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2025-07-31-accounts

Charity registration number 1075981 (England and Wales) Company registration number 03720000

GREENWICH WALDORF SCHOOL INITIATIVE

(A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J Bryant (Appointed 1 January 2026)
D Gore (Appointed 7 May 2025)
G Bowles (Appointed 23 January 2026)
D Innocente (Appointed 13 March 2026)
Charity number 1075981
Company number 03720000
Principal address 90 Mycenae Road
Blackheath
London
SE3 7SE
Registered office Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
London
SE18 6SS
Auditor Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
Bankers The Charity Bank Limited
Fosse House
182 High Street
Tonbridge
Kent
TN9 1BE
HSBC Bank
85 Lewisham High Steet
Lewisham
London
SE13 6BE

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 26

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2025

The trustees present their annual report and financial statements for the year ended 31 July 2025. The Charity changed it's name during the year from Greenwich Steiner School Initiative to Greenwich Waldorf School Initiative.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Organisation

The company Greenwich Waldorf School Initiative is registered under the Companies Act as a company limited by guarantee with no share capital. The charity registration number is 1075981 and the company registration number is 03720000 (England and Wales). The principal office address is Woodlands, 90 Mycenae Road, Blackheath, London, SE3 7SE. The registered office address is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS. The governing documents are the company’s memorandum and articles of association. Each of the members has undertaken to contribute up to £10 in the event of dissolution. The Board of Trustees manages the company on behalf of the members. The authority to appoint and remove Trustees is vested in the board. The Trustees have full investment powers under the governing document but must obtain advice from a financial expert and have regard to the suitability of investments.

The Trustees who have served during the year are set out below. One third of the Trustees must retire at each AGM, those longest in office retiring first and the choice between any of equal service being made by drawing lots.

New Trustees are selected on the basis of the contribution that they will make to the governance of the organisation and the skills that they will bring to the group of Trustees. They are provided with copies of the Charity Commission’s guidance to Trustees and given an introduction to the activities of the charity by the existing board. Existing Trustees are provided with training as and when required.

The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances. The Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks, and they continue to review and improve these systems where possible.

Objectives and activities

The charity operates the Greenwich Waldorf School in Greenwich, London.

Public Benefit

The charity’s objects are “To advance the education of children and adults in accordance with the educational principles of the late Dr. Rudolf Steiner.” The trustees confirm that they have complied with the requirements of section I7 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

At Greenwich Waldorf School, we have a holistic approach to learning and education. Whilst we work in accordance with the educational principles and ideas developed by Rudolf Steiner, we also pride ourselves on our ability to meet the needs of children living in the 21st century. The following fundamental principles provide a framework for everything that happens in the life of our school:

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Ten Fundamental Principles:

At Greenwich Waldorf School, we understand that the individual child is unique. Understanding the developmental stages of childhood, our education is unhurried and age-appropriate.

  1. We believe that childhood is not a race and that our job is to fuel the flame of learning in each child, so that a love of learning is something that will stay with your child throughout his or her lifetime.

  2. Our curriculum is broad, with a reverence for all of life and the interconnectedness of all things, including nature, society and the larger world outside of the classroom.

  3. We believe in minimal testing, but naturally monitor progress and assess where appropriate.

  4. Cultivating healthy and respectful relationships to each other, we value qualities such as honesty, kindness and care.

  5. Whilst our work has evolved out of the insights of Rudolf Steiner, we use these as a foundation to enhance our understanding of each child in the context of today’s world.

  6. We use the outdoors, song, music and art, alongside tried and tested, traditional teaching methodologies to educate and inspire.

  7. Education at Greenwich Waldorf School is immersive, inspiring and creative in the truest sense, as children experience a hands-on and experiential approach to learning.

  8. We believe that when pupils leave our school, they should be confident and resilient, able to take on the inevitable challenges that life throws their way.

  9. We can confidently say that we educate children for a lifetime. We equip our young people with the practical, social, emotional and mental skills they need to succeed in life, have fulfilling relationships with others and be happy, whatever path they choose.

