Schumacher College Foundation Annual report and financial ststements for the year ended 31 August 2023 Cmpony Retstratlon 14umb•r 26549 h8rlty Nurnber 1057915
SCHUMACHER COLLEGE FOUNDATION CONTENTS PAGE Legal and administratlve infom)atiorb Tru5tee5' annual report Independent auditors, report to the members Statement of financial artivitles and Income and expenditure account 12 Balance sheet 13 Notes to the financial statements 14
SCHUMACHER COLLEGE FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS Reglster#d Company Number 2654912 Rezlsteted Charlty Numb 1057915 Re8lstered offlce The Elmhir5t Cerrtre Dartlngton Hall Totnes Devon Ta9 6EL Trustee5 C D Bell {appolnted 15 December 2023) J A Boldon (resigned 31 March 20231 P Cenkl Iresigned 15 September 20231 R A Fedder (appointed 15 December 2023) S Kumar M Nasserl Rt Hon Lord D M Triesman {appolnted l December 2023) Bankers Barclays Bank Pk Devon Buslness Centre 3 Bedford Street Exi IZA Indep&ndentAudltors Bishop Fleming LLP sa Quay House 4 North East Quay Sutton Har1ur PlymoLrth PL4 08N
SCHUMACHER COLLEGE FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 Thetrustees. whoare a150 Directorsforthe purposes of theCompaniesArt* presentthelr annual reFL)rt and financial ststements of the charityfor the year ended 31 August 2023. The flnanclal statement5 compty with the Charrties Art 2011, the Companles Act 2006 and the 2019 'Accounting and Reportlng by Charities., the Statement of Recornmended Prartlce appllcable to ¢haritie5 preparing their financial statements in accordance with the Flnan£i31 Reporting Standard appllcable in the UK and Republic of Ireland IFRS1021. The legal and admlnlstrative Infoation set out on page 2 forms part of this report. The Schumacher College Foundatlon I'the Foundation'l Is a company lirnited by guarantee, reglstered In England and Wales, and was incorporated on 17 Ortober 1991, It is a wholty controlled subsidiary of the Dartington Hall Trust and is governed under memorandum and artides of associatlon, The FoundatK)n is registered as a tharity in England. Its wwers under the memorandum of assoclation Include using professional fundraisers and holding investments. OBJE5 OF THE CHARITY The oblects of the Foundation are to promote and organise schemes to provlde education for the benefft of the public including courses of irterdiscipllnary study infomied by ecoSoglcal and 5plrltual values and In partlcular to support and encourage the work of Schumacher College lan activity of The Dartin8ton Hall Trustl- AIMS AND AcrivmES During 2022123, the funds provi(led by the Foundatton to Schumacher College were used to develop the portfolio of learning programme5 at Schumacher College and to Continue the refurbishment of the Old Postern roof. During 2023124 the Foundatlon will continue to 5UPPOrt the learnlnE programme at Schumacher College, wlth the aim of ensuring that as many people as possible are able to beneflt from the College programmes and to bring about impart wf(h the sUPPOrt of the growing worldwide network. This will assist Schumacher College in Innovating its leaming programme to inspire change makers, social entrepreneurs and practitioners to enable them to create a more sustalnable way of life. TRUSTEES The Trustee5, who are the Directors of the company for the purposes of the Companies A¢ at the date of this report and who served during the year are set out on page 2. A number of the Trustees are o)nnerted with Schumacher College, as indicated below.
