REGISTERED COMPANY NUMBER: N1012003 (Northern Ireland} REGISTERED CHARITY NUMBER: 103712 Report of the Trustees and Audited Financial Statements for the Year Ended 31 August 2024 for Holywood Steiner School Limited M.B.McGI'ady & Co Chartei'ed Accountants Statutory Audiloi's Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH
Holywood Stelner School Limited Contents of the Financial Statements for the Year Ended 31 August 2024 Page Reference and AdmiJ)istrative Details Report of the Trustees Statement of Trustee5' Responsibilities Report of the Independent Auditor5 10 to 13 Statement of Financial Activities 14 Balance Sheet 15 Cash Flow Statement 16 Notes to the Financial Statements 17 to 29
Holyivood Steiner School Limited Reference and Administrative Details for the Year Ended 31 August 2024 TRUSTEES Ms Caroline Mary Ball - Film Producer (resigned 211512024) Mr Garret O'Fachtna - Trade Union Coordinator (appointed 211512024) Mr Gerry Warwick - Accountant (resigned 211512024) Mrs Maiy Roulston - Retii'ed Teacher (resigned 211512024) Ms Jenny Holland - Company Director (appointed 211512024) (resigned 301112025) Mr Michael Denny - Com]nercial Manager (appointed 311112023) (resigned 301912024) M5 Ashling Gray - Solicitoi. (appointed 181112024) (resigned 301612024) Ms Doininique Megarry - Manager (appointed 111312024) Mr Darren Moffett - Marketing Director (resigned 291512024) Mr Chris Preston - Coinpany Director (i'esigned 211512024) Ms Aoife Cunninghain - Youth workei. (appointed 211512024) Mr Andrew Charles Gray {appointed 11412025) Mr Trevor Willis (appointed 11412025) Ms Lauren Siinpson - Veterinary Surgeon (appointed 211512024) REGISTERED OFFICE 34 Croft Road Holywood Co. Down BT18 OPR REGISTERED COMPANY NUMBER N1012003 (Northern Ireland) REGISTERED CHARITY NUMBER 103712 AUDITORS M.B.McGrady & Co Chartered Accountants Statutory Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antriin BT9 6GH BANKERS Bank of Ireland l Donegall Square Souih Belfast BTI 5LR
Holywood Steiner School Limited (Registered number: N1012003) Report of the Trustees for the Year Ended 31 August 2024 The trustees who are also directors of the charity for the purposes of the Companies Aci 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounling and Reporting by Charities: Stateinent of Recoinmended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive l January 2019). The Report of the Trustees incorporates the Strategic Report.
Holywood Steiner School Limsted (Registered number: N1012003) Report of the Trustees for the Year Ended 31 August 2024 OBJECTIVES AND ACTIVITIES Objectives and aims Introduction Founded in 1975, Holywood Steiner School {HSS) operates as a co-educational and independent school that offers the Steiner Waldoi'f curriculuin for students aged from 3 to 17 years old. Unlike inainstream education, the Waldorf Inodel provides the time and space for each child to learn and grow at their own pace, allowing them lo fully grasp a concept oi. achieve a skill when they are ready. The school strives to provide a rich, diverse and integrated education, where cooperation takes priority over coinpetition. HSS is a ineinber of Waldorf UK formerly known as the Steiner Waldorf Schools Fellowship of the United Kingdom (UK) and Ireland. The Fellowship represents 22 schools and co-ordinates Steiner curriculum research and developinent, siippoits teacher training programines, and provides advisory and mentoring services to meinber schools. The Fellowship is part of the international European Council for Steinei. Waldorf Education (ECSWE) Comprising 26 national Steiner Waldorf Associations, representing over 680 schools in Europe. Mission, Vision and Value5 HSS'S Inission is to "inspire student5 through the delivery of the Steiner Waldorf Curriculum and develop a strong connection between children and their teachers" Its vision is to "engage the head, the heart, and the hands, enthuse the child with curiosity and a sense of wonder for the world and inspire a love of leai'ning that will last a lifetime" HSS, values are set out below: Acceptance we recognise our responsibility to nurture the child. We aim to prepare students for life in a culturally diverse society by developing tolerant, articulate, Inotivated and inature individuals. Connection - a meaningful i'elationship is fostered between the child, teacher, and class. Parents are iminersed into their child's school life and frequently involved within the school coinmunity. Love of learning - we encourage all childi'en, regardless of ability, to find the joy in learning, to believe in themselves and to be motivated to succeed in their chosen path in life. Independence - our priority is to support every Child and provide thein with finn foundations so that they can develop into free thinking, morally responsible, and confident inembers of society. The Board of Trustees has followed the guidance issued by the Charity Coilunission in deciding what activities the charity should undertake. The objective for the school during the yeai. was to continue to pi'ovide a quality Steiner Waldorf education in the Early Years and Lower School and to provide a balanced aiid quality education in the Upper School based on both Steiner Waldorf and National Ciii'i'iciiluins. The ongoing support of the College of Teachers, and their continuous woi'k ensures the essence of ihe Steinei. Waldorf Curriculuin remains strong in the school. The objective of increasing the nuinber of students enrolled whilst maintain an environment conducive to delivering a quality Steiner Waldoi'f education was continued fi'oin the year 2022123 As well as developing a fundraising plan to support the incoine for the school from sources othei. than school fees.
