**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 2024** 



## **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 - 23|





**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 2024** 

## **Trustees** 

Katharine Lucy Parker, Acting Chair Ann Elizabeth Swain (Resigned 13 May 2024) Katheryn Francesca Smith David Willem Van Marle (Resigned 11 September 2024) Tracy Moulton (Resigned 31 March 2025) Susan House (Appointed 14 November 2023) Simon Dadd (Appointed 1 April 2025) Barbara Bennett (Appointed 1 April 2025) 

## **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 Mandie Tessier - Designated Safeguarding Lead (Stepped down 5 July 2024) Sarah Higgins - Quality of Education (Lower School) Andy Hayward-Rutter - Quality of Education (Kindergarten) (Joined 26 February 2024) Rob Brown, Quality of Education (Upper School) (Joined 1 July 2024) Michael Higgins - Quality of Education (Lower School) (Joined 9 September 2024) Gabrielle Shinton - Safeguarding (Lead DSL) (Joined 9 September 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 2024** 

The Trustees present their annual report together with the financial statements of the company for the 1 August 2023 to 31 July 2024. 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 2023, the Autumn term started with a total of 92 pupils in the school, including 7 overseas visiting students, and by the start of the summer term, there were 106 pupils on the admissions register, including 6 from overseas. 

The school invited parents to attend festivals, such as Martinmas, Mayday, St Johns and the Advent festival, as well as many class plays, parent evenings and exhibitions/presentations of pupils work. 

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** 

We welcomed the year with changes for the start of 2023-24. Ed Smith joined us to teach crafts and outdoor curriculum/gardening across the school, with Adam Dyson joining as a permanent member of our upper school staff, teaching maths and some physics. 

In November 2023, the School received its long-expected Ofsted inspection which was supported by teachers, trustees, students and their parents. We were delighted with the outcome of ’Good’ across all areas with an overall classification of ‘Good’, and recognise the effort and support from all areas that got us there. Whilst carrying out the routine school inspection, Ofsted were tasked with carrying out the Material Change inspection, as required when a school applies to change its nominated Chair of Trustees. 

In the spring term Tracy Moulton was confirmed as the new Chair of Trustees which allowed Ann Swain, who had loyally held the role and associated responsibilities for over 5 years, to focus on her role of SENDCo within the school. Sue House, a neighbour and friend to the school joined the trustee body. 

Page 2 



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

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** 

## **Achievements and performance (continued)** 

The summer term involved three farewells to staff: Jacqui Armour, long-standing DSL retired, and Naomi Pratt, teacher of the past 6 years for Ash class, left the school at the end of the summer term. Sarah Higgins, having just had Rowan class graduate from the lower to upper school, stepped in to become the new Ash Class teacher. Mandie Tessier, our full-time DSL since June 2023, sadly had a change in circumstances and also left at the end of the summer term. However, before Mandie left, the school was able to appoint Gabrielle Shinton, who is our current Designated Safeguarding Lead. 

The school started the year with 92 registered pupils including 7 overseas students but by the end of the year numbers had grown to 106 registered (including 10 overseas), with the largest classes being secondary age and the younger school classes and kindergarten remaining relatively small in numbers. 

All the trips, outings and festivals ran in their usual smooth way as well as class plays and performances/ recitals, as well as the addition of the summer fair supported by parents which was a source of fun for those in attendance. 

The end of the year marked the start of a new government in the UK.  And with a new government came the unwelcome news that VAT would be applied to private school fees from January 2025. 

Income for the year ending 31 July 2024 was £732,658 (2023: £781,818), expenditure was £773,427 (2023: £675,686), creating a deficit of £40,769 (2023: surplus of £106,132). Closing funds were therefore £349,331 (2023: £390,100). 

## **Financial review** 

## **a. Going concern** 

Throughout the academic year 2023-24, numbers remained fairly consistently around the 100-pupil mark, with the largest classes being those with pupils of secondary school age. 

There continue to be good numbers of overseas visiting students.  The school hosted 23 pupils over the course of the year, 22 of who stayed for periods of half a term or longer. The demand for places for overseas students currently exceeds the capacity of the school to host them, partly because of the shortage of families to accommodate them. Additionally, overseas pupils generally wish to visit around age 15-17, and the classes they would join are already well subscribed by UK-based pupils. 

The overseas students are a true asset to the school, as they bring with them diversity of culture, language and outlooks, and our regular pupils benefit from them and often form lasting relationships that go beyond the visiting student pupils’ stay at the school. 

