REGISTERED COMPANY NUMBER: 00519230 IEngland and Wales) REGISTERED CHARrrY NUMBER.. 295104 Report ofthe Trustees and Unauditeil Finan¢ial Slatements forthe Year Ended 31 Au9USt 2025 Stelnerwaldorf Schools Feljowship Limited Salisbury & Company Chartered Accountants Irish Square Upper Oentsgh Road St Asaph OenbKJhshi LL17 QRN
Steinerwaldorf S¢hools Fell¢Mf$hip Limited Contents of the Finan¢ial Statements for the ended 31 Augusi 2025 Page Reference artd Administrtty¥e Detail$ Report ofthe Tru5tt¢s Indepond¢nt Examinees Report statemerrt of Financial Acts Balance Sheet Cash Flow Statement Notes to the Cash Flow Statemert 10 Notes to the Financial Statwnents 11 to 20 Detoiled Statement of Financial Adivi 21 to 22
Steiner Watdorfschools Fèllowship Lirnited RefeYen¢e and Admitsists31i¥o Details forthe ended 31 August 2025 TRUSTEES NPBrett C cIrt M A De Winter E F Taylor S WIts(Devare DFBall E S James A V M Retsler COMPANY SECRETARY F R81 REGISTERED OFFICE Salithry & Co Irish Sqva St. Asaph Denbighshire LL17 ORN REGISTERED COMPANY NUMBER (¥)519230 {Engi8nd and Wales) REGISTERED CHARrrY NUMBER 295104 INDEPENDENT EXAMINER Salisbury & Company Charte0 Accountants Iiish Squa Upper Denbwh Road St ksaph Denbuhshire LL17 ORN BANKERS HSBC Bank pk 23124 Paddington H¢yJse Festival Place Basirystoke Hampshire RG21 7LJ
Steinerwaldorf Schools Fèllowship Limited Report of the Trustees forthe >Ear end¢(131 August 2025 The trustees who are also directors of the Charity for the purrx)ses of the CompaftiÈs Act 2006. prEsent treir report wilh the financial statements of the charty for the year ended 31 August 2025. The trustees have adopt the prtsvisions of Accounting and Reporbng by Charite5.' StatemÈnt of Recornnnde¢l PractKe applicable to tharities ppann9 their accounts in accordance wth the FinanciJ Rerx)rbng Slandar¢ aptyKable in the UK and Republic of Irdand IFRS 1021 leffecbve 1 January 20191. OBJECWVES AND AGTP4tnES Objectives and aims Object5 of the ¢h2rity are to promote stner Waldorf educatiw in Ihe UK and Irejand. to help and advw schools and earty years setbngs and represent Steiner WJdorf Education in the UK nationally and internationally. Obje¢tivÈs, strategies and activities The charity supports Steiner Waldorf 5ch(x)ts and earfy years seitings in prowding the highest quality of education based on an anthroposophical unders&nding of child Ilevd¢)pmenL tt cTrotdinates and provides teacher development. curriculum resÈareh. quality devek)pment and the provision of dassroom and (xganisational advice and guidance. It supports govemance and kadership through thè provision of lJaining and ad(¢ an¢ advocates for Steiner Waldorf Education %Mth VeMMent. its agenoes. Partiament a]yJ Ihe l¢jer educational worfd. Public benefft The tru$tees conffrrn that they have ¢omrAied the Tequirements of section 4 of the Charities Ad 2011 to have due regard to the public benefrt guidanix published by the Chanty Commisgon for Ersland and Wales. Page 2
Stsin•r Waldorfkhools Fellowship Limited Report ofthe Trustees forthe por ended 31 August 2025 STRATEGIC REPORT Achievements and perfomwnc8 Charithble activitses During the year, Waldorf UK ha$ conbnued to defver a toad and intensNe prograrnme of support to Steiner Waldorf Schools and E8dy Childhood sethng5 across the UK. This work remains focused on improng educational quality. strengthening readehIP and govemance. supporbng schLK)ts to operaie sustaiftabty in a challenging external enmronment. SupF)Ort prowded during the year has induded_. A wmprehensNe PTO3ramme of neknrk meetirw for s(knl &ders, trustees, kn"ndergarten leads, SENDCOS. Designated Safeguarding Leads IDSLSI, business managers and marketing Staff. These forums prowde regular briefings. facilitate the sharing of best practi and Strengthen c(Alaboration across Ihe rnovement. A progratnme of continuing profe5SK)nal devebpment ICPDI, including training and webinar5 tailo to identffièd nèeds such as behawour support. safeguarding. and teaching Sttegies. - Subsidised access to eTrmal trdining. induding StyJnds Write and Maths for Love. and sector expertise throug pather5hips su¢h as the Independent S¢hoots' Bursars Association IISBAI and FRP. -Targeted 5UPPOrt for individual schtr)Is. Induding support ¥th JeadeTship Tecnjitment. safeguarding adw¢e. govern8nce support and operatyon81 guitjance. This has contributed to continued improvements in educational quality arKI Inspecti outcrmes across most schools. Supportfor School$ and Financial Challenges The fin2ntyal sust2in8bilty of schools remains a central Coneem. DuTing the year. Whilst some schools were beginning to show a small in pupil numbers. the lona Steiner Sthool closed in September'24 due to financial pressu an¢J the Bnsttsl Waldorf Sch¢1 went into Adrninistration latthough the scho subsequently eted a(Irninistrdtioft foIbvng a parental (mpaJn. dosiry in Decernber 20251. Schools fe¢ed increasing financial strain arisin9 Irom dedining enrolrnent in sorne areas. risiThJ costs. and structural challenges in govemance and financial management. - The removal of the VAT exemption on schcM)I fees five rnorths into Ihe year in January 2025 together loss of charitable relief on business rates and an increase in the natiwal insurance costs in tfie same financial year created signrficant uncertainty across the 5ecbr. Waldorf UK has played a key rofe in supportirvJ schc)L8 through these thalW by.. Providing briefings. webinars #nd guidance on VAT iMpmentatior* and finanrAal planning - Coordinaiing access to ISBA membership. expertise and training at ltsw ¢x)sL - Representing the school