VirtiJiEnaiura Trans8¢wI Rel. HPL8-.7SJY-SqBV 03 Der. 2025 Ik".33."24 GMT (UTC +¢Ji D 111 P 1120 Schumacher College Foundation Annual report and financial statements for the 18 month period ended 28 February 2025 Comp•ny Re8lstr•tlon Numb¢r 2654912 Charlty Number 1057915 'AEGRNISI 0511212025 COMPANIES PIOUSE A03
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Virti•plSlgnalur8 Tr*lllS•Ltyoii Rel. HPL8-3SJY.SQBV 03 Deu 20?Jf 12.33.24 GMT (UTC +0) D 111 P 212(1 SCHUMACHER COLLEGE FOUNDATION CONTENTS PAGE Legal and administrative information Trustees, annual report Independent auditors. report to the members Statement of financial artlvities and incorne and expenditure account li Balance sheet 12 Notes to the financial statements 13
ViniiplS¥n8iui'8 Transèbutyi Ref. HPL8-3SJY-$9BV 03 De¢ 9025 12'.33.24 C*MT (UTC +lll 0 111 P 3120 SCHUMACHER COLLEGE FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS Re8lStered Company Number 2654912 Reglstered Charlty Number 1057915 Re8lstered office The Elmhirst Centre Dartington Hall Totnes Devon TQ9 6EL Trustee$ C D Bell lappolnted 15 December 20231 P Cenkl {resigned IS September 20231 R A Fedder (appointed 15 Oecember 20231 S Kumar Ire5igned 13 October 2025) M Nasseri {resigned 13 October 20251 Rt Hon Lord D M Trlesman lappolnted l December 20231 Bankers Barclays Bank PIC Devon Business Centre 3 8edford Street Exeter EXI IZA Independent Audltors 8ishop Flemin8 LLP Salt Quay House 4 North East Quav Sutton Harbour Plymouth PL4 OBN
VirtlI•lSiynèlu Tra¢)WLlk>i Rel. HPL8.38JY.S98V 03 0¢i. 29 12.'33 24 L*MT (UTC +0) D 111 P 1120 SCHUMACHER COLLEGE FOUNDATION TRUSTEES. REPORT 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 The trustees, who are also Directors for the purposes of the Companies Act, present their annual report and financial statements of the charity for the 18 month period ended 28 February 202S The financial statements comply with the Charities Act 2011, the Companies Act 2006 and the 2019 'Accountin8 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 {FRS1021. The legal and admlnistrative information set out on page 2 forms part of this report. The Schumacher College Foundation I'the Foundation") is a company limlted by guarantee, registered In England and Wales, and was incorporated on 17 October 1991. It Is a wholly controlled subsldiary of the Dartington Hall Trust I"DHf) 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 usin8 professlonal fundraisers and holdlng investments. OBJECTS OF TIIE CHARITY The objects of the Foundation are to promote and organise schemes to provide education for the benefit of the public Including courses of Interdlsclpllnary study Informed by ecolo8ic31 and spiritual values and in particular to support and encourage the work of Schumacher College (previously an activity of The Dartin8ton Hall Trust). AIMS AND ACTIVITIES During the 18 month period, the fund5 provided by the Foundation to Schumacher College were used to dellver the portfolio of learnln8 pro8rammes at Schumacher College before the closure of the college in September 2024. In July 2025 DHT and the Satish Kumar Foundatlon ("SKF"l announced the Independence of Schumacher College with SKF acqulring the business assets from DHT. The Trustees are considering how best to carry out the charitable objects of the company in the near term and are committed to continuing (where possible) to promote and organise schemes to provide education for the benefit of the public. The Trustees will consult with khumacher College Foundation's parent company in this regard. TRUSTEES The Trustees. who are the Directors of the company for the purposes of the Companies Act, at the date ofthis report and who served during the year are set out on page 2. A number ofthe Trustees were connected with Schumacher College. as indicated below.
