**REGISTERED COMPANY NUMBER: 01141571 (England and Wales) REGISTERED CHARITY NUMBER: 527521**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2021**
## **FOR**
## **ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
Folkes Worton LLP Chartered Accountants and Statutory Auditor 15-17 Church Street Stourbridge West Midlands DY8 1LU
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|7|
|**Report of the Independent Auditors**|8|to|11|
|**Statement of Financial Activities**||12||
|**Statement of Financial Position**||13||
|**Statement of Cash Flows**||14||
|**Notes to the Statement of Cash Flows**||15||
|**Notes to the Financial Statements**|16|to|29|
|**Detailed Statement of Financial Activities**|30|to|31|
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The principal objective of the charity as set out in the governing document is the administration of Elmfield Rudolf Steiner School Limited ("Elmfield"). The aims of the charity as articulated through our vision statement and outlined in our strategic plan are:
- To provide an education based on an anthroposophical understanding of the development of the growing child.
- To ensure the curriculum is relevant through active research and in conjunction with the international Waldorf School
- movement.
- To provide our pupils with the qualifications they need to access further education or employment opportunities.
- To strive to make this education accessible to children from a wide range of backgrounds.
Our Vision is underpinned by Our Mission:
"Our highest endeavour must be to develop free human beings, who are able to impart purpose and direction to their lives. The need for imagination, a sense of truth and a feeling of responsibility - these three forces are the very nerve of education."
## **Marie Steiner**
Our task at Elmfield is to help the children realise their own potential. Together we endeavour to provide education rooted in Rudolf Steiner's view of child development, this preparing them for their individual paths in life.
## **Public benefit**
Elmfield is striving to provide a rich Waldorf curriculum as a proven alternative to mainstream education. Elmfield also works hard to ensure its fees and therefore access to its Waldorf education is reasonably affordable to families living locally to the school, the vast majority of whom would otherwise not have the option to exercise this choice.
In addition to enabling a general level of affordability, Elmfield also provides a fee assistance scheme for families in financial difficulty on a year-on-year basis. This scheme is now in its 11th Year and awarded assistance to 29 families in 2020-2021 thereby supporting 42 children to continue in their Waldorf Education. The average level of support provided per child was £5,262
The Eileen Hutchens Bursary Fund provided £9,604 of support towards fees of supported children, in this year the fund was made available to 2 children.
Normally Elmfield is very active in maintaining and developing links with its local community and thereby providing events of public benefit. However, in this year due to the impact of COVID-19 upholding this tradition was not possible in practice.
Page 1
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **ACHIEVEMENT AND PERFORMANCE**
## **School activities and events**
The 2020-21 academic year started in September with the full reopening of the school. The COVID-19 Risk Assessment was published, and everyone was asked to read and comply. One-way systems, masks and managing school life within designated 'bubbles' became normal practice. Parent mails updated everyone on the latest COVID-19 requirements and included many thankyous for support in this area. Despite the influence of COVID-19 a sense of unity and hope was created that supported a focus on calmness, care, and wellbeing. Sadly, the annual Schloss Hamborn class visit could not take place, but an inspiring online reunion between teachers was achieved. The Michaelmas festival was celebrated by the children working together and sharing songs, and while COVID-19 prevented the usual invite to parents to the celebrations, it was a successful event. Very soon the autumn term ended and in the last days of term families were invited to see the Christmas trees the children had prepared for the silent auction and then to sing carols together. Stream of Sound produced and shared their online Christmas concert which was a marvellous production and widely enjoyed.
In January 2021 the New Year continued on the theme of an extraordinary Waldorf Education being practiced within compliance of the latest COVID-19 requirements. The arrangements for exams in this year were again creating particular challenges for children, staff and parents; however we are pleased to report that the end results were very favourable with 15 of our 16 class 11 students achieving 5 or more GCSE passes. Following yet another short lockdown and return to online education, parent mail announced, ''Boris has spoken, and all pupils will be back to school on Monday March 8th. Elmfield did fully reopen again, complying with the latest COVID-19 directives, and Waldorf Education was as lively as ever. Over the summer term COVID-19 restrictions rolled back and many of the usual activities and festivals were taking place, including class trips and the festive end of school year celebrations.
Overall 2020/21 has been a very positive year at Elmfield. The impact of COVID-19 has of course resulted in many daily challenges and some limitations to our festivals and other open events and performances that would normally take place. However, the health and wellbeing of everyone connected with Elmfield has been of paramount attention and in this context the ethos of our school, the nurturing format of our curriculum and commitment of all our staff to upholding our values and traditions has paid dividends.
