REGISTERED COMPANY NUMBER: 00519230 {England and Walès) REGISTERED CHARrrY NUMBER.. 295104 Report ofthe Tnsste•s and Unaudited Financial Statements forthè Yèar ErKled 31 August 2023 Steinerwaldorf Schoots Fellowship Limited Safthlly & Cornpany Charterèd Actountants Irish Square Upper Denbigh Road St A5aph DenbwJhshi LL17 ORN Steinerwaklorfschools Fellowship Limited Contents ofthe Financial Statèmènts forthe yearended 31 August2023 Pa9e Rele￿nCe and Administrativ• Dotails Report ofthe Trustees 2 to 5 Independent Exam1r￿S Report Stat•mÈnt gf Financial Activilies Balance Sheet Cash Flow Statement Note5 to the Cash Flow Statemert 10 Notes to the FinarKial Statements 11 to 19 Detsilèd Statement of Financial Activibes 20 to 21 Ste1r￿Wa1dtsrf Seh¢)ols F•llowship Limited Reference and Adminlstratbve i)etsils forthe yearen(led 31 Au9USt 2023 TRUSTEES NPBrett C C(xJrt M A De Winter P A Georghiades EFT￿tsF S WilsO￿r DFBall E S Jarre5 B WAAmokY {aF¥)ointed 22161rJ) COMPANY sECR￿ARy F R￿ell REGISTERED OFFICE Salisbury & Co Irish Square St Asaph Denbighshi LL17 ORN REGISTERED COMPANY NUMBER Crf)519230 {England and Wa*) REGISTERED CHARrrY NUMBER 2951()4 INDEPENDENT EX4MINER Salisbjry & Cornparry Charterèd ArA)ufttsnts Irish Square Upper Denbigh Road St Asaph DenbKJhshire LL17 ORN HSBC Bank F4c 23r24 Paddiwon H<)use Fe$￿¥81 Pla¢ 83singstoke Hampshire RG217U Stsinerwaldorf Schools Fellowship Limiled Report ofthe Trustees forthe yearended 31 August 2023 The trustees who ats also director5 of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the d*rrty for Ihe year ended 31 August 2023. The twstees have adopted the prowsions of Accounting and Reporting by Charibes". Stslement of Reccrfnmended Plac*￿ appfK3b5e to charibes p￿paring their accounts in the Finanoal ReFth"ng Standard aP￿Icable in tt)e UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTivmES Objectives and aims Objects of the charity are to proftTh)te Steiner Waklorf edu¢2tion in the UK and ]￿lar]d. to hdp and adwse schcds and earfy year5 5etlings and represent Steinerwaldorf EdU￿ti￿ in the UK natvjially and intemationally. Objectives. strategies and activities The charity SUPFMyts Steiner Wal¢Jorf scho￿$ and e8ty years selbngs in proMdirvJ the hiqhest quafty of education based on an anthroposophiGg1 urderstsnding of thild devek)pmenL ti ctwrdinates and prowdes teacher development, curriculum research. quality development and the prowsion of dassrogm and organisational a¢Jvice and guidan￿. It 5UPPOrts governan￿ and leadetship through the provis￿ of trainiro and athce and adv(￿teS for Steiner Waldorf Educatton GovefftrnenL ts age￿les. Parfiarnent and the widereducathThl Y￿rtd. Publi¢ benefft The trustees confim that they havè e0rnpl￿ the requryernents of seiknn 4 of the Charitses Act 2011 to have due gard to the publi¢ benefft guidan￿ published bylhe Charity Commission for EngL4nd and Wales. Page 2 steinerWabJorfSchools Fellowship rnited for the year ended 31 August 2023 STRATEGIC REPORT Achievement and perfomwnce Charitable activtlie5 Our work has continued to focus primarily on supwxting si*KX)Is to: o Meet good qualty edU￿tiOn and oryJani%ab"onal standards". o Irnprove govemance and fjnanoal ManageTh￿t.. o Pass sclK*)l inspectK)ns." o Support school marf(etirKJ thr(yJgh Ixeatiro 8 new cxknrmyary brand to signal changes Sin￿ 2018119 and support ￿likjIng a stroroer repuiation for Ste1r￿ Waldns as school wntributions altsne do not rneet costs. Prior to 2019 the largest scho(As subsidised the rest of the school movement bui the loss of 3 Df those 5 schools and the ¢losure of 4 smaller schools sin(E has reduc£d inLYJrre o)nsiderabty atthough the work required and the servi Provided has irFcxeased. Our aim is that by supporb.ng Ihe development of new tead)er trainin9, leadership and govemance, including better financaal managemenL