Charity Registration No. 311027
Company Registration No. 00395056 (England and Wales)
RSSKL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
One Bell Lane
Lewes
East Sussex
BN7 1JU
RSSKL LTD
CONTENTS
Page
Company information
1
Council Members' report
2 - 6
Statement of Council Members' responsibilities
7
Independent auditor's report
8 - 11
Statement of financial activities
12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
RSSKL LTD
COMPANY INFORMATION
- 1 -
Council Members
S Cook
S Henderson
A Marcuson
Charity number
311027
Company number
00395056
Registered office
Langley Hill
Kings Langley
Hertfordshire
WD4 9HG
Auditor
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
RSSKL LTD
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

The Council Members present their annual report and financial statements for the year ended 31 July 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 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)” (effective 1 January 2019).

 

Definition: “the Council of Trustees”, “Council Members”, “Trustees” or “trustees” when used in this report should be considered in the same context.

Objectives and activities

The charitable objectives of RSSKL as stated in its Memorandum of Association are:

 

To establish and carry on at Kings Langley a school where pupils, scholars and students may obtain on moderate terms a sound general education upon the principals inaugurated by Rudolf Steiner.

 

In pursuance of RSSKL's charitable objects, the Trustees remain committed to facilitating, in collaboration with Waldorf UK (formerly the Steiner Waldorf Schools Fellowship "SWSF") and the international Steiner Waldorf movement, the establishment at the earliest opportunity of a Steiner Waldorf school on the RSSKL site by a suitable operator.

 

The Trustees' vision and strategy for achieving this has been communicated to the RSSKL Association previously and is being implemented.

 

Charity Commission

 

The Trustees have been in regular dialogue with the Charity Commission to keep them updated on all aspects of the Charity's activities.

Changes in Management and Staffing

 

The following members of the Council of Trustees were active Council Members on 31 July 2023 and are still active today:

 

Robert Monk is employed by RSSKL as site manager. He works full time and lives on site.

 

Legal advice to the Charity has been provided by Russell Cooke LLP since the beginning of 2021. The Charity also obtains occasional legal, property, strategic and financial advice from experienced volunteers with relevant backgrounds.

 

RSSKL LTD
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Achievements and performance

 

Financial stability

A detailed strategic and financial plan was developed by the Trustees with suitable financial input in early 2021, which concluded that RSSKL's historic liabilities can be settled if properties owned by the Charity which are not critical to realising its objects are sold off. This mainly refers to residential units that have been occupied by teaching staff in the past in the Grade II* listed Old Priory complex (including the Old Priory itself) and Coombe House (formerly known as The Cottage).

Upon the sale of Coombe House at auction in November 2023, the Charity was able to pay back the 360,000 bridging facility provided by the German Freunde der Erziehungskunst in January 2024, which was secured against one of the residential properties. The Charity has no other indebtedness at present, though there remains the Charity’s long-term liability from its Mercury Provident Pension Scheme deficit (see page 5).

The Trustees have continued to generate alternative sources of income from the RSSKL site, mainly from short-term rental contracts with film production companies. This provides income to help cover some of the operating expenses of the site, while the sale of The Priory to a property developer is being finalised. The Trustees have applied for temporary change of use in connection with these activities. The application was refused, and the Charity is in the process of appealing the Council's decision. If the appeal is unsuccessful this could affect the extent of rental activity which the Charity is able to perform from the site.

With effect from April 2025, private schools in England with charitable status will lose their eligibility for business rates charitable relief, subject to legislation. This is likely to increase the Charity's exposure to business rates going forward.

 

RSSKL LTD
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

Activities in pursuance of RSSKL's charitable objects

 

The Charity has continued to be in close dialogue with Waldorf UK to develop strategic plans for how the RSSKL site with its remaining assets, once the Charity's pension deficit has been satisfied (see page 5), can provide a basis for a new Steiner Waldorf school to be established by a suitable operator, in line with the Charity's objects. Waldorf UK has set up a new Land Trust to hold and steward the Charity's land assets in future, and is in the process of identifying suitable Trustees for it.

