COMPANY REGISTRATION NUMBER.. 04364394 CHARITY REGISTRATION NUMBER: 1094960 The St Michael Steiner School Limited Company Limited by Guarantee Financial Statements 31 July 2023 BURGESS HODGSON LLP Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN
The St Michael Steiner School Limited Company Llrnltsd by Guarantee Financlal Statements Year ended 31 July 2023 Page Trustees. annual report (incorporating the directols report) Independent auditoffs report to the members Statement of financial activities (including in¢ome and expenditure account) 12 Slatement of financial position 13 Slatement of cash flows 14 Notes to the financial statements 15
The St Michael Steiner School Limited Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Directovs Report) Year ended 31 July 2023 The Iruslees. who are also the directors for the purposes of company law, present their report and the Inancial statements of the charity for Ihe year ended 31 July 2023. Reference and admlnlstratFve details Reglstered charity name The Sl Michael Steiner School Limited Charlty reglstratlon numb&r 1094960 Company reglstratlon number 04364394 Prin¢ipal office and regi$t8rgd Park Road offlce Fellham England TW13 6PN The trustees Mr R Allen Mr S Saar Mr8 J L Hipkin Mr A L M No¥8WOrthy Ms Hascoel Mrs C J L Barnard (Resigned 11 June 2023) (Appointed 14 O¢tober 20221 (Appointed 5 Sgplember 2022} Audltor Buigess Hodgson LLP Chartered aeeounlanls & sL*ulory auditor Camburgh House 27 New Dovor Road Canterbury Kent CT1 3DN Bankers The Co-operalNe Bank plc 91 George Street Croydon Greater London CR01L
The St Michael Steiner School Limited Company Limited by Guarantee Trusteos, Annual Raport (Incorporating the Director's Report) (continuedj Year ended 31 July 2023 Structure. govemance and management The Trustees lall of whom are also directors of the charity for the purposes of the Companies Acll present their annual report together with the audited financial slalernenls of The Sl Mi¢hao1 Steiner School Ilhe charilyl for the year ended 31 July 2023. The Trustees confirm that the annual report and financial slalemenls of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charilies" Constitution The Sl Michael Steiner School Limited was incorpDrated as a company limited by guarantee on 31 January 2002, and is govemed by ils Memorandum and Articles of Association. The school is also registered educational charity in accordance with the provisions of the ChaTilies Act 2011. The principal object of the charity is lo provide education for children. based on indications given by Rudolf Steiner. There has been no change in the Principal activity since the prior year. Method of appolntment or electlon of trustees The Board may, from lime lo time 2ppoinl any person as a member of the Board either lo fill a vacancy, or by way of addition lo the Board, subject lo the provisions of the Articles of Association. Any member so appointed shall relain office onFy urTrlil the next Annual General Meeting, bul they shall remain eligible for re-eleclioll al the Annual General Meeting. Each year. one third of the members of the Board retire by rotation liut are eligible for re-election. Trustees are appointed al a meeting Of the School Association on the basis of nominations received from Association members according lo the procedure for nominations. The school, as a registered charity, Is Tequiied lo have al least three trustees who are legally responsible to ensure Ihal the school operates in accordance with ils Articles of Association, charity law, employment law, financial obligations and the guidelines of the Steiner Waldorf Schools Fellowship ISWSFI and the Independent Schools Association (ISAI. In addition. trustees musl have an understanding of and an interest in Steiner education and, in particular, a willingness lo support our school in ils present and future development. Policies adopted for the inductlon and training of trustees New Trustees are given copies of our Articles of Association, the Chaiily Commission's 'Responsibilities of Trustees., the Independent Schools Standards IISSI, the school's most re¢enl Otsledllndependenl Schools Inspectorate IISII report, Staff and Parent Handbooks, the school prospectus and a selection of past and current school newslellers. In addition, new Iruslees are inducted into the workings of the school through meetings with the College and School Association. The school's Trustees are covered by tho Trustee Liability Insurance. Organisatlonal structure and declsion making We aim to have a balance of men and women among our Trustees and seek those who are mature in life experien and who have skills that would complement those ol the existing Trustees. Our Iruslees are kept informed of the decisions made by the College and attend College meetings from lime lo lime. We enlrusl that they hold the school and ils vision in their hearts during the lime they are
The St Michael Steiner School Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 July 2023 in setvice as Trustees. The Trustees meet regularly with members of College and have oversight of significant decisions and events, such as school developmenl and financial mallers. All Truslees give their lime freely and no remuneration or expenses were paid for this role in th6 year. No Trustee or person connected with a Trustee received any benefit from either means lesled bursaries or scholarships awarded lo our pupils. As the legal employers of the school, a quorum of Twslees musl also be involved in any employment mallers. Where a Trustee or hislher close relative is an employee ol the school in another ¢apa¢ity, slhe musl not be involved in any discussions OT decisions regarding the employment or remuneration of that employee. A quorum of Trustees is a150 kept informed of staff andlor parent grievances. Al least three Trus188S are not involved in any one grievance so that there is always a quorum who may be called upon lo mediate in these cases if necessary. A quorum of Trustees is Ihree. School policy is proposed by the College of Teachers and ralified by the