Further information is given on our activities and progress against objectives is set out below.

Achievements and performance

The trustees consider the number of students on the school roll during the year to be the biggest indicator of success.

Kindergarten

During the year we operated four Kindergartens, each led by an experienced Kindergarten teacher supported by a Kindergarten assistant. Each Kindergarten has up to 16 children of mixed ages between 3 and 6 years old. Designed to reflect the security of a traditional family home environment activities include baking, sewing, gardening and the preparing and sharing of communal meals. The mixed age group also mirrors family life and encourages children to both learn from and guide each other. There is a strong emphasis on the cultivation of good habits in Kindergarten and many pre-academic skills are acquired unconsciously.

Lower and Middle School

During the year we operated classes catering for children aged 7 to age 14. Each class has a dedicated class teacher who delivers a main lesson and some have one or more teaching assistants. The children also benefit from a number of specialist subject teachers. Greenwich Waldorf School follows the norm in Scandinavian countries, where formal education (literacy and numeracy) only start when a child is developmentally ready and we pride ourselves on offering an education that is age-appropriate. Key to the Lower School experience (Class 1-5 ages 6-11) is the relationship of our children with their Class Teacher, who normally stays with the children for their entire five-year period in the Lower School. This enables children to develop a purposeful progression in their learning through a respectful relationship with a responsible adult, who is deeply committed to their ongoing development and growth.

In Middle School (Class 6-8 ages 11-14) the work develops in rigour and challenge as the children progress. This coincides with the stage in child development where their intellect now fully engages and they are ready to meet the more demanding academic work that is required of them with enthusiasm.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Upper School

The Upper School has four classes, 9 to 12 inclusive (Years 10-13 equivalent). Each class follows the curriculum indications of Rudolf Steiner which support the development of students of their age, building their physical, emotional, artistic and intellectual skills throughout their time in the Upper School. The lessons in Class 9 are largely untested and teach students the skills they need to work effectively in the upper years, when they will be undertaking the the New Zealand Certificate of Steiner Education (NZCSE). Level 1 is taken in Class 10, Level 2 in Class 11 and Level 3 in Class 12. One student completed Level 2 & 3 simultaneously.

July 2025 saw our Class 12 students graduating, after completing their Class 12 year long projects, their Level 3 of the NZCSE and having been on their wonderful Class 12 trip to Spain (Bilbao and Madrid). The students visited the Guggenheim Museum, taking part in a cultural visit that focused on its architecture, as well as the history of the Basque region and the Spanish Civil War. The visit offered a rich and diverse insight into the area's cultural and historical heritage. Upper school is now an established part of our all through Steiner-Waldorf education from Kindergarten to age 18, as planned. We also offer GCSEs in English language and Maths.

The school is accredited by the Steiner Educational Development Trust to offer the NZCSE. This is a three year programme running from Class 10 to Class 12 which is recognised in the UK and internationally as equivalent to A Levels or the International Baccalaureate at its highest level (Level 3). The Certificate is continually assessed using essays, oral presentations, portfolios, products, reports and tests and has a rigorous and detailed external moderation process. The next cohort to achieve the Level 3 Certificate progressed to higher education destinations including Goldsmiths, University of London, the University of Nottingham, and I-SHOU University, where students went on to study programmes such as Artificial Intelligence.

Curriculum

The Steiner Waldorf Curriculum interweaves all the subjects of the National Curriculum – English, Maths, Science, History, Geography and Foreign Languages (French and German) - in an artistic and creative way. Subjects are taught in thematic blocks called the Main Lesson, lasting for approximately two hours every morning for a period of between three to four weeks, which allows in-depth study to take place. Main Lesson is complemented by subject lessons during the remainder of the day. Subject lessons such as Handwork, Eurythmy (a movement art form), Art, Drama, Woodwork, Music, Games and Gardening are also integral to the core curriculum. All children in the lower school learn the recorder and play the cello or violin and singing is an integral part of the school day.