movemefjt to policyrnakers and I¢ stskeholder5. Running inforynation sessuns for parents and providing support for parents who wished to to lfreir political representatives. - Offering tailored advice on pupil re¢witment and marketing. indj19 the devekspment of a national alumni ¢ampai9n Despite these efforts. financ11 Pressu across the rn0Veftrt remain signfficgnt and a ejpected to 4xntinuÈ into the next Inancial year. T•acher Recruitment and Training Teacher recruitment cotTr)nues to be a major Strdtegic chalknge. In respo[e. W?orf UK has prog55ed a coordinatecj national 8pproach through.. - ImplÈTnenlation of a National Teacher Ttaining and Recruitment Strategy. setbng clearer exrEctation5 and standards for teacher education in the UK. Continued development of accredited teacher trainirg pabkny5. irlUding the transition and expansion gf pcstgraduale training prowsKJn to ensts Waldorf teache¥ education is seen to be sei at an equal stsndard to national qualifications. Supported national recruitrnent through adverbsing and offering in1ormaTr bIar. increasing wsibilty of WaKl0rf schools and airned at wdening the rK)ol of rKJtential applicants wih numbers of teathertraining stu(lents increasing. These éev8lopments represent an lrnrant step ttyvard5 strewhenry the kn94errn sustainabitty and professionalism of the workforce. Earty Chlldhood Support for Earty Year5 settings mainS strong and continues to deliver posiiwe oul¢omes'. - Inspection resutts m84n wns[stent high. wth m05t settings judged th or Outstandiry. - Network rneetirys and briefings have eypanded to ajdw key areas including mJIuM, safwJuaTding. SEND, antj to the next stage of edueation. - Continued support has been provkyed to ert5ure compliance th ev0mj wulatory requirements. induding funding and EYFS expectations.
Stsin8rWaldorf Schools Fellowship Limited Report of the Trustees frythe JEar ended 31 August 2025 This area continu8S to be a tive $treThJth bwthin the rnovemenL Leadership and Governance DÈ¥elopment Leadership and govemance remain aws for development. Schools have been 5UPWrted to access leadership devdoprnent prc9rarnTr. indudiry partiCIpatn in national initiatives such as those run by Big Education. - Trustee training and govemance 5UPPOrt have provided Ihrough network meetings. brefings and indiMdual intsrvention5_ - Direct support has been offered trj schcN)b faciThJ kader5hip inst2bilrty or governan iallenges. While progres5 has been made, variabilty in g0veMan qurtY arxoss s¢hwLs rernans a signfficant issue and continues to Impact SU5tainability. RaisKng the Profile of Waldort Education Extemal engagement has expanded signffi¢anUy during the year. conkfDutiTrJ to smKwved recognition and credibilty of Waldorf education.. - Ongoing engagement wth the Departrnent for EdCatiOn. Otsted and Patliament - Parbcipation in nation& educ2tion nettrkS an¢ conferences - Collabootion wrth sector bodies such as the Early Year5 CoOn and Deeper Leamiw UK - Commissioning of independeni research Iuniversrty of worter} to provkle independent wden( of improvements and help set a new p05ibvÈ narrative about Wakjorf education. The continu1 development of me Waldorf UK ftsnd. has helped Mth strerhenin9 public wsibility and has supported ¢witment and advocacy efforts. Finan¢ial review Financial position The ¢harity has continued to delw a hi9h tevei of suprMVt to sth¢y)ks and ta years Seth.j$ during the year, funded through a combination of s¢hool contribubcn& grants, donabots and iegaty income. Totsl in¢orning oUrceS for the year Ere £324.731 12024.. £239.2161. refiècting an ir)(xease in donations an<$ legacy income to add to income frorn sthIts. Total eJpendItU was £326.615 12024.. £325.4141, resty"n9 Tn 8 srnall operational defit of £1.88412024." defiut £86.1981. Cash balances remain stroThJ at £318.143 12024: £330,0951. provti4in9 wgoiTrJ liquKJity to support operabons and plann actiwty. Pnsion Liability The charity belongs to the MÈreJJry Pmwdent PenoA Sctrwne. a defjned benefil scheme. As reported in the financial staternenis, the deficit attributsble io the charity has ¢ncreased during the year lo £435,00012024.. £278.7801. This increase has had a signthGqnl impact on the K)rted nel assets of tt charity. which movèd from a posit¥ve posrtion of £133.335 to net Iiabilibes of £51.096 atthe year end. It is important to note Ihat.. - The increase in the pension deficit arises primanty frorn an urxyaled aduarial valuatson. reflecting changes in financial assumptions such as diso)unt rates. Infflation expectations ane market Cond"05 81 Ihe valuation date. - These valuations represent a snapshot in tirne and can flUeate signffjtsnty frorn year to year depending on external econoTnlC factors. - The movement does not refit a deteriorJti(xi in the thèft$ underlwng operational perfomance or financial management. The pension liats.lty is a lollrrn obl&ation. I1h an agreed retx)very plan wuirir4J n)nthly contri1tiOn. increasing gradually over time. As such.. -11 does not represent an immedie cash requ1Ment 11 is being managed through a stnjctured repayment plan - It does not affect the charitys ability rmtinue op¥ating in to medium te The trustees wll ¢tinue to mwttor Ihe PDsiti"on closely and take profession adwce as required. The scheme is overseen by the Pension Regulaior. Page 4