Virtili¢ Elgnalui'r* Trans¥¥Uoii Ref. HPL8-3SJY-SQEIV 03 Dec 2095 12.'33.24 iryMT (UTC +01 D 111 P S12 SCHUMACHER COLLEGE FOUNDATION TRUSTEES, REPORT 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 The Trustees, who act in a voluntary capacity and are not remunerated for their services to Schumacher College Foundation. 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 eli8ible person to be a Trustee in general meeting by ordinary resolution. REVIEW OF ACTIVITIES FOR TrIE YEAR The financial summary of the year is set out In the audited financlal statements. Durin8 the year, incomin8 resources totalled £370.08212023: £134.1631 and resources expended totalled £1,482.478 12023.. £1.036.098}. A grant of £nil12023: £1,025,574) was provided to The Dartington Hall Trust. Of this amount. £nil12023 £657,167), was given to SUPPOrt the repair and restoration of the Old Postern roof and the Old Postern interior. RISK AND RESERVES Restricted funds were held for specific purposes and do not form part of the Foundation's general reserves. Restricted resep4es at 28 February 2025 were £nil {2023: £416,177). General reserves at 28 February 2025 were £1671,265112023.' £24.9541. CONNECTÉD CHARITY Schumacher College Foundation raises funds and provides financial support for Schumacher College, part of The Dartington Hall Trust. a registered charity (charity number 2797561. Durin8 the period, trustees P Cenkl and M Nasseri were employees of The Dartin8ton Hall Trust. S Kumar worked for Schumacher College on a self-employed, ad hoc, basis. Of the Trustees appointed since the year end, CD Bell and R Fedder worked as contractors for The Dartington Hall Trust and The Rt. Hon. Lord OM Triesman was a trustee ofThe Dartington Hall Trust. The administration of the Foundation was carried out by The Dartin8ton 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 lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accountin8 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 Bive a true and fair view of the state of affairs of the company and of it5 incoming resources and
VIrtIlPlS*n8iui'8 T¢•nsaLiwJil Rel. HPL8-3SJY.898V 03 OeL ?0?5 12..33.24 i MT (UTC +0) 0 111 P 01211 SCHUMACHER COLLEGE FOUNDATION TRU5fEES' REPORT 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 application of resources, including its income and expenditure, for that year. In preparing these financial statements, the Trustees are required to,. select sultable accounting policies and then apply them cons15tently,' observe the methods and principles of the Charities SORP IFRS 1021,. make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards IFRS 1021 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 inapproprlate 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 transactlons and dlsclose with reasonable accuracy at any time the flnancial position of the company and enable them to ensure that the financial statements comply with the Companles Act 2006. They are also responslble for safeguarding the assets of the company and herbce for taking reasonable steps for the prevention and detection of fraud and other irre8ularitie5. DISCLOSURE OF INFORMATION TO AUDITORS In so far as the trustees are aware: there Is no relevant audlt informatlon of whlch the auditor Is unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. DIREcfoRS' INDEMNITIES As permitted by the Articles of Association, the Directors have ihe benefit of an indemnity which is a qualifying third party indemnity provlsion 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, Ilability insurance In respect of itself and its Directors.
Vinii<ilSlgnalur8 Trkinsxitoii R¢1. HPL8-3SJY-$9BV OJ Dob 2025 12'.33..24 tsMT IUTC +DI O 111 P 7r211 SCHUMACHER COLLEGE FOUNDATION TRUSTEES, REPORT 18 MOhlTH PERIOD ENDED 28 FEBRUARY 2025 SMALL COMPANY PROVISIONS This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relatin8 to small companies. Registered office: The Elmhirst Centre Dartington Hall Totnes Devon TQ9 6EL Rt. Hon. Lord D M Triesman (Trusteel Approved by the trustees on 03 December 2025
Virtii•iSIg08Iu¢8 Tian&*¥llTri Rol, HPL8-3SJY-S98V 03 De¢ ?025 12..J3.24 GMT (UTC +0) D 111 P 8120 SCHUMACHER COLLEGE FOUNDATION INDEPENDENT AUDITOR'S REPORT PERIOD ENDED 28 FEBRUARY 2025 Oplnlon We have audited the financial statements of schumacher College Foundation (the 'charitable tompany'l for the 18-month period ended 28 February 2025 which comprise the Statement of Financial Activities and Income and Expenditure Account, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting f ramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financiol Reporting Standard 102 The Finonciul Reporting Standard applicable in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accountin8 Practice). In our oplnion the financial statements: glve a true and fair vlew of the state of the charitable compan¢s affairs as at 28 February 2028, and of Its incoming resources and applicatlon of resources, including its income and expenditure, forthe 18-month period 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 Aet 2006. Ba515 for opifiion We conducted our audit in accordance with International Standard5 on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsiblllties for the audit of the financlal 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 UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and approprlate to provide a basis for our opinion. Concluslons relatlng to 8olnB ¢on¢ern In auditin8 the financial statements. we have concluded that the trustees. use of the 8oin8 concern basis of accountin8 in the preparation of the financial 5tatementS 15 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 sl8n5ficant 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. Other Informatlon The other information comprises the information included in the trustees, annual report. other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other informotion ond. except to the extent otherwlse explicltly 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, conslder 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 mi55tatement in the financial statements themselves.
