REGISTERED COMPANY NUMBER: 00396105 (England and Wales) REGISTERED CHARI NUMBER: 311719 ort eTru Fln r Ende Waldorf Learnln Founda nLI Itè Kingscott Dix Llmited Chartered Accountants nd Statutory Auditor Goodridge C¢)urt Goodridge Avenu8 Gloucestsr Gloucestershire GL2 SEN
Waldorf Learnin ndatlon Llmited tents fthe Flnan ForT ear Ende nts 31 Jul 2024 Page Raport of tho Trustse• 1 to 5 Roport of the Indop•ndent Audltor• 6 to 9 Stat•mgnt of Flnan¢lal Aetlvlll88 10 B•lanco Sheet 11 Cash Flow 8tatsment 12 Nots• to the Ca¥h Flow Statsmgnt 13 Notss to tho Flnanclal Statoment8 14 to 21 Detalled Statement of Flnanclal Actlvltla8 22 to 23
Waldorf Learni Foundatlon Limlte Re ftheTr F rTheY rEnded es 24 The Trustees Ivlho are also directors of Waldorf Léarning Foundation Ltd for the purposes of the Companies Act) hére present their report and accounts for the yéar ended 31 July 2024. The accounts have been prepared in accordan the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006 and Accounting and Reporting by Charllies.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance wlh the Financial Reporting Stsndard applicable in the UK and Republlc of Ireland {FRS 1021 {effective 1 January 20191" OBJECTIVES AND ACTIVITIES Objectlves and alms As a progressive and professional Waldorf charitable foundatlon. rooted in Rudolf Steinerfs Innovative insights into healthy chlld development, we have a national ambition and commllment to excellenr£ in Waldorf teacher training and school provislon. We are committed to a Waldorf Education of integrity, creativity. excellence and openness, sharing and developing this vision to support the development and delivery of teacher training programmes and the emergence of a new 5¢hool provision when economic and politltal climates allow. 'A Waldorf Education is centred on each child'5 academic. sttial, moral and ¢reative pot8ntial and growth. We value excèllence and independent thinking. and seek to shape rounded, fre&thinking, open and resilient people who make a valuable contribution to their communities and the worfd., To support this, the Charlty's vlsion is one in which an exceptional Waldorf Education and a commltment to excellen go hand in hand. Our teaching remains founded on Rudolf Sleinerfs insights on the importance of educating the whole child, centred on children's development and needs. Sleiner's approach inspires but does not con$traSn and, drawing on the very best educational practices, new approaches and new solutions, the Charity aims to support the development of pedagogies that provide sludenls with the clarity, capacity and capability to be part of communities searching for more inclusive ways of living together. In November 2023, the Trustees publlshed their Slfategl¢ Plan 20242026 which was di8seminat&d lo the charlly'5 associated members, recipients of our newsletter. a range of olher stakeholders and publlshed on our website. The Strategic Plan sets out the Charity's key objectives.. Wark towards the establishment of a Waldorf school which is fre8 to access. delivers highquallty, professional, and progressive education to a diverse student body. and is engaged with its local Community. - Support Waldorf education in the UK and globglly. through.. - The provision of higFFquality teacher education In Waldorf and Creative Pedagogles. Engaging In research, knowledge dlsseminatlon and dlalogues Ihat deepen the practice and understanding of Waldorf and wider creative education approaches. - Spe¢lfic support for Schools whl¢h share the principSes and values set out in this Strategy. The sale of the Charity's last freehold property was completed in early August 2023 and this enabled the charity lo move forward debt-free with ils Strategic Plan. The Charity appointed a part-time Creative Networks Manager to disseminate Its ongoing work, both wthin the sector and to a broader audience, to ¢reate a community of pradice from the Waldorf and wder creative educab'on sectors. At the Annual Gener81 Meeting in April 2024, the CEO descnbed how 'the 5uslainability of the sector is a priority for us and a range of prcjects are underway working towards this goal, prfncipally through Waldorf teacher education., A marketing plan aimed at securing 15+ students for the third cohort of the Postgraduate Diploma In Waldorf Education and Creative Pedagogies, validated by. and ¢o-delivered wllh Bath Spa University, and accredited by Waldorf UK, included a strateglc roadmap outlining key inits'ative5 to enhance brand visibility, attract new students, and strengthen engagemenL Page 1