Holywood Steiner School Limited (Registered number: N1012003) Report of the Trustees for the Year Ended 31 August 2024 OBJECTIVES AND ACTIVITIES SignifIcant activities During this year, the school's enrollment was 152 students, which represents an overall increase froin the pi'evious period. This is disaggregated as follows.. Preschool (3-4 years old) - 12 (full capacity) Kindergarten (4 6 year5 old) - 9 (down from 17 in the previous period) Lower School, classes I to 7 {6 - 14 years old) - 71 {up from 58 in the previous period) Uppei. School, Classes 8 to 11 (13 - 17 years old) - 60 (up from 51 in the previous period) The school is yet to reach capacity and is actively proinoting itself and seeking new students, not only to increase incoine to the school, but also to enhance the pedagogic environment conducive to a Steiner Waldorf ediicalion. Walkthrough opportunities and a one-to-one with the Head Teacher continue to be key in the proinotion of the school and its offer. There were 34 walkthroughs during this financial year that resulted In 16 new students. In addition, group walkthrough mornings were scheduled and publicised across the community and on digital channels such as the school website, with considerable interest and attendance noted. The traditional community-facing events took place this year with the re-introduction of the Easter Fayre and the very successthl Christinas Fayre. Both events helped raise vital funds for the school as well as providing an opportunity to raise the school's profile within the cominunity. During this reporting period, the school appointed the following new posts that cominenced in August 2023: Kind¢rgarten A5SlStant Upper School Art and Geography Teacher Upper School Maths and Science Teacher (who replaced the previous teacher who left after inany years, service) Class One Teacher Class Six Teacher Volunteers The school relies heavtly on volunteer activity for a significant ainount of work, particularly in areas such as: Fundraising Publi¢ Relations (PR) and developinent Grounds keeping ond maintenance The Parents & Friends Association (PFA) continues to raise vital funds for the school e.g. coffee and craft inornings for parents. STRATEGIC REPORT Achievemeiit and performance Charitable activities Key achieveinents dui'ing the year included.. Preschool received an outstanding annual inspection report with no areas for iinproveinent highlighted by Social Sei'vices. The School's Professional Developinent Frainewoi'k was introduced and the niiinber of staff availing of Continuing Professional Developinent (CPD) increased fi-om 14 to 18 during the period. Consequently, the annual budget for Continuing Professional Development (CPD} was increased by 150/0. The 3-yeai' School Developinent Plan (2022-2025) was introduced. The school introduced a successful student council and external counselling service. 21 out of 24 key priorities were achieved, leading to an improved pi'ovision and experience for pupils. For exainple, 880/0 of piipils achieved 7 A* C GCSE gl'ades including English and Maths in 2023 (up 2 pei'cenlage points fi'oin the pi'evious year). These GCSE results continue to be well above the Northern Ireland averages.
Holywood Steiner Sehool Limited (Registered number: N1012003) Report of the Trustees for the Year Ended 31 August 2024 STRATEGIC REPORT Financial revieiv Fiiiancial position The Trustees report a deficit of £6.851 for the period, wilh income of £738,671 and expenditure of £745,522. When compared to ihe previous period: Incoine increased by £49,451 (froin £689,220), which is largely due to an increase in student fees.. Expenditure increased by £40,495 (from £705,027), which is due to increased staff costs and increases in running costs. As of 3 1st August 2024, bank accounts have a credil balance of £136,592. The greatest financial risks relale to the overall operation and sustainability of the school, along with the maintenance and repair of the physical buildings and its environs. Given that ov¢r 850/0 of the incoine is derived from the school fees, there is a significant risk if student enrolEnent decreases or reinain5 Static in future years as the school will then risk operating in a defIcit (which is unsustainable). Indeed, this has been the case for several of the years preceding this period. With ihe proposed VAT introduction by the Labour government this poses rther risk to the school with loss of pupil numbers due to the additional VAT cost on school fees. The Board of Trustees recognises that the continued succe55 of the school (including its financial viability and sustainability) needs to be based on a strategy fociised on encouraging student enrolment and student retention, coupled with an annual review of fees to fully cover operating costs. The ¢apa¢ity for growth is also recognised as key to increasing salaries for teachei's. This needs to be carefully balanced with the strong desire to continue delivering a quality Steiner Waldorf education, one that fulfils the school's stated mission, vision and values. An agreeinent with the Camphill Communities has been reached to start repaying an historic loan, to the amount of £64,125 dating to 2003, with the first payinent of £14,165 to be made in the financial year 2024125, rediieing the school's liabilities over the next five years. Additionally deposits for pupil places have been ring-fenced and sepa17ted from the operating Cash flow to prolect funds. Reserves policy The charity had i'eserves of £353,134 at the year end. This is made up of £175,052 in general unrestricted funds, (£73,907) of designated funds and £251,989 of restricted funds. The designated funds relate to a historic defined benefit pension liability. The Board of Trustees seeks to actively manage the finances of the school to ensure that activities al'e sustainable for the benefit of all stakeholders. Following best practice guidance, the Boai'd of Trustees has developed a Reserves Policy as this is an important pai't of financial Inanagement and fonvard financtal planning. The Boai'd of Trustees is defining strategies including designating a portion of income from fees, a Calendar of planned fundraising activities, and sustainable incoine froin other activities and use of assets to generate sufficient reserves that will service 3-6 n)onths of operating costs should there be unexpected events (such as an annual operating deficil or unforeseen aiid anoinalous expenditures) andlor shortfalls in incoine (e.g. a reduction in incoine associated with a decrease in student nuinbers). Going eoncern The trustees believe that the charity will continue as a going concern. The trustees and the Headteacher, supported by the staff, are in the process of delivering the school's Sti'ategy 2025, with a view to updating this strategy (up to 2027) in the coming i)ionths. The Continued success of the school (including its financial viability and sustainability) will be based on this strategy wliich will focus on encouraging student enrolinent and student reteiition, coupled with an annual review of fees and alternative streains of incoine and nd-raising activities to fully cover operating costs and conti'ibute towai'ds our i'eserves.