SteinerW•ldorf Schools Fell¢ShiP Limited Report ofthÈ Trustees forthe >tar ended 31 August 2025 STRATEGIC REPORT Financial review Investmewtt policy and obiectl¥es Under the memorandum and andes of association the charity has the to rnake any itsvestrnent5 the trustees ish. The trustees. hawng regard to liquidity requirements of its operations and to the ServeS w)licy, have operated a policy of keeping avaiLablÈ funds in Inte$t bearing deposit a¢Unts %thich pay a rate of interest. where possibie. in excess of the rate of infiatM?n. Policy on reserves The tru$tees' policy is to maintain tree reser¥es equNaknt to apprwmatety three months of op8fdting costs, esb"mated at £65,000. Gwen the incwsing finanual Pressu member sc$ and wder economic uncertsnty. maintsinitwj aduate serves remains an important priority. Fre8 reserves at the year end re £346k. is above the tsrget kvel. Free $e8 have been (jJIated as total Unrestrict funds. less fixed assets. wlh the pensK)n ¢Jeftc¢t added back. Plans for future periods Activities planned to a¢hiev8 To continue to improve support for sdths in all asFcts of their development. We arÈ delivering upon the 3 year strategic plan for 202>2026. With the establishment of the Irish Waldorf EdU¢tiOn Asxoab"w. Ihe otie¢is of the company will be updated th promob.on of Steiner Waldorf Educ2tron in Ireland being removed. Going con¢ern Over the years the Fellowship has Strengthened reserves and put in place financial annIng to ensure we a a gThng concern. The trustee body has been refomed lo enable the to go foTrtsrd a stronger m2nagernenL STRUCTURE. GOVERNANCE AND MANAGEMEMT Funding and Future Financial Sustsinabilty The charity wntinues to rety on a combination ot. - School contributK)ns - Grants atTd donation$ - Legacy tncome whi Prog$5 has been made towards a sustainable furmjing nKMJel. finanoal pressures on schcx)Is-particularly arising from the introduction of VAT on school fees and wid8r c05t increase5-may itnpact future contiibution levels. As a resutt." - Fundraising and grdnt income 11 maIn an itnportanl cornponent of the charitys financ4al Strategy - Opportunities to diversfy itume strearn5 will rthtinue to be expjored - Careful tnanagement of eynditure will be tequired lo maintsin service kvels Report of the tru directors. on ....... ratrj a Stsategic pOrt approve(I by order of the tx)ard of trustees. as the Company and svJned on the IM)arfs behatfby. S Wilson-Devane- Trustee Pag8 5
Independent Examinees Report to the Trusttts of StÈifter Wald¢)rf Schools FÈllow5hip Limited Independent ¢xaminerf$ rport to thè trustees ot Steiner W•ldorf Schools Fellowship Limited Dhe Companrfl I report to the charity trustees on fflyexaMinati> of Ihe accwnts of the C(ynpany for the year ended 31 August 2025. Responsibilities and basis of report A5 the chanty's trustees of the Company land aIso it5 tJire¢tors forthe purposes of (x)mpany lawl you are resw>nsible for the pparation ofthe accounts in accordanr£ Imlh the raquirerrents ofthe Companie5 Ad 2006 fLh& 2006 Acri. Hawng satisfied rnysdf that the acwnts of the Company are not required to be audrted under Part 16 of the 2006 Act and a eligible for independent eyArnination. I report in Pect of my examinatioft of your chant¢s accwnts as carried out under Section 145 of the charleS A¢t 2011 ftre 2011 Adl. In carryng out my examination I have followed the Directions given by the Chanty Commission under Section 145151 Ibl of the 2011 Att Independent examinerfs staternent Since your charity's gros5 Income exceeded £250.000 your examiw mus¢ be a member of a listed tx)dy. I can confirm that l am qualified to undertake the examination b8cause l am a mernber of the lnsts.tute of Chartered Ac¢ountsnt5 in England and Wales. 1c is one of the listed bodies. I have completed my examination. I confimi th no matws have come to my attention ul connecbon with the examination giving me Gguse to beIVe.. accounting records were not kept in Pect ofthe Company as required by Section 386 ofthe 2006 ACL or Ihe accounts éo not accord with those retr)rd5". or the accounts do not cornpty wth the accountirfj requirements of Section 396 of the 2006 Act other than any requirement Ihat the accounts give a true and ts"Lr view which is noi 8 matter {i¢ered as part of an independent examinauon-. or the accounts have not prepared in accordan ¥rith the methods and princip5 of the Stement of Recommended Practice ftr accounting and repothng by charities lappiicable to charities pparij their accounts in accordance wlh the Fin3ncial Ren9 Standard applubk in the UK and Republi¢ of IreLand IFRS 10211. I have concerns and have come acros5 no other rnatters in conne¢tion b*ilh Ihe exarnination to thi¢h attention should be drawn in this report in order to enable a proper understanding of the zccounts to be aChed. Salisbury & Company Busines5 Solutions knrni18d Salisbury & Company Cttarted Accountants Irish Square Upper Denbigh Road St Asaph Denbighshire LL17 ORN Date.. Page 6
Steiner Waldorfschools Fellowship Lirnited Statement of FinanGial Activitses torthe yearended 31 August 2025 2025 To¢al fiJnds 2024 Total fvnds fund fijnds INCOME AND ENDOWMENTS FROM Donations 2nd legacies 220.695 52.925 273.620 179.638 Charitsble a¢tivities Charitable acbwties 46.991 46.991 59.578 Investment income Other income 130 Total 271,806 52.925 324.731 239.216 EXPENDifLIRE ON Raising fun¢Ys 2.140 31.700 50,149 Chari¢able activities Charitable 8CtMties Governan costs 247.718 3,276 43.921 291,639 3.276 271.457 3,808 Total 46.061 326.615 325.414 NET INCOMEIIEXPENDITURE) Transfers between frjnds h8r reco9nised gainlI05Ses) Actuarid gainsllbssesl on defined benefft schemes 18.7481 110,4(X)I 16 11.8841 {86.1981 10.400 1182.547} 1782,5471 Nèt movement in funds 1201.6951 17.264 1184,4311 186.1981 RECONCILIATfoN OF FUNDS Totsl funds brought forward 133,335 133.335 219.533 TOTAL FUNDS CARRIED FORWARD {68,3601 17.264 151.0961 133.335 The notes fomi part rk Ihèse financial statements
