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2025-07-31-accounts

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Company reference number: SC025744

EDINBURGH STEINER SCHOOL TRUST LIMITED KNOWN AS EDINBURGH STEINER SCHOOL (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS

For the Year Ended 31 July 2025

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EDINBURGH STEINER SCHOOL TRUST LIMITED

CONTENTS

Pages
Charity Information 1
Trustees’ Report 2 - 8
Independent Auditors’ Report 9- 12
Statement of Financial Activities 13
(Incorporating Income and Expenditure Account)
Balance Sheet 14
Cash Flow Statement 15
Notes to the Financial Statements 16 - 26

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EDINBURGH STEINER SCHOOL TRUST LIMITED

CHARITY INFORMATION

Trustees

Tobias Emonts-Holley (Chair) David Cumming Stephen Cumming Maria Machado Christian MacLean Iddo Oberski Layla Tree

Key Management Personnel Alistair Pugh – Education Manager Helen Newton – Operations Manager Nick Brett – Head of School

Bursar Lesley Chari

Registered Office 6 St Colme Street Edinburgh EH3 6AD

Principal Address 60 Spylaw Road Edinburgh EH10 5BR

Bankers

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Auditors

MHA 6 St Colme Street Edinburgh EH3 6AD

Company Registration Number : SC025744

Scottish Charity Number : SC002109

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EDINBURGH STEINER SCHOOL TRUST LIMITED

TRUSTEES’ REPORT For the Year Ended 31 July 2025

The trustees are pleased to present their annual trustees’ report together with the financial statements of the Trust for the year ending 31 July 2025.

The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, the Memorandum and Articles of Association, and 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).

OBJECTIVES AND ACTIVITIES

The charitable objectives of the Trust are set out as follows in the Articles of Association dated November 2014:

Activities

During 2024-2025 the Trust continued to run a school providing education from age 6 to age 18; a kindergarten preparing children age 3 and a half to 6 for school, a playgroup for pre-kindergarten age children, and baby and toddler groups. The Trust makes facilities available to the local community for lectures, seminars and similar activities.

Bursary and Family Support

The Trustees have long held that access to a Steiner education should not depend solely on the ability to pay. Hence the Trustees continue to make available funds from the previous financial year’s net fee income. Bursaries are means tested based on a family’s total household income and capital position.

In 2024–25, 28 bursaries were awarded, ranging from 11% to 60% of fees. At the beginning of the year the Trustees also set aside 1% of net fee income as a hardship fund, available to parents in the school experiencing temporary financial hardship which threatens the continuing education of their children. No monies were distributed from the hardship fund in session 2023-24.

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EDINBURGH STEINER SCHOOL TRUST LIMITED

TRUSTEES’ REPORT (Continued) For the Year Ended 31 July 2025

OBJECTIVES AND ACTIVITIES (Continued)

Volunteers

The PTA has continued to flourish and have successfully completed many events. The evening for new parents has been a welcome event, Spring Fare being the largest event held by the PTA. The volunteering continues to have a targeted approach. PTA now holds its own bank account. The Christmas Market account will be given to appropriate projects agreed by the PTA.

Pupils

The average pupil numbers were:

2024-25 2023-24
Parent & Child
Groups 16 19
Kindergarten 47 44
Lower School 112 136
Upper School 83 63
Visiting Students 7 8

The school continues to access the Scottish Government’s 1140 programme in early years. This has been successful as numbers in EY have grown substantially. The EY setting was rearranged and space made available for a new group called Treetops (K3, the oldest children in EY) Although pupil numbers for new class one age remain low, this cannot be attributed to 1140 hours programme because the kindergarten still had places to fill.

Exam results 2024-25

Year
Group		 Total
Pupils
in
Year		 Examination Number of
Candidates		 Total
Presentations
A B C D U
Class 12 13 Adv Highers 5 6 4 2
Highers 11 43 26 10 6 1
National 5 1 1 1
Class 11 16 Highers 7 7 7
National 5 14 50 32 4 5 4 5
Class 10 17 National 4 5 8 Pass
National 5 12 39 29 4 4 1 1

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EDINBURGH STEINER SCHOOL TRUST LIMITED

TRUSTEES’ REPORT (Continued) For the Year Ended 31 July 2025

OBJECTIVES AND ACTIVITIES (Continued)

In 2025 there was a full return to pre-pandemic assessment and marking for SQA courses.