## **People**
Over the course of the year, we have welcomed several new members of staff. Simon Birch and Stuart Gallagher, interim School Leads in September 2020 prepared the way for the permanent appointment of Paul Merrell as School Lead who joined us in June 2021. Paul brings a wealth of experience in school leadership and management as well as his passion for education and skills as an English teacher. Paul joined us from Nicholas Chamberlaine School, where he served two years as Head of School and Deputy Head and gained his NPQH. Prior to this, he lived on site as Housemaster for eight years at Queenswood School in Hertfordshire as Head of Sixth Form and Sixth Form Boarding. In earlier years, he also spent several years at Bromsgrove School and King Edward VI Five Ways School. Paul brings a confident, decisive, and inclusive leadership style to our school, and we feel strongly that he is the right person to take Elmfield forward at this stage of our journey. Other staff joining in 2020/21 were: Leonie Davis, Finance Partner, Sue Obrien and Kay Taylor Business Manager, Mags Davison SENDCO, Alex Murrell Science Teacher, Sam Price HR/Recruitment Assistant, Elena Knight Spanish Teacher and Dagmar Machova Eurythmy Teacher.
As happens every year we also said goodbye to a number of colleagues some of whom have served Elmfield for many years. Gertraud Soukup and Maigread Reynolds both retired after some 30 years' service, Nigel Lumsden, Art Shimpton, Emma Hayward, Ruth Beachim, Joanne Claridge, Tim Grey, Jane Newsome, Marian Rossler, Saul Wallace and Jedidja Butijn, moved on to new opportunities.
## **Strategic**
Council launched the Strategic Plan in September 2019 as part of the Waldorf 100 celebrations. Since then, Council has overseen developments instigated in response to this plan by our School Lead against the five strategic priorities: Education, Environment, Community, Compliance and Financial Stability.
Page 2
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **Education**
Work started in 2019/2020 to develop the management of our education and has been successfully progressed in this academic year. The School Lead vacancy was permanently filled by Paul Merrell followed by the appointment of Elaine Sheppard as Education Manager. A restructure of our Safeguarding and Special Educational Needs and Disabilities (SEND) department took place which included the appointment of Mags Davidson as SENDCO along with an increase in resources, skills, and facilities to ensure strong performance in these areas. These posts, School Lead, Education Manager, SENDCO, plus the Business Manager and Chair of College of Teachers now form our Senior Leadership Team which replaces the Co-ordination group. The work of the College of Teachers was reviewed to embed its focus on maintaining our Waldorf impulse, maintaining the Waldorf curriculum and the professional competence of Waldorf teachers. This was led by Gertraud Soukup and on her retirement in July, duties were handed onto our new Chair of College Vanessa Mansell. In addition, a review of Early Years was completed, which produced an improvement plan for the new academic year along with initiatives to improve and support the children's transition from early to middle years and middle to upper years.
## **Environment**
The impact of COVID-19 restricted opportunities to plan and finance any significant investment in the buildings and grounds. However, the vacant coach house has been converted to accommodate the SEND Hub and will also be available for breakfast and wraparound care in future. In the Park Hill building a teaching resource space was created.
Changes to the upstairs office spaces and meeting rooms brought improvement to the working environment of the school. In addition, a lot of much needed low level general maintenance was undertaken, all of which is making the school look and feel as it should. The school shop remained closed and so in July Council agreed to advertise an open tender to attract a new business or joint venture to bring life to this area.
## **Community**
The impact of COVID-19 has restricted opportunities to progress significant investment in this area and our usual events, such as the winter and summer fayres could not take place. However, the front lawn became a focus to re-engage parents over the last weeks of the summer term and two Worker Bee days were planned and well attended by parents and friends who made a substantial improvement to the curriculum garden over the summer break. In terms of reaching out to our close and wider community a huge amount has been achieved through social media. In particular, our Facebook page where each class takes a lead on producing posts that provide an inspirational view of what's happening in Elmfield every day was a great success. Increasing community input post COVID-19 is now a priority for the new academic year and so we will be relaunching the Parent Association, re-engaging with class reps and preparing to start fund raising events like the Winter Fayre very soon.
## **Compliance**
In many respects this is an area of strength and in which in general terms the school has established a strong track record over recent years. COVID-19 then added a whole new dimension of legislation and health and safety requirements against which we are pleased to say Elmfield performed very well. A review of pay and benefits has taken place and introduced the real living wage for those receiving our most basic salaries plus a pay ladder for teachers which seeks to recognise qualification and experience. The teaching staff fee discount scheme has been extended to full and part time teaching staff and set at 60% for new staff applying to the scheme from September 2021. More work to regularise staff pay and conditions is planned for the new academic year.
## **Financial Stability**
Traditionally Elmfield aims to reach a break-even position in terms of raising funds to finance the school on an annual basis. As an independent school there is very little available in terms of regular income other than fees paid by parents, roughly 90% of our funds are generated from this source. Therefore COVID-19 induced stress upon parents presented a huge risk in terms of securing our projected fee income. In academic year 2020/21 our objective was to secure the contracted fee income and provide a safety net for hard pressed families via the COVID-19 emergency fund. We also planned some out of budget investment, mainly in specialist skills that will be essential to the rebuilding of pupil numbers post COVID-19 in the knowledge that pupil numbers were likely to reduce further in this academic year.
Page 3
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
Elmfield Rudolf Steiner School Limited is a company limited by guarantee and a registered charity. It is governed by and constituted under its Memorandum and Articles of Association dated 25 October 1973, as amended by special resolutions dated 8 February 1990 and 5 March 2007.
