THE RINGWOOD WALDORF SCHOOL COMPANY NUMBER: 08645246 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Introduction The Trustees present their annual report and the audited financial statements for the year ended 31 August 2024. The legal and administrative information set out on below forms part of this report. The financial statements comply with current statutory requirements. the Memorandum and Articles of Association, the requirements of the Charities Act 2011, the Charities SORP (FRS 102) and the Companies Act 2006. Reference and administrative details The organisation is a charitable company limited by guarantee, incorporated on 9 August 2013 and registered as a charity on 25 September 2014. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its articles of association. Registered Company Number Registered Charity Number 08645246 1158673 Principal I registered address Ringwood Waldorf School, Folly Farm Lane. Ashley, Ringwood, Hampshire. BH24 2NN Directors l Trustees during the year and to date: S Wilson-Devane (resigned 20 Aug 2024. reappointed 5 Sep 2024,. resigned 18 Nov 2024) E Wilmar (resigned 30 Sep 2023) A Walker (resigned 30 May 2024) R Jukes (resigned 25 Aug 2024) G Patrick H Vekria A Dunford (appointed 25 Mar 2024) D Samann (appointed 25 Mar 2024) S Crook (appointed 25 Mar 2024) L Dawes (appointed 12 Nov 2024) P Coote (appointed 20 Nov 2024) A Mantzouratou (appointed 20 Nov 2024) Bankers Triodos Bank, Deanery Road, Bristol, BS15AS Lloyds Bank, 25 Gresham St, London EC2V 7HN. Auditors Knight Goodhead Limited. 7 Bournemouth Road, Chandler's Ford, Eastleigh, Hampshi. S053 3DA
RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Structure Govemance and Mana ement Governing Document The charity operates under a Memorandum and Articles of Association. Appointment, Retirement and Training of the Trustees There are currently eight active trustees. We welcome additional suitable trustees to join. Interested parties are welcome to contact us by email to find out more about becoming a trustee. The Trustees retire by rotation after three years of service, but may offer themselves for reappointment at the annual meeting of the members of the association. Trustees take a break from offi'ce every six years, unless it is deemed by the Trustees to be in the Interests of the Charity that they remain. Members We invite all parents and guardians of pupils in the school to become members of the charity. Membership is also open to other individuals connected to the school. The members will be consulted as appropriate on matters related to the school and will be invited to the school's annual general meeting. The trustees welcome views and ideas from members for the wellbeing of the school. Governance of the Charity The trustees have specific roles underpinned by the requirements of the Charity Commission, Department for Education and the school's Articles of Association. The Deparlment for Education also holds the Board accountable for some areas of school operation. The board has overall accountability for governance, operation, finance, and each trustee is assigned responsibilities based on herlhis skills and experience. Leadership in the School The responsibility for strategic operational leadership of the school is held by the School Leadership Team (SLT), who delegate day to day management of the school to the School Management Team {SMT), whose members are made up entirely of staff. The Management Team is chaired by the School Lead. The leadership and management areas of responsibility cover operational areas such as cufficulum, quality of education. human resources, finance, safeguarding, administration, data protection, health and safety and communication.
RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Students The students of the whole school are the major stakeholders and all the activities are carried out in their interest and for their benefit. There are currently around 254 students (Dec 2024) and the school has capaGlty for more in most classes. Efforts are made to increase the total number of students at the school. Parents and Community Group The community group is run by the parents. It is responsible for organising events and raising funds for the school. Their work is essential both in terms of supporting the school and creating a close and caring community. The school is fortunate to benefit from a very supportive, dedicated and committed group of parents who 0ft8n give their time and lend skills to further enhance the school. They help the school in many areas including maintenance, gardening, cleaning and fundraising. Equally important they are creating a viable and caring school community and their work is very much appreciated, as their involvement with the school creates an abundant Cultu of support. Risk Management The Trustees have given consideration to the major risks to which the charity is exposed, as set out in these reports. and are satisfied that systems and procedures are in place to manage those risks or that action is being taken to estsblish such systems and procedures. cts of the Charit Our Objective The charitable aim of the school is the advancement of education for the public benefit. Our objective is to offer a broad and balanced curriculum for Ghildren up to 18 years of age, according to the principles of Dr Rudolf Steiner (1861-1925). We endeavour to support those connected with the school to engage with the activities. experience the cultural benefits and further understand the purpose behind our Waldorf Education offer.
RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Our Wision We aim to provide an educational environment where each student can develop and fulfil his or her potential, building their Self-confiden and instilling a desire to contribute to the wider community. In doing so, we prepare our students for the opportunities. responsibilities and experiences of later life. Dynamic and responsive to the needs of our community, we are focused on becoming a ntre of excellence for Steiner Waldorf Education in the UK. Background In May 2015, Ringwood Waldorf School devolved from The Shelling Trust and became an independent charity. Today the school provides Steiner Waldorf Education to approximately 250 pupils supported by a parent and child group, and is a full member of the Steiner Waldorf Schools Fellowship in the UK. The history of the school goes back to 1974 when Christine Polyblank founded the school with just 6 pupils. providing Steiner Waldorf education. Situated on the DorseVHampshire border, close to the river Avon and the New Forest, the school enjoys purpose-built facilities for teaching and recreation and a separate kindergarten for younger children. The social practices of the school are based on the 'Three-fold Social Order 'as developed by Rudolf Steiner. The Three-fold Social Order recognises and distinguishes between cultural, legal and economic realms of society and describes relationships between them. This also underpins the educational aims and the management practices in the school. Public Benefit As an independent school. Ringwood Waldorf School is totally reliant for incorne on parental contributions, donations and the proceeds of fundraising activities. The parental contributions are dedicated to the whole community for the benefit of all to enable the education of the children and, over time, to meet the agreed Community Development Goals. An important part of the school's philosophy is that, where possible, the education should be open to, and affordable for all applying families that demonstrate a connection to and understsnding of the education.
RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Achievements and Performance As an independent school, Ringwood Waldorf School is totally reliant for income on parental contributions, donations and the proceeds of fundraising activities. The parental contributions are dedicated to the whole community for the benefit of all to enable the education of the children and, over time. to meet the agreed Community Development Goals. An important part of the school's philosophy is that. where possible. the education should be open to. and affordable for all applying families that demonstrate a connection to and an understanding of the education. We have maintained a good financial position in the past year and took the decision to raise staff salaries in September 2024 by 7.50/0 This was a big step towards our objective. We are long term budgeting for further increases in our basic salary to raise the standards of living for our staff. We achieved a small profit, which was due to continued engagement with the school community and creating efficiencies via the financial policies that have been put into pla over the last couple of years. We are confident that the school is running on a stable trajectory currently and ensuring the reserves policy is met. Running concurrently to the main school budget, we have community events to fundraise for our 'Development Fund,. This is an allocated pot of money administered by the community group to support building projects, and occasional spending on elements that will further offer the school. We are lucky enough to have an engaged parent group experienced in fundraising who have set up a specific fundraising charity to support the needs of the school through targeted funding claims from national and international funding bodies. The fundraising efforts are aligned with the School Management's plan for long term development of the school. Sept 24, we saw the fruits of our investment in the kindergarten project. We had a healthy number in Class 1, furthermore the potential students for Sept 25 and Sept 26 are looking promising. This gives us great Confiden to build towards the next stage of our school growth. The 'little kindy, has been completed and thriving with a healthy intake. At the time of writing this report (Dec 24), the target number of children was at 250. The challenge we face currently is the impending changes to the independent schools due to the budget chang8s in Oct 24. We will see a rise in our families costs due to the Jan 25 levy of VAT on school fees, the school will see an increased cost of Nl and an uplift in business rates. These are all challenges which with the help of the community and our reserve funds we should be able to overcome.
RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Future Plans At the other 'end' of the school we are beginning to cost and scope the school extension project to complete Kier Polybank's vision for a whole purpose built school. The current upper school buildings have planning permission to expand into a two-story block of classrooms. We will continue to strengthen the financial situation of the school whilst supporting our school community in overcoming the challenges they face with VAT and high interest rates. The school board has made a concerted effort to increase our school reach to the wider public by investing in marketing greatly. We are confident this will attract more pupils into our school. We have the staff structure to support this growth. We will continue to ensure the salaries increase annually, this is a commitment we wholeheartedly support and will do everything we can to manage this whilst maintaining the financial viability of the school. In addition to all the important things we are already doing in the school on a day to day basis, the trustees will give special attention to the following four key priorities: 1. Further develop the quality of all staff and hence our education by strengthening our HR and performance management, with a focus on the Upper School for 2025. 2. Increase the income of the school in order to ensure that we have a healthy (small surplus) financial situation.. aiming for at least 11 new pupils each year. 3. Continue to implement a clear management, governance and organisational structure for RWS. 4. Be compliant with applicable regulations and guidelines and return the school to an Ofsted rating of 'Good'. Financial review For the financial period ended 31 August 2024 the charity made a surplus of £47,478 (2023: deficit of £57,551). Funds at 31 August 2024 total £3,377,875 (2023.. £3,330.397) of which £3,038,059 relate to designated funds (mainly represented by property). General funds total £339,816 (2023: £300,987) which represents two to three months, worth of expenditure.
RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Reserves Polic In order to be able to pay the short-term liabilities (less than 3 months) the trustees aim to have a minimum amount of Gash available at any moment in time of at least three months, costs. Over the years we have been wnning on a costs basis of around £1,600,000 per year. Based on these historic numbers we aim to hold a minimurn amount of £400,000 in cash on the schools Gash accounts. On 31 August 2024 the cash at bank and in hand was £436,687, meeting this target. statement of Res onsibilities of the Trustees The trustees are responsible for preparing the annual report and the financial statements in accordan with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP). The trustees are required to prepare the annual report and financial statements for each financial year, whiGh give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of reSoUrs, including income and expenditure, for the period. In preparing those financial statements the trustees are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on a going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records which disclose with reasonable acGuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iThegularities. So far as the trustees are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware. Each trustee has taken all the steps that he ought to have taken as trustee in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that infonnation.
RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies, and complies with the charity's governing docurnent and The Statement of Recommended Practice: Accounting and Reporting by Charities using FRS 102. Approved by the trustees and signed on their behalf by: Harry Vekria On behalf of the Board of Trustees lÈf
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RINGWOOD WALDORF SCHOOL OPINION We have audited the financial statements of The Ringwood Waldorf School for the year ended 31 August 2024 on pages 13 to 25, which comprises the Statement of Financial Attivities, the Balance Sheet, the Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion: the accounts give a true and fair view of the state of the charitable company'5 affairs as at 31 August 2024 and of the income and expenditure of the company for the year then ended; the accounts have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and the accounts have been properly prepared in accordance with the requirements of the Companies Act 2006. BASIS FOROPINION We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accou nting in the prepa ration of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectivelyi may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RINGWOOD WALDORF SCHOOL OTHER INFORMATION The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial staternents does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incDn51Stent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatement5, we are required to determine whether there is a material mi55tatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. mAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not obtained all the information and explanations nece55ary for the purposes of our audit. RESPONSIBILITIES OF THE TRUSTEES As explained more fully in the statement of responsibilitie5 of the trustees set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 10