W IdorfL amin Foundatlon Limlted orto F Theye he Trustees nded During the year. the Charity undertook its first consultancy project that led in turn to its first grant funding, facilitating the much-needed expansion of a popular and oversubscribed local Steiner Waldorf kindgrgarten. The Trustees visited the Steiner Academy Hereford to learn more about stste-funded Waldijrf provlsion and began discussions with its leadership about the posslbililies for expanding this stale•funded model. A joint meeting al Board and CEO level with Waldorf UK (the umbrella body which oversees the W81dorf sector in the UK) and the Academy was held in Oxford in May to explore these issues further. The Charity maintained close dialogue with Waldorf UK throughout the period, recognislng ils role as regulator and setter of standards in the UK sector (reflected in ils accreditation of the Charity's PGDip programme}, and seeking io support strategic prionlies for the sector as a whole. Other activities over Ihe year included attendance at th8 INASTE Ilnlemalional NeIOrk for Academic Steiner Teacher Education) World Teachets Conference, tfrie curation of Creating the Conditions for Creattvlty including 'Cultural Spas as Learning Environments,, and participation in an Earth Matters round table at the Forest of Imaginatlon in Balh. P08t July 2024 Following on from the year end, gTants were awarded to Steiner Academy Hereford. suppOrng thelr future planning for Waldorf Education in the areas of SEND provision and financial svslainability. The Charity also initiated ils first funded research project. a literature review on multlsensory integration and motor skills development in educational policy and practice, intended to contribute to the research base into the principles for holistic education. With the successful launch in September 2024 of the third cohort of the Postgraduate Diploma in Waldorf Education and Creative Pedagogies, the recruitment of students for the 2025 cohort began, and the programme continues lo make a key contribution to Waldorf teacher training in the UK. STRATEGIC REPORT Flnanclal Revlew for the year to 31st July 2024 The sale of the charlty's last fre8hold prepety at the start of the year but accounted for as an adjusting event in the previous year, marked the culmination of a phase of 's8tt1ing' th8 charity's finances and Ihe year started th total funds brought fotward of £2,481.445. The Board of Trustees, intention was to steward these financial resources prudently. recognising that strategic plans were being developed for the Charity's next phase. In line with this, funds were invested in cash In high-interest accounts to generate a significant return. Investment r6tum from funds deposlted in short to medium tem savings accounts during the year equated to £118,671. which together with trading activities, including the delivery of the W81dorf teacher training program, brought the total income for the year to £138,361. Totsl expenditura of (£175.590}, mad8 up of £{3,089) expenditurè on ralsing funds, £(1 $2,501) on charflable activities including operational, governancè and support, and £(20,0001 grant giving, resulted in a nèt movement in funds of1£37,2291 during the year. Flnanclal Rovlew post 31st Juty 2024 Resetves continue to be placed in short- and medium-tsTm savings accounts with varying temis to optimise return on investment and facilltate operational c2shflow. We will Pfudendy steward the resourc6$ available to us and ensure that they are foGused in the best possible ways on delivenng the Charity's Objects. Reserves pollcy Financi81 reserves are neSSary to support the Charity going foNard. Where possible these reserves will be such that the Charity can operate until suitsble acti.Jn can bÈ taken to rectify the cause of the loss. The resèrves invested in short term and notice given savings accounts would adequately cover the posslble contingency expenditure contsined in the cashfiow for the coming year. Page 2
