REGISTERED COMPANY NUMBER: 00908985 (England and Wales) REGISTERED CHARITY NUMBER: 312101 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 FOR EMERSON COLLEGE TRUST LTD 8ronsens Chartered Certified Accountsnts statutory Auditors Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL
EMERSON COLLEGE TRUST LTD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 Page Reforenco and Administrative Detalls Report of the Tru8te88 Report of the Independent Audltor8 statement of Flnanclal Actlvltl•8 Consolldated Balance Sheet 10 Charitable Company Balance Sheet Cash Flow Statement 12 Notes to the Cash Flow Statoment 13 Nots8 to tho Flnancial Statements 14 to 28
EMERSON COLLEGE TRUST LTD REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 TRUSTEES Ms P Blaxland de Lange Mr l K Clements (appointed 10.10.24) Mr A C H Gordon OBE (appointed 10.10.24) Ms T A Gratton (appointed 10.10.24) Dr K M Griffiths (appointed 10.10.24) Mr M O Leach Mr J D Smith Mrs A Whitbread (appointed 10.10.24) Mr S J King {resigned 10.10.24) Ms A Blampied-Radoicin {resigned 10.10.24) Dr J A Dyson {resigned 2.12.23} Mr S M Fuller (resigned 10.10.24> COMPANY SECRETARY Mrs A Whitbread REGISTERED OFFICE Pixton Hartfield Road Forest Row Sussex RH18 5JX REGISTERED COMPANY NUMBER 00908985 (England and Wales) REGISTERED CHARITY NUMBER 312101 AUDITORS Bronsens Chartered Certified Accountants Statutory Auditors Eden House TY Rivers Business Park Witney Oxfordshire OX28 4BL BANKERS HSBC Bank plc 1 Middle Row East Grinstead West Sussex RH19 3AY Page 1
EMERSON COLLEGE TRUST LTD REPORT OF THE TRUSTEES FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the fi'nancial statements of the charity for the year ended 30 June 2024 but extended to 10 October 2024. The trustees have adopted the provisions of 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). OBJECTIVES AND ACTIVITIES Objectives and activitios Objectives and organisation of the charity The principal objective of the charity is to promote the advanced education of individuals through training study and research in accordance with Rudolf Steinels educational principles with special emphasis on eduGation, agriculture, arts and science. Emerson College Trust Limited operates Emerson College, in Forest Row, for the furtherance of the charity's objective. All funds raised and donations received are applied to promote study and re5earGh In anthroposophy and biodynamic agriculture. The Trustees are aware of their duty to have due regard to the Charlty Commlsslon's public benefit guidance in formulating the strategy for the charity. They are satisfied that the objectives of the charity are of public benefit. OBJECTIVES AND ACTIVITIE3 Achievement and performance Charltsblo Activltles Emerson College is a vibrant college with a rich, exciting and varied programme of courses, performances and talks. Emerson College Courses In the past year we have continued to develop our own courses and build up a number of successful partnerships with other course providers and individuals to offer inspiring courses on the Emerson campus in four different fields.. Health.. anthroposophical nursing, anthroposophical medicine, mental health, social therapy, counselling, herbal medicine, psychotherapy, working with trauma. Education.. Postgraduate Diploma in Waldorf Education with PGCE and QTS (H7) and Holistic Baby and Childcare Training Arts.. visual arts, storytelling (a range of short, modular and longer courses), clowning, eurythmy, poetry, sacred geometry, ceramics Land.. sustainable agriculture, Goethean science, water research, medicinal herb cultivation Emerson College Bursaries In line with the charity's ethos and values, we have continued to support access to all activities and courses through a reduction of fees from our bursary I stricted) funds. This enabled people on Universal Credit, people on low income and those with caring responsibilities for a family member to access Emerson courses and trainings. Emerson Collage Renovations The College has upgraded the West Corridor of the Linden Building Improving the facilities to student participants and other guests. Page 2
EMERSON COLLEGE TRUST LTD REPORT OF THE TRUSTEES FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 OBJECTIVES AND ACTIVITIES - CONTINUED Achievement and performance Charitable Activities Emerson College Cafe The College completed the renovations to Pixton House which also established the Emerson Café, as a public facing feature and venue to spoken word and visual art exhibitions. including music performance Emer80n College Marketlng The College rebranded its profi'le and installed new signage and stationery, include website and social media present to further promote it courses and activities Emernon College Admlnlstratlon The College invested in a new Hospitality Booking System to streamline efficiency in the dellvery of seniice to course particlpants and guests Emerson College Tru8t & Ruskin Mill Land Trust - Trust Merger The College developed a proposal to secure its future through significant financial support and investment. The proposal was accepted by Trustees and the College was able to secure a merger with Ruskin Mill Land Trust through a 'Deed of Surrenderf which was enacted by special