Holyivood Steiner School Limited (Registered number: N1012003) Report of the Trustees for the Year Ended 31 August 2024 STRATEGIC REPORT Principal risks and uneertainties The Board of Trustees is responsible for the management of risks faced by the school. Detailed considerations of risk are delegated to the teains established to deal with each of these areas. Risks are identifIed and assessed, and controls established throughout the year. Key controls used by the charity include.. Formal agendas and miniiles for all Board related activities. Detailed goals, objectives and tasks for all school teams. Coinpi'ehensive strategic planning, budgeting and Inanageinent accounting. Formal written policies and procedui'es. Vetting and Child protection procedures as required by law for the protection of ihe students. Through the risk manageinent processes established for the school, the Board of Trustees is satisfied Ihai ihe major risks identifled are being adequately iniligated where necessary. It is recognised that systems can only pi'ovide reasonable but not absolute assurance that Inajor risks have been adequately managed. The Board of Trustees continues to work closely with the Head Teacher to update the risk register, risk assessment processes and review area5 of Inajor risk within the school. Future plans The Board of Trustees and the Headieacher, supported by the staff, are in the process of delivering the school's Strategy 2025, with a view to updating this stt'ategy {up to 2027) in the coining inonths. The ainbition set out in that strategy for the school reinains to Iransforin the school froin a local, hidden treasure, to a school of regional and inteimational standing, recognised for delivering an outstanding creative educational prograin to each individual child, and instilling a love of learning in thein. The Board of Ti'ustees recognises that collaboration and engagement with the wider school community, including teachers and pai'entslcarers, is ci'u¢ial to: Help identify strengths and areas for improveinent. Infoiin the school's development plan. and Drive the school's growth and ensure continual enhanceinent in education. To support a shared commitinent to excellence, the Board of Trustees soiight the views of teachers and parentslcarers on several aspects relating to the school. Einerging priorities froin this exercise include.. Maintaining the substantial achieveinents inade in pre-school and lower school, while acknowledging there are cultural and educational needs that inust be addressed in the uppei. school. The scliool's physical buildings and its environs require further maintenance and repair (and Capital investinent) to support educational enhanceinent. The intention of this collaboration and engageinent extends to iTJaking sure the wider School cominunity is aware of what the school I'equires to increase its resei'ves fund in line wilh the appropriate financial governance of the school's charitable statu5 and its biisiness operational requireinents. The Board of Trustees recognises the external post pandemic environment within which tlie school operates reinains unceitain, due to Inacro political, legislative, economic and social challenges. Therefoi'e, Ihe continued success of the school (including its financial viabiltty and sustainability) needs to be based on a strategy focused on encouraging studenl eni'olinent and student retenlion, coupled with an annual i'eview of fees to fully covei. operating costs, with a view to generating additional i'eserves in tlie next 3 years. Our future plans continue to be ambitious, and it will be important to review progress on an ongoing basis. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Holywood Steiner School Liinited (HSS) is a I'egistered chai'ity, which is controlled by it5 governing docuinent, a deed of trust, and constitutes a li11¢ed coinpany, liinited by guai'antee, as defined by the Coinpanies Act 2006.
Holywood Steiner School Limited (Registered number: N1012003) Report of the Trustee5 for the Year Ended 31 August 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recrultment and appointment of new trustees New membership for the Board of Trustees involves recruitment cainpaigns Inade via several channels, including the school website and advertising on voluntary and charity sector websites. New inembers are fonnally recruited and appointed, as per the Articles of Association. Trusteeship is ratified at the Annual General Meeting. New trustees receive the relevant docuinents including inforination about the role of administration at a Steiner or Waldorf school. A skills assessmenl of ihe Board is carried out on an annual basis. More formal training is also scheduled on an annual basls Wlth NICV A (Northern Ireland Coiincil for Voluntary Action) and the Steiner Waldorf Fellowship. Decision making The Board of Trustees is responsible foi. the effective governance and overall legal and ftnancial tnanageinent of the school. The full Board of Trustees meets once a month throughout the yeai., and it has designated the following siib coinmittees: People & Culture Sub Commitlee - overseeing policies, recruitment and compliance. The work of implementing policies is supported by both teaching and non-teaching teams. Development Sub Committee - overseeing the developinent of the school (in terms of the physical assels, grounds and maintenance, the charitable and educational activities etc.). Finance Sub Committee - overseeing income and expenditui'e and financial related matters. The sub-coinmittees also ineet inonthly and present recoinmendations to the full Board of Trustees. The Board of Ti'ustees appoints (einploys) all meEnbers of staff. It delegates responsibility for the effective management of the school to the Head Teachei. and the College of Teachers. The task of the Board of Trustees is to hold an awai'eness of, and make decisions about, what is in the best long-term intei'ests of the whole school. The Headteacher, supported by a Senior Leadership Team, is responsible for the effective leadership and manageinent of the school. All Trustees and the Head Teachei- are also invited to participate in a sÉrategic development woi'kshop bi-annually. In addition, a strategy session with staff was held to gain their valuable input on the school's Strategy 2025, with a view to updating this strategy (up to 2027) in the co11ng months. Escalation of issues that arise that cannot be resolved following the docuinented pi'ocesses can be escalated directly to the Board of Trustees. Key management remuneration The reinunei'ation for senior Inanagement is based on similar posts and corresponding payscales funded by the Departinent of Education Nl. The inembei's of the Senior Leadei'ship Teain (two Heads of School and a Learning Suppoit Coordinator) are paid an additional £120 per inonth, otherwise referred to in the ediication sector as a salary point for i'esponsibility. A salary poiiit paid foi. by the Department of Ediication Nl is ovei. £200 per inonth.