The legal operator of the school is the Elmfield Rudolf Steiner School Association. It is this body which elects members to the Council of Management, who are in turn the trustees of the charity, and therefore also answerable to the Charity Commission. The site and most of the buildings in which the school operates is owned by the Elmfield Trust, a separate charity set up in 1951 by Eileen Hutchins, the founder of Elmfield School in 1946.
Since 2007 strict rules have been in place governing Council membership. It must have at least six and no more than eighteen members. Between one quarter and one third of the memberships must be employed by the school. The other Council members are current parents, former teachers and parents, and other Association members with a strong interest in the work of Elmfield School. One third of the Council members must retire each year on a rotating basis and seek re-election at the AGM. The quorum for Council meetings is four.
All Council members undergo strict safeguarding procedures including DBS checks. Training and refresher courses on their responsibilities are arranged from time to time. The Council meets at least six times per year.
## **Organisation and responsibilities**
The Council of Management carries overall responsibility for Elmfield Rudolf Steiner School and, for all financial, legal, and strategic matters. Council meets regularly every half term and follows a pre-scheduled annual work plan for the academic year. Council members are appointed to a job description of the generic and specific role and undergo all the necessary pre-employment checks as all other staff as well as an induction process.
To fulfil the objectives and aims, the Council of Management has, after much consideration resolved to move away from the arrangements previously established by the Three Pillars of Management and appoint a School Lead who holds overall responsibility for management and leadership within school. The School Lead is supported by a Senior Management Team formed of the roles, Education Manager, SENDCO, Chair of College of Teachers and Business Manager. These arrangements will be further developed over the coming academic year to embed line management of staff within teaching, teaching support and financial administration.
A fortnightly meeting is held between the executive roles to oversee Council, College and Operational objectives. This meeting is called the Three Pillars Meeting and attended by the School Lead, Chair of College and Chair / Vice Chair of Council.
## **Reserves Policy**
For many years Council has set a reserves policy which identifies a £250,000 reserve requirement of cash in the bank with a minimum threshold of £150,000. In this academic year Council agreed, if necessary, to allow the level of reserves to meet the minimum threshold. Council will be reviewing the reserves policy in the new academic year.
## **Relationship with third parties**
Elmfield School is a member of the Steiner Waldorf Schools Fellowship.
## **Risk management**
Council regularly assesses the risks to which the school is exposed and ensures that systems are in place to minimize exposure to such risks. Time is allocated at Council meetings to consider any newly identified risks. Crucial monitoring is done by the Finance Committee and the Health and Safety Committee, as well as by the Senior Leadership Team. The major risks to which the school is exposed are financial and low pupil numbers.
Page 4
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **Pension scheme**
The charity belonged to the Mercury Provident Pension Scheme, which is a defined benefit scheme. This is a collective scheme for a number of employers, in which the separate liability relating to the charity can be identified. The charity prepares accounts in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies' regime and so is not required to account for the deficit under the provisions of Financial Reporting Standard 102 (FRS 102). However, certain information about the scheme should be disclosed in the notes to the accounts. The charity has considered the cost of obtaining this information in accordance with the requirements of FRS 102 and has decided not to incur these costs at present and consequently the required information has not been disclosed. The deficit in the Mercury Provident Pension Scheme is being funded by regular monthly contributions from all participating employers, including Elmfield. Elmfield has managed the deficit repayments and will ensure its voice is heard in all negotiations.
The Pension Scheme Trustees are required to commission an actuarial valuation of the Scheme every three years. The main purpose of the valuation is to determine the financial position of the Scheme in order to address the level of future contributions required so that the Scheme can meet its pension obligations as they fall due. Employers have requested that a valuation be carried out by the Independent Trustee and negotiations about this continue.
A revaluation of the overall scheme was performed as at 29 December 2018 by a professionally qualified actuary. The market value of the scheme's assets at the valuation date was £12.1 million. The valuation revealed a shortfall of assets compared with the value of liabilities of £16.8 million which encompasses the scheme in its entirety. In relation to this, there are both joint and severable liabilities in the event of other scheme parties defaulting on payment. The deficit is being repaid and annual payments increase by 5% on 1 January of each year but an increase of 10.6% was applied at 1 January 2020.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
01141571 (England and Wales)
## **Registered Charity number**
527521
## **Registered office**
Park Hill 14 Love Lane Stourbridge West Midlands DY8 2EA
## **Trustees**
|**Trustees**||
|---|---|
|Mrs S Dawson|Self employed/Chair of Council|
|Mrs U M Werner|Therapist/Vice Chair of Council|
|Mr C Willmott|Finance Director/Chair of Council (resigned 10/11/2021)|
|Mr J S Gilde|Nurse|
|Ms S Dutton|Teacher|
|Mr K Avison|Retired|
|Mr P Moor-Bridger|Parent/Teacher (appointed 23/09/2020)|
|Mrs R Schieber|Parent|
|Mrs J Willmott|Parent (resigned 6/4/2021)|
|Mrs S Green|Self employed (appointed 30/06/2021) (resigned 22/11/2021)|
Page 5
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS Auditors**
Folkes Worton LLP Chartered Accountants and Statutory Auditor 15-17 Church Street Stourbridge West Midlands DY8 1LU
## **Solicitors**
Higgs LLP 3 Waterfront Business Park Brierley Hill West Midlands DY5 1LX
## **Principal bankers**
HSBC Bank plc 114 High Street Stourbridge West Midlands DY8 1DZ
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of Elmfield Rudolf Steiner School Limited 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
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 to
- 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;
- 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 are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information 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.
