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2023-07-31-accounts

Registered number: 04815492 Charity number: 1099377

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 - 9
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 24

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Trustees

Katharine Lucy Parker Ann Elizabeth Swain, Chair Rachel Margaret Hales (Resigned 14 March 2023) Katheryn Francesca Smith David Willem Van Marle Tracy Moulton (Appointed 8 June 2023) Susan House (Appointed 14 November 2023)

Company registered number

04815492

Charity registered number

1099377

Registered office

Norwich Steiner School, Hospital Lane, Norwich, Norfolk, NR1 2HW

Management team

Sarah Brocklehurst, Quality of education (Upper School) Sandie Tolhurst, Finance, Personnel, Premises, Health & Safety Jacqui Armour, Designated Safeguarding Lead (DSL), (Stepped down 31 August 2023) Mandie Tessier, Designated Safeguarding Lead, (Joined 1 September 2023) Sarah Higgins, Quality of education (Lower School) (Joined 1 September 2023) Andy Hayward-Rutter, Quality of education (Kindergarten) (Joined 26 February 2024)

Accountants

Larking Gowen LLP, 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE

Bankers

The Cooperative Bank, PO Box 250, Delf House, Southway, Skelmersdale, WN8 6WT

Page 1

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report together with the financial statements of the company for the 1 August 2022 to 31 July 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The Association’s objects are the advancement of education based on the Steiner Waldorf pedagogy, philosophy, curriculum and teaching approach, that place emphasis on the development of the whole child, including a child’s spiritual, physical and emotional well-being and social development, as well as their academic progress.

b. Activities undertaken to achieve objectives

In order to further the objectives NISS operates a school for children from age 6 to 19, and a kindergarten for children aged 3-6 years of age. In September 2022, the Autumn term started with a total of 97 pupils in the school, including 4 overseas visiting students, and by the start of the summer term, there were 107 pupils on the admissions register, including 6 from overseas.

The school invited parents to attend outdoor festivals, such as Martinmas, Mayday and St Johns, and for the first time since the pandemic, parents were again invited to the indoor Advent festival.

The Trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.

Achievements and performance

a. Review of activities

The school year began with the excitement of welcoming back Michael and Sarah Higgins - Michael to take on music, drama and philosophy and Sarah to pick up the reins of Rowan class. Nikki Ellis taking on the teaching of handwork was also welcomed to the school community.

As is the pulse of the school, this was a year of fullness – with 7 classes and kindergarten filling the school building and a Class 12/13 beginning their final year in the school. At the lower end of the lower school, we welcomed Apple Class with their teacher Andrea Lord and throughout the school, 97 children began the new school year.

Trips, outings and festivals as well as class performances and recitals brought the characteristically rich culture to the seasons and with the passing months new children joined to eventually swell the numbers to 109 by the end of the year. The lower school classes and kindergarten remained small in numbers, but the upper school classes were full, with waiting lists in some cases.

Page 2

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Achievements and performance (continued)

In the spring term, the Management Team and Trustees began to search for someone to support Sandie and carry some of the business administration tasks of the school. The post remained unfilled as the year came to a close.

In the Summer term, we welcomed Mandie Tessier who took over the role of Designated Safeguarding Lead (DSL), allowing Jacqui to take on a deputy role and Sarah Brocklehurst to focus her energy and attention on Upper School Quality of Education and Pupil Wellbeing. The safeguarding team was further strengthened by the addition of the kindergarten teacher, Andy Hayward-Rutter, as a new alternate DSL.

The trustees welcomed Tracy Moulton on to the school board of trustees and continued their recruitment efforts for more trustees to join the school community. The Trustees bid farewell to Rachel Hales who had been part of the school leadership for many years.

The end of the academic year culminated with the graduation ceremony for Willow Class; we bid our farewell to the 9 graduates as they made their way from the school where some had been since they were very small children out into the wider world and their next steps.

We also bid farewell to both Alzbeta Lacnakova and Oliver Ellingham – with thanks for the years they had given to the community.

Income for the year ending 31 July 2023 was £781,818 (2022: £660,213), expenditure was £675,686 (2022: £591,801), creating a surplus of £106,132 (2022: £68,410). Closing funds were therefore £390,100 (2022: £283,968).

Financial review

a. Going concern

Throughout the academic year 2022-23, numbers remained fairly consistently around the 100-pupil mark, with the largest classes being those with pupils age 10/11 and older. There remains a lower number of children in the age range 3-10, than is ideal, both pedagogically and financially.

