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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
#189

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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

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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

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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.

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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

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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.

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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

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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.

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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.

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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,.

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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

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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

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SCHUMACHER COLLEGE FOUNDATION
BALANCE SHEET
28 FEBRUARY 2025
2810212S
31108123
Note
Current a￿et5
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

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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

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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

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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

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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

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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

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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

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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