REGISTEREI D COMPANY NUMBER: NIU12003 (Northern Ireland) REGISTF.RED CHARITY NUMBER.. 103712 Report of the Trustees and Audittd fiiiianeial Statemtnts ror the Year Ei nded 31 August 2023 for HOLYWOOD STEINEII SCHOOL LIMITED M.B.McGrady & Co Chartered Accoiintants Statutoiy Auditors Suite 2B Cadogan Flouse 322 Lisbui'n Road Belfast Co. Antriin BT9 6GH HOLYWOOD STEINER SCHOOL LIMITED Contents of the Fijianeial Statenients FOR THE YEAR ENDED 31 AUGUST 2023 Page Report of the Trustees I to 8 Statetnent of Tru5tee5' R¢sportsibilities Report of the Independent Auditoi's 10 to 13 statement of Financial Activitie5 14 Klalanc¢ Sheet 15 CAsh Floiv Statem¢Dt 16 Notes to the Financial Statement5 17 to 28 Detailed Statement of Fiiiancigl Activities 29 to 30 HOLYWOOD ￿ElNER SCHOOL LIMITED Report of the Trustees FOR THE YIAR ENDII D 31 AUGUST 2023 The trustees who are also dire¢tOJS Df the chaiity for the purposes of the Coinpanies Act 2006, pi'esent their repoit with the financial stateinenis of the charity for the year ended 31 August 2023. The trnstees have adopted the provisions of Accrjunting and ReporLing by Charsties.. Statcrncnt of Recoinmended Pi'actice appliLable to charities prepai'sng theii. account5 in accoimlance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FKS 102) (effective l January 2019). The RepoTt of the Trustees incorporates the Stiategic Report. HOLYWOOD STEINER SCHOOL LIMITED Rcporl of the Trustees FOR THE YEAR ENDEID 31 AUGUST 2023 OBJECTIVES AND ACTIVITIES Objectives 2nd aims Introduetion Foiinded in 1975, Holywood Steinei. School (HSS) operates as a co-educational and independent school that offers the Steiner Waldoi'f curi'iculum for sthdents aged from 3 to 17 y¢ai'5 Old. Unlike Inainstiram education, the Waldorf Inodel provides tlie tiine and space for each child tL) leai'n and grow at their own pace. allowing thetn to fully grasp a concept or achieve a skill when they are i"eady. The school sti'ives to provide a Yich, diverse and integi'at¢d edllcation, where cooperation takes priority over competition. HSS is a member of the Steiner Waldoj'f Schools Fellowship of the United Kingdoill (UK) and Ireland. Tlie Fellowsliip Ippres¢iits 31 schools and co-ordinates Steitier curi'iculuin I'esearch and developTt]¢nt, support5 teacher training PI'O&TIDiiTrri)es, and provides advisory atjd met)toring services to Ineinber schoo15. The Fellowship 19 part of the international Eui'opean CoLfftciI for Steiner WAldoi'f Education (ECSWE.) comprising 26 national Steinei. Waldorf AssociatioiTrs, i'Epre5entitLg over 680 s¢hools in Europe. Mi55ion, Vision ￿nd Value5 HSS'S i￿lSsion is to "inspire students through the dclivery of the Steiner Waldorf Cu¥riculLlln and develop a strong connection between childreR and thetr teachers" Its vision is to'engage the head, the heajl, and the hai)ds, entlJuse the cliild with cui'iosity and a sense of wonder for the world and inspire a love of leai'ning that will 12t5t a lifetiine" HSS, values are set out below.. Acceptsnce . we recognise our responsibility to nurture the child. We 31tn to pr¢par¢ students for life in a culturally diveTs¢ society by developing tolerant. ai'ticulate, Jnotivaied and mature individuals. ConnedÈon - a Ineaiiingful relationship is fostei'ed between the child, teacher, and ¢lass. Parents al'e iinmersed into tl)eii' child's School life artd fi'equently involved within tlie school coiiiinunity. Love of l¢arning - we ¢ncourage all childreD, regai'dless of ability, to find the joy in leorning, to believe in theinselves aiid to be motivated to succeed in their chosen path in lift. Independeiice - ouy pi's01'ity is to support every ch51d and provide them wiih fum foundations so that they can develop inio fire thinkino morally responsible. and confident tneinbei'g of society. The Boai'd of Trustees hos followed the guidance issued by the Charity COl￿n)iSsion in deciding what activities the chw'ity should undertake. The objective lor the school during the year was to coniinue to provide