Holywood Steiner School Limited (Registered number: N1012003) Report of the Trustees for the Year Ended 31 August 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Wider net)vork The school has been a member of NICVA (Northern Ireland Council for Voluntary Action) since January 2008 and as a meinber it can avail of advice and services. The school is a Inember of th¢ Steiner Waldorf Schools Fellowship which provides advice, training and a link to other UK and Irish Steiner schools. The Holywood Steiner School was founded in 1975 to provide a Steiner/Waldorf education in Northern Ireland. The Holywood Steinei. School Limited is a company limited by guai'antee founded in 1977 and is registered as a charitable coinpany with the HM Revenue & Custoins and the Chai'ity Cointnission for Northern Ireland. Its i'egistered office and main business address is 34 Croft Road, Holywood, Co Down, BTI 8 OPR. The structure of the Charity during 2023124 conststed of the Board of Ti'ustees who inanaged the business of the Association. The Headteacher managed the school with assistance froin the administration teain and Early Years, Lower School and Upper School Teaching representatives. AUDITORS The auditors, M.B.McGrady & Co, will be proposed for re-appointinent at the forthcoming Annual General Meeting. Report of the tr stees, incorporating a strategic report, appi'oved by order of the board of trustees, as the coinpany and signed on the board's behalf by.. Ms Lauren Siinpson - Trustee
Holywood Steiner School Limited Statement of Trustees, Responsibilities for the Year Ended 31 August 2024 The trustees (who are also the directors of Holywood Steinei. 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). Company law requires the trustees to pi'epare financial statements for each fiiiancial yeai. which give a ti'ue and fair view of the state of affairs of the chai'ilable company and of the incoming resources and application of resources, including the income and expenditure, of the chai'ilable Coinpany for that period. In preparing those financial statements, Ihe trustees are required to select suitable accounting policies and then apply thein consistently. observe the methods and principles in the Chai-ity SORP. make jiidgements 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 fo enable thein to ensure that the financial stateinenls comply wiih the Companies Act 2006. They are also responsible foi. safeguarding the assets of the charitable coinpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In 50 far as the trustees are aware: there is iio relevant audit inforniation of which the charitable company's aiiditors are unaware; and the trustees have taken all steps that Ihey ought lo have taken to inake themselves aware of any relevant audit information and to establish that the auditors are aware of that inforination.
Report of the Independent Auditors to the Trustees and Members of Holywood Steiner School Limited Opinion We have audited the financial statements of Holywood Steiner School Liinited (the 'charitable company,) for the year ended 31 August 2024 which comprise the Statement of Financial Aclivities, the Balance Sheet, the Cash Flow Stateinent 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 Kingdoin Generally Accepted Accounting Practice). In our opinion the financial statements.. give a Irue and fair view of the state of the charitable coinpany's affairs as at 31 August 2024 and of its in¢oining I'esources and application of I'esources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdoin Generally Accepted Accounting Practice. and have been pi'epared in accoi'dance with the requireinents 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 desci'ibed in the Auditoi's, i'esponsibilities foi. 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 finaiicial stateinents in the UK, in¢luding the FRC'S Ethical Siandard, and we have fulfilled our other ethical I'esponsibilities in accordance with these requireinents. We believe that the audit evidence we have obtained is sufficient aiid appropriate to pi'ovide a basis for our opinion. Conclusions I'elating to going concern In auditing the financial stateinents, we have concluded that the trustees, use of the going concern basis of accounting in the pi'epai'ation of the financial stateinents is appropriate. Based on the work we have perforined. we have not identified any Inaterial uncertainties relating to events or condition5 that, individually oi. collectively, n)ay cast significant doubt on ihe charitable coinpany's ability to continue as a going concei'n for a period of at l¢ast twelve Rnonths froin when the financial stateinenls are authorised for issue. Our responsibilities and the responsibilities of the Irustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infonnation. The other information comprises the inforiiiation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial stateinents doe5 not cover the other information and, except to the extent othei'wise explicitly stated in our report, we do not express any forin of assiii'ance conclusion thereon. In connection with our audit of Ihe financial statelentS, our responsibility is to read the other inforination and, in doing so, Consider whethei. the othei. information is materially inconsistent with the financial statements or our knowledge obtained in the audit oi. otherwise appeal's to be materially Inisstated. If we identify such Inaterial inconsistencies or apparent Iaterial inisstateinents, we are reqiiired to deterinine whether this gives rise to a Inalerial misstateinent in tlie financial stateinents iheinselves. If, based on the work we have perfornied, we conclude that there is a material misstateinent of this other inforination, we are I'equired to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In oiir opinion, based on the woi'k undertaken in the coiii'se of the audit.. the inforination given in the Repoit of the Trustees foi. the financial year for which the financial stateinents are prepai'ed is consistent with Ihe financial stateinenls. and the Report of the Trustees has been prepared in accordance with applicable legal requirements. 10
Report of the Independent Auditors to the Trustees and Members of Holywood Steiner School Limited Matters on which ive are required to report by exception In the light of the knowledge and understanding of the charitable coinpany 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 Inatters where the Companies Act 2006 requires us to report to you if, in our opinion: adequale accounting records have not been kept or retttrn5 adequate for our audit have not been received froin branches not visited by us. o the financial slateinents are not in agreeinent 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 inforination and explanations we require for oui. audit. or Ihe trustees were not entitled to take advantage of the small companies exeinption from the requireinent 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 direclors of the charitable company for the purposes of company law) are i'esponsible for the prepai'ation of the financial stateinents 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 stateinents that are free froin malerial inisslatement, whether due to fraud or error. In preparing the financial statemenls, the trustees are responsible for assessing the charitable coinpany's ability to continue as a going concern, disclosing, as applicable, matters related to going concei'n 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.