board of Trustees., the day to day management of the school is exercised by the College ol teachers and the s¢hool administrators. Risk management The Trustees have assessed the major risks to which the charity is exposed, in particular those related lo the operations and finances of the charity, and are satisfied that systems and procedures are in place lo miligale our exposure lo the major risks. Objectives and activities Policies and objectives In selling objectives and planning for aclivilies, Ihe Trustees have had due regard to the general guidance published by the Charity Commission relating lo public benefit and in particular lo it5 supplementary public benefrt guidance on advancing education, on fee-ch8rging and selling the donation acceplanca policy for the year. The mission of the school is to promote and provide for the advanment of education of the public in accordance with the teachings of Dr Rudolf Steiner and in particular, lo conduct a school or schools for the education of children. Strategles for achieving objectives Slelner education in general. and our school in particulai, is about the protection of childhood and an education for the future. for freedom of the individual to be master of himself or herself and be able lo work socially for others. The education arises from a study and understanding of the human being in body, soul and spirit to meet the academic, soci81 and spiritual needs of developing young people. The cosmopolitan nature of life in London brings our school's children into daily ¢onla¢l with people of many different backgrounds and nalionalilies. This makes for a vibrant and exciting school experience., the deep respect toward all human beings that is the foundation of all Waldorf educallon. encouraging enlhvsiasm for life, and an active interest in the WOTld. We aim lo help our children orienlale themselves towards whatever comes lo meet them in life whilst they are still growing. as well as when they become adults. We need to respond within our education lo the constantly changing needs of the world. in order lo create flexible, s¢xially aware creative thinkers who are able lo act in that world.
The St Michael Steiner School Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dire¢torf5 Report) {contlnu8d) Year ended 31 July 2023 Activities for achieving objectives Since opening in Sepl&mber 2001, the school has become well established. The school moved into its premises in Hanworth Park in July 2012. Our pupil numbers dLJring the past year were on average 132 children in 2 kindergartens and 12 classes. catering lo children from 3 10 18 years old. We continue lo provide subject lessons in Spanish, Music, Art, Crafts, Gardening, Games, Eurylhmy, Geman, Handwork, Religion and Global Issues. Most leaching staff are fully trained Steiner Waldorf teacheTS. We had one child with an Education Health and Care Plan in the year under consideration. There are some other children who require extra support, but we are able lo meet their needs within the normal classes and curriculum. We offer discounts to people whose children would have lo leave the school if they were expected lo pay the full fee. Financially, Ihis makes sense as the classes are not full and subsidised places sb"Il bring in some revenue. We would like lo further develop and grow this grant bul al the moment we are not able lo support all families in financial need. Realising that growth in the early years is essential for the future stability of the school, the school continues lo run three lo four'PaTenl & Child, groups each week, which were very well allended. Parents continued actively fundraising and supporling the school in other ways menlioried, a5 well as giving freely of their time for some rNainlenance of the building, gardening, marketing and outreach work in the community. During this a¢¢oLJnling period the school has continued lo invest in ils bursary and fees support schemes. allowing those on low incomes lo access the education, support and training that the school provides lo children, parents and carers. The school has not only provided the accommodation bul also the organizalional and educational inputs for a number of training and CPD courses during this period. Participants have come from not only the school's parent body, bul from local resentS an from trainee teachers from the UK and beyond. The school continued lo invest into improving and adding to ils accommodation. permilling expansion in facilities for learning, sport and dedicated Parent and Child Group aclivilies, as well as a new classroom foi the High School. The s¢hool's pupi15 have benef1¢d during this period from th& school investing in school educational trip5 Wrthin the UK. Bursary policy This year the value of means le8ted bursaries tolalled £65,944 1£33,500 in 20221 and represented 5.6 /.12.4 /0 in 20221 of our gross fees. They provided assistance lo 10115 in 20221 of our pupils. We are aiming lo bring our accounts lo surplus by increasing pupil numbers which would also allow a higher bursary fund lo serve famili&s of any backgrounds. The Trustees view our bursary awards as important lo help children from families who would otherwise not be able lo afford the fees lo access the education we offer. All families in our school are considered for our bursary awards. which are made solely on the basis of pantaI means or lo relieve hardship Whe a pupil's èdu¢alion and future prospe¢ls would olhetwise be 81 risk, for exampl& in the case of reduridancy. In assessing means we lake a number of laclors into consideration including family in¢ome, investments and savings and family circumstances. for example dependent relatives and the number of siblings. However, our school does not have a large endowment and in funding our awards we have lo be mindful that we musl ensure a balance between fee-paying parents, many of whom make considerable personal sa¢rifices lo fund their child's eotucation, and those benefiting from the awards. Information about fee assistance through bursaries is provided to all pupils of the school.
