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2025-07-31-accounts

Charity Registration No. 311027

Company Registration No. 00395056 (England and Wales)

RSSKL LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

One Bell Lane Lewes East Sussex BN7 1JU

RSSKL LTD

CONTENTS

Page
Company information 1
Council Members' report 2 - 6
Statement of Council Members' responsibilities 7
Independent auditor's report 8 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 28

RSSKL LTD

COMPANY INFORMATION

Council Members S Cook
S Henderson
A Marcuson
Charity number 311027
Company number 00395056
Registered office Langley Hill
Kings Langley
Hertfordshire
WD4 9HG
Auditor TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU

RSSKL LTD

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 JULY 2025

The Council Members present their annual report and financial statements for the year ended 31 July 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019).

Definition: “the Council of Trustees”, “Council Members”, “Trustees” or “trustees” when used in this report should be considered in the same context.

Objectives and activities

The charitable objectives of RSSKL as stated in its Memorandum of Association are:

To establish and carry on at Kings Langley a school where pupils, scholars and students may obtain on moderate terms a sound general education upon the principals inaugurated by Rudolf Steiner.

In pursuance of RSSKL's charitable objects, the Trustees remain committed to facilitating, in collaboration with Waldorf UK (formerly the Steiner Waldorf Schools Fellowship "SWSF") and the international Steiner Waldorf movement, the establishment at the earliest opportunity of a Steiner Waldorf school on the RSSKL site by a suitable operator.

The Trustees' vision and strategy for achieving this has been communicated to the RSSKL Association previously and is being implemented.

Charity Commission

The Trustees have been in regular dialogue with the Charity Commission to keep them updated on all aspects of the Charity's activities.

Changes in Management and Staffing

The following members of the Council of Trustees were active Council Members on 31 July 2025 and are still active today:

Robert Monk is employed by RSSKL as site manager. He works full time and lives on site.

Legal advice to the Charity has been provided by Russell Cooke LLP since the beginning of 2021. The Charity also obtains occasional legal, property, strategic and financial advice from experienced volunteers with relevant backgrounds.

RSSKL LTD

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 JULY 2025

Achievements and performance

Financial stability

A detailed strategic and financial plan was developed by the Trustees with suitable financial input in early 2021, which concluded that RSSKL's historic liabilities can be settled if properties owned by the Charity which are not critical to realising its objectives, are sold off. This included the residential units that have been occupied by teaching staff in the past in the Grade II* listed Priory complex (including the Old Priory itself).

The Priory complex has now been sold, and the Charity has used the proceeds to cover most of its pension deficit under the Mercury Provident Pension Scheme (see below), while also increasing medium-term financial reserves.

In the recent past, the Charity has relied on short-term rental contracts with film production companies to generate income and this met some of the operating expenses of running the site and hence, achieve its charitable objectives. To be able to continue with these activities, the Trustees are required to obtain temporary change of use planning permission. The Charity is in the process of re-applying for such, after our original application was refused. If our appeal is unsuccessful, this could affect the extent of rental activity which the Charity is able to perform from the site.

With effect from April 2025, private schools in England with charitable status lost their eligibility for business rates, affecting the Charity's financial position in a material way.

Activities in pursuance of RSSKL's charitable objects

The Charity has continued to be in close dialogue with Waldorf UK to develop strategic plans for how the RSSKL site with its remaining assets, once the Charity's pension deficit has been satisfied (see below), can provide a basis for a new Steiner Waldorf school to be established by a suitable operator, in line with the Charity's objectives. Waldorf UK has set up a new Land Trust to hold and steward the Charity's land assets in future.

The Charity also continues to offer its properties for use by the Steiner community and for local community activities that could assist a new Steiner Waldorf school being successfully established in the future. The Kings Langley Biodynamic Allotments group (which utilises and popularises Rudolf Steiner's methodology of biodynamic agriculture) remains a very active voluntary setting on the site. In addition, there were numerous local groups and activities linked to, or supportive of, the Steiner community which continued to operate on the site, including:

RSSKL LTD

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 JULY 2025

Property Transactions

Completing the sale of the Priory complex has been a high priority for the Trustees in this financial year. The contracts for sale were finally exchanged in May 2025, while the sale itself completed in July 2025. The buyer is a reputable property developer with relevant expertise given the listed status of the building. The sale also included a long-term lease of a dedicated parking area.