Waldorf Learnln Foundation Limlted Re the Truste rTh Y rEnded3 J 1 2024 STRATEGIC REPORT Financlal review Going concem In order to establish that the charty is a going concem, a cashflow forécast has béen produced for the period January 2025 to February 2026. The Charity is controlling expenditure. has onty minimal overheads limited to sector membership subscriptions, archive slora9e, a small offir* and the Executive are budgeted to remain on part-time contracts. All project devèlopment costs will be kept to a mlnlmum. A contingency of £120,000 has been built into the thirteen-month cashflow forecast and tha Charity has sufficient fvnding for the reporting period. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Waldorf Leaming Foundation Ltd is a company limited by guarantee 8nd a registered Charlty constituted under 8 Memorandum and Artides of Association date 9 June 1945. It is registèred with the Charity Commission and must comply with both the Companies Act 2006 and Charities Act 2022. Registered Charity number 311719, Company registration number 396105. The Board of Trustees Trustees decide on th8 competen¢es required by the members of the Board and new Trustees are sought via nationwide impartial advertssing for the posts. None of the Trustees has any beneficial interest in the limited company. All Trustees aré members of the Association and guarantee to contribute £1 in the event of a winding up. Charlty's govemance and management (durlng th18 accounting year) The Charity is govemed by the Board of Truste85 who report each year at the Annual Gener81 Meeting to th& Members of the Assoualion. Day-tcpday operations of the Charity are overseen by the Chief Executive Officer. who is supported by a Finance & Operations Manager and a Creallve eOrkS Manager. These officers meet weekly as thé Charity's Executive Team, and jointly prepare documentation for Truslees, meetings, which lake place six times a year. The CEO reports to the Chalr of Trustees. The Finance and Operations Manager, who receive5 regular support from the Trustee ctropled to oversee finances, reports dire¢tly to the CEO as does the Creatlve NeorkS Manager. The CEO Is accountsble to the Board of Trustees for trie management and leadershlp of the Charity in line th the agreed policies (including an agreed hem8 of delegatlon) and w7 the objectives to.. al provide professional leadership and management for Waldorf Leaming Foundation and its assets b) ensure that a pedagogical vision is created and developed that aligns with the principles of Steiner Waldorf education cl deliver the Charity's mission both in the immediate and long term. REFERENCE AND ADMINISTRATIVE DETAILS Reglstsred Company number 00396105 (England and Wales) Reglstered Charlty number 311719 Page 3
Waldorf Learnin Foundatlon Llmited ort of the Trustees Year E d 31 Jul 2024 orT Registsred office WaldTrf Leaming Foundation Ltd The Hill Merrywalks Stroud Gloucestershire GLS 4EP Trustees Ms J Ashbumer (appointed 24.1.24) l Badat N Halley Ms V Isaa¢ J S O Mccullagh A D Skelton Ms J Lambert {re8igned 22.5.241 Audltorn Kingscott Dix Limlt8d Chartered Accountants and Statutory Audrtor Goodridge Court Goodridge Avenue Grouster Gloucestershire GL2 SEN STATEMENT OF TRUSTEES. RESPONSIBILITIES The trusteès (who are also the directors of Waldorf Le8rning Foundation Limited for the purposes of company lawl are responsible for preparlng the Report of the Trustees and the financial statements In accordance with 8ppli¢able law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). Company18w requires the trustees to prepar& financial statements for each financial year which glve a true and fair view of the stale of affairs of the charatable Company and of the in¢oming resour5 and application of resources, induding the income and expenditure, of the charitable company for that period. In preparing those finanual ststement8. the truslees are required to sele¢t suStable accounting policies and then apply them consistently., obsèrve the methods and Pfinciples in the Charity SORP.. make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going conce.Tn basis unless It 18 inappropriate to presume that the charitable company will continue in business, Thè trustees are responslble for keeplng proper accounting records which disdose wlth reasonable accuracy at any time the financial position of thé char(iable company and to enab18 them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the provention and detection of fraud and other irregularities. In so far as the trustses are awa.. there is no relèv8nt audit inft)miation of which the charitable company's auditors are unaware., and the trustees have laken all Steps trjat they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditors are aware of that informats'on. AUDITORS The auditors, Kingscott DLX Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Page 4