The St Michael Steiner School Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Icontlnu&dJ Year ended 31 July 2023 To underline the value, we place on ¢onlinuity for families. we offei discounts where parents have MO than one child at the school. Going concèrn After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable lulure. For this reason, they continue lo adopt the going concern basis in preparing the financial slalemenls. The basis for the assumption is that the lenders of Loan 1 £7.000 and Loan 2 £8,900 have advised that the loan is being repaid al £1,500 and £700 per month respectively. The school also plans lo have, as a minimum, a balanced budget for the 2023-24 year and Continue lo seek for additional donations where possible. Financial review The statement of financial activities sel out on page 12 01 these financial statements show how the School's incoming resources have been expended in the year ended 31 July 2023. Incoming resour$ amounted lo £1,283,909 {2022'. £1,409,133). The majorty of income was made up of fees arid donation5. Resources expended amounted lo £1,332,975 12022.. £1.322,2331, which. save for costs incutred in the rnanagernenl and adminislralion of the School, were ulilised in pursuance of the principal aclivily referred to above. An analysis of resources expended is provided in notes 10 10 18 of these financial stalemenls. The nel loss foT the period was £49,06612022". surplus of £86,900>. The balance sheet sel out on page 13 of these financial slalemenls show the financial position of the School as al 31 July 2023, and as al this dale, there were lolal nel assets of £80,243 12022. £129,309). Current assets are represented by debtors of £45,10912022.. £29,225}. Cash al bank and in hand amounted lo £232,99912022'. £304,335). Reserves policy The Charity aims to keep reserves al a level that can cover at least Ihree months, expenditure. The Trustees are aware that this policy 18 not Currently being satisfied. Principal funding The Charity's principal funding remains lo be th81 of school fees. Future developments 11 The school's aim continues lo be the in¢re8se of Early Years (Age 3-6 yearsl schooling and pupil numbers in the classrooms (Ages 7-18 years). We offer the Certificate of Steiner Education ICSEI in our Upper School in order lo provide a broad and innovative Steiner education lo our pupils from age 15 and access lo universities. Our Class 12 pupils have successfully applied lo and been offered plaS by universities on the basis of their CSE results. 2} We have been al Hanworth Park for 10 years and have developed some parts of the sile". live years ago, we invested in the redevelopment ol our cotlage which houses one of our kindergartens., we also invested in a wooden building lor the Parent and Child groups and we bought thre portacabins for storage, a library and a staff room. This increased the number of classrooms inside the main building lo accommodate single stream classes from Class fj lo Class 8 for the first time in the school's history. Our advertlsing and Open days are aimed al filling the classes at the lower end ol the
The St Michael Steiner School Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) (contlnuedl Year ended 31 July 2023 school. sin¢e this is tho heallhiesl way to increase pupil numbers in the longer term. 31 We strive lo provide this education for all by working out financial models lo support our plans. We offer subslanlial sibling discounts so that large families can more easity afford to come lo the school. We aim lo continue lo provide financial help for those who are in need of il and we continue lo inspire more fortunate families lo support us according lo their means. Tru5tees' responslbllltles stat8m8nt The Iruslees, who are also direcloTS for the purposes of company law, are responsible for preparing the Irtjslees, report and the financial slalemenls in accordan with applicable law and United Kingdom Accounting Standards IUnf(ed Kingdom Generally Accepted Accounting Praclicel. Company law requlres the charfly Iruslees lo prepare financial statemen15 for each year which give a true and fair view of the slate of affairs ol the charitable CDmpany and the incoming resources and application of resources, including thè income and expenditure, for that period. In preparing these financial slalemenls, the trustees are required lo.. select suitable a¢¢ounling policies and then app them consistently., observe the methods and principles in the applicable Charities SORP.. make judgments and accounting eslimales that are reasonable and prudent., prepare the financial slalemen15 on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Iruslees are responsible for keeping adequate accounting re¢ords that are sufficient lo show and explain the charity's transactions and disclose wrth reasonable accuracy al any time the financial position of the chanty and enable them lo ensure th21 the financial statements comply wrth the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonabSe steps frjr the prevenlion and dele¢lion of fraud and other irregularities. Audltor Each of the persons who is a Iruslee 81 the dale of approval of this report confim)s that- so far as they Bre aware, there is no relevant audit infDrmation of which the charity's auditor is unaware". and they have taken all steps that they ought lo have taken as a trustee to make themselves aware of any relevant audrt information and to establish that the charity's auditor is aware of that infoimalion. The auditor is deemed lo have been re-appointed in accordance with section 487 of the Companies Act 2006 Small company provi5ion5 This report has been prepared in accordance with the provisions applicable lo compani8s enlilled lo the small companies exemption.
