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 c￿Irt M A De Winter E F Taylor S WIts(￿Devare DFBall E S James A V M Retsler COMPANY SECRETARY F R￿￿8￿1 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 Charte￿0 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 Recornn*nde¢l PractKe applicable to tharities p￿pann9 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 st￿ner 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 t￿oad and intensNe prograrnme of support to Steiner Waldorf Schools and E8dy Childhood sethng5 across the UK. This work remains focused on impro￿ng educational quality. strengthening reade￿hIP 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 St￿tegies. - 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 e￿ted a(Irninistrdtioft foIbv￿ng a parental (*mpa￿Jn. 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 iMp￿mentatior* 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. ind￿j1￿9 the devekspment of a national alumni ¢ampai9n Despite these efforts. financ￿11 Pressu￿ across the rn0Veft￿rt 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 prog￿55ed 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. ir￿lUding 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 in1orma￿Tr ￿bI￿ar￿. 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 lrnr￿ant 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 ￿m￿JIuM, safwJuaTding. SEND, antj to the next stage of edueation. - Continued support has been provkyed to ert5ure compliance ￿th ev0m￿j 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 $treThJth bwthin the rnovemenL Leadership and Governance DÈ¥elopment Leadership and govemance remain aws for development. Schools have been 5UPWrted to access leadership devdoprnent prc9rarnTr￿. indudiry partiCIpat￿n in national initiatives such as those run by Big Education. - Trustee training and govemance 5UPPOrt have provided Ihrough network meetings. brefings and indiMdual intsrvention5_ - Direct support has been offered trj schcN)b faciThJ kader5hip inst2bilrty or governan￿ i*allenges. While progres5 has been made, variabilty in g0veMan￿ qu￿rtY arxoss s¢hwLs rernans a signfficant issue and continues to Impact SU5tainability. RaisKng the Profile of Waldort Education Extemal engagement has expanded signffi¢anUy during the year. conkfDutiTrJ to smKwved recognition and credibilty of Waldorf education.. - Ongoing engagement wth the Departrnent for Ed￿CatiOn. Otsted and Patliament - Parbcipation in nation& educ2tion nett￿rkS an¢ conferences - Collabootion wrth sector bodies such as the Early Year5 Co￿￿On and Deeper Leamiw UK - Commissioning of independeni research Iuniversrty of wor￿ter} to provkle independent wden(* of improvements and help set a new p05ibvÈ narrative about Wakjorf education. The continu￿1 development of me Waldorf UK ftsnd. has helped Mth strer￿henin9 public wsibility and has supported ¢witment and advocacy efforts. Finan¢ial review Financial position The ¢harity has continued to delw a hi9h tevei of suprMVt to sth¢y)ks and ta￿ years Seth.￿j$ 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 sthI￿ts. Total eJpendItU￿ was £326.615 12024.. £325.4141, resty￿"n9 Tn 8 srnall operational defi￿t 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. P*nsion Liability The charity belongs to the MÈreJJry Pmwdent Pen*oA 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￿"0￿5 81 Ihe valuation date. - These valuations represent a snapshot in tirne and can flUe￿ate signffjtsnty frorn year to year depending on external econoTnlC factors. - The movement does not refi￿t a deteriorJti(xi in the thèft￿$ underlwng operational perfomance or financial management. The pension liats.lty is a loll￿rrn obl&ation. I￿1h an agreed retx)very plan wuirir4J n)nthly contri1￿tiOn. increasing gradually over time. As such.. -11 does not represent an immedi*e cash requ1￿Ment 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 ad￿uate serves remains an important priority. Fre8 reserves at the year end **re £346k. is above the tsrget kvel. Free ￿$*￿e8 have been ￿(jJIated as total Unrestrict￿ funds. less fixed assets. wlh the pensK)n ¢Jeftc¢t added back. Plans for future periods Activities planned to a¢hiev8 To continue to improve support for sdths in all asF*cts of their development. We arÈ delivering upon the 3 year strategic plan for 202>2026. With the establishment of the Irish Waldorf EdU¢￿tiOn Asxoab"w. Ihe otie¢is of the company will be updated ￿￿th promob.on of Steiner Waldorf Educ2tron in Ireland being removed. Going con¢ern Over the years the Fellowship has Strengthened reserves and put in place financial ￿annIng to ensure we a￿ a gThng concern. The trustee body has been refomed lo enable the to go foTrtsrd a stronger m2nagernenL STRUCTURE. GOVERNANCE AND MANAGEMEMT Funding and Future Financial Sustsinabilty The charity wntinues to rety on a combination ot. - School contributK)ns - Grants atTd donation$ - Legacy tncome