REGISTERED COMPANY NUMBER: 00519230 (England and Wales)

REGISTERED CHARITY NUMBER: 295104

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 August 2025

for

Steiner Waldorf Schools Fellowship

Limited

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

6

Independent Examiner's Report

7

Statement of Financial Activities

8

Balance Sheet

9

to

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

to

21

TRUSTEES

N P Brett

C Court

M A De Winter

E F Taylor

S Wilson-Devane

D F Ball

E S James

A V M Retsler

COMPANY SECRETARY

F Russell

REGISTERED OFFICE

Salisbury & Co

Irish Square

St. Asaph

Denbighshire

LL17 0RN

REGISTERED COMPANY NUMBER

00519230 (England and Wales)

REGISTERED CHARITY NUMBER

295104

INDEPENDENT EXAMINER

Salisbury & Company

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

BANKERS

HSBC Bank plc

23/24 Paddington House

Festival Place

Basingstoke

Hampshire

RG21 7LJ

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 2025. 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

Objects of the charity are to promote Steiner Waldorf education in the UK and Ireland, to help and advise schools and early years settings and represent Steiner Waldorf Education in the UK nationally and internationally.

Objectives, strategies and activities

The charity supports Steiner Waldorf schools and early years settings in providing the highest quality of education based on an anthroposophical understanding of child development. It co-ordinates and provides teacher development, curriculum research, quality development and the provision of classroom and organisational advice and guidance. It supports governance and leadership through the provision of training and advice and advocates for Steiner Waldorf Education with Government, its agencies, Parliament and the wider educational world.

Public benefit

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

During the year, Waldorf UK has continued to deliver a broad and intensive programme of support to Steiner Waldorf schools and Early Childhood settings across the UK. This work remains focused on improving educational quality, strengthening leadership and governance, and supporting schools to operate sustainably in a challenging external environment.

Support provided during the year has included:

- A comprehensive programme of network meetings for school leaders, trustees, kindergarten leads, SENDCos, Designated Safeguarding Leads (DSLs), business managers and marketing staff. These forums provide regular briefings, facilitate the sharing of best practice and strengthen collaboration across the movement.

- A programme of continuing professional development (CPD), including training and webinars tailored to identified needs such as behaviour support, safeguarding, and teaching strategies.

- Subsidised access to external training, including Sounds Write and Maths for Love, and sector expertise through partnerships such as the Independent Schools' Bursars Association (ISBA) and FRP.

-Targeted support for individual schools, including support with leadership recruitment, safeguarding advice, governance support and operational guidance.

This work has contributed to continued improvements in educational quality and inspection outcomes across most schools.

Support for Schools and Financial Challenges

The financial sustainability of schools remains a central concern. During the year:

- Whilst some schools were beginning to show a small growth in pupil numbers, the Iona Steiner School closed in September '24 due to financial pressures and the Bristol Waldorf School went into Administration (although the school subsequently exited administration following a parental campaign, closing in December 2025).

- Schools faced increasing financial strain arising from declining enrolment in some areas, rising costs, and structural challenges in governance and financial management.

- The removal of the VAT exemption on school fees five months into the financial year in January 2025 together with loss of charitable relief on business rates and an increase in the national insurance costs in the same financial year created significant uncertainty across the sector.

Waldorf UK has played a key role in supporting schools through these challenges by:

- Providing briefings, webinars and guidance on VAT implementation and financial planning

- Coordinating access to ISBA membership, expertise and training at low cost.

- Representing the school movement to policymakers and local stakeholders.

- Running information sessions for parents and providing support for parents who wished to write to their political representatives.

- Offering tailored advice on pupil recruitment and marketing, including the development of a national alumni campaign

Despite these efforts, financial pressures across the movement remain significant and are expected to continue into the next financial year.

Teacher Recruitment and Training

Teacher recruitment continues to be a major strategic challenge. In response, Waldorf UK has progressed a coordinated national approach through:

- Implementation of a National Teacher Training and Recruitment Strategy, setting clearer expectations and standards for teacher education in the UK.

- Continued development of accredited teacher training pathways, including the transition and expansion of postgraduate training provision to ensure Waldorf teacher education is seen to be set at an equal standard to national qualifications.

- Supported national recruitment through advertising and offering information webinars, increasing visibility of Waldorf schools and aimed at widening the pool of potential applicants with numbers of teacher training students increasing.

These developments represent an important step towards strengthening the long-term sustainability and professionalism of the workforce.

Early Childhood

Support for Early Years settings remains strong and continues to deliver positive outcomes:

- Inspection results remain consistently high, with most settings judged Good or Outstanding.

- Network meetings and briefings have expanded to address key areas including curriculum, safeguarding, SEND, and to the next stage of education.

- Continued support has been provided to ensure compliance with evolving regulatory requirements, including funding and EYFS expectations.

This area continues to be a relative strength within the movement.

Leadership and Governance Development

Leadership and governance remain critical areas for development:

- Schools have been supported to access leadership development programmes, including participation in national initiatives such as those run by Big Education.

