REGISTERED COMPANY NUMBER: 01797323 (England and Wales) REGISTERED CHARITY NUMBER: 289801
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2020
for
Waldorf School of South West London Limited (The) Trading as London Steiner School
Debbie Winfield Accountancy Ltd The Office Homelands Upperton Watlington Oxfordshire OX49 5PB
Waldorf School of South West London Limited (The) Trading as London Steiner School
Contents of the Financial Statements for the Year Ended 31 August 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Cash Flow Statement | 9 |
| Notes to the Cash Flow Statement | 10 |
| Notes to the Financial Statements | 11 to 18 |
Waldorf School of South West London Limited (The) (Registered number: 01797323) Trading as London Steiner School
Report of the Trustees
for the Year Ended 31 August 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main objective of the charity is established as the education of children in accordance with the theory and practice of Rudolf Steiner. This objective continues to be focused on opening more kindergartens and for longer periods to include the afternoons to accommodate working parents needs better as well as to increase the numbers in the school classes.
In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.
Access policy
It is important to us that the access to the education we offer is not restricted to those who can afford our fees. Our bursary policy contributes to widening of access to the education we offer and the facilities we enjoy.
Bursary Policy
The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are made solely on the basis of parental means or to relieve a hardship where a pupil's education and future prospects would otherwise be at risk for example in the case of redundancy. In assessing means we take a number of factors into consideration including family income, investments and savings and family circumstances for example dependent relatives and the number of siblings. However, our School does not have a large endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make a considerable personal sacrifices to fund their child's education and those benefiting from the awards.
The bursary awards are normally set at a maximum of 20% of the charity's gross fees however this can be reviewed at the discretion of the Trustees. Information about fee assistance through bursaries is available to all applying to the School.
Family Discounts Policy
To underline the value we place on continuity for families, we offer discounts where parents have more than one child at school.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year there has been a substantial increase in the educational activities in line with the schools current objectives while at the same time working to meet all currently required standards.
Fundraising activities
Fundraising activities have been as expected in the year.
Page 1
Waldorf School of South West London Limited (The) (Registered number: 01797323) Trading as London Steiner School
Report of the Trustees
for the Year Ended 31 August 2020
ACHIEVEMENT AND PERFORMANCE
Investment performance
The charity does not have any investment funds.
Internal and external factors
The trustees have made a full assessment of the internal and external factors that may affect these financial statements.
Pupil numbers are slowly but steadily recovering after the sustained adverse affect of a critically negative Ofsted Inspection.
In addition in the current trading period, the school has had to overcome and adapt to the difficulties of teaching remotely and shortfalls in fee contribution income from parents whose ability to pay for their children’s education has been affected by the global pandemic restrictions on their opportunities to work.
FINANCIAL REVIEW
Reserves policy
The current policy of the trustees is to maintain free reserves of £200,000 within the accounts to meet contingencies for one term; these equate to one third of the annual operating expenditure. While the trustees have not been able to achieve this target, the aim still remains to achieve this level of reserves.
The operating expenditure levels continue to be reviewed with the aim of establishing the appropriate levels of free reserves necessary and to ensure that operating costs are closely controlled in the meantime.
Funds in deficit
The general fund deficit arose in prior years because of increased staff costs in order to maintain minimum staff levels at appropriate salary levels, together with continued property improvements to comply with legislative requirements for anticipated pupil numbers.
The fluctuation in pupil numbers has not been as planned due to circumstances beyond the control of the school, but during 2020 the charity has returned to a surplus of funds.
This financial period has been challenging with the added stresses of Covid 19 and the impact on the school in terms of providing teaching remotely. However the financial support grants received have been of great assistance in being able to retain our teaching staff and charitable activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
There has been 2 trustees throughout the year. Any new appointments are at the recommendation of the board. The trustees are currently seeking to appoint new trustees to the charity and ideally will be appointing in the near future.
Page 2
Waldorf School of South West London Limited (The) (Registered number: 01797323) Trading as London Steiner School
Report of the Trustees
for the Year Ended 31 August 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
New and existing trustees are given sufficient training and have enough knowledge to understand the nature of the charity to fully comply with the charities current view of its aims. Reviews are carried out by staff members to ensure that they are all sufficiently managing their duties and attend internal and external training sessions where appropriate.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01797323 (England and Wales)
Registered Charity number
289801
Registered office
39 Chester Road London SW19 4TS
Trustees
C P Martyn Solicitor Dr S J Peat Medical doctor
Company Secretary
C P Martyn
Independent Examiner
Mrs D L Winfield FCCA Debbie Winfield Accountancy Ltd The Office Homelands Upperton Watlington Oxfordshire OX49 5PB
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. C P Martyn - Trustee
Page 3
Independent Examiner's Report to the Trustees of Waldorf School of South West London Limited (The)
Independent examiner's report to the trustees of Waldorf School of South West London Limited (The) ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Page 4
Independent Examiner's Report to the Trustees of Waldorf School of South West London Limited (The)
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCCA which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mrs D L Winfield FCCA Debbie Winfield Accountancy Ltd The Office Homelands Upperton Watlington Oxfordshire OX49 5PB Date: .............................................
