2021-08-31-accounts - Schumacher College Foundation

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Schumacher College Foundation Annual report and financial statements

for the year ended 31 August 2021

Company Registration Number 2654912

Charity Number 1057915

SCHUMACHER COLLEGE FOUNDATION CONTENTS

	PAGE
Legal and administrative information	2
Trustees' annual report	3
Independent auditors’ report to the members	6
Statement of financial activities and income and expenditure account	11
Balance sheet	12
Notes to the financial statements	13

SCHUMACHER COLLEGE FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS

Registered Company Number	2654912
Registered Charity Number	1057915
Registered office	The Elmhirst Centre
	Dartington Hall
	Totnes
	Devon
	TQ9 6EL
Trustees	JA Boldon
	P Cenkl
	S Kumar
	NP Topping
	M Nasseri (appointed 13 January 2022)
	MS Taylor (appointed 13 January 2022)
Company secretary	MS Taylor
Bankers	Barclays Bank Plc
	Devon Business Centre
	3 Bedford Street
	Exeter
	EX1 1ZA
Independent Auditors	Bishop Fleming
	Salt Quay House
	4 North East Quay
	Sutton Harbour
	Plymouth
	PL4 0BN

SCHUMACHER COLLEGE FOUNDATION

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 AUGUST 2021

The trustees, who are also Directors for the purposes of the Companies Act, present their annual report and the financial statements of the charity for the year ended 31 August 2021.

The financial statements comply with the Charities Act 2011, the Companies Act 2006 and the 2019 ‘Accounting and Reporting by Charities’, the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The legal and administrative information set out on page 2 forms part of this report.

The Schumacher College Foundation ("the Foundation") is a company limited by guarantee, registered in England and Wales, and was incorporated on 17 October 1991. It is a wholly controlled subsidiary of the Dartington Hall Trust and is governed under memorandum and articles of association.

The Foundation is registered as a charity in England. Its powers under the memorandum of association include using professional fundraisers and holding investments.

OBJECTS OF THE CHARITY

The objects of the Foundation are to promote and organise schemes to provide education for the benefit of the public including courses of interdisciplinary study informed by ecological and spiritual values and in particular to support and encourage the work of Schumacher College (an activity of The Dartington Hall Trust).

CHANGE OF ACCOUNTING REFERENCE DATE

During the 2019/20 accounting period, the Accounting Reference Date for The Dartington Hall Trust and its’ subsidiaries was changed from 31 March to 31 August, to align with the academic year. Accordingly, the financial statements for 2019/20 were prepared for a 17 month period from 1 April 2019 to 31 August 2020. Therefore in the accounts for the year ended the 31 August 2021 the prior year comparatives are for the 17 month period 1 April 2019 to 31 August 2020.

AIMS AND ACTIVITIES

During 2020/21, the funds provided by the Foundation to Schumacher College were used to develop the portfolio of learning programmes at Schumacher College and to continue the refurbishment of the Old Postern roof. Unfortunately the refurbishment work was interrupted by the Covid-19 pandemic during the reporting period.

During 2021/22 the Foundation will continue to support the renovation work at the Old Postern and the learning programme at Schumacher College, with the aim of ensuring that as many people as possible are able to benefit from the College programmes and to bring about impact with the support of the growing worldwide network. This will assist Schumacher College in innovating its learning programme to inspire change makers, social entrepreneurs and practitioners 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 served during the year are set out on page 2.

A number of the Trustees are connected with Schumacher College, as indicated below.

SCHUMACHER COLLEGE FOUNDATION

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 AUGUST 2021

The Trustees, who act in a voluntary capacity, make all decisions of policy and are responsible for the proper administration of the charity. They meet at least twice a year.

Under the articles of association, the Trustees may at any time appoint any eligible person to be a Trustee who shall hold office until the next annual general meeting and then shall be eligible for re-election. If the number of Trustees falls below the minimum of three, the Foundation may also appoint any eligible person to be a Trustee in general meeting by ordinary resolution.

REVIEW OF ACTIVITIES FOR THE YEAR

The financial summary of the year is set out in the audited financial statements. During the year, incoming resources totalled £97,781 (2020: £159,661) and resources expended totalled £603,614 (2019: £432,812).

