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2025-08-31-accounts

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Company registration number: 1693887 Charity registration number: 286434

Rudolf Steiner School (South Devon) Limited

(A company limited by guarantee)

Annual Report and Audited Financial Statements for the Year Ended 31 August 2025

Manningtons Statutory auditor 39 High Street Battle East Sussex TN33 0EE

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Contents

Reference and Administrative Details 1
Strategic Report 2 to 3
Trustees' Report 4 to 7
Statement of Trustees' Responsibilities 8
Independent Auditors' Report 9 to 12
Statement of Financial Activities 13 to 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 to 31

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Reference and Administrative Details

Secretary Julie Thomas
Senior Management / Leadership School Leadership Team
Team
Charity Registration Number 286434
Company Registration Number 1693887
The charity is incorporated in England and Wales.
Registered Office Hood Manor
Dartington
Devon
TQ9 6AB
Auditor Manningtons
Statutory auditor
39 High Street
Battle
East Sussex
TN33 0EE
Solicitors: Michelmores LLP
Education Team Exeter
Woodwater House
Pynes Hill
Exeter
EX2 5WR
Bankers National Westminster Bank plc
9 Fore Street
Totnes
Devon
TQ9 5YW

Page 1

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Strategic Report for the Year Ended 31 August 2025

The Trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 August 2025, in compliance with s414C of the Companies Act 2006.

Achievements and performance

VAT exception

2024-25 was a challenging year for the school. In January 2025, the new Labour government removed the VAT exemption on private school fees resulting in an additional 20% added to gross school fee invoices. The trustees and SLT made the decision to support school families by reducing school fees by 15% from January 2025, thereby absorbing the majority of the increase. Unfortunately it was necessary to restructure staffing in order to fund less fee income which ultimately resulted in a reduction of 11 positions and annualised savings of £126k. Despite the reduction in staff, the school was able to maintain its breadth of curriculum and the pupil numbers remained stable throughout the year closing at 250 pupils.

Loan Consolidation

In December 2024 the school consolidated its loans and released £300k of capital earmarked for capital spend on the site. The school’s stable financial position, plan to address the VAT exception and Good Ofsted rating gave the lender confidence to provide increased funds at a lower interest rate than the previous lender.

Qualifications

Upper School pupils work towards the New Zealand Certificate of Steiner Education (“NZCSE”). The NZCSE, at Level 3, allows students to apply for university in the UK and in Europe as a full alternative to A levels. In 2025 the Level 3 NZCSE students were all successful in attaining their certificate at a Highly Commended level. Since 2023 the school has offered the opportunity for pupils to sit an English and Maths GCSE.

School Activities

Summer 2025 saw some great school trips. A cycling trip in North Devon was incorporated into the curriculum in Class 9 while Class 8 went on their usual long trip to Europe. In May 2024 Classes 11 and 12 had visited a school in Morocco and the Moroccan school then returned the visit in November 2024 and April 2025 forging strong relationships between the two schools.

Business analysis and KPIs

The school had a deficit of £45k in 2025 (2024: £101k surplus), and a trading deficit of £66k (2024: 171k surplus). The school closed 2023/24 with 250 pupils and closed 2024/25 with 250 pupils.

Page 2

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Strategic Report for the Year Ended 31 August 2025

Financial review

Financial review
Accounts (deficit) / Surplus
Depreciation
Bad Debt provisioning
Parental deposits release
Operational (deficit)/ Surplus		 2024-25
2023-24
£
£
(44,633) 101,842
52,095
54,528
15,557
15,438
(89,394)
-
(66,375)
171,808

Despite actions taken by Trustees and SLT to absorb the VAT, stabilise pupil numbers and reduce staff costs, the school had an operating deficit of £66k in 2024/25 (2023/24: £171k surplus). The loan consolidation release of capital provided a cash cushion for all necessary capex expenditure in the coming years however, steps were taken at the end of the school year to ensure the school was at an operating surplus for 2025/26 and beyond. - Fees were increased by 6% for the 2025/26 school year - Staff were not given a salary increase for 2025/26

As a result of the actions taken to ensure a positive trading position, the school is forecasting an operating surplus of £50k for 2025/26 with 222 pupils and the budget for 2026/27 anticipates an operating surplus in excess of £100k.