Page 6
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 AUGUST 2021**
## **AUDITORS**
The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 3 March 2022 and signed on its behalf by:
Mrs S Dawson - Trustee
Page 7
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **Opinion**
We have audited the financial statements of Elmfield Rudolf Steiner School Limited (the 'charitable company') for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of 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 8
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or 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; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **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, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 9
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also;
-Identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risk, and obtain audit evidence that is sufficient and appropriate to provide a basis of opinion. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
-Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company's internal controls.
-Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
-Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention to our auditor's report to the related disclosures in the financial statements, or if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However future events or conditions may cause the charitable company to cease to continue as a going concern. -Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during the audit.
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.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 10
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Neil Smith BSc FCA (Senior Statutory Auditor) for and on behalf of Folkes Worton LLP Chartered Accountants and Statutory Auditor 15-17 Church Street Stourbridge West Midlands DY8 1LU
3 March 2022
Page 11
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
**Charitable activities**
6
Fee income
Miscellaneous income
Other trading activities
4
Investment income
5
**Total**
**EXPENDITURE ON**
Raising funds
7
**Charitable activities**
8
Miscellaneous income
Finance costs
Education costs
School administration costs
Premises costs
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
7,507
1,607,011
1,428
1,394
2,233
1,619,573
11,584
-
(187,433)
1,219,533
228,880
190,563
1,463,127
156,446
576,458
732,904|Restricted
funds
£
4,819
-
-
-
-
4,819
-
-
-
-
-
-
-
4,819
49,696
54,515|2021
Total
funds
£
12,326
1,607,011
1,428
1,394
2,233
1,624,392
11,584
-
(187,433)
1,219,533
228,880
190,563
1,463,127
161,265
626,154
787,419|2020
Total
funds
£
2,437
1,598,129
74,267
33,934
15,164
1,723,931
36,015
5,293
127,693
1,102,518
220,773
238,172
1,730,464
(6,533)
632,687
626,154|
|---|---|---|---|---|
The notes form part of these financial statements
Page 12
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **STATEMENT OF FINANCIAL POSITION**
## **31 AUGUST 2021**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
14
185,357
**CURRENT ASSETS**
Stocks
15
16,147
Debtors
16
447,139
Cash at bank and in hand
236,228
699,514
**CREDITORS**
Amounts falling due within one year
17
(151,967)
**NET CURRENT ASSETS**
547,547
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
732,904
**NET ASSETS**
732,904
**FUNDS**
18
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
-
54,515
54,515
-
54,515
54,515
54,515|2021
Total
funds
£
185,357
16,147
447,139
290,743
754,029
(151,967)
602,062
787,419
787,419
732,904
54,515
787,419|2020
Total
funds
£
191,673
18,066
141,945
394,074
554,085
(119,604)
434,481
626,154
626,154
576,458
49,696
626,154|
|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 3 March 2022 and were signed on its behalf by:
Mrs S Dawson - Trustee
The notes form part of these financial statements
Page 13
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash (used in)/provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|2021
£
(96,095)
(96,095)
(7,456)
220
(7,236)
(103,331)
394,074
290,743|2020
£
13,561
13,561
(3,072)
672
(2,400)
11,161
382,913
394,074|
|---|---|---|
The notes form part of these financial statements
Page 14
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period (as per the Statement**
**of Financial Activities)**
**Adjustments for:**
Depreciation charges
Interest received
Decrease/(increase) in stocks
Increase in debtors
Increase in creditors
**Net cash (used in)/provided by operations**|2021
£
161,265
13,772
(220)
1,919
(305,194)
32,363
(96,095)|2020
£
(6,533)
14,963
(672)
(1,308)
(3,802)
10,913
13,561|
|---|---|---|
2. **ANALYSIS OF CHANGES IN NET FUNDS**
||At 1/9/20|Cash flow|At 31/8/21|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank and in hand|394,074|(103,331)|290,743|
||394,074|(103,331)|290,743|
|**Total**|394,074|(103,331)|290,743|
The notes form part of these financial statements
Page 15
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. STATUTORY INFORMATION**
Elmfield Rudolf Steiner School Limited is a private company limited by guarantee without share capital, registered in England and Wales. The company's registered number and registered office address can be found in the Report Of The Trustees.
## **2. 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 102) '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)', 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.