The Charity also continues to offer its properties for use by the Steiner community and for local community activities that could assist a new Steiner Waldorf school being successfully established in the future. The Kings Langley Biodynamic Allotments group (which utilises and popularises Rudolf Steiner's methodology of biodynamic agriculture) remains a very active voluntary setting on the site. In addition, there were numerous local groups and activities linked to, or supportive of, the Steiner community which continued to operate on the site, including:

• Anthroposophical study group

• A third Advent Fair for the RSSKL community organised by the St Albans Steiner Kindergarten

• Steiner/Waldorf Parent and Child group

• Seasonal apple picking with the community

• Pressing apples to make juice for the local community, raising funds for the Parent and Child group

• Biodynamic allotments with seasonal community activities

• Lumina Choir rehearsals

• Cricket practice sessions

• Football classes

• Boot camp sessions

• Kings Langley Community choir practice

 

RSSKL LTD
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -

Property Sales and Use of Funds

The Trustees have continued to work with local planners and Historic England regarding the proposed sale of ancillary properties. The relevant surveys and reports necessary before bringing the residential units to the market were all completed (including section 119 Charities Act reports by chartered surveyors Rumball Sedgwick).

The sale of The Priory and associated buildings within its curtilage (Priory complex) is progressing. The Trustees have continued working with a reputable property developer and his company, District and Circle Ltd, towards exchange of contracts, based on agreed Heads of Terms. In parallel, the Trustees have come to an agreement with the Christian Community regarding the access road and the neighbouring parcel of land. This is taking longer than expected given the complexity of the transaction, although the Trustees are confident to exchange contracts in the weeks to come and complete the sale by April 2025.

Coombe House was initially marketed by Proffitt & Holt and then by Castles from 28 December 2022 until September 2023, at which time an independent property expert was appointed to support RSSKL in going to auction. Coombe House was sold in November 2023 at auction for £489,000. Rumball Sedgwick provided an addendum report to confirm that progressing with the sale at this reduced sale price was in the interest of the Charity.

As a result of the sale of Coombe House, the Trustees were able to pay back the loan to the Freunde der Erziehungskunst and carry out the segregation of the Charity's pension liabilities from the Mercury Provident Pension Fund scheme in a first step towards paying off the entire pension deficit, once The Priory complex sale completes.

Mercury Provident Pension Fund

The RSSKL school's historic pension fund, like many other defined benefit schemes in the UK, is running at a deficit. The deficit is the result of a combination of factors, including contributions being underpaid in past years, the costs of running the fund being capitalised, the Charity being part of a group scheme (which means that if any company in the group defaults, other scheme employers have to pick up the deficit) and scheme participants living longer with investment returns not covering the forecast requirements.

The Charity entered into an agreement with the Pension Trustee in 2009 to make monthly catch-up payments towards eliminating this deficit, and has done so since. Monthly contributions to the scheme are currently payable at approximately £10,000. These catch-up payments are reviewed every two years and adjusted accordingly.

In December 2023, after the sale of Coombe House, the Trustees entered into an agreement with MPPS to segregate RSSKL from the Main Section of the MPPS. As a result, RSSKL is not any longer liable for pension obligations of other employers in case they go into administration.

In its initial valuation report, released in August 2024, the actuary of MPPS estimated the shortfall of the RSSKL section of the Scheme at around £1,160k for December 2023 on a statutory (SFO) basis. With a funding level of the RSSKL section at 51%, the current shortfall remains very sensitive to the discount rate and hence, to the development of UK gilts, among many other factors.

It is the intention of the Trustees to cover the deficit of the segregated section in full once the Priory Complex has been sold and sell the RSSKL section for run off to a third party as soon as practicable thereafter. The MPPS actuary estimated the shortfall on a buy-out solvency basis for December 2023 at around £927k. The Trustees are working closely with the Trustees of the MPPS on this matters.

RSSKL LTD
COUNCIL MEMBERS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
Financial review

 

Statement of Financial Activities

 

The proceeds of the sale of Coombe House have been applied by the Trustees to:

i) pay back the loan to the Freunde der Erziehungskunst in January 2024. The Trustees would like to thank in particular the Executive Director of Freunde der Erziehungskunst, Nana Goebel.

ii) carry out the segregation of the Charity’s pension liabilities from the Main Section of the MPPS in a first step towards paying off the entire pension deficit, once the sale of The Priory complex completes (see page 5).