resolution of the Members of Associalion at an EGM on the 10 October 2024. Emer80n Colloge Trust- Due Diligence The process of merger was overseen by Cripps LLP, and Shaw Gibbs Accountants as part of the due diligence process to fully satisfy the conditions of both the UK Charity Commission, Companie5 House and the liabilities of the Mercury Provident Pension Scheme via Argyll Covenant on behalf of Caledonian Trustees Limited and Zedra Governance Limited The process of merger also involved the acquisition of land and the Rachel Carson Centre building from St Anthony's Trust Ltd with the purpose to establish the Ashdown Garden School which will be part of Ruskin Mill Trust. Princlpal funding sources Donations, Grants and Other Income During the year a total of £83,918 received in donations, including £70,360 from our trading subsidiary (Emerson College Enterpnses Limited), plus £5,587 in other grants. Operating costs and income The College made an operating losslprofit of £208,333. excluding MPPS deficit contributions and the donation from our trading subsidiary (Emerson College Enterprises Ltd). Inveslment policy and objeetiVe8 The Trustees have unlimited investment powers and currently the charity has unlisted investments a8 detailed in the notes to the financial statements. Page 3
EMERSON COLLEGE TRUST LTD REPORT OF THE TRUSTEES FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 Reserves policy The Trustees consider that the charity's assels are adequate to fulfil its obligations and that it has sufficient free reserves to meet all ongoing operating costs for a period of six months. As at 1011012024 the Trust and its subsidiary held a total of £189,603 in cash, with an outstanding loan of £93,333. Future plans Following the merger, Emerson College Trust, with 5UPPOrt from colleagues of Ruskin Mill Trust and Ruskin Mill Land Trust, has undertaken a Genius Loci audit to help identify the strategic direction for Emerson College. There are several key strategic areas identified through the Genius Loci- Develop the course and training offer wtthin the Four Pillars of Emerson College (Health, Education, Arts. Land) Renovate the Ruskin Building, to improve accessibility and include a new reception area and Emerson Bookstofe, Visual Arts Gallery, Conference Venues. Health and Wellbeing Centre, and new Refectory and Dining areas, with extended Glass Conservatory over the Pixton Courtyard Renovate Pixton House to accommodate the relocated Administration and Courselconference Rooms Integration of Ihe Ruskin Mill Services to support the infrastructure of the College Review course structures and resources to improve financial stability Segregation of the Mercury Provident Pension Scheme STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity 15 controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006., and amended by special resolution dated 10 October 2024. The Deed of Surrender of the Emerson College Trusts to Ruskin Mill Land Trust resulted in the appointment of a new Board of TrusteeslDirectors, and the reconstitution of the Articles of Association of Emerson College Trust to establish one sole corporate member and the dissolution of the former Members of Association. Recruitment and appointment of now trustees Trustees are appointed at the AGM when at least a third of the existing Trustees must stand down. Anyone wi'shing to become a Trustee must first become a member oflhe Emefson Association. As the Association is premised on the vision and work of Rudolf Steiner, It Is essential that all Trustees can demonstrate that they are familiar with this vislon and that It Is an integral part of their lives. Other qualities that Emerson Association would value in prospective Trustees would be experience working in other charities, specific professional Skills, or experience in the field of adult education. Several of the existing Trustees were former students at Emerson. At present the College does not have any specific policy on Trustee training, except to ensure all Trustees are familiar with current charity law and the duties of Trusteeship, but of course the Trust would send individual Trustees on special courses if this was deemed necessary. However, to ensure good working practice, there are regular discussions concerning Charity Commission guidance on good govemance and practice at Trustee meetings. Organisational structure The charity is governed by its Memorandum and Articles of Association. as amended by special resolution on 10 October 2024. Activities are overseen by the Council consisting of Trustees who meet 4 times each year or more frequently if required. The Articles of Association lay down that the Council shall comprise of one corporate member as amended by special resolution on 10 October 2024 and not less than 3 or more than 20. Page 4