Concurrent to the sale, the Trustees finalised contractual arrangements with the Christian Community regarding among others, the access road, the use of the parking area and the neighbouring parcel of land, without which the sale of the Priory complex would not have been possible.

The Trustees had to terminate the rental contracts of the tenants of the Priory complex, to achieve vacant possession as a precondition for the sale. The last tenant moved out in April 2025. As a result, RSSKL will no longer obtain rental income from the residential units in the Priory complex. At the same time, RSSKL is no longer liable for the upkeep of the Priory complex, which, given its listed status, has been considered a potentially significant long-term liability for the Charity. Relevant reports by advisers have confirmed to the Trustees that the terms of the sale, or specific aspects thereof, were the best achievable in the market at that time, and in the interest of the Charity to pursue.

The terms of the sale were originally agreed with the buyer and the Christian Community in October 2023. It took an unusually long time to completion, given the complexity of the contractual arrangements. The Trustees are grateful to all parties involved for their patience and understanding while all required aspects of these arrangements were put in place.

With the sale of the Priory complex, the only remaining residential accommodation on the RSSKL site is the site manager’s bungalow. All remaining buildings owned by the Charity are now for educational or administrative use.

Mercury Provident Pension Fund

The RSSKL school's historic pension fund, like many other defined benefit schemes in the UK, was running at a deficit. The deficit was the result of a combination of factors, including contributions being underpaid in past years, the costs of running the fund being capitalised, the Charity being part of a group scheme (which means that if any company in the group defaults, other scheme employers have to pick up the deficit) and scheme participants living longer with investment returns not covering the forecast requirements.

The Charity entered into an agreement with the Pension Trustee in 2009 to make monthly catch-up payments towards eliminating this deficit, and has done so since. Monthly contributions to the scheme are currently payable at approximately £10,000. These catch-up payments are reviewed every two years and adjusted accordingly.

Since adopting its strategic and financial plan in 2021 the Trustees have worked towards a buy-out of the historic pension obligations, thereby offloading any potential future pension liabilities to a third party. The rationale for this has been that the pension obligations relate to the time that RSSKL operated the school on the site, which has since closed. The closure was motivated by, among other things, the commitment to fulfil the Charity’s objects by making the site available to a new future Waldorf school initiative run by a suitable operator. The 2021 strategic plan was adopted on the premise that RSSKL can only facilitate such initiative if assets can be made available to it free of all financial liabilities including any historic or contingent pension obligations.

For the buy-out of pension obligations to be feasible, the funding deficit has to be fully covered. This approach has been based on an estimate of the deficit of RSSKL’s section conducted for 31 March 2025 and released in May 2025. It amounted to £834k on a buy-out basis. The Trustees received a recommendation to cover approximately 90% of this deficit, which they followed upon the sale of the Priory complex, in July 2025. The latest advice provided by the actuaries indicate that the pension is now in a surplus position with the pension asset of £215k recognised in the balance sheet.

RSSKL LTD

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 JULY 2025

The Trustees have also agreed to change the investment strategy for the pension assets now that it is in surplus position, to minimise further exposure to volatile financial markets.

The Trustees are now working closely with the Trustees of the MPPS on progressing the actual buy-out of RSSKL’s section.

Financial review

The proceeds of the sale of Coombe House have been applied by the Trustees to:

i) Cover the current deficit of RSSKL’s section of the MPPS by approximately 90% and create a reserve in the balance sheet for any potential remaining deficit;

ii) Fund the Charity’s activities in pursuance of its charitable objects, including to continue to evaluate options for the future of the site consistent with and in furtherance of the Charity’s objects, carry out the buy-out of the Charity’s pension obligations and in the meantime, develop alternative sources of income from the remaining site.

As the charity is no longer considered a going concern and intends to transfer its assets to another charity, the trustees consider that reserves are required only to meet the costs of managing the charity through its wind-down period and to settle all remaining obligations.

For the purposes of this policy, free reserves are defined as unrestricted funds excluding tangible fixed assets, the pension provision, designated funds, and any amounts not readily realisable. Restricted funds are not included in free reserves as their use is subject to external constraints.