steiner Waldorf Schotsls Fellowship mited Balance Sheet 31 August 2025 2025 Totsi funds 2024 Tot81 nLIs Unfestricted fur Restricied funds FIXED ASSErs Intangible assets Tangible assets 12 13 19.615 19.615 999 31.916 1.853 20.614 20.614 33.769 URRENT ASSETS Debtors Cash at bank 14 54.59) 315.379 16.000 2.764 70.590 318.143 64.177 330.095 369.969 18.764 388.733 394,272 CREDoRs Arnount5 tslling due %ithin orE year 15 123.9431 11.5001 125.4431 115,9261 NET CURRENT ASSErs 346.026 17.284 263.290 378.346 TOTAL ASSEfs LESS CURRENT LIABIUTIES 17,264 412.115 PENSION LiA81LtrY I435.OCl 1435.0001 1278.7801 NET ASSErs 168.3601 17.264 151,0961 133,33S FUNDS Unrestricted fvnds Restricled funds 16 168,3601 17.264 133,335 TOTAL FUNDS 151.0961 133.335 The charitable company 15 entsed to exemplK)n from audit under Seclion 477 of the Cornpanies Act 2006 for the year ended 31 August 2025. The rnembers have not reqd the cornpany to obtain an au¢Yit of its financaal statements for the y8ar ended 31 August 2025 in ac¢ordance with Section 476 ofthe Companies Act 20C6. The trustees aCknOedge their re5ponwbilibes for ensuring that the charitable company keeps 8ccounb.ng records that comply with Sections 388 and 387 of the CoThpanies Act 2006 an preparing financial ststeMts which 9Ne a true and fairww of the Sta of affairs of the charttablÈ company as at the ené of each financk?l year and of its surplus LY dÈficTt for each financial year in accordan wth the requirnents of Se¢bons 394 and 395 and wttith Otherwi compty writh the requirernents of the Companie5 Act 2006 relating to finanLaal stements. so far as applicable to the charitaNe company. The fin ncia statements *re apwoved by Ihe BoarLI of Trustees and authonse¢ for issue ..14..2é....... and si9ned on its beham ty. S Wilson-Devane- Trdstee The notes fom part ofthese finarKial statements Page 8
Stetner Waldorf Schools Fellowship mited Cash Flow Statement for the )w ended 31 August 2025 2025 2024 Cash Ilows from opernting activilie5 Cash generdted from operations Inte$t paid 116.4381 {181 192,0521 11951 Net cash used in operating acbmties 116.4561 192.2471 Cash flows from investing activities Purchase of intsryible fixed a5seis Purchase of tangible fixed assets Sale of tangible fixed assets Interest recÈived 13,9001 11,7241 13351 Net cash provided byllused iftl investing actsviles 4,504 15.6241 Change in ¢ash and cash equib7lents in the reporttng perio Cash and cash equivalents at the beginning of the reporknn9 period 111.9521 197.8711 330.095 427.966 Cash and cash eqUi¢Thts at the end of the reporting period 318.143 330.095 The notes fr¥m part ofthese financaal statements Page 9
steirwwaldorf S¢ht)ols Fellowship Limited Notes to the Cash FEOW Statement for the year end¢d 31 August 2025 RECONCIUAMN OF EXPENDrruRE TO NET CASH FLOW FROM IYERATING ACTMTIES 2025 2024 Net expenditure for th* YÈporting yyiod (as perth¢ Ststernent of Financial Aclivibes} Adjustments tor.. Depreaalion charges Profit on disposal of fixed assets Interest received Interest paid Pension obligation payments Ilntreaseydecrease in debtots In¢reaselldefftasel in creditors 11.8841 186.1981 12.771 11301 13.9901 18 126,3271 16.4131 9.517 12.884 195 125.2201 51.621 145.3341 N¢t ¢ash use(1 in operations 116.4381 192,0521 ANALYSIS OF CHANGES IN NET FUNDS At 119r24 Cash kni At 3118125 Nèt cash Cash at bank 330.095 111.9521 318.143 330.095 111.9521 318,143 Totsl 330.095 111.9521 318.143 The notes fc¥m part ofthese finanrial statemenis Page 10
5t•inerWald¢)rf School$ Fell¢Mship Limited Notes to the Finan¢ial Statements fortht JaT erKled 31 August 2025 AccoufrmNG POUCIES Basis of Prer[g the finan¢ial statements The finanual statements of the Charitab cornpany. whKt a wbfic benefft entity under FRS 102. have been ppared in accordance the Charitses SORP IFRS 1021'Accounting #nd Reporting by Charities." Statement of ReMmended Practte applie2Ne to charrtses preparing thetr accounts in acttJrdan¢e with the Financial Rep)rting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191,, Financial Reportsng Standaid 102 The Finanoal RerM)rting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The finanaal staternents have been preparJ under Ihe historic21 cost convention. Going concem The tnJstees have conSiderj the chaiity5 financAal posibon arvj fubJr2 plarts when assessing whether the ¢harity is a going concern. Although the charity rer)rts net liaNth5 at Ihe bance SW date. this ts¢)n arises primarity from the cOgnitn of the ¢Jefined nefft pension stheme defiut. is a kJWem Ik8bility payable over an extende(I period and does not present an immediate Cash (xJb1fM. The charity hc4ds stror#J (sh balarace$ at the year end and continues b generate incJxne from mbershiP 5ub5CriPtk)ns. trwnirvJ 2ctrvi)es, donaiions and gonts. ThÈ trustees have reviewed cash flow forecasts for penod of at least twefve months frorn the date of approval of thÈse finanual Statements. which Indite that the charity wll be able to meet its Ik8bilths as they frdll due. The trustees have also considered potents.al risks to incorne. incjuding financi Pressu on mernber sch¢)015 and wider economic fadors. and have identtfied mitigaD"ng actions. induding cost controt measures and the development ol addition81 inwme streams. On this basis. tt)e tnjstees con%der it appropriatÈ to Wep8 the financial statements on 8 conc2rn basis and have not idenbfied any material un(£rtainties in lkns regard. Income l incorne is recognised in Ihe Staternent of Finanual ACtiDeS once the chanty has