SCHUMACHER COLLEGE FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 20Z3 The Trustees, who att in a voluntsry capacity and are not remunerated for their servlces to Schumacher College Foundatlon, make all decislons of policy and are responsible for the proper admlnlstrat]on of the chartty. They meet at least twlce a year. Under the articles of association. the Trustees may at any tlme appoint any eliglble person to be Trustee who shall hold office untll the next annual general meetlng and then shall be eligible for re- election. If the nurnberofTrusteesfalls belowthe minimum of three, the Foundation may also appoint any eligible person to be a Trustee in general meeting by ordinary resolution. REVIEW OF ACllVITIES FOR THE YEAR The financial summary of the year Is set out in the audited financial statements. During the year, Incomlng resources totalled £134,16312022- £891,852} and resources expended totalled £1,036,098 12022; £801,850). A grant of £1,025,574 12022.. £786.8LKI} was provided to The Dartington Hall Trust. Of thls amount, £647,16712022 £771,315), was gIn tOSUPPQrt the repair and restoration of the Old Postern roof and the Old Postern Interlor. RISK AND RESERVES Restricted fvnds are held for specÉfic purposes and do not fonyj part of the Foundation's general reserve5. Rertrtcted reserves at the 31 AugLSt 2023 were £416.176 12022: £1,310,720). The Foundation is able to operdte with iow general reserves due to the continued administrative support from The Dartington Hall Trust as well as carefvl consideration of available funds prlor to awarding funding for the purposes of Schumacher College. General reserves at 31 August 2023 were £24,955 12022. £32.3461. coNNEED CHARITY Schumacher College Foundation rdises funds and provides financial support for Schumather College. part of The Dartington Hall Trust, a registered th3rity Icharrty number 2797561. Ourirbg the year, trustees, JA Boldon, P Cenkl and M Nasseri were employees of The Dartington Hall Trust. S Kumar worked for Schumacher College on 3 self*mployed, ad hoc, ba5i5. Of the Trustees appolnted slnce the year end, CD Bell and R Fedder worked as contractor5 for The Dartington Hall Trust and The Rt. Hon. Lord DM Triesman was a trustee of The Dartington Hall TrusL The admlnistratlon of the Foundation was carried out by The Dartington H311 Trust at no charge. RÉSPONSIBILtnE5 STATEMENT OFTHE TRusfEES The Trustees {who are also the directors of the company for the purposes of company lawl are responsible for preparing the Trustees, report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Stsndards Iunited Klngdom Generally Accepted Accounting Practice). with 'Unlted Kingdom Generally Accepted Accounting Prartlce, comprislng FRS102'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland", and applS¢able law.
SCHUMACHER COLLEGE FOUNDATION TRUSTEES. ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 Company law requlres the Trustees to prepare flnancSal ststements for each financlal year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fail ¥lew of the state of affalrs of the company and of its incominE resources at)d application of resources. Includlng tts Income and expenditure, for that year. In preparlnE these financial statements, the Trustees a required to: select suitable accounting policies and then appfy them consistently, observe the methods and principle5 of the Charttie5 50RP IFRS 102)., make judgments and accounting estlmates that are rea50n3ble and prudent- state whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject to any matertal departures dlsclosed and explained in the financial statements- prepare the financial ststements on the going conrn basls unless tt Is inappropriate to presume that the company will contlnue In business. The Trustees are reswnsible for keeping adequate accounting records that are sufficient to show and explain the company's transartions and disclose with reasonable accuracy at any time the financlal position of the company and enable them to ensure that the financial ststements comply with the Companles Art 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps forthe preventk)n and detertion of fraud and other Irregularitbes. D15CL05URE OF INFORW4TION 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 tsken all steps that they ought to have tsken to make themsefve5 aware of any relevant examlnatlon Informatlon and to establish that the independent examiner is aware of that information. DIREcfoRS' INDEMNITIES As pemiStted by the Articles of Association. the Directors have the benefft of an indemntty whlchls a qualifyin8 third party indemnity provision as defined by Sertion 234 of the Companies Art 2006. The Indemnity was In force throughout the last financial year and currently remalns so. The company benefits from the Dartington Hall Trustrs Directorg and Offlcerg liabiltty in5ufdnce in respect of itself and its Directors.