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 2024, total funds amount to £349,331 (2023: £390,100). The charity has unrestricted reserves of £349,331 (2023: £390,100) and restricted reserves of £Nil (£2023: £Nil). Free reserves, which comprise the unrestricted current assets less liabilities of the charity, at 31 July 2024 were £315,798 (2023: £354,829). 

Page 3 



## **THE NORFOLK INITIATIVE STEINER SCHOOL** 

## **(A company limited by guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** 

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 2025, the school aims to build reserves to a sum of £350,000 - £400,000. This amount would be sufficient to cover several eventualities that could occur in isolation, simultaneously or with one creating a 'domino effect' for the next. 

As projected, the school reserves, which have previously been slowly accumulating, were called upon in a planned way, during the course of the academic year. This was to allow the school to increase staff salaries more in line with inflation, and in order to retain staff, whilst raising fees at rate lower than would be needed to keep pace with the rising costs. 

The school expects to continue drawing on its reserves in 2024-25, due largely to the changes in government policy and additional costs relating to the imposition of VAT on school fees, rising national insurance and minimum wage requirements, and the threat of removing the rates relief that hitherto has kept the building rates at an affordable cost. These issues are explored in c. and d. below. 

## **c. Financial impact of significant events** 

There have been a number of significant events, that are beyond the school’s control, but that impact on its financial wellbeing and on the ability of parents to continue to afford paying school fees. The new government policy to require private schools to charge VAT on school fees has impacted the school negatively in a number of ways. 

These have included additional direct costs to the school through having to move from simple spreadsheet management of finances, to investing in expensive and time-consuming IT accountancy software, to paying for additional accountancy advice and tax investigation insurance, as well has having a significant impact on the amount of time administrative staff have to invest in maintaining these systems and producing tax returns. 

There has also been an impact on the ability of families to pay the fees, and this is expected to become more apparent from September 2025, when VAT will be payable on the whole year fees. 

The increased employer NI contributions and higher-than-usual raising of the national living wage, whilst welcome in some ways, are also impacting on the school, both in terms of affordability for this small social enterprise, and in terms of expectations of staff who are on already low salaries, albeit above the level of national minimum wage. 

These, and additional 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 2024** 

## **d. Principal risks and uncertainties** 

Key risks to the school include: 

- Pupil fees – the school needs to raise fees sufficiently to meet the rising costs; however, these increases alongside the requirement on parents to pay an additional 20% VAT on fees, raises concern about the affordability of the education for many parents. However, as VAT is here to stay and is not a temporary issue, there is little capacity within the school to offer reduced fees to help absorb the VAT liability to parents. The school already runs on a small margin, and any VAT relief offered to parents, has then to be met by using school reserves, which is clearly not sustainable. 

- Staff retention and recruitment – whilst the school is working hard to increase salaries, these remain low relative to comparable jobs in mainstream or other independent schools, and the risk remains that staff may be hard to retain. Whilst staff have indicated they love work in the school environment and ethos offered by the school, they require salaries appropriate to the cost of living if they are to remain in the school’s employment. For this reason, and despite concerns regarding affordability of fees, the school is proposing to raise school fees from 2025 to a level which remains above the level of inflation. 

- The school has benefitted from the long-term employment of a group of staff, a number of whom have been working in or for the school since its foundation in 2005. Many of these staff are now reaching an age and stage of life where it is necessary to step back and for the next generation of staff to step up. Whilst the school is fortunate in having a motivated, younger generation who are committed to the school, the changes in responsibility and the loss of organizational memory and experience, may create temporary destabilization. 

- Staff morale has generally improved over the past 12 months, and the school is thankful to parents for taking on board concerns raised by staff about the level of expectation and sometimes personal comments that were previously undermining their sense of well-being. 

- Whilst the exact details are yet to be confirmed, the Government has strongly indicated its intention to remove rates relief for private schools. If applied, the rates bill to the school could increase from just under £6,000 per annum, to nearly £30,000 per year. For a school with marginal finances, this scale of increased cost, alongside the other costs of NI, national minimum wage, IT systems and insurances, and ongoing rising costs of other services (gas, electric), could push the school over the edge of financial viability. 

- Reclaiming of Input Tax – whilst VAT registered businesses are able to reclaim VAT on purchases, in practice and due to complex rules over reclaiming input VAT, the amount of VAT Norwich Steiner School will be able to reclaim, is minimal. 