A grant of £596,213 (2020: £424,307) was provided to The Dartington Hall Trust. The majority of this amount, £524,166, was given to support the repair and restoration of the Old Postern roof and the Old Postern interior.

RISK AND RESERVES

Restricted funds are held for specific purposes and do not form part of the Foundation's general reserves. Restricted reserves at the 31 August 2021 were £1,217,536 (2020: £1,717,590). The Foundation is able to operate with low general reserves due to the continued administrative support from The Dartington Hall Trust as well as careful consideration of available funds prior to awarding funding for the purposes of Schumacher College. General reserves at 31 August 2021 were £35,528 (2020: £41,307).

CONNECTED CHARITY

Schumacher College Foundation raises funds and provides financial support for Schumacher College, part of The Dartington Hall Trust, a registered charity (charity number 279756). During the year, trustees, JA Boldon and P Cenkl were employees of The Dartington Hall Trust. S Kumar worked for Schumacher College on a self-employed, ad hoc, basis. NP Topping was a trustee of The Dartington Hall Trust.

The administration of the Foundation was carried out by The Dartington Hall Trust at no charge.

RESPONSIBILITIES STATEMENT OF THE TRUSTEES

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), with ‘United Kingdom Generally Accepted Accounting Practice’ comprising FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that year. In preparing these financial statements, the Trustees are required to:

SCHUMACHER COLLEGE FOUNDATION

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 AUGUST 2021

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

In so far as the trustees are aware:

there is no relevant audit information of which the auditor 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 that the independent examiner is aware of that information.

DIRECTORS’ INDEMNITIES

As permitted 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. The indemnity was in force throughout the last financial year and currently remains so. The company benefits from the Dartington Hall Trust’s Directors’ and Officers’ liability insurance in respect of itself and its Directors.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

Registered office: The Elmhirst Centre Dartington Hall Totnes Devon TQ9 6EL

JA Boldon (Trustee) Approved by the trustees on 11 March 2022

SCHUMACHER COLLEGE FOUNDATION

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 31 AUGUST 2021

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SCHUMACHER COLLEGE FOUNDATION

OPINION

We have audited the financial statements of the Schumacher College Foundation (the ‘charitable company') for the year ended 31 August 2021 which comprise the Statement of Financial Activities and Income and Expenditure Account, the Balance Sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 August 2021 and of the charitable company's incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

SCHUMACHER COLLEGE FOUNDATION

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 31 AUGUST 2021

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not

cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' Annual Report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

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

the charitable company has not kept adequate 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 statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Responsibilities Statement of the Trustees (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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

SCHUMACHER COLLEGE FOUNDATION

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 31 AUGUST 2021

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

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The procedures undertaken in order to identify and assess risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, are as follows:

We have considered the nature of the industry and sector, control environment and business performance;
We have considered the results of our enquiries of management and the Board about their own identification and assessment of the risk of irregularities;
For any matters identified we have obtained and reviewed the charitable company's documentation of their policies and procedures relating to;
Identifying, evaluating and complying with laws and regulations whether they were aware of any instances of non-compliance;
Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected or alleged fraud; and
The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to income recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

SCHUMACHER COLLEGE FOUNDATION

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 31 AUGUST 2021

We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities SORP (FRS 102) - Accounting and Reporting by Charities and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company’s ability to operate or to avoid a material penalty. These include data protection regulations, health and safety regulations, licensing acts and employment legislation.

As a result of performing the above procedures, we have cut-off of revenue recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

Documenting and validating the control environment for income and debtors and carrying out walkthrough testing;
Undertaking substantive sample-based testing or proof in total calculations on all material revenue streams to ensure revenue has been recognised appropriately and accurately;
Considering manual income journals as part of our work on fraud risks documented above;
Reviewing the financial statement disclosures and testing to supporting documentation;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement;
Reading minutes of meetings of those charged with governance; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

SCHUMACHER COLLEGE FOUNDATION

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 31 AUGUST 2021

USE OF OUR REPORT

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

Craig Sullivan (Senior Statutory Auditor) for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 0BN

Date: 15 March 2022

SCHUMACHER COLLEGE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 AUGUST 2021