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RINGWOOD WALDORF SCHOOL OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed 35 auditor under Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will alway5 detect a material misstatement when it exi5t5. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitie5, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regu lations. We identified the laws and regulations applicable to the charitable company through discussions with trustees and other management and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and reEulations. To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance", and enquiring of management as to actual and potential litigation and claims. 11
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RINGWOOD WALDORF SCHOOL There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at: www.frc.org.uk. This description forms part of our auditorfs report. Knight Goodhead Limited is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companie5 Act 2006. USE OF OUR REPORT This report is made solely to the charitable companTrls members, as a body, in accordance with section 1212 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companrfs members those matter5 we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other than the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. U GOODHEAD FCA Senior Statutory Auditor For and on behalf of: 1¢ 2A)L KNIGHT GOODHEAD LIMITED Statutory Auditor and Chartered Accountants 7 Bournemouth Road Chandler's Ford Eastleigh Hampshire S053 3DA 12
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 (including Income and expenditure account) 2024 Total Funds 2023 Total Funds Unrestritted Funds Restricted Funds Note5 INCOME Voluntary income 51,535 51,535 60,103 Charitable activities 1,566.083 1,566,083 1,487,867 Investment income 11,695 11,695 2,723 TOTAL INCOME 1,629,313 1,629,313 1.550.693 EXPENDITURE Fundraising costs 12,377 12,377 4,064 Charitable activities 1.569,458 1,569,458 1.604,180 TOTAL EXPENDITURE 1,581A35 1,581,835 1.608.244 NEf INCOME / (EXPENDITURE) FOR YEAR 47,478 47,478 (57,5511 Transfer5 between funds li NEf MOVEMENT IN FUND5 FOR YEAR 47N78 47.478 {57.5511 FUNDSAT I SEPTEMBER 2023 3,330,397 3,330,397 3.387.948 FUNOSAT 31 AUGUST 2024 3.377,875 3,377,875 3,330.397 All of the above results are derived from continuing operations. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 11 to the financial 5tatement5. Comparative fi8ure5 are all unrestricted. 13
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) COMPANY NUMBER: 08645246 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note5 FIXED ASSErs Tangible fixed assets 3,338,737 3,348,417 CURRENT ASSErs Debtors Cash at bank and in hand 99,764 436,687 78.234 398,447 536,451 476,681 CREDITORS-. amounts falling due within one year 1216,7401 1201.0081 NET CURRENT ASSETS 319,711 275,673 TOTAL ASSETS LESS CURRENT LIABILITIES 3,658,448 3,624.090 CREDITORS= amounts due after more than one year io 1280,5731 1293,6931 NET ASSETS 3.377,875 3,330,397 FUNDS Unrestricted funds General funds Designated f unds Total unrestricted funds li 339,816 3,038,059 300,987 3,029.410 li 3.377,875 3,330,397 TOTAL FUNDS 3.377,875 3,330,397 Approved by the board of trustees on and signed on its behalf by Trustee Gvaf*4< 14
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES 79,822 (11,9201 CASH FLOWS FROM INVESTING ACTIVITIES Interest received 11,695 2.723 CASH FLOWS FROM FINANCING ACTIVITIES Purchase of fixed assets Repayrnents of borrowing 141,147} 112,130) 132,5431 113,0871 NET CASH FLOW 38,240 154,827) Change in cash and cash equivalents in the year 38,240 154,827) Cash and cash equivalent at start of the year Cash and cash equivalents at the end of the year 398,447 436,687 453,274 398,447 NOTES TO THE CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income / lexpenditurel for the year Interest received Depreciation Decreasellincrea5el in debtors Increase in creditors 47,478 111,695) 50,827 121.530) 14.742 157,5511 12,7231 44.173 {6,5851 10,766 Net cash flow from operating activities 79.822 (11,9201 2 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand 436,687 398.447 15
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 Atl Non cash At31 3 ANALYSIS OF CHANGES IN NET DEBT Sept 2023 Cash flows movements Aug 2024 Cash at bank and in hand 398,447 38,240 436,687 Debt due within one year Debt due after one year 112,170) 1293.6931 12,130 113,120) 13,120 113,160} 1280,5731 92,584 50,370 142,954 16