At the year-end, the charity held £693,552 in free reserves (2024: £111,999). The trustees consider this level appropriate to meet remaining wind-down costs and to ensure the charity can settle all obligations in full.

The trustees review the reserves position regularly alongside the cash-flow forecast and risk assessment and will adjust designations or planned expenditure as necessary to maintain adequate but not excessive reserves during the remaining life of the charity.

Structure, governance and management

The Charity is constituted as a company limited by guarantee. It is governed by a Memorandum and Articles of Association.

The company's Articles of Association require that an AGM be held once a year. The Association’s AGM for the period ended 31 July 2025 was a hybrid one, held in the Theatre at the former school and online on 9th July 2025. It was attended by 12 members. The association had 28 members as of 31 July 2025.

Council Members:

S Cook S Henderson A Marcuson

Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

RSSKL LTD

COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 JULY 2025

Disclosure of information to auditor

So far as the trustees are aware, there is no relevant audit information of which the charity's auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity's auditors are aware of that information.

The Council Members' report was approved by the Board of Council Members.

SIGN SIGN .............................. .............................. .............................. S Cook S Henderson A Marcuson Council Member Council Member Council Member

Date: ............................................. 13th May 2026

RSSKL LTD

STATEMENT OF COUNCIL MEMBERS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2025

The Council Members, who are also the directors of RSSKL Ltd for the purpose of company law, are responsible for preparing the Council Members' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Council Members to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Council Members are required to:

The Council Members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RSSKL LTD

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF RSSKL LTD

Opinion

We have audited the financial statements of RSSKL Ltd (the ‘charity’) for the year ended 31 July 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Council Members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

RSSKL LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF RSSKL LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Council Members' report.

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

Responsibilities of Council Members

As explained more fully in the statement of Council Members' responsibilities, the Council Members, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Council Members are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council Members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

RSSKL LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF RSSKL LTD

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RSSKL LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF RSSKL LTD

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Martin FCA (Senior Statutory Auditor) for and on behalf of TC Group

Statutory Auditor

Office: Lewes

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

RSSKL LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted
funds
2025
Notes
£
Income from:
Donations and legacies
3
29
Investments
4
217,984
Total income
218,013
Expenditure on:
Charitable activities
5
327,572
Other expenditure
10
45,240
Total expenditure
372,812
Net gains/(losses) on
investments
11
(50,667)
Net income/(expenditure)
(205,466)
Other recognised gains
and losses:
Actuarial gains on
defined benefit pension
schemes
563,476
Net movement in
funds
7
358,010
Reconciliation of funds:
Fund balances at 1 August
2024
1,353,785
Fund balances at 31 July 2025
1,711,795		 Restricted
funds
2025
£
-
-
-
-
-
-
-
-
-
-
98,270
98,270		 Total
Unrestricted
funds
2025
2024
£
£
29
1,500
217,984
600,307
218,013
601,807
327,572
437,620
45,240
46,417
372,812
484,037
(50,667)
(39,043)
(205,466)
78,727
563,476
32,536
358,010
111,263
1,452,055
1,242,522
1,810,065
1,353,785		 Restricted
funds
2024
£
-
-
-
-
-
-
-
-
-
-
98,270
98,270		 Total
2024
£
1,500
600,307
601,807
437,620
46,417
484,037
(39,043)
78,727
32,536
111,263
1,340,792
1,452,055

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

RSSKL LTD

BALANCE SHEET

AS AT 31 JULY 2025

Notes
Fixed assets
Tangible assets
13
Investment property
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Provisions for liabilities
Net assets excluding pension surplus
Defined benefit pension surplus
19
Net assets
The funds of the charity
Restricted income funds
20
Unrestricted funds
13th May 2026		 2025
£
£
911,279
-
3,964
915,243
72,738
715,387
788,125
108,303
679,822
1,595,065
-
1,595,065
215,000
1,810,065
98,270
1,711,795
1,810,065		 2024
£
£
966,437
1,530,000
3,619
2,500,056
9,479
156,291
165,770
53,771
111,999
2,612,055
(1,160,000)
1,452,055
-
1,452,055
98,270
1,353,785
1,452,055

13th May 2026 The financial statements were approved by the Council Members on .........................