		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds
		Year to	Year to	Year to	01/04/2019 to
		31/08/2021	31/08/2021	31/08/2021	31/08/2020
	Note	£	£	£	£
Income from:
Donations, legacies & grants	4	791	96,159	96,950	158,654
Investment income		831	-	831	1,007
Total income		1,622	96,159	97,781	159,661
Expenditure on:
Raising funds		163	-	163	446
Grants to Schumacher College		-	596,213	596,213	424,307
Support & Administration costs5		7,238	-	7,238	8,059
Total Expenditure		7,401	596,213	603,614	432,812
Net (expenditure)/income		(5,779)	(500,054)	(505,833)	(273,151)
Total funds brought forward		41,307	1,717,590	1,758,897	2,032,048
Total funds carried forward		35,528	1,217,536	1,253,064	1,758,897

The charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing

SCHUMACHER COLLEGE FOUNDATION

BALANCE SHEET

31 AUGUST 2021

		2021	2020
	Note	£	£
Current assets
Cash at bank		1,426,791	1,928,241
Total Current Assets		1,426,791	1,928,241
Current liabilities
Creditors: amounts falling due within one year 7		(173,727)	(169,344)
			-
Net current assets		1,253,064	1,758,897
Total assets less liabilities		1,253,064	1,758,897
The funds of the charity:
Restricted funds	9	1,217,536	1,717,590
Unrestricted funds		35,528	41,307
Total charity funds		1,253,064	1,758,897

The notes on pages 13 to 18 form part of these financial statements

These accounts have been prepared in accordance with the provisions applicable to the small companies’ regime and in accordance with FRS102.

These financial statements were approved by the trustees on the 11 March 2022 and are signed on their behalf by:

JA Boldon (Trustee)

SCHUMACHER COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

1. GENERAL INFORMATION

Schumacher College Foundation supports the work of Schumacher College, a department of the Dartington Hall Trust.

The charity is a company limited by guarantee and registered in England. It does not have any share capital. The address of its registered office is The Elmhirst Centre, Dartington Hall, Totnes, Devon, TQ9 6EL.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared under the historical cost convention and in accordance with the 2019 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The charity has availed itself of section 382 of the Companies Act 2006 and adapted the Companies Act format to reflect the special nature of the charity’s activities.

The charity meets the definition of a public benefit entity under FRS102.

3. 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 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies.

Cash flow statement

The trustees have taken advantage of the exemption in Financial Reporting Standard No 102 from including a cash flow statement in the financial statements on the grounds that the charity is small.

Incoming resources and deferred income

Voluntary income including donations, gifts, legacies and grants is recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability. Such income is only restricted or deferred when:

The donor has imposed conditions which must be met before the Charity has unconditional entitlements;
or
The donor specifies it must only be used in future accounting periods.

Income from charitable activities, which includes income received under contract or where entitlement to grant funding is subject to specific performance conditions, is recognised as earned as the related goods or services are provided. This income is treated as deferred when it is received in advance of the activity to which it relates.

SCHUMACHER COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

Going concern

The trustees believe that preparing the financial statements on the going concern basis is appropriate due to the generous donation received.

Taxation

Schumacher College Foundation, as a registered charity, is exempt from taxation on income falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that this is applied to its charitable objectives.

Grants and donations receivable

Grants and donations are accounted for gross when receivable, as long as they are capable of financial measurement.

Resources expended

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. All expenditure is accounted for on an accruals basis and has been classified under appropriate category headings:

Costs of raising funds comprises the costs of attracting voluntary income together with investment management.
Support costs include functions that assist the work of the charity but do not directly undertake charitable activities. In Schumacher College Foundation the support costs are finance costs.

Grants payable

Grants payable represent annual commitments and are recognised when the commitment is entered into.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

SCHUMACHER COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

Critical estimates and judgements

Preparation of the financial statements requires the trustees to make significant estimates and judgements. The items in the financial statements where these estimates and judgements have been made include:

• Estimates

Income from charitable activities, which includes income received under contract, or where entitlement to grant funding is subject to specific performance conditions, is recognised 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 measure with sufficient reliability. Grant expenditure is approved by Trustees when applications for the drawdown of funds, together with evidence of expenditure, is received by Schumacher College.