The St Michael Steiner School Limited Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector's Report) fconlinu¢dJ Year ended 31 July 2023 The trustees, annual report was approved on ..oalo31. %*and signed on behalf of the board of Iruslees by.. Mr A L M Norsworthy Trustee
The St Michael Steiner School Limited Company Limited by Guarantee Independent Auditor's Report to the Members of The St Mlchael Steiner School Limited (Contlnued) Year ended 31 July 2023 Oplnlon We have audited the financial statements of The Sl Michael Steiner School Limited Ilhe 'charily'l for the year ended 31 July 2023 which comprise the slalemenl ol financial activities (including income and expenditure accounll, slalemenl of financial position, slalemenl of cash flows and the related notes, including a summary ol significant accounlillg policies. The financial reporting framework that has b&en applied in their preparation is applicable law and United Kingdom Ac¢ounling Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalements.. gDl& a true and fair view of the state of the charity's affairs as al 31 July 2023 and of ils incoming resources and applicalioll of resources. including ils income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice- have been prepared in accordance wilh the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accoTdaNce with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the audilorfs responsibilities for the audit of the financial slalemenls se¢lion of our report. We are independent of the ¢harity in accordance with th& ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriale lo provide a basis for our opinion. Conclu5ion5 relating to going Goncerri In auditing the financial statements, we have concluded that the Iruslees. use of the going concem basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified ariy material uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubt on the charity's ability lo continue as a going concern for a period of al least twolve months from when the financial slalemenls are aulhoiised for issue. Our responsibilities and the responsibilities of the trustees with respecl lo going concern are described in the relevanl sections of this report. Other Information The other infom)alion comprises the informatlDn included in the annual report, other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other information. Our opinion on the financial slalements does not cover the other information ancl. except lo the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the *inancial slalemenls, our responsibility is ID read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material incorisislencies or apparent rnalerial misslalemenls, we are required to delermine whether there is a material misslalement in the financial slalemenls or a
The St Michael Steiner School Limited Company Limited by Guarantee Independent Auditor's Report to the Members of The St Michael Steiner School Limited fconlinuedl Year ended 31 July 2023 material misslalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslalemenl of this alher information, we are required lo report that fact. We have nothing lo report in this regard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the ¢our5e of the audit.. the information given in the Iruslees. report for the financial year for which the financial slalemenls are prepared is consislenl with the financial stalemenls,. and the trustees. report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misslalements in the Iruslees. report. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2008 requires us lo report lo you if, in our opinion.. adequate aG¢ounling records have not been kept, or returns adequate for our audit have not been recewed from branches not visrted by us., or the financial slalemenls are not in agreement with Ihe accounting records and returns.. or certain disclosures of Iruslees. remuneration specifEd by law are not made.. or we have not received Bll the information and explanaliDns we require for our 8udit', or the Iruslees weie not enlilled to prepare the financial slalements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the directors. report and from the requirement lo prepare a slralegi¢ report. Responsibilitie5 of trustees As explained more fully in the Iruslees. responsibilities statement, the Iruslees Iwho are also the directors for lh8 purposes of corllpany lawl are re5ponsibl¢ for the preparation of the financial statements and for being satisfied Ihal they gwe a true and fair view, and lor such internal control as the Iruslees determine is necessary lo enable the Preparation of financial statements that are free from material misslalement. whether due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charrty's abilty to continue as a going Conrn, disclosing. as applicable, mallers related lo going concern and using the going concem basis of a¢counling unless the trustees either intend lo liquidate the charity Dr lo cease operations, or have no realistic allernalwe but lo do so. Audltorfs responslbilities for the audit of the financlal statements Our objeclwes are lo obtain reasonable assurance about whether the financial slalements as a whole are free from m8lerial misstalemenl, whether due to fraud or error, and to issue an audrtor's report that includes our opinion. Reasonable assurance is a high ievel of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS delecl a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