Policy on reserves

The policy of the Trustees set on 17/03/2026 that reserves of £120k would be built up over the next 2-3 years. The school is taking steps to build back this reserves position in 2025/26. Unrestricted reserves, that is reserves not represented by fixed assets or designated and restricted funds, which are used for specific reasons, amounted to £362,233 (2024: £55,916).

5/28/2026 The strategic report was approved by the Trustees of the charity on .................... and signed on its behalf by:

Robert Worthington Trustee

Page 3

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Trustees' Report

The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 August 2025.

Objectives and activities

Objects and aims

The object of the Company is to provide for and conduct the education of children in accordance with the principles and methods of Rudolf Steiner.

In furtherance of its object the organisation operates the Rudolf Steiner School, South Devon (also known as the South Devon Steiner School), based at Hood Manor, Dartington. Its further activities include the organisation of cultural events, lectures and meetings and participation in similar activities with other Rudolf Steiner inspired organisations in the UK and abroad.

Public benefit

As a charity, the organisation provides public benefit through its core activity as a provider of education to students from Kindergarden level through to age 19. The school aims to be socially inclusive and to welcome families from a wide range of financial backgrounds. Decisions on fee payments are made on an individual basis and families are invited to apply for a reduction of their fees allowing access to such education to students whose families would not otherwise be able to afford such an opportunity.

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Going concern

In accordance with charity commission requirements, the Trustees have considered the question of the viability of the organisation as a going concern.

Having considered the school's forecast and projections and the options available to reduce costs should the need arise, the Trustees have concluded that there is a reasonable expectation that the school has adequate resources to continue in operational existence for the foreseeable future. The school therefore continues to adopt the going concern basis in preparing these financial statements.

Page 4

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Trustees' Report

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Juliet Crittenden Robert Worthington Ben Whately Alison Fisher Anne-Marie Hobbs (resigned 31 December 2025) Maggie King (appointed 1 May 2025) Secretary: Julie Thomas Senior Management / Leadership School Leadership Team Team:

Structure, governance and management

Nature of governing document

Rudolf Steiner School (South Devon) Limited is a company limited by guarantee. It is also registered as a charity with the Charity Commission, the Memorandum and Articles of Association of which is available to view on the website www.southdevonsteinerschool.org.

Recruitment and appointment of Trustees

Trustees are appointed by the School Council of Trustees and then ratified by the members of the School Association at the AGM in accordance with the Memorandum and Articles of Association.

Induction and training of Trustees

Trustees are selected for their high standard of professional skill, expertise and experience usually with a particular portfolio in mind. The application process is compliant with safer recruitment and safeguarding requirements, given that the charitable organisation is a school for children and young people. Those Trustees holding certain portfolios such as safeguarding and health & safety are required to do further in-depth training in order to meet DfE standards. All Trustees are required to do annual safeguarding training and update their knowledge of safeguarding policies and KCSIE. Induction also involves familiarisation with various governance documents on the responsibilities of being a Trustee including the Memorandum & Articles of the School Association, Independent School’s Standards and other regulatory compliance.

Arrangements for setting key management personnel remuneration

The Trustees have agreed remuneration for key management roles according to levels of responsibility, experience and performance at relevant market rates, taking into account the geographical location. These salaries are reviewed as part of the annual review of performance and salaries across the school. Any Trustee who is also a paid member of staff is excluded from the review process and any related decisions. At present none of the trustees are paid members of staff.