SCHUMACHER COLLEGE FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 AUGUST 2023 SMALL COMPANY PROVISIONS This report has been prepared in accordance with the speclal provisitins of part 15 of the Companles Act 2CMJ6 relating to small CoMpans. Registered office: The Elmhir5t Centre Dartlngton Hall Totnes Devon TQ9 6EL Rt. Hon. Lord D M Trie5man (Trusteel Approved by the trustees on 18 February 2025
SCHUMACHER COLLEGE FOUNDATION IhlDEPENDENf AUDITORS, REPORT YEAR ENDED 31AUGusf 2023 INDEPENOENT AUDITORS. R2PORTTOTHE MEMBERS OFTHE SCHUMACHER COLLEGE FOUNDAnON OPINION We have audtted the financial statements of the Schumacher College Foundatlon lthe,¢hèr8b1e company'l for the year ended 31 August 2023 which comprise the Statement of Financial Activtties and Income and Expenditure Account, the Balan Sheet, and the related notes. including a Summary of significant accounting wlkles. The financial reportingframework that has been applled in thelr preparation is applicable law and Unlted Kingdom Accounting Standards, includlng Finanoal Reporting Stsndard 102 'The Flnanaal Reporting Standard applicable In the UK and Republlc of Ireland, (United Kingth)m Generally Accepted Accounting Prarticel. In our opinion the financial statements: glve a true and fair view of the state of the ¢harf(able company's affalrs as at 31 August 2023 and of the charitsble company's incoming resources and application of resources, including Its Income and expenditure for the year then ended,. have been properly prepared in accordan with United Kingdom Generally ACpted Accounting Pract1. and have been prepared in accordance wlth the requSrements of the Companies Att 2006. BASIS FOR OPINION We condurted our audit in accordance with Intemational Standards on Audlting IUKI IISAS IUXII and applicable law. Our responsibilities underthose standards are further described in the Auditors, respon51billties for the audit of the financial statements sertlon of our report. We are Independent of the charitable company in ac£ordance with the ethical requirements that are relevant to our audit of the financlal statements in the United Kingdom, including the Flnanclal Reporting Councll's Ethlcal Stsndard, and we have fulfilled our other ethlcal responsibilÉtie5 in accordance wfch these requirements. We believe that the audit eviden we have obtalned is sufficient and approprlate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In audtting the financlal statements, we have Concluded that the Trustees. use of the golng conrn basis of accounting In the preparation of the financial statements is approprlate. Based on the work we have perfomied, we have not identified any materlal uncertalnties relatlng to events or condltlons that, individually or collectivety, may cast significant doubt on the charltable company's abilty to continue as a rfoing toncern for a period of at least twefve months from when the financial statements are authorised for issue. Our responslbllltles and the respon5ibilitie5 of the Trustees wlth respert to golng concern hre described in the relevant sections of this report.
SCHUMACHER COLLEGE FOUNDATION INDEpENDErAuDrroRs, REPORT YEAR ENDED 31 AUGU5f 2023 OTHER INFORMATION The other informatlon comprlses the inforniation included in the Annual Report other than the flnanclal statemerrts and our Auditors, Rewrt thereon. The Trustees are responsible for the other Informatlon contained within the Annual Report. Our opinlon on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report, we do not expre55 any form of assurance concluslon thereon. Our responsibility is to read the other Information and, in doing 50, consider whether the other Information is materially inconsistent wlth the financial statements or our knowledge obtained in the course of the audlt. or otherwise appears to be materially mi5Stated. l* we identify such material inconsistencies or apparent material misstatements. we are requlred to determine whether this glves rfse to a materlal misstatement in the financial statements themselve5. If, based on the work we have perfom)ed. we conclude that there 15 a material misststement