aldorf Leami Foundation Limlted of the Trustee ded31J 1 20 Fo Report of the trusteès, incorporating a strategic report. approved by order of the board of tnistees, as the company directors, on ...........221nu2025....... . and signed on the board's b8half by.. N Haiiey- Trustee Page 5
Re ort of the Inde endent Auditors to the Members of Waldorf Learnin Foundation Limited Opinlon We have audited the financial statements of Waldorf Learning Foundation Limited (the 'charitable company,) for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has bei2n applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitsble company's affairs as at 31 July 2024 and of its incoming resources and application of resources. including Its income and expenditure, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted Dur audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law, Our responsibilities under those standards are further described in the Auditors, responsibilitles for the audit of the financial statements section of our report. We are independent of the charitable company 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 audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider wbether the other information is materially inconsistent with the financial statements or our knowledge obtained In 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 perfomed, 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. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infofmation given in *he Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statemeiits., and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 6
Re ort of the Inde endent Auditors to the Members of Waldorf Learnin Foundation Limited Mattors on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion. adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made., or we have not reiVed all the information and explanations we require for our audit. Responslbilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the dlrectors of the charitable company for the purposes of company law> are responsible for the preparation of the financial statements and ft)r being satisfied that they give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assesslng the charitable company'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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 7
ort of the Inde endent Auditors to the Members of Waldorf Learnin Foundation Limited Our responsibllities for the audlt of the financial statements Our objectives afe 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 a Report of the Independent Auditors 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compllance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident. At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, lo identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibillty of fraud. Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud. We identified areas of law and gUlationS that could reasonably be expected to have a materi81 effect on the financial statements from our general commercial and sector experience, through discussion with the Trustees, and Inspection of the Charitable Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit. The charitable company is subject to laws and regulations that directly affect the financial statements Including legislatlon covering financial reporting including related parties and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related flnancial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial Statements. The charitable company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or, disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect.. employment laws, GDPR and environmental laws and regulations recognising the nature of the charity's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misststements in the financial Statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, ft)rgery, intentional omissions, misrepresentations, or the override of internal controls, there remain5 a high risk of non-detection. We are not responsible for detecting all instsnces of non-compliance with laws and regulations and cannot be expected to do so. The charitsble company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on arriounts or disclosures in the financial statements. for Instance through the imposition of fines or litigation. Page 8
