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REGISTERED COMPANY NUMBER: 01141571 (England and Wales)
REGISTERED CHARITY NUMBER: 527521














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

ELMFIELD RUDOLF STEINER SCHOOL LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Reference and Administrative Details 1

Report of the Trustees 2 to 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11 to 24

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 AUGUST 2024



TRUSTEES S Dawson (resigned 8.7.25)
R H Pauli
R Schieber


REGISTERED OFFICE Park Hill
14 Love Lane
Stourbridge
West Midlands
DY8 2EA


REGISTERED COMPANY
NUMBER
01141571 (England and Wales)


REGISTERED CHARITY
NUMBER
527521

ELMFIELD RUDOLF STEINER SCHOOL LIMITED (REGISTERED NUMBER: 01141571)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objective of the charity as set out in the governing document is the administration of Elmfield Rudolf Steiner School Limited (Elmfield). The aims of the charity as articulated through our vision statement and outlined in our strategic plan are:

-To provide an education based on an anthroposophical understanding of the development of the growing child. To ensure the curriculum is relevant through active research and in conjunction with the international Waldorf School movement
- To provide our pupils with the qualifications they need to access further education or employment opportunities
- To strive to make this education accessible to children from a wider range of backgrounds

Our vision is underpinned by our mission:

"Our highest endeavour must be to develop free human beings who are able to impart purpose and direction to their lives. The need for imagination, a sense of truth and a feeling of responsibility - these three forces are the very nerve of education." Marie Steiner

Public benefit
Elmfield is striving to provide a rich Waldolf curriculum as a proven alternative to mainstream education.

Elmfield also works hard to ensure its fees and therefore access to its Waldolf education is reasonably affordable to families living locally to the school, the vast majority of whom would otherwise not have the option to exercise this choice.

In addition to enabling a general level of affordability, Elmfield also provides fee assistance for families in financial difficulty on a year-on-year basis.

Elmfield is very active in maintaining and developing links with its local community and thereby providing events of public benefit.

STRATEGIC REPORT
Achievements and performance
Charitable activities
September 2023 academic year saw the continued development of the school and its provision of a Waldorf/Steiner
Education.

In May 2023 OFSTED came to the school and a full inspection was undertaken. The outcome of the inspection was GOOD.

Exam results for this year resulted in an impressive set of GCSEs. After several years of disruption and uncertainty, pupils were deservedly rewarded for their dedication and hard work. Our GCSE results were in line with previous years and national averages. One hundred percent of our pupils achieved four or more Grade 4s and 69% achieved five or more Grade 5s. All our pupils were able to secure a place on their first-choice post-16 course. In English and Maths, 84% achieved Grade 4 or above, compared to the national average of 67.4%. This includes an impressive 13 Grade 9 results.


ELMFIELD RUDOLF STEINER SCHOOL LIMITED (REGISTERED NUMBER: 01141571)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024


STRATEGIC REPORT
Achievements and performance
People
The school community was deeply shocked and surprised when Head Teacher Paul Merrell was charged with trading 'pirated' Sky Sports streaming packages. Paul Merrell was found guilty and resigned immediately at the start of half term 4th February.

The recruitment process records were checked and verification obtained that the criminal proceedings against Mr Merrell were not in the public domain and therefore were not accessible to the school.

Key stakeholders were informed of the situation immediately and after consultation with all appropriate parties Mrs Mags Davison stepped up to the Role of School Principal with Mrs Cate Young taking on the role of school lead.

Staff joining the school were:

Sophia Watts
Keisha Harrison
Oisin Kisdon-Ireland
Andrea Bromage-Griffiths
Emma Rood

And leaving the school:

Tammy Nock
Brenda Newton
Alice Cosgrove
Jacqueline Irving
Charlotte Armstrong
Sarah Cooper
Catherine Burn
Maddie Hale
Anne Wright
Sidra Azam

Strategic
In alignment with our strategic plan priorities during 2023/24 focused upon:

Education: The School Development Plan focused upon resecuring OFSTED GOOD. Launching the Upper School Offer and appropriately mapping the Main Lesson Waldorf Curriculum throughout the year. Investment in CPD across all staff.