Page 5

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Trustees' Report

Organisational structure

The Trustees meet regularly to manage the organisation’s affairs. The day-to-day running of the organisation is formally delegated to the School Leadership Team (SLT) - which comprises the School Education Manager (who currently chairs the School Leadership Team), the School Business Manager and the elected teacher representative. The SLT meetings are also attended by the Lower School Learning Manager, Office and H&S and Facilities Manager, Designated Safeguarding Lead and the Early Years Manager. There is regular, comprehensive reporting to the Trustees on weekly, monthly and termly basis as appropriate. Underneath and accountable to the School Leadership Team are appropriate departmental structures and meetings which cover every aspect of the organisation’s activities. Trustees have direct methods of observing the implementation of policies, procedures and plans independent of leadership reporting.

The organisation continues to maintain active links with the Waldorf UK, the national representative body for Steiner Waldorf education in the UK, with representatives attending national meetings and training days and ensuring a continuous exchange of policies, information, expertise and inspiration.

The School is inspected by the Independent Schools Inspectorate.

Major risks and management of those risks

Charity's risk assessment

Risk assessment is an ongoing component of Trustee activity with a risk register reviewed at termly board meetings.

The annual risk review process has highlighted the Labour election pledge to remove the VAT exemption on independent schools which could have a significant impact on the value of VAT-inclusive fees charged to parents in the future. The Trustees and SLT are mindful of the proposed policy in school decision-making and continue to increase reserves.

The charity’s risk profile is in line with any organisation offering education and all necessary steps are taken to ensure that appropriate mitigation and control structures are in place. They include comprehensive policies to guide every aspect of the organisation's activities, effective management and governance oversight, performance systems and insurances.

Disclosure of information to auditor

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditor

At the Annual General Meeting Manningtons Chartered Accountants were appointed for this accounting period. The designated Trustee will propose a motion reappointing the auditors at a meeting of the Trustees.

Page 6

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Trustees' Report

The annual report was approved by the Trustees of the charity on .................... and signed on its behalf by:5/28/2026

Robert Worthington Trustee

Page 7

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Statement of Trustees' Responsibilities

The Trustees (who are also the directors of Rudolf Steiner School (South Devon) Limited 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the Trustees to prepare financial statements for each financial year. 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 charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees of the charity on .................... and signed on its behalf by:5/28/2026

Robert Worthington Trustee

Page 8

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Independent Auditor's Report to the Members of Rudolf Steiner School (South Devon) Limited

Opinion

We have audited the financial statements of Rudolf Steiner School (South Devon) Limited (the 'charity') for the year ended 31 August 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 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 accounting in the preparation 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 collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

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 statements 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 inconsistent 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 misstatements, we are required to determine whether there is a material misstatement 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.

Page 9

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Independent Auditor's Report to the Members of Rudolf Steiner School (South Devon) Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 8), 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 the Trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

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 is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 10

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Independent Auditor's Report to the Members of Rudolf Steiner School (South Devon) Limited

The detection of fraud and irregularities is a primary consideration of the audit planning and is carried through to the audit completion stage. A risk assessment and preliminary analytical review is undertaken at the planning stage and areas of concern are then built into the audit strategy and testing to ensure sufficient procedures and evidence is obtained to give comfort that material irregularities and potential instances of fraud are detected where possible.

The audit team is briefed regarding any areas or concern, the potential audit risks and consequential impact. The audit team remained vigilant throughout their work and made enquiries of key management personnel throughout. Rudolf Steiner School South Devon key management were consulted on any known or suspected breaches in laws and regulations along with misappropriation of funds at both the planning and completion stages of the audit. Due consideration was given to the possible use of management override and this was built into our audit strategy.

The initial risk assessment highlighted a potential show stopper being of non-compliance with ISI (Independent schools Inspectorate) after switching from Ofsted in 2024 afer a Good rating in September 2023 every aspect and overall obtained. Rudolf Steiner School South Devon changed to ISI as it was considered to be more appropriate to the schools Ethos, and a material change visit was undertaken in March 2024, as requested by the DfE. We were able to obtain a copy of the full inspection report and all standards were met and material change granted, No other visits have happened up to April 2026, and the school has procedures in place to ensure Inspection ready so non compliance and potential show stopper not materialising.