Re ort of the Inde endent Auditors to the Members of Waldorf Learnin Foundation Limited Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the trustees and Other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-complian. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at ww.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charttable 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 auditors, 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 companys members as a body, for our audit work, for this report, or for the opinions we have formed. Mark Spashett FCA (Senior tstutory Auditor) for and on behalf of Kingscott Dix Limited Chartered Accountants and Statutory Auditor Goodridge Court Goodridge Avenue Gloucester Gloucestershlre GL2 SEN Dste.. Page 9
dorf Learnin ndatlon Umlted Statement of F nanclal Activltles For The Ye rE ded31 31.7.24 Unrestrictéd fund 31.7.23 Total fvnds Notes INCOME AND ENDOWMENTS FROM Charltable activltles Educath'onal 16,106 6,037 Other Irading 8divtheg Investment income Other income 64.863 118,671 2,241.053 Total 138.361 2,311,953 EXPENDITURE ON Raising funds 3,089 1730) Charltable actlvltles Educational 172.501 301.127 Total 175,590 300,397 Net gainsl{Ios89$) on Investmènts 1533,522) NET INCOMEI(EXPENDITUREI Other recognlsed galn8lllosse$) Gains on revaluation of fixed assets 137,229) 1,478,034 533.522 Net movement In funds {37.229} 2.011,556 RECONCILIATION OF FUNDS Total fvnds brought foNMrd 2,481,445 469,889 TOTAL FUNDS CARRIED FORWARD 2,444,216 2,481,446 The notss fom part ofthese financial statements Page 10
WaldorfL arnin Foundation Umlted Bal nce Sh UI 2024 31.7.24 Unrestricted fund 31.7.23 Total funds Notes FIXED ASSETS Tangible assets Investments 13 14 996 1,494 100 1,594 CURRENT ASSETS Debtors Prepayments and accrued income Cash at bank and in hand 15 103,473 60,219 2,444.054 48,994 2.358,904 2,462,377 2,553,267 CREDrroRS Amounts falling due wilhin one year 16 119,1571 {73,416} NET CURRENT ASSETS 2,443,220 2,479,851 TOTAL ASSETS LESS CURRENT LIABILITIES 2,444,218 2,481,445 NEf ASSETS 2,444,216 2,481,445 FUNDS Unreslricted funds 17 2,444,216 2.481,445 TOTAL FUNDS 2,444,218 2,481.445 The financial slatements were approved by the Bo8rd of Trustses and authorised for Issue on 221a11202&......... . and were signed on its behalf by.. N Halley- Trustee A D Skelton- Trustee The notes form part of these financial statement5 Page 11
Waldorf Learnin Foundatlon Limlted w Statement r Ended 1Jul rThe 24 31.7.24 31.7.23 Notes Cash flo¥ from operating activities Cash generated from operations Interest paid 2,191.139 {2,704.5941 119,933} Net cash provided byl(used in) operating activities 2.191,139 (2,724,527) Cash flows from Investlng actlvltles Sale of tangible fixed assets Sale of fixed asset investments Interest received 2,982,225 100 118,671 Net cash provided by Investing a¢tlvlties 118,771 2,982,225 Ca$h flow• from flnanclng actlvltles Loan repayments in year 1500,000} Net cash provided byl(used inl flnancing activitiès 1500,OCpJ) Change In cash and cash equlvalgnts in th• reportlng porl¢)d Cash and cash equSvalants at tha beglnnlng of the reportlng perlod Cash and cash equlvalents at the end of the reportlng perlod 2,309,910 1242,3021 48,994 291,296 2,358,904 48,994 The notes form part of these ffinancial ststements Page 12
Waldorf Learnin Founda on Limited otes to the Cash F ow Statement For The Y arE d d31Ju 2024 RECONCILIATION OF NET (EXPENDITUREVINCOME TO NEf CASH FLOW FROM OPERATING ACTIVITIES 31.7.24 31.7.23 Net (expenditurellincome for the reporting period (a8 per tho ststement of Flnancial Actlvities) Adjustments for: Depreciation charges Losses on investments Profit on disposal of fixed assets Interest received Interest paid Decreasel(in¢reasel in debtors Decrease In ueditors (37,229) 1,478,034 498 4.934 533,522 12,241,053} (118,871} 19,933 12,467,207) 132,7571 2,400,800 154,259) Net ca$h provlded byiiu8•d In) oporatlon• 2,191,139 (2,704.594) ANALYSIS OF CHANGES IN NET FUNDS At 1.8.23 Cash flow At 31.7.24 Net cash Cash at bank and in hand 48,994 2,309,910 2,358,904 48.994 2,309,910 2,358,904 Total 48,994 2,309,910 2.358,904 The notes fom part ofthese financial statements Page 13