a quality Steiner Waldoi'f ediication in the Early Year5 and Lowei. School and to pi'ovide a balanced and quality education iii the Upper School based on both Steiper Waldorf and National Currieiilums. The oiigoing support of the College of Te8chers' and Iheii. continuous work ensiii'es the essence of the Steaner Waldoif Cun'iculuin i'emains strong the school. additional objective was to further develop the school's strategie plan and to continue to increase the nuiiiber of students enrolled while InaintasTriiig an environinent conducive to delivei'ing a quality Sreinei. Waldoi'f education. HOLYWOOD STEINER SCHOOL LIMITED R¢port of the Trustees FOR THE YEAR l(NDED 31 AUGUST 2023 OBJECTIVES AND AcfIvITIES Significant aetivities During this year, the sfjhool's enrolliiient was 152 students, which represents an overall increase fi'trin the previous period.'fhi5 is disaggregated a5 follows.. Preschool (34 yeai's old}- 12 (full capacity) Kindei'garten (4- 6 year5 old) - 9 {down from 17 in the previous period) Lower Schaol, classes I to 7 (6 - 14 yeai'5 old)- 71 (up flom 58 in the previous period) Upper School, classes 8 to 11 (13 - 17 years old)- 60 (￿p froin 51 in the previous pei'iod) Tlie school is yet to reach capacity and 15 actively prointsting itself and Seeking new students, not only to inri'¢as¢ incoTne lo the school, but also to enhance the pedagogic environment conducive to a Steiner Waldorf ¢ducation. WalkthTough opportunities and a one-to-one with the Head Teacher continue to be key in the promotion of the school and its offer. There were 34 walkthroughs during this fi1)8ncial year that resulted in 16 new sNdents. In additioni group walkthrough momings weie scheduled and publici5ed a¢rosS the COiT21niinity and on digstal channels siich as the school website, with consid¢i'able interest and atteiidaiice noted. The traditional community-facing events took place this year with the iE~introdu¢tion of the Easier fayiE and the vei'y successful Christinas F&yre. Both events helped ra￿se vital funds for the sclLooI a9 well as pi'ovidiiig an opportunity to raise (he school'5 pi'ofile within the ¢ominunity. During this reporting peiiod, the ￿h0o1 appointed the following new p05t5 that coiiiinenced in August 2023: Kindergarteii Assistant Upper School Ali Geography Teacher Upp¢r Scliool Maths and Sciei)ce Tea¢h¢i' (who replaced the previous teacher who left after Inaiiy ytars, servi¢el Class Otte Teacher Class Six Teachei. Volunt¢ers The school relies heavily on volunteer activity for a significant amouni of work, partlCLilarly in areas siich as.. Fundraising Public Relation5 (PR) and development GrouTids keeping and Inaintenance The Parents & Frieiids Association (PFA) contiiiues to raise vital fiinds for the school e.g. coffee and crafi mornings for pai'eiits. HOLYWOOD STEINER SCHOOL LIMITED RepTrrt of the Trustee5 VOII THE YEAR INDED 31 AUGUST 2023 STRATEGIC REI PORT Achicvcment and performance CharÉtable aetivitics Key achieveinents diiring the year included.. Preschool received an outstgnding annual inspe¢tion report with no ai'eas for in)provement highlighted by Social Services. The School's Profe55ion81 Development Fram¢woTk was intiY)duced and the n￿l￿ber of siaff availing of Continuing Pi'ofessional Developinent (CPD) increased fi'oin 14 to 18 during the period. Consequently, tlie aniiual budgei for Coiitinuing Professional Developinent ICPD) was incre3sed by 150/0. The 3-year School Developinent Plaii12022-2025) was introduced. The school introdiiced a successful studeni council and external counselling sei'vice. 21 out of 24 key priorities wei'e achieved, leading to an iinpi'oved provision and experience for pupils. For exaittpl¢, 88Tr/0 of pupils achieved 7 A* C GCSE grades in¢ludii)g English and Maths in 2023 {up 2 pei'centage points from the previous year). These GCSE re%ult5 continue to be well above the Noi'ihern Ireland averages. Financial revieiv Fiiiaiicial position The Triistees i'eport a deficit of £15,807 for the