The purpose of the preliminary analytical review of the financial statements is to highlight any possible areas of concern to investigate whether the variance is expected or unexpected, based on the information obtained as part of the planning process and the current climate the charity is operating under. Relevant audit tests had then been planned to obtain supporting documentation to ensure that they are within the charitable objectives and no misappropriation of funds by way of fraud, or misstatements. Latest accounts disclosure checklists available are also completed to ensure the accounts comply with the latest reporting framework that is applicable to the charitable company.

There are aspects of the audit which are deliberately unpredictable to assist in the detection of irregularities, such as varying how we test items which are more susceptible to fraud, year on year and by incorporating systematic sampling over the populations tested.

Use of our report

This report is made solely to the charitable company's Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's Trustees those matters 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 assume responsibility to anyone other than the charitable company and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Rowena T K Walsh (Senior Statutory Auditor) For and on behalf of Manningtons, Statutory Auditor

39 High Street Battle East Sussex TN33 0EE

Page 11

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Independent Auditor's Report to the Members of Rudolf Steiner School (South Devon) Limited

Date:.............................

Page 12

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Statement of Financial Activities for the Year Ended 31 August 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Activities for generating funds
5
Investment income
6
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
4,621
1,846,485
216
3,954
1,855,276
(1,902,414)
(1,902,414)
(47,138)
(47,138)
1,214,037
1,166,899		 Restricted
funds
£
8,000
-
-
-
8,000
(6,495)
(6,495)
1,505
1,505
-
1,505		 Total
2025
£
12,621
1,846,485
216
3,954
1,863,276
(1,908,909)
(1,908,909)
(45,633)
(45,633)
1,214,037
1,168,404

The notes on pages 17 to 31 form an integral part of these financial statements. Page 13

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Statement of Financial Activities for the Year Ended 31 August 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
673
1,828,455
1,309
1,830,437
(1,500)
(1,727,095)
(1,728,595)
101,842
5,104
106,946
1,107,091
1,214,037		 Restricted
funds
£
-
-
-
-
-
-
-
-
(5,104)
(5,104)
5,104
-		 Total
2024
£
673
1,828,455
1,309
1,830,437
(1,500)
(1,727,095)
(1,728,595)
101,842
-
101,842
1,112,195
1,214,037

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 and 2024 is shown in note 22.

The notes on pages 17 to 31 form an integral part of these financial statements. Page 14

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

(Registration number: 1693887) Balance Sheet as at 31 August 2025

Note
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
17
Creditors: Amounts falling due within one year
18
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
19
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
22
Unrestricted income funds
Unrestricted funds
Total funds
22		 2025
£
1,509,147
490,156
360,842
850,998
(526,152)
324,846
1,833,993
(665,589)
1,168,404
1,505
1,166,899
1,168,404		 2024
£
1,546,175
244,745
155,761
400,506
(381,509)
18,997
1,565,172
(351,135)
1,214,037
-
1,214,037
1,214,037

5/28/2026 The financial statements on pages 13 to 31 were approved by the Trustees, and authorised for issue on .................... and signed on their behalf by:

Robert Worthington Trustee

The notes on pages 17 to 31 form an integral part of these financial statements. Page 15

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Statement of Cash Flows for the Year Ended 31 August 2025

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
7
Investment income
6
Working capital adjustments
(Increase)/decrease in debtors
16
Increase in creditors
18
Increase/(decrease) in deferred income
19
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of tangible fixed assets
15
Net cash flows from investing activities
Cash flows from financing activities
Value of new loans obtained during the period
Repayment of loans and borrowings
18
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 September
Cash and cash equivalents at 31 August		 2025
£
(45,633)
52,095
(3,954)
2,508
(245,411)
41,078
101,592
(100,233)
3,954
(15,067)
(11,113)
700,000
(383,573)
316,427
205,081
155,761
360,842		 2024
£
101,842
53,496
(1,309)
154,029
1,806
18,578
(46,048)
128,365
1,309
(19,294)
(17,985)
-
(35,747)
(35,747)
74,633
81,128
155,761

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 17 to 31 form an integral part of these financial statements. Page 16

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Hood Manor Dartington Devon TQ9 6AB

2 Accounting policies

Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The date of transition to FRS 102 was 1 September 2015.