..............................
SIGN		 SIGN .............................. ..............................
S Cook S Henderson A Marcuson
Trustee Trustee Trustee

Company registration number 00395056 (England and Wales)

RSSKL LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
24
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of investment property
Investment income received
Net cash generated from investing activities
Financing activities
Repayment of borrowings
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
(1,137,876)
-
1,478,988
217,984
1,696,972
-
-
559,096
156,291
715,387		 2024
£
£
(745,294)
(525)
468,992
600,307
1,068,774
(233,634)
(233,634)
89,846
66,445
156,291

FOR THE YEAR ENDED 31 JULY 2025

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

RSSKL Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Langley Hill, Kings Langley, Hertfordshire, WD4 9HG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The Council Members intend to strike off the charity. The Council Members do not therefore consider the charity to be a going concern as the tangible assets will be donated to an existing charity. These financial statements have therefore been prepared on a basis other than going concern. Assets have been reviewed for impairment and the fixed assets remain held within non-current assets due to the intention to transfer these after the balance sheet date with their fair value considered to be higher than their net book value at the balance sheet date.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Council Members in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

FOR THE YEAR ENDED 31 JULY 2025

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Fundraising income is shown gross with the associated costs included in costs of fundraising.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

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

Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on estimated usage as a proportion of directly attributable expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Items of a capital nature with a useful economic life in excess if 12 months and costing over £500 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property 1% & 4% per annum on cost
Furniture & fittings 10% per annum on the reducing balance
Equipment & computer 10% & 25% per annum on the reducing balance
Motor vehicles 25% on the reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

FOR THE YEAR ENDED 31 JULY 2025

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

(Continued)

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The charity belongs to the Mercury Provident Pension Scheme which is a defined benefit scheme. This is a collective scheme for a number of employers.

The pension costs charged in the financial statements represent the contributions payable by the charity during the year. The Mercury Provident Pension Scheme is now closed and with effect from 1 January 2009 existing members at that date were given the opportunity to transfer to a defined contribution scheme administered by The Pension Trust Company.

It is not possible to identify the charity's share of the net assets and liabilities of the defined benefit pension scheme. The provision of the liability is recognised on the basis of the estimate of the debt due at that time provided by the scheme's actuary, with the net movement on the provision recognised in income/ (expenditure) for the year.

1.13 Value added tax

VAT is not recoverable by the charity and as such is included in the relevant costs in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Council Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Depreciation

The charity exercises judgement to determine useful lives and residual values of intangibles, property, plant and equipment and investment property. The assets are depreciated down to their residual values over their estimated useful lives.

Bad debt provision

The charity reviews each individual debt at the year end and forms a judgement as to the likelihood of recovery at that date. Where, in the opinion of the charity, there is sufficient uncertainty as to recovery an appropriate provision is made against the debt.

FOR THE YEAR ENDED 31 JULY 2025

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2 Critical accounting estimates and judgements

(Continued)

Pension deficit/surplus valuation

The charity reviews at each reporting date the estimate of debt due on ceasing participation with the multiemployer defined benefit pension scheme. The scheme actuary provides to management an estimate of the Section 75 debt that would be payable on ceasing participation, without segregating. This estimate reflects the current membership of the scheme and the market conditions at the time of valuation.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 29 1,500

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Rental income 217,744 599,690
Interest receivable 240 617
217,984 600,307

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

5 Charitable activities

Education
costs
Property
costs
Administration
costs
2025
2025
2025
£
£
£
Staff costs
1,147
-
-
Depreciation and impairment
55,158
-
-
Classroom accounts, trips and plays
32,820
-
-
Rent and rates
-
51,285
-
Insurance
-
20,112
-
Light and heat
-
54,254
-
Cleaning
-
24,153
-
Printing, stationery and advertising
-
-
32
Subscriptions, telephone and computer
-
124
2,368
Sundry expenses
-
-
-
89,125
149,928
2,400
Share of support costs (see note 6)
66,439
-
-
Share of governance costs (see note 6)
-
-
19,680
155,564
149,928
22,080		 Total
2025
Education
costs
Property
costs
Administration
costs
2024
2024
2024
£
£
£
£
1,147
110,008
-
-
55,158
55,646
-
-
32,820
61,962
-
-
51,285
-
84,031
-
20,112
-
19,991
-
54,254
-
44,231
-
24,153
-
41,793
-
32
-
7,367
719
2,492
-
-
1,847
-
-
-
36
241,453
227,616
197,413
2,602
66,439
(7,601)
-
-
19,680
-
-
17,590
327,572
220,015
197,413
20,192		 Total
2024
£
110,008
55,646
61,962
84,031
19,991
44,231
41,793
8,086
1,847
36
427,631
(7,601)
17,590
437,620