Structure, governance and management

The Charity is constituted as a company limited by guarantee. It is governed by a Memorandum and Articles of Association.

 

The company's Articles of Association require that an AGM be held once a year. The Association’s AGM for the period ended 31 July 2024 was a hybrid one, held in the Theatre at the former school and online on 8th July 2024. It was attended by 17 members. The association had 82 members as of 31 July 2024.

Council Members:

S Cook
S Henderson
A Marcuson
Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

So far as the trustees are aware, there is no relevant audit information of which the charity's auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity's auditors are aware of that information.

The Council Members' report was approved by the Board of Council Members.

S Cook
S Henderson
A Marcuson
Council Member
Council Member
Council Member
25 April 2025
RSSKL LTD
STATEMENT OF COUNCIL MEMBERS' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 JULY 2024
- 7 -

The Council Members, who are also the directors of RSSKL Ltd for the purpose of company law, are responsible for preparing the Council Members' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company law requires the Council Members to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these accounts, the Council Members are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

 

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

 

The Council Members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RSSKL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RSSKL LTD
- 8 -

Opinion

We have audited the financial statements of RSSKL Ltd (the ‘charity’) for the year ended 31 July 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation 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:

-

give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements which describes the current uncertainty surrounding the issues facing the School in the current climate. As stated in note 1.2, these events indicate that a material uncertainty exists that may cast significant doubt on the charity's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the Council Members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Our responsibilities and the responsibilities of the Council Members with respect to going concern are described in the relevant sections of this report.

RSSKL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RSSKL LTD
- 9 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Council Members are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

-

the information given in the Council Members' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the Council Members' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Council Members' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the Council Members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Council Members' report and from the requirement to prepare a strategic report.

Responsibilities of Council Members

As explained more fully in the statement of Council Members' responsibilities, the Council Members, who are also the directors of the charity for the purpose 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 Council Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Council Members are responsible for assessing the charity’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 Council Members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

RSSKL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RSSKL LTD
- 10 -
Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:

 

 

RSSKL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RSSKL LTD
- 11 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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. 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 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Martin FCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor
Office: Lewes
25 April 2025
RSSKL LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
1,500
-
1,500
2,703
-
2,703
Investments
4
600,307
-
600,307
394,815
-
394,815
Total income
601,807
-
601,807
397,518
-
397,518
Expenditure on:
Charitable activities
5
437,620
-
437,620
499,153
-
499,153
Other expenditure
10
46,417
-
46,417
3,740
-
3,740
Total expenditure
484,037
-
484,037
502,893
-
502,893
Net gains/(losses) on investments
11
(39,043)
-
(39,043)
(395,000)
-
(395,000)
Net income/(expenditure)
78,727
-
78,727
(500,375)
-
(500,375)
Other recognised gains and losses:
Actuarial gains on defined benefit pension schemes
32,536
-
32,536
384,000
-
384,000
Net movement in funds
7
111,263
-
111,263
(116,375)
-
(116,375)
Reconciliation of funds:
Fund balances at 1 August 2023
1,242,522
98,270
1,340,792
1,358,897
98,270
1,457,167
Fund balances at 31 July 2024
1,353,785
98,270
1,452,055
1,242,522
98,270
1,340,792

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

RSSKL LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
966,437
1,021,558
Investment property
14
1,530,000
2,035,000
Investments
15
3,619
6,654
2,500,056
3,063,212
Current assets
Debtors
16
9,479
31,259
Cash at bank and in hand
156,291
66,445
165,770
97,704
Creditors: amounts falling due within one year
18
53,771
563,124
Net current assets/(liabilities)
111,999
(465,420)
Total assets less current liabilities
2,612,055
2,597,792
Provisions for liabilities
(1,160,000)
(1,257,000)
Net assets
1,452,055
1,340,792
The funds of the charity
Restricted income funds
21
98,270
98,270
Unrestricted funds
1,353,785
1,242,522
1,452,055
1,340,792