enb"Ilernent to the funds. It is Probab that the incorne will be reNed and the amount can be Measu reliabty. Donation$ and legacies Donations a recognised when the tharity has been mtified tn %lirj of both the amount and settlement date. In the event that a donation is subject to COnd0S that wuire a of perfomiance by the charity before thè charity is èntiled to thÈ funds. the income is deferred and not rewised Ltntil either those condttsons are fvlly met. or the fulfjlment of those condiDOn5 is vknolly ithin the control of the charty and it is probable that these nditions will be fulled in the rÈporbng period_ LegaGy gilts are rewnised on a Lzse by L35e ba&s foJkMng the gr3nt of probate when the administratorlexecutor for the eslate has <*mmunicated in Wming both the arnount and setUÈment date. In the evenl that the gtft is in the form of an asset other than tssh or a financial asset traded on a recogTrised stock exchange. recognib.on 5ubieci lo the value of the gfft being lIab Measurab kmth a degree of #SOnabl accuracy and the te lo the asset having been transferreEI to the chapty. Grants receivab Grants are recognised when the ¢harrty has an entiuement to the tunds aThJ any ttjnditsors linked to the grdnts have been mei. Where pertorrnan condrbons are att3ch8d to thè grant and are yet to be rneL the income is recognised as a liabilty and included on the balan sheet as deferd irKAime to be releasèd. Investment income Dimdends are re¢(yJnis8d once Ihe ¢fMdend has been dedared and notificati has been receNed of the dividend due. Expenditure abilities are recognised as expeThliture as s¢x)n a5 the is a Jegal or Unstruthe obligation committiry the Glarity to that expenditure. tt is probable that a transfer of eo)nomic beneffts wll be required in seement and the amouni of the oN1gatn can be measure¢ reliably. Expenditu is accounted for on an accruals basis and has been ¢lassiffed under headings that aggwate all ¢ost related to the category. Where costs cannot be directty attributed lo particular headiThJs Ihey have been all¢xated to trtieS on a basis consistent Wtth the use of resource, with central staff costs all(tated on tre basis of time spenL and depreoation charges alk)cated on the portion ofthe assefs use. Other supwjrt costs a allocated based the 5prea4 ofstaff costs. Charitabk activthts Page 11 o)ntinued...
Steinerwaldorf Schools Fellowship LimrtÈd NO to the Financial Statsmtrnts-continued forthe ywr ended 31 August 2025 ACCOUNTING POUCIES. continued Expenditure Chantsble expenditure cornptises those costs incurred by the charty in the delivery of its acbvities and seNces for its beneficiaries. It in¢ludes both Costs that £zn be a1Cated direcuy to such activ$ and those costs of a indirect natu nec8ssary to supp(xt trern. Support ¢osts Support costs indude ¢entr81 functions and have been alk<ated to xtivity Cost categories on a basis consistent wth the use of Tesources. fly ey2mple. all(ratiThJ property costs by fkJr areas. or per capita. slaff costs by the spent and other costs by their u5a9e. Governance eosts These indude the costs attht)utable io th8 charivs ttjmplianee th consbtubonal ané statutory requirernent5, induding audit strategic management and trusteÈs's mtings and rwmbursed expenses. Development costs Intangible assets are rneaSu at cost W 8cwnulaW arnctisation and any aCDJmuted imp8im)ent Ioss8S. knorbsab.on i8 charged from then the asset is brought into w. overtrE fdknviw yÈaTS.' Website and rebrandfftg Curriculum Planning Piatforrn Speak Wrtte Read readers 5 ye3tS 5 years 3 years Tangible fixed assets Depreciation is provided at the ftillwng annual rates in to vrri off each asset over its estimatèd useful lrfe. Fumiture and Equipment 33% on cost and cosi Taxatlon The Charity is exempt from wrporation taxon its thwitsble acbwbes. Fund a¢counting Unrestr¢ted Sjnds Can be used in attordance I1h the chartlabk obiectNes at the discTety"on of the trustees. Restncted funds can onty b& used for parfiwlar restricied purposes 1n the objects of tr charity. Restrictions arise when spe¢ified by the donor or when funds are raised for patticuL9r restricied purposes. Further expknatitin of the nature and purpose of each fijnd is includ1 in the notes to Ihe ffinancial ststements. Trade debto Trade debtors are amounts due frryn o&stomers foT mwchandise scAd or seN¢es pErformed in the ordinary coutse of business. TTrde debtors are rec(¥Jnised inthlly at the transacti prre, a pwsM)n for the impairrnent of trade detitors is established when there is objective edce thatthe (tsrity wal not be atAe to 1ct all aMJts L1ue according to the onginal temts of the r1Vable$. Cash and ¢a$h equivaltnts Cash and cash equivalent5 ¢omprise ¢ash on hand and call detKJsits. and other short4errn highly liquid Investrnents th8t are readity CCffiVWtiblÈ to a kmvn amount ofcash and a 5ubied to an insignificant risk of change In value. Trade Creditors Trade creditLKS art obligations to payfor goods or that have been ar4uired In the ¢)rdinary course of business from suppliers. Accounts payable are clasfied as ¢urrent liabileS if the tharity doEs not have an unconditional rrght. at the end of the reporting period. ro defer setuement of the Creditor for * least twelve rnonihs afterthe reporDllg date. If there is an Uncondal right to defer setdernent for at least tsjelve months after the reporbng date. they arè presented as non-ujrreni liatq'tstie5. Trade CltOrS are recJ)gniJ Knitialty at th8 traarDl price. Borrowin9S lntel-beanng lyjrrowiros are inthlty rec(tsY at fair Yalue, net of transaction (xysts. Interestå Page 12 continued...