W Idorf Learnin Foundatlon Llmlted Note to the Flnancial Ststem nts F Theye r Ende 31Ju 2024 ACCOUNTING POLICIES Basls of pr8paring the financlal ststements The financial statements of th8 charitable company, which is a public benefit entity under FRS 102. have been prepared in accordan wtth the Charities SORP IFRS 1021 'Accounling and Reportin9 by Charities.. Statement of Recommended Practice applicable to ¢harits'es preparing their accounts in accordan with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, wlh the exception of Investments which are included at market valu8. Income All income is recognised in Ihe Statement of Financial Activities once the charity has entitlement to the funds, it is probabSe that the income will be received and the amount can bé measured reliably. Expendlture Liabi1Sties are recognised as 8xpenditur8 as sn as there is a legal or constructive obligation committing the charity lo that expenditure, it is probable that a transfer of èconomlc benefits will be r8quired in settlemént and the amount of the obligation can bé measured reliably. Expenditure is a¢counted for on an accruals basis and has b&en dassified under headlngs that aggregate all cost related to the c8tegory. Wheré costs cannot be directly attributed to particular headings they have been allocated to actlvlties on a basls consistent wlth the use of resources. Grants offed subject to conditlons whlch have not been met at the year end date ar8 noled as Commitment but not accrued as expenditure. Tanglble flxed 0880ts Depreciation is provided 8t the following annual rates in order lo write off each asset over its estimated useful lifè. Plant and machinery Fixtures and fittings 33°k on cost 100/¢ on reducing balance Taxallon The charity Is exempt from corporation tax on its income and gains falling 1h1n section 505 of the T8xes Ad 1988 or section 252 of the Taxation of Chargeable Galns Act 1992 to the extent that these 8re applied to its charrtable objects, Fund accountlng Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the tTUStees. Restricted ndS can only be used for particular restricted purposes within the objects of the charity. Restriction5 arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hlre purchase and leaslng commltments Rentals paid under operating leases are charged to the Statement of Financial Activities on a Straight line basis over the period of the lease. Pension costs and other post-relirement benefits The charitable Company operates a defined contribution pension seheme. Contributions payable to the charitable company'5 pension scheme are charged to the Statement of Financial Adiviues in the period to which they relate. Page 14 continued...
Waldorf Leamln Founda on Llmlted Notes to he FSnanclal Statements - contlnued F rTheY r Ende 31 Jul 2024 OTHER TRADING ACTivrriES 31.7.24 31.7.23 Whaddon Site rental income Tenant recharge5 Consultancy incom8 18,150 46,713 3,246 338 3.584 64,863 INVESTMENT INCOME 31.7.24 31.7.23 Deposlt account Intere8t 118,871 INCOME FROM CHARITABLE ACTIVITIES 31.7.24 31.7.23 Activty Educational Educational fee income 16,108 6,037 RAISING FUNDS other tradlng actlvltle• 31.7.24 31.7.23 Bad debts (330) (7301 Investrnent management costs 31.7.24 31.7.23 Portfolio management 3,419 Aggregats amounts 3,089 (730} CHARITABLE ACTIVITIES COSTS Grant funding of activities (See nots 7} Support osts (see note 81 Diract Costs Totals Edu¢tiOnal 21.497 20.OQO 131,004 172,501 Page 15 continued...
aldorf Lear in Foun ation Llmited tes to the Fo Inancla tsteme -contlnued ar Ended 31 J 1 202 GRANTS PAYABLE 31.7.24 31.7.23 Educa'onal 20,OCQ Totsl grants paid to instf(utions during the year was £20,000 paid to The Lindens EaTly Years CIC. SUPPORT COSTS Information Management technology Govemance costs Other Totals Edu¢alional 109,285 3,813 498 17,408 131,004 Support costs, included in the above, are as follows.. Managemont 31.7.24 31.7.23 Total adivities Educational Wages Social securlty Pensions Other operating leases Rat8s and waler Telephone Postsge and stationery Sector presence Sundrie8 Repairs and maintenance Bank interest 80,918 2,016 13,257 4,488 120 113.564 6,856 3,287 98,458 5,250 1,053 1,033 3,259 2,1 2,699 13261 109,285 227.173 Flnanca 31.7.24 Total activitles 31.7.23 Total activities Bank loan interest 20,259 Governance costs 31.7.24 31.7.23 Total artivrties Educalional AlltOrS, remuneration Legal & professional fees Trustee expenses 5,340 12. 5,040 16,616 63 17,408 21,719 Page 16 continued...