The financial statements have been prepared on the going concern basis because the trustees believe that, should pupil numbers fall and operating deficits be incurred, costs could be reduced to enable the school to continue for sufficient time to meet its liabilities.
## **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.
## **Government grants**
Government grants are accounted for under the performance model in which revenue grants are recognised in income on a systematic basis over the periods in which the charity recognises the related costs for which the grant is intended to compensate.
## **Expenditure**
Liabilities are recognised as expenditure as soon 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.
## **Allocation and apportionment of costs**
Finance costs represent expenditure relating to the financial operation of the charitable company and includes a provision for non-recovery of funds generated by its charitable activities.
Education costs represent direct expenditure in respect of the provision of education services to pupils at the school.
School administration costs represent expenditure on the administration of the charitable company and includes expenditure not directly related to the charitable activity or fundraising ventures. This includes governance costs such as legal and audit fees and certain trust secretarial expenses.
Premises costs represent expenditure in respect of the maintenance and operation of the school buildings and grounds.
Fund raising costs represent expenditure directly related to fundraising income and include costs of the school shop and public relations and advertising expenditure.
Page 16
continued...
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **2. ACCOUNTING POLICIES - continued**
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Buildings - 2% on cost Musical instruments - 25% on reducing balance Equipment, fixtures and fittings - 25% on reducing balance Other assets - 25% on reducing balance Computer equipment - 33% on reducing balance
Buildings represent capital expenditure by the school on new buildings. The school does not own the land upon which these buildings stand.
## **Stocks**
Stocks comprise goods for resale in the school shop and are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is computed on a first in first out basis. Net realisable value is based on the estimated selling price less the estimated cost of disposal.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
All income is allocated to the general fund unless otherwise restricted by the donor or specially designated by the trustees.
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds are unrestricted funds that the trustees have specifically designated the purpose for which they can be applied.
Restricted funds can only be used for particular restricted 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.
## **Deferred fees**
From 1 September 2012, parents struggling to make payments for full fees were no longer offered the opportunity to defer a proportion of the fees, which became payable on their child leaving the school. A fee discount scheme was introduced offering eligible parents reduced fees based on affordability and the school's resources.
## **Gifts in kind**
The charitable company is offered free use of the land and buildings for as long as it continues to educate children in accordance with the principles of Rudolf Steiner.
It is not possible to calculate a rental value for this gift in kind and, therefore, no adjustment is made to incoming resources and direct charitable expenditure.
continued...
Page 17
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **2. ACCOUNTING POLICIES - continued**
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## **Pension costs and other post-retirement benefits**
The charitable company belongs to the Mercury Provident Pension Scheme which is a defined benefit scheme. This is a collective scheme for a number of employers, in which the separate liability relating to the charitable company can be identified. The charitable company has considered the cost of obtaining the information for disclosure in the financial statements and, due to the level of these costs, has decided not to incur these costs at present. The charitable company, therefore, accounts for the scheme as a defined contribution scheme and the pension costs charged in the financial statements represent the contributions payable by the charity during the year.
## **3. DONATIONS AND LEGACIES**
|Donations
**4.**
**OTHER TRADING ACTIVITIES**
Book shop
**5.**
**INVESTMENT INCOME**
Rental income
Interest receivable|2021
£
12,326
2021
£
1,394
2021
£
2,013
220
2,233|2020
£
2,437|
|---|---|---|
|||2020
£
33,934|
|||2020
£
14,492
672|
|||15,164|
continued...
Page 18
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **6. INCOME FROM CHARITABLE ACTIVITIES**
|Activity
Gross tuition fees receivable
Fee income
Staff reductions
Fee income
Boarding income
Fee income
Government grants
Miscellaneous income
Miscellaneous income
Miscellaneous income
Grants received, included in the above, are as follows:
Coronavirus Job Retention Scheme
Miscellaneous income
**7.**
**RAISING FUNDS**
**Other trading activities**
Purchases
Staff costs
**8.**
**CHARITABLE ACTIVITIES COSTS**
Finance costs
Education costs
School administration costs
Premises costs|Direct
Costs
£
(187,433)
1,219,533
215,159
190,563
1,437,822|2021
£
1,663,785
(79,439)
22,665
12,509
(11,081)
1,608,439
2021
£
11,048
1,461
12,509
2021
£
3,231
8,353
11,584
Support
costs (see
note 9)
£
-
-
13,721
-
13,721|2020
£
1,679,173
(92,654)
11,610
79,180
(4,913)
1,672,396
2020
£
79,180
-
79,180
2020
£
26,034
9,981
36,015
Totals
£
(187,433)
1,219,533
228,880
190,563
1,451,543|
|---|---|---|---|
continued...