Report of the Independent Auditors to the Trustees and Members of Holywood Steiner School Limited Our responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assui'ance about whether the financial stateinents as a whole are free from material misstateinent, whether due to fi'aud or error, and to issue a Report of the Independent Auditors Ihat includes our opinion. Reasonable assurance is a high level of assui'ance, but is not a guai'antee that an audit conducted in accordance with ISAS (UK) will always detect a material Inisstatement when il exists. Misstateinents can arise froin fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econoinic decisions of users taken on the basis of these financial stat¢inents. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: The extent to Ivhich our audit Ivas capable of detecting irregularities, including fraud In'egularities, including fi'aud, al'e instances of non-coinpliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect inaterial misstatements in respect of irregularities, including fraud. In assessing and detecting irregularities such as fraud and non-coinpliance with laws and regulations we Considered the following.. the Inatters discussed ainong the audit engageinent teain and any other relevant professionals regarding how and where fraud might occur in the financial stateinents and any potential indicators of fraud. the nature of the industiy and any laws and i'egulations applicable to the company and the industry. the coinpany's own assessinent of the risk of fraiid and other iii'egularities. the company's policies and procediires in relation to: how they identify and coinply with all relevant laws and regulations and whether they are aware of any non-compliance. how they detect and respond to risks of fraud and their knowledge of any actual, suspected or alleged fraud. and Ihe Control enviromnent within the company and how this initigates risks of fraud and instances of non-coinpliance with laws and regulations. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to misappropriation of assets. In Colinon with all audits under ISAS (UK), we al'e also required to perfoi'in specific procedures to respond to the risk of management override. In response to the risk of Inaterial misstateinent through irregularities and non-compliance with laws and regulations, we designed procedures which included, bitt were noi liinited to: ensuring the engage1ent teain had the appropriate knowledge and expertise in order to be able to identify and I'ecognise any instances of fraud or non-compliance with laws and regulations; we identified the laws and I'egulations applicable to the coinpany through discussions with directors and manageinent and from our knowledge aiid experience of the sector; and ensuring the audit was carried out wilh a level of professional scepticism. In i'esponse to the risk of irregulai'ities and non-compliance with laws and regulations, we designed procedures which included. but were not liinited to.. enquiring of manageinent concerns of actual and potential litigation and claims. agreeing the financial stateinent disclosures to underlying supporting docuinentation to assess coinpliance with relevant laws and regulations. and reviewing correspondence with the Charity Coin]nission for Northei'n Ireland and any other relevanl regulatory bodies To addi'ess the I'isk of fraud through inanageii)ent bias and ovei'ride of controls, we.. pei'form analytical procedures to identify any unusiial or unexpected relationships thal may indicate risks of Inaterial misstateinent diie to fraud. test the appropriateness of journal entries and other adjustinents. assess whether the judgeinents Inade in Inaking accoiinling estiinates are indicative of a potential bia5. and evaluate the business ralionale of any significant ti'ansactions that are unusiial or outside tlie norinal course of business. 12
Report of the Independent Auditors to the Trustees and Members or Holywood Steiner School Limited We also communicated relevant identified laws and regulations and potential fraud risk5 to all engageinent team members and significant component audit teams. and reinained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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/auditoi'sresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the Charitable company's ineinbers, 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 exlent permitted by law, we do not accept or assuine 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 fonned. Conaill McGrady FCA tatutory Auditor) for and on behalf of M.B.McGrady & Co Chartered Accountants Statutory Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH Date: 13
Holyivood Steiner School Limited Statement of Financial Activities (Incorporating an Income aild xpenditure Account) for the Year Ended 31 August 2024 3118124 Total funds 3118123 Total funds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 21,420 21,420 8,771 Charitable aetivlties Charitable Activities 654,600 15,000 669,600 638,936 Other trading activities Investment incoine 46,897 754 46,897 754 41,242 271 Total 723,671 15,000 738,671 689,220 EXPENDITURE ON Charitable activities Charitable Activities Support Costs 744,769 753 744,769 753 703,646 1,381 Total 745,522 745,522 705,027 NET INCOME/{EXPENDITURE) Tran5fei's betiveen funds (21,851) 15,000 15,000 (15,000) {6,851) (15,807) 21 Net movement in funds (6,851) (6,851) (15,807) RECONCILIATION OF FUNDS Total funds bi'ought foNard 107,996 251,989 359,985 375,792 TOTAL FUNDS CARRIED FORWARD 101,145 251,989 353,134 359,985 The notes foi'iT] pai't of these financial 5tateinents 14
Holywood Steiner School Limited {Registered number: N1012003) Balance Sheet 31 August 2024 3118124 3118123 Notes FIXED ASSETS Tangible assets Investinents 14 15 478,796 2,335 463,132 3,088 481,131 466,220 CURREI NT ASSETS Debtors Cash at bank 16 18,137 136,592 38,748 146,507 154,729 185,255 CREDITORS Amounts falling due within one year 17 (158,819) (150,332) NET CURRENT ASSETS (4,090) 34,923 TOTAL ASSETS LESS CURRENT LIABILITIES 477,041 501,143 CREDITORS Amounts falling due after inore than one year 18 (50,000} (59,000) PENSION LIABILITY 22 (73,907) (82,158) NET ASSETS 353,134 359,985 FUNDS Unresti'icted funds: General fund Designated llds 21 175,052 (73,907) 190,154 (82,158) 101,145 107,996 Resti'icted funds: Restricted fund 251,989 251,989 TOTAL FUNDS 353,134 359,985 The financial stateinenls were approved by the Board of Triistees and authorised for issue and were signed on its behalf by: on Ms Laiii'en Siinpson - Trustee The notes forin part of these financial stateinents 15
Holywood Steiner School Limited Cash Floiy Statement for the Year Ended 31 August 2024 3J18124 3118123 Notes Cash flows from operating activities Cash generated froiTJ operations 24 30,407 30,158 Net cash provided by operating activities 30,407 30.158 Cash flows from investing activities Purchase of tangible fixed assets Interest received (41,076) 754 (9,962) 271 Net cash used in investing aclivities (40,322) (9,691) Change in cash and eash equivalents in the reporting pei'iod Cash and cash equivalents at the beginning of the reporting period (9,915) 20,467 146,507 126,040 Cash and cash equivalents at the end of the reporting period 136,592 146,507 The notes forin pait of these financial slateinenls 16