Page 5
Waldorf School of South West London Limited (The) Trading as London Steiner School
Statement of Financial Activities for the Year Ended 31 August 2020
| 31.8.20 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 103,956 Charitable activities 5 Education activities 364,680 Other trading activities 3 9,001 Investment income 4 20 Total 477,657 EXPENDITURE ON Raising funds 6 2,993 Charitable activities 7 Education activities 435,974 Total 438,967 NET INCOME 38,690 RECONCILIATION OF FUNDS Total funds brought forward (37,915) TOTAL FUNDS CARRIED FORWARD 775 |
31.8.19 Total funds £ 153,912 486,272 25,625 31 665,840 4,403 585,675 590,078 75,762 (113,677) (37,915) |
|---|---|
The notes form part of these financial statements
Page 6
Waldorf School of South West London Limited (The) (Registered number: 01797323) Trading as London Steiner School
Balance Sheet
31 August 2020
| 31.8.20 Unrestricted funds Notes £ FIXED ASSETS Tangible assets 13 58 CURRENT ASSETS Debtors 14 16,965 Cash at bank and in hand 67,597 84,562 CREDITORS Amounts falling due within one year 15 (83,845) NET CURRENT ASSETS/(LIABILITIES) 717 TOTAL ASSETS LESS CURRENT LIABILITIES 775 NET ASSETS/(LIABILITIES) 775 FUNDS 16 Unrestricted funds 775 TOTAL FUNDS 775 |
31.8.19 Total funds £ 3,643 18,080 47,792 65,872 (107,430) (41,558) (37,915) (37,915) (37,915) (37,915) |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
Waldorf School of South West London Limited (The) (Registered number: 01797323) Trading as London Steiner School
Balance Sheet - continued
31 August 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. C P Martyn - Trustee
The notes form part of these financial statements
Page 8
Waldorf School of South West London Limited (The) Trading as London Steiner School
Cash Flow Statement for the Year Ended 31 August 2020
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Cash flows from financing activities Loan repayments in year Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.8.20 £ 19,785 19,785 20 20 - - 19,805 47,792 67,597 |
31.8.19 £ 61,148 61,148 31 31 (56,350) (56,350) 4,829 42,963 47,792 |
|---|---|---|
The notes form part of these financial statements
Page 9
Waldorf School of South West London Limited (The) Trading as London Steiner School
Notes to the Cash Flow Statement for the Year Ended 31 August 2020
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Decrease in debtors Decrease in creditors Net cash provided by operations |
31.8.20 £ 38,690 3,585 (20) 1,115 (23,585) 19,785 |
31.8.19 £ 75,762 3,585 (31) 475 (18,643) |
| 61,148 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.9.19 | Cash flow | At 31.8.20 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 47,792 | 19,805 | 67,597 |
| 47,792 | 19,805 | 67,597 | |
| Total | 47,792 | 19,805 | 67,597 |
The notes form part of these financial statements
Page 10
Waldorf School of South West London Limited (The) Trading as London Steiner School
Notes to the Financial Statements for the Year Ended 31 August 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared on a going concern basis which assumes the continued financial support of the trustees.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property Fixtures and fittings - 10% on cost Computer equipment - 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 11
Waldorf School of South West London Limited (The)
Trading as London Steiner School
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
| 2. DONATIONS AND LEGACIES Donations Gift aid Donated services and facilities CJRS Grants 3. OTHER TRADING ACTIVITIES Fundraising events Other 4. INVESTMENT INCOME Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Activity Contributions to school fees Education activities |
31.8.20 £ 17,904 5,685 29,727 50,640 103,956 31.8.20 £ 5,567 3,434 9,001 31.8.20 £ 20 31.8.20 £ 364,680 |
31.8.19 £ 110,691 6,557 36,664 - |
31.8.19 £ 110,691 6,557 36,664 - |
|---|---|---|---|
| 153,912 | |||
| 31.8.19 £ 12,978 12,647 25,625 31.8.19 £ 31 31.8.19 £ 486,272 |
31.8.19 £ 12,978 12,647 |
||
| 25,625 |
continued...