Steiner WaldorfSchooEs Fellowship Lirniled Notes to the Fiwtancial Statements-continu•d for the )ar ended 31 August 2025 A¢¢OUNTING POU¢IES-continued Trade debtors borrowngs ao subsequentty farri at anrtiSed (%6t. with ts dIffenCe tettn the proceeds. net of transaction costs. and the amount due on eMpts"On being rwnised as a tharge to the Statement of Finantsal Actiwities over the of the relèvant bLirThn9. Interest expense is re¢ognised on the basis of the effective interest methowj and 1$ included in interest payable and simikr charges. BOrrOn9$ are classified as txjrrent liatxlite$ Un the chanty IMS an uno)ndthonal right to defer settrnent of the liability for al least i%%Pe rnth$ after the rerMYb"ng date. Pension costs other postwretirernent ben¢ffts The charity belongs to the Mercury Prowdeni Pensv)n Scherne. wht¢h is a defined benefft scheme and a co1ctive s¢heme for a numberol emphyers. Because of the laTge number of partiLypating employers and the variety of finanoal reporting dates, it has not been deemed practicable or finanually ¥riabte to prIUrE the inforrnation ne$sary to allow partiupating employer5 to comply fulty with the requiEments of FRS102. The pension costs cttarged in the financial ststements therefore represent the contribLtbon5 payaNe by the charity during the year up until transitional adju5trnent has been rnade in 2017 and 2019 annual accounts slating comparative5 by accounting for Steiner Waldorf Schools FellowEhip's Sha of the defieit as a cost and liabilty. In future all annual contributions decrease the defirAt up until the next triennial actuarial valuation due as at December 2024. ¥trhere tt)e aYTected value rnovement %%ryll be expensed or income ift the finarna statements to bring the liability In line wrth the ktest valuati¢)n. The latest trenntal actuarial waluation as at 29 December 2024 shows a scheme dÈfitst of £9.1 million. Pension scherne assets a valued at fair walue at the valuation date. Pension s¢heme liabilthes a measu on an a¢tLtarial basis using the prctyect uftit Meth( and a discounted to thesr present walue. The scheme trustees and partiopating employers decided to ctse the scheme to further benefit accru on 31 Dember 2008. and ftrturè contritrxrtic) veLs wil (altsJlate(I so as to ejiminate the stheme ¢Jefiot over an agreed peri(. To replace this scheme the charity has set up a defined conIrtbub pension scheme ft)r which all staff are eligible. The pens)n costs charged in the financial statements represent the conthbub¢x5 payable by th8 charity during the year. Financial Instruments Financial assets 2nd fina131 liabiltbes are reeognised then the clbarity becomes a paty to the contractU81 prowisions of the instrurnent. Fjnanoal liabilities and equty instruments are dasstfiwj accordtr¥3 10 the substance of the contsacbJ81 arrangements entered into. An equty inStrurYnt is any Cthtract that eidences a $#Jua1 interest in the assets of the tharity after deducting all of its liabiles. R袢gnition and Measurnent l ffnanci81 assets and liabile$ are inibalty measured at transaction price (including transaction costs), exrpt for those fin8Tro21 assets classified as at fair value through ptofft or loss. are initially rrEasured at fair value (which is normalty the transaction prir2 excluding transa¢tion costs). unless the arrangernent constitutes financing transaction. IF an arrdngernt c4)nstitutes a financing transactaon. the fjnancial asset or financral liability is measured at the present Ydlue of the ftrture payynents discx)unted at a market rdte of intèrèst for a similar dètrt instDJment. Finanual assets anty liabifth.es are only offset in the statement of financu81 position when. and lY when tt)ere sts a legslly enfoable right to set off the recognised amounts and the charity intends either to settle on a I basis, or to realise thè asset and setde the kbrlity SimullAr0u$. Financial assets are derecognised when and onty when al Ihe wntrdcbjal rights to the c2sh flows from the financial asset expire or a sethed, bl the charity transfer5 to another party substantialty all of the risks and rewards of ownership of the finanaal assel or cl the chanty. deswie h8ng retained sorne. bLrt not all. signifir2nt risks and rewards of 0%erShIP. has transferred of the asset to another party. Fjnanual Itabrlitie5 are dere¢ognised when the ob[ation SF*ufied in the contrad is dischar9eil. Gancelled or expires. Page 13 continued...
stein¢rWaldorf S¢htxls Fellowship Limited Notes lo the Finaneial Statements- ¢ontinuad for the >ar ended 31 August 2025 DQNAnONS AND LEGACIES 2025 2D24 Donations Grants Contributions from schoo15 54.095 20.925 198,600 3.480 2.600 173.558 273,620 179.638 Grants receNed. induded in the above, are a5 f*8. 2025 2024 Anthropostsphical Society in Gwt &itsin Other grants 20.925 2.600 20.925 2,600 INVESTMENT INCOME 2025 2024 DerKJstt account interest 3.990 INCOME FROM CHARABLE ACTivrriES 2025 Charrtable actmties 2024 Total acbvibes Art of Teaehing Training for schools Website Adverti51Ng Publie2tions Conference and advisoryfees Other income T¢acher trainin9 11,640 23.247 538 12.099 26,589 3.199 8.992 3.683 12.045 12.2001 7.500 46.991 59.578 FiAISING FUNDS Other trading activities 2025 2024 Publitstions 8nd confenS Training for Schods Art of Teaching 2.553 23.866 5,281 12.657 27.033 10,459 31.700 50.149 Page 14 continued...
SteinerWald¢)rf Sehools Fellf$hiP Limited Notes to the Fihlancial Statem8nts-continued ftythe yaar nded 31 August 2025 ExPENDURE ON CHARITABLE ACTivrriES Support costs Is88 note 71 Charitable tr¥Ie$ Govemance cDsts 291,639 3.276 294.915 SUPPORT COSTS Goveman Management Finar Totals Charitable actseS Govemanc8 costs 289.627 2,012 18 291,639 3.276 3.258 289.627 2.030 3.258 294.915 NET INCQMEIIEXPENDtruREI Net incom&llexpenditurel is stated afterchargingll¢xedib"ngl: 2025 2024 Auditors. remuneration Depreci8tion- owned assets Roorn hire Surplus on disposal of fixed assets Dèvelopment costs amortisatkyt 3,258 470 225 11301 12.301 3.613 583 174 12,301 TRUSTEES. REMUNERATION AND BENEFrrs The were no trustees, remuneration OT other beneffts for the year ended 31 August 2025 nor for the year ended 31 August 2024. Trust•es' expensÈs TnJstees' eypenses o1£341 weTe paJ durro ihe year12024.. £5681. STAFF COSTS 10. 2025 2024 Wages and salaries Social security costs Other pension ts)sts 165.565 10.246 3.879 152,728 11.190 4,039 179.690 167,957 The average rnonthty number of ernJoy8e5 during the year*ds as folkx.. Executtve Director Education Ctrordinator ISehooLs1 Educabon CordInatOr (Earty Years) Finance & Operations Manager 2025 2024 No empk>yees received ernolumÈnts in excess of£60.0Tr). Page 15 continued...