Edinburgh Steiner School’s Higher exam results in 2025 were outstanding, with particularly strong performances in English, maths and art. The overall pass rate (A-C) for Edinburgh Steiner School (ESS) Higher results was 98%—among the highest of all time— and with no candidates failing any of their Highers. The proportion of Higher results graded ‘A’ rose again compared to last year, to 66%, and the combined percentage of ‘A’ and ‘B’ grade results totalled 86%. Over the long term, these results continue a gradual upward trend in exam performance for our pupils (especially in the top grades), taking the 5- year running mean pass rate for Higher—a combined average of the results for the current year plus the previous four years—over 92%, and within a percentage point of an all-time high. The overall national pass rate (A-C) was significantly lower (75.9%). Several ESS pupils received the coveted string of ‘straight As’.

The ESS pass rate (A-C) for National 5 (for exam courses which were sat mostly by pupils in Classes 10 and 11) was very good (85%), with the vast majority (74%) of ESS results at grades A or B. Well over half (62%) of all National 5 results in 2025 were at grade A (slightly higher than last year) and a large proportion of ESS pupils received ‘straight As’. The national pass rate (A-C) was 78.4%.

Advanced Higher results (Art & Design, Maths and French) were also excellent, with 86% of results graded ‘A’ or ‘B’. Of the 8 presentations for National 4, all candidates passed.

GCSE is offered in Art & Design only. The GCSE grade system changed from letters (A - G) to the new numerical system (9 - 1) in 2018: 9 is the highest. Grade 7 is broadly equivalent to an A, with 9 being above an A. The ‘pass’ grade - Grade 4 - is equivalent to a C on the former system or a C at National 5. In 2025, 100% of grades awarded to ESS candidates were Grade 5 or above. The UK average ‘pass’ rate was 67%.

Following the decision, In October 2024, to give the go ahead for the introduction of additional Advanced Higher courses, there has been uptake in several subjects within the timetable. The teaching of cohorts for Advanced Higher Maths began in 2025, to be followed by the introduction of English in 2026 (for certification in 2027) and Chemistry in 2027 (for certification in 2028).

FINANCIAL REVIEW

This year’s operating results saw a surplus of £149,122 (2024: deficit of £210,774).

The Trust ’s principle source of funding continues to be from fee income. The other main funding sources in the year include donations and legacies, grant funding, training courses and fundraising events.

Taking 2023/24 financial result into consideration and the deepening gap between income and expenditure, the Senior Management Team took the decision to make seven posts redundant during the period of summer 2024. The SMT became more established by recruiting an Education Manager as a defined role.

With the imposition of VAT on school fees, considerable effort was made to retain as many families as possible. A large donation was made to the school that provided financial support against this in the year.

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EDINBURGH STEINER SCHOOL TRUST LIMITED

TRUSTEES’ REPORT (Continued) For the Year Ended 31 July 2025

OBJECTIVES AND ACTIVITIES (Continued)

Reserves Policy

The total unrestricted reserves of the Trust at the year end were £1,968,434 (2024: £1,819,312) but after deducting the funds set aside by Trustees for specific purposes totalling £25,259 (2024: £33,156) and the tangible fixed assets of £1,462,737 (2024: £1,497,438) this leaves £480,438 (2024: £288,718) of unrestricted ‘free’ reserves.

Such reserves are required for working capital and to meet any unexpected variations in the income and expenditure operational budgets. It is the policy of the trustees to maintain free reserves at a level of £400,000, therefore the balance held at the year end is in advance of the target level. The Trustees aim to continue to rebuild reserves going forward largely through the strategic plans in place to grow pupil numbers.