of this other infomiation. we are required to report that fart. We have nothlng to rewrt In thls regard. OPINION ON OTHER MATfERS PRESCRIBED BYTHE COMPANIE5 ACT 2006 In our opinlon, based on the work undertaken in the course of the audit: the Informath?n 7Jven in the Trustee5' Annual Rewrt for the financial year for which the financial statements are prepared is consi5tert with the financial statements. the Trustees, Annual Report has been prepared in accordance wlth applicable legal requlrements. MATh£RS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understandlng of the tharitsble company and ts environment obtalned In the course of the audrt, we have not Idertffied materlal misstatements In the Trustees, Annual Report. We have nothlng to report in respe¢t of the following matters In relation to whith Companies Act 25 requires us to report to you if. In our op1nn. the charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from bronches not Visited by us- or the charltable company financial statsments are not in agreement wlth the accounting records and return5; or certaln dlsclosures of Trustees, rernunerdtion specified by law are not made: or we have not received all the information and explanatlons we require for our audlt. RESPONSIBILrnES OF TRUSTEES As explalned more fully Sn the Responsibillties Statement of theTrUst (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of
SCHUMACHER COLLEGE FOUNDATION INDEPENDENT AUDITORS, REPORT YEAR ENDED 31 AUGUST 2023 the flnandal statements and for beSng satisfied that they gNe a true and falr vlew, and for Such Internal control as the Trustees determine is necessary to enable the preparation of financlal ststements that are free from material mi5Statemen¢ whether due to fraud or error. In preparlng the financial statements, the Trustees are responsible for assesslng the charitable company's ability to continue as a going concern. discloslnL a5 applicable, matters related to golng concern and using the golnE concern basis of accounting unless the Trustees either intend to Ilquidate the charitable company or to cease operatlons. or have no realistlc alternatlve but to do so. AUDITORS, RESPONSIBILMES FOR THE AUDrr OF THE FINANaAL STATEMENTS Our objectives are to obtain reasonable assurance atL)Lrt 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 ineludes our opinion. Reasonabte assurance Is a high Ve1 of assurance, but is not a guarantee that an audit conducted In accordance wtth ISAS IUKI will aayS detect a materlal mlsstatement when it exists. Mlsstatements can arLse from frdud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic deci5ion5 of users tsken on the basls of these financial 5tatemetts. Irregularities, including fraud, are InstarKes of non-compliance with laws and regulations. We design procedures Sn15ne wlth our responsibilities, Outlined above. to detett material misstatements In respect of irregularities. including fraud. The procedures undertaken in order to identify and assess risks of materlal m5sststement in re5pert of irregularlties. Including fraud and non-compliance with laws and regulations. are as follows.. We have considered the nature of the industry and sertor, control environment and business performance,. We have consideredthe resuits of our enquiries of management and the Board about thelr own Iderrtlfic£lon and asse55ment of the rtsk of Irre8ularitie5,' For any matters iderrtSfied we have obtalned and revWed the charltable company's documentation of their pplicies and procedures relatlng to,. o Identifying, evaluatlng and complying with law5 and regulatlons whether thev were aware of any in5tan¢es of non-compliance; Detecting and respondlng to the riskof fraud and whetherthey have knowledge of actual, su5pe¢ted or alleged fraud: and The Internal controls estsbli5hed to miti8ate the risks of fraud or non- compliance wfth laws and regulatlons. We have considered the matters discussed among the audSt engagement team regarding how and where fraud might occur in thefinancial statements and wtentlal indlcators of fraud. As a result of these procedures. we have consldereé the opportunities and incentives that may exlst within the organisation for fraud and identffied the highest area of rlsk to be in relation to income recognition, with a partlcular risk In relation to yearnd cut off. In common with all audlts under ISAS