Basis of preparation

Rudolf Steiner School (South Devon) Limited 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 notes.

Page 17

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

Going concern

The financial statements have been prepared on a going concern basis.

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

As at the date of the approval of the financial statements, the school is forecasting an operating surplus of £50k for 2025/26 with 222 pupils and the budget for 2026/27 anticipates an operating surplus in excess of £100k. The school has a capital fund with which to invest in capital expenditure without taking from operating cash and it holds options to reduce staffing and/or increase fees if the need arises. Therefore, Trustees are confident that the school continues to have adequate resources to continue in operational existence for the foreseeable future.

Judgements

Determination of whether there are indicators of impairment of the Charity's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £1,509,147 (2024 -£1,546,175).

The recoverabilty of Bad debts is reviewed by management and a provision is made based on all the information available. The carrying amount is £390,840 (2024 -£374,742).

Income and endowments

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

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Page 18

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £200.00 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Page 19

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

Asset class Depreciation method and rate Freehold Interest in buildings 2% straight line basis Furniture and equipment 10% - 20% straight line basis

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Page 20

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 Income from donations and legacies

Donations and legacies;
Appeals and Donations
4
Income from charitable activities
Education
Letting of non-investment property
Other
5
Activities for generating funds
Events income;
Fundraising events		 Unrestricted
funds
General
£
4,621
4,621		 Restricted
funds
£
8,000
8,000
Unrestricted
funds
General
£
1,790,278
17,366
38,841
1,846,485
Unrestricted
funds
General
£
216
216		 Total
2025
£
12,621
12,621
Total
2025
£
1,790,278
17,366
38,841
1,846,485
Total
2025
£
216
216		 Total
2024
£
673
673
Total
2024
£
1,763,980
16,938
47,537
1,828,455
Total
2024
£
-
-

Page 21

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

6 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
3,954		 Total
2025
£
3,954		 Total
2024
£
1,309

Page 22

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

7 Expenditure on raising funds

a) Costs of trading activities

a) Costs of trading activities
Note
Fundraising trading costs;
Fundraising		 Total
2025
£
-
-		 Total
2024
£
1,500
1,500

8 Expenditure on charitable activities

Note
Education
Depreciation,
amortisation and other
similar costs
Staff costs
Governance costs
9		 Unrestricted
funds
General
£
260,516
52,095
1,446,165
143,638
1,902,414		 Restricted
funds
£
6,495
-
-
-
6,495		 Total
2025
£
267,011
52,095
1,446,165
143,638
1,908,909		 Total
2024
£
263,986
54,228
1,256,838
152,043
1,727,095

Page 23

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

9 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Accountancy
Legal fees
Marketing and publicity
Other governance costs		 Unrestricted
funds
General
£
9,360
4,200
71,045
-
59,033
143,638		 Total
2025
£
9,360
4,200
71,045
-
59,033
143,638		 Total
2024
£
7,982
3,276
62,625
1,779
76,381
152,043

10 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Audit fees
Loss on disposal of fixed assets held for the charity's own use
Depreciation of fixed assets
Release on parental deposits
Bad Debt provision movement		 2025
£
9,360
-
52,095
(89,394)
15,557		 2024
£
7,982
(300)
54,528
-
15,438

11 Trustees remuneration and expenses

No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Page 24

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Other staff costs		 2025
£
1,290,484
120,728
33,596
1,357
1,446,165		 2024
£
1,136,641
94,382
22,827
2,988
1,256,838

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

2025 2024
No No
Charitable activities 52 55

The number of employees whose emoluments fell within the following bands was:

2025 No £60,001 - £70,000 1

The total employee benefits of the key management personnel of the charity were £114,894 (2024 - £103,370).