- Trustee training and governance support have been provided through network meetings, briefings and individual interventions.

- Direct support has been offered to schools facing leadership instability or governance challenges.

While progress has been made, variability in governance quality across schools remains a significant issue and continues to impact sustainability.

Raising the Profile of Waldorf Education

External engagement has expanded significantly during the year, contributing to improved recognition and credibility of Waldorf education:

- Ongoing engagement with the Department for Education, Ofsted and Parliament

- Participation in national education networks and conferences

- Collaboration with sector bodies such as the Early Years Coalition and Deeper Learning UK

- Commissioning of independent research (University of Worcester) to provide independent evidence of improvements and help set a new positive narrative about Waldorf education.

The continued development of the Waldorf UK 'brand' has helped with strengthening public visibility and has supported recruitment and advocacy efforts.

FINANCIAL REVIEW

Financial position

The charity has continued to deliver a high level of support to schools and early years settings during the year, funded through a combination of school contributions, grants, donations and legacy income.

Total incoming resources for the year were £324,731 (2024: £239,216), reflecting an increase in donations and legacy income to add to income from schools. Total expenditure was £326,615 (2024: £325,414), resulting in a small operational deficit of £1,884 (2024: deficit £86,198).

Cash balances remain strong at £318,143 (2024: £330,095), providing ongoing liquidity to support operations and planned activity.

Pension Liability

The charity belongs to the Mercury Provident Pension Scheme, a defined benefit scheme. As reported in the financial statements, the deficit attributable to the charity has increased during the year to £435,000 (2024: £278,780).

This increase has had a significant impact on the reported net assets of the charity, which moved from a positive position of £133,335 to net liabilities of £51,096 at the year end.

It is important to note that:

- The increase in the pension deficit arises primarily from an updated actuarial valuation, reflecting changes in financial assumptions such as discount rates, inflation expectations and market conditions at the valuation date.

- These valuations represent a snapshot in time and can fluctuate significantly from year to year depending on external economic factors.

- The movement does not reflect a deterioration in the charity's underlying operational performance or financial management.

The pension liability is a long-term obligation, with an agreed recovery plan requiring monthly contribution, increasing gradually over time.

As such:

- It does not represent an immediate cash requirement

- It is being managed through a structured repayment plan

- It does not affect the charity's ability to continue operating in the short to medium term

The trustees will continue to monitor the position closely and take professional advice as required. The scheme is overseen by the Pension Regulator.

Investment policy and objectives

Under the memorandum and articles of association the charity has the power to make any investments the trustees wish. The trustees, having regard to the liquidity requirements of its operations and to the reserves policy, have operated a policy of keeping available funds in interest bearing deposit accounts which pay a rate of interest, where possible, in excess of the rate of inflation.

Policy on reserves

The trustees' policy is to maintain free reserves equivalent to approximately three months of operating costs, estimated at £65,000.

Given the increasing financial pressures on member schools and wider economic uncertainty, maintaining adequate reserves remains an important priority.

Free reserves at the year end were £346k, which is above the target level. Free reserves have been calculated as total unrestricted funds, less fixed assets, with the pension deficit added back.

PLANS FOR FUTURE PERIODS

Activities planned to achieve

To continue to improve support for schools in all aspects of their development. We are delivering upon the 3 year strategic plan for 2023-2026.

With the establishment of the Irish Waldorf Education Association, the objects of the company will be updated with promotion of Steiner Waldorf Education in Ireland being removed.

Going concern

Over the years the Fellowship has strengthened reserves and put in place financial planning to ensure we are a going concern. The trustee body has been reformed to enable the work to go forward with a stronger management.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Funding and Future Financial Sustainability

The charity continues to rely on a combination of:

- School contributions

- Grants and donations

- Legacy income

While progress has been made towards a sustainable funding model, financial pressures on schools-particularly arising from the introduction of VAT on school fees and wider cost increases-may impact future contribution levels.

As a result:

- Fundraising and grant income will remain an important component of the charity's financial strategy

- Opportunities to diversify income streams will continue to be explored

- Careful management of expenditure will be required to maintain service levels

Approved by order of the board of trustees on 27 April 2026 and signed on its behalf by:

S Wilson-Devane - Trustee

Independent examiner's report to the trustees of Steiner Waldorf Schools Fellowship Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Salisbury & Company Business Solutions Limited

Salisbury & Company

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

5 May 2026

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

220,695

52,925

273,620

179,638

Charitable activities

Charitable activities

46,991

-

46,991

59,578

Investment income

3

3,990

-

3,990

-

Other income

130

-

130

-

Total

271,806

52,925

324,731

239,216

EXPENDITURE ON

Raising funds

29,560

2,140

31,700

50,149

Charitable activities

Charitable activities

247,718

43,921

291,639

271,457

Governance costs

3,276

-

3,276

3,808

Total

280,554

46,061

326,615

325,414

NET INCOME/(EXPENDITURE)