Waldorf Learnin Foundation Llmited otes to th Inancl For The Year tatemen ded 31 - contlnue NET INCOMEI(EXPENDITURE) Net incomellexpenditurel is stated 9ft8r chargingl{crediting)'. 31.7.24 31.7.23 Auditors, remuneration Depreciation - ownad assets Othèr operating leases Surplus on disposal of fixed assets 5,340 498 4,488 5,040 4,934 {2,241,053) 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Tru8tse8' expeM08 There were no trustees, expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. 1q. STAFF COSTS 31.7.24 31.7.23 Vvages and salarie5 Social sacurity costs Other p8nsion costs 80,916 2,018 13,257 113.584 6,856 3,287 96.189 123,707 The average monthly number of employees during the year was as follows.. 31.7.24 31.7.23 Admlnislration The number of employees whose employee benefits {8xdudlng 8mployer pension costs) excèéded £60,000 was.. 31.7.24 31.7.23 £60,Cx)1- £70,000 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted fund INCOME AND ENDOWMENTS FROM Charitable actlvitie$ Educational 6,037 Other trading activities Other income 64,863 2,241,053 Total 2,311.953 EXPENDITURE ON Page 17 continued...
Waldorf Learnln Foundatlon Llmited Notes t the Flnan ial Stateme ts- continued For The Y Ended 31 Jul 202 12. COMPARA TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued Unrestricted fund Raising fijnds (730) Charitsble actlvltles Educational 301.127 Tolal 300,397 Net galnsl{lossesl on investments 1533,522) NET INCOME Other recognlsed galnslllosses) Gains on revaluation of fixed assets 1,478,034 533.522 Net movement In fund• 2,011,556 RECONCILIATION OF FUNDS Total funds brought forward 469,889 TOTAL FUNDS CARRIED FORWARD 2,481.445 13. TANGIBLE FIXED ASSETS Fixtures and f ttings Plant and machinery Totals COST At 1 August 2023 and 31 July 2024 14,435 1,570 16.005 DEPRECIATION At 1 August 2023 Charge for year 14,048 387 463 111 14,511 498 At 31 July 2024 14,435 574 15.009 NET BOOK VALUE At 31 July 2024 996 At 31 July 2023 387 1,107 1,494 Page 18 continued...
Waldorf Leamin Foundation Llmlted Not to the Fln ncial S ements - continue ForT Year End d 31 Ju 2024 14. FIXED ASSET INVESTMENTS The were no investment assets outside the UK. The investment of £100 shown in the 2023 balance sheet related to a shareholding in Brookthorpe Properbes Limited, a company which ha5 now been dissolved. 15. DEBTORS 31.7.24 31.7.23 Amounts falling due within one year.. Trade debtors Prepayments and accrued income 1,604 81,869 60,219 83,473 80,219 Amounts falling due after mora than one year.. Other debtors 20,000 Aggregate amount8 103,473 60,219 16. CREDrfoRS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.7.24 31.7.23 Trade creditors Social security and other taxe8 other creditors Accruals and deferred income 4,349 1,399 8,329 5,080 669 1,027 7,019 64,701 19,157 73,418 17. MOVEMENT IN FUNDS Net movement in funds At 31,7.24 At 1.8.23 Unrestrlctsd funds General fund 2,481,445 137,229} 2,444,216 TOTAL FUNDS 2,481.445 {37,229) 2,444,216 Net movement in funds, induded in the abov8 are a5 follows: Incoming resources Resources expended Movement in funds Unrestrlcted fundg General fund 138,361 {175,59J} 137,229) TOTAL FUNDS 138,361 1175,590) (37,2291 Page 19 continued...