FUTURE PLANS

The trustees have now progressed to Phase 3 of the Growing Spaces programme and have moved towards planning permission for a purpose-built early year building. This will free up the Coach House West to accommodate lower or upper school classes and thereby enable the school to achieve its goal of having 12 classrooms each capable of housing up to 25 pupils.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Edinburgh Steiner School Trust Limited is a company limited by guarantee, registered company number SC025744, governed by its Articles of Association which were reviewed and updated on 19 May 2015. It is a registered charity with the Scottish Charity Regulator, charity number SC002109.

Governing Body

The Trustees who served throughout the year and up to the date of this report were:

Tobias Emonts-Holley (Chair) Mark Beever (appointed 2 September 2024 and resigned 3 March 2025) Keir Bloomer (resigned 1 April 2026) David Cumming (appointed 6 September 2024) Stephen Cumming (appointed 1 April 2026) Maria Machado (appointed 2 September 2024) Christian MacLean (appointed 2 September 2024) Thomas Moore (resigned 2 September 2024) Iddo Oberski (appointed 2 September 2024) Layla Tree (appointed 2 September 2024)

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EDINBURGH STEINER SCHOOL TRUST LIMITED

TRUSTEES’ REPORT (Continued) For the Year Ended 31 July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Appointment of Trustees

Trustees are elected by majority by the Membership of the Trust at the Trust’s Annual General Meeting. The Board of Trustees may at any time co-opt any person duly qualified to be appointed as a Trustee to fill a vacancy in their number or as an additional charity trustee. The charity trustees, when complete, consist of at least three and not more than nine individuals. At each AGM a third of the charity trustees must resign but may stand for re-election.

Trustees Training

New Trustees are inducted into the workings of the Trust in a series of meetings with the Chairperson and through an induction guide recently introduced by the school. Trustees are encouraged to attend training events and seminars organised by the Scottish Council of Independent Schools and Waldorf UK (formerly Steiner Waldorf Schools Felllowship) who also run networking events for trustees from across Steiner schools in the UK.

Organisational Structure and Decision Making

The Trustees determine broad policy direction for the school, kindergarten and early year’s provision particularly in regard to legal and financial requirements of the school. Management of delivery of the education is delegated to the College of Teachers, who in turn delegate day-to-day management to the Management Group. The Trustees meet monthly during term time and the College of Teachers meets weekly.

Related Parties

None of the Trustees receive remuneration or other benefit from their role as a Trustee with the Trust. Any contractual relationship must be disclosed and notes of interest are retained in written form.

Some Trustees have children attending the school or kindergarten. Generally this does not affect their capability to make independent and fair decisions but, if there is a specific situation where there may be a conflict of interests, the affected Trustee will not take part in the discussion and decision making. Details of related party transactions are shown under note 18 to the financial statements.

Risks and mitigations

The current risk register is:

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EDINBURGH STEINER SCHOOL TRUST LIMITED

TRUSTEES’ REPORT (Continued) For the Year Ended 31 July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

● Teacher training

The risk register is reviewed regularly by the trustees.

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EDINBURGH STEINER SCHOOL TRUST LIMITED

TRUSTEES’ REPORT (Continued) For the Year Ended 31 July 2025

AUDITOR

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of Edinburgh Steiner School Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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:

Approved by the trustees at its meeting on 29 April 2026 and signed on their behalf by:

T Emonts-Holley Chairman

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EDINBURGH STEINER SCHOOL TRUST LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF EDINBURGH STEINER SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Edinburgh Steiner School Trust Limited for the Year Ended 31 July 2025 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their presentation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor’s 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 Governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

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EDINBURGH STEINER SCHOOL TRUST LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF EDINBURGH STEINER SCHOOL TRUST LIMITED (CONTINUED)

Other information (continued)

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:

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 directors’ report included within trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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.

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EDINBURGH STEINER SCHOOL TRUST LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF EDINBURGH STEINER SCHOOL TRUST LIMITED (CONTINUED)

Responsibilities of trustees (continued)

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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

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 involves intentional concealment, forgery, collusion, omission or misrepresentation.