There were also good numbers of overseas visiting students, with a general increase in interest as the year progressed and restrictions on travel eased. The school hosted 19 pupils who stayed for periods of half a term or longer, and a number of other pupils who visited for periods of 2 or 3 weeks. The demand for places for overseas students currently exceeds the capacity of the school. This is because the particular age that overseas pupils tend to want to visit UK schools, is in an age group where classes are already nearly full of regular pupils.

The trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements. Further details can be found in the note 2.2.

b. Reserves policy

At 31 July 2023 total funds amounted to £390,100 (2022: £283,968). The charity has unrestricted reserves of £390,100 (2022: £283,968) and restricted reserves of £Nil (2022: £Nil). Free reserves, which comprise the unrestricted current assets less liabilities of the charity, at 31 July 2023 were £354,829 (2022: £249,890).

Page 3

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

As the school has no assets against which to secure a loan, it has extremely limited borrowing capacity and it's reserve policy therefore takes this into account. For the financial year ending July 2024, the school aims to maintain and/or build reserves to a sum of £350,00 - £400,000, the reasons for which are outlined below.

The Governors and Management team aim to develop and maintain reserves for the following eventualities, each of which could occur in isolation, simultaneously or with one creating a "domino effect" for the next:

The school will utilise other funds to develop the education, including maintaining the building, improving staff retention through more competitive salaries and developing the facilities. On occasion, where any of the above are compromised, the school may need to utilise it's reserves to ensure ongoing delivery of the education despite its best efforts to maintain reserves.

c. Financial impact of significant events

Rent for the premises increased (as of April 2023) to £90,000. It increases again in April 2024 to £100,000 at which rate it is fixed until December 2041, when the rent and the lease becomes due for review. Therefore, even at normal inflation levels this figure will become proportionately less over time. Given the high levels of inflation currently predicted, the rent agreement provides stability and is expected to remain affordable.

Areas of risk are identified and considered below.

Page 4

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

d. Principal risks and uncertainties

Key risks to the school include:

In order to ensure pupil numbers remain adequate, the school strives to provide on an ongoing basis, a quality education so that pupils who come to the school can expect to do well throughout and will achieve well when they leave the school at age 18/19. The school aims to foster an open and honest dialogue with teachers, so that there is in effect an ‘open class policy’, where any member of staff is welcome to enter a classroom and observes, and gives feedback to whoever they have observed. Pupil feedback is also important to the school and is sought regularly, and acted upon where necessary.

Page 5

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

e. Principal funding sources

The principal source of funding for the School is fees. The rate for upper school is slightly higher than that for lower school, but there is not a huge jump. This is because the School wants to remain accessible to all families. The School has a robust process in place whereby families who wish to send their children to the School but cannot afford full fees, can apply for a reduced fee.

As kindergarten numbers (children age 3-6) are generally low due to the fact that parents can access free child care in other settings, the school at times faces pressure to sign up for the voucher system that is offered by the government and which would then also allow the kindergarten to provide free places to 3 and 4-year-old children. The maximum number of children that the kindergarten can legally and appropriately educate at any one time is 16. Ideally, these 16 children would be evenly spread across the age range, e.g., 4 x age 3; 4 x age 4; 4 x age 5 and 4 x age 6.

There is a concern that if the school took part in the voucher scheme and offered free places, that as soon as children reach school age they would transfer to a mainstream school, thereby effectively occupying places that would not then be available for children whose parents may wish them to have the whole Steiner School experience. There are other issues with the voucher system regarding associated administrative costs, the funding only being for 3 hours a day, the hourly rate being less than the kindergarten hourly charge is currently. As the morning kindergarten rhythm requires a 4 hour time frame, some hours would be either unpaid for or disrupted by parents collecting children early. Overall, these issues could result not only in a reduction in income and an increase in costs, but may not lead to increased retention of children for the school.

However, there is the possibility that children coming into the early years at age 3 and 4 would then stay in the setting and go on and into the school. Therefore, the decision as to whether or not to accept/apply for the government voucher scheme remains under review. In the meantime, the school has increased the availability of provision for children age 6 and under and is proposing to increase advertising for the kindergarten provision.

f. Factors affecting financial performance going forward

In the past 2 years the School entered a new full repairing lease with Norfolk County Council, on the back of an extensive program of works designed to bring the building up to a better standard. As expected, ongoing building works are likely, despite the works funded by County, and this new responsibility poses an additional risk to the financial performance of the school.