Page 19
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **9. SUPPORT COSTS**
|**SUPPORT COSTS**||
|---|---|
||Governance|
||costs|
||£|
|School administration costs|13,721|
## **10. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||2021|2020|
|---|---|---|
||£|£|
|Auditors' remuneration|7,264|7,036|
|Depreciation - owned assets|13,772|14,963|
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
No trustee (including those who are teachers or other staff members) received remuneration in their capacity as trustee. Trustees who are employed by the school as teachers or administrators received remuneration, which is included within note 11 below, as follows:
|included within note 11 below, as follows:|||
|---|---|---|
||2021|2020|
||£|£|
|Wages and salaries|23,868|56,050|
|Social security costs|2,080|4,945|
|Other pension costs|529|1,281|
||||
||26,477|62,276|
||||
The only trustee who was remunerated for their employment by the school was Ms S Dutton, and was a teachers at the school during the year.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
continued...
Page 20
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **12. STAFF COSTS**
|**STAFF COSTS**||||
|---|---|---|---|
||2021||2020|
||£||£|
|Wages and salaries|1,178,476|1,069,300||
|Social security costs|68,262||55,228|
|Other pension costs|148,593||144,563|
||1,395,331|1,269,091||
|The average monthly number of employees during the year was as follows:||||
||2021||2020|
|Teaching and administration|74||72|
|No employees received emoluments in excess of £60,000.||||
|Pension contributions of £9,336 (2020 £5,670) were outstanding at the statement of financial position||date.||
|**13.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2,437
**Charitable activities**
Fee income
1,598,129
Miscellaneous income
74,267
Other trading activities
33,934
Investment income
15,164
**Total**
1,723,931
**EXPENDITURE ON**
Raising funds
36,015
**Charitable activities**
Miscellaneous income
5,293
Finance costs
127,693
Education costs
1,102,518
School administration costs
220,773
Premises costs
238,172
**Total**
1,730,464
**NET INCOME/(EXPENDITURE)**
(6,533)|Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Total
funds
£
2,437
1,598,129
74,267
33,934
15,164
1,723,931
36,015
5,293
127,693
1,102,518
220,773
238,172
1,730,464
(6,533)|
|---|---|---|
continued...
Page 21
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
|**13.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
funds
funds
£
£
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
582,991
49,696
**TOTAL FUNDS CARRIED FORWARD**
576,458
49,696
**14.**
**TANGIBLE FIXED ASSETS**
Musical
Buildings
instruments
£
£
**COST**
At 1 September 2020
405,121
2,941
Additions
-
-
At 31 August 2021
405,121
2,941
**DEPRECIATION**
At 1 September 2020
227,237
2,801
Charge for year
8,102
35
At 31 August 2021
235,339
2,836
**NET BOOK VALUE**
At 31 August 2021
169,782
105
At 31 August 2020
177,884
140|Total
funds
£
632,687|
|---|---|
||626,154|
||Equipment,
fixtures
and
fittings
£
114,586
5,999
120,585
109,386
2,800
112,186
8,399
5,200|
continued...
Page 22
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **14. TANGIBLE FIXED ASSETS - continued**
|**COST**
At 1 September 2020
Additions
At 31 August 2021
**DEPRECIATION**
At 1 September 2020
Charge for year
At 31 August 2021
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020
**15.**
**STOCKS**
Stocks
**16.**
**DEBTORS**
Amounts falling due within one year:
Current fees outstanding
Current fees provision
Deferred fees outstanding
Deferred fees provision
Prepayments and accrued income
Amounts falling due after more than one year:
Shared ownership loans
Aggregate amounts|Other
assets
£
62,258
-
62,258
56,691
1,402
58,093
4,165
5,567|Computer
equipment
£
79,035
1,457
80,492
76,153
1,433
77,586
2,906
2,882
2021
£
16,147
2021
£
525,734
(140,821)
420,923
(420,923)
33,238
418,151
28,988
447,139|Totals
£
663,941
7,456
671,397
472,268
13,772
486,040
185,357
191,673
2020
£
18,066
2020
£
396,832
(333,146)
440,449
(440,449)
47,885
111,571
30,374
141,945|
|---|---|---|---|
continued...
Page 23
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Fees in advance
Social security and other taxes
Other creditors
Accruals and deferred income|2021
£
34,269
72,060
13,279
23,340
9,019
151,967|2020
£
43,295
32,556
15,481
19,653
8,619|
|---|---|---|
|||119,604|
**18. MOVEMENT IN FUNDS**
|At 1/9/20
£
**Unrestricted funds**
General Fund
546,084
Staff Housing Fund
30,374
576,458
**Restricted funds**
Vision Project (New Building Fund)
49,696
ASIM Music Fund
-
49,696
**TOTAL FUNDS**
626,154
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General Fund
**Restricted funds**
ASIM Music Fund
**TOTAL FUNDS**|Net
movement
in funds
£
156,446
-
156,446
-
4,819
4,819
161,265
Incoming
resources
£
1,619,573
4,819
1,624,392|Transfers
between
funds
£
1,386
(1,386)
-
-
-
-
-
Resources
expended
£
(1,463,127 )
-
(1,463,127 )|At
31/8/21
£
703,916
28,988
732,904
49,696
4,819
54,515
787,419
Movement
in funds
£
156,446
4,819|At
31/8/21
£
703,916
28,988|
|---|---|---|---|---|
|||||732,904
49,696
4,819|
|||||54,515|
|||||787,419|
||||161,265||
continued...