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EDINBURGH STEINER SCHOOL TRUST LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF EDINBURGH STEINER SCHOOL TRUST LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 and to the charitable company’s trustees, as a body, in accordance with section 44 (1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s 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 company, the company’s members as a body, and its trustees as a body for our audit work, for this report, or for the opinions we have formed.

Iain Binnie, CA (Senior Statutory Auditor) For and on behalf of MHA

29 April 2026

Statutory Auditor 6 St Colme Street Edinburgh EH3 6AD

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) and is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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EDINBURGH STEINER SCHOOL TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account) For the Year Ended 31 July 2025

Notes
Income from:
Donations and legacies
3
Charitable activities
4
Trading activities
5
Investments
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net surplus/(deficit)
Total funds brought forward
19/20
Total funds carried forward
19/20		 Total Funds
2025
£
357,033
2,227,992
19,250
6,082
2,610,357
(2,461,235)
(2,461,235)
149,122
1,819,312
1,968,434		 Total Funds
2024
£
35,586
2,482,173
28,154
8,369
2,554,282
(2,765,056)
(2,765,056)
(210,774)
2,030,086
1,819,312

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EDINBURGH STEINER SCHOOL TRUST LIMITED

BALANCE SHEET As at 31 July 2025

Notes
Fixed assets
Tangible fixed assets
10
Current assets
Debtors
11
Investments – cash deposits
12
Cash at bank and in hand
Creditors:amounts falling due within one year
13
Net current assets
Total assets less liabilities
Creditors:amounts falling due over one year
14
Net assets
The funds of the charity:
Unrestricted funds
19/20		 141,371
100,973
547,804
(284,451)		 2025
£
1,462,737
790,148
505,697
1,968,434
-
1,968,434
1,968,434		 2024
£
1,497,438
122,856
216,192
120,520
459,568
(127,694)
331,874
1,829,312
(10,000)
1,819,312
1,819,312

The financial statements are prepared in accordance with the special provisions available to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the Trust on 29 April 2026 and are signed on their behalf by:

T Emonts-Holley Chairman

Company Registration Number: SC025744

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EDINBURGH STEINER SCHOOL TRUST LIMITED

RECONCILLIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

STATEMENT OF CASH FLOWS
For the Year Ended 31 July 2025
Notes
Net income/(expenditure) for the year (as per the
SOFA)
Adjustments for:
Depreciation
Dividends and interest from investments
Decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash generated from/(used by) operating
activities
Cash flows from operating activities:
Net cash generated from/(used by) operating activities
Cash flows from investing activities:
Payments to acquire fixed assets
Dividends and interest from investments
Net cash flow used by investing activities
Cash flows from financing activities:
Repayment of borrowings
Net cash flow used by financing activities
Change in cash and cash equivalents in the year
21
Cash and cash equivalents at the beginning of the year 21
Cash and cash equivalents at the end of the year
21
Being:
Cash in hand and in bank
Investments – cash deposits		 2025
£
149,122
34,701
(6,082)
-
(18,515)
146,757
305,983
2025
£

305,983
-
6,082
6,082
-
-
312,065
336,712
648,777
547,804
100,973
648,777		 2024
£
(210,774)
32,599
(8,369)
4,301
49,303
(7,400)
(140,340)
2024
£
(140,340)
(10,092)
8,369
(1,723)
(20,000)
(20,000)
(162,063)
498,775
336,712
120,520
216,192
336,712


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EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2025

1 Accounting Policies

A summary of principal accounting policies, all of which have been applied consistently throughout the year and the preceding year is set out below.

Company status

Edinburgh Steiner School Trust Limited is a charitable company limited by guarantee, incorporated in Scotland. The address of the registered office is given in the charity information on page 1 of these financial statements.

Basis of preparation

The financial statements are prepared under the historic cost convention, as modified by the inclusion of fixed asset investments at fair value, and are in accordance with the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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 (FRS102) issued in October 2019, the Financial Reporting Standards applicable in the UK and Republish of Ireland (FRS 102).

The financial statements have been prepared on a going concern basis as the Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements and take the view that the budgeted income and expenditure is sufficient with the level of reserves for the charitable company to be able to continue as a going concern.