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

6 Support costs allocated to activities

Staff costs
Bad debt provision
Bank charges and interest
Legal and professional
Loan interest
Governance costs
Analysed between:
Support costs
Governance costs
Governance costs comprise:
Audit fees
7
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Loss on disposal of investment property		 2025
2024
£
£
22,728
25,977
-
12,292
(333)
(352)
44,033
(45,535)
11
17
19,680
17,590
86,119
9,989
66,439
(7,601)
19,680
17,590
86,119
9,989
2025
2024
£
£
19,680
17,590
19,680
17,590
2025
2024
£
£
19,680
17,590
55,158
55,646
51,012
16,008

8 Council Members

None of the Council Members (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were reimbursed to the Council Members during the year (2024 - None)

The key management personnel for the year were the Council Members and their remuneration was £nil.

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

9 Employees

The average monthly number of employees during the year was:

Administration & Support
Employment costs
Wages and salaries
Other pension costs		 2025
Number
1
2025
£
22,279
1,596
23,875		 2024
Number
1
2024
£
24,617
111,368
135,985

There were no employees whose annual remuneration was more than £60,000.

10 Other

**Unrestricted ** Unrestricted
funds funds
general general
2025 2024
£ £
Financing costs 45,240 46,417
45,240 46,417

11 Net gains/(losses) on investments

**Unrestricted ** Unrestricted
funds funds
general general
2025 2024
£ £
Net gain/(loss) on investments 345 (3,035)
Fair value movement of investment properties - (20,000)
Loss on disposal of investment property (51,012) (16,008)
(50,667) (39,043)

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

11 Net gains/(losses) on investments

(Continued)

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Cost
At 1 August 2024
At 31 July 2025
Depreciation and impairment
At 1 August 2024
Depreciation charged in the year
At 31 July 2025
Carrying amount
At 31 July 2025
At 31 July 2024		 Freehold
property
£
1,395,302
1,395,302
467,946
51,112
519,058
876,244
927,356		 Furniture &
fittings
£
335,926
335,926
298,131
3,781
301,912
34,014
37,795		 Equipment &
computer
Motor vehicles
£
£
144,233
15,099
144,233
15,099
143,033
15,013
244
21
143,277
15,034
956
65
1,200
86		 Total
£
1,890,560
1,890,560
924,123
55,158
979,281
911,279
966,437

Fixed assets remain held within non-current assets due to the intention to transfer these after the balance sheet date with their fair value considered to be higher than their net book value at the balance sheet date.

14 Investment property

2025
£
Fair value
At 1 August 2024 1,530,000
Disposals (1,530,000)
At 31 July 2025 -

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

15 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 August 2024 3,619
Valuation changes 345
At 31 July 2025 3,964
Carrying amount
At 31 July 2025 3,964
At 31 July 2024 3,619
The investment represents 135 Depository Receipts of Triodos Bank BV. They had a
at 31 July 2025 translated at a rate of 0.8637.
16
Debtors
Amounts falling due within one year:
Prepayments and accrued income
17
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 market value of €34.00
2025
2024
£
£
72,738
9,479
2025
2024
£
£
200
200
96,315
8,295
88
20,088
11,700
25,188
108,303
53,771		 market value of €34.00
2025
2024
£
£
72,738
9,479
2025
2024
£
£
200
200
96,315
8,295
88
20,088
11,700
25,188
108,303
53,771
2024
£
200
8,295
20,088
25,188
53,771

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

18
Provisions for liabilities
Notes
Retirement benefit obligations
19		 2025
£
-
-		 2024
£
1,160,000
1,160,000

The provision made in the accounts represents the amount which will fall due at the point that the charity ceases participating in the scheme. Since 2021, the Trustees have worked towards a buy-out of the historic pension obligations. At the balance sheet date, the pension scheme is in a surplus position due largely to an additional one-off payment of £750,000 during the year.