Holyivood Steiner School Limited Notes to the Financial Statements for the Year Ended 31 August 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Stateinent of Recoinlnended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Coinpanies Act 2006. The financial stateinents have been prepared under the historical cost convention, with the exception of investinents which al'e included at Inarket value. The charity is incorporated in Northern Ireland. Income All iThcoine is recognised in the Stateinent of Financial Activities once the charity ha5 entitlement to the nds, it is probable that the incoine will be i'eceived and the amount can be ineasured reliably. Incoine froin charitable activities is the ainount derived from the provision of goods and services stated after discounts. Income from donations or grants is recognised when there is evidence of entitleinent to the gift, receipt is probable and its ainount can be Inea5ured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation cominitting the charity to that expenditure, it is probable that a transfer of econoinic benefits will be requii'ed in settlemenl and the ainount of the obligation can be measured reliably. Expenditure is accounted foi. on an accruals basis and has been classified under headings that aggi'egate all cost related to the category. Whei'e costs cannot be dii'ectly attributed to particular headings they have been allocated to activilies on a basis consistent with the use of resources. Tangible fixed assets Depi'eciation is provided at the following annual rates in order to write off each asset over its estimaled iisefiil life. Freehold propety Fixtures and fittings Computer equipinent 20/0 on cost IOQ/o on cost I 00/0 on cost Tangible fixed assets are initially Ineasured at cost. Taxation The charity is exeinpt froin corporation tax on its charitable activities. Fund accounting Unrestt'icted fiinds can be used in accordance with the charitable objectives at the disci'etion of the Irust¢es. Restricted funds can only be used for particular restricted purposes within th¢ objects of the charity. Restrictions arise when specified by the donoi. or when funds al'e raised for particular restricted purposes. Furthei. explanation of the iiature and purpose of each fund is included in the notes to ihe financial slatements. Financial instruments Financial assets and financial liabilitie5 al'e I'ecognised when the charity becoines party to the conti'actual provisions of the instrument. 17 continiied...
Holywood Steiner School Limited Notes to the Financial Statevnents - continued foi. the Year Ended 31 August 2024 ACCOUNTING POLICIES- continued Financial instruments Financial liabilities and eqiiity instruments are classified according to the siibstance of the ¢onlractual arrangeinents entei'ed into. An equity instruinent is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. The charity's policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, inclLtding trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is ineasured at the present value of the future receipts discounted at a inai-ket rate of interest for a similar debt instrument. Financing transactions ai'¢ those in which payinent is deferred beyond norinal business terins oi. is financed at a rate of interest that is not a Inarket rate. Such assets are subsequently Carried at amortised cost using the effective interest rate Inethod, less any impairinent. Financial liabilities Basic financial liabilities, including trade and other creditors and loans al'e initially recognised at transaction price, unless the ai'rangeinent constitiites a financing transaction, where the debt instrument is measured al the present value of the futui'e payinentsdiscoiinted at a market l'ate of interest for a similar debt instriiment. Financing transactions are those in which payment is deferred beyond nonnal business terms or is financed at a rate of inlerest that is not a inarket rate. Debt instrllinents al'e subsequently Carried at amortised cost, using the effective interest rate method. Impaii'ment of financial assets Financial assets Ineasured at cost and amortised c05t are assessed at the end of each I'eporting pei'iod for objective evidence of impairment. If objective evidence of impairinent is found, an impairinent loss is i'ecognised in the profil and Ios5 account. For financial assets Ineasured at cost less impairrnent, the iinpairinent loss is measured as the diffei'ence between the asset's cai'rying ainount and the best estimate of the amount the charity would receive for the asset if it were to be sold at the repoiting date. For financial assets measured at ainortised cost, the impaii'Inent loss is Ineasured as the difference between the asset's carrying amount and the present value of estiii)ated cash flows discoiinted at the asset's original effe¢live interest rate. If the financial asset has a variable intei'est rate, the discount rate for Ineasui'ing any impairment Ios5 is the current effective interest rate deterinined under the contract. If thei'e is a decrease in the impairinent loss arising from an event occurring after the impairment was recognised, the iinpaii'inent is revei'sed, The i'eversal is such that the cui'i'ent carrying ainount does not exceed what the cai'i'ying ainount would have been had the impairinent not pi'eviously been recognised. The iinpairment revei'sal is recognised in pi'ofit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the conti'actual rights to the cash flows froin the asset expire or are settled, or {b) substantially all the risks and I'ewards of the ownei'ship of the asset are transfeiTed to another paty, or (c) despite having retained soine significant risks and rewards of ownership, control of the asset to an unrelated third party without iinposing additional restrictions. Financial liabilities al'e derecognised when the liability is extinguished, that is when the conti'actiial obligation is dischai'ged, cancelled or expires. continued..
Holywood Steiner School Limited Notes to the Financial Statements - continued for the Year Ended 3] August 2024 ACCOUNTING POLICIES- continued Financial instruments Offsetting of financial assets and financigl liabilities Financial assets and liabilities are offset and the net amouiit reported in the balance sheet when thei'e is an enforceable l'ight to set off the i'econgised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability siinultaneously. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheine are chai'ged to the Stateinent of Financial Activities in the period to which they relate. Donated goods Donated assets are initially recognised at theÈK fair value at the date of donation. Where an external valuation is not available, Inanagement will inake a reasonable estimate based on inarket inforination or othei. relevant sources. Any costs directly attributable to bringing the asset to its intended iise will also be capitalised. Donated assets are depreciated over their estiinaled iiseful lives using the saine policies as purchased assets. Going concern The financial stateinents have been prepared on a going concern basis with no inaterial uncertainties arising. The trustees believe that the charity will continue as a going concern. Appropriate planning has been undertaken for the fiinding and provision of charitable services and and there are no concei-ns regarding the long-terin funding for the charity and its activities. DONATIONS AND LEGACIES 3118124 3118123 Donations and Gifts 21,420 8,771 OTHER TRADING ACTIVITIES 3118124 3118123 Playgroup Incoine Guest Stud¢nt Afterschool club income Parent and child group Room Hii'e Income GCSE Fees 35,950 384 5,404 21,665 3,848 11,754 130 1,265 2,580 2,120 3,039 46,897 41,242 19 continiied...