the need for CPD SUpp￿t from Waldorf UK wll gradually ￿￿ce. Our extemal work and profite rdisir¥J wll support efforts to attrd¢# more pupils and become rnore financially stsble and able to support the full o)sts of the OTganisation in time. We are ￿s0 expknring the possibilty of developing addibonal income streams to further sub5tdise ts work with sch￿￿ L•gaey We were vèry grdteful to r￿￿e in this finanaal year a kgacy gfft from the estate of Elizabeth Conor macken￿e. Her generws ght wll be tyutyal in supporb.ro the devebpmentwork we are planning over the next years. Inveslment policy and ¢)bjectives Under the memorandum and artides of asscoation the chanty has the power to make any investments the thjstees wish. The t￿stee$, having regard to the IiquKIty requirements of ¢ts operations and t(> the reserves policy. have (>WTated a policy of keeping av&la￿e fvnds in Inte￿5t bearing deFX)sf( attounts %thid) pay a tste of interesL where possible, in excess of the rale of inflation. Policy on reserves The trJrrent policy of the trustees is to maintsin free reserves equal to 3 11k￿thS wnniro costs. which would be approxirnately £65.000, within the arA)unts to rreet o)ntiroenoes. Free reseNes at the year end date amounted to £72.749. which the trustees consider is satisfartory given fvture pLans. Plans for futu￿ period5 Activities P￿nned lo achieve To continue to improve suprth forschools in all aspecls of Iheirdevek)pmenL A 3 yearslrategic plan is in development. Going concern r the years the Fellowship has str￿n reseNes and put in pl￿ financial pknning to ensure we are a going coneem. The trusteé body ha5 been reform￿ to enable the Work to go forward V￿th a stronger management STRUCTURE. GOVERNANCE AND MANAGEMEI Nature of governing document The charity is controlled by its goveming doDJmen( a deed of tnJsL and Cor￿tituteS a limited o)mpany, limited by guarantee. as (Jefineo ty the COMpan￿S AU 2006. Steiner Waldorf Scho￿¥ Fellowship ￿mrted is a company limrted by guaranlee. L¥)vem&l by ts N*morJndum and arbdes tsf assotsation. It IS Tegistered rtharity wrth Ihe Charity Commission. Rèeruitmènt and appointrnent of Dew trusttss The cwnril consists of a Ma￿muM of nine indrwdual wuncal rrthibers etected Orap￿Inted as follows.. . a maximum of fve persons elected by st comply with the accounting requirements of Secjion 396 of the 2006 Act othèr than 8ny requirement that the accounts give a true and fair vièw whith is not a matter COns￿ered as part of an independent examination.. or the accounts have not been prepared in ac0Ydan￿ with the mett)(Kls and prinaples of the Statement of Recommended Practice for accounting and ￿pth"ng by charilies (applicable to ch8ritses preparing their accounts in a¢¢Ordan￿ wih the Finanual Reporbng Stsndard applif2b5e in the UK and Republv of Ireland IFRS 10211. I have no concems and have come across no other rnatters in rnnnection wth the examination to whkh attention shtsuld be drawn in this report in order to enabje a propef understanding of thè 8(xx)unts to reathed. Salisbury & Company B￿neSS Solubons knmited Salisbury & Company charter￿ Ac£ountants Irish Square Upper Denbigh Road St Asaph Denbighshi LL17 ORN 23 May 2024 Page 6 Steinerwaldorf Schools Fellowship Limtted Statement of Financial Activibes forthe ywended 31 August2023 2023 Total funds 2022 Total fvnds Unresth(knl Restricted fvnd fvnds Notes INCOME AND ENDOWMEMfs FROM Donations and legaryes 449,791 449,791 287.543 Charitable actrvities Chariiable actNthes 126.682 126.682 Investment income 970 970 219 Totsl 577.443 577.443 322,S98 EXpEND￿uRE ON Raising funds 46.601 25.476 72.OTT 37,020 Charitsblè activitiès Charitable activitles Governan￿ costs 236.715 236.715 3.569 219.847 5.950 Total 286,885 25,476 312,361 262.817 NET INCOMEIIEXPENDrruREI Other recognised gatnslllossesl Actuarial