Financial: Addressing financial stability, professionalising the admin team to provide better information. Developing pupil services with local authorities, in particular working closely with Dudley MBC to enable access by a cohort of children who can benefit from our education.

Compliance: Focus on ISI compliance in advance of inspection. Being a good employer, improving staff management and performance, appropriate development and use of policies and procedures.

Environment: Caring for our site and buildings, Health & Safety training and inspection,

Community: Communication (parent mail, social media) further developing full programme of events and festivals, further development of the School Shop and the Community Group.


ELMFIELD RUDOLF STEINER SCHOOL LIMITED (REGISTERED NUMBER: 01141571)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024


STRATEGIC REPORT
Financial review
Financial position
The long tail of Covid disruption was evident in the schools' finances. The Directors conducted a detailed activity review and a programme of cost reductions and revenue growth was instituted. A mixture of selective redundancies, fee increases, cost controls and income growth has resulted in positive cash flow and a return to modest profitability. The balance sheet has been strengthened by the transfer of the freehold property into the school's ownership. Short term, interest free, unsecured, working capital loans were negotiated from benefactors to provide a 'cushion'. However, these were not utilised.

Reserves policy
For many years Council has set a reserves policy which identifies a £250,000 reserve requirement of cash in the bank with a minimum threshold of £100,000.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution
Elmfield Rudolf Steiner School Limited is a company limited by guarantee and a registered charity. It is governed by and constituted under its Memorandum and Articles of Association dated 25 October 1973 as amended by special resolutions dated 8 February 1990 and 5 March 2007 and 20 July 2023.

The legal operator of the school is Elmtield Rudolf Steiner School LTD, It is this body which appoints members to the Council of Management, who are in turn the trustees of the charity, and therefore answerable to the Charity Commission.

All Council members undergo strict safeguarding procedures including DBS checks. Training and refresher courses on their responsibilities are arranged from time to time. The Council meets at least six times per year.

Organisation and responsibilities
The Council of Management carries overall responsibility for Elmfield Rudolf Steiner School and for all financial, legal and strategic matters. Council meets regularly every half term and follows a pre-scheduled annual work plan for the academic year. Council members are appointed to a job description of the generic and specific roles and undergo all the necessary pre-employment checks as all other staff, as well as an induction process.

To fulfil the objectives and aims the Council of Management has appointed a Principal who holds overall responsibility for management and leadership within school.

The Principal is supported by a School Lead and a Senior Leadership Team. These arrangements will be further developed over the coming academic year to embed line management of staff within teaching, teaching support and, financial administration.

Relationship with third parties
Elmfield School is a member of the Steiner Waldorf Schools Fellowship.

Risk management
Council regularly assesses the risks to which the school is exposed and works with the Principal and School Lead to ensure that systems or activities are in place to minimise exposure to such risks, Time is allocated at Council meetings to consider any newly identified risks. Crucial monitoring is done by the Finance Trustee and the Health and Safety Committee, as well as by the Senior Leadership Team. The major risks to which the school is exposed are financial and Health and Safety.

Our contributions to the pension deficit remain within budget.


ELMFIELD RUDOLF STEINER SCHOOL LIMITED (REGISTERED NUMBER: 01141571)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024

PENSION SCHEME
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, in which the separate liability relating to the charity can be identified. The charity prepares accounts in accordance with the provisions of the Companies.

Act. 2006 applicable to companies subject to the small companies regime. The deficit in the Mercury Provident Pension Scheme is being funded by regular monthly contributions from all participating employers, including Elmfield. Elmfield has managed the deficit repayments and will ensure its voice is heard in all negotiations.

The Pension Scheme Trustees are required to commission an actuarial valuation of the scheme every three years.

The main purpose of the valuation is to determine the financial position of the scheme. in order to address the level of future contributions required so that the scheme can meet its pension obligations as they fall due. Employers have requested that a valuation be carried out by the Independent Trustee and negotiations about this continue.