Structure, governance and management

a. Constitution

The company was set up by a Memorandum and Articles of Association dated 27 June 2003, and the detail of how the organization is structured and run on a day-to-day basis is contained within its School Constitution document which is regularly updated, most recently in August 2022.

Page 6

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The Memorandum and Articles of Association require that the number of members of the Board of Trustees shall not be less than three or until otherwise determined by a General Meeting more than eleven. The first members of the Board of Trustees shall be appointed by the subscribers to the Memorandum of Association. The Board of Trustees may from time to time and at any time appoint any person whom the Board of Trustees in their discretion think fit as a Trustee either to fill a casual vacancy or by way of addition to the Board provided that the prescribed maximum be not thereby exceeded. Any member so appointed shall retain her or his office only until the next Annual General Meeting, but subject hereto s/he shall then be eligible for re- election. Any new members must be appointed by consensual agreement and acclamation. Further any newly appointed trustee must openly declare that they fully subscribe to the philosophy and praxis of Steiner Waldorf education. No person who is not a member of the Association shall in any circumstances be eligible to hold office as a Trustee.

So far as is possible and in order to maintain objectivity, Trustees shall not be parents or close relatives; also, as the Trustees are the employer, members of staff may generally not be Trustees. There may however be exceptional occasions where a member of staff, a parent or a close relative has specialist knowledge or experience that may be particularly beneficial to the board of trustees. In these instances, that person may be invited to join the board of trustee either for a particular time period relevant to their specialist knowledge/experience. Alternatively, the trustees may invite such a person to attend part of a meeting to provide advice as appropriate.

Proper recruitment processes are followed when appointing new trustees, both to ensure suitability of the person to do the role and to ensure safeguarding, including all prospective trustees being asked to complete an application form and attend an interview. References are collected and DBS checks carried out. It is the responsibility of the Chair of trustees to ensure that these due processes are completed before a new trustee is appointed.

Page 7

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The School has an active body of trustees who are responsible for matters of School Governance and who maintain an objective overview of the whole. The School also has a Management Team, the members of which each have different roles and responsibility, and who collectively hold the responsibility of a head teacher. The School Management team generally meets on a weekly, or sometimes fortnightly, basis.

Lower School and Upper School teachers hold weekly meetings; teachers who work across the school, alternate attendance between lower and upper school meetings.

On Thursdays after school, there is a weekly faculty meeting to which all staff are invited and encouraged to attend, a key aim of which is to provide ongoing training and professional development. The weekly faculty meeting includes discussions around child development, opportunities to carry out studies on individual children and discussions of issues around the day-to-day administration and management of the school.

Volunteers continue to contribute to the school, in particular helping to carry out premises maintenance, administration and publicity work to help raise visibility of the school and the benefits of a Steiner education.

The School is part of Waldorf UK (formerly known as the Steiner Waldorf Schools Fellowship), which means that it is following the Steiner Waldorf curriculum in such a way that it is entitled to use the name of ‘Steiner and/or Waldorf’ to describe the education offered. In all other ways, the school is entirely independent, with its own policies and finances, and working within the statutory requirements of the Department for Education. The school is inspected by Ofsted, with the most recent inspection being in May 2019, when the school was judged by Ofsted Inspectors to be GOOD. The school is currently due another inspection.

d. Pay policy for key management personnel

The school has a flat structure in terms of pay and renumeration. This means that there is no additional financial reward for being part of management team beyond that member of staff’s normal salary. Teachers in upper school are paid slightly more than those in lower school, due to the higher level of content they provide (teachers generally are required to have a degree and experience in their subject) and due to the additional pressures of delivering the qualification.

e. Benefactors

A number of people voluntarily contribute to running the charity and support its activities with their time and commitment, for which, although it cannot be readily translated into financial terms, we are extremely grateful.

Plans for future periods

The school aims to gradually develop pupil numbers up towards the school capacity, stated by DfE as 146 pupils. This amounts to an approximate 50% increase on current numbers and would mean there are 20 pupils in every class and 16 in kindergarten. Whilst our classes for secondary age pupils are around the 20-pupil mark, the younger classes tend to be smaller.

As the school becomes better established over time, the expectation is that its reputation will mean there is a waiting list for every class in due course.