All children participate in a variety of drama and eurythmy productions held throughout the year.

Buildings

The school operates from three buildings, the main one being a grade II listed building in Blackheath supported by an extension to the Kindergarten nearby and the Upper School operated from the Elizabethan mansion, Charlton House. The school undertakes all essential maintenance as and when required.

Staffing and management

Our school is managed in a collaborative and inclusive way, reflecting the ethos of our Steiner school. The day-to-day running of the school is delegated to the Headteacher and the Bursar supported by the teaching members of the Senior Leadership Team. Our Senior Leadership Team (SLT) comprises:

Leadership Team

Matthew Clifford - Headteacher from January 2025 to December 2025 Hayley Spedding - Interim Business Manager May 2024 to January 2025 Ghazala Khan- Bursar from February 2025 to July 2025 Rita Sesay – Assistant Head Teacher from September 2019 to July 2025

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Trustees

The responsibilities of the Trustees are collectively to:

During the year the governors met at least once each term as a full governing body to discuss progress against objectives. The governing body has two committees which focus on particular aspects of the school: Education and Curriculum and Finance and Resources (including Health & Safety). These committees also met regularly during the year. Since the end of the year the board is pleased to welcome several new governors.

The governors publish further information about their roles and duties on the school’s website.

Financial review

At the year end the school reported a deficit of £640,068 (2024 surplus £19,060). The 2025 deficit comprised a loss on the revaluation of the property of £554,667 and an operating loss of £85,401. Total income during 2025 fell by £7,815 and expenses increased by £96,646 compared to the prior period.

Cost control continues to be an area of focus for the Trustees and the SLT. Financial expenses are also being reviewed; long-term borrowing decreased as the school continued to repay loans secured on Woodlands. The operational team of the school, together with the Trustees continues to review it’s cost base which, in line with many other organisations, has been impacted by rising interest rates and utility costs.

Bursaries

In setting our bursary policy we have carefully considered the Charity Commission’s public benefit guidance.

Greenwich Waldorf School seeks to offer an education based on Steiner principles to as broad a section of the population as possible by keeping fees low relative to other local independent schools. Our fees are significantly lower than other independent schools in the area. We maintain a bursary fund to offer short-term financial support to families who face temporary financial hardship during the course of their children’s education at the school.

Reserves policy

At 31 July 2025, there was a surplus of reserves of £803,220 comprising a revaluation reserve of £970,938 and unrestricted general reserve with a deficit of £167,718 (2024: total reserves of £1,443,288, £1,534,375 being revaluation reserve and deficit on unrestricted general reserve of £91,087). The unrestricted general reserve is in deficit has increased mainly due to a full review of outstanding school fees due which has led to a large bad debt write off for the year. The trustees are confident that the school's performance in the forthcoming years will improve.

The charity feels that the level of unrestricted funds needed to be able to finance one months’ operational expenses about £120,000 before revaluation gains or losses.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Going Concern

The trustees are confident that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The charity's board of trustees are aware that currently the number of pupils confirmed for the school year commencing on 1 September 2026 is currently marginally below the required number to break even. The Trustees and management team have recognised this and have doubled down on marketing since Easter and are conducting weekly open days to encourage take up for the new academic year. So far results have been positive. Stringent budgets have been set and the Trustees are exploring other revenue sources in addition to pupil tuition fees. The profits and cashflow forecasts are based on a certain number of pupils in attendance and tight review and control over costs. Both of these need to actioned in the next 12 months to ensure that the cashflow of the charity remains positive.

The Trustees feel with these measures this will enable the Charity to continue as a going concern. Cash flow is the primary focus whilst the Charity continues to rebuild its pupil numbers. Even with the reduced student numbers the charity has enough cash funds for the next 12 months.

Risk assessment

The trustees have assessed the significant risks to which the charity is exposed, in particular, those relating to the specific operational areas of the charity and its finances, and maintain a risk register to monitor and manage those risks effectively. The risk register is regularly updated and reviewed at least annually. The trustees believe that by monitoring reserve levels, ensuring controls exist over critical financial systems, and by examining the operational and business risks faced by the charity, they have an effective system in place to mitigate those risks.