period, with incoine of £689.220 and expenditure of £705,027. When compaied to the prevaous pei'iod.. Incoine increased by £199.657 Ifroin £489,563), which is largely d￿e to an increase in 5tudcnt enrolinent (froin 127 to l521. Expenditiire increased by £159,824 (fi'om £545,203), which is due to increased staff Costs following recruitment of ojie additional teacher and foiii. additional non-teaching staff. A5 of 3 1st AugLlSt 2023, bank accoiints have a credit balance of £146,507. The greatest financsal risks i'elate to the overall opeFation and sustainability of the school, along with the maint¢n3nc¢ and Tepair of the physical b￿lId￿ng$ and 115 envii'ons. Given that 8fj0/o + of the income is derivcd fi'om the school fees, thei'e is a significant i'isk if student enroliftent decre&ses oi. ¥einaiiis static in futui'e years as tli¢ school will thcn I'isk opei'ating in a deficit {which is iinsiistainable). Indeed, (his has be¢ii the case for several of the yeai'5 pIEc¢dillg this p¢riod. The Board of Trustees recognise5 that the continued success of the school lincludii)g its financial viability and sustainability) needs to be based on a 51rategy fDciised on encouraging Student ei)rolment and siudeni I'etention, coupled with an aiinual review of fees to full}, cover opeiating costs. The capacity for gi'owth is also recognised as key to increasing salai'ies for teachers. This needs to be carefully balanced with the strong desire to continue delivei'ing a quality Steiner Waldor£edii¢ation, otie that ￿lfI1S the school'5 stated inission, vision and valiies. Reserves policy The charity had reserves of £359,985 at tlie year end. This is Inade Rip of £190,154 in general unrestricted funds, (£82,158) of designated funds and £251,989 of Jrstricted funds. The desionated ￿rtd$ ielate to a histr>ric defined benefit pension liability. The Board of Trustees seeks to a¢tively InaTrage the finances of the school to ensure that activities are siistainable for the benefit of all stakeholders. FollowEng best practice guidAnce, the Board of Trustees has developed a Reserves Policy as this is an important part of financial inanaqement and forwai'd financial planning. The Board ot Trustees is der￿ing Irdlegies to gen¢i'ate sufficient J'eserves that WEII seivice 3-6 inonths of operating costs should there be unexpected events {sii¢h as an annual opet7ting deficit oi. unforesttn and anon)alous exp¢nditiires) andlor shoi'italls in incoine (e.g. a reduction in incoine associated wilh a decrease Én student numbers). HOLYWOOD STEINER SCHOOL LIMITCI D Report of the Truste¢5 FOR THE YEI AR ENDED JI AUGusf 2023 SIRATEGIC REPORT Financtal revieiv Going coti¢ern The trustees belicve th3t the charity will continue as a gliing concern. The trustees and the Headteaeher, suppoilcd by the staff, are in the process uf delivering the school's Strategy 2025, Ivith a view to updatiiig thÈs strateg), (up to 2027) in th¢ comtng mcbnths. The contiDu¢d success of the school (iiicliiding its finaiicial viability and siistainLbiliry} will be based Qll thss Strategy which will fo¢us on encouraging stiideni enrolineiit alld student i'etention, coupled with an annual Tevi¢w of fees and altei'native fund-raising activities to fully cover operating c05t5 and contribute towards our reserves. Priiieipal risl(5 and uneertainties The Boai'd of Trustee5 is I'esponsible for the manageinent of risks faced by the school. tktailed considerntions of I'isk are delegated to the teams establislied to deal with each of these llreas. Risks al'e identified and assesged, and ¢onti'ols established throughout the year. Key controls used by the ¢haJ'ity include.. FotThal agendas and ininutes for all Boai'd relatEd activities. tktailed goals. ol)j¢c(ives and tasks for all school teains. Compi"ehensive strategic planning, budgeting and inanageineni accounting. Foi'inal written policies and proeedllres. Vetting and cliild protection procedures as requii'ed by law for the pi'ot£ctioi) of the stiidents. Throu&Jh the Tisk iyi