EMERSON COLLEGE TRUST LTD REPORT OF THE TRUSTEES FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Emerson College Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period, In preparing those financial statements, the trustees are required lo select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They a 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. In so far as the trustees are aware.. there is no relevant audit infomation of which the charitable company's auditors are unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that Information. AUDITORS The auditors, Bronsens, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees. incorporating a strategic report, approved by order of the board of trustees, a8 the company directors, on 12 September 2025 and signed on the board's behalf by.. Mr A C H Gordon OBE Trustee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EMERSON COLLEGE TRUST LTD Opinion We have audited the financial statements of Emerson College Trust Ltd (the 'charitable company,) for the period ended 10 October 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 been 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 charitable company's affairs as at 10 October 2024 and of its incoming resources and applicab'on of resources, including its income and expenditure, for the period 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 opinion We conducted our audlt In accordance with Intemational Standards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities 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 lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5pon5ibilities in accordance with these requirements. We believe that the audit evidence we hav8 obtained is sufficient and appropriate to provide a basis for our opinion. Conclu3ion5 relating to going concern In auditing the financial statemen15, 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 perfomied, 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 month5 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 Informatlon The trustees are responsible for the other information. The other infonnation comprises the information included in the Annual Report, other than the fi'nancial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otheise explicitly slated 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 whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material in¢onsisten¢ies 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 Compani88 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EMERSON COLLEGE TRUST LTD Matters on which we aro required to report by oxception In the light of the knowledge and understsnding of the charitable company and its environment obtsined in the course of the audit, we have not identifi'ed material misstatements in the Report ofthe 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 accounling records have not been kept or returns 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 received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 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 assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, mallers related lo 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 altemats've but to do so. Our responsibilities for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial ststements 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. Misstalements 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 fi'nancial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicable to the charity and the field in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to. the Charities Act 2011 and UK charity legislation. Our tests included agreeing the financial slalemenl disclosures to underlying supporting documentation. enoLJiries with management and enquiries of legal counsel. There are inherent limitatson5 in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statemenls, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities. including fraud. As in all our audits. we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EMERSON COLLEGE TRUST 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 50 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 cornpany and the charitable company'5 members as a body, for our audit vrk, for this report, or for the opinions we have formed. Philip Burton FCA Bsc (Senior Statutory Auditor) for and on behalf of Bronsens Chartered Certified Accountants Statutory Auditors Eden House Two Rivers Business Park Witney Oxfordshire OX28 48L Date.. 12 September 2025 Page 8
EMERSON COLLEGE TRUST LTD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD I JULY 2023 TO 10 OCTOBER 2024 Period 1.7.23 to 10.10.24 Totsl funds Year Ended 30.6.23 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 18,191 54,903 73,094 84,361 Charitablè activitFe8 Education 1,691,064 (39,4571 1,651,607 949,237 Trading income Investment income Other Income 300,281 1,021 300,281 1,021 645,000 773 33,215 Totsl 2 010 557 15,446 2,026,003 1712 586 EXPENDITURE ON Subsidiary's trading activities 221,946 221,946 465,068 Charltablo activities Education Bank loan interest 1,968,915 14,894 18,581 1,987,496 14,894 1,229,652 15.386 other Total 2215755 2,234,336 1710 106 NET INCOMEI(EXPENDITURE) 1205,198) (3,1351 (208,333) 2,480 Actuarial gainsl{losses) (207,708) Net movement on funds (205,198) (3,135) {208,333) (205,228) RECONCILIATION OF FUNDS Total funds brought forward 1,968,140 138,803 2,106,943 2,312,171 TOTAL FUNDS CARRIED FORWARD 1762,942 135,668 1,898,610 2,106,943 The notes form part ofthese financial 5tatement5 Page 9