19 Retirement benefit schemes

Defined contribution schemes

Rudolf Steiner School Kings Langley Limited makes contributions to a defined contribution stakeholder scheme. The charge to the Statement of Financial Activities in respect of defined contribution schemes was £449 (2024 - £1,360).

Defined benefit schemes

The charity and other employers participate in the Mercury Provident Pension Scheme, that provides benefits on the basis of final pensionable pay for participants. The assets of the scheme are held separately from those of the charity and invested by a pension fund management company.

Contributions continue to be made each month to ensure that the liability does not increase. Total contributions for the year were £856,764 (2024 - £110,973) in addition to the pension levy of £1,147 (2024 - £1,817).

2025 2024
£ £
Defined benefit pension surplus/(deficit) 215,000 (1,160,000)

FOR THE YEAR ENDED 31 JULY 2025

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Bursary fund
Classroom funds
K L Concert fund
Hockey Club
Teacher wish list
Music department legacy
Previous year:
At 1
Bursary fund
Classroom funds
K L Concert fund
Hockey Club
Teacher wish list
Music department legacy		 August
2024
At 31 July 2025
£
£
63,250
63,250
28,666
28,666
2,877
2,877
1,352
1,352
500
500
1,625
1,625
98,270
98,270
August
2023
At 31 July 2024
£
£
63,250
63,250
28,666
28,666
2,877
2,877
1,352
1,352
500
500
1,625
1,625
98,270
98,270		 August
2024
At 31 July 2025
£
£
63,250
63,250
28,666
28,666
2,877
2,877
1,352
1,352
500
500
1,625
1,625
98,270
98,270
August
2023
At 31 July 2024
£
£
63,250
63,250
28,666
28,666
2,877
2,877
1,352
1,352
500
500
1,625
1,625
98,270
98,270
98,270

Restricted funds: Bursary fund - to assist with children’s education in extraordinary circumstances Classroom funds - are donations made by parents for use by the class K L Concert fund - organisation of concerts Hockey Club - donations made by parents towards the club’s activities Teacher wish list - donations towards teacher’s wish list Music department legacy- donation made by an individual towards the department's activities

The Council Members have undertaken a review of restricted funds. Transfers from unrestricted to restricted funds have been processed to eliminate any shortfall in such funds. As the charity is currently not operational, the Council Members intend to transfer these funds to a new entity which will re-commence activities and therefore spend these funds on their intended purposes.

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

21
Analysis of net assets between funds
Unrestricted
funds
2025
£
Fund balances at 31
July 2025 are
represented by:
Tangible assets
911,279
Investment properties
-
Investments
3,964
Current
assets/(liabilities)
598,247
Provisions and
pensions
215,000
1,728,490		 Restricted
funds
2025
£
-
-
-
98,270
-
98,270		 Total Unrestricted
funds
2025
2024
£
£
911,279
966,437
-
1,530,000
3,964
3,619
679,822
13,729
215,000
(1,160,000)
1,810,065
1,353,785		 Restricted
funds
Total
2024
2024
£
£
-
966,437
-
1,530,000
-
3,619
98,270
111,999
-
(1,160,000)
98,270
1,452,055

22 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

23 Analysis of changes in net funds

The charity had no material debt during the year.

RSSKL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

24
Cash generated from operations
2025
£
Surplus / (Deficit) for the year
(205,466)
Adjustments for:
Investment income recognised in statement of financial activities
(217,984)
Loss on disposal of investment property
51,012
Fair value gains and losses on investment properties
-
Fair value gains and losses on investments
(345)
Defined benefit pension scheme costs
(811,524)
Depreciation and impairment of tangible fixed assets
55,158
Movements in working capital:
(Increase)/decrease in debtors
(63,259)
Increase/(decrease) in creditors
54,532
Cash absorbed by operations
(1,137,876)		 2024
£
78,727
(600,307)
16,008
20,000
3,035
(64,464)
55,646
21,780
(275,719)
(745,294)