SCHUMACHER COLLEGE FOUNDATION INDEPENDENT AUDffORS' REPORT YEAR ENDED 31 AUGusf 2023 IUKI we are also requlred to perfom specific procedures to respond to the risk of management overrlde. We also olrtained an understanding of the leB31 and reBLslatoryframeworks that the charitsble company operates In, focuslng on provlslons of those laws and regulations that had a dlrect effect on the detemiinatlon of material amounts and dÉsclosures In the financlal ststements. The key laws and reEulatlons we considered In this context included the Chartties SORP IFRS 1021- Accounting and Reporting by Charltles and the Flnanclal Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial ststements but compliance wrth which may be fundamental to the charitable companvs abilityto operate or to avold a materlal penalty. These include data protectlon regulations. health and safety regulations, li¢en5ing acts and employment leglslatton. As a result of performing the above procedures, we have cut-off of revenue recognltlon as a key audtt matter related to the potsntial risk of fraud. Our procedures to resp)nd to risks Identified included the following: Documentlng and valldating the control environment for income and debtors and carrying OLrt walkthrough testing; UndertakSng substsntive sample-based testing or proof in total calculations on all materlal revenLfre streams to ensure revenue has been recognlsed appropriately and accuratsly,. Consldering manual Income ioumals as part of our work on fraud risk5 documented above; Reviewing the linancial statsment disck)sures and testing to supporting documentatlon; Enquiring of managemerrt concernlng artual and potential litigation claims: Performinganalytical prOceduS to identlfy any unusual or unexpected relatlonshlps that may Indlcate rlsks of matsrlal mlsstatemenL' Reading minutes of meetings of those charged wlth governance; and In addressing the risk of fraud through management override of controls, testlng the appropriateness of journal entfies and other adjustments: assessing whether the judgements made maklng accounting estimates are indicative of a wtential blas and evaluating the business rationale of any significant transactionsthat are unusual or outslde the normal course of busine55. We also communicated relevant laws and regulations and potentlal fraud risks to all en8ogement team members and remalned alert to any indications of fraud or nOnOmpliance with laws and regulation5 throughout the audit. Our audit procedures were deslgned to respond to risk5 of materlal mi55tatement In the financial statements, recogni51ng that the rtsk of not deterting a material mlsststement due to fraud is higher than the rlsk of not detectlng one resultlng from an errL>r, as fraud may Involve deliberate concealment byi for example, forgery. misrepresentatlons or through collusion. There are inherent limitation5 in the audit procedures perfomied and the further removed non-compllance with laws io
SCHUMACHER COLLEGE FOUNDATION INDEPENDEh AUDITOFLS. REPORT YEAR ENDED 31 AUGUST 2023 and regulations isfrom the events and tranSartn5 reflected in the financlal statèments, the le55 likely we would become aware of It. A further description of our responslbllkties forthe aud5t of the flnancial Statements Is located on the Flnanclal Reportlng Councll's webSe at.. www.frc.o ditorsres nslbllitles. Thls descrlption forms part of our Audltors, Report. USE OF OUR REpoirr This report Is made solely to the charltabte company'5 members, a5 a body. In accordance with Chapter 3 of Part 16 of the Companles Art 2(KJ6. Our audit work has been undertaken so that we mlght stste to the charitsble company's member5 those matters we are requlred to 5tste to them In an Auditors, Report and for no other purpose. To the fvllest extent pemiitted by law, we do not accept or assume responsibillty to anyone other than the charlt6ble company and tts member5, a5 a body. for our audit work, for this report orfor the oplnions we have formed. Craig Sulllvan (Senlor Statutory Auditor) for and on behalf of Blshop Flemlng LLP Chartered Accountants Statutory Audltors Salt Quay House 4 North EastQuay Suttorb Harbour Plymouth PL4 OBN Date:19 February 2025 li