Holyivood Steiner School Limited Notes to the Financial Statements - continued for the Year Ended 31 August 2024 INVESTMENT INCOME 3118124 3118123 Interest Receivable 754 271 IIYCOME FROM CHARITABLE ACTIVITIES 3118124 3118123 Activity Charitable Activities Charilable Activities Charitable Activities Parental Contributions Grants Other Income 633,675 35,846 79 584,587 34,929 19,420 669,600 638,936 Grants received, included in the above, are as follows: 3118124 3118123 DAERA 20,846 24.233 CHARITABLE ACTIVITIES COSTS Direet Costs (see note 7) Support costs (see note 8) Totals Charitable Activities Support Costs 620,255 124,514 753 744,769 753 620,255 125,267 745,522 DIRECT COSTS OF CHARITABLE ACTIVITIES 3118124 3118123 Staff cost5 Equipinent Rental Education Supplies Steiner School Fellowship Exainination Expenses Staff Travel and Training Increase in Bad Debt Provision Siipply Teachei's Grant expenditure Depreciation Loss on sale of assets 560,592 4,284 12,389 4,897 4,420 1,468 6,794 504,790 4,120 29,283 3,931 2,889 3,653 4,296 466 8,874 21,219 2,895 25,411 620,255 586,416 20 conliniied...
Holyivood Steiner School Limited Notes to the Financial Statements - continued for the Year Ended 31 August 2024 SUPPORT COSTS Information technology Management Finance Charitable Activitie5 Suppor¢ Costs 70,339 26,945 20,195 70,339 26,945 20,195 Human resources Govei'nance eosts Totals Charitable Activities Support Costs 7,035 124,514 753 753 753 7,035 125,267 NET INCOMEI(EXPENDITURE) Net incoine/(expenditure) is stated after ¢hargingl(crediting): 3118124 3118123 Depre¢ialion - owned assets Deficit on disposal of fixed assets 25,412 21,218 2,895 io. AUDITORS, REMUNERATION 3118124 3118123 Fees payable to the charity's auditors for the audit of the charity's financial slatements 5,035 3,140 ii. TRUSTEES, REMUNERATION AND BENEFITS There were no tru5tees' reniuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. Trustees, expenses There were no tru5tees' expenses paid for the year ended 31 Augusi 2024 nor for the year ended 31 August 2023. 21 continiied...
Holywood Steiner School Limited Notes to the Financial Statements - continued for the Year Ended 31 August 2024 12. STAFF COSTS 3118124 3118123 Wages and salai'ies Social security COSt5 Other pension costs 509,235 36,339 15,018 461,605 29,980 13,205 560,592 504,790 The avei'age inonlhly number of employees diiring the year was as follows.. 3118124 21 3118123 20 Teaching staff Non-teaching staff 27 28 No einployees received emoluments in excess of £60,000. Key manageinenl personnel include all persons that have authority and respoiisibility foi. planning, directing and controlling the activities of the chai'ity. The total consideration paid to key management pei'sonnel, including einployers national insurance conti'ibutions, for services provided to the Charity was £124,505. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds 13. Restricted rund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 8,771 8,771 Charitable aetivities Charitable Activities 628,240 10,696 638,936 Othei. trading activities Investment incoine 41,242 271 41,242 271 Total 678,524 10,696 689,220 EXPENDITURE ON Charitable activities Charitable Activities Support Costs 694,772 1,381 8,874 703,646 ,381 Total 696,153 8,874 705,027 NET INCOMEI(EXPENDITURE) (17,629) 1,822 (15,807) RECONCILIATION OF FUNDS Total funds brought foiward 125,625 250,167 375,792 22 continued.-.
Holywood Steiner School Limited Notes to the Financial Statements - continued for the Year Ended 31 August 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted funds fund Total funds TOTAL FUNDS CARRIED FORWARD 107.996 251,989 359,985 14. TANGIBLE FIXED ASSETS Improvements to property Freehold property Plant 2nd machinery COST At I September 2023 Additions 722,412 30,742 28,050 7,800 At 31 August 2024 722,412 58,792 7,800 DEPRECIATION At I September 2023 Charge for year 326,540 14,448 908 1,176 780 At 31 August 2024 340,988 2,084 780 NET BOOK VALUE At 31 August 2024 381,424 56,708 7,020 At 31 August 2023 395,872 29,834 Fixtures and rittings Computer equipment Totals COST At I Septeinber 2023 Additions 99,554 877 9,456 4,349 862,164 41,076 At 31 August 2024 100,431 13,805 903,240 DEPRECIATION At I Septeinber 2023 Charge for year 67,753 4,746 3,831 4,262 399,032 25,412 At 31 August 2024 72,499 8,093 424,444 NET BOOK VALUE At 31 August 2024 27,932 5,712 478,796 At 31 August 2023 31,801 5,625 463,132 23 continued...
Holyivood Steiner School Limited Notes to the Financial Statements - continued for the Year Ended 31 August 2024 14. TANGIBLE FIXED ASSETS- continued During the year, Holywood Steinei. School Limited received a donation of tangible fixed assets with a total fair value of £7,800. These assels have been capisalised in the financial stateinenls in accordance with the school's ac¢ounling policy on donated assets. The valuation of these assets was based on a coinbination of botli external valuations and inanagement estimates. Depreciation has been charged on these assets in a¢coi'dance with the scliool's fixed assets policy. FIXED ASSET INVESTMENTS 15. Unlisted investments MARKET VALUE At I Septeinber 2023 Moveinent in year 3,088 (753) At 31 August 2024 2,335 NET BOOK VALUE At 31 August 2024 2,335 At 31 August 2023 3,088 There were no investment assets outside the UK. 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3118124 3118123 Trade debtors Other debtors Provision for Doubtful Debts Prepayinents 15,021 6,388 (7,094) 3,822 35,042 979 2.727 18,137 38,748 24 continued...