EMERSON COLLEGE TRUST LTD CONSOLIDATED BALANCE SHEET 10 OCTOBER 2024 10.10.24 Total funds 30.6.23 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Intangible assets Tangible assets Investments 12 921 13 2,750,581 14 12.267 921 2,750,581 12,267 1,340 2,764,559 12,267 2,763,769 2,763,769 2,778,166 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 15 16 41,946 208,328 53,935 41,946 208.328 189,603 219,124 145,395 401,820 135.668 304,209 135,668 439,877 766,339 CREDITORS Amounts falling due within one year 17 (537,465) (537,465) (500,245) NET CURRENT ASSETS 233 256) 135,668 97,5881 TOTAL ASSETS LESS CURRENT LIABILITIES 2,530.513 135,668 2,666,181 3,044,260 CREDITORS Amounts falling due after more than one year 18 153,333) (53,333) (106,667} PENSION LIABILITY (714,238) {714,238) 1830,6501 NET ASSETS 1762 942 135668 1887610 2 106 943 FUNDS Unrestricted funds Restricted funds 20 1,762,942 135 668 1,968.140 138,803 TOTAL FUNDS 1 898 610 2 106 943 The fi'nancial statements were approved by the Board of Trustees and authorised for issue on 12 September 2025 and Vre signed on its behalf by: Mr A C H Gordon OBE Trustee The notes form part of these financial statements Page 10
EMERSON COLLEGE TRUST LTD CHARITABLE COMPANY BALANCE SHEET 10 OCTOBER 2024 10.10.24 Total funds 30.6.23 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Intangible assets Tangible assets Investments 12 921 13 2,750,581 14 12.267 921 2,750,581 12,267 1,340 2,764,560 12,267 2,763,769 2,763,769 2,778,167 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 15 16 41,946 185,704 42,270 41,946 185.704 177,938 37,667 622,039 103,761 135,668 269,920 135,668 405,588 763,467 CREDITORS Amounts falling due within one year 17 (514,396) {514,396} (497,377) NET CURRENT ASSETS 244,476) 135.668 108,8081 266,090 TOTAL ASSETS LESS CURRENT LIABILITIES 2,519,293 135,668 2,654,961 3,044,257 CREDITORS Amounts falling due after more than one year 18 (53,333) {53,333) {106,6671 PENSION LIABILITY 1714,2381 {714,238) {830,6501 NET ASSETS 1751,722 135668 1,887,390 2,106,940 FUNDS Unrestricted funds Restricted funds 20 1,751,722 135668 1,968,137 138,803 TOTAL FUNDS 1,887,390 2 106 940 The financial statements were approved by the Board of Trustees and authorised for issue on 12 September 2025 and were signed on its behalf by.. Mr A C H Gordon OBE Trustee The notes form part ofthese financial Statements Page 11
EMERSON COLLEGE TRUST LTD CASH FLOW STATEMENT FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 Period 1.7.23 to 10.10.24 Year Ended 30.6.23 Notes Cash flow8 from op8rating activities Cash generated from operalions Interest paid (82,004) 383,729 Net Gash used in operating activities 96 898) 368 343 Cash flows from Inv08tlng actlvltlès Purchase of intangible fixed assets Purchase of tangible fixed assets Interest received (1,608) (536,969) 773 (63,0061 1,021 Net cash used in investing activities 61.985) 537,8041 Ca8h flows from financlng activiti08 Loan repayments 40.000 Net cash used in financing activities 53 3341 40,000) Change in cash and caBh equlvalent8 in the reportlng perlod Cash and cash equivalents at the beginning of the reportlng porlod (212,217) (209.481) 401820 611281 Cash and cash equivalents at the end of the reportlng perlod 189603 401820 The notes fom part of these financial statements Page 12
EMERSON COLLEGE TRUST LTD NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES Period 1.7.23 to 10.10.24 Year Ended 30.6.23 Net expondituro for the reporting period (as per the Statement of Financial Activitlosl AdJustmgnt8 for: Depreciation charges Interest received Interest paid Movement in pension liability Decrease in stocks (Increa5e)Idecrease in debtor5 Increasel{Decrea$el in creditors {208,333) 2,480 77,404 {1,0211 14,894 1116,412) 177,178 (62,933) 51,056 {773) 15,386 (12,061) 384,573 10,799 Net cash (used inllprovided by operations 82,004 383 729 The notes form part of these financial stalements Page 13
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2023 TO 10 OCT08ER 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accounting and Reporting by Charitie5'. Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019),, 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. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as 500n as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources, Allocatlon and apportlonment of c08ts Resources expended are included in the Statement of Financial Activities on an accruals basis and are allocated to a specific activity where costs relate directly to Ihat activity. Costs of generating funds are the costs directly attributable to raising funds. Charitable expenditure includes all costs directly relating to the objective of the charity and the costs involved supporting that work. Governance costs relate to the costs of legal and professional fees, audit fees. Support costs include those costs connected with the management of the charity's assets, organisational management and administration and compliance wlth conslitulional and statutory requirements. Expenditure on support costs of the charity includes all expenditure not dlrectly related to the charitable activity or fundraising ventures. Tangible flxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Short leasehold Plant and machinery Fixtures and fittings Library books 1 OA on cost Over the 7 year term of the lease 20.250/0 on reducing balance 250h on reducing balance and lo0 on cost 15-250/0 on reducing balance Investments Fixed asset investments loans are stated at cost as they are ultimately redeemable at their original value and are not saleable. Other equities are ststed at market value derived from information offered by the issuing Company. Page 14 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 ACCOUNTING POLICIES - continued Stocks Stocks are valued at the lower of cost and net realisable value, after making due all0vRn for obsolete and slow moving items. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the trustees. Restricted funds can only be used for particular $tricted purposes within the objects of the charity. Restrictions 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. Penslon costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period lo which they relate. Pension costs and other po8t-retir8ment beneflts The charitable company was contributing to the Mercury Provident Pension Scheme which 15 an unsegregaled multi-employer defined-benefit scheme. Thi5 15 a collective policy scheme li.e. members have a joint and several obligation to pay the liabilities of any member who is not able to pay for employees of a number of anthroposophical institutions in the UK and the assets of the scheme are held independently and separate to those of the charitable company. The scheme has been closed to further benefi't accrual. The last actuarial valuation carried out to 29 December 2021 identified a funding short fall of £5.4 million on a best estimate for Ihe scheme as a whole. Emerson's Sha of the best estimate valuation of the deficit was revalued in the financial statements for the year ended 30 June 2023, based on the actuarial valuation as at 29 December 2021. Subsequent to the closure of the defined benefit scheme the charitable company has commenced contributing towards a money purchase pension scheme. Contributions payable for the year are charged in the income and expenditure account. DONATIONS AND LEGACIES Period 1.7.23 to 10.10.24 Year Ended 30.6.23 Donations Grants 73.094 83,161 73,094 84,361 In addition to the above donations a further donation of £17,317 {2023.' £177,943) was received from the college's subsidiary, Emerson College Enterprises Limited and this is not reflected in the consolidated accounts. Page 15 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continuéd FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 DONATIONS AND LEGACIES - contlnued Grants received, included in the above, are as follows.. Period 1.7.23 to 10.10.24 Year Ended 30.6.23 Grants 1,200 OTHER TRADING ACTIVITIES Period 1,7.23 to 10.10.24 Year Ended 30.6.23 Café income Subsldlary's trading income 67.118 233 163 645,000 300 281 645 000 INVESTMENT INCOME Period 1.7.23 to 10,10.24 Year Ended 30.6.23 Investment interest 428 1,021 428 INCOME FROM CHARITABLE ACTIVITIES Period 1.7.23 lo 10.10.24 Year Ended 30.6.23 Activity Education Student fees Student boarding and catering Rental income Venue hire Garden income Bookshop and other income Student fees discounts 502.060 320,591 Education Education Education Education 791,438 180,573 133,303 36,250 463,168 121,290 70,400 16,194 Educalion Education 50.989 30.406 72 812) 1,651,607 949,237 Page 16 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 CHARITABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Education Bank loan interest 1,452,022 14,894 535,474 1,987.496 14,894 1,466,916 535,474 2,002,390 SUPPORT COSTS Governance costs Management Totals Other resources expended Education 10,000 10,000 535 474 535 474 535 474 545,474 Support costs, included in the above, are as follows.. Managemont Period 1,7.23 to 10.10.24 Year Ended 30.6.23 Total activities Education Trustees, fees Trustees, expenses Rates and water Insurance Light and heat Telephone Postage and stationery Adverbsing and publicity Sundries Pension administration fee Pension deficit adminislralion Pension deficit finance costs Pension levy Professional fees Travel and other costs Membership fees Bank and other charges Amortisation of intangible fixed assets Depreciation of tangible and heritage assets 6,690 19,515 1,708 25,230 16,260 76,345 6,139 774 29,159 31,047 2,364 44,644 16,400 4,315 71,793 599 883 12,417 268 37,910 26,253 96,661 9,635 1,587 20,641 68,835 15,982 1 $0,298 191 1,645 21,742 419 76,985 50,788 535 474 410,648 Page 17 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 SUPPORT COSTS - continued Governance cost8 Period 1.7.23 to 10.10.24 Other resources expended Year Ended 30.6.23 Total activities Auditors. remuneration Auditors, remuneration for non audit work 10,000 7,100 10.000 NET INCOMEI{EXPENDITURE) Net incomel(expenditure) is stated after chargingl{crediting)'. Period 1.7.23 to 10.10.24 Year Ended 30.6.23 Auditors, remuneration Other non-audit services Depreciation - owned assets Patents and licences amortisation 10,000 7,100 11,861 50,788 268 76,985 419 TRUSTEES. REMUNERATION AND BENEFITS Period 1.7.23 to 10.10.24 Year Ended 30.6.23 Trustees. fees Trustees. expenses Period 1.7.23 to 10.10.24 Year Ended 30.6.23 Trustees, expenses 1,708 Page 18 conlinued..