- 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. 

Page 5 



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

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** 

## **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 3 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 February 2025. 

Page 6 



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

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** 

## **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 2024** 

**Structure, governance and management (continued)** 

## **c. Organisational structure and decision-making policies** 

The School has an active, albeit small, 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 November 2023, when the school was judged by Ofsted Inspectors to be GOOD. The next standard Ofsted Inspection being due in 2026. 

## **d. Pay policy for key management personnel** 

The school has a flat structure in terms of pay and remuneration. 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
IA company limited by guarantee)
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 JULY 2024
statement ol Trust8es' rn8pon8ibilltie8
The Trustees (who are also the directors of the company for the purposes of company lawl are responsible for
preparing the Truslees, report and the financial stalemenls in accordance with applicable law and United
Kingdom Accounting Standards Iunrted ￿'ngdoM Genefalty Accepted Accounb'ng Pfacts'cel.
Company law requires the Trustees lo prepare financial ststements for each financial . Under company18w, the
Trustees mu81 not approve the financial slalemenls unless they are Satisfied that they give a true and fair view of
the stale of affairs of the company and of its Incoming resources and application of resour¢es, including ils
Income and expenditure, for tho1 peric*J. In preparing these financial slalemenls, the Trustees are required lo..
$elKI suitable accoLbnling policies and then apply them consislenlly.,
observe the methods and principles of the Charities SORP IFRS 1021..
make judgments and accounting eslimales that are reasonable and prudent.,
slate whèther applicable UK A￿untIng Standards IFRS 102} have been foll¢)wed, subj'ect to any material
departures disclosed and explained in the financial slalemenls..
prepare the tinancial slalemenls on the going concem basis unle88 11 is inappropriate to pro¥ume that the
company will continue in business.
The Trustses are responsible for keeping adequate a¢¢ounting records that are sufficient lo show and explain
the company's transact￿nS and disclose with reasonable accuracy al any lime the financial position of the
company and enable them to ensure that the financial statements comply wrth the Companies Act 2006. They
are also re$pon$ibb for safeguarding the assets of Ihe company and hence for toking reasonable steps for the
prevention and deteclion of fraud and other irregularikn"6s.
Approved by order of the members of the board of Trustees and signed on their behalf by..
kLfr
Kath
n• Lucy P•rk•r
Acting Chair
-ATA
Dale.. 11
Page 9

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

## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024** 

## **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 2024. 

## **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: 24 April 2025 

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 2024** 

|**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>**2024**<br>**£**<br>**374**<br>**729,522**<br>**2,762**<br>**732,658**<br>**773,427**<br>**773,427**<br>**(40,769)**<br>**390,100**<br>**(40,769)**<br>**349,331**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**374**<br>**729,522**<br>**2,762**<br>**732,658**<br>**773,427**<br>**773,427**<br>**(40,769)**<br>**390,100**<br>**(40,769)**<br>**349,331**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_2,795_<br>_777,896_<br>_1,127_<br>_781,818_|
|---|---|---|---|
||||_675,686_<br>_675,686_|
||||_106,132_|
||||_283,968_<br>_106,132_<br>_390,100_|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 14 to 23 form part of these financial statements. 

Page 11 



THE NORFOLK INITiATPIE STEINER SCHOOL
IA Company limited by guarantee)
REGISTERED NUMBER: IM815492
BALANCE SHEET
AS AT 31 JULY 2024
2024
2023
Note
Flxod ao90ts
Tangible assets
Currnnt a88•ts
10
33.533
35.271
Debtor8
Cash al bank and in hand
11
112,257
235,666
79,080
314, 196
347,922
393,276
Cr¢ditors.' amounts falling due within one
year
12
132,1241
(38,447)
Not curr•nt aosots
315.798
354,829
Total as••ts l••s curr•nt1Sabllltl
349.331
390, 100
Total not a•8•t•
349.331
390, 100
Ch•rity funds
Reslricled Funds
Unrestricted funds
13
349.331
390, 100
Total fund•
349.331
390. 100
The company was enlilknl lo exempts'on from audrt under seC￿n 477 of the Companies Act 20C6.
The members tt8ve not required the company to obtsin an audit for the year in queslH)n in accy)rdance with
8ectK)n 476 of Companies Act 20(￿.
The Trustees acknowledge their responsibilities foi cOmpl￿ng wilh the requirements of the Act with respect lo
accountsng ￿e0rd$ and preparation of financ￿1 statements.
The financial statements have been prepared in accordance wth the provisions applicable to entities subject lo
the small companies regime.
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Kath
ng Lucy Parker
Acting Chair
Date.. .2 2
The notes on pages 14 to 23 fomi 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 2024** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>14<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>15<br>The notes on pages 14 to 23 form part of these financial statements|**2024**<br>**£**<br>**(74,674)**<br>**(3,857)**<br>**(3,857)**<br>**-**<br>**(78,531)**<br>**314,196**<br>**235,665**|_2023_<br>_£_<br>_87,355_<br>_(6,859)_<br>**(6,859)**<br>**-**<br>**80,496**<br>_233,700_<br>_314,196_|
|---|---|---|