SCIIUMACHER COLLEGE FOUNDATION STATEMEKf OF FII¥ANaAL AcllvrnES AND INCOME AND EXPENDMJRE ACCOUNT YEAR ENDED 31 AUGUST 2023 Unrfjstrl¢ted Restrlcted Totsl Fund8 Totsl Funds Funds Funds Y•wto Y•art• 3111W2023 3110812023 Ygarto 3110F12023 Ye8rto 8110812022 Incomefrom: Donations, legacies & grants Investment Income 333 131A)31 131,364 2,799 891,678 174 Total Income 3,132 131x131 134,163 891852 Expendlture on: Raising funds Grant5 to Schumacher College Essay Competitlon Support & Admlnistratlon costs 52 52 1,025,574 35 786,800 8,000 7,015 &025,574 IOA72 IOA72 Totsl Expendlture 10.S24 L025,574 1.036,098 801,850 Net lexpendlturelnncome 17392) 1894,5431 {901,935} 90,002 Total funds brought forward 1.310.720 ¥343,066 1,253,064 Totsl funds carried forward 24.954 416,177 441,131 1,343,066 The charity has no recognised gains or k)s5es other than the results for the year as set out above. All of the actlvltles of the charlty are classed as continuing 12
SCHUMACHER COLLEGE FOUNDATION BALANCE SHEEr 31 AUGU5f 2023 2023 2022 Current assets Debtors.. amount falling due wlthln one year Cash at bank 35,959 413,572 1,350,066 Total Current Assets 449,531 1.350,066 Cuffent Ilabllltles Creditors: amounts falling due wtthln one year 18.400) {7,¢X)01 Net current setS 441,131 1.343,066 Total a55ets less Ilabllltles 441,131 1.343,066 The funds of the tharlty: Flestricted fund5 Unrestricted funds 416,177 249S4 1,310,720 32,346 Totsl charity funds 441,131 1,343,C66 The notes on pages 14 to 19 form part ofthese financial statements These account5 have been prep8red In accordance wfth the pr(wisions appllcable to the small companleg regime and in accordance with FRSIO2. These financial ststements were approved by the trustees on the 18 February 2025 and are slgned on their behalf by.. auJk RT. Hon. Lord D M Triesman ITru5tee) 13
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL sfATEMENT5 YEAR ENDED 31 AUGUSf 2023 GENERAL INFORMATION Schumacher College Foundation supports the work of Schumacher College, a department of the Dartlngton Hall TrusL The charity $5 a company limited by guarantee and reglstered in England. It does not have any share capital. The address of its registered Offi 15 The Elmhirst Centre, Dartington Hall, Tothe5, Devon, TQ9 6EL srATEMENT OF COMPUANCE These flnanclal statemer)ts have been prepared under the h15torlcal c05t conventlon and In accordance wrth the 2019 Accoundng and Reporting by Charrties.. Statement of Recommended Practlce appllcable to charities preparing thelr flnancial statsments in accordance wlth the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS1021 leffectlve I January 20151- (Charities SORP IFR510211. the Finanaal Reporting Standard applicable In the UK and Republic of Ireland IFRS102} and the Companies Act 26. The charity has avalled Itself of sertion 382 of the Companies Att 2006 and adapted the Companles Art format to reflert the special nature of the charrV5 artNities. The charity meets the definltion of a public benefft entity under FRSIO2. SUMMARY OF SIGNIHCANT ACCOUNnNG pouaES Basls of Preparatlon These financial statements have been prepared on the golng concern basls, under the historical cost conventlon. The proparation of financial statements in conformtty wrth FRS 102 requlres the use of certaln crltleal aCcoUnng estimates. It also requires management to exercise its judgement In the proce55 of applylng the compan*5 accounting tM)Ilcles. Cash flow statement The trustees have taken advantage of the exemption in Financlal Reporting Stsndard No 102 from including a cash flow statsment In the financial statements on the grounds that the ¢harlty Is small. Incomlng resources and deferred Income Voluntary income including donations, grfts, legacies and grants is recognised Whe there Is entitlement, receipt is probable and the amount can be measured with 5ufFicient rellablllty. Such Income15 onfy restricted or deferred when: The donor has imposed condons whlch must be met before the Charity has uncondltional errtitlemertts,. or The donor specifies it must only be used in future accounting periods. Income from charitsble activitles, whith includes Income receFved under contract or where entitlement to grant fundlng Is subject to specrfic performance conditions, is recognlsed as 14