ViniiilSSBn8iufe Trn$0th Ref. HPL8-3SJY.$9BV 03 Oei 2025 1?".33.24 CMT (UTC .bOI D 111 P 9120 SCHUMACHER COLLEGE FOUNDATION INDEPENDENT AUDITOR'S REPORT PERIOD ENDED 28 FEBRUARY 2025 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. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information 8iven in the trustees, report, which includes the directors, report prepared for the purposes of company law. for the financial period for which the financial statements are prepared is consistent with the financial statement5; and the directors. report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charitable company and Its envlronment obtained in the course of the audlt, we have not identlfled materlal misstatements in the directors, report included within the trustees, report. We have nothin8 to report in respect of the following matters In relation to which the Companies Act 2006 requires US to report to you If, In our oplnlon.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the flnanclal statements are not in agreement with the accountlng records and returns,. or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanation5 we require for our audit. or the trustees were not entitled to prepare the flnancial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responslbiii¢les of trustees As explalned more fully in the responsibilities statement of the trustees, the trustees (who are also the directors of the charitable company for the purposes of company lawl 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. In preparing the financial statements, the trustees are responsible for assesslng the charltable compan¢s abllity to continue as a going concern, disclosing, as applicable, matters related to 80in8 concern and using the going concern basis of accountin8 unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditor responslbilitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 8uarantee that an audit conducted in accordance with ISAS IUKI 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 aBgregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
VirtlJ¢ilSlon?Iy Tr¥ns¥Llltsi Rèf. HPL8-3SJY-598V 03 Do¥ ti025 12..33.24 i hlT IUTC •DI D 111 P I?0 SCHUMACHER COLLEGE FOUNDATION INDEPENDENT AUDITOWS REPORT PERIOD ENDED 28 FEBRUARY 2025 Irregularities. includin8 fraud, are instances of non-compliance wlth laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irre8ularities, includin8 fraud. The procedures undertaken in order to identify and a55esS risks of material misstatement in respect of irregularities. including fraLtd 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 consldered the results of our enquiries of management and the 8oard about their own identiflcation and asse55ment of the risk of irregularities.. For any matters identified we have obtained and reviewed the charitable company's documentation of thelr policies and procedures relatin8 to; Identifyin& evaluating and complying with laws and regulatlons 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 re8ulations. We have considered the matters discussed among the audit enga8ement team re8arding how and where fraud mi8ht occur in the financlal statements and potential indicators of fraud. As a result of these procedures, we have considered the opportunltles 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 relatlon to period-end cut off. In common with all audits under ISAS {UKI we are also required to perform specific procedures to respond to the risk of mana8ement overrlde. We also obtaSned an understanding of the legal and regulatory frameworks that the charitable company operates in. focusing on provisions of those laws and re8ulations 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 IFRS 1021- Accounting and Reporting by Charities and the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financlal Statements but compliance with which mav be fundamental to the charitable companvs 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 a5 a key audlt matter related to the potentlal 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 testin8 or proof in total calculations on all material revenue streams to ensure revenue has been reco8ni5ed appropriately and accuratelv- 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,.