gainslllossesl on defined benefft schemes 1.558 125.4761 265,082 59,781 1143.774) 1143,7741 Net movement in funds 146.784 125.4761 121,308 59,781 RECONCILIATION OF FUNDS Totsi fund5 brought forward 72,749 25,476 98.225 TOTAL FUNDS CARRIED FORWARD 219,533 219.533 98,225 The notes fomi part ofthese finan(X￿ ststernents Page 7 31August 2023 2023 Toi ds 2022 Tot lunds InwgIb￿ assets Tan￿tle assets 40.317 712 40,317 712 950 4L029 41.029 IRRENT ASSETS C*biors Cash at bal 115.798 427.966 115,798 427,966 25.295 278.988 543,764 543,764 CREDITORS Amounts Or￿ yeer {￿.260) 161.26DI 123.5361 2￿$.747 523.533 573. 281.697 PENStON UABYLrrY [3)4.￿)) (3M.cxxsI 11814T21 219.533 219,533 98.225 FUNDS UnTestrK¢ed frmts 16 219.511 72,749 25,476 TOTAL FUNDS 219,533 98,22S ended 31 ￿JguSt 2023. The mernters ￿Ve rNX reqLll￿ 0￿party 10 aLMYit of #atefft￿ts year en￿￿ The trustee5 aCkry￿edge their respMst5ifries tr s￿￿2# on rts behattty. TrLZStee Steinerwaldorf S¢ht)ols Fellowship Limited forthe yearended 31 August 2023 2023 2022 Cash ftows from optrating athitses Cash generated frorn operations Interest P8id 199.434 14891 38,815 Net cash provided by operating aetmbes 198.945 38.815 Cash flows from investing activities Purchase of intangible ￿ed assets Purchase of tangible fixed a￿ts Interest recewed 150,9371 11.1881 219 970 Net cash used in investiThJ activibes {49,9671 19691 Change in ¢ash and ea5h equNalents in the reporting period Cash and eash equlv￿ents at the beginning of the reporting period 148.978 37,846 278.988 241.142 Cash and cash equivalents atthè Ènd of the reporting period 427,966 278.988 Page 9 SteinerWaldorfS¢hools Fellowship Limited forthe year tnded 31 August 2023 RECONCIUAMON OF INCOME TO NET CASH FLOW FROM OPEFiATING ACTMTIES 2023 2022 Net incorne forthe reporting period (as perthe Ststement of FITwKial Activibesl Adjustments for. Depreciation charge5 Interest re￿iVed Interest paid Pension obligation payments Ilncxeaseydecrease in debtLK Incsease in trAitors 265,082 59,781 10.858 1970} 238 12191 {23,2461 {￿),5031 37,724 123,0671 2,038 199.434 38,815 ANALYSIS OF CHANGES IN NET FUNDS At 1P3r22 Cash flow Al 3118123 Net ¢ash Cash at bank 278.988 148,978 427,966 278,988 148.978 427,966 Totsl 278,988 148,978 427.966 The notes form part of Jhese finan(Jal stalements PwJe10 Steiner Waklorf Sthools Fellowshlp mited for the year ended 31 August 2023 ACCOUNTING POLICIES Basis of pr•parin9 the financial statements The finaniyal ststements of the chartlable ￿)mpanY. which is a public benefit enty under FRS 102. have been prepaTed in accordance with the Charities SORP IFRS 1021 'Attounting and RepLxb"ng by Charibes.. Ststement of Recommended Practice applic2bie to chariknes ￿P•llng their awunts in a¢rAYdan￿ with the Finanaal Reporting Slandard applicabb in the UK and Republic of I￿land IFRS 1021 leffecbve 1 January 20191,. Finanaal Reporting Standard 102 Tr Finanoa] ReporbrrtJ Stsndard aprlicable in the UK and Reput￿1¢ of Ireland, aThJ the Compan￿$ Ad 2CK)6. The financia sl2tements have been prepared under thè historicA cost convention. Going concern The tNstees consider that there are no material un￿rtaInties about the tharitys ablity to continue as ¥ going con¢em nor any s￿n[ficant areas of unfjertainty that affect the caryng value of assets held by the cknity. Income AJI income is recognised in Ihe Stalement of Finarvial Acbwbes On￿ the chatity has enti￿mÈftt to the fvnds, it is probable that the income will te receNed and thè aNKxJrrti%n measured relrably. Donations and legacies Donations are recognised when ts tharity has notified in ￿ting of both Ihe amounl and setuement dale. In the event that a donation is SUb￿Cl tr) car￿￿OnS that requi￿ a of perfomance by the charity befo￿ the charity is entiued to the fvnds. the income is deferred and nol rewgnised unb"l erther those ¢gnditions are fully