whi￿ Prog￿$5 has been made towards a sustainable furmjing nKMJel. finanoal pressures on schcx)Is-particularly arising from the introduction of VAT on school fees and wid8r c05t increase5-may itnpact future contiibution levels. As a resutt." - Fundraising and grdnt income ￿11 ￿maIn an itnportanl cornponent of the charitys financ4al Strategy - Opportunities to diversfy itume strearn5 will rthtinue to be expjored - Careful tnanagement of eynditure will be tequired lo maintsin service kvels Report of the tru directors. on ....... ratr￿j a Stsategic ￿pOrt approve(I by order of the tx)ard of trustees. as the Company and svJned on the IM)arfs behatfby. S Wilson-Devane- Trustee Pag8 5 Independent Examinees Report to the Trusttts of StÈifter Wald¢)rf Schools FÈllow5hip Limited Independent ¢xaminerf$ r*port 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 p￿paration 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 charl￿eS 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 beI￿Ve.. 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 princip￿5 of the St*ement of Recommended Practice ftr accounting and repothng by charities lappiicable to charities p￿pari￿j their accounts in accordance wlh the Fin3ncial Re￿￿n9 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 Cttarte￿d 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 gain￿lI05Ses) 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 CRED￿oRs 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.OC￿l 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 ents￿ed to exemplK)n from audit under Seclion 477 of the Cornpanies Act 2006 for the year ended 31 August 2025. The rnembers have not req￿￿d 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 aCknO￿edge 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 ststeM￿ts 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 requi￿rnents of Se¢bons 394 and 395 and wttith Otherwi￿ compty writh the requirernents of the Companie5 Act 2006 relating to finanLaal st*ements. 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 J*aT erKled 31 August 2025 AccoufrmNG POUCIES Basis of Pre￿r[￿g the finan¢ial statements The finanual statements of the Charitab￿ cornpany. whK*t ￿ a wbfic benefft entity under FRS 102. have been p￿pared in accordance the Charitses SORP IFRS 1021'Accounting #nd Reporting by Charities." Statement of Re￿Mmended 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 prepar*J under Ihe historic21 cost convention. Going concem The tnJstees have conSider￿j 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 b￿ance SW date. this ￿ts¢)n arises primarity from the cOgnit￿n 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 Indi￿te 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 ACti￿DeS once the chanty has enb"Ilernent to the funds. It is Probab￿ that the incorne will be re￿Ned and the amount can be Measu￿ reliabty. Donation$ and legacies Donations a￿ recognised when the tharity has been mtified tn %￿lir￿j of both the amount and settlement date. In the event that a donation is subject to COnd￿0￿S 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 fu￿lled 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 t￿e 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 defer￿d 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 se￿ement and the amouni of the oN1gat￿n 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 ￿tr￿tieS 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 a1￿Cated 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*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 CHAR￿ABLE 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 confe￿n￿S 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 Fell￿f$hiP Limited Notes to the Fihlancial Statem8nts-continued ftythe yaar *nded 31 August 2025 ExPEND￿URE ON CHARITABLE ACTivrriES Support costs Is88 note 71 Charitable ￿tr¥I￿e$ Govemance cDsts 291,639 3.276 294.915 SUPPORT COSTS Goveman Management Finar Totals Charitable acts￿￿eS 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 pa*J 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 Co￿rdInatOr (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 aCtiV￿e5 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 Fell￿w$hiP Limited Notes to the FinanGi•l Statements- continu¢d fc*r the )*ar ended 31 August 2025 16. MoVEmEP￿ IN FUNDS- continued Net movement in knnds. included in the above are as fc4kf*A' Incoming Gains and Movemerit in funds Unrtstricted fvnds General fijnd 271.806 1280.554} 1182.5471 1191.2951 Re$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 a￿ve 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 rel*ion to Y*ar 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. ReSea￿h 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 be￿efit 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 lia￿litIeS 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 FelICr￿h1P Secbon carried