The St Michael Steiner School Limited Company Limited by Guarantee Independent Auditor's Report to the Members of The St Michael Steiner School Limited Icontinue(l? Year ended 31 July 2023 aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ou11ined above, lo delecl material mis5tatemenls in respect of irregularities, including fiaud. The extent lo which our procedures are capable of delecting irregularities, including fraLJd is detailed below.. We identify and assess the risks of material misslalement of the financial slalemenls, whether due lo fraud or error, and then design and perform audit procedures responsive lo those risks. including obtaining audit eviden¢e that is sufficient and appropriate lo provide a basis for our opinion. In identifying and assessing risks of material misstalemenl In respect of Irregularities, including fraud and non-compliance with laws and regulations, we have considered., the nature of the industry, control environment. We also consider the Tesulls of our enquiries of management, relating lo their own idenlificalion and assessment of the risks of iiregularilies and possible related fraud. This includes reviewing available documentation on their policies and procedLJres and performing tests of controls lo evidence IheiT effectiveness. Throughout the audit lesling we are considering the incenlNes that may exist within the organisation for fraud. Key areas include liming of recognising Income around the year end. posting of unusual journ81s. In common wrth all audits under ISAS IUKI, we are also required to perform specific procedures lo respond lo the risk of management override. We ensuTe we have an understanding of the Televanl laws and regulations and remain alert lo possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not delecl some irregularities and material misslalem6nls in the financial slalemenls. We are not responsible for preventing non-compliafice and cannot be expected lo deled non-compliance with all laws and regulations. As part ol an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional sceplicism throughout the audil. We also.. Identify and assess the risks of material misslalemenl of the financial slalemen15, whether due lo fraud or error, design and perforrn audit procedures responsive to those risks. and obtain audit eviden¢e that is suffi¢ienl and appropriate lo provide a basis for Dur opinion. The risk of not delecling a material misslalemenl resulting Irom fraud is higher than for one resulting from error, as fiaud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant lo the audit in order lo design audit ProdureS that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of a¢¢ounting eslimales and related disclosures made by the trustees. Conclude on the appropriateness of the Iruslees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubl on the charity's ability lo continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw allenlion in 10
The St Michael Steiner School Limited Company Limited by Guarantee Independent Auditor's Report to the Members of The St Michael Stelner School Llmltsd (¢ontlnueLIJ Year ended 31 July 2023 our audrtols port lo the related disclosures in the fin8ncial slalemenls or, if Such disclo8ure8 are inadequate. lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our auditor's report. However. future @vents or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial slalemenls, including the disclosures, and whether the financial statements represent the underSying Iransaclions and events in a manner th8t achieves falr presentation. We communicate wrth those charged with governance regarding, among other mallers, the planned scope and liming of the audit and significant audr( findings, including any significant deficiencies in inlemal control th81 we Identify during our audit. Use of our report This report is made solely to the charity's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. OUT audit Work has been undertaken so that we might slate lo the charity's members those matters we 8re required lo stale lo them in an auditorfs report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Colly81 (Senior Slalutory Audilorl For 8nd on behalf of Burgess Hodgson LLP Chartered accountants & slalulory auditor Camburgh House 27 New Dover Road Cttnlerbury Kent CT1 3DN 0610312024 11
The St Michael Steiner School Limited Company Limited by Guarantee Statement of Financial Activities (includlng Income and expenditure account) Year ended 31 July 2023 2023 Restricted funds Totsl funds Total funds 2022 Unreslricled fvnd$ Nots Incomo and gndowments Donations and legacies Charitable activities Other trading actmties Other income 35.909 1,212,22S 16,471 3,532 15,772 51,681 1,212,225 16,471 3,S32 65,175 1,326,215 14,790 2,953 Total income 1,268,137 15,772 1.283,909 1,409,133 Expendlture Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on chaTilable activities Total expendlture 354 1.318,849 354 1,332,621 1.332,975 2QO 1,322,033 1.322,233 10,11 15,772 1,317,203 15.772 Net {expendltureVlncomÈ and net movement in funds 149,0661 149,0681 86,900 Reconciliation of funds Total funds brought forward Totsl funds carried forward 129,309 80.243 129.309 42,409 80,243 129,309 The statement of financi81 activities includes all gains and losses recognised in the yeaT. All income and expenditure derive from contiriuing aclivilies. Tho notss on pages 15 to 24 form part of th•80 flnanelal siatèmènta. 12