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 10. STAFF COSTS Period 1.7.23 to 10.10.24 Year Ended 30.6.23 Wages and salaries Social security costs Other pension costs 712,538 55.551 14,141 487,432 39.812 8,361 782,230 535,605 The average monthly number of employees during the period was as follo.. Period 1.7,23 lo 10.10.24 30 Year Ended 30.6.23 23 Teaching and administration No employees received emoluments in excess of £60,000. The key management personnel of the charity are the trustees and departmental directors. The total employment costs including employer pension contributions of key management personnel totalled £56.354 {2023.' £73,391). Included in key management personnel are trustees costs relating to A Blampied-Radojcin of £6,690 for tutor fees. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Reslricled funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 6,492 77,869 84,361 Charitable actlvlties Education 1,010,297 161,060) 949,237 Investment Income Trading income Other income 773 645.000 773 645,000 33,215 Total 1,695,777 16,809 1,712,586 EXPENDITURE ON Charitablo activities Education Bank loan interest Subsidiary's trading activities 1,221,108 15,386 465,068 8,544 1,229,652 15,386 465 068 Total 1,701,562 8,544 1,710,106 Page 19 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted funds Restricted funds Total funds Net gainsl(losses) on investments 207 708) 207 708) NET INCOMEI{EXPENDITURE) (213,493) 8,265 {205,228) RECONCILIATION OF FUNDS Total funds brought forward 2,181,633 130,538 2,312,171 TOTAL FUNDS CARRIED FORWARD 1,968,140 138,803 2,106,943 12. INTANGIBLE FIXED ASSETS (GROUP AND COMPANY) Patents and licences COST At 1 July 2023 and 10 October 2024 1,608 AMORTISATION At 1 July 2023 Charge for year 268 419 At 10 October 2024 687 NET BOOK VALUE At 10 October 2024 921 At 30 June 2023 1,340 13. TANGIBLE FIXED ASSETS IGROUP AND COMPANY) Freehold property Short leasehold Plant and machinery COST At 1 July 2023 Additions 2,984,384 50,552 77,000 183,492 At 10 October 2024 3,034,936 77,000 183,492 DEPRECIATION At 1 July 2023 Charge for year 398,006 77,000 165.547 5,608 At 10 October 2024 435,582 77,000 171,155 NET BOOK VALUE At 10 October 2024 2.599 354 At 30 June 2023 2 586 378 17,945 Page 20 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 13. TANGIBLE FIXED ASSETS (GROUP AND COMPANY)- continued Fixture5 and fittings Library books Totals COST At 1 July 2023 Additions 500,251 16,848 3,761,975 63,006 At 10 October 2024 512,705 16,848 3.824 981 DEPRECIATION At 1 July 2023 Charge for year 340,014 33,801 16,848 997,415 76,985 At 10 October 2024 373,815 16,848 1,074,400 NET BOOK VALUE At 10 October 2024 138,890 2,750,581 At 30 June 2023 160,237 2,764,560 14. FIXED ASSET INVESTMENTS (GROUP AND COMPANY) Listed investments MARKET VALUE At 1 July 2023 and 10 October 2024 12,267 NET BOOK VALUE At 10 October 2024 12,267 At 30 June 2023 12,267 There were no investment assets outside the UK. Emerson College holds 265 Depository Receipts in Triodos Bank NV. The charitable company's investment at the Balance Sheel date includes the £1 ordinary share in Emerson College Enterprises Limited set up to develop some of the properties wilh Emerson College site. Emerson College Enterprises Limited Class of sha$ - Ordinary £1. Holding 100% Page 21 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 15. STOCKS 10.10.24 30.6.23 Stocks - Company Work-in-progress - Subsidiary 41,946 37,667 181457 41,946 219,124 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 10.10.24 30.6.23 Trade debtors Other debtors Prepayments and accrued income 44,118 169,790 64,430 61,614 208,328 145,395 Company 10.10.24 30.6.23 Trade debtors Other debtors Intercompany account Prepayment5 and accrued income 42,392 170,865 121,975) 5578 58,053 58,900 485,735 622 039 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 10.10.24 30.6.23 Bank loans and overdrafts (see note 19) Trade creditors Social security and other taxes Other creditors Pension creditor Accruals and deferred income 40,000 45,608 12,041 31,567 45,000 363,249 40,000 61.491 11,050 9.735 45,000 332,969 537 465 500,245 Company 10.10.24 30.6.23 Bank loans and overdrafts (see note 19) Trade creditors Social security and other taxes other Creditors Pension creditor Accruals and deferred income 40,000 45,608 12,041 8,498 45,000 363,249 40,000 61,490 11,050 9,734 45,000 330 103 514,396 497,377 Page 22 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (GROUP AND COMPANY) 10.10.24 30.6.23 Bank loans (see note 19) 53,333 106,667 19. LOANS An analysis of the maturity of loans is given below: 10.10.24 30.6.23 Amounts falling due within one year on demand.. Bank loans 40,000 40,000 Amounts falling between one and two years,. Bank loans- 1-2 years 40,000 Amounts falling due between two and five years.. Bank loans- 2-5 years 20. MOVEMENT IN FUNDS Net movement in funds At 10.10.24 At 1.7.23 Unrestricted funds General Fund Education Biodynamic Agriculture Holistic Baby & Child Care 14115 Course Development Storytelling Beyond Words 1,932,130 3,869 16,624 (208,453} 838 1,723,677 4,707 16,624 367 15,150 367 1,968,140 (205,198) 1,762,942 Restrlctod funds Biodynamic Agriculture Fund Initiative Group Ruskin Hall {Refurbishment) Stage Anlhroposophic Nursing Healing Words Storytelling General Emerson Bursary PraGlitioners & Teachers Mrs Hunter Anthromed Scholarship Eurythmy Mrs Hunter Anthromed Teachers Training Pixton Restoration Aesculapius Anthromed J Stedall Legacy 9.638 1,593 15.934 330 1,036 3,858 213 7,387 69,694 11,215 1,072 9,638 1,593 (15,934) 330 1,036 3,858 138 10,387 32,745 59,107 1,072 (75) 3,000 (36,949) 47,892 11,021 3,497 2,315 {2,572} {3,497) 8,449 2.315 138.803 3.135 135.668 TOTAL FUNDS 2,106 943 208 333 1898 610 Page 23 continued..-