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 AUGUST 2023 earned as the reloted goods or services are provided. This income Is treated as deferred when It Is received In advance of the artNity to whlch It relates. Goln8 concern The trustees belleve that preparing the financlal statements on the going concem basls Is appropriate due to the level of cash and reserves held. T&xatlon Schumacher College Foundatlon. as a registe tharity, is exempt from tsxation on Income falling within sectlon 505 of the TaxesAct 1988 orsection 256 of theTaxatlon of Chargeable Gains Aet 1992 to the extent that this is applied to its charitsble objectives. Grants and donatlons recelvable Grants and donations are accounted for gKJss when recefvable, as long as thèy are capable of flnan¢iol measurement. Resources expended Expendlture is recognised once there Is a legal or construrtlve obllgatlon to make a payment to a third party, It is probable that settlement wlll be requlred and the amount of the obligatlon can be measured lIablY. All expendlture Is accounted for on an accruals basls and has been ¢la55ifled under appropriate category headings: Costs of ralslng fund5 comprises the costs of attracting voluntary Income together wlth investment management. Support costs include functions that a5SiSt the work of the charlty but do not directly undertake charltable activities. In schumacher College Foundation the support costs are finance Costs. Grants payablè Grants payable represent annual commf(ments and are retogni5ed when the commitment Is erjtered into. Cash at bank and In hand Cash at bank and in hand includes cash and short term hi8hty liquid investments with a short maturity of three months or less. Flnanclal Instruments Basic flnancial assets, including trade and other receivables, cash and bank balances and investments In commercial paper, are initially recognised at transartion price, unless the arran8ement ¢onstitutes a financing transaction, where the transartion is measured at the present value of the futu receipts discounted at a market rate of interest. Such assets are subsequently carried at amortlsed cost Using the eftective interest method. At the end of each reporting period financial assets measured at amortlsed cost are assessed for objertive evidence of impaimient. If an asset is impalred the impairnient loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assevs origlnal effectNe interest rate. The Impairment Ioss 15 recognised In profit or loss. 15
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 AUGusf 2023 tf there 15 a decrease In the Impalmient10s5 arising from an event occurring after the Impairment was recogni*d, the Impalment15 reversed. The reveal Is such that the current carryin8 amount does not exceed what the carying amount would have been had the impalrment not previously been recognlsed. The impairment reversal is recognised in proflt or loss. Crktlcal estlmate5 and Judgements Preparation of the financlal statements requires the trustees to make signlflcant estimates and Judgements. The item5 in the flnanclal 5totements where these estimates and Judgements have been made include: Estlmates Income from charitable artivltles, which includes Sncome recewed under contract. or whero entltlement to grant funding is subjert to specific perfom)ance condttlons, is recognised as eamed as the re13ted goods orservices are provided. Judgements The trustees review voluntsry income and legaue5 and the Income is recognised where there is entitlement, rlpt is probable and the amount can be measure with 5ufficlent rellability. Grant @xpendlture is approved by Trustees when applicatlons forthe drawdown of