Fund accounting

Unrestricted funds are used to further the charitable objectives at the discretion of the Trustees. Restricted funds are used for specific purposes as requested by the donor or by the nature of the appeal.

Volunteers

Volunteers continued to give their time to fundraise, promote and support the Schumacher College Foundation during 2020/21.

4. DONATIONS, LEGACIES & GRANTS

Individual donations Legacies Grants Total	Unrestricted 2021 Restricted 2021 Total 2021 Unrestricted 2020 Restricted 2020 Total 2020 £ £ £ £ £ £ 791 - 791 8,880 28,981 37,861 - - - 39,294 - 39,294 - 96,159 96,159 - 81,499 81,499
	791 96,159 96,950 48,174 110,480 158,654

5. SUPPORT AND ADMINISTRATION COSTS

All support costs relate to raising funds for the charity and are allocated as follows:

Audit fee HMRC charge Bank charges Total	2021 2020 £ £ 7,200 7,920 - 100 38 39
	7,238 8,059

SCHUMACHER COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

6. NET EXPENDITURE

Net expenditure is stated after charging: Auditors’ remuneration	2021 2020 £ £ 7,200 7,920

Net expenditure is stated after charging:

No remuneration or expenses have been paid during this period (2020: £0) to employees or trustees in respect of their services to the charity - see note 11.

7. CREDITORS

CREDITORS
	2021	2020
	£	£
Accruals	173,727	169,344

8. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund Balances at 31August 2021 are represented by: Current Assets Current Liabilities Net Current Assets	Unrestricted Funds Restricted Funds Total Funds £ £ £ 42,728 1,384,063 1,426,791 (7,200) (166,527) (173,727)
	35,528 1,217,536 1,253,064

Fund Balances at 31August 2020 are represented by: Current Assets Current Liabilities Net Current Assets	Unrestricted Funds Restricted Funds Total Funds £ £ £ 49,227 1,879,014 1,928,241 (7,920) (161,424) (169,344)
	41,307 1,717,590 1,758,897

Restricted funds are held for the purpose of supporting Schumacher College

SCHUMACHER COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

9. STATEMENT OF FUNDS

Unrestricted funds Restricted funds Old Postern refurbishment Essay Competition Holistic Education at Schumacher College Bursary Fund Fundraising travel fund Other Total Restricted funds Total funds	Balance at 31 August 2020 Income Expenditure Drawdown to The Dartington Hall Trust Balance at 31 August 2021 £ £ £ £ £ 41,307 1,622 (7,401) - 35,528 1,618,703 - - (524,165) 1,094,538 - 21,159 - - 21,159 72,048 75,000 - (72,048) 75,000 20,000 - - - 20,000 5,000 - - - 5,000 1,839 - - - 1,839
	1,717,590 96,159 - (596,213) 1,217,536
	1,758,897 97,781 (7,401) (596,213) 1,253,064

10. TRANSACTIONS WITH CONNECTED CHARITY

The Dartington Hall Trust (a registered charity) administered the Schumacher College Foundation during the year at no charge and paid some of its administration costs for which no reimbursement was required.

JA Boldon, P Cenkl and S Kumar provided services during the year to The Dartington Hall Trust, for which they were remunerated.

The charity made grants to The Dartington Hall Trust of £596,213 (2020: £424,307) during the year, of which £166,527 (2020: £161,424) was included in accruals at the period end.

11. CONTROLLING PARTIES

The Dartington Hall Trust remained the sole member of the charitable company for the year to 31 August 2021. The Trust aims to be a creative catalyst for more just and sustainable ways of living.

No one individual has ultimate control over the Schumacher College Foundation, but the Trustees are either Trustees, senior personnel, or contractors of The Dartington Hall Trust, therefore the ultimate parent company and controlling party is The Dartington Hall Trust, a company limited by guarantee and a charity, which is incorporated in England.

The Dartington Hall Trust is the parent undertaking of both the largest and smallest group of undertakings to consolidate these financial statements at 31 August 2021. These consolidated financial statements are available from The Elmhirst Centre, Dartington Hall, Totnes, Devon TQ9 6EL.