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 20. MOVEMENT IN FUNDS - continu8d Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General Fund Education Storytelling Beyond Words 1,761,855 838 14,701 (1,970, 308> (208,543) 838 2,417 12284> 1,777,394 11,982,592) (205,1981 Restrlctod funds Ruskin Hall (Refurbishment) Storytelling General Emerson Bursary Practitioners & Teachers Mrs Hunter Anthromed Scholarship Mrs Hunter Anthromed Teachers Training Pixlon Restoration J Stedall Legacy 115,934) {75) 115,934) (75) 3,000 {36,949} 47,892 3,000 (36,949) 47,892 (2,572) (3.497) (2,572) (3,497) 5,000 5000 TOTAL FUNDS 1,833,286 2,041,619 208,333) Page 24 continued..-
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 20. MOVEMENT IN FUNDS - continued Comparativ88 for movement In funds (Group and company) Net movement in funds At 30.6.23 Al 1.7,22 Unrestrlcted funds General Fund Education Biodynamic Agriculture Holistic Baby & Child Care 14115 Course Development Library Storytelling Beyond Words 2,144,917 3,098 25,019 (212,787) 771 (8,395) 1,932,130 3,869 16,624 474 188 7,937 (107) 1188) 7,213 367 15,150 2,181,633 1213,493) 1,968,140 Restricted funds Biodynamic Agriculture Fund Initiative Group Ruskin Hall (Refurbishment) Stage Bursary - Holistic Baby & Child Care Library - Holistic Baby & Child Care Healing Words Storytelling General Emerson Bursary Practitioners & Teachers Mrs Hunter Anlhromed Scholarship Eurylhrny Mrs Hunter Anthromed Teachers Training Pixton Restoration Aesculapius Anlhromed 10,157 1,593 16,954 330 1,087 1.510 3,858 642 1,467 91,904 1,038 (519} 9.638 1,593 15,934 330 11,0201 (1,087) (1,510) 3,858 213 7,387 69,694 12,251 1,072 {429) 5,920 122,210) 11,215 1,072 11,021 3,497 2,315 11,021 3,497 2,315 130.538 138,803 TOTAL FUNDS 2,106,943 Page 25 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 20. MOVEMENT IN FUNDS - Continued Comparative net movement in funds, included in the above are as follows, Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General Fund Education Biodynamic Agriculture Holistic Baby & Child Care 14115 Course Development Library Storytelling Beyond Words 1,221,717 1,771 74 (1,226,796) (1,000) (8,4691 {207,708) (212,787) 771 (8,395) 1107) 12291 (107) 1188) 7,213 41 1,230,816 {1,236,601) 1207,708) (213,493) Restrlcted funds 8iodynamic Agriculture Fund Ruskin Hall {Refurbishmenti Bursary - Holistic Baby & Child Care Library - Holistic Baby & Child Care Storytelling General Emerson Bursary Practitioners & Teachers Mrs Hunter Anthromed Scholarship Eurythmy Mrs Hunter Anthromed Teachers Training Pixton Restoraticn Aesculapius Anthromed (519) (1 ,020) {1,087) {1,510> {4291 {519) (1,020) (1,087) (1,510) 1429) 5,920 122,210} 11,215 1,072 5,920 (22,210) 11,215 1,072 15,000 3,497 2.315 {3,979) 11,021 3,497 16,809 8544 8,265 TOTAL FUNDS 207 708 RESTRICTED FUNDS Biodynamlcs agriculture fund This fund represents the donation from a third party to construct and equip a building to support a biodynamic training scheme. The building was constructed a number of years ago, but as the trustees are of the opinion that the restriction imposed by the donor extends beyond the conslruction of the building to an ongoing requirement that the building is used for the prescribed purpose this fund stands at the value of the original donation less the estimated depreciation of the building since its construction. Emerson College Trust Limited no longer owns this building and the balance has now been transferred to general reserves. Initiatlve Group Funds raised to 3UPPOrt students. social activities. Ruskln Hall (Refurbishfflent) Donations received for refurbishment of Ruskin Hall. Stag8 Fund5 were received to improve the stage in Ruskin Hall. Page 26 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 20. MOVEMENT IN FUNDS - continued Anthroposophlc Nursing Fund for the experienced based training in anthroposophical nursing which leads lo an extended understanding of the human body. Healing Words Donation from International School of Storytelling for promotion and support of this storytelling course. Storytelling Goneral Fund These are the donations received for the art and craft of storytelling to prepare people to carry the spoken word with a lively imagination into the community and places of work. Em•r8on Bursary Bursaries are offered to students in cases decided by the college. Practitioners and Teachers A legacy was received to set up a bursary for practitioners and teachers. Mr8 Hunt8r AnthroM8d Scholarshlp Bursaries for students attending the Anthroposophical Medicine course, Eurythmy Resource5 to promote Eurythmy courses and related initiatives. Mrn Hunter AnthroM8d Teachor Trainlng 8ursaries for training new teachers for the Anthroposophical Medicine course. Plxton Restoratlon Fund Resources to promote the development of Pixton Building. Aasculaplus AnthroM8d Fund Bursaries for students attending he Anthroposophical Medicine course. J Stedall Legacy Funds for Medical Training Programmes. DESIGNATED FUNDS Blodynamics agriculture This fund provides bursary support for students wishing to train in biodynamic agriculture at the college. Holistic Baby & Child Course Development This fund represents course development for the Holistic 8aby and Child course. Library This fund was set up for donations towards the restoration of the building. storytelling Beyond Words Funds to cover Storytelling Beyond Word5 projects. Page 27 continued...
