| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| ELMFIELD RUDOLF STEINER SCHOOL LIMITED |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| 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 |
| REGISTERED OFFICE |
| REGISTERED COMPANY NUMBER |
| REGISTERED CHARITY NUMBER |
| 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 |
| 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 |
| Charitable activities | 4 |
| Investment income | 3 |
| Total |
| EXPENDITURE ON |
| Charitable activities | 5 |
| ( |
) |
| Premises Costs | 202,546 | 37,360 | 239,906 | 209,274 |
| School Adminstration Costs | 197,523 | - | 197,523 | 115,992 |
| Total | ( |
) |
| NET INCOME/(EXPENDITURE) | ( |
) |
| Other recognised gains/(losses) |
| Actuarial gains/(losses) on defined benefit schemes |
( |
) |
( |
) |
| Net movement in funds | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| As previously reported | ( |
) | ( |
) | ( |
) | ( |
) |
| Prior year adjustment | 12 |
| As restated | ( |
) | ( |
) | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | ( |
) | (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 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PENSION LIABILITY | 18 | ( |
) | ( |
) | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) | ( |
) |
| FUNDS | 17 |
| Unrestricted funds | 201,239 |
| Restricted funds | ( |
) | (514,003 | ) |
| TOTAL FUNDS | (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 |
| 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 | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 | - |
| Legacies | - | - |
| 1,227,637 | - |
| 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 | - |
| Interest receivable | 2,239 | - | 2,239 | 726 |
| 9,745 | - |
| 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 |
| 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 |
| 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 |
| Social security costs |
| Other pension costs |
| 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 |
| 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 |
| Charitable activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Premises Costs | 209,274 | - | 209,274 |
| School Adminstration Costs | 115,992 | - | 115,992 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| Other recognised gains/(losses) |
| Actuarial gains on defined benefit schemes |
| Net movement in funds | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 583,657 | (710,485 | ) | ( |
) |
| 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 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 14. | DEBTORS |
| 31.8.24 | 31.8.23 |
| as restated |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Current fees provision | (73,279 | ) | (121,995 | ) |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Trade debtors |
| Aggregate amounts |
| 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) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Pension | 21,319 | - |
| Deferred income |
| Accrued expenses |
| 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 |
| 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 | ( |
) |
| TOTAL FUNDS | ( |
) | 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 | ) |
| ( |
) | 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 |
| ( |
) | 88,045 |
| TOTAL FUNDS | ( |
) | ( |
) | 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 |
| Interest cost |
| Actuarial losses/(gains) | 148,000 | (329,000 | ) |
| Benefits paid | ( |
) | ( |
) |
| 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 |
| Interest income/cost | 80,000 | 69,000 |
| Contributions by employer |
| Expected return | (67,000 | ) | (42,000 | ) |
| Benefits paid | ( |
) | ( |
) |
| Return on plan assets (excluding interest income) |
200,000 |
(179,000 |
) |
| 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 |
) |
| ( |
) |
| 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 |
| Diversified credit funds | 258,000 | 176,000 |
| Liability driven investments | 442,000 | 242,000 |
| Diversified growth funds |
| 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 |
| Inflation assumption (RPI) |
| Inflation assumption (CPI) |
| Rate of increase for pensions in payment: post 1988 GMP |
| 6 April 1997 to 5 April 2005 service |
| post 6 April 2005 service |
| 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: |
| 2024 | 2023 |
| Retiring today: |
| - Males | 21.5 | 21.4 |
| - Females | 23.9 | 23.9 |
| Retiring in 20 years |
| - Males | 22.7 | 22.6 |
| - Females | 25.3 | 25.3 |
| 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: |
| 2024 | 2023 |
| £ | £ |
| Tuition fees | 13,965 | 14,012 |
| Amounts owed at the balance sheet date | 6,915 | 897 |
| 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 |