Page 24
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **18. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General Fund
Staff Housing Fund
**Restricted funds**
Vision Project (New Building Fund)
**TOTAL FUNDS**|At 1/9/19
£
552,617
30,374
582,991
49,696
632,687|Net
movement
in funds
£
(6,533)
-
(6,533)
-
(6,533)|At
31/8/20
£
546,084
30,374|
|---|---|---|---|
||||576,458
49,696|
||||626,154|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General Fund
**TOTAL FUNDS**|Incoming
resources
£
1,723,931
1,723,931|Resources
expended
£
(1,730,464 )
(1,730,464 )|Movement
in funds
£
(6,533|
|---|---|---|---|
||||(6,533|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General Fund
Staff Housing Fund
**Restricted funds**
Vision Project (New Building Fund)
ASIM Music Fund
**TOTAL FUNDS**|At 1/9/19
£
552,617
30,374
582,991
49,696
-
49,696
632,687|Net
movement
in funds
£
149,913
-
149,913
-
4,819
4,819
154,732|Transfers
between
funds
£
1,386
(1,386)
-
-
-
-
-|At
31/8/21
£
703,916
28,988|
|---|---|---|---|---|
|||||732,904
49,696
4,819|
|||||54,515|
|||||787,419|
Page 25
continued...
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **18. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General Fund
**Restricted funds**
ASIM Music Fund
**TOTAL FUNDS**|Incoming
resources
£
3,343,504
4,819
3,348,323|Resources
expended
£
(3,193,591 )
-
(3,193,591 )|Movement
in funds
£
149,913
4,819|
|---|---|---|---|
||||154,732|
## **RESTRICTED FUNDS**
## **Eileen Hutchins Bursary Fund**
Funds are collected on behalf of the Eileen Hutchins Bursary Fund and are paid to the Eileen Hutchins Bursary Fund during the year in which they are collected.
## **Vision Project (New Building Fund)**
This fund represents money raised for new building projects, less costs expended.
## **ASIM Music Fund**
This fund represents money received during the year from donation.
## **DESIGNATED FUNDS**
## **Deferred Fee Agreement Fund (DFA)**
The Deferred Fee Agreement Fund includes the DFA income received in the five years to 31 August 2013. This fund is designated for the development of school buildings, educational development and staff support.
## **Staff Housing Fund**
The Staff Housing Fund is designated to enable staff members to obtain suitable local accommodation.
## **Transfers between funds**
HIstorically, it was decided that surplus funds held in the Deferred Fee Agreement Fund and the Staff Housing Fund be released back into the General Fund and that future expenditure requirements in respect of these funds will be financed by the General Fund.
Page 26
continued...
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. EMPLOYEE BENEFIT OBLIGATIONS**
The charitable company participates in the Mercury Provident Pension Scheme, a defined benefit scheme that is now closed to new and existing members. This is a collective scheme for a number of employers, in which the surplus or deficit relating to the charitable company can be identified, but there is no formal segregation of the charitable company's assets and liabilities in the scheme from those of the other employers.
The charitable company prepares accounts in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies' regime and the Financial Reporting Standard number 102 (FRS 102). The charitable company has considered the cost of obtaining the information for disclosure in the financial statements and, due to the level of these costs, has decided not to incur these costs at present. The charitable company, therefore, accounts for the scheme as a defined contribution scheme and the pension costs charged in the financial statements represent the contributions payable by the charitable company during the year.
The pension scheme trustees commission an actuarial valuation on the scheme every three years. The main purpose of the valuation is to determine the financial position of the scheme in order to address the level of future contributions required so that the scheme can meet its pension obligations as they fall due. A recovery plan was established in 2011 under which the deficit was expected to be removed by April 2037. The latest actuarial valuation states that the current level of contribution is expected to meet the shortfall by October 2036. During the year the charitable company contributed £107,072 (2020 £100,311) towards repayment of its share of the shortfall. Payments under the recovery plan increase by 5% on 1 January of each year. At 1 January 2021, an increase of 5% was applied.
Assets and liabilities representing the proportion of the scheme relating to one employer were segregated from the overall scheme with effect from 29 December 2017. A valuation of the remaining scheme was performed as at 29 December 2018 and the provisional valuation was updated to 31 March 2019 by First Actuarial LLP, a professionally qualified actuary, using the projected unit method. This valuation was used to calculate the disclosure below for the year ended 31 August 2019. The final valuation as at 29 December 2018 was issued on 3 February 2020, the results of which are as follows:.
|Valuation date|29/12/18|29/12/18|31/3/16|31/3/16|
|---|---|---|---|---|
||£||£||
|Total market value of assets|12,062,000||13,181,000||
|Present value of scheme liabilities|(28,888,000 )||(33,125,000 )||
||||||
|Total (deficit) in the schemes|(16,826,000 )||(19,944,000 )||
||||||
||||||
||||||
|Year ended 31 August||2021||2020|
|||£||£|
|Of which the charitable company's apportioned shortfall||(2,102,000 )||(2,102,000 )|
|Contributions since valuation date||269,847||162,775|
|Related deferred tax asset||-||-|
||||||
|Net pension scheme asset/(liability)||(1,832,153 )||(1,939,225 )|
||||||
||||||
|Year ended 31 August||2021||2020|
|||£||£|
|Pension scheme surplus/(deficit) at beginning of year||(1,939,225 )||(1,784,019 )|
|Current service cost||-||-|
|Cash contribution||107,072||100,311|
continued...