EMERSON COLLEGE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 JULY 2023 TO 10 OCTOBER 2024 21. RELATEO PARTY DISCLOSURES There were no related party transactions for the period ended 10 October 2024. 22. PENSION COMMITMENTS As referred to in the accounting policies the charitable company participates in a defined benefit pension scheme, providing benefits based on final pensionable earnings, which is the basic salary. The scheme has equal pension rights wth respect to members of either sex. The assets of the scheme are held in a separate trustee administered Imulti-employerl fund. Although the assets and liabilities of the fund are not wholly attributable to the charitable company the scheme actuaries have calculated each employer's share of the funding shortfall as the proportion of the total that their past service liability bears to the total past service liability. The actuary's report as at 31 March 2007 disclosed that the scheme was in deficit in the order of £4.7 million and that Emerson College Trust Limited's share of that deficit was £434, 000 and thi5 was reflected in the a¢counts to 30 June 2008. The scheme funding shortfall was adjusted for contributions and expenses and accrued to 31 December 2008 and resulted in a revised deficit of £5.049 million with Emerson College Trust Limited's share rlslng to £449,945, The scheme has been closed to further benefit accrual. and the future contributions levels have been calculated to eliminate the scheme deficit over a period of 19 years. These contributions commenced at £31,622 per annum together with an annual £10,694 contribution to Cover expenses. Every 1 April the contributions are increasing by 5%. Emerson also has a liability with the other employers of the scheme to fund the scheme's shortfall. The annual contribution from January 2023 increased to approximately £99,864. The most recent actuarial valuation was undertaken by an independent professionally qualified actuary as at 29 December 2021 using the statement of funding principles. The principal assumptions which have the most significant effect on the computation of the pension costs are those related to the rate of return on investments (assumed to be 1.60h post retirement and 1.60h pre-reliremenl) and the rate of increase in the Consumer Prices Index (assumed to be 2.70A pal. These assumptions have been derived from the market yields applying at the valuation date. In particular, the investment return used relating to pre-retiremenl liabilities was 2.15 percentage point5 per annum in excess of the assumed rats of increase in Consumer price inflation. The actuarial Valuation Initial Results as at December 2021 showed that the scheme was in deficit in the order of £12.9 million, and that Emerson's share of that deficit was approximately £1.65 million. An estimated valuation as at 30 June 2023 has seen the deficit reduce to £8.16million and Emerson's share to approximately £1,35million. Best estimate basis is the calculation of the liability with all margins of prudence removed, This is the basis which the actuaries expect to reflect the true cost of providing benefits to members of the Scheme. As there was such a huge difference between the deficit in the scheme as calculated on the SFO basis from the best estimate the trustees obtained independent professional advice as to when the current payment plan would eliminate Emerson's share of the deficit. The independent actuary's opinion was that the Current paymenl plan will pay off the defiGit by 2029 not 2035 as anticipated under the SFO basis Following the 2021 actuarial valuats'on Ihe contribution plan has changed and the scheme actuaries anticipate the current payment plan will clear the deficit on a 'best estimate, basis by 31 March 2034. Using a discount rate to redu the deficit at 29 December 2021 to nil by 31 March 2034, the funding shortfall at 10 October 2024 wa5 estimated to be £875,650 (2023.. £875,650). The actuarial loss arising on the shortfall of £207,708 was Gharged lo the accounts in the year ended 30 June 2023. The total payments made to this pension scheme in the year under review was £128,582 (2023.. £98.402) This page does not form part ofthe statutory financial statements Page 28