A revaluation of the overall scheme was performed as at 29 December 2021 by a professionally qualified actuary. The market value of the scheme's assets at the valuation date was £7.0million. The valuation revealed a shortfall of assets compared with the value- of liabilities of £7.4million which encompasses the scheme in its entirety, In relation to this these are both joint and severable liabilities in the event of other scheme parties defaulting on payment. The deficit is being repaid and annual payments increase by 5% on 1 January each year.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 28 August 2025 and signed on the board's behalf by:





R H Pauli - Trustee

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Unrestricted Restricted Total Total
funds funds funds funds
as restated
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 1,227,637 - 1,227,637 68,320

Charitable activities 4
Fee Income 2,277,056 - 2,277,056 1,633,455
Miscellaneous Income 67,475 44,515 111,990 8,676

Investment income 3 9,745 - 9,745 4,527
Total 3,581,913 44,515 3,626,428 1,714,978

EXPENDITURE ON
Charitable activities 5
Education Costs 1,779,524 (228,890 ) 1,550,634 1,904,648
Premises Costs 202,546 37,360 239,906 209,274
School Adminstration Costs 197,523 - 197,523 115,992
Total 2,179,593 (191,530 ) 1,988,063 2,229,914

NET INCOME/(EXPENDITURE) 1,402,320 236,045 1,638,365 (514,936 )
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes

-

(148,000

)

(148,000

)

329,000
Net movement in funds 1,402,320 88,045 1,490,365 (185,936 )

RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported (27,881 ) (514,003 ) (541,884 ) (126,828 )
Prior year adjustment 12 229,120 - 229,120 -
As restated 201,239 (514,003 ) (312,764 ) (126,828 )

TOTAL FUNDS CARRIED FORWARD 1,603,559 (425,958 ) 1,177,601 (312,764 )

ELMFIELD RUDOLF STEINER SCHOOL LIMITED (REGISTERED NUMBER: 01141571)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Unrestricted Restricted Total Total
funds funds funds funds
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 1,330,490 7,155 1,337,645 164,525

CURRENT ASSETS
Debtors 14 1,187,367 - 1,187,367 1,097,874
Cash at bank 21,944 52,887 74,831 147,650
1,209,311 52,887 1,262,198 1,245,524

CREDITORS
Amounts falling due within one year 15 (936,242 ) - (936,242 ) (1,154,813 )

NET CURRENT ASSETS 273,069 52,887 325,956 90,711

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,603,559

60,042

1,663,601

255,236

PENSION LIABILITY 18 - (486,000 ) (486,000 ) (568,000 )

NET ASSETS/(LIABILITIES) 1,603,559 (425,958 ) 1,177,601 (312,764 )
FUNDS 17
Unrestricted funds 1,603,559 201,239
Restricted funds (425,958 ) (514,003 )
TOTAL FUNDS 1,177,601 (312,764 )

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


ELMFIELD RUDOLF STEINER SCHOOL LIMITED (REGISTERED NUMBER: 01141571)

BALANCE SHEET - continued
31 AUGUST 2024

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


The financial statements were approved by the Board of Trustees and authorised for issue on 28 August 2025 and were signed on its behalf by:





R H Pauli - Trustee

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
as restated
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 1,234,969 (252,606 )
Net cash provided by/(used in) operating activities 1,234,969 (252,606 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,210,788 ) -
Net cash (used in)/provided by investing activities (1,210,788 ) -

Cash flows from financing activities
New loans in year 9,000 306,000
Loan repayments in year (106,000 ) -
Net cash (used in)/provided by financing activities (97,000 ) 306,000

Change in cash and cash equivalents in
the reporting period

(72,819

)

53,394
Cash and cash equivalents at the
beginning of the reporting period

147,650

94,256
Cash and cash equivalents at the end of
the reporting period

74,831

147,650

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVITIES
31.8.24 31.8.23
as restated
£    £   
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)

1,638,365

(514,936

)
Adjustments for:
Depreciation charges 37,669 11,945
Defined benefit pension scheme costs (104,000 ) 251,000
Increase in debtors (89,493 ) (615,894 )
(Decrease)/increase in creditors (121,572 ) 734,279
Difference between pension charge and cash contributions (126,000 ) (119,000 )
Net cash provided by/(used in) operations 1,234,969 (252,606 )


2. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank 147,650 (72,819 ) 74,831
147,650 (72,819 ) 74,831

Debt
Debts falling due within 1 year (306,000 ) 97,000 (209,000 )
(306,000 ) 97,000 (209,000 )
Total (158,350 ) 24,181 (134,169 )

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs
Finance costs represent expenditure relating to the financial operation of the charitable company and includes a provision for non recovery of funds generated by it$ charitable activities.