Page 13 



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

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** 

## **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** 

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 2024** 

## **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 2024** 

## **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**<br>**funds**<br>**2024**<br>**£**<br>Donations<br>374<br>_Total 2023_<br>_2,795_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**374**<br>_2,795_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_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 2024** 

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

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Kindergarten<br>29,446<br>Lower School<br>391,413<br>General<br>24,022<br>Upper School<br>284,641<br>**Total 2024**<br>729,522<br>_Total 2023_<br>_777,896_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**29,446**<br>**391,413**<br>**24,022**<br>**284,641**<br>**729,522**<br>_777,896_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_20,278_<br>_338,898_<br>_31,803_<br>_386,917_<br>_777,896_|
|---|---|---|
||||



Fees are stated after the write off of £540 of bad debts (2023: £5,178). 

## **5. Investment income** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Bank interest<br>2,762<br>_Total 2023_<br>_1,127_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**2,762**<br>_1,127_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_1,127_|
|---|---|---|
||||



Page 17 



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

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** 

## **6. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Kindergarten<br>42,643<br>Lower School<br>204,079<br>General<br>175,449<br>Premises<br>166,114<br>Upper School<br>185,142<br>**Total 2024**<br>773,427<br>_Total 2023_<br>_675,686_|**Total**<br>**2024**<br>**£**<br>**42,643**<br>**204,079**<br>**175,449**<br>**166,114**<br>**185,142**<br>**773,427**<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 2024 and 2023, all costs are in respect of activities undertaken directly. 

## **Summary by expenditure type** 

|Kindergarten<br>Lower School<br>General<br>Premises<br>Upper School<br>**Total 2024**<br>_Total 2023_|**Staff costs**<br>**2024**<br>**Depreciation**<br>**2024**<br>**£**<br>**£**<br>41,619<br>-<br>197,413<br>-<br>101,042<br>5,595<br>18,336<br>-<br>166,059<br>-<br>524,469<br>5,595<br>_463,417_<br>_5,666_|**Other costs**<br>**2024**<br>**£**<br>1,024<br>6,666<br>68,812<br>147,778<br>19,083<br>243,363<br>_206,603_|**Total**<br>**2024**<br>**£**<br>**42,643**<br>**204,079**<br>**175,449**<br>**166,114**<br>**185,142**<br>**773,427**<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_|
|---|---|---|---|---|
||||||



## **7. Independent examiner's remuneration** 

The independent examiner's remuneration amounts to an independent examiner fee of £2,720 ( _2023_ - _£2,640_ ). 

Page 18 



## **THE NORFOLK INITIATIVE STEINER SCHOOL** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** 

## **8. Staff costs** 

|Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension schemes|**2024**<br>**£**<br>**479,999**<br>**36,043**<br>**8,427**<br>**524,469**|_2023_<br>_£_<br>_426,101_<br>_30,452_<br>_6,864_|
|---|---|---|
|||_463,417_|



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

||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Average number of employees|**25**|_22_|



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 £152,300 (2023: £84,139). 

## **9. 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) up to the point of their resignation as a Trustee, and the value of the remuneration was as follows: 

|||**2024**|_2023_|
|---|---|---|---|
|||**£**|_£_|
|Ann Elizabeth Swain|Remuneration|**5,938**|_7,260_|



During the year ended 31 July 2024, travel expenses totalling _£_ 96 were reimbursed or paid directly to 2 Trustees _(2023 - £NIL_ ). 