The St Michael Steiner School Limited Company Llmltod by Guarantee Statement of Flnanclal Posltlon 31 July 2023 2023 Notè Flxod assot$ Taiioible fixed assets 16,832 41,003 Curyonl assets Doblors Cil41) ril bank lli)d 11) htsnd 19 45,109 232.999 278.108 304,335 333,560 Creditors.. amounls falllng duo wllliln onè year Net riirrcnl assots 20 214.697 2?9,743 63,411 103.817 Tolal asset$ less eurront Ilablllllg$ 80,243 144.820 roditor5'. amounts falling duo after nioro Ilian ono yQ<ir 21 15.511 129.309 Net xssels 80,243 Funds of tho elitsrily Unr@Slriclert (unos 80.243 Tolal charlly funds 24 80,243 129.309 These lintiiirial slAlenieiilS hav6 been prepared in accorthnre willi 11)e prth118101IS èpplicable to companies subiecl lo Iliè small cornpanies, iogime These financi¥l 8tAlèmonis were approvprl l)y Ilits Iinnid of Irusices and aulhorised Iof Issuè on .o£l 03120 and are signed on b61iall of Ihè board by. MrA L IA Nn18WOrthv Trusleo Tlio noto$ on PA£es 15 to 24 lorm part ol Ih¢so Iliiari¢lal 81alemll6. 13
The St Michael Steiner School Limited Company Limited by Guarantse ststement of Cash Flows Year ended 31 July 2023 2023 2022 Cash flows from opgrating a¢tlvitiè8 Ng1 lexp8nditur&llincome 149,0661 86,900 Adjuslmenls for." Depreciation of tangible fixed assets Accrued expensesllincom81 32,558 1,416 42,946 11,7361 Ch8nges in.. Trade and other debtors Trade and othgr creditors 115,8841 131,9731 182,9491 162,9491 19,9711 15,109 133,248 Cash generated from operations Net cash (used inllfrom operating activfties 133,248 Cash flows from investing actlvities Purchase of tangible assets Nel cash used in investing activities 18,3871 18,3871 133,7231 133,7231 Net Idecrease}Ilncrease In cash and cash equlvalents Cash and cash equlvalgnt$ at beginning of year Cash and cash equlvalents at end of year 171,3361 304,335 99.525 204,810 232,999 304.335 The note8 on page8 15 to 24 form part of the89 tlnan¢lal ststemgnts. 14
The St Michael Steiner School Limited Company LimTted by Guarantee Notes to the Financial Statements Year ended 31 July 2023 General Information The charity is a pijblic bellefil enlily and a prwate company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Park Road, Fellham. ErTrgland, TW13 6PN. Statement of compliance These financial slalemenls have been prepared in compliance WTth FRS 102, 'The Financi81 Reporting Standard applicabSe the UK and the Republic of Ireland., the Slalement of Recommended Practice applicable lo charilies preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 Icharilies SORP IFRS 10211 and the Companies Act 2006. Accounting policies Basls of preparatlon The financial slalements have been piepared on Ihe historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured 81 fair value through income or expenditure. The financial sialemenls are prepared in sterling, which is the functional currency DI the enlily. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the charty has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial stalemenls. The basis for the assumption is Ihsl the lenders of Loan 1 £7,000 and Loan 2 £8.900 have advised Ihal the loan is being repaid al £1,500 and £700 per month respectively. The school also plans lo have. as a minimum, a balanced budget for the 2023-24 year and continue to seek lor additional donatnS where possible. Judgements and key source5 of estimation uncertainty The preparation of the financial slalemenls requires management to make judgements, eslimales and assumptions that affect the amounts reported. These eslimales and judgements are Continual reviewed and are based on experience and other laclors, including expectations of future events Ihal are believed lo be reasonable under the circumstances. 15
The St Michael Steiner School Limited Company Limited by Guarantee Notes to the FTnancial Statements (conlinued) Year ended 31 July 2023 Accountlng pollcies Icontlnued? Fund accounting General funds are unreslrtcled funds which are available for use al the dis¢relion of the Trustees in furtherance of the general objectlves of the charity and which have not been designed for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the TrusleÈs for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial slalemenls. Reslricled funds are funds which 8re to be used in ac¢ordance with spectfic reslriclions imposed by donors or which have been T8ised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use ol each restricted fLJnd is sel out in the notes to the financial stalemenls. Investment income is allocated lo the appropriate fund. Incoming resources All in¢oming resources are included in the slalement of finan¢i81 acts'vilies when enb'llemenl has passed to the charity.. il is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. Income lax recoverable in relation to donations received under gift aid or deeds of covenant is recognised al the lime of the donation. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure Includes any VAT which cannot be ftjlly recovered. and is classified under headings of the slalerllenl of financial a¢livilies lo whi¢h it relates.. expenditure on raising funds includes the costs of all fundraisillg aclivilies, events, non-¢h8rrtable trading a¢livilies, and the sale of donated goods. expendEture on CarItable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries, including those support costs and Costs relating lo the governance of the charity apportioned to charitable aclivilies. other expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of ils expenditure on ¢hari18ble activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs allributable lo a single aclivily are allocated directly lo that a¢livily. Shared costs are apportioned between the activities they ¢onlribule lo on a reasonable, justifiable and consistent basis. Operatlng leases Lease payments are cOgnised as an expense over the lease lemi on a slraighl-line basis. The aggregate benefit of lease incentives is recognis6d as a reduction lo expense over the lease term, on a slraighl-line basis. 16
The St Michael Steiner School Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2023 Accountlng poll¢les (contlnu6d) Tangible assets Tangible assets are initially recorded al cost. and subsequently slated al ¢osl less any accumulated depreciation and impairment 10sse5. Any tangible assets Carried al revalued amounts are recorded al the fair value al the dale of revaluation less any subsequent accumijlaled deprecialion and SLJbsequenl ac¢umul8led impairment losses. Depreciation Depreciation is calculated so as lo write off the cost or valuation of an asset, less its residual value. over the useful economic lrfe of that asset as follows.. Leasehold improvements Fixtures and fillings over the lease term 3 year slraighl lina Impairment of fixed assets A review lor indicators of impairment is carried out at each reporting dale, wrth the recoverable amount being eslimaled where such indicators exist. Where the carrying value exceeds Ihe recoverable amount, the asset is impaired accordingly. Prior irllpaimenls are also reviewed for possiljle reversal at each reporting dale. Flnanclal Instruments A fillancial asset or a financial liability is recognised only when the entity becomes a party lo the contractual provish)ns of the inslrumenl. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs, unless the arrangement conslilules a financing Iransaclion. where il is recognised al the present value of the fvlure payments discounted al a market rate of inl&resl for a similar debt inslrumenl. Current assets and current liabilities are subsequently measured al the cash or other consideration expected lo be paid or recewed and not discounted. Debt instruments are subsequently measured al amortised cost. Defined contribution plans Contributions lo defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset lo the exienl that the prepayment will lead lo a recluclion in fulure payments or a cash refvnd. When contributions are not expected lo be sellled wholly within 12 months of the end of the reporting dale in which the employees render the related servi¢e, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 17
The St Michael Steiner School Limited Company Llmlted by Guarantee Notes to the Financial Statements feontlnuedj Year ended 31 July 2023 Llmlted by guarant90 The company Is a company limlted by guarantee. The members of the eompany are the Trustees named on page 1. In the event of the charity being wound up, the liabllky in respect of the guarantee is limited lo £1 per member of the charity. Donations and lègacles Unreslricled Funds Restricted Total Funds Funds 2023 Donations Donations 5.158 5,1 $8 Grants Grants reGeivable 30.751 15,772 46.523 35.909 15,772 51.681 Unrestricted Funds Restricted Totsl Funds Funds 2022 Donatlons Oonation8 15,935 15,935 Granls Grants recewable 28,325 20,915 49,240 44,260 20,915 65,175 Charftablo activiti0$ Unrestricted Total Funds Unreslricled Tol81 Funds Funds 2023 Funds 2022 Fees Registration fees After school care Parent & child School outing Rental income 1,169.446 1,950 20,096 3,435 17,233 65 1,169,446 1,950 20.096 3,435 17,233 1.283,622 2.450 13,156 4.502 20.805 1,680 1,326,215 1,283,622 2,450 13,156 4,502 20.805 1.680 1,212.225 1,212,225 1,326,215 Other trading activlties Unreslricled Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 Fundraising 16,471 16.471 14.790 14.790 18
The St Michael Steiner School Limited Company Llmlted by Guarantee Notes to the Financlal Statements feontAnuèdJ Year ended 31 July 2023 Other Income Unrestricted Tot81 Funds Unreslricled Total Fund8 Funds 2023 Funds 2022 Sundry income 3,532 3.532 2.953 2.953 Costs of ralslng donatlons and legacles UnTeslricted Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 Costs of raising don8llon8 and leg8cies- Dtsnation8 354 354 200 200 10. Expenditure on charitable activities by fund type Unrestricled Funds Restricted Total Fund$ Funds 2023 Charitable activities Support costs 1,165,298 151.551 15,772 1,181,070 151,551 1,332,621 1,316,849 15,772 Unrestricted Funds Restricted Total Funds Funds 2022 ChaTilable activities Support costs 1,131,815 169,303 20,915 1,152,730 169,303 1,301,118 20,915 1,322,033 11. Expendlture on charltablo actlvltles by actlvlty type AclNities undertaken directly Support Total funds costs 2023 Total fund 2022 Charitable activities Governance costs 1,181,070 142,083 9,468 1,323,1 $3 9,468 1,332.621 1,313,944 8.089 1,181,070 151,551 1,322.033 19