Education costs represent direct expenditure in respect of the provision of education services to pupils of the school.

School administration costs represent expenditure on the administration of the charitable company and include expenditure hot directly related to the charitable activity or fundraising ventures. This includes governance costs such as legal and audit fees and certain trust secretarial expenses.

Premises costs represent expenditure in respect of the maintenance and operation of the school buildings and grounds.

Fundraising costs represent expenditure directly related to fundraising income and include costs of the school shop and public relations and advertising expenditure.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on reducing balance

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.


ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES - continued

Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

All income is allocated to the general fund unless otherwise restricted by the donor or specifically designated by the trustees.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The Company participates in the Main Section of the Mercury, Provident Pension Scheme (the Scheme), a UK registered, trust based pension scheme that, provides defined benefits. Pension benefits are linked. to the members final pensionable salaries and service at their retirement (or date of leaving if earlier). The Trustee of the Scheme is responsible for running the Scheme in accordance with the Schemes Trust Deed and Rules, which sets out their powers. The Trustee of the Scheme is required to act in the best interests of the beneficiaries of the Scheme.

Gifts in kind
On 19th September 2023 the land and two main properties comprising Elmfield School, Park Hill and Thornhill, were transferred from the Elmfield Trust to Elmfield Rudolf Steiner School Limited at no cost.

This gift has been valued by the trustees at £1,200,000.

Deferred fees
From 1 September 2012 parents struggling to make payments for full fees were no longer offered the opportunity to defer a proportion of the fees which became payable on their child leaving the school. A fee discount scheme was introduced offering eligible parents reduced fees based on affordability and the school's resources.

2. DONATIONS AND LEGACIES
31.8.24 31.8.23
as restated
Unrestricted Restricted Total Total
funds funds funds funds
£    £    £    £   
Donations 1,227,637 - 1,227,637 1,308
Legacies - - - 67,012
1,227,637 - 1,227,637 68,320

All of the above is attributable to unrestricted funds.


ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. INVESTMENT INCOME
31.8.24 31.8.23
as restated
Unrestricted Restricted Total Total
funds funds funds funds
£    £    £    £   
Rents received 7,506 - 7,506 3,801
Interest receivable 2,239 - 2,239 726
9,745 - 9,745 4,527

4. INCOME FROM CHARITABLE ACTIVITIES
31.8.24 31.8.23
as restated
Activity £    £   
Fee Income Fee Income 2,249,360 1,633,989
Staff Reductions Fee Income (29,155 ) (534 )
Boarding Income Fee Income 56,851 -
Miscellaneous Income Miscellaneous Income 111,990 8,676
2,389,046 1,642,131

5. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£    £    £   
Education Costs 1,490,267 60,367 1,550,634
Premises Costs 134,356 105,550 239,906
School Adminstration Costs 104,698 92,825 197,523
1,729,321 258,742 1,988,063

6. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Education Costs 60,367 - - 60,367
Premises Costs 105,550 - - 105,550
School Adminstration Costs 17,772 2,058 72,995 92,825
183,689 2,058 72,995 258,742

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.8.24 31.8.23
as restated
£    £   
Depreciation - owned assets 37,668 11,945

8. AUDITORS' REMUNERATION
31.8.24 31.8.23
as restated
£    £   
Fees payable to the charity's auditors for the audit of the charity's financial
statements

9,650

10,200

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.


10. STAFF COSTS
31.8.24 31.8.23
as restated
£    £   
Wages and salaries 1,267,377 1,634,586
Social security costs 87,184 91,616
Other pension costs 30,407 32,414
1,384,968 1,758,616

The average monthly number of employees during the year was as follows:

31.8.24 31.8.23
as restated
Teachers and administration 65 66

No employees received emoluments in excess of £60,000.


ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
as restated
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 68,320 - 68,320

Charitable activities
Fee Income 1,633,455 - 1,633,455
Miscellaneous Income 8,676 - 8,676

Investment income 4,527 - 4,527
Total 1,714,978 - 1,714,978

EXPENDITURE ON
Charitable activities
Education Costs 1,772,130 132,518 1,904,648
Premises Costs 209,274 - 209,274
School Adminstration Costs 115,992 - 115,992
Total 2,097,396 132,518 2,229,914

NET INCOME/(EXPENDITURE) (382,418 ) (132,518 ) (514,936 )
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes - 329,000 329,000
Net movement in funds (382,418 ) 196,482 (185,936 )

RECONCILIATION OF FUNDS
Total funds brought forward 583,657 (710,485 ) (126,828 )

TOTAL FUNDS CARRIED FORWARD 201,239 (514,003 ) (312,764 )

12. PRIOR YEAR ADJUSTMENT

The accounts have been restated to incorporate income which had previously been excluded. The change has resulted in total funds at 31 August 2023 increasing by £229,120.


ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

13. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 405,121 65,198 124,299 80,492 675,110
Additions 1,200,000 507 9,830 451 1,210,788
At 31 August 2024 1,605,121 65,705 134,129 80,943 1,885,898
DEPRECIATION
At 1 September 2023 251,544 62,817 116,944 79,280 510,585
Charge for year 32,102 722 4,296 548 37,668
At 31 August 2024 283,646 63,539 121,240 79,828 548,253
NET BOOK VALUE
At 31 August 2024 1,321,475 2,166 12,889 1,115 1,337,645
At 31 August 2023 153,577 2,381 7,355 1,212 164,525

14. DEBTORS
31.8.24 31.8.23
as restated
£    £   
Amounts falling due within one year:
Trade debtors 1,133,709 990,749
Current fees provision (73,279 ) (121,995 )
Prepayments and accrued income 126,937 -
1,187,367 868,754
Amounts falling due after more than one year:
Trade debtors - 229,120

Aggregate amounts 1,187,367 1,097,874


ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
as restated
£    £   
Other loans (see note 16) 209,000 306,000
Trade creditors 41,039 20,836
Social security and other taxes 18,800 19,939
Other creditors 1,545 20,087
Pension 21,319 -
Deferred income 621,959 760,197
Accrued expenses 22,580 27,754
936,242 1,154,813

Deferred income includes £621,959 of fees invoiced in advance relating to the 2024/25 academic year.

Other creditors includes loans of £209,000. These loans are interest free and repayable on demand.

16. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
as restated
£    £   
Amounts falling due within one year on demand:
Other loans 209,000 306,000

17. MOVEMENT IN FUNDS
Prior Net
year movement At
At 1.9.23 adjustment in funds 31.8.24
£    £    £    £   
Unrestricted funds
General fund (62,263 ) 229,120 1,411,505 1,578,362
Staff Housing Fund 28,988 - (16,154 ) 12,834
Class Funds 2,059 - 6,995 9,054
Community Group 3,335 - (26 ) 3,309
(27,881 ) 229,120 1,402,320 1,603,559
Restricted funds
Pension Reserve (568,000 ) - 82,000 (486,000 )
Vision Project (New Building Fund) 49,696 - - 49,696
ASIM Music Fund 4,301 - (1,110 ) 3,191
Lavender Hub - - 7,155 7,155
(514,003 ) - 88,045 (425,958 )
TOTAL FUNDS (541,884 ) 229,120 1,490,365 1,177,601

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 3,581,939 (2,170,434 ) - 1,411,505
Staff Housing Fund - (16,154 ) - (16,154 )
Class Funds - 6,995 - 6,995
Community Group (26 ) - - (26 )
3,581,913 (2,179,593 ) - 1,402,320
Restricted funds
Pension Reserve - 230,000 (148,000 ) 82,000
ASIM Music Fund - (1,110 ) - (1,110 )
Lavender Hub 44,515 (37,360 ) - 7,155
44,515 191,530 (148,000 ) 88,045
TOTAL FUNDS 3,626,428 (1,988,063 ) (148,000 ) 1,490,365