(8,748

)

6,864

(1,884

)

(86,198

)

Transfers between funds

12

(10,400

)

10,400

-

-

Other recognised gains/(losses)

Actuarial gains/(losses) on defined benefit schemes

(182,547

)

-

(182,547

)

-

Net movement in funds

(201,695

)

17,264

(184,431

)

(86,198

)

RECONCILIATION OF FUNDS

Total funds brought forward

133,335

-

133,335

219,533

TOTAL FUNDS CARRIED FORWARD

(68,360

)

17,264

(51,096

)

133,335

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Intangible assets

8

19,615

-

19,615

31,916

Tangible assets

9

999

-

999

1,853

20,614

-

20,614

33,769

CURRENT ASSETS

Debtors

10

54,590

16,000

70,590

64,177

Cash at bank

315,379

2,764

318,143

330,095

369,969

18,764

388,733

394,272

CREDITORS

Amounts falling due within one year

11

(23,943

)

(1,500

)

(25,443

)

(15,926

)

NET CURRENT ASSETS

346,026

17,264

363,290

378,346

TOTAL ASSETS LESS CURRENT LIABILITIES

366,640

17,264

383,904

412,115

PENSION LIABILITY

(435,000

)

-

(435,000

)

(278,780

)

NET ASSETS

(68,360

)

17,264

(51,096

)

133,335

FUNDS

12

Unrestricted funds

(68,360

)

133,335

Restricted funds

17,264

-

TOTAL FUNDS

(51,096

)

133,335

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 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.

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 27 April 2026 and were signed on its behalf by:

S Wilson-Devane - Trustee

Cash flows from operating activities

Cash generated from operations

1

(16,438

)

(92,052

)

Interest paid

(18

)

(195

)

Net cash used in operating activities

(16,456

)

(92,247

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(3,900

)

Purchase of tangible fixed assets

(335

)

(1,724

)

Sale of tangible fixed assets

849

-

Interest received

3,990

-

Net cash provided by/(used in) investing activities

4,504

(5,624

)

Change in cash and cash equivalents in the reporting period

(11,952

)

(97,871

)

Cash and cash equivalents at the beginning of the reporting period

330,095

427,966

Cash and cash equivalents at the end of the reporting period

318,143

330,095

1.	RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net expenditure for the reporting period (as per the Statement of Financial Activities)

(1,884

)

(86,198

)

Adjustments for:

Depreciation charges

12,771

12,884

Profit on disposal of fixed assets

(130

)

-

Interest received

(3,990

)

-

Interest paid

18

195

Pension obligation payments

(26,327

)

(25,220

)

(Increase)/decrease in debtors

(6,413

)

51,621

Increase/(decrease) in creditors

9,517

(45,334

)

Net cash used in operations

(16,438

)

(92,052

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/24

Cash flow

At 31/8/25

£

£

£

Net cash

Cash at bank

330,095

(11,952

)

318,143

330,095

(11,952

)

318,143

Total

330,095

(11,952

)

318,143

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.

Going concern

The trustees have considered the charity’s financial position and future plans when assessing whether the charity is a going concern.

Although the charity reports net liabilities at the balance sheet date, this position arises primarily from the recognition of the defined benefit pension scheme deficit, which is a long-term liability payable over an extended period and does not represent an immediate cash outflow.

The charity holds strong cash balances at the year end and continues to generate income from membership subscriptions, training activities, donations and grants. The trustees have reviewed cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements, which indicate that the charity will be able to meet its liabilities as they fall due.

The trustees have also considered potential risks to income, including financial pressures on member schools and wider economic factors, and have identified mitigating actions, including cost control measures and the development of additional income streams.

On this basis, the trustees consider it appropriate to prepare the financial statements on a going concern basis and have not identified any material uncertainties in this regard.

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.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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 resource, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

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

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees's meetings and reimbursed expenses.

Development costs

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged from when the asset is brought into use, over the following years:

Website and rebranding

5 years

Curriculum Planning Platform

5 years

Speak Write Read readers

3 years

Tangible fixed assets

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

Furniture and Equipment

-

33% on cost and 12% on cost

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.

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary

course of business.

Trade debtors are recognised initially at the transaction price, a provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due

according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of

change in value.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an

unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve

months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months

after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing

borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of

transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Pension costs and other post-retirement benefits

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

Because of the large number of participating employers and the variety of financial reporting dates, it has not been deemed practicable or financially viable to produce the information necessary to allow participating employers to comply fully with the requirements of FRS102. The pension costs charged in the financial statements therefore represent the contributions payable by the charity during the year up until transitional adjustment has been made in 2017 and 2019 annual accounts restating comparatives by accounting for Steiner Waldorf Schools Fellowship's share of the deficit as a cost and liability. In future all annual contributions will decrease the deficit up until the next triennial actuarial valuation due as at December 2024, where the corrected value movement will be expensed or income in the financial statements to bring the liability in line with the