In order to ensure a sustainable financial performance, and in the light of the desire to keep fees low relative to other independent schools, fundraising continues to be of importance to Greenwich Waldorf School. The trustees continue to be grateful for the work of the school community in organising fundraising events.

Charity Governance Code

The Trustees take their governance responsibilities seriously and aim to have a governance framework that is fit for purpose, compliant and efficient. The Board reviews it’s structure and practices against the Charity Code of Governance to ensure the School’s governance framework is robust and fit for purpose.

Plans for future periods

The school is committed to continuous improvement of educational standards, curriculum and pupil and staff welfare guided by Steiner-Waldorf principles.

Curriculum Review and Development

Educational Excellence is at the core of the school’s development plan. This is the heart and soul of the school and is about building and maintaining the Steiner curriculum at the centre of everything we do. The Board, the Principal and the Teaching Body are working collaboratively to ensure that our Steiner educational offering is integrated from KG through to Lower and Upper School to make Greenwich Steiner School a centre of excellence.

Our academic team is currently working in partnership with the UK Steiner Waldorf Schools Fellowship as it undertakes a whole UK curriculum review and develops the Lower and Middle School curriculum.

As our pupils progress through the NZCSE, we will ensure the academic building blocks are there throughout all year groups to gain successful entry into UK and international universities and will continue to map out how we grow our Steiner programme for the future. This includes reflecting on our current academic structures - identifying pillars to preserve, nurture and develop further for a unique Steiner educational offering thereby ensuring our place in the UK and international community as a centre of excellence.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

D Keohane (Resigned 7 March 2025) K Ballard (Resigned 25 October 2024) B McNelis (Resigned 6 August 2025) J Bryant (Appointed 1 January 2026) M Lloyd (Appointed 18 March 2025 and resigned 29 March 2026) D Gore (Appointed 7 May 2025) E Hayden (Appointed 7 May 2025 and resigned 18 September 2025) R Smithson (Appointed 7 March 2025 and resigned 18 September 2025) A Northam (Appointed 7 March 2025 and resigned 22 May 2026) G Bowles (Appointed 23 January 2026) S Friend (Resigned 12 December 2024) G Cole (Appointed 27 October 2025 and resigned 17 July 2026) D Innocente (Appointed 13 March 2026)

Auditor

In accordance with the company's articles, a resolution proposing that Simpson Wreford LLP be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

D Gore

Trustee

30 July 2026

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2025

The trustees, who are also the directors of Greenwich Waldorf School Initiative for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREENWICH WALDORF SCHOOL INITIATIVE

Opinion

We have audited the financial statements of Greenwich Waldorf School Initiative (the ‘charity’) for the year ended 31 July 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

We draw attention to Note 1.2 in the financial statements, which indicates that the charity is expecting cash flow to be tight for the next 12 months. As stated in Note 1.2, this means that there is currently a material uncertainty exists that may cast significant doubt on the Charity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREENWICH WALDORF SCHOOL INITIATIVE

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREENWICH WALDORF SCHOOL INITIATIVE

Audit response to risks identified

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Kate Taylor FCA (Senior Statutory Auditor)

For and on behalf of Simpson Wreford LLP, Statutory Auditor Chartered Accountants Wellesley House Duke of Wellington Avenue Royal Arsenal London SE18 6SS 30 July 2026