Comparatives for movement in funds

Net
movement At
At 1.9.22 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 554,669 (387,812 ) 166,857
Staff Housing Fund 28,988 - 28,988
Class Funds - 2,059 2,059
Community Group - 3,335 3,335
583,657 (382,418 ) 201,239
Restricted funds
Pension Reserve (765,000 ) 197,000 (568,000 )
Vision Project (New Building Fund) 49,696 - 49,696
ASIM Music Fund 4,819 (518 ) 4,301
(710,485 ) 196,482 (514,003 )
TOTAL FUNDS (126,828 ) (185,936 ) (312,764 )

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 1,709,584 (2,097,396 ) - (387,812 )
Class Funds 2,059 - - 2,059
Community Group 3,335 - - 3,335
1,714,978 (2,097,396 ) - (382,418 )
Restricted funds
Pension Reserve - (132,000 ) 329,000 197,000
ASIM Music Fund - (518 ) - (518 )
- (132,518 ) 329,000 196,482
TOTAL FUNDS 1,714,978 (2,229,914 ) 329,000 (185,936 )

A current year 12 months and prior year 12 months combined position is as follows:

Prior Net
year movement At
At 1.9.22 adjustment in funds 31.8.24
£    £    £    £   
Unrestricted funds
General fund 554,669 229,120 1,023,693 1,807,482
Staff Housing Fund 28,988 - (16,154 ) 12,834
Class Funds - - 9,054 9,054
Community Group - - 3,309 3,309
583,657 229,120 1,019,902 1,832,679
Restricted funds
Pension Reserve (765,000 ) - 279,000 (486,000 )
Vision Project (New Building Fund) 49,696 - - 49,696
ASIM Music Fund 4,819 - (1,628 ) 3,191
Lavender Hub - - 7,155 7,155
(710,485 ) - 284,527 (425,958 )
TOTAL FUNDS (126,828 ) 229,120 1,304,429 1,406,721

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 5,291,523 (4,267,830 ) - 1,023,693
Staff Housing Fund - (16,154 ) - (16,154 )
Class Funds 2,059 6,995 - 9,054
Community Group 3,309 - - 3,309
5,296,891 (4,276,989 ) - 1,019,902
Restricted funds
Pension Reserve - 98,000 181,000 279,000
ASIM Music Fund - (1,628 ) - (1,628 )
Lavender Hub 44,515 (37,360 ) - 7,155
44,515 59,012 181,000 284,527
TOTAL FUNDS 5,341,406 (4,217,977 ) 181,000 1,304,429

Restricted funds

Vision Project (New Building Fund)
This fund represents money raised for new building projects less costs expended:

ASIM Music Fund
This fund represents money received during the year from donations.

Designated funds Staff Housing Fund
The Staff Housing Fund is designated to enable staff members to obtain suitable local accommodation.

Class Funds
Class funds relate to money raised by each year group, to be spent during the duration of their academic journey.

Community Group
Monies raised by the PTFA to be spent as the group decides.

Lavendar Hub Fund
This fund represents money received by the Local Authority to spend on improving the facilities in the Lavender Hub


ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

18. EMPLOYEE BENEFIT OBLIGATIONS

The charitable company participates in the Mercury Provident Pension Scheme, a defined benefit scheme that is now closed to new and existing members. This is a collective scheme for a number of employers, in which the surplus or deficit relating to the charitable company can be identified, but there is no formal segregation of the charitable company's assets and liabilities in the scheme from those of the other employers.

Prior to the year ended 31 August 2022 the charitable company accounted for the scheme as a defined contribution scheme and the pension costs charged in the financial statements represented the contributions payable by the charitable company during each year. With effect from that year the charitable company's proportion of the scheme's assets and liabilities is included in the charitable company's balance sheet. As at 31 August 2024, the charitable company's proportion of the scheme's assets and defined benefit obligation was 24.80% (2023: 20.04%).