13 Auditors' remuneration

Audit of the financial statements
Other fees to auditors
All other non-audit services		 2025
£
9,360
4,200		 2024
£
7,982
3,276

14 Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 25

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

15 Tangible fixed assets

Cost
At 1 September 2024
Additions
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024
16 Debtors
Trade debtors
Prepayments
Other debtors
17 Cash and cash equivalents
Cash on hand
Cash at bank
Short-term deposits		 Land and
buildings
£
2,270,839
13,500		 Furniture and
equipment
£
243,530
1,567
245,097
228,857
7,050
235,907
9,190
14,673
2025
£
479,845
10,311
-
490,156
2025
£
3,446
356,565
831
360,842		 Furniture and
equipment
£
243,530
1,567
245,097
228,857
7,050
235,907
9,190
14,673
2025
£
479,845
10,311
-
490,156
2025
£
3,446
356,565
831
360,842		 Total
£
2,514,369
15,067
2,529,436
968,194
52,095
1,020,289
1,509,147
1,546,175
2024
£
232,462
7,800
4,483
2,284,339 245,097
739,337
45,045		 228,857
7,050
784,382 235,907
1,499,957 9,190
1,531,502 14,673
2025
£
479,845
10,311
-
490,156
2025
£
3,446
356,565
831
360,842
244,745
2024
£
2,192
52,937
100,632
155,761

Page 26

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

18 Creditors: amounts falling due within one year

18 Creditors: amounts falling due within one year
Bank loans 1,2 and 3
Trade creditors
Other loans from Charitable source
Other taxation and social security
VAT Payable
Other creditors
Accruals
Deferred income		 2025
£
38,892
99,771
-
4,824
116,285
5,348
13,220
247,812
526,152		 2024
£
27,956
174,637
8,963
2,559
-
3,927
17,247
146,220
381,509

Creditors due within one year includes the following liabilities, on which security has been given by the charity:

Bank loan 3 (2024 Bank Loan 1)
Other Loan from Charitable Source
19 Creditors: amounts falling due after one year
Bank loans 1,2 and 3
Other loans from charitable source		 2025
£
33,892
-
33,892
2025
£
665,589
-
665,589		 2024
£
27,956
8,963
36,919
2024
£
293,075
58,060
351,135

Included in the creditors are the following amounts due after more than five years:

2025 2024
£ £
After more than five years by instalments Bank loans 1,2 and 3 also Other
loans from charitable sources 510,022 187,763

Page 27

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

Bank loans and overdrafts after five years

Bank loans are a combination of 3 loans as follows:

Bank loan 1

Was secured by a legal charge over the freehold business property; Hood Manor over 19 years with the final installment due July 2034. This loan was repaid early from the new bank loan (Bank loan 3), and legal charge satisfied. Interest charged at a fixed rate of 4.84% on the loan for the year amounted to £-2,130 due to an early settlement credit being received ( £14,556 - 2024).

Bank loan 2

Is a unsecured government backed Covid Bounce for £50,000 over 10 years with the final installment due May 2030 . Interest is charged at a fixed rate of interest at 2.5% per annum, the amount charged for the year amounted to £790 (£921 - 2024).

Bank loan 3

Is a new loan taken out in the year for £700,000 to consolidate by repaying Bank loan 1 and other loan , leaving monies to help with capital improvements and restructuring. This loan is secured by way of a Legal charge over the freehold business property Hood Manor, and repayable over 25 years with the final installment due December 2049. Interest charged at a rate of 2.75% above base rate on the loan amounted to £17,260 for the year plus an arrangement fee of £14,000.