met. or the fulfilment of those eA)ndilÈDns is whdty wiJ)in the tsjntrd of the charity and rt ts probable that these COnd￿onS will LE futfilkd in the ￿￿￿*"n9 ￿n(￿l. L￿3¢Y grfts are recc*Jnised on 2 ￿se by case basis folknwng the grant of probatè whèn the administratorlexecutor for the estate has unts restating o)mparatNes by accounting for Steiner waldo￿ Scho&s Fellowship's share of the defiut as a cost and liabilty- In fijture all annual contributions will ￿e¢￿&se the defictt up until the next lrieftn￿ artuarial valualion dLte as at December 2024. where the corrected value movement be eXE￿ed ￿ irwne in fftHnoal ststements b) bring the liabilty in line th the latest valuation_ The latest triennKI1 actuari￿ valuation as at 29 De(xnber 2021 a schemè défitit of £12.9 million. Pension scheme assets are valued at fair value at the valuation date. Pension scheme liabilthes are measured on an actuarial bags using the projected unf£ methcml and a￿ discojnted to Ihe&r present value. The scheme trustees and participatiryJ employers de(xl&l tr> d05e the scheme tr) further benefit acc¥ual on 31 De¢ember 2008. and fubJre contributrffi tevels wll LE Lzk)Jlated so as to eliminate the scherne defiat over an agreed pericKI. To repla¢* tris sche￿￿ the charrty has Set up a defined contribution pensi￿ scheme for whith all staff are eligible. The penS￿n costs tharyed in the finanaal statements represent Ihe ￿ntribUtionS payable by the charity during the year. Financial instruments Financial assets and finanual Ik3bilrbes are recojnised when the dwrity bgxjrres a paty to the (xntracttjal promsions of the instrument. Financtal liabijfaes and eqLTrty instyments are dassffj￿ ￿LI￿{ling to the Substan￿ of Ihè contractsjal arrangements ente￿￿ into. An equity instrurrent is any contrad that e￿der￿eS a residual interest in the assets of the rknrity after deducting all of tls liabilities. Re¢ognttion and mèasurement AJI financial tssets and jiebil￿"eS are initialty measured at transath.on linduding transaction o)5ts1, ex￿pt for those finanoal assets dassffied as at f&r value through profit or k6s. whth are initially measured at fatr value (which is normalty the transaction prre exduding transa(*on rA￿l. unless the atrangerHent constitutes a financing transaction. If an arrangement (x)nstiiutes a finanong transa¢titsn. the financtal asset or ffnan(xal liability is measured at the present value of tt)e future payTrents discounted at a market rate of interest ftsr a similar debt instnjment. Finanaal assets and liabilities are only offset in the ststement of finarKial poyts.on when. and only when there exists a ￿galty enforceablè right to set off the recognised #rnounts and the charity intends either to setye on net basis. or to realise the asset and Sèlue the liabilty simuh2neously. Financial assets are dereexNJnised when and onty al the rights to the tssh flows from the financiql asset eX[Y￿ or are setued, bl the thaiity translers to arK)ther paty substsntially all ofthe risks and rewards of ownètship of the finanual asseL or Gl the charity. desprte having ret2ined sorne. but not all, signoScant risks and reward5 of ownershy, has trdnsferred contrd of ￿ a&%et to another paty. Financial liabil￿￿$ arè derecvJnised cffily vthen the rtJlbJabon in the o)ntract is discharged, CAn￿lled or expires. Page13 o)ninued... Steinerwaldorf Schools Fello*hip Limited Notes to the Finan¢ial Statements. wrtinued for the year ended 31 August 2023 DONATIONS AND LEGACIES 2023 2022 Donations Legaries Grants Contributions from schLK)ts 5.895 269.958 29.392 70.000 19.600 168,551 173,938 449.791 287.543 Grants receiv&Y, induded in the above. are as f(AkMs: 2023 2022 Anthroposophi(31 S￿￿ety in Great Britain Other grants 10.000 9.600 19,600 INVESTMENT INCOME 2023 2022 D8posit ac(x)unt interest 970 219 INCOME FROM CHARITABLE ACTv4mES 