The Trustee of the Scheme is required to carry out an actuarial valuation every 3 years. The last actuarial: valuation of the Scheme was performed by the Scheme Actuary for the Trustee of the Scheme as at 29 December 2021. This valuation revealed a funding shortfall in the Main Section of the Scheme of £12,909,000.

The Participating Employers of the Main Section agreed with the Trustee of the Scheme to pay contributions towards clearing the shortfall by 30 April 2038. The: Company is responsible for the following contributions:

- £10,122.66 per month from 1 February: 2023 to 31 December 2023; and
- £10,122.66 per month from 1 January 2024 to 31 January 2024; and
- £10,628.79 per month from 1 February 2024 to 31 December 2024

Contributions will then increase annually by 5% on each 1 January and will be payable up to 30 April 2038.

The Company therefore expects to pay shortfall contributions of £131,797 to the Scheme during the accounting year beginning 1 September 2024.

The amounts recognised in the Statement of Financial Activities are as follows:

Defined benefit
pension plans
31.8.24 31.8.23
as restated
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

176,000

141,000
Past service cost - -
176,000 141,000

Actual return on plan assets (67,000 ) (42,000 )

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

18. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.8.24 31.8.23
as restated
£    £   
Opening defined benefit obligation 2,077,000 2,410,000
Interest cost 109,000 99,000
Actuarial losses/(gains) 148,000 (329,000 )
Benefits paid (132,000 ) (103,000 )
2,202,000 2,077,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.8.24 31.8.23
as restated
£    £   
Opening fair value of scheme assets 1,509,000 1,645,000
Interest income/cost 80,000 69,000
Contributions by employer 126,000 119,000
Expected return (67,000 ) (42,000 )
Benefits paid (132,000 ) (103,000 )
Return on plan assets (excluding interest
income)

200,000

(179,000

)
1,716,000 1,509,000

The amounts recognised in other recognised gains and losses are as follows:

Defined benefit
pension plans
31.8.24 31.8.23
as restated
£    £   
Return on plan assets (excluding interest
income)

200,000

(179,000

)
200,000 (179,000 )

ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

18. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
31.8.24 31.8.23
as restated
£    £   
Equities 717,000 886,000
Diversified credit funds 258,000 176,000
Liability driven investments 442,000 242,000
Diversified growth funds 250,000 122,000
Buy and maintain funds 43,000 -
Cash 6,000 83,000
1,716,000 1,509,000

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

31.8.24 31.8.23
as restated
Discount rate 5.00% 4.20%
Inflation assumption (RPI) 3.20% 3.30%
Inflation assumption (CPI) 2.90% 2.90%
Rate of increase for pensions in payment: post 1988 GMP 2.40% 2.40%
6 April 1997 to 5 April 2005 service 2.90% 2.90%
post 6 April 2005 service 2.10% 2.10%
Revaluation of deferred pensions in exce 2.90% 2.90%

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:


20242023
Retiring today:
- Males21.521.4
- Females23.923.9
Retiring in 20 years
- Males22.722.6
- Females25.325.3

19. RELATED PARTY DISCLOSURES

Tuition fees are charged by the charitable company on normal commercial terms to parent trustees. Teacher trustees are required to pay 15% of tuition fees in line with all staff members. No discounts allowed in this respect during the year. Fees are payable under normal payment terms and no interest is charged on overdue balances.

Tuition fees charged to trustees and amounts outstanding at the end of the year were as follows:


20242023
£   £   
Tuition fees13,96514,012
Amounts owed at the balance sheet date6,915897


ELMFIELD RUDOLF STEINER SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS



Unrestricted

Restricted
At 31 August
2024
Total
£    £    £   
Fixed Assets 1,330,490 7,155 1,337,645
Current Assets 1,209,311 52,887 1,262,198
Current Liabilities (936,242 ) (936,242 )
1,603,559 60,042 1,663,601

Unrestricted Restricted At 31 August
2023
as restated
Total
£    £    £   
Fixed Assets 164,525 164,525
Current Assets 1,191,527 53,997 1,245,524
Current Liabilities (1,154,813 ) (1,154,813 )
201,239 53,997 255,236