Edinburgh Steiner School Trust Limited meets the definition of a public benefit entity under FRS102.

Income recognition

Income is recognised when the charitable company has entitlement to the funds, when it is probable that the income will be received and the amount can be measured reliably.

Income, including donations, gifts and legacies are recognised in the period in which they are receivable, which is when the charitable company becomes entitled to the resource. Such income is only deferred when:

Income from charitable activities, which includes income from school fees and use of the premises, is recognised in the period in which the service is provided and the charitable company is therefore entitled to the income, receipt is probable and the income can be reliably measured. School fees receivable are stated after deducting allowances.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company, which is normally upon notification of the interest paid or payable by the bank.

16

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2025

1 Accounting Policies (continued)

Expenditure recognition

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and includes any irrecoverable VAT.

Raising funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities include expenditure associated with the running of the school. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs comprise the costs of running the charitable company, including strategic planning for its future development, also including external audit, any legal advice for the school Trustees and all costs of complying with constitutional and statutory requirements, such as the costs of Trustees and Committee meetings and of preparing statutory accounts and satisfying public accountability.

The allocation of expenses between costs of activities in furtherance of the charitable objectives, costs of generating funds and resources expended on management and administration is based on the nature of the expenditure involved.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. All assets costing more than £1,000 are capitalised. Depreciation is calculated at the following rates so as to write off the assets over their estimated useful lives.

Heritable property 1% to 2% on straight line Equipment and fittings 25% on straight line Computer equipment 25% on straight line

Current asset Investments

Current asset investments are made up of long term deposit accounts, with funds held for future investment. Balances are recognised at the values per the year end deposit account statements.

Debtors

Trade debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

17

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 July 2025

1 Accounting Policies (continued)

Creditors

Creditors are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charitable company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments other than investments are initially recognised at transaction value and subsequently measured at their settlement value.

Pension scheme

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the SOFA in the period to which they relate.

Fund accounting

Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the charitable company. Where designated, these are unrestricted funds set aside by the directors for specific future purposes or projects. Restricted funds are funds subject to specific restrictive conditions imposed by the donors.

Operating leases

Leasing charges in respect of operating leases are recognised in the SOFA over the lives of the lease agreements as incurred.

2 Net income/(expenditure) for the year 2025 2024
£ £
This is stated after charging:
Depreciation 34,701 32,599
Auditors’ remuneration (excluding VAT) 12,600 11,915
Operating leases 49,054 32,249

18

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 July 2025

3 Donations and legacies 2025 2024
£ £
Donations received 357,033 35,586

Donations and legacies income in both this year and 2024 relate wholly to unrestricted funds.

4
Charitable activities
Gross school fees
Other fees
Less: Discounts
School meal grant funding		 2025
£
2,376,306
58,892
(257,580)
2,177,618
50,374
2,227,992		 2024
£
2,599,756
72,558
(259,456)
2,412,858
69,315
2,482,173

Charitable activities income in both this year and 2024 relate wholly to unrestricted funds.

5
Trading activities
Christmas market
Rents received
Training courses		 2025
£
13,154
1,692
4,404
19,250		 2024
£
25,894
2,260
-
28,154

Trading activities income in both this year and 2024 relate wholly to unrestricted funds.

6 Investment income 2025 2024
£ £
Bank interest 6,082 8,369

Investment income in both this year and 2024 relates wholly to unrestricted funds.