The St Michael Steiner School Limited Company Llmlted by Guarantee Notes to the Financial Statements icontlnued) Year ended 31 July 2023 12. Analysis of support costs Support costs Total 2023 Total 2022 Staff costs Premises Communications and IT General office Finance costs Other Costs 63,577 23,345 2,490 11,373 2,150 39,148 83,577 23,345 2,490 11,373 2,150 39,148 56,899 16,984 2,348 7,004 3,615 74,364 161,214 142,083 142,083 13. Taxation The St Michael Steiner School is considered to p88s the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore rneels the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempl from laxalion in respect of income or capital g8ins receNed within the categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such ineome or gains are applied exclusively lo charitable purposes. 14. Net lexpendlturelllncome Nel lexpendilurellincome is slated after chargingl{creditingl'. 2023 2022 Depreciation of18ngibl0 f¢xed assets Operating lease rental8 32,558 189,000 42,946 187.833 15. Auditors remuneration 2023 2022 Fees payable for the audit of the financial slalemenls 7,500 4,200 The Sl Mlch8el Steiner School pays fees of £4.42012022'. £4,066) for non audit services. 16. Staff costs The total staff co8ls and employee benefits lor the reporting period are analysed as follows.. 2023 2022 Wages and salaries Social 8ecurily costs Employer contributions lo pension plans 714,038 55,914 14.252 719,994 57,933 14,439 792,366 784,204 20
The St Michael Steiner School Limited Company Llmlted by Guarantee Notes to the Financial Statements icontlnuedj Year ended 31 July 2023 16. Staff costs i¢oniinuedJ The average head count of employees during the year was 3412022.. 27). The average number of full-lime equlvalenl employees during the yeai is an8lysed as follows.. 2023 No. 2022 Teachers Adminislralion 32 25 34 27 No employee received employee b8nefit8 of more th8n £60.000 during the year12022.' Nill. 17. Trustse rgmuneratlon and expenses No Iruslee received remuneration or other benefrfts from employment with the charity or related enlily during the year. No Iruslee expenses have been incurred. A director received Temuneralion of £nil12022'. £25.4141 during the year. 18. Tangible flxèd assets Land and buildings Equipment Totsl Cost Al 1 August 2022 Additions 86,726 329 144,651 8,058 152,709 231.377 8.387 At 31 July 2023 Depreciation Al 1 August 2022 Charge for the year At 31 July 2023 Carrylng amount At 31 July 2023 Al 31 July 2022 87.055 239,784 80.254 4,812 110,120 27,746 190.374 32,558 85.066 137,866 222.932 1.989 14,843 16,832 41.003 6.472 34,531 19. Debtors 2023 2022 Trade debtors Prepayments and accrued income other debtors 42.070 1,352 1,687 45,109 19,422 9.256 547 29.225 21
The St Michael Steiner School Limitsd Company Llmlted by Guarantee Notes to the Financial Statements f¢tytriinue Year ended 31 July 2023 20. Credltors: amounts falllng due wlthln one year 2023 2022 Tiade credi(ors Accruals and deferred income Other creditors 27,144 29,107 158,446 214,697 31.170 9,654 188,919 229,743 21. Credltors: amounts falllng due after more than one year 2023 2022 Other creditors 15.511 22. Deferrèd incom8 2023 2022 Al 1 August 2022 Amount released lo income Amount deferred in year At 31 July 2023 18,420 184 11841 383 18,420 383 23. Pensions and other post retirement benefits Defined contribution plans The arnounl recognised in income or expenditure as an expense in relation to define conlfibulion plans was £14,25212022.. £14,439). 24. Analysis of charitable funds Unrestrlcted funds Al 1 August 2022 At Income Expenditure 31 July 2023 Genera1 funds 129,309 1,268,137 11.317,2031 80,243 Al 1 August 2021 Al Incomo Expenditure 31 July 2022 General funds 42,409 1,388.218 {1,301,3181 129.309
The St Michael Steiner School Limited Company Llmited by Guarantee Notes to the Flnanclal Statements fcontlnu Year ended 31 July 2023 24. Analysls of charitable funds (cotjtlnued) Restrlcted funds Al 1 August 2022 At Ineome Expenditure 31 July 2023 SEN Funding 15,772 115,7721 At 1 August 2021 At Income Exp8nditure 31 July 2022 SEN Funding 20,915 {20,915) 25. Analysis of net assets between funds Unreslricled Total Funds Funds 2023 Tangible fixed assets Current assets Credrf(ors less than 1 year Credrtors greater than 1 year Net assets 16.832 16,832 278,108 278,108 1214,6971 1214,6971 80,243 80,243 Unrestricted Total Funds Funds 2022 Tangiblg fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 41,003 41,003 333,56Q 333,560 1229,7431 1229,7431 115,5111 115,5111 129,309 129,309 26. Analyslg of changes In net debt At At 1 Aug 2022 Cash flows 31 Jul 2023 Cash al bank and in hand 304.335 171,336) 232.999 23
The St Michael Steiner School Limited Company LSmited by Guarantee Notes to the Flnancial Stat8mentS (COnlAtJuedJ Year ended 31 July 2023 27. Operatingloase commltments The total future minimum lease payments under non-cancell8ble operating leases a a$ follows.. 2023 2022 Not later than 1 year Later than l year and not later than 5 years 205,344 614.016 190,344 759,360 94S,704 819,360 28. Controlllng party The charity is controlled by the trustees. 24