Waldorf Learni Foundatlon Limited Note tothoFI nci Ista ForT e Year Ende ements - contlnued 24 17. MOVEMENT IN FUNDS- conlSnued Comparatlves for movement in funds Net movèment in funds At 1.8.22 31.7.23 Unrestrlcted fund8 General fvnd 469,889 2,011,556 2,481,445 TOTAL FUNDS 469.889 2,011,556 2,481,445 Comparative net movement In funds, Sn¢luded in the above s as fc41ows'. Incoming Resources resources expended Gains and losses Movement In funds Unrestrlcted funds General fund 2,311,953 (300,3971 2,011,556 TOTAL FUNDS 2,311,953 (300,3971 2,011,556 A current year 12 months and prlor year 12 months combined p08ition is as follows.. Net movement in funds At 31.7.24 At 1.8.22 Unre8lrlcted fund8 General nd 469,889 1,974,327 2,444,216 TOTAL FUNDS 469,889 1,974,327 2,444,216 A current year 12 months and prlor year 12 months comblned net movement In funds, Included In the above are a6 fo15ows. Incoming resour$ Resources expended Gains and Movement losses In funds Unre5trictsd fund8 General fvnd 2,450,314 (475,987) 1.974,327 TOTAL FUNDS 2,450,314 1475,9871 1,974,327 Page 20 continued...
dorf Learnin Fo ndation Llmlted e Flnanclal Sta ments- contlnue he Year En ed31Ju 2024 Fo 18. RELATED PARTY DISCLOSURES There were no related paty transadions for the year 8nded 31 July 2024. 19. ULTIMATE CONTROLLING PARTY The tharitable company is not underthe control of any one person. Page 21
dorf LeaTnin Foundation Llmited talled S ForT mento Flnancl ActlvltEe eYearE ded31 J 1 2024 31.7.24 31.7.23 INCOME AND ENDOWMENTS Other trading actlvltles Whaddon Site rental income Tenant recharges Consultancy income 18.150 46,713 3,248 338 3,584 84,863 Investment Income Deposit account interest 118,871 Charltsblè actlvltles Educational fee income 16,106 6,037 Other Income Gain on sale of tsngibl8 fixed assets 2,241,053 Totsl Incomlng ro8ourc•• 138,361 2,311,953 EXPENDITURE Other tradlng actlvltles Bad debts (3301 {730) Investrnont management costs Portfolio management 3,419 Charltsble actlvltles Insurance Course marketing Course resourses Grants to institutions 3,317 13,734 4,446 20,000 22,692 41,497 22,892 Support costs Management Wages Soaal 8eGurrty Pensions other operating leases Rate6 and water Telephone Postagé and ststion8ry Sector presence Sundries Repairs and maintenan Bank interest 80,916 2,016 13,257 4,488 120 113, 8,856 3.287 96.456 5,250 1,053 1,033 334 3,259 2.1 2,699 1326) 109.285 227,173 This page does not ft)mi part ofthe statutory financial statements Page 22
Wal orf Learnin Foundatlon Limlted Iled Sta ForT ment of Flnanclal Activlties Year End d 31 Jul 2 31.7.24 31.7.23 Management Flnance Bank loan interest 20.259 Infomatlon technology Computer & SOare expenses 3,813 4.350 other Plant and mathin8ry Fixtures and fittings 387 111 4,811 123 498 4,934 Governance Costs Auditors, remuneration Legal & professional fees Trustee expenses 5,340 12,068 5,040 18,616 63 17,408 21,719 Totsl resources exp8nded 175,590 300,397 Net {expendlture)Iln¢ome before galns and losses 137,229} 2,011,558 Reallsed recognlsod galns and10860S Reali5ed gainsll105sesl on programme related investments {533,522} Net (expendlture}Ilncome 137,229} 1.478,034 This page does not fomi part ofthe statutory financ481 statements Page 23