2023 Ch8ritab actsvitses 2022 Total activities Art ol Teaching Training for S￿￿lS Website Adverbsing Publications conte￿￿￿ ènd athsoryfees Other incx)me 18.370 40.399 396 11,817 6,595 49.105 24.506 500 1,540 126.682 34.836 RAISING FUNDS Othertrading activitses 2023 2022 Publications and Confe￿ Training for Sthools Art ofTeaching 18.273 48.930 4.874 3,916 33,104 72,077 37.020 Page 14 contin¢Jed... SteinerWaldorfS¢hools Fellowship mited Notes to the Finaneial Stattments. continued for the year ended 31 August 2023 EXPENDrruRE ON CHARITABLE ACTivmES Suprort sts (see note 71 charitab￿ acbvibes Govemance o)sts 236.715 3.569 240.284 SUPPORT COSTS Governan Management Finar Totals Charitable athityes Governan￿ costs 235,923 496 792 236.715 3.569 3,073 236.419 792 3,073 240,284 NET INCOMEIIEXPENDrtUR Net in(x)rnellexpenditurel is stated after chargin￿(cred￿n9l. 2023 2022 Auditors, remuneratK)n Depwation. owned assets Devek>pment costs amortssation 3,073 238 10.620 5.950 238 TRUSTEES. REMUNERATION AND BENEFrrs There were no tnjstees. remunetatm or other teneffts for the year er￿1￿1 31 August 2023 nor for the year ended 31 August 2022. Trustees. expens•s Trustees. expenses Of £496 were pa*1 durirrfJ the year12022: Nil}. 10. STAFF COSTS 2023 2022 Wages and salaries Social secunty tt)sts Other pensw)n costs 140.6n 10.535 4.313 138,143 10.422 3.883 155,525 152,448 The averdge monthty numter ofempw durir¥J the yearwas as 2023 2022 Exec3Jtive Director Educ2tion Ccpordinattr ISdKxJlsl Educats"on Cst of the ajfficulum prwt lartiojlating the Steinèr Waldorf approach to eduiztion as a o)ntemporary oJrrioJlum ￿ the 21st Centyryl and the development of a s¢hemes of work website. Canterbury Trustee Page 18 Continued... Steinerwaklorf Schools Fdlowship mited Notes to the Financial Statements. wrtinued for the year ended 31 August 2023 16. MOVEMENT IN FUNDS- continued CIS Trust8es have avBrded fundir¥J to subsKJise SO% of o)st of Sounts Write Training for 20 teachers, the deVd￿ment ofa St*ner Wat(k)rf readir¥J stheme aThl Maths tr3inirKJ for leattE￿. F￿￿nde der Erziehurtgskun5t RudolF Steiners This was a donab.trn towdrds athsory worL 17. RELATED PARTY DISCLOSURES There were no related party transadkyB fr*the year ended 31 August 2023. Page19 St•inerWaklorfSchools Fdlgmship mited forthe year ended 31 August 2023 2023 2022 INCOME AND ENDOWMENTS Donations and lega¢res Donations Legacies Grants Contributh)ns from schools 5.895 269,958 29.392 70,000 19.600 168.551 173.938 449,791 287,543 Investment incorne Deposrt account interest 970 219 Charitsble acttvlties Art tsfTeaehing Training for schools Website Atherising PublicatDns ConferenG¢ and advisory fees Other income 18.370 40.399 396 11,817 6.595 49.105 24.506 500 1.540 8.290 126.682 34.836 T¢)tsl inwming resour 577.443 322.598 XPENDITURE Othertrading activityes Publications and conferences Training lor Schools Art ofTeaching 18.273 48.930 4.874 3,916 33.104 72,077 37,020 Support costs Mana9ement Wages Soaal security Pensions Insuran¢e Telephone Advertssing Sundries Educational research Travel and subsisten Office expenses subscripb.ons Legal and professK)nal Suti contractOTS Consultsncy ReGruitrnent Bad Debts Development costs amothth Computer depreciation 140,677 10.535 4,313 339 1,051 138,143 10.422 3,883 568 4.061 10,410 771 20 11,759 16,5991 420 7,850 6,420 3.442 10,742 17.423 5.327 11,3851 25.605 14,328 719 14.004 10.620 355 238 236.419 219.704 This page Lkns notfom part of Ihe ststutory finarKial siaiements Page 20 Stsinerwaldorf Schools Fellowship Limited forthe yearendÈd 31 August 2023 2023 2022 Management Finance Bank tharges Other inierest 303 143 792 143 Governartc• costs Auditrxs, rèmun*ats"on 3,073 5.950 Totsl resources expended 312.361 262.817 Net in¢ome 2ff￿,082 59.781 This page ¢JLES form partofthe Ststtrt0ryfinaw￿ statements P&Je21