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 NeI￿Ork for Academic Steiner
Teacher Education) World Teachets Conference, tfrie curation of Creating the Conditions for Creattvlty
including 'Cultural Spa￿s 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. suppOr￿ng 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 ne￿SSary 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 ￿e￿OrkS 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 Ne￿orkS 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 w￿7 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
Grou￿ster
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 resour￿5 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 re￿iVed 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 s￿n 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 offe￿d 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
Al￿ltOrS, 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 & SO￿are 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