REGISTERED COMPANY NUMBER: N1012003 (Northern Ireland) REGISTERED CHARITY NUMBER: 103712 Report of the Trustees and Audi¢¢d Fiiiancial Statements for the Year nded 31 Augusl 2023 for HOLYWOOD STEINER SCHOOL LIMITED M.B.McGrady & Co Chartered Accoiinlants Statutory Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antriin BT9 6GH
HOLYWOOD STEINER SCHOOL LIMITED Contents of the Fiiian¢ial Statements FOR THE YEAR ENDED JI AUGUST 2023 Page Report of the Trustees Statement of Truste¢5' Rcsponsibilities Report of the Independent Auditors 10 to 13 Stat¢m¢nt of Financial Aetivities 14 Balance Slieet 15 Cash Floiv Statement 16 Notes to the FinanciHI StHtements 17 to 28 Detailed Statement of Financial Activities 29 to 30
HOL YWOOD STEINER SCHOOL LIMITED Report of the Ti'ustees FOR THE YEAR ENDED 31 AUGusf 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their repoit with the financial stat¢inent5 of Ihe ¢harity for the year ¢nded 31 August 2023. The trustee5 hav¢ adopted the provisions of Accounting and R¢porting by Chartties.. Statement of Recommended Practice applicable to charities pi'epai-ing theii. accounts in accoi'dance with the Financial Reporting Standard applicable in the UK and Republic of li'eland (FRS 102) (effective l Januaiy 2019). The Repoi't of the Ti'tistees incorporates the Strategic Report.
HOLYWOOD STEI INER SCHOOL LIMITED Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023 OBJECTIVES AND ACTIVITIES Objectives and alms Introduction Foiinded in 1975, Holywood Stein¢r School (HSS) operates as a co-educational and independent school that offers the Steiner Waldorf curi'iculum foi. students aged from 3 to 17 years old. Unlike iainStreaM education, the Waldorf Inodel provides the time and space for each child lo leai-n and grow ai theii. own pace, allowing thcin to ]lY grasp a concept or achieve a skill when Ihey are ready. The school sti'ives to provide a i'tch, diverse and integi'ated education, where cooperation takes priority over competition. HSS is a inember of the Steiner Waldorf Schools Fellowship of the United Kingdoin (UK) and Ireland. Tlie Fellowsl)ip represeiits 31 schools and co-ordinates Steiner currieulum research and development, supports tea¢h¢r training pi'ogi'ainines, and provides advisory and mentoring services to ineinber schools. The Fellowship is parl of the intei'national Eui'opean Council for Steiner Waldorf Education (ECSWE) coinprising 26 natioiial Steinei. Waldorf Associatioiis, i'epresenting over 680 schools in Europe. Mission, Vision and Values HSS'S niission is to 'inspire students througli the delivery of the Steiner Waldorf Curriculliin and develop a strong connection between childreii and their teachers" Its vision is to "engage the head, the heart, and the haiids, enihuse the cliild with curiosity and a sense of wonder for the woi'ld and inspii'e a love of leaming that will l¢lSt a lifetime" HSS, values are Set out below: Acceptance - we reco8nise oiir i'esponsibility to nLlI'lure the child. We aim to prepare sdentS for life in a culturally diverse society by developing tolerant, articulate, Jnotivated and mature individuals. Connectioii a Ineaningful relationship is fostered between the child, teacher, and class. Parents are iininersed into tlieir child's school life and frequently involved within tlie school coininuniry. Love of leNrning - we cncourage all childi'en, regardless of ability. to find the joy in learning, to bclieve in theinselv¢s and to be rnolivated to suc¢¢ed in their chosen path in life. Independei)ce - oiir pi'ioi'ity is to Support every child and provide them with firm foundations so Iliat they can develop into free thinkintr inoi'ally responsibl¢. and confident Ineinbers of society. The Board of Trustees has followed the guidance issued by the Charity Coinii)ission in decidtng what activities the chai'ity shoiild underlake. The objective for the school during the year was to continue lo provide a quality Steinei. Waldorf edLication li) tlie Early Yciirs and Lower School and to provide a balanced and quality ediication iii the Upper School based on both Steinei. Waldorf and National Curriculum5. The ongoing support of Ihe Colleoe of Teachers, and their Continuous work ensures the essence of the Steiner Waldorf Curriculum remains slrong in the school. An additional objective was to further develop the school's strategic plan and to continue to increase the nuinber of students enrolled while inaintaining an environinent conducive to delivering a quality Steiner Waldorf educalion.