Page 8

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Ann Swain Chair of Trustees

Date: 25th March 2024

Page 9

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2023

Independent examiner's report to the Trustees of The Norfolk Initiative Steiner School ('the company')

I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 July 2023.

Responsibilities and basis of report

As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants for England & Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Giles Kerkham FCA DChA

Larking Gowen LLP

Chartered Accountants

1st Floor Prospect House Rouen Road Norwich NR1 1RE

Dated: 28 March 2024

Page 10

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
2,795
777,896
1,127
781,818
675,686
675,686
106,132
283,968
106,132
390,100		 Total
funds
2023
£
2,795
777,896
1,127
781,818
675,686
675,686
106,132
283,968
106,132
390,100		 Total
funds
2022
£
240
659,378
595
660,213
591,803
591,803
68,410
215,558
68,410
283,968

The notes on pages 14 to 24 form part of these financial statements.

Page 11

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee) REGISTERED NUMBER: 04815492

BALANCE SHEET AS AT 31 JULY 2023

2023 2023 2022
Note £ £
Fixed assets
Tangible assets 9 35,271 34,078
Current assets
Debtors 10 79,080 67,832
Cash at bank and in hand 314,196 233,700
393,276 301,532
Creditors: amounts falling due within one
year 11 (38,447) (51,642)
Net current assets 354,829 249,890
Total assets less current liabilities 390,100 283,968
Total net assets 390,100 283,968
Charity funds
Restricted Funds - -
Unrestricted funds 12 390,100 283,968
Total funds 390,100 283,968

The company was entitled to exemption from audit under section 477 of the Companies Act 2006.

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

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ann Swain Chair of Trustees

Date: 25th March 2024

The notes on pages 14 to 24 form part of these financial statements.

Page 12

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

Note
Cash flows from operating activities
Net cash used in operating activities
13
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
14
The notes on pages 14 to 24 form part of these financial statements		 2023
£
87,355
(6,859)
(6,859)
-
80,496
233,700
314,196		 2022
£
79,394
(6,332)
(6,332)
-
73,062
160,638
233,700

Page 13

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. General information

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Norfolk Initiative Steiner School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

Throughout the academic year 2022-23, the school's number of students increased from 97 pupils at the start of the Autumn term to 107 pupils at the start of the summer term. There remains a lower number of children than would be ideal in the age range of 3-10 years. In the longer term, the best situation is where all classes are full or mostly full, across the age ranges.

The number of overseas visiting students has remained high in 2022-23, The school hosted 19 pupils who stayed for periods of half a term or longer, and a number of other pupils who visited for periods of 2 or 3 weeks. The demand for places for overseas students currently exceeds the capacity of the school. This is because the particular age that overseas pupils tend to want to visit UK schools, is in an age group where classes are already nearly full of regular pupils.

The trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

2.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 14

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.4 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 allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 15

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted Total
funds funds
2023 2023
£ £
Donations 2,795 2,795

Page 16

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3. Income from donations and legacies (continued)

Unrestricted
funds
2022
£
Donations
240
Income from charitable activities
Unrestricted
funds
2023
£
Kindergarten
20,278
Lower School
338,898
General
31,803
Upper School
386,917
Total 2023
777,896		 Total
funds
2022
£
240
Total
funds
2023
£
20,278
338,898
31,803
386,917
777,896

4. Income from charitable activities

Fees are stated after the write off of £5,178 of bad debts (2022: £6,521).

Kindergarten
Lower School
General
Upper School
Total 2022		 Unrestricted
funds
2022
£
40,945
314,457
46,306
257,670
659,378		 Total
funds
2022
£
40,945
314,457
46,306
257,670
659,378

Page 17

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

5. Investment income

Unrestricted
funds
2023
£
Bank interest
1,127
Unrestricted
funds
2022
£
Bank interest
595
6.
Analysis of expenditure on charitable activities
Summary by fund type		 Total
funds
2023
£
1,127
Total
funds
2022
£
595
Unrestricted
funds
2023
£
Kindergarten
32,795
Lower School
189,456
General
144,037
Premises
126,361
Upper School
183,037
Total 2023
675,686		 Total
2023
£
32,795
189,456
144,037
126,361
183,037
675,686

In 2023 and 2022, all costs are in respect of activities undertaken directly.