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Council Members on 25 April 2025
S Cook
S Henderson
A Marcuson
Trustee
Trustee
Trustee
Company registration number 00395056 (England and Wales)
RSSKL LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(745,294)
(405,525)
Investing activities
Purchase of tangible fixed assets
(525)
-
Proceeds from disposal of investment property
468,992
-
Investment income received
600,307
394,815
Net cash generated from investing activities
1,068,774
394,815
Financing activities
Repayment of borrowings
(233,634)
25,762
Net cash (used in)/generated from financing activities
(233,634)
25,762
Net increase in cash and cash equivalents
89,846
15,052
Cash and cash equivalents at beginning of year
66,445
51,393
Cash and cash equivalents at end of year
156,291
66,445
RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
1
Accounting policies
Charity information

RSSKL Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Langley Hill, Kings Langley, Hertfordshire, WD4 9HG.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The Council Members have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, however, the Council Members are aware of certain material uncertainties which may cast doubt on the charity's ability to continue as a going concern.

 

The Council Members' report discusses the pressures that the charity has been under over the past few years and states their strategy for the future. The members’ are preparing for the sale of certain ancillary residential properties owned by the charity to gather sufficient funds to enable it to meet its current liabilities and achieve an orderly settlement of all outstanding liabilities, including, amounts due on exit from the pension scheme. On completion of the sale of those assets, the educational assets of the charity including any remaining funds, restricted for educational purposes, and any amounts owed to it, will be transferred to a successor charity in order to enable the school to operate as intended. Once the transfer is complete, the intention of the members' is to voluntarily wind up the charity on a solvent basis.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Council Members in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Fundraising income is shown gross with the associated costs included in costs of fundraising.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including allocated governance costs.

 

Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

 

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on estimated usage as a proportion of directly attributable expenditure.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Items of a capital nature with a useful economic life in excess if 12 months and costing over £500 are capitalised.

 

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property
1% & 4% per annum on cost
Furniture & fittings
10% per annum on the reducing balance
Equipment & computer
10% & 25% per annum on the reducing balance
Motor vehicles
25% on the reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The charity belongs to the Mercury Provident Pension Scheme which is a defined benefit scheme. This is a collective scheme for a number of employers.

 

The pension costs charged in the financial statements represent the contributions payable by the charity during the year. The Mercury Provident Pension Scheme is now closed and with effect from 1 January 2009 existing members at that date were given the opportunity to transfer to a defined contribution scheme administered by The Pension Trust Company.

 

It is not possible to identify the charity's share of the net assets and liabilities of the defined benefit pension scheme. The provision of the liability is recognised on the basis of the estimate of the debt due at that time provided by the scheme's actuary, with the net movement on the provision recognised in income/(expenditure) for the year.

1.13

Value added tax

VAT is not recoverable by the charity and as such is included in the relevant costs in the Statement of Financial Activities.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Council Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Depreciation

The charity exercises judgement to determine useful lives and residual values of intangibles, property, plant and equipment and investment property. The assets are depreciated down to their residual values over their estimated useful lives.

RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Critical accounting estimates and judgements
(Continued)
- 19 -
Bad debt provision

The charity reviews each individual debt at the year end and forms a judgement as to the likelihood of recovery at that date. Where, in the opinion of the charity, there is sufficient uncertainty as to recovery an appropriate provision is made against the debt.

Pension liability valuation

The charity reviews at each reporting date the estimate of debt due on ceasing participation with the multi-employer defined benefit pension scheme. The scheme actuary provides to management an estimate of the Section 75 debt that would be payable on ceasing participation, without segregating. This estimate reflects the current membership of the scheme and the market conditions at the time of valuation.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
1,500
2,703
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
599,690
394,619
Interest receivable
617
196
600,307
394,815
RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
5
Charitable activities
Education costs
Property costs
Administration costs
Total
2024
Education costs
Property costs
Administration costs
Total
2023
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
£
£
Staff costs
110,008
-
-
110,008
124,950
-
-
124,950
Depreciation and impairment
55,646
-
-
55,646
29,387
-
-
29,387