Simpson Wreford LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted Unrestricted
funds
funds
general
designated
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
1,585
-
Charitable activities
4
2,061,441
-
Other trading activities
5
8,360
-
Investments
6
21,957
-
Total income
2,093,343
-
Expenditure on:
Raising funds
Fundraising and
publicity
7
5,530
-
Charitable activities
Unrestricted general fund
8
2,164,444
8,770
Total expenditure
2,169,974
8,770
Net gains/(losses) on
investments
13
-
(554,667)
Net income/(expenditure) and
movement in funds
(76,631)
(563,437)
Reconciliation of funds:
Fund balances at 1 August 2024
(91,087)
1,534,375
Fund balances at 31 July 2025
(167,718)
970,938		 Total
Unrestricted Unrestricted
funds
funds
general
designated
2025
2024
2024
£
£
£
1,585
54,148
-
2,061,441
2,030,491
-
8,360
12,507
-
21,957
4,012
-
2,093,343
2,101,158
-
5,530
1,913
-
2,173,214
2,071,415
8,770
2,178,744
2,073,328
8,770
(554,667)
-
-
(640,068)
27,830
(8,770)
1,443,288
(118,917)
1,543,145
803,220
(91,087)
1,534,375		 Total
2024
£
54,148
2,030,491
12,507
4,012
2,101,158
1,913
2,080,185
2,082,098
-
19,060
1,424,228
1,443,288

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 JULY 2025

Notes
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets
The funds of the charity
Unrestricted funds - general
23
Unrestricted funds - designated
22		 2025
£
£
2,837,228
316,545
336,545
653,090
(771,283)
(118,193)
2,719,035
(1,915,815)
803,220
(167,718)
970,938
803,220		 2024
£
£
3,423,645
233,395
278,924
512,319
(623,323)
(111,004)
3,312,641
(1,869,353)
1,443,288
(91,087)
1,534,375
1,443,288

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 30 July 2026

D Gore

Trustee

Company registration number 03720000 (England and Wales)

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from/(used in) investing activities
Financing activities
Repayment of bank loans
Net cash generated from/(used in) financing
activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 £
(4,424)
21,957
51,281		 2025
£
(11,193)
17,533
51,281
57,621
278,924
336,545		 £
(12,126)
4,012
(7,730)		 2024
£
15,613
(8,114)
(7,730)
(231)
279,155
278,924

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

Charity information

Greenwich Waldorf School Initiative is a private company limited by guarantee incorporated in England and Wales. The registered office is Simpson Wreford LLP, Wellesley House, Duke of Wellington Avenue, London, SE18 6SS.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

These financial statements are prepared on the going concern basis. The trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, however, the trustees are aware of certain material uncertainties which may cause doubt on the charity's ability to continue as a going concern.

The charity's board of trustees are aware that currently the number of pupils confirmed for the school year commencing on 1 September 2026 is slightly below the number required to break even. The Trustees have recognised this could cause cash flow problems and are keeping tight controls over bad debts and cash flow to ensure the Charity can continue as a going concern. The trustees are predicting a large deficit for the year to 31 July 2026 and this will increase the existing deficit in the unrestricted general reserve.

The Trustees feel with these measures this will enable the Charity continue as a going concern. Cash flow is the primary focus whilst the Charity rebuilds its pupil numbers.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings over 150 years Plant and equipment 25% reducing balance Fixtures and fittings 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

(Continued)

1.12 Creditors and provisions

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
general general
2025 2024
£ £
Donations 124 833
Grants 1,461 53,315
1,585 54,148

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Education
School fees 1,984,512 1,923,426
Other income 76,929 107,065
2,061,441 2,030,491
5 Income from other trading activities
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising events 8,360 12,507
6 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Rental income 15,300 -
Interest receivable 6,657 4,012
21,957 4,012
7 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Other fundraising costs 5,530 1,913

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

8 Expenditure on charitable activities

Unrestricted Unrestricted
general fund general fund
2025 2024
£ £
Direct costs
Staff costs 1,338,558 1,343,602
Depreciation and impairment 36,174 36,341
Staff training 13,650 7,050
Property expenses 37,843 35,006
Rent and rates 126,171 89,689
Light and heat 62,681 59,683
Insurance 25,635 24,797
Arts and crafts 1,977 4,261
Refreshments 2,971 7,016
Classroom expenses 24,411 36,358
School trip expenditure 64,393 47,267
Books and resources 8,185 9,753
Hire of equipment 5,150 5,680
Bad debt provision 53,279 15,032
Fines and penalties 3,741 -
1,804,819 1,721,535
Share of support and governance costs (see note 9)
Support 358,251 350,224
Governance 10,144 8,426
2,173,214 2,080,185
Analysis by fund
Unrestricted funds - general 2,164,444 2,071,415
Unrestricted funds - designated 8,770 8,770
2,173,214 2,080,185