Page 18

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

6. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Kindergarten
Lower School
General
Premises
Upper School
Total 2022		 Unrestricted
funds
2022
£
29,274
161,142
163,982
89,636
147,769
591,803		 Total
2022
£
29,274
161,142
163,982
89,636
147,769
591,803

Summary by expenditure type

Kindergarten
Lower School
General
Premises
Upper School
Total 2023
Kindergarten
Lower School
General
Premises
Upper School
Total 2022		 Staff costs
2023
Depreciation
2023
£
£
32,192
-
178,882
-
71,704
5,666
18,637
-
162,002
-
463,417
5,666
Staff costs
2022
Depreciation
2022
£
£
28,801
-
157,125
-
73,682
5,448
1,527
-
129,571
-
390,706
5,448		 Other costs
2023
£
603
10,574
66,667
107,724
21,035
206,603
Other costs
2022
£
473
4,017
84,852
88,109
18,198
195,649		 Total
2023
£
32,795
189,456
144,037
126,361
183,037
675,686
Total
2022
£
29,274
161,142
163,982
89,636
147,769
591,803

Page 19

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

7. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
426,101
30,452
6,864
463,417		 2022
£
360,799
24,236
5,671
390,706

The average number of persons employed by the company during the year was as follows:

2023 2022
No. No.
Average number of employees 22 24

No employee received remuneration amounting to more than £60,000 in either year.

The total employee benefits of the key management personnel of the charity were £84,139 (2022: £103,952).

8. Trustees' remuneration and expenses

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the company. The remuneration paid was in respect of the Trustee's employment as the Special Educational Needs and Disability Coordinator (SENDCO) and the value of the remuneration was as follows:

2023 2022
£ £
Ann Elizabeth Swain Remuneration 7,260 6,600

During the year ended 31 July 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 20

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. Tangible fixed assets

Cost
At 1 August 2022
Additions
At 31 July 2023
Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
Net book value
At 31 July 2023
At 31 July 2022
10.
Debtors
Due within one year
Trade debtors		 Long-term
leasehold
property
£
5,055
-
5,055
5,055
-
5,055
-
-		 Fixtures and
fittings
£
78,893
6,859
85,752
44,815
5,666
50,481
35,271
34,078
2023
£
79,080		 Total
£
83,948
6,859
90,807
49,870
5,666
55,536
35,271
34,078
2022
£
67,832

Page 21

THE NORFOLK INITIATIVE STEINER SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

11. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income
Deferred income at 1 August 2022
Released during the year
Balance as at 31 July 2023
Deferred income at 31 July 2023		 2023
£
13,664
24,783
38,447
2023
£
(40,359)
40,359
24,783
24,783		 2022
£
11,283
40,359
51,642
2022
£
(721)
721
(40,359)
(40,359)

Deferred income relates to pupil fees paid in advance relating to the next academic year.

12. Statement of funds

Statement of funds - current year

Balance at 1
August 2022
£
Unrestricted funds
General Funds
283,968
Statement of funds - prior year
Balance at
1 August
2021
£
Unrestricted funds
General Funds
215,558		 Income
£
781,818
Income
£
660,213		 Expenditure
£
Balance at
31 July 2023
£
(675,686)
390,100
Expenditure
£
Balance at
31 July 2022
£
(591,803)
283,968		 Expenditure
£
Balance at
31 July 2023
£
(675,686)
390,100
Expenditure
£
Balance at
31 July 2022
£
(591,803)
283,968
Balance at
31 July 2022
£
283,968

Page 22

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

13. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 2023
£
106,132
5,666
(11,248)
(13,195)
87,355		 2022
£
68,410
5,448
(26,735)
32,271
79,394

14. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents
Analysis of changes in net debt
At 1 August
2022
£
Cash at bank and in hand
233,700		 2023
£
314,196
314,196
Cash flows
£
80,496		 2022
£
233,700
233,700
At 31 July
2023
£
314,196

15. Analysis of changes in net debt

16. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,864 (2022: £5,671). Pension contributions of £Nil (2022: £Nil) were outstanding at the year end.

Page 23

THE NORFOLK INITIATIVE STEINER SCHOOL (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

17. Operating lease commitments

At 31 July 2023 the company had commitments to make future minimum lease payments under noncancellable operating leases:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
93,333
66,667
160,000		 2022
£
83,333
156,667
240,000

18. Related party transactions

Aside from Trustees' remuneration disclosed in note 8, the company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the company at 31 July 2023.

Page 24