Classroom accounts, trips and plays

61,962
-
-
61,962
86,874
-
-
86,874

Rent and rates

-
84,031
-
84,031
-
63,223
-
63,223

Insurance

-
19,991
-
19,991
-
19,319
-
19,319

Light and heat

-
44,231
-
44,231
-
41,783
-
41,783

Cleaning

-
41,793
-
41,793
-
24,388
-
24,388

Printing, stationery and advertising

-
7,367
719
8,086
-
19,644
(2,999)
16,645

Subscriptions, telephone and computer

-
-
1,847
1,847
-
-
2,007
2,007

Sundry expenses

-
-
36
36
-
-
9,733
9,733
227,616
197,413
2,602
427,631
241,211
168,357
8,741
418,309
Share of support costs (see note 6)
(7,601)
-
-
(7,601)
65,452
-
-
65,452
Share of governance costs (see note 6)
-
-
17,590
17,590
-
-
15,392
15,392
220,015
197,413
20,192
437,620
306,663
168,357
24,133
499,153
RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
6
Support costs allocated to activities
2024
2023
£
£
Staff costs
25,977
19,406
Bad debt provision
12,292
-
Bank charges and interest
(352)
40
Legal and professional
(45,535)
46,006
Loan interest
17
-
Governance costs
17,590
15,392
9,989
80,844
Analysed between:
Support costs
(7,601)
65,452
Governance costs
17,590
15,392
9,989
80,844
2024
2023
Governance costs comprise:
£
£
Audit fees
17,590
15,392
17,590
15,392
7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
17,590
15,392
Depreciation of owned tangible fixed assets
55,646
29,387
Loss on disposal of investment property
16,008
-
8
Council Members

None of the Council Members (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were reimbursed to the trustees during the year (2023 - None)

 

The key management personnel for the year were the Trustees and their remuneration was £nil.

 

RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Administration & Support
1
1
Employment costs
2024
2023
£
£
Wages and salaries
24,617
19,406
Other pension costs
111,368
124,950
135,985
144,356
There were no employees whose annual remuneration was more than £60,000.
10
Other
Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
Financing costs
46,417
3,740
46,417
3,740
11
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
£
£
Net gain/(loss) on investments
(3,035)
-
Fair value movement of investment properties
(20,000)
(395,000)
Loss on disposal of investment property
(16,008)
-
(39,043)
(395,000)
RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
12
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13
Tangible fixed assets
Freehold property
Furniture & fittings
Equipment & computer
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
1,395,005
626,542
149,113
21,243
2,191,903
Additions
297
-
228
-
525
Disposals
-
(290,616)
(5,108)
(6,144)
(301,868)
At 31 July 2024
1,395,302
335,926
144,233
15,099
1,890,560
Depreciation and impairment
At 1 August 2023
416,856
584,544
147,816
21,129
1,170,345
Depreciation charged in the year
51,090
4,203
325
28
55,646
Eliminated in respect of disposals
-
(290,616)
(5,108)
(6,144)
(301,868)
At 31 July 2024
467,946
298,131
143,033
15,013
924,123
Carrying amount
At 31 July 2024
927,356
37,795
1,200
86
966,437
At 31 July 2023
978,149
41,998
1,297
114
1,021,558
14
Investment property
2024
£
Fair value
At 1 August 2023
2,035,000
Disposals
(485,000)
Net gains or losses through fair value adjustments
(20,000)
At 31 July 2024
1,530,000

The fair value of the investment property has been arrived at on the basis of a valuation carried by the Trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
14
Investment property
(Continued)
- 24 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
81,808
87,429
Accumulated depreciation
40,904
43,795
Carrying amount
122,712
131,224
15
Fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 August 2023
6,654
Valuation changes
(3,035)
At 31 July 2024
3,619
Carrying amount
At 31 July 2024
3,619
At 31 July 2023
6,654

The investment represents 135 Depository Receipts of Triodos Bank BV. They had a market value of €31.80 at 31 July 2024 translated at a rate of 0.8430.

