**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: 

- Sufficient funds to meet expenditure (salaries, rent, services) for 3 months in the event of uninsured temporary closure and loss of income (estimated as an amount of £200,000 for 3 months in year ending July 2024). 

- Additional to the above, sufficient funds for substantial, essential and uninsured maintenance works that may arise unexpectedly, and that could be a cause for temporary closure of the school. The school aims for a sum of between £100,000 and £150,000 to be held in reserve for such eventualities. 

- A sum of £50,000 to provide a buffer to help provide stability in sustaining salaries for the year, in situation where fee income decreased unexpectedly, without needing to compromise the emergency funds above. 

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: 

- Pupil fees – ability of parents to pay fees in the face of rising costs, may lead to losses of pupils from the school roll, and an increase in hardship and inability to pay the agreed amounts/full fees. 

- Staff retention and recruitment – salaries in the school remain low relative to comparable jobs in mainstream or other independent schools. Staff tend to work in the school because they like the environment and the ethos. Although the school is taking steps to reduce the salary gap, retention and recruitment of quality staff remains a risk. 

- Forthcoming changes to the school structure and potentially to stability, due to pending changes of longserving and experienced staff. 

- Staff morale has been impacted over the past 12 months by a level of parent demand, expectation, judgement and sometimes personal comments that pre-pandemic, were not experienced or considered acceptable. Such occurrences take place in meetings, by email and on social media platforms shared between parents, including WhatsApp. Whilst this appears to be part of a wider trend affecting many schools and may relate to generally higher societal levels of anxiety, there is concern that valued staff may leave the school if this experience continues. 

- Political decisions, such as those that could affect the charity status of the school, or require it to add VAT to school fees. 

- Ofsted inspections – Ofsted carried out a full inspection of the school between 28-30 November 2023, and the school retained it's Good rating. 

- Quality of education being impacted by social-media related influences – the school is able to identify through the work they produce and through their behaviour, the children who have no or very limited access to computers and social media platforms, and those who are regular users. To help address this issue, the school has recently changed/upgraded its expectations of parents in terms of protecting and guiding their children away from Apps, content and media that they are not legally old enough to access. 

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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Investments<br>5<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>6<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>**2,795**<br>**777,896**<br>**1,127**<br>**781,818**<br>**675,686**<br>**675,686**<br>**106,132**<br>**283,968**<br>**106,132**<br>**390,100**|**Total**<br>**funds**<br>**2023**<br>**£**<br>**2,795**<br>**777,896**<br>**1,127**<br>**781,818**<br>**675,686**<br>**675,686**<br>**106,132**<br>**283,968**<br>**106,132**<br>**390,100**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_240_<br>_659,378_<br>_595_<br>_660,213_|
|---|---|---|---|
||||_591,803_<br>_591,803_|
||||_68,410_|
||||_215,558_<br>_68,410_<br>_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**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>13<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>**Net cash used in investing activities**<br>**Cash flows from financing activities**<br>**Net cash provided by financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>14<br>The notes on pages 14 to 24 form part of these financial statements|**2023**<br>**£**<br>**87,355**<br>**(6,859)**<br>**(6,859)**<br>**-**<br>**80,496**<br>**233,700**<br>**314,196**|_2022_<br>_£_<br>_79,394_<br>_(6,332)_<br>**(6,332)**<br>**-**<br>**73,062**<br>_160,638_<br>_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: 

- Long-term leasehold property 10% straight line - Fixtures and fittings 15% reducing balance 

## **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_<br>_funds_<br>_2022_<br>_£_<br>Donations<br>_240_<br>**Income from charitable activities**<br>**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Kindergarten<br>20,278<br>Lower School<br>338,898<br>General<br>31,803<br>Upper School<br>386,917<br>**Total 2023**<br>777,896|_Total_<br>_funds_<br>_2022_<br>_£_<br>_240_|
|---|---|
||**Total**<br>**funds**<br>**2023**<br>**£**<br>**20,278**<br>**338,898**<br>**31,803**<br>**386,917**<br>**777,896**|



## **4. Income from charitable activities** 

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

|Kindergarten<br>Lower School<br>General<br>Upper School<br>_Total 2022_|_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_40,945_<br>_314,457_<br>_46,306_<br>_257,670_<br>_659,378_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_40,945_<br>_314,457_<br>_46,306_<br>_257,670_<br>_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**<br>**funds**<br>**2023**<br>**£**<br>Bank interest<br>1,127<br>_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>Bank interest<br>_595_<br>**6.**<br>**Analysis of expenditure on charitable activities**<br>**Summary by fund type**|**Total**<br>**funds**<br>**2023**<br>**£**<br>**1,127**|
|---|---|
||_Total_<br>_funds_<br>_2022_<br>_£_<br>_595_|
|||



|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Kindergarten<br>32,795<br>Lower School<br>189,456<br>General<br>144,037<br>Premises<br>126,361<br>Upper School<br>183,037<br>**Total 2023**<br>675,686|**Total**<br>**2023**<br>**£**<br>**32,795**<br>**189,456**<br>**144,037**<br>**126,361**<br>**183,037**<br>**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<br>Lower School<br>General<br>Premises<br>Upper School<br>_Total 2022_|_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_29,274_<br>_161,142_<br>_163,982_<br>_89,636_<br>_147,769_<br>_591,803_|_Total_<br>_2022_<br>_£_<br>_29,274_<br>_161,142_<br>_163,982_<br>_89,636_<br>_147,769_<br>_591,803_|
|---|---|---|