Other loans after five years

Other loan from Charitable source

Was secured by a legal charge over the freehold business property; Hood Manor. Although the final installment was not due May 2031, part of the new bank loan (Bank loan 3) was used to pay off the loan back early. Interest charged at a rate of 4% variable on the loan for the year amounted to £898 (£2,910 -2024).

20 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Other
Within one year
Between one and five years		 2025
£
2,924
2,924
5,848		 2024
£
2,924
5,848
8,772

Page 28

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

21 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £33,596 (2024 - £22,827).

22 Funds

Unrestricted funds
General
General fund
Restricted funds
Hardship Fund
Educational Resources Fund
School Trips Fund
Total restricted funds
Total funds
Unrestricted funds
General
General fund
Restricted
Arts and crafts
Total funds		 Balance at 1
September
2024
£
Incoming
resources
£
Resources
expended
£
Balance at 31
August 2025
£
1,214,037
1,855,276
(1,902,414)
1,166,899
-
2,000
(2,000)
-
-
3,000
(1,495)
1,505
-
3,000
(3,000)
-
-
8,000
(6,495)
1,505
1,214,037
1,863,276
(1,908,909)
1,168,404
Balance at 1
September
2023
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
31 August
2024
£
1,107,091
1,830,437
(1,728,595)
5,104
1,214,037
5,104
-
-
(5,104)
-
1,112,195
1,830,437
(1,728,595)
-
1,214,037		 Balance at 31
August 2025
£
1,166,899
-
1,505
-		 Balance at 31
August 2025
£
1,166,899
-
1,505
-
1,505
1,168,404
Balance at
31 August
2024
£
1,214,037
-
1,214,037

Page 29

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

The specific purposes for which the funds are to be applied are as follows:

Hardship Fund is for the purpose of providing short term supplemental financial support for school fees of Rudolf Steiner School South Devon students.

Educational Resources Fund is for the purpose of purchasing educational resources that enrich the education of Rudolf Steiner School South Devon students.

School Trips Fund is for the purpose of providing supplemental financial contributions for places on school trips for Rudolf Steiner School South Devon students.

23 Analysis of net assets between funds

23 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
1,509,147
849,493
(526,152)
(665,589)
1,166,899		 Restricted
funds
£
-
1,505
-
-
1,505
Unrestricted
funds
General
£
1,546,175
400,505
(381,508)
(351,135)
1,214,037		 Total funds at
31 August
2025
£
1,509,147
850,998
(526,152)
(665,589)
1,168,404
Total funds at
31 August
2024
£
1,546,175
400,505
(381,508)
(351,135)
1,214,037

Page 30

Docusign Envelope ID: D69784E2-44B7-8803-8171-26C8521DFA91

Rudolf Steiner School (South Devon) Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

24 Analysis of net funds

Cash at bank and in hand
Debt due within one year
Debt due after more than one year
Net debt
Cash at bank and in hand
Debt due within one year
Debt due after more than one year
Net debt		 At 1
September
2024
£
155,761
(37,457)
(351,135)
(232,831)
At 1
September
2023
£
81,128
(34,987)
(389,352)
(343,211)		 Financing cash
flows
£
205,081
(1,435)
(314,454)
(110,808)
Financing cash
flows
£
74,633
(2,470)
38,217
110,380		 At 31 August
2025
£
360,842
(38,892)
(665,589)
(343,639)
At 31 August
2024
£
155,761
(37,457)
(351,135)
(232,831)

25 Related party transactions

During the year the charity made the following related party transactions:

School fees

Trustees Ben Whately and Alison Fisher have children attending the school as pupils. Invoices for parental contributions have been raised complying with the school's fee and financial assessment policy, resulting in Ben Whately receiving a discount in line with the policy. Outstanding fees are a combination of overdue fees and Autumn term invoices raised in advance and deferred in the accounts. At the balance sheet date the amount due from Rudolf Steiner School South Devon for Autumn School fees to a Trustee was £4,616 (2024 - £2,305 Rudolf Steiner School South Devon from Trustees ).

Page 31