Page 27
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. EMPLOYEE BENEFIT OBLIGATIONS - continued**
|Past service costs|-|-|
|---|---|---|
|Other finance income|267,294|20,035|
|Expenses and other factors|(185,943)|(13,938)|
|Actuarial gain/(loss)|(81,351)|(261,614)|
|Benefit obligation at end of year|(1,832,153 )|(1,939,225 )|
|The major assumptions used by the actuary were (in nominal terms):|||||
|---|---|---|---|---|
|Valuation date|29/12/18||31/3/16||
|Rate of increase in pension payments|||||
|- Pre 6 April 1997 service|2.40%||2.00%||
|- 6 April 1997 to 5 April 2005 service|2.60%||2.20%||
|- Post 6 April 2005 service|2.10%||1.90%||
|Discount rate|1.60%||2.30%||
||||||
Based on a return on high quality corporate bonds, the net present value of future payments by the charitable company under the recovery plan is £1,581,989 (2020 £1,689,061). The difference from the benefit obligation results from the use of different discount factors in the two calculations. If this liability was provided in the financial statements, fund values would be:
|statements, fund values would be:|statements, fund values would be:|||
|---|---|---|---|
|Funds values
(per note 18 )||Pension
Revised fund
liabilities
values||
||£|£|£|
|**Unrestricted funds**||||
|General Fund|703,916|(1,581,989 )|(878,073)|
|Deferred Fee Agreement Fund|-|-|-|
|Staff Housing Fund|28,988|-|28,988|
|||||
||732,904|(1,581,989 )|(849,085)|
|**Restricted funds**||||
|Vision Project (New Building Fund)|49,696|-|49,696|
|ASIM Music Fund|4,819|-|4,819|
|||||
||787,419|(1,581,989 )|(794,570)|
|||||
continued...
Page 28
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **20. RELATED PARTY DISCLOSURES**
Tuition fees are charged by the charitable company on normal commercial terms to parent trustees. Teacher trustees are required to pay 15% (2020 15%) of tuition fees in line with all staff members. Discounts allowed in this respect amounted to £5,780 (2020 £16,555). Fees are payable under normal payment terms and no interest is charged on overdue balances.
Tuition fees charged to trustees and amounts outstanding at the end of the year were as follows:
||
2021|2020|
|---|---|---|
||£|£|
|Tuition fees|31,574|17,501|
|Amounts owed at the statement of financial position date|6,120|-|
||||
Page 29
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Book shop
**Investment income**
Rental income
Interest receivable
**Charitable activities**
Gross tuition fees receivable
Staff reductions
Government grants
Boarding income
Miscellaneous income
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Book shop purchases
Book shop wages
Employer's national insurance
**Charitable activities**
Wages and salaries
Employer's national insurance
Pensions
Rates and water
Insurance
Light and heat
Telephone and postage
Carried forward|2021
£
12,326
1,394
2,013
220
2,233
1,663,785
(79,439)
12,509
22,665
(11,081)
1,608,439
1,624,392
3,231
8,353
-
11,584
1,170,123
68,262
148,593
23,376
5,981
22,002
5,304
1,443,641|2020
£
2,437
33,934
14,492
672
15,164
1,679,173
(92,654)
79,180
11,610
(4,913)
1,672,396
1,723,931
26,034
9,807
174
36,015
1,059,493
55,054
144,563
17,665
17,267
24,628
6,684
1,325,354|
|---|---|---|
This page does not form part of the statutory financial statements
Page 30
**ELMFIELD RUDOLF STEINER SCHOOL LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|**Charitable activities**
Brought forward
Printing and stationery
PR and advertising
Credit consultant charges
Bank charges
Movement in the provision for bad debts
Teaching expenses
Boarding costs
Staff training and development
Licences and permits
Office equipment maintenance
SWSF subscriptions
General household
Repairs and maintenance
Depreciation of tangible fixed assets
**Support costs**
**Governance costs**
Auditors' remuneration
Book-keeping and accountancy
Legal fees
Total resources expended
**Net income/(expenditure)**|2021
£
1,443,641
5,844
10,647
4,818
74
(192,325)
34,622
11,282
14,618
5,473
11,915
18,970
1,859
52,612
13,772
1,437,822
7,264
2,334
4,123
13,721
1,463,127
161,265|2020
£
1,325,354
3,376
12,574
4,083
76
123,534
36,538
9,930
11,777
2,991
9,031
20,172
3,252
92,431
14,963
1,670,082
7,036
14,713
2,618
24,367
1,730,464
(6,533)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 31