Steinerwaldorf Schools Fellwship Limited Notss to the Financial Statements- ¢onlinued for the star ended 31 August 2025 11. COMPARATP¥ES FOR THE STATEMENT OF FINANCIAL ACTf41nES UnTestricted fund Restrided fund5 Total funds INCOME AND ENDOWMENTS FROM Donations and18gatyÈs 179.638 179,638 Charitable activ Char5table aCtiVe5 59.578 59.578 Total 239.216 239.216 EXPENDITURE ON Raising funds 50.149 50,149 Charitable activitses Charitable activthes G0veManr costs 271.457 3.808 271.457 3,808 Tota5 325.414 325.414 NET INCOMEI{EXPENDITUREI 186.1981 186.1981 RECONCILiATION OF FUNDS Totsl funds brought forward 219.533 219.533 TOTAL FUNDS CARRIED FORWARD 133,335 133.335 12. IKrANGIBLE FIXED ASSETS Devesoprnent costs COST At 1 September 2024 and 31 August 2025 54.837 AMORTISATION At 1 Septernber 2024 Charge for year 22.921 12.301 At 31 August 2025 35.222 BOOK VALUE At 31 August 2025 19,615 At 31 August 2024 31.916 Page 16 continued...
Steiner Waldorf S¢hools Fellmhip Limtted Notes to the Financial Statèmènts- continued forthe }r ended 31 August 2025 13. TANGIBLE FIXED ASSErs Fvmiture and Equipment COST At 1 September 2024 Additions Disposals 13.018 335 18991 At 31 August 2025 12.454 DEPRECIAT]ON At 1 Septernber 2024 Charge for year Eliminated on disposal 11.165 470 11aoi At 31 AugLtst 2025 11.455 NET BOOK VALUE At 31 August 2025 At 31 August 2024 1.853 14. DEBTORS.. AMoup¥fs FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtor3 Other debtors Prepayments and ac(Yued in(a)me 44.367 543 25.680 47.156 17,021 70,590 64.177 15. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Trade uedttor5 Social security and other taxe$ Other creditors Accrued expenses 17.018 3.924 235 4.266 13,539 1.018 1.369 25.443 15,926 16. MOVEMENT IN FUNDS Nei rTh)vement in funds rransfers behveen funds At 119r24 3118125 Unrestricted fund5 Gener81 fijnd 133,335 1191.2951 {10.4001 168,3601 Restrlctod funds throposophical Society Donation for research purposes 1.264 1.264 16.000 10,400 6.864 10,400 17.264 TOTAL FUNDS 133,335 1184.4311 151.0981 Page 17 continued...
Steinerwaldorf Schools Fellw$hiP Limited Notes to the FinanGi•l Statements- continu¢d fcr the )ar ended 31 August 2025 16. MoVEmEP IN FUNDS- continued Net movement in knnds. included in the above are as fc4kfA' Incoming Gains and Movemerit in funds Unrtstricted fvnds General fijnd 271.806 1280.554} 1182.5471 1191.2951 Re$thcted funds Anthroposophir21 Soiety Donabon for research purposes 20.925 32.000 119.6611 126.41J)I 1.264 5.600 52.925 148.0611 TOTAL FUNDS 324.731 1326.6151 1182,5471 1184.4311 Comparatives for mo¥ement In funds Net movement in funds At 3118124 At 119r23 Unrestricted funds General fund 219.533 186.1981 133,335 TOTAL FUNDS 219.533 186.1981 133.335 CompardtNe rf movement in fvr#ts. induded in the ave a as folknws: coming resources Resources expended K)vement in fund5 Unrestricted funds General fund 239,216 1325.4141 186.1981 TOTAL FUNDS 239216 1325.4141 186.1981 Funds in relion to Yar End 2024r2025 Anthroposophiul Society The Anthroposophical Society provided a gtant twdrds the cost tsf the Exe¢)Jtive Group attending the Worfdwde Teacher Educat Conference in CJoma¢h. Sbwtzerfand. ReSeah Fund A donation receNed from Nadhq K*)hammed stiwLating Ihe use of the donation to be for Tesearth purposes only. PagÈ 18 o)ntinued...
