not directly undeTtake charitable activities. In Schutnacher College Foundation the support COSt5 are finance costs. Grants payable Cirants payable represent annual cornrnitrnents and aTe recognised when the COTnrnitrnent 15 entered into. Cash at bank and in hand Cash at bank and in hand includes cash and short teTm highly liquid inve5tTnents with a short maturity of three months or less. 12
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS PERIOD I APRIL 2019 TO 31 AUGUST 2020 Financlal Instrurnents Basic financial assets, including trade and other receivables, cash and bank balances and investments In CDmrnercial paper, are initially recognised at transaction price, unless the arrangernent constitutes a finallcing trallsaction, where the transaction is measured at the present value of the futUTe receipts discounted at a maTket late of inteTe5t. Such assets are subsequently carrled at amortised cost using the effective interest method. At the end of each reporting perlod financial assets measLtred at amortised cost are assessed for objective evidence Df impairment. Jf an a55et is impaired the impairment loss is the diffeTence betweeN the carrying arnount and the piesellt Value of the estiThated cash flows discounted at the a55et's original effective interest rate. The impairment loss is recognised in profit or I055. If there is a decrease in the irnpairment loss arising from an event occurring after the impairment was recognised, the impairment 15 reversed. The reversal is such Ihat the current carrying amount does not exceed what the carrying arnount would have been had the impairment no[ previously been recognised. The impairmenl reversal is recognised in profit or loss. Critical estimates and judgernents PTepaTation of the financial statements requiies the trustees to make significant estimates and Judgements. The iterns in the financial staternents where these estimate5 and judgements have been made include.. Estimates Income from charitable activities. which includes income Teceived under contTact. or where entitlernent to grant funding is subject to specific performance conditions, Is recoglli5ed as earned as the related goods or services are provided. Judgements The trustees review voluntary income and legacies and the income is recognised where there is entitlement, receipt is probable and the amount can be rneasuTe with sufficient reliability. Grant expenditure is aPPToved by Trustee5 when applications for the dTawdown of funds. together with evidence of expenditure, 15 Teceived bu SchumacheT College. Fund accounting Unrestricted funds are used to further the charitable objectives at the discretlDll of the Trustees. Restrlcted funds are used for specific purposes as requested by the donor or bu the nature of the appeal. Volunteers Volunteers continued to give their tirne to fundraise, promote and support the schumacher College Foundation during 2019120. 13
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS PERIOD I APRIL 2019 TO 31 AUGUST 2020 DONATIONS, LEGACIES & GRANTS UnrestTlCted Restricted 2020 2020 Total UnTestTlCted 2020 2019 Restricted 2019 Total 2019 Indiwdual donations 8,880 28.98 1 37,861 857 2,000,000 2.000,857 Legacies 39,294 39,Z94 Grants 81,499 81,499 Total 48,174 110,480 158,654 857 2,000.000 2.000.857 SUPPORT AND ADMINISTRATION COSTS All support costs relate to raising tunds for the charity and are allocated as follows.. 2020 2019 Audit fee HMRC charge Bank chaiges Total 7,920 loo 39 8,059 6.600 6.608 NET (OUTGOING)IINCOMING RESOURCES 2020 2019 Net loutgoing)lineoming resources is stated after charging: Auditors, remuneTation 7,920 6,600 No remuneration or expenses have been paid during this peTiod 12019.. £0) to employees OT trustees - see note I l. DEBTORS 2020 20L9 other debtors- see note 11 89,763 CREDITORS 2020 2019 Accruals 169.344 62,398 14
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS PERIOD I APRIL 2019 TO 31 AUGUST 2020 ANALYSIS OF NET ASSETS BETWEEN FUNDS UnTe5tTiCted Funds Rest7Icted Fund5 Total Funds Fund Balances at 3 IAugust 2020 are represented by.. Current Assets Current Liabilities Net CuTrent Assets 49,227 {7,9201 4 1.307 1.879,014 1161,4241 1.717,590 1,928,Z41 1169,344) 1,758,897 Unyestyleted Funds Restricted Funds Total Fund5 Fund Balances at 31 March 2019 are Tepresented by.. Current A55ets Current Liabilities Net CuTrent Assots 631 2,093,815 162,3981 2,031,417 2,094,446 (62,398) 2,032,048 631 Restricted funds are held for the purpose of supporting Schumacher College 15
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS PERIOD I APRIL 2019 TO 31 AUGUST 2020 10. STATEMENTOF FUNDS Balanee at 31 MaTch 2019 Drawdovm to Schuma¢heT College Income Balance at 31 August 2020 Expendlture UnTestTlCted funds 631 49,181 (8,505) 41,307 Restricted funds Old Postèrn refurbishment SchumacheT College worldwide project Holistic Education at Schurnacher College Bursary Fund Fundraising travel fund 1,993,400 8,982 (383,6791 1,618,703 37,676 137,6761 7 5,000 12,9521 72,048 20,000 20.000 5,000 5,000 other Total Restricted funds 341 1,498 1,839 2,031,417 110,480 {424,307 1,717,590 Total funds 2.032,048 159,661 (8,505) {424.307) 1,758.897 11. TRANSACTIONS WITH CONNECTED CHARITY The Dartington Hall Trust la registered charity) administered the Schumacher College Foundation during the period at no charge and paid some of it5 administration costs for whieh no reirnhiJTSP.ment was Teqiiired. TP Allen. AJ Bolden, P Cenkl. RJ Samuel and S Kumar provided services during the period to The Dartington Hall TTUSt, illcluding SchuTnacheT College. foT which they were reTnuneTated. The charlty made grants to The Dartington Hall Trust of f 424,307 during the 17 month period. of which £161,424 was included in accrLLals at the period end. other debtors is f O 12019.. £89,763) this is the current account balance with The Dartington Hall TrLAsI on which interesl totalling £0 12019.. £0) was received during the period. The maximum arnDunt of the balance held by The Dartington Hall Trust during the 17 month period was £2,089.76312019.. £2,089,763) 12. CONTROLLING PARTIES The Dartington Hall Trust remained the sole member of the charitable company for the financial period l ApTiI 2019 to 31 August 2020. The TTUSt aims to be a creative catalyst for more just and sustainable way5 of living. No one individual has ultimate control over the Schumacher College Foundation, but the Trustee5 aTe eitheT TTU5tees, senior peTSonnel, or contTact015 of The Dartington Hall TTU5t, therefore the ultimate parent company and controlling party Is The Dartington Hall Trust, a company limited by guarantee and a charily, which is incorporated in England. 16
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS PERIOD I APRIL 2019 TO 31 AUGUST 2020 The Dartington Hall Trust is the parent undertaking of both the largest and srnallest group of undertakings to consolidate these fiNaHcial 5tatement5 at 31 August 2020. These consolidated financial statements are available from The Elrnhirst Centre, Dartington Hall, Totnes, Devon Tog 6EL. 13. COMPANY LIMITED BY GUARAEE The charity is a company limited by guarantee and does not have share capital. 17