virtilills1()n•i0 Tiansablloil Rof. HPL8QSJY-S9BV 03 Dec 902b 12..33 24 l?fvIT (UTC *DI D 111 P I11?0 SCHUMACHER COLLEGE FOUNOATION INDEPENDENT AUDITOWS REPORT PERIOD ENDED 28 FEBRUARY 2025 Perforrning 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 adju5tment5: 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 indlcations 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 flnancial statements, recognising that the risk of not detecting a material mi55tatement due to fraud is higher than the risk of not detectin8 one resultin8 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 re8ulations is from the events and transactlons 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 Flnancial Reporting Councll's website at.. www.frc.or8.uklauditorsresponsibilities. This description forms part ofour Auditor5, Report. Use of our report Thls report is made solely to the charitable company's member5, as a body. in accordance with Chapter 3 of Part 16 ofthe 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 auditorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for this report, or for the opinions we have formed. Craig Sullivan Isenior Statutory Auditor) for and behalf of Blshop Fleming LLP Plymouth Date.. 03 Decomb8r 2025 io
Mrtl1•5Siw•ivrtr TransaL*tyI Rol. HPL8-3SJY-59ESV 03 Dsc 202..) 12."33..24 tsMT (UTC +0) D 111 P 12120 SCHUMACHER COLLEGE FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES AND INCOME AND EXPENDITURE ACCOUNT 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 Unreslrl¢ted Funds Pwlod lo 28102125 Restricted Total Funds Total Funds Funds P•rbtsd to 2810212$ Perlod to 28102123 Year lo 3110812023 Not• Income from: Charitable Income Donations, legacies & grants Investment income 245,0(10 245,000 119,$90 5.492 119,590 131,364 2,799 5.492 Total Inc•Mie 250,492 119,590 370,082 134.163 Expendlture on: Raising funds Learnin8 Grants to Schumacher College Support & Administration costs 52 919,47? SJ5.767 1,455.244 1,025,574 27,234 27,234 10,472 Totsl Expendlture 946,711 535.767 1,482.478 1,036,098 Net expendlture 696.219 416,177 1,112,396 901,93S) Total funds brought forward 24,954 416,177 441,131 1,343,066 Total funds carried forward 1671.2651 1671.2651 441,131 The charity has no recognised gains or losses other than the results for the period as set out above. None of the activities of the charity are classed as continuing. li
Virt*JplSlnaIUr TransaLboii R61. HPL8-35JY-99BV 03 OeL 2025 12..33..24 C.MT IVTC +0) O 111 P 11120 SCHUMACHER COLLEGE FOUNDATION BALANCE SHEET 28 FEBRUARY 2025 2810212S 31108123 Note Current aet5 Debtors: amount falllng due within one year Cash at bank 35,959 413.572 62 Total Current Assets 62 449,531 Current liabilitles Creditors-. amounts fallin8 due within one year io 1671,3271 {8,4001 Net current assets 1671,265) 441,131 Total assets le$5 Ilabllltles 1671,265) 441,131 The funds of the charity: Restricted funds Unrestricted funds 12 416,177 24,954 (671.265) Total charity funds (671,265) 441,131 The notes on pa8es 13 to 19 form part of these flnancial statements These accounts have been prepared in accordance with the provisions applicable to the small companies, regime and in accordance with FRSIO2. These financial statements were approved by the trustee5 on Idatel and are si8ned on their behalf by: Rt. Hon. Lord D M Trlesman (Trusteel 03 December 2025 12
Vlnu¢llSlfjiiatw8 Tws•6Uoii Rol. HPL8..3SJY-89BVO3 De¢ 2(1?5 12.'33'24 C*MT IUTC 4.DI 0 111 P 14PO SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 GENERAL INFORMATION Schumacher College Foundation supported the work of Schumacher College. whlch was a department ofthe Dartington Hall Trust until September 2024. The charity is a company limited by guarantee and registered in England. It does not have any share capltal. The address of its registered office is The Elmhirst Centre, Dartin8ton Hall, Totnes. Devon. TQ9 6EL. STATEMENT OF COMPLIANCE These financial statements have been prepared under the hlstorlcal cost conventlon and in accordance with the 2019 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparln8 their flnanclal statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective I January 2015)- (Charities SORP IFR5102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006. The charlty has avalled Itself of sertlon 382 of the Companies Act 2006 and adapted the Companies Act format to reflect the special nature of the charitvs activities, The charity meets the definition of a public benefit entity under