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
dLt1￿tie5 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•
tU￿ent 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 GUARA￿EE
The charity is a company limited by guarantee and does not have share capital.
17