Holywood Steiner School Limited Notes to the Financial Statements- Continued for the Year Ended 31 August 2024 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3118124 3118123 Other loans (see note 19) Trade creditors Social security and other taxes Other creditors Accruals and deferred income 14,165 21,032 7,260 104,416 11,946 5,165 19,923 6,859 108,236 10,149 158,819 150,332 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 3118124 3118123 Other loans (see note 19) 50,000 59,000 19. LOANS An analysis of the inaturity of loans is given below- 3118ll4 3118123 Ainounts falling due within one year on demand.. Other loans 14,165 5,165 Ainoiints falling between one and iwo years.. Othei. loans - 1-2 yeai's 50,000 59,000 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 3118124 Total funds 3118123 Total funds Unrestricted funds Restricted fund Fixed assets Investinents Current assets Cui'i'ent liabilities Long terin liabilities Pension liability 226,807 2,335 154,729 {158,819) (50,000) (73,907) 251,989 478,796 2,335 154,729 (158,819) (50,000) (73,907) 463,132 3,088 185,255 (150,332) (59,000) (82,158) 101,145 251,989 353,134 359,985 25 continued...
Holywood Steiner School Limited Notes to the Financial Statements - continued for the Yeai. Ended 31 August 2024 21. MOVEMENT IN FUNDS Net movement in funds Transfers betiveen funds At 3118124 At 119123 Unrestricted funds General fund Designated funds 198,406 (90,410) (38,354) 16,503 15,000 175,052 (73,907) 107,996 (21,851) 15,000 101,145 Restricted funds Restricted fund 251,989 Is,000 (15,000) 251,989 TOTAL FUNDS 359,985 (6,851) 353,134 Net inovement in nds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds Genei'al fund Designated fund5 723,671 (762,025) 16,503 (38,354) 16,503 723,671 (745,522) (21,851) Restricted funds Restricted fiind 15,000 15,000 TOTAL FUNDS 738,671 (745,522) (6,851) Comparatives for movement in funds Net movement in funds At 3118123 At 119122 Unrestricted funds General fund Designated funds 215,823 (90,198) (25,669) 8,040 190,154 (82,158) 125,625 (17,629) 107,996 Restricted funds Restricted fund 250,167 1,822 251,989 TOTAL FUNDS 375,792 (15,807) 359,985 26 continued...
Holyivood Steiner School Limited Notes to the Financial Statements - continued for the Year Ended 31 August 2024 21. MOVEMENT IN FUNDS- continued Coinparative net moveinent in funds, included in the above are as follows.. Incomiiig resources Resources expended Movement in funds Unrestricted funds General fund Designated funds 678,524 (704,193) 8,040 (25,669) 8,040 678,524 (696,153) (17,629) Restricted fund5 Restricted ftind 10,696 (8,874) 1,822 TOTAL FUNDS 689,220 (705,027) (15,807) A current year 12 inonths and prior year 12 Inonths coinbined position is as follows.. Net movement in funds Transfers bet)Yeen funds At 3118124 At 119122 Unrestricted fund5 General fund Designated funds 215,823 (90,198) (64,023) 24,543 15,000 166,800 (65,655) 125,625 (39.480) 15,000 101,145 Restricted funds Restricted fund 250,167 16,822 (15,000) 251,989 TOTAL FUNDS 375,792 (22,658) 353,134 A current year 12 Inonths and prior year 12 months coinbined net Inovem¢nt in nds, included in ihe above are as follows: Incoming resources Resourees expended Movement in funds Unrestrieted funds General fund Designated funds 1,402,195 (1,466,218) 24,543 (64,023) 24,543 1,402,195 (1,441,675) (39,480) Restricted funds Restricted fund 25,696 (8,874) 16,822 TOTAL FUNDS 1,427,891 (1,450,549) (22,658) 27 continlied...
Holywood Steiner School Limited Notes to the Financial Statements - coiitinued foi. the Year Ended 31 August 2024 22. EMPLOYEE BENEFIT OBLIGATIONS A full actuarial valuation was last carried out at 29 Deceniber 2021 and valued the pension liability at £134,000. An actuarial review was carried out as at 29 December 2023 and estiinated the School's pension liability at £86,000. At 31 August 2024 £73,907 is recognised as designated fiinds in respect of this liability The cost of providing benefits under defined benefit plans is determined separately and is based on actuarial calculations. The change in the net defined benefit liability arising froin employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailmenls are recognised as incuii'ed. Payinenls to defined contribution retireinent benefit schemes are charged as an expense as they fall due. 23. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 August 2024. 24. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 3118124 3118123 Net expenditure for the reporting period (as per the Statement of Finaneial Activities) Adjustmeiits foi.: Depreciation charges Loss on disposal of fixed assets Interest I'eceived (Gain) l Loss on Investment De¢reasel(increase) in debtors (Decrease)lincrease in creditors Difference between pension charge and cash contributions (6,851) (15,807) 25,411 21,219 2,895 {271) 1.380 (13,994) 42,776 {8,040) (754) 753 20,611 (511) (8,252) Net cash provided by operations 30,407 30,158 25. ANALYSIS OF CHANGES IN NET FUNDS At 119123 Cash flow At 3118124 Net cash Cash at bank and in hand 146,507 (9,915) 136,592 146,507 (9,915) 136,592 Debt Debts falling due within l year Debts falling due aftei. l year {5,165) (59,000) (9,000) 9,000 (14,165) (50,000) {64,165) (64,165} 28 continued...
Holywood Steiner School Limited Notes to the Financial Statements - continued for the Year Ended 31 August 2024 25. ANALYSIS OF CHANGES IN NET FUNDS- eontinued Total 82,342 (9,915) 72,427 29