FRSIO2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Ba$•s of Preparation These flnancial statements have been prepared on the goln8 concern basis, under the historical cost convention. The preparation of financial statement5 in conformity wlth FRS 102 requlres the use of certaln critical accounting estimates. It also requires management to exercise its judgement in the process of applyin8 the company's accounting policies. Cash flow statement The trustees have taken advanta8e 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. Incomlng resources and deferred income Voluntary Income including donations, 8ifts, legacles and grants is reco8nised 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 whlch must be met before the Charlty has unconditional entitlement5; or The donor specifies It must only be used in future accounting periods. 13
Vrnii(IIS8lu Transditttsi Rel. HPL8-3SJY-SgUV OJ otc 20.5 12'.33.24 tsMT IUTC to) D 111 P IY20 SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 18 MONTH PERIOO ENDED 28 FEBRUARY 2025 Incoming resources and deferred income (continued) Income from charitable activities, which includes income received under contract or where entitlement to 8rant 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. Goin6 concern As noted in the Trustees, Port, the Charity is no longer operatin8 Schumacher College and the Trustees are considering how best to carry out the charitvs charitable objects in the future. There is a deficit on reserves of £671k but this is represented by an amount due to the parent charity of £656k and an accrual for expenses of £15k which will be settled by the parent charity. The parent charity has agreed that It will not seek settlement of the arnounts due while the charity has a def icit on reserve5. The trustees believe that it Is therefore still appropriate to prepare the financial Statements on the goin8 concern basis a5 any other basis would not result in any differences in reco8nition or measurement of any 355et5 or liabilitie5. T•xatlon 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 donatlons recelvable Grants and donations are accounted for gross when receivable. as long as they are capable of financial measurement. Resources expended Expenditure is reco8nised once there is a legal or constructive obligation to make a payment to third party. It is probable that settlement wlll be required and the amount of the obligatlon can be measured reliably. All expenditure Is accounted for on an accruals basis and has been classified under appropriate category headin8S'. Costs of ralsing fund5 comprises the costs of attracting voluntary Income together wlth investment mana8ement. Support costs include functions that èsslst the work of the charlty but do not directly undertake charitable artivities. In Schumacher Colle8e 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 Ilquld investments with a short maturity of three months or less. Flnancial 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 14
VirtiithiS*n¥iuo Trart$&illtri Ral. HPL8-3SJY.898V03 Dac 202b 12.'33,.24 C.MT (UTC +DI D 111 P I&J20 SCHUMACHER COLLEGE FOUNDATION NOTES TO TrIE FINANCIAL STATEMENTS 18 MONTH PERIOO ENDED 28 FEBRUARY 2025 Financial instruments (continued) present value of the f uture 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 f inancial 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 assevs 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 occurrin8 after the impairment was recognised, the impairment is reversed. The reversal is such that the current carryln8 amount does not exceed what the carrying amount would have been had the impairment not previously been reco8nised. The impairment reversal 15 reco8nised in profit or loss. Crltical estirnates and judgements Preparation of the financial statements requires the trustees to make signiflcant estlmates and judgements. The items In the financial statement5 where these estimates and judgements have been made include: Estlmates Income from charitable activities, which includes income received under contract, or where entitlement to 8rant funding is subject to specific performance conditions, is reco8nised as earned as the related goods or services are provided. Jud¢ements 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 aecountln8 Unrestrlrted funds are used to further the charitable oblectlves 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. Volunleers Volunteers continued to give their time to fundraise. promote and 5UPPOrt the khumacher College Foundatlon during the period. 15
