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
othe￿ise 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
v￿rk, 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 V￿re 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
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