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES al Accounting convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companie5 Act 2006. The charity meets the definition of the public benefit entity under FRS 102. Assets and liabilities are initiallv recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The accounts have been prepared on the going concern basis. There are no material uncertainties about the charity's ability to continue. bl Income Fees and contribution5 are accounted for in full in the statement of financial activities when receivable. Fees received in advance are deferred and released in the subsequent accounting period. Donations and legacies are received by way of donations and gifts and are included in full in the statement of financial activities when receivable. Grants are recognised in full in the statement of financial activities in the year in which they are receivable. cl Expenditure Expenditure is reco8nised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered. Fundraising costs relate to the costs incurred by the charitable company in raising funds for the charitable work. 17
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES Icontinuedl dl Tangible fixed assets Items of equipment are capitalised where the purchase price exceed5 £500. Depreciation costs are allocated to activities on the basi5 of the use of the related assets in those activitie5. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Depreciation is provided at rates calculated to write down the cost of each a55et to its estimated residual value over it5 expected useful life. The depreciation rates in use are as follows: Freehold land and buildings Fixtures, fittings & equipment Motor vehicles 50 years straight line on buildings 3 years straight line 25% reducing balance e) Provisions Provisions are set up only where it is probable that a present obligation exists a5 a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated. fj Funds Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund together with a fair allocation of management costs and overheads. Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity. g} Pension commitments The charity operates a defined contributions pension scheme in accordance with the National Employment Savings Trust IN ESTI. Contributions are charged in the accounts as they becorne payable in accordance with the rule5 of the scheme. 18
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 2 LEGAL STATUS The charity is a company lirnited by guarantee and has no share capital. The charitable company was incorporated on 9 Au8U5t 2013 in England and Wales and was registered on 25 September 2014 with the Charity Commission in England and Wale5. The charity is a public benefit entity. The re8lStered office of the charitable company is Ringwood Waldorf School, Folly Farrn Lane, Ashley, Ringwood. Hampshire, BH24 2NN. 3 INCOME Unrestricted funds Restrlcted funds 2024 Total funds 2023 Total funds DONATIONS AND LEGACIES General donation5 Community support Parents and Friend5 15.772 15.941 19,822 15,772 15,941 19,822 24,620 18,240 17,243 Totol donations and legacie5 51,535 51,535 60.103 CHARITABLE AcfiviTIES Fees and contributions Trips income Other income 1,474,624 69,731 21,728 1,474,624 69,731 21,728 1.391.653 71.783 24.431 Totol charitable octivities 1,566,083 1,566,083 1,487,867 INVESTMENT INCOME Investment income 11,695 11,695 2,723 TOTAL INCOME 1,629,313 1.629.313 1,550,693 19
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 4 EXPENDITURE Unrestrlcted funds Restrirted funds 2024 Total funds 2023 Totsl funds FUNDRAISING COSTS Fundraising and publicity 12.377 12,377 4.064 CHARITABLE ACtIVlTIES Employed staff costs (see note 51 School and education Premises c05tS Office and administration Van. rnotor, and travel expenses Bank charges and interest payable Legal and professional fees Staff training Bad debts Trips Depreciation Accountancy and bookkeeping Audit 1,208,233 59,255 114,140 37,530 9,312 30,710 14,414 15,522 141,988) 65.013 50.827 1.690 4.800 1,208,233 59,255 114,140 37,530 9,312 30,710 14,414 15,522 141,9881 65,013 50,827 1,690 4,800 1,145,098 58,285 154,055 30,179 5,908 25,311 10,692 6,403 42,560 74,017 44,173 2,759 4,740 Total churitable activities 1,569,458 1.569,458 1,604.180 TOTAL EXPENDITURE 1,581,835 1.581,835 1,608,244 Included within accountancy is £1,65012023: £960) payable to the auditors for other work. 20