16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
12,294
Other debtors
-
7,154
Prepayments and accrued income
9,479
11,811
9,479
31,259
RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
17
Loans and overdrafts
2024
2023
£
£
Other loans
-
233,634
Payable within one year
-
233,634
18
Creditors: amounts falling due within one year
2024
2023
£
£
Borrowings
-
233,634
Other taxation and social security
200
(791)
Trade creditors
8,295
101,611
Other creditors
20,088
54,471
Accruals and deferred income
25,188
174,199
53,771
563,124
19
Provisions for liabilities
2024
2023
Notes
£
£
Retirement benefit obligations
20
1,160,000
1,257,000
1,160,000
1,257,000

The provision made in the accounts represents the amount which will fall due at the point that the charity ceases participating in the scheme.

20
Retirement benefit schemes
Defined contribution schemes

Rudolf Steiner School Kings Langley Limited makes contributions to a defined contribution stakeholder scheme. The charge to the Statement of Financial Activities in respect of defined contribution schemes was £1,360 (2023 - £781).

RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
20
Retirement benefit schemes
(Continued)
- 26 -
Defined benefit schemes

The charity and other employers participate in the Mercury Provident Pension Scheme, that provides benefits on the basis of final pensionable pay for participants. The assets of the scheme are held separately from those of the charity and invested by a pension fund management company.

 

Contributions continue to be made each month to ensure that the liability does not increase. Total contributions for the year were £110,973 in addition to the pension levy of £1,817.

21
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 August 2023
At 31 July 2024
£
£
Bursary fund
63,250
63,250
Classroom funds
28,666
28,666
K L Concert fund
2,877
2,877
Hockey Club
1,352
1,352
Teacher wish list
500
500
Music department legacy
1,625
1,625
98,270
98,270
Previous year:
At 1 August 2022
At 31 July 2023
£
£
Bursary fund
63,250
63,250
Classroom funds
28,666
28,666
K L Concert fund
2,877
2,877
Hockey Club
1,352
1,352
Teacher wish list
500
500
Music department legacy
1,625
1,625
98,270
98,270
RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
21
Restricted funds
(Continued)
- 27 -

Restricted funds:

 

Bursary fund        - to assist with children’s education in extraordinary circumstances

Classroom funds        - are donations made by parents for use by the class

K L Concert fund        - organisation of concerts

Hockey Club        - donations made by parents towards the club’s activities

Teacher wish list        - donations towards teacher’s wish list

Music department legacy    - donation made by an individual towards the department's activities

 

The Council Members have undertaken a review of restricted funds. Transfers from unrestricted to restricted funds have been processed to eliminate any shortfall in such funds. As the charity is currently not operational, the Council Members intend to transfer these funds to a new entity which will re-commence activities and therefore spend these funds on their intended purposes.

22
Analysis of net assets between funds

Unrestricted funds

Restricted funds
Total

Unrestricted funds

Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 July 2024 are represented by:
Tangible assets
966,437
-
966,437
1,021,558
-
1,021,558
Investment properties
1,530,000
-
1,530,000
2,035,000
-
2,035,000
Investments
3,619
-
3,619
6,654
-
6,654
Current assets/(liabilities)
13,729
98,270
111,999
(563,690)
98,270
(465,420)
Provisions and pensions
(1,160,000)
-
(1,160,000)
(1,257,000)
-
(1,257,000)
1,353,785
98,270
1,452,055
1,242,522
98,270
1,340,792
23
Events after the reporting date

The trustees intend to sell the remaining investment property after the year end for an amount equal to its fair value at the balance sheet date.

24
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

 

RSSKL LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
25
Analysis of changes in net funds/(debt)
At 1 August 2023
Cash flows
At 31 July 2024
£
£
£
Cash at bank and in hand
66,445
89,846
156,291
Loans falling due within one year
(233,634)
233,634
-
(167,189)
323,480
156,291
26
Cash generated from operations
2024
2023
£
£
Surplus/(deficit) for the year
78,727
(500,375)
Adjustments for:
Investment income recognised in statement of financial activities
(600,307)
(394,815)
Loss on disposal of investment property
16,008
-
Fair value gains and losses on investment properties
20,000
395,000
Fair value gains and losses on investments
3,035
-
Defined benefit pension scheme costs
(64,464)
-
Depreciation and impairment of tangible fixed assets
55,646
29,387
Movements in working capital:
Decrease in debtors
21,780
13,337
(Decrease)/increase in creditors
(275,719)
51,941
Cash absorbed by operations
(745,294)
(405,525)
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