19

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 July 2025

7
Expenditure
Costs directly related to activities
Salaries
Books and materials
Exam fees
Costs of meals
Depreciation
Printing and stationery
Telephone and postages
Travelling expenses
Bad debts
Bursaries awarded
Professional and consultancy fees
Christmas market
Support costs (see below)
Governance costs (see below)
Support costs allocated to activities
Premises
Steiner Fellowship subscription
Advertising
Conferences and course expenses
Miscellaneous expenses
Subscriptions
Bank charges and loan interest
Governance costs
Audit and accounting fees
Salaries		 2025
Total
£
1,902,268
44,932
10,317
29,841
34,701
87,111
18,997
1,276
40,804
42,371
9,922
13,545
207,707
17,443
2,461,235
137,402
24,110
24,333
3,278
7,963
9,134
1,487
207,707
12,572
4,871
17,443		 2024
Total
£
2,125,895
62,010
9,471
33,922
32,599
26,455
27,150
1,750
20,125
99,860
33,127
25,166
248,359
19,167
2,765,056
207,089
21,360
1,848
7,649
1,986
6,038
2,389
248,359
14,296
4,871
19,167

All expenditure in both this year and 2024 related wholly to unrestricted funds.

20

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 July 2025

8
Employee information
Staff costs comprise:
Wages and salaries
Social security costs
Pension costs		 2025
£
2024
£
1,614,757
1,801,682
156,104
153,276
136,278
175,808
1,907,139
2,130,766

No employee received emoluments of more than £60,000 in either the current or prior year.

Included in the above staff costs are termination and redundancy payments amounting to £13,146 (2024: £8,184).

The total amount of employee benefits received by key management personnel is £157,730 (2024: £179,209). Key management is made up of 3 members (2024: 4 members) of the management team.

No trustee received any remuneration for his/her services as a trustee. No trustee received any reimbursement of travel expenses to attend meetings (2024: £Nil).

The average monthly number of persons employed, including part time staff, was:

2025 2024
74 81

9 Taxation

As a charity, Edinburgh Steiner School Trust Limited is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the charitable company.

10 Tangible fixed assets

Cost
As at 1 August 2024
Additions
As at 31 July 2025
Depreciation
As at 1 August 2024
Charge for year
As at 31 July 2025
Net Book Value at 31 July 2025
Net Book Value at 31 July 2024		 Heritable
Property
£
1,866,414
-
1,866,414
378,647
32,178
410,825
1,455,589
1,487,767		 Furniture
and
Equipment
£
137,717
-
137,717
128,046
2,523
130,569
7,148
9,671		 Total
£
2,004,131
-
2,004,131
506,693
34,701
541,394
1,462,737
1,497,438

22

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 July 2025

11
Debtors
Fees and outlays outstanding
Other debtors and prepayments
12
Current asset investments
Cash balances
13
Creditors: amounts falling due within one year
Trade creditors
Tax and social security costs
Accruals
Anthroposophy in Edinburgh loan (see below)
Other creditors
14
Creditors: amounts falling due after more than one year
Anthroposophy in Edinburgh loan		 2025
£
125,482
15,889
141,371
2025
£
100,973
2025
£
3,683
173,986
19,642
20,000
67,140
284,451
2025
£
-		 2024
£
92,184
30,672
122,856
2024
£
216,192
2024
£
6,612
37,691
19,590
10,000
53,801
127,694
2024
£
10,000

The loan is for a 5 year term at a rate of interest of the greater of 1% per annum or 0.5% above the Bank of England base rate. Interest is calculated yearly not in advance. Repayment of capital commences on 5 February 2022 and is repayable over 5 equal annual instalments.

23

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 July 2025

15 Financial commitments

At 31 July 2025 the company was committed to making the following payments under noncancellable operating leases:

Equipment operating leases which expire:
Within one year
Between two and five years		 2025
£
28,020
91,620
119,640		 2024
£
49,366
19,758
69,124

16 Pension commitments

The charitable company operated two defined contribution pension schemes on behalf of its employees in the year. Employer contributions of £101,871 (2024: £115,134) have been made during the year. At 31 July 2025 contributions amounting to £8,636 (net of AVCs) (2024: £9,458) are payable and are included in creditors.

17 Legacy of the Late K M A Kiniger

Following the death of Karla Kiniger during 2014, the School was bequeathed the dwelling house at 88/5 Polwarth Gardens, Edinburgh but with the liferent use to a named third party. With the continuing liferent use, the School does not have unencumbered title to the property and therefore its value is not reflected in the Balance Sheet of the School. The property was valued at circa £375,000 in September 2024 by Cullertons Ltd.