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

9 Support costs allocated to activities

Telephone
Stationery and computer
Travel and subsistence
Legal and professional
Bank charges
Sundry expenses
Bookkeeping
Interest on loans
Governance costs
Analysed between:
Unrestricted general fund
Governance costs comprise:
Audit fees
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
- for other financial services
Depreciation of owned tangible fixed assets		 2025
£
4,636
41,470
2,968
111,200
2,381
14,342
45,641
135,613
10,144
368,395
368,395
2025
£
10,144
10,144
2025
£
10,144
3,420
36,174		 2024
£
4,317
47,115
3,008
98,854
3,489
9,728
35,896
147,817
8,426
358,650
358,650
2024
£
8,426
8,426
2024
£
8,426
3,000
36,341

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
48
2025
£
1,219,692
95,621
23,245
1,338,558		 2024
Number
50
2024
£
1,225,426
97,119
21,057
1,343,602

The wage costs, including the pension, are all deemed to be unrestricted in keeping with the nature of the operations of the Charity.

The number of employees whose annual remuneration was more than £60,000 is as follows:

as follows:
2025 2024
Number Number
£70,001 to £80,000 - 1
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2025 2024
£ £
Aggregate compensation 32,250 147,295
13 Gains and losses on investments
Unrestricted Unrestricted
funds funds
designated designated
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investment properties (554,667) -

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15 Tangible fixed assets

Leasehold land
and buildings
£
Cost
At 1 August 2024
3,400,000
Additions
-
Disposals
-
Revaluation
(600,000)
At 31 July 2025
2,800,000
Depreciation and impairment
At 1 August 2024
22,667
Depreciation charged in the year
22,666
Eliminated in respect of disposals
-
Revaluation
(45,333)
At 31 July 2025
-
Carrying amount
At 31 July 2025
2,800,000
At 31 July 2024
3,377,333		 Plant and
equipment
Fixtures and
fittings
£
£
144,068
123,744
624
3,800
4,624
(4,624)
-
-
149,316
122,920
117,321
104,179
7,576
5,932
963
(963)
-
-
125,860
109,148
23,456
13,772
26,747
19,565		 Total
£
3,667,812
4,424
-
(600,000)
3,072,236
244,167
36,174
-
(45,333)
235,008
2,837,228
3,423,645

The leasehold land and buildings were valued on 18 June 2025 by Newmark Gerald Eve LLP Property Consultants on the basis of potential market value at £2,800,000. The historic cost is £2,084,540.

The loan for Charity Bank is secured over the Leasehold Property, known as Woodlands, 90 Mycenae Road, London, SE3 7SE, registered at the Land Registry under title number TGL303031. A second charge was taken out on 14 January 2026 over the above property held by Sergey Sheshuryak and Svetlana Ilina.

The carrying value of each class of asset is the initial cost, adjusted for any fair value adjustment less any deprecation to date.

16 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
235,934
13,973
66,638
316,545		 2024
£
172,262
4,227
56,906
233,395

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

17 Loans and overdrafts

Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 2025
£
1,963,687
47,872
1,915,815		 2024
£
1,912,406
43,053
1,869,353

The loan for Charity Bank is secured over the Leasehold Property, known as Woodlands, 90 Mycenae Road, London, SE3 7SE, registered at the Land Registry under title number TGL303031.

The loan repayable after 5 years is due to Charity Bank and is repayable in monthly instalments over 25 years, incurring a 2.45% interest rate per annum above the base rate of the Bank of England, prevailing at the time.