Steinerwaldorf Schools Felltyfship Limited Notes to the Financial Ststements- continued for the ended 31 August 2025 RELATED PARTY DISCLOSURES 17. During the year Ihe charity paid for expen5e5 totallng £543 on behaw ofwddorf Land TrusL As ai the year end £54312024: 11) remained due to Ihe chaTTty from Waldorf Lan(1 TrusL DEFINED BENEFIT PENStON SCHEME 18. The charity participate5 in the Mercury Pmwdent pensi Scheme. a mufb-empknyer defined beefit scheme. During ihe year. the ¢hanty's share of the Scheme vra5 10rn)atly segTegate(l into the "Fetl¢>wship Section" wth effe¢t from 2g December 2024. As the Charity is able to identify ts share of tr undertw"yNJ asseis and lialitIeS of the Fellowship Section. the schemè is accounted for35 a defined benefft stheme in actvd3nce ith FRS 102 and the Charities SORP. Valuation and fvnding postlion A full 2Ctu?rial valuatson of Ihe FelICrh1P Secbon carried <yJi as at 29 December 2024 by a qualnled independent actuary. The valuation was ppared usiro the defij benefrts rnethod assessed the ftjnding position on a Technical Provisions basis. At that date. the value of the secti¢)n's assets was £241.000 arKJ the value of tts liabilities was £676.000, gI1j a defiot of £435.000 and 8 funding levd of 36%. Pension Liability The charity Is part of a pension sthme fiich Shov a <jefr of £435.000 at the year end. This has been included in th& balance sheet and 15 Ihe m&n sOn tharity shows net liabile5 of £51.096. This deficit does not need to be pahti irnmediatety. tt represents a ly¥)48rnt wmrnitrnent that wil be lun¢Jed over a number of years through agreed ¢tsnthtMJbons. Th& charity makes reguk8r payTrents towards the pen5K)n scheme as part of its rx)mial running Sts. The58 payments are aff(Kd2ble and have b8en txjilt into the charitys budgets and forecasts. The trustees are confident thai the charity TrMII continue meet its financial eornmrfmenrs as they fall due, and tlierefore the accounts have been prepared on a wng (X)nrn basis. A recovery plan has been agreed the Scheme TnJ$e to eliminate the ¢Jeficit over time. Recovery plan Under the agreed recovery plan. the charity ts required to pay defictt reduction ContribuOn3 of £2.324.75 per month from March 2026. in¢reasing * 5% FEr annum. with conthbutions to continue until DeMber 2065 . Basis of accounting valuation For the purposes of these financi ststents. define<l tenefit liabtlity has been measured using the rnost rEcent 2vailab actuarial valuation. No acarial valUatn hyas available at 31 Augu512024 and the f*tylty at Ihat date was based on the previous agreed valuation, adjusted for contribLrtioThs paid in the year. In the absence of a full FRS 102 actuarial valuation. the resuts of ttE fundiTrJ valuation have been used as 8 reasonable apprornatiOn of the accounting posrtion. Net defined benefft liability per valiralion 29 Deeember 2024 i£oooi 241 16761 14351 The prior year balance repsents the liatmlity brrAJgM fc<rd from the last agreed valuation. adjusted for eonthbubons paid in the year. Fair vae of sch8me assets Present value of scherne fiabi1ffj85 Net pension liability Movernetr)ts in the defir1 benefft liability per a¢eounts P¥19 continued...
Steinerwaldorf Schools Fellu$hip Limited Notes to the Financial Statements- ¢Ontinued forthÈ Jpar 31 August 2025 18. DEFINED 8ENEF PENSION SCHEME-continu¢d 31 August 2025 i£oooi Opening liability 279 Conlributions made 1261 Other moverrent Iri lindudin9 acbJaTial thar) 182 Closing liability 435 I movements in the defined benefft liatilrty are recJwiwl in the Statement of Finanual ActiMtie5. A¢tuarial assumptions The principal actuarial as5urnptions undertwng the valuation include-. - Discount rate.. derived trom gitt welds at the waluation date. adjusta for expected asset rettjms - InflatKJn.' based on market4mplied inflatstsn expectations - Pension in¢aSeS.. linw to infiatlon. Subject to scteme ru - Mortal"ty.' standard actuarial ny)rtality tables 1th alth¥an tor bjture improvements These assumptrons are those used for the funding Val"0n and may drffer from those that Wld be used for a full FRS 102 accounting valuation. RSsks and uncertainlies The defined benefit scheme exposes the charity to a nurnber of risks. indudiT¥J: - Investrnent risk.. the risk that inve5tsnent retrjms are l¢Mr than as$urrd - Inte$t rate risk". Changes in discount rates affecting liabilths - Inflation nsl" higher than eypected inflation increasing benefft payments - Longevity risk- rnembers longer Ihan assumed The Feiiowship Seclion 1$ ojrrendy in deficat and therefore the tharity is Yg)s to the risk of increased frrture contributions. Future developments The Trustee's long-temi objective is for Scheme to run on until buy-out bewrnes affordatAe. The funding and investrnent strategies wll be rEvieEd at ftrturÈ valuati$.
Steinerwaldorf Schools Fellowship Limrted Detailed Staternent of Financial Aclivitses lorthe Jvr¢nded 31 August 2025 2025 2024 INCOME AND ENDOWMENTS Donations and legacies Donations Grants Contnbutions from schools 54.095 20.925 198.600 3,480 2.600 173.558 273.620 179,638 Investment Income Deposit account inierest haritsble aCtiVeS Art of T&aching Training for schools Website Advertising Public8tions Conference and adwsoryfee5 Other income Teacher trwniThJ 11.640 21.247 13.099 26,589 199 3.199 8,992 3.663 12.045 12,2001 7.500 46.991 59,578 Other income Gain on Sa of tangibte fixe(l assets 130 Total incoming resour¢¢s 324.731 239.216 EXpENDuRE ¢)thertradiny activitiÈs Publications and conferen Training for Sthools Art of Teaching 2.553 23.886 5.281 12,657 27.033 10.459 31,700 50.149 Support etssts Management Wages Social security Pensions Rrn hire Insur3nce T81ephone AdvertisirwJ Sundrie5 Educ8tional research Travel and sub5l5tence Office expenses Subscriptions Legal and professional Sub contractors Consultsncy RerrLJitment Bad Debts Carried fotward 165.565 10.246 3.879 225 839 898 1.832 1.153 .678 7.477 3.101 6.784 152.728 11.190 4.039 174 361 1.030 1.019 150 9.559 11,235 1,615 13.225 30.031 5.716 40 12,630 254.742 27,960 6,598 705 272,940 This page does rM)t fomi part of the ststutw finanrAal statements Page 21
Siein•r Wahjorf S¢hooLs Fellowship Limited Detailed Statement of FinanGial Activitses ftsr the )Ear *nded 31 August 2025 2025 2024 Management Brought fopward ExecUve Group Development costs arnorbsation Computer deprec4aion 272.940 3.916 12.301 470 254,742 12.301 583 289.627 270.674 Finance Bank tharges Other Inierest 2.012 18 783 195 2.030 978 GovÈmance costs Auditots, remuneration 3.258 3.613 Totsl sourCeS expended 326.615 325,414 Net ¢xpenditu 11.8841 186.1981 This page does not forrn part ofthe staltrtoryffinancial slaternents P22