VirtLi•ISlgA•lUfO Tr#insa¥U¢ti Rthl, HPL&35JY-$98V 03 Deb ry025 12..33..24 GMT IUTC +01 0 111 P 17120 SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 Employee$ The average monthly number of empk)yees, including directors, during the year was 25 (2023.. nill. CHARITABLE INCOME Unrestricled Restrirted Tolal Unreslrl¢ted Perlod ended Perlod ended Perlod ended Year ended 28102125 28102125 28101125 31108123 Restrlrted Total Year ended Year ended 31108113 31108123 Course Fees 242,434 242.434 Student Events 1,688 1,688 Other 878 878 Total 245.¢300 245,000 DONATIONS. LEGACIES & GRANTS Unrertrklod Restrlit•d Taial UNvestrlcted Perlod ended P•rfod •nded P•rlod end•d Y••r •nded 2810212S 28102125 28102125 31108123 R•strlrt•d Tot•1 Y••r •nded Y•ar ended 31108123 3V08123 Individual donations 119,590 119.590 333 121,000 121,333 Legacies Total 10,031 10,031 119,590 119,S90 333 131,031 131,364 SUPPORT AND ADMINISTRATION COSTS All support costs relate to raising and using funds for the charity and are allocated as follows: Perlod ended 28102125 Year ended 31108123 Audit fee Other Bank charges Total 15,000 12,361 (127) 27,234 7.560 2,912 10,472 16
Virtil?ISlonaluifj Trwns¥bUoil Rol. HPL8-3SJY-8•8V03 Dec ?02fJ 12"33.24 GMT (UTC +0> O 111 P 18120 SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 NET EXPENDITURE Perlod ended 28102125 Year ended 31108123 Net expendlture Is stated after charglng: Auditors, remuneration 15,000 7.560 No remuneration or expenses have been pald during this period12023 £nill to employees or trustees in respect of their services to the charitv - See note 12. DE8TORS 28102125 31108123 Amount owed by 8roup undertakin8S 3S,959 10. CREDITORS 28102125 31108123 Amount owed to Group Undertakings Accruals 656,327 15.000 671,327 8,400 8,400 11. ANALY515 OF NET A55Efs BETWEEN FUNDS Unreslrlrted Funds R•Arlrted Funds Total Funds Fund Balance5 at 28 February 202S are represented by: Current Asset5 Current Liabilities Net Current Assets 62 (671.3271 (671.2651 62 1671,3271 1671,2651 Unr•strlc¢•d Fund5 Restrlrted Funds Total Fund$ Fund Balances at 31 August 2023 were represented by.. Current A55ets Current Liabilities Net Current Assets 33,354 18,400} 24,954 416.177 449.531 18,4001 441.131 416,177 Restrlcted funds were held for the purpose of supporting Schumacher College 17
virtlA.IISnalUr0 Transd¥tyoii Rel. HPL84SJY-59BV 03 De¢ 9025 12..33..24 GK4T (UTC +0) D 111 P IWO SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 12. STATEMENT OF FUNDS Bal•nc• at 31 August 2023 8alane* at 28 FebNary 2025 Income Expqndlture Unrestrlrted funds 24,954 2SO.492 1946,711) 1671.265) Ilestflcted funds Old Postern refurbishment 81,056 (81,0561 Essay Competition 13,159 113,1591 Hollstic Education at Schumacher College 6,678 16.6781 Salvla Speclal Grant Bursary Funds 196.249 1196,2491 {io,000) 10,000 Fundralsing travel fund 4,324 14,3241 Other Salvla donatlon loo.000 iioo,000) 1124.301} Other 4.711 119,590 Total Restrlcted funds 416,177 119.590 IS35,767) Total funds 441,131 370.082 1.482,478 1671,265 13. TRANSACTIONS WITH CONNECTED CHARITY The Dartln8ton Hall Trust la reglstered charlty} admlnlstered the Schumacher College Foundation during the period at no charge and paid some of its administration costs for which no reimbursement was requlred. P Cenkl, M Nasseri and 5 Kumar provided serilces durlng the period to The Dartington Hall Trust, for which they were remunerated. The charlty made grants to The Dartington Hall Trust of £nil12023: £1,025,574> during the period. 18
VinlS1oliUI4 Tran54¥1ityi R¢1. HPL8-3Y.*•&y 03 0¢¢ 2025 11.35'.24 LiMT IUTC 4.NI D 111 P 20r20 SCHUMACHER COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 18 MONTH PERIOD ENDED 28 FEBRUARY 2025 14. CONTROLLING PARTIES No one individual has ultimate control over the Schumacher College Foundation, but the Trustees arelwere either Trustees, senior personnel. or contractors of The Dartington Hall Trust. therefore the Ltltimate parent company and controlling party is The Dartington Hall Trust. a companv limited by guarantee and a charity, which is incorporated in England. The Dartin8ton Hall Trust IS the parent undertakin8 of both the largest and smallest group of undertakings to consolidate these financial Statements at 28 February 2025. These consolidated financial statements are available from The Elmhirst Centre. Dartin8ton Hall, Totnes, Devon TQ9 6EL. 15. COMPANY LIMITED BY GUARANTEE The charity is a company limlted by guarantee and doe5 not have share capital. 19