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 EMPLOYED STAFF COSTS AND NUMBERS No trustees were reimbursed expenses relating to travel costs during the current or prior year. No trustee received any remuneration in the current or prior year. Employed staff casts were as follows: 2024 2023 Salaries and wages Social security costs Pension cost5 1,115,166 74.914 18,153 1,056,151 72,509 16.438 1,208,233 1,145.098 No employee earned more than £60.000 during this or the prior year. The average number of employees during the year was as follows: 2024 2023 No. No. Employees 60 56 Key management were paid a total of £316,477 12023: £286,165) paid to 11 employees 12023- 11 employees). TAXATION The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 21
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 7 TANGIBLE FIXED ASSETS Ffeehold Flxtures, land fittings and & buildings equipment Motor vehicles Total COST At I September 2023 Additions in year Disposals in year 3,402,243 39.493 36,295 1,654 8,565 3,447,103 41.147 At 31 August 2024 3,441,736 37,949 8.565 3,488,250 DEPRECIATION At I September 2023 Charge for the year Disposals in year 66,970 43,013 24.295 7.528 7,421 286 98,686 50,827 At 31 August 2024 109,983 31,823 7,707 149.513 NET BOOK VALUE At 31 August 2024 3,331,753 6.126 858 3.338.737 At I September 2023 3,335,273 12.000 1,144 3,348.417 8 DEBTORS 2024 2023 Contributions debtors Other debtors Prepayments and accrued income 70,018 6,707 23,039 36,628 12,815 28.791 99,764 78,234 9 CREDITORS,. amounts falling due within one year 2024 2023 Bank loan (see note 101 Trade creditors Other taxation and Social security Other creditors Accruals and deferred income 13.160 20,197 34,188 137,508 11,687 12,170 21,041 21,142 141.541 5,114 216,740 201,008
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 10 CREDITORS: amounts f311ing due after more than one year 2024 2023 Bank loan 280,573 293.693 The bank loan relate5 to funding for the purchase of the Rin8wood Waldorf School Hall. The Ringwood Waldorf School loan was refinanced to Barclay5 in November 2021 and interest 15 charged at 2.6% above base rate. The loan is secured on the school. The bank loan is repayable by instalments as follows.. 2024 2023 Within l year 13,160 12,170 Between 2 and 5 years Over 5 years 64,327 216,209 59,423 234,270 Total falling due after more than one year 280,536 293,693 Total bank loans 293,696 305,863 23
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 11 MOVEMENT IN FUNDS- UNRESTRICTED FUNDS At I Sept 2023 Transfers At 31 August 2024 Income Expendfture OESIGNATED FUNDS: Trips Property capital fund 69,731 (65,013) 166,5921 (4,7181 75,241 3.029.410 3,038,059 Total designated funds 3.029,410 69,731 (131,6051 70,523 3,038,059 General funds 300,987 1,559,582 {1.450.2301 {70,5231 339,816 Total unrestricted fund5 3,330,397 1,629.313 {1,581,8351 3.377.875 Purposes of designotedfvnds Trips This fund relates to contributions from parents towards organised trips. Property capital fund This fund has been created to reflect the value of13nd & buildin85 held by the Trust, net of bank loans and property related loans outstanding at the balance sheet date. 12 ANALYSIS OF NEtASSETS BETWEEN FUNDS 2024 Restricted funds Deslgnated funds General funds Total funds Tangible fixed asset5 Net current Iliabilitiesl / assets Long term liabilities 3,331,753 113,1211 (280,5731 6,984 332,832 3.338.737 319.711 {280,5731 NET ASSETS 3.038.059 339,816 3.377,875 2023 Restrirted funds Designated fund5 General funds Total funds Tangible fixed assets Net current assets Long term liabilities 3.335.273 112.1701 1293,6931 13,144 287,843 3,348,417 275,673 {293,6931 NET ASSETS 3,029,410 300,987 3,330,397 24
THE RINGWOOD WALDORF SCHOOL (Company limited by guarantee and not having a share capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 13 RELATED PARTIES The following transaction5 Wlth related parties have occurred during the year: A number of trustees have children who attend the school as students. These trustee5 make contributions on the same term5 as Other parents, at the recommended rates. During the year three family members of G Patrick, trustee, were paid Salaries totalling £45,127 12023: £41,410) for services rendered. A Walker, trustee, is also director of Lewis Schools Limited who co-ordinate the visiting student5 programmes. During the year a total of £71,55712023'. £30,772) was received from Lewis Schools Limited on behalf of vi51tin8 Students. S Wilson-Devane, trustee, 15 also a director of Steiner Waldorf Schools Fellowship Limited who provide subscriptions for Ringwood Waldorf School and staff trainin8. Durin8 the year, a total of £17,982 12023-. £16.0461 was paid to Steiner Waldorf Schools Fellowship Limited for these services. E Wilmar. trustee luntil 30 September 2023), is also a shareholder of RWS Solar Ltd, which has a lease agreement with Ringwood Waldorf School enabling the company t0 51te solar panels on the roof of the school in return for an annual payment of £1 plus free electricity. During the year. one trustee was reimbursed £349 of expense5 incurred on behalf of the charity.12023: no trustees reimbursed expenses.) 14 DONATED SERVICES AND ASSETS There were no donated services or assets received during the year. 25