Page 12
Waldorf School of South West London Limited (The) Trading as London Steiner School
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
| 6. RAISING FUNDS Other trading activities 31.8.20 £ Fundraising costs 2,993 7. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 8) £ £ Education activities 418,447 17,527 8. SUPPORT COSTS Governance Management costs £ £ Education activities 5,108 12,419 9. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.8.20 £ Depreciation - owned assets 3,585 |
31.8.19 £ 4,403 Totals £ 435,974 |
31.8.19 £ 4,403 Totals £ 435,974 |
|---|---|---|
| Totals £ 17,527 |
||
| 31.8.19 £ 3,585 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
continued...
Page 13
Waldorf School of South West London Limited (The) Trading as London Steiner School
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
| 11. | STAFF COSTS | ||
|---|---|---|---|
| 31.8.20 | 31.8.19 | ||
| £ | £ | ||
| Wages and salaries | 254,818 | 313,160 | |
| Social security costs | 14,896 | 20,835 | |
| 269,714 | 333,995 | ||
| The average monthly number of employees during the year was as follows: | |||
| 31.8.20 | 31.8.19 | ||
| Teaching and administration staff | 18 | 18 | |
| No employees received emoluments in excess of £60,000. | |||
| 12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricted | |||
| funds | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 153,912 | ||
| Charitable activities | |||
| Education activities | 486,272 | ||
| Other trading activities | 25,625 | ||
| Investment income | 31 | ||
| Total | 665,840 | ||
| EXPENDITURE ON | |||
| Raising funds | 4,403 | ||
| Charitable activities | |||
| Education activities | 585,675 | ||
| Total | 590,078 | ||
| NET INCOME | 75,762 | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | (113,677) | ||
| Page 14 | continued... |
Waldorf School of South West London Limited (The) Trading as London Steiner School
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
| 12. | COMPARATIVES FOR THE STATEMENT OF | COMPARATIVES FOR THE STATEMENT OF | FINANCIAL ACTIVITIES - continued | FINANCIAL ACTIVITIES - continued | FINANCIAL ACTIVITIES - continued | FINANCIAL ACTIVITIES - continued |
|---|---|---|---|---|---|---|
| Unrestricted | ||||||
| funds | ||||||
| £ | ||||||
| TOTAL FUNDS CARRIED | ||||||
| FORWARD | (37,915) | |||||
| 13. | TANGIBLE FIXED ASSETS | |||||
| Improvements | Fixtures | |||||
| to | and | Computer | ||||
| property | fittings | equipment | Totals | |||
| £ | £ | £ | £ | |||
| COST | ||||||
| At 1 September 2019 and | ||||||
| 31 August 2020 | 25,097 | 20,913 | 3,959 | 49,969 | ||
| DEPRECIATION | ||||||
| At 1 September 2019 | 21,510 | 20,858 | 3,958 | 46,326 | ||
| Charge for year | 3,585 | - | - | 3,585 | ||
| At 31 August 2020 | 25,095 | 20,858 | 3,958 | 49,911 | ||
| NET BOOK VALUE | ||||||
| At 31 August 2020 | 2 | 55 | 1 | 58 | ||
| At 31 August 2019 | 3,587 | 55 | 1 | 3,643 | ||
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||
| 31.8.20 | 31.8.19 | |||||
| £ | £ | |||||
| Outstanding fees and charges | 13,290 | 15,336 | ||||
| Other debtors | 1,527 | 1,527 | ||||
| Prepayments and accrued income | 2,148 | 1,217 | ||||
| 16,965 | 18,080 |
Page 15
continued...
Waldorf School of South West London Limited (The) Trading as London Steiner School
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Fees received in advance Social security and other taxes Other creditors Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.9.19 £ (37,915) (37,915) Incoming resources £ 477,657 477,657 At 1.9.18 £ (113,677) (113,677) |
31.8.20 31.8.19 £ £ 26,815 13,323 17,817 45,310 4,715 4,131 31,978 42,146 2,520 2,520 83,845 107,430 Net movement At in funds 31.8.20 £ £ 38,690 775 38,690 775 Resources Movement expended in funds £ £ (438,967) 38,690 (438,967) 38,690 Net movement At in funds 31.8.19 £ £ 75,762 (37,915) 75,762 (37,915) |
|---|---|---|
16. MOVEMENT IN FUNDS
Page 16
continued...
Waldorf School of South West London Limited (The) Trading as London Steiner School
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 665,840 665,840 |
Resources Movement expended in funds £ £ (590,078) 75,762 (590,078) 75,762 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net movement At 1.9.18 in funds £ £ Unrestricted funds General fund (113,677) 114,452 TOTAL FUNDS (113,677) 114,452 |
At 31.8.20 £ 775 |
|---|---|
| 775 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,143,497 | (1,029,045) | 114,452 |
| TOTAL FUNDS | 1,143,497 | (1,029,045) | 114,452 |
continued...
Page 17
Waldorf School of South West London Limited (The) Trading as London Steiner School
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
Page 18