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Bank loans
17
Other taxation and social security
Deferred income
20
Trade creditors
Other creditors
Accruals		 2025
£
47,872
217,984
3,870
218,214
260,123
23,220
771,283		 2024
£
43,053
20,983
-
125,505
408,163
25,619
623,323

19 Creditors: amounts falling due after more than one year

2025 2024
Notes £ £
Bank loans 17 1,915,815 1,869,353

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

20
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 August 2024
Resources deferred in the year
Deferred income at 31 July 2025
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
3,870
2025
£
3,870
-
3,870
3,870
2025
£
23,245		 2024
£
-
2024
£
-
-
-
-
2024
£
21,057

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

22 Unrestricted funds - designated

These are unrestricted funds which are material to the charity's activities.

At 1 August Resources Gains and At 31 July
2024 expended losses 2025
£ £ £ £
1,534,375 (8,770) (554,667) 970,938
Previous year: At 1 August Resources Gains and At 31 July
2023 expended losses 2024
£ £ £ £
1,543,145 (8,770) - 1,534,375

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 August At 1 August Incoming Resources At 31 July At 31 July
2024 resources expended 2025
£ £ £ £
General funds (91,087) 2,093,343 (2,169,974) (167,718)
Previous year: At 1 August Incoming Resources At 31 July
2023 resources expended 2024
£ £ £ £
General funds (118,917) 2,101,158 (2,073,328) (91,087)
Analysis of net assets between funds
Unrestricted Unrestricted Total
funds funds
general designated
2025 2025 2025
£ £ £
At 31 July 2025:
Tangible assets 1,866,290 970,938 2,837,228
Current assets/(liabilities) (118,193) - (118,193)
Long term liabilities (1,915,815) - (1,915,815)
(167,718) 970,938 803,220
Unrestricted Unrestricted Total
funds funds
general designated
2024 2024 2024
£ £ £
At 31 July 2024:
Tangible assets 1,889,270 1,534,375 3,423,645
Current assets/(liabilities) (111,004) - (111,004)
Long term liabilities (1,869,353) - (1,869,353)
(91,087) 1,534,375 1,443,288

24 Analysis of net assets between funds

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

25 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
36,078
33,624
69,702		 2024
£
61,021
66,885
127,906

26 Events after the reporting date

After the year end, A Northam, one of the trustees, provided a £100,000 interest free loan to the school, which is repayable over 7 years.

27 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 32,250 147,295

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

School fees received Consultancy costs incurred
2025 2024 2025 2024
£ £ £ £
Key management personnel - - 31,800 5,300
Trustees 44,337 69,238 - -
44,337 69,238 31,800 5,300

The following amounts were outstanding at the reporting end date:

Amounts owed by related
parties
2025 2024
£ £
Other related parties (20,094) 5,953

GREENWICH WALDORF SCHOOL INITIATIVE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

28 Unrestricted General Fund

At 31 July 2025 the unrestricted general reserve had a deficit of £167,718 (2024 deficit £91,087). This was mainly due to the review of bad debts performed during the year. The trustees are confident that the schools performance in the forthcoming years will improve.

29 Charges

During the year The Charity Bank Limited held charges over the Charity, in relation to the property and the assets of the Charity. After the year end new charge was entered into with S Sheshuryak and S Ilina in relation to the property of the company, which ranks second to the charges held by The Charity Bank.

30
Cash (absorbed by)/generated from operations
(Deficit)/surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investment properties
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase in creditors
Increase in deferred income
Cash (absorbed by)/generated from operations
31
Analysis of changes in net (debt)/funds
At 1 August 2024
£
Cash at bank and in hand
278,924
Loans falling due within one year
(43,053)
Loans falling due after more than one year
(1,869,353)
(1,633,482)		 2025
2024
£
£
(640,068)
19,060
(21,957)
(4,012)
554,667
-
36,174
36,341
(83,150)
(93,639)
139,271
57,863
3,870
-
(11,193)
15,613
Cash flows
At 31 July 2025
£
£
57,621
336,545
(4,819)
(47,872)
(46,462)
(1,915,815)
6,340
(1,627,142)