## **Summary by expenditure type** 

|Kindergarten<br>Lower School<br>General<br>Premises<br>Upper School<br>**Total 2023**<br>Kindergarten<br>Lower School<br>General<br>Premises<br>Upper School<br>_Total 2022_|**Staff costs**<br>**2023**<br>**Depreciation**<br>**2023**<br>**£**<br>**£**<br>32,192<br>-<br>178,882<br>-<br>71,704<br>5,666<br>18,637<br>-<br>162,002<br>-<br>463,417<br>5,666<br>_Staff costs_<br>_2022_<br>_Depreciation_<br>_2022_<br>_£_<br>_£_<br>_28,801_<br>_-_<br>_157,125_<br>_-_<br>_73,682_<br>_5,448_<br>_1,527_<br>_-_<br>_129,571_<br>_-_<br>_390,706_<br>_5,448_|**Other costs**<br>**2023**<br>**£**<br>603<br>10,574<br>66,667<br>107,724<br>21,035<br>206,603<br>_Other costs_<br>_2022_<br>_£_<br>_473_<br>_4,017_<br>_84,852_<br>_88,109_<br>_18,198_<br>_195,649_|**Total**<br>**2023**<br>**£**<br>**32,795**<br>**189,456**<br>**144,037**<br>**126,361**<br>**183,037**<br>**675,686**|
|---|---|---|---|
||||_Total_<br>_2022_<br>_£_<br>_29,274_<br>_161,142_<br>_163,982_<br>_89,636_<br>_147,769_<br>_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<br>Social security costs<br>Contribution to defined contribution pension schemes|**2023**<br>**£**<br>**426,101**<br>**30,452**<br>**6,864**<br>**463,417**|_2022_<br>_£_<br>_360,799_<br>_24,236_<br>_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**<br>At 1 August 2022<br>Additions<br>At 31 July 2023<br>**Depreciation**<br>At 1 August 2022<br>Charge for the year<br>At 31 July 2023<br>**Net book value**<br>At 31 July 2023<br>_At 31 July 2022_<br>**10.**<br>**Debtors**<br>**Due within one year**<br>Trade debtors|**Long-term**<br>**leasehold**<br>**property**<br>**£**<br>**5,055**<br>**-**<br>**5,055**<br>**5,055**<br>**-**<br>**5,055**<br>**-**<br>_-_|**Fixtures and**<br>**fittings**<br>**£**<br>**78,893**<br>**6,859**<br>**85,752**<br>**44,815**<br>**5,666**<br>**50,481**<br>**35,271**<br>_34,078_<br>**2023**<br>**£**<br>**79,080**|**Total**<br>**£**<br>**83,948**<br>**6,859**<br>**90,807**|
|---|---|---|---|
||||**49,870**<br>**5,666**<br>**55,536**|
||||**35,271**|
||||_34,078_|
||||_2022_<br>_£_<br>_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<br>Accruals and deferred income<br>Deferred income at 1 August 2022<br>Released during the year<br>Balance as at 31 July 2023<br>**Deferred income at 31 July 2023**|**2023**<br>**£**<br>**13,664**<br>**24,783**<br>**38,447**<br>**2023**<br>**£**<br>**(40,359)**<br>**40,359**<br>**24,783**<br>**24,783**|_2022_<br>_£_<br>_11,283_<br>_40,359_|
|---|---|---|
|||_51,642_|
|||_2022_<br>_£_<br>_(721)_<br>_721_<br>_(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**<br>**August 2022**<br>**£**<br>**Unrestricted funds**<br>General Funds<br>**283,968**<br>**Statement of funds - prior year**<br>_Balance at_<br>_1 August_<br>_2021_<br>_£_<br>**Unrestricted funds**<br>General Funds<br>_215,558_|**Income**<br>**£**<br>**781,818**<br>_Income_<br>_£_<br>_660,213_|**Expenditure**<br>**£**<br>**Balance at**<br>**31 July 2023**<br>**£**<br>**(675,686)**<br>**390,100**<br>_Expenditure_<br>_£_<br>_Balance at_<br>_31 July 2022_<br>_£_<br>_(591,803)_<br>_283,968_|**Expenditure**<br>**£**<br>**Balance at**<br>**31 July 2023**<br>**£**<br>**(675,686)**<br>**390,100**<br>_Expenditure_<br>_£_<br>_Balance at_<br>_31 July 2022_<br>_£_<br>_(591,803)_<br>_283,968_|
|---|---|---|---|
||||_Balance at_<br>_31 July 2022_<br>_£_<br>_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)<br>**Adjustments for:**<br>Depreciation charges<br>Increase in debtors<br>Increase/(decrease) in creditors<br>**Net cash provided by operating activities**|**2023**<br>**£**<br>**106,132**<br>**5,666**<br>**(11,248)**<br>**(13,195)**<br>**87,355**|_2022_<br>_£_<br>_68,410_|
|---|---|---|
|||_5,448_<br>_(26,735)_<br>_32,271_|
|||_79,394_|



## **14. Analysis of cash and cash equivalents** 

|Cash in hand<br>**Total cash and cash equivalents**<br>**Analysis of changes in net debt**<br>**At 1 August**<br>**2022**<br>**£**<br>Cash at bank and in hand<br>**233,700**|**2023**<br>**£**<br>**314,196**<br>**314,196**<br>**Cash flows**<br>**£**<br>**80,496**|_2022_<br>_£_<br>_233,700_|
|---|---|---|
|||_233,700_|
|||**At 31 July**<br>**2023**<br>**£**<br>**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<br>Later than 1 year and not later than 5 years|**2023**<br>**£**<br>**93,333**<br>**66,667**<br>**160,000**|_2022_<br>_£_<br>_83,333_<br>_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