18 Related party transactions

The following related party transactions occurred during the year:

Donations were received of £80,350 from 4 Trustees or members of key management in the year. (2024: 4 trustees or members of key management contributed £460 towards to the new build project).

In the year £Nil (2024: £20,000) was paid to Anthroposophy in Edinburgh, of which Iddo Oberski is a Trustee, in the form of loan repayments. There is an outstanding loan balance of £20,000 (2024: £20,000) due to Anthroposophy in Edinburgh at the year end.

1 member of key management is a Director of Steiner Waldorf Schools Fellowship Limited which received subscriptions from the school in the year of £23,887 (2024: £21,460).

24

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 July 2025

19 Unrestricted Funds

2024/25
Capital donated by Members
General fund
Christmas market fund
Improvement fund
Growing spaces - new build
fund
2023/24
Capital donated by Members
General fund
Christmas market fund
Improvement fund
Growing spaces - new build
fund		 Opening
Balance at
1 August
2024
£
39
1,786,117
22,406
5,837
4,913
1,819,312
Opening
Balance at
1 August
2023
£
39
2,000,170
25,281
1,466
3,130
2,030,086		 Income
£
-
2,595,671
13,197
7
1,482
2,610,357
Income
£
-
2,516,920
25,946
4,600
6,816
2,554,282		 Expenditure
£
-
(2,447,542)
(13,619)
(74)
-
(2,461,235)
Expenditure
£
-
(2,734,629)
(25,320)
(74)
(5,033)
(2,765,056)		 Transfer
£
-
8,890
(4,577)
(4,313)
-
-
Transfer
£
-
3,656
(3,501)
(155)
-
-		 Closing
Balance at
31 July
2025
£
39
1,943,136
17,407
1,457
6,395
1,968,434
Closing
Balance at
31 July
2024
£
39
1,786,117
22,406
5,837
4,913
1,819,312

“General fund”

This fund represents unrestricted general funds available for use at the discretion of the Trustees.

“Christmas market fund”

This is a fundraising project, organised by some of the parents to raise funds through a Christmas Market and monies raised are used to support school activities and projects.

“Improvement fund”

It is intended that these funds will be used to make ongoing improvements to the school.

“Growing spaces - new build fund”

During 2018 amounts were disinvested for the purpose of funding a new build project at the school. These funds have been used for spending on Heritable Property additions which are transferred back to general reserves at the year end on the basis that these elements of the build have been completed at the year end. In 24/25 there were no capital additions however the growing spaces project will continue in 2025/26 and beyond.

25

Docusign Envelope ID: 8B62E59E-4B89-8FAB-8057-2A3A082E647BDocusign Envelope ID: D4ED6951-3187-8445-806E-C341FB60DDCB

EDINBURGH STEINER SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 July 2025

20Analysis of net assets between funds
2024/25
Unrestricted funds
Capital donated by members
General fund
Christmas market fund
Improvement fund
Growing spaces – new build fund
Net Assets at 31 July 2025
2023/24
Unrestricted funds
Capital donated by members
General fund
Christmas market fund
Improvement fund
Growing spaces – new build fund
Net Assets at 31 July 2024
Cash at bank and in hand
Investments – cash deposits
21
Analysis of changes in net funds		 Tangible
Fixed Assets
£
-
1,462,737
-
-
-
1,462,737
Tangible
Fixed Assets
£
-
1,497,438
-
-
-
1,497,438		 Net Current
Assets
£
39
480,399
17,407
1,457
6,395
505,697
Net Current
Assets
£
39
298,679
22,406
5,837
4,913
331,874
At 1 August
2024
£
120,520
216,192
336,712		 Creditors
due > 1 year
£
-
-
-
-
-
-
Creditors
due > 1 year
£
-
(10,000)
-
-
-
(10,000)
Cashflow
£
427,284
(115,219)
312,065		 Total
£
39
1,943,136
17,407
1,457
6,395
1,968,434
Total
£
39
1,786,117
22,406
5,837
4,913
1,819,312
At 31 July
2025
547,804
100,973
648,777

26