Page 19 



## **THE NORFOLK INITIATIVE STEINER SCHOOL** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** 

## **10. Tangible fixed assets** 

|**Cost**<br>At 1 August 2023<br>Additions<br>At 31 July 2024<br>**Depreciation**<br>At 1 August 2023<br>Charge for the year<br>At 31 July 2024<br>**Net book value**<br>At 31 July 2024<br>_At 31 July 2023_<br>**11.**<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>**85,752**<br>**3,857**<br>**89,609**<br>**50,481**<br>**5,595**<br>**56,076**<br>**33,533**<br>_35,271_<br>**2024**<br>**£**<br>**112,257**|**Total**<br>**£**<br>**90,807**<br>**3,857**<br>**94,664**|
|---|---|---|---|
||||**55,536**<br>**5,595**<br>**61,131**|
||||**33,533**|
||||_35,271_|
||||_2023_<br>_£_<br>_79,080_|



Page 20 



## **THE NORFOLK INITIATIVE STEINER SCHOOL** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** 

## **12. Creditors: Amounts falling due within one year** 

|Other creditors<br>Accruals and deferred income<br>Deferred income at 1 August 2023<br>Released during the year<br>Balance as at 31 July 2024<br>**Deferred income at 31 July 2024**|**2024**<br>**£**<br>**18,119**<br>**14,005**<br>**32,124**<br>**2024**<br>**£**<br>**24,783**<br>**(24,783)**<br>**14,005**<br>**14,005**|_2023_<br>_£_<br>_13,664_<br>_24,783_|
|---|---|---|
|||_38,447_|
|||_2023_<br>_£_<br>_(40,359)_<br>_40,359_<br>_24,783_|
|||_24,783_|



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

## **13. Statement of funds** 

## **Statement of funds - current year** 

|**Balance at 1**<br>**August 2023**<br>**£**<br>**Unrestricted funds**<br>General Funds<br>**390,100**<br>**Statement of funds - prior year**<br>_Balance at_<br>_1 August_<br>_2021_<br>_£_<br>**Unrestricted funds**<br>General Funds<br>_283,968_|**Income**<br>**£**<br>**732,658**<br>_Income_<br>_£_<br>_781,818_|**Expenditure**<br>**£**<br>**Balance at**<br>**31 July 2024**<br>**£**<br>**(773,427)**<br>**349,331**<br>_Expenditure_<br>_£_<br>_Balance at_<br>_31 July 2022_<br>_£_<br>_(675,686)_<br>_390,100_|**Expenditure**<br>**£**<br>**Balance at**<br>**31 July 2024**<br>**£**<br>**(773,427)**<br>**349,331**<br>_Expenditure_<br>_£_<br>_Balance at_<br>_31 July 2022_<br>_£_<br>_(675,686)_<br>_390,100_|
|---|---|---|---|
||||_Balance at_<br>_31 July 2022_<br>_£_<br>_390,100_|



Page 21 



## **THE NORFOLK INITIATIVE STEINER SCHOOL** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** 

## **14. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income/expenditure for the period (as per Statement of Financial<br>Activities)<br>**Adjustments for:**<br>Depreciation charges<br>Increase in debtors<br>Decrease in creditors<br>**Net cash (used in)/provided by operating activities**|**2024**<br>**£**<br>**(40,769)**<br>**5,595**<br>**(33,177)**<br>**(6,323)**<br>**(74,674)**|_2023_<br>_£_<br>_106,132_|
|---|---|---|
|||_5,666_<br>_(11,248)_<br>_(13,195)_|
|||_87,355_|



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

|Cash in hand<br>**Total cash and cash equivalents**|**2024**<br>**£**<br>**235,665**<br>**235,665**|_2023_<br>_£_<br>_314,196_|
|---|---|---|
|||_314,196_|



## **16. Analysis of changes in net debt** 

||**At**|**1 August**||**At 31 July**|
|---|---|---|---|---|
|||**2023**|**Cash flows**|**2024**|
|||**£**|**£**|**£**|
|Cash at bank and in hand||**314,196**|**(78,531)**|**235,665**|



## **17. 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 £8,427 (2023: £6,864). Pension contributions of £Nil (2023: £Nil) were outstanding at the year end. 

Page 22 



## **THE NORFOLK INITIATIVE STEINER SCHOOL** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024** 

## **18. Operating lease commitments** 

At 31 July 2024 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<br>Later than 5 years|**2024**<br>**£**<br>**100,000**<br>**400,000**<br>**71,667**<br>**571,667**|_2023_<br>_£_<br>_93,333_<br>_66,667_<br>_-_|
|---|---|---|
|||_160,000_|



## **19. 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 2024. 

Page 23