funds. together wlth evidence of expenditure, is recelved by khumacher Colw. Fund arcountlng Unrestrlcted ftsnd5 are used to furtherthe charftable Objette5 at the dlscretion of the Trustees, Restrirted funds are used for specific purposes as requested by the Ilonor or by the nature of the appeal. Volunteers Volunteers contlnued to give thelr time to fvndrai5e. promote and support the khumacher College Foundation during 2022123. DONATIONS. LEGAaES & GRANTS Unfftstrkted Restrkted 2023 Totsl Vnre5trlcted 2023 2022 Re5trlcted 2022 Totil 2D22 Individual donatlons 121,0(M) I2133 660 887,984 888,644 Legacles 10.031 10.031 3,034 3,034 Total 333 1,031 131,364 3,694 887,984 891,678 16
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 AUGUST 2023 suppoirr AND ADMINisfRATION COSTS All 5UPPOrt costs relate to ralslng fund5 forthe Char and are allocated as follows: 2023 2022 Audkt fee Other Bank ¢harges Total 7,560 2,912 7,000 15 7,015 10,472 NEf EXPENDITURE 2023 2022 Net expendlture Is stated after dr&I Audltor< remuneration 7,560 No remuneration or expenses have been pald during this perlod {2022 £0) to employee5 or trustee5 in respect of their services to the chartty- See note 11. DEBTORS 2023 2022 AmoLtnt owed by group undertakings 35,959 CREDITOR5 2023 2022 ¢ruals 7,0 ANALYSS OF NJ$SETs BETWEEN FUNDS Unrestrlcled Funds Restrlcted Funds Total Fund5 Fund Balances at 31 August 2023 are represented by.. Current Assets Current Liabilities Net Current Assets 33,354 18,41J)) 24354 416,ITI 449,531 18,4fy)1 441,131 416,177 17
SCHUMACHER COLLEGE FOUNDATION NOTE5 TO THE FINANCIAL sfATEMEp¥rs YEAR ENDED 31 AUGUST 2023 Unrestrkted Funds Restrkted Fund$ Totsl Futtd5 Fund Balances at 31 August 2022 were represented by: Current Assets Current Llabilities Net Current Assets 39,346 17,1)00 32,346 1,310.720 1.350,066 17,0001 1,343,066 1,310,720 Restricted funds are held forthe purpose of supporting Schumacher College 10. srATEMENT OF FUNDS Balance at 31 Drawdown to Exp•tUre The Dartln8ton Hall Trust Intome Balancè at 31 Au8U$t 2023 Unre5trlrted funds 32,346 3.132 110.524) 24,954 Restrlrted funds Old Postsrn refurbishment 723.223 {647,1671 81,056 Essay Competltlon 13.159 13,159 Hollstic Education at Schumacher College Safvia Special Grant Bursary Funds 150. 1143322) 1201.2501 120.OtJ)I 6,678 397.499 196,249 20,C(() lo.) 10,000 Fundralsing travel fund 16761 4324 Other Sala donatlon I.(K 100000 Other 1,839 16,031 113,1591 4,711 Total RestrFrted funds 1,310,720 131J)31 11,025,574} IIA125,5741 416,177 Total funds 1,343.066 134,163 (10,524) 441,131 18
SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 AUGUST 2023 11. TRANSAclloNS wrrH CONNEaED CHARITY The Dartington HallTrLSt la regiskred chartyi administered the Schumacher College Foundatlon during the year at no charge and paid some of Its administration costs for which no relmbursement was quIred. JA Boldon, P Cenkl, M Nas*ri anil S Kumar provided 5ervice5 during the year to The DartSnBton Hall Trust, for whlch they were remunerated. The charity made gTrnts to The Dartlngton Hall Trust of £1,025,57412022: £786,801) during the yeor, of which £Nil12022'.£Nill was Included in accrua15 at the perlod end. 12. CONTROLUNG PART]ES The Dartlngton Hall Trust remained the sole member of the charttsble company for the year tg 31 August 2023. The Trust alm5 to be a creative catslyst for more just and surtainable ways of living. No one indNidual has ultimate control overthe Schumachercollege Foundation, butthe Truste are either Trustees, senior personnel, or contractors of The Dartlngton Hall TrSt, therefore the ultimate parent company and controlling party is The Dartington Hall Trust, a company Ilmkted by guarantee and a chartty, which is incorporated in England. The Dartington Hall Trust is the parent undertakin8 of both the largest and smallest group of undertaklngs to consolidate these flnanclal statements at 31 August 2023. These consolidated financial statements are available from The Elmhirst Centre, Dartington Hall, Totnes. Devon TQ9 6EL 13. COMPANY UMITED BY GUARANTEE The charlty Is a company Ilmited by guarantee and does not have share capltal. 19