HOLYWOOD STEINER SCHOOL LIMITED R¢port of the Trustees FOR THE YEAR ENDED 31 AUGUST 2023 OBJECTIVES AND ACTIVITIES Significant activities During this year, the school's enrollnient was 152 studenls, which represents an overall increase froin ihe pi'evious period. This is disaggregated as follows.. Preschool (3-4 years old) - 12 (full capacity) Kindei'garten (4 - 6 year5 old) - 9 (down from 17 in Ihe previous period) Lower School, Classes I to 7 (6 - 14 years old) - 71 (lip from 58 in the previous period) Upper School, classes 8 to I l (13 - 17 years old) - 60 (up froin 51 in ihe prevlous period) The school is yet to reach capacity and is actively promoting itself and seeking new students, not oJ)ly to increase income lo the school, but also to enhance the pedagogic environinent conducive to a Steiner Waldorf education, Walkthi'ough opportunities and a one-tO•one with the Head Teacher continue to be key in the proinotion of the school and its offei.. Thei'e were 34 walktliroughs during this financial year that resulted in 16 new swdenls. In addition* group walkthrough morning5 were scheduled and publicised across the cominunity and on digital channels siich as the school website, with considci'able interest and attendance noted. The Iraditional coinmunity-facing event5 took place ihis year with tlie re-introduction of the Easter fayie and the very successful Christmas Fayi'e. Both events helped raise vital ndS for ihe school as well as pi'oviding an opportunity to raise the s¢hool's pi'ofile within the community. During this reporting period, Ihe school appointed the following new posts that coiiiinenced in August 2023.. Kindergarteii Assistant Upper School Arl and Geography Teacher Upper Scliool Maths and Science Teacher (who replaced ihe previous teacher who left aftei. Inaiiy years, servicc) Class One Teacher Class Six Teachei. Volunteers The school relies heavily on volunteer activity for a significaiit ainount of work, particularly in areas siich as.. Fundraising Public Relations (PR) and developinent Grounds keepin(r and maintenance The Parents & Frieiids Association (PFA) continues to raise vital funds for ih¢ school e.g. coffee and craft inornings foi. pai'eiits.
HOLYWOOD STEINER SCHOOL LIMITED Report of tlie Trustees FOR THE YEAR F,NDED 31 AUGUST 2023 STRATLG IC RIPORT Achievement and perform2nce Charitable activities Key achieveinenls diiring the year included: Preschool received an outstanding annual inspection report with no ai'eas for iinprovement highlighted by Social Sei'vices. The School's Pi'ofessional Development Framework was introduced and the nuinber of staff availing of Continuing Professional Developinent (CPD) increased froin 14 to 18 during the period. Consequently, tlie anijual budget for Continuing Pi'ofessional Development (CPD) was increased by 150/0. The 3-year School Development Plan (2022-2025) was introdu¢¢d. The school inti'odliced a successfiil student council and external counselling service. 21 out of 24 key prioi'itie5 were achieved, leading to an iniproved provision and experience for pupils. For example, 88I/Fo of pupils achieved 7 A* C GCSE grades including English and Maths in 2023 (up 2 percenl8ge points froin the pj'evious year). These GCSE results continue to be well above the Norihem Ireland averages. Financi&l review Fiiiaiicial position The Trustees i'eport a deficit of £15,807 for the period. with incoine of £689,220 and expenditure of £705,027. When coinpared to the previous period: Incoine inci'eased by £199,657 (froin £489,563), which is largely due to an increase in stiident enrolinenl (froin 127 to l 52). Expenditiii'e inci'eased by £159,824 (from £545,203). which is due to increased slaff costs following re¢riiitsn¢nt of oiie additional teachei. and foiii, additional non-teaching staff. As of 3 1st August 2023, bank ac¢oiinls have a ¢redil balance of £146,507. The gi'eatest financial risks relate to the overall operatlOD and sustainability of the school, along with the Inaintenance and repair of the physical buildings and its environs. Givcn that 850/0 + of the income is derived fi'om the school fees, tl)eit is a significant risk if sNdent enrolinent decreases or irinains static in futui'e year5 as the school will then risk opei'ating in a deficit (which ffis unsustainable). Indeed, this has beeii the case for several of Ilie yeal's pirceding this pei'iod. The Boai'd of Trustees recognises that the continued success of Ihe school (including Its fiiiancial viability and sustainability) need5 to be based on a 51ralegy fociised on encouraging student enrolment and student i-elention, coupled with an aiinual review of fee5 to fully cover operating costs. The capacity for 'Owth is also i'ecognised as key lo increasing salai-ies for teachers. This need5 to be carefully balanced with the stt'ong desire lo continue delivei'ing a qiiality steiner Waldorf edu¢alion, one that fulfils the school's stated inission, vision and value5. Reserves poli¢y The chai'ity had reserves of £359,985 at the year end. Thi5 is inade up of £190,154 in general unrests'icted funds, (£82,158) of designated funds and £251.989 of restricted funds. The desionated funds relate to a histori¢ defined benefit pension liability. The Boai'd of Tnt5tee5 seeks to actively manage the fmances of the school to ensure that activities are siistainabl¢ foi. the b¢nefit of all stakeholders. Following best practice guidance, the Board of Trustees has developed a Reserves Policy as this is an important pajt of financial inanagement and forward financial planning. The Board of Trustees is defining strategies to generate suffici¢nt reserves that will service 3-6 months of operating costs should there be uiiexpecled events (siich as an annual op¢rating defLCit or unforeseen and anomalous expenditures) andloi. shortfalls in income (e.g. a reduction in income associated with a decrease in student numbers).
HOLYWOOD STEINER SCHOOL LIMITED Report of the Trustees FOR THE YEI AR ENDED 31 AUGUST 2023 STRATEGIC REPORT Financial revieiy G(bing coiicern lThe ti'ustees believe that the charity will continue as a going concern. The trustees and the Headteacher, 5UPPOrted by the staff, are in the process of delivering the school's Strategy 2025, with a view to updating this strategy (up to 2027) in the coming months. The continued success of the school (iiicluding its financial viability and suslainability) will be based on this strategy which will focus on encouraging student enrolment and student retentiot), coupled wilh an annual T¢view of fees and alternative fund-rdising activities to fully cover operating costs and contribute towards our reserves. Priiicipal risks and uncertainties The Boai'd of Trustees is i'esponsible for the manageinent of risks faced by the school. D¢tailed ¢onsideralions of risk are delegated to the teams established to deal with each of ihese areas. Risks are idencified and assessed, and controls established thi'oughoul the year. Key conlrols used by the Charity include: Formal agendas and minutes for all Board related activities, Detailed goals, objectives and tasks for all school teams. Compi'ehensive strategic planning, budgeting and management accounting. Foi'inal wi-itten policies and procedures. Vetting and child protection pro¢edui'es as requir¢d by law for the protectioii of ihe students. Through the i'isk manageinenl processes establi8hcd for the school, the Board of Ti'ustees is satisfied that the inajor risks identified ai'¢ being adeqliately Initigated whei'e necessary, It is recognised that systeins can only provide reasonable but not absolute assui'ance that inajor risks have been adequately managed. The Board of Trustees continiies to woi'k closely with the Head Teacher to update the risk register, risk assessment processes and i'eview areas of Inajor risk ivithin Ihe school.
HOLYWOOD STII IINER SCHOOL LIMITED Report of the Tyustees FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT Future plans The Board of Tr115tees and the Headleacher, supported by the staff, are in the process of delivering the school's Strategy 2025, with a view to updating this strategy (up to 2027) in the coining rnonths, Th¢ ainbition set out in that stratcgy foi. the school i'einains to ti'ansfoiin the school froim a local, hidden trcasurc, to a school of regional and international statidii)E, I'ecognised foi. deliverints an outstanding creative educational prograin to each individual child, and instilling a love of learning in tliein. The Boai'd of Tnistees recogi)ises that collaboration and engageinenl with the wider school coininunity, including teachers and parentslcarers, is ci'ucial to: Help identify strengths and ai'eas fDr improvement- Infoi-m the school's developinent plan- ai)d Drive the school's growth and ensure Conlinual enhancein¢nt in education. To support a shai'ed corninitment to excellence, Ilie Board of Trustees sought the views of teachers and parentslcarers on sevei'al aspects I'elating to the school. Einerging priorities froin this exercise include: Maintaining the siibstantial achievement5 Inade in pre-school and lower School, while acknowledging Ihei'e are cultiiral and educational needs that iiiust be addressed in the upper school. The school's physical buildings and its environ5 reqiiire further maintenance and repair (and capital inve5tinent) to SUPPOI't educational enhanceiThent. The inteiition of this collaboration and engageii)ent extends lo making sure the wider school coinrnuniiy is awai'e of what tlie school requires to increase ils r¢serv¢s fund in line willi the appropriate financial governance of the school's chai'ilable status and its business operdtional requirelents. The Boaiyl of Trustees recognises the extei'nal post pandeniic environrnent within which the school opei'ates reinains uncci'lain, due to niaci'o political, legislative, economic and social challenges. Thei'efore, the continued success of the school (including its financial viability and siistainability) needs to be based on a strategy fociised on eiicouraging Student enrolinent and student retention, coupled wilh an annual review of fees to fully cover operating cos15, with a view to generating addilional reserves in the next 3 years. Oiir fiitui'e plans coiitiniie to be ambitious, and it will be iinportaiit to review progress on an ongoing basis. STRUCTURE, GOVERNANCE AND MANAGEMENT Coveyniiig doeumeiit Holywood Steiiier School Limited (HSS) is 8 registered charity. whicli is controlled by ils goverfting dociiment, a deed of trLisI. and conslitiiles a limited coinpany, liinited by guarantee. a5 defined by the Coinpanies Acl 2006. Recruitment and appointinent of new trustees New Ineii)bership for the Board of Tiiislees involves recruitm¢nt campaigns niade via several channels, including the school wcbsile and advertising on voluntary and charity s¢¢tor websiles. N¢iY inembei's are formally I'eci'uited and appointed, as per the Articles of Association. Trusteeship is ratified al the Annual General Meeting. New trustees receive the relevant documents including information about the role of adininistration at a Steiner or Waldorf school. A skills assessiment of the Boai'd is carried out on an annual basis. More fomial tt'aining is also scheduled on an annual basis with NICV A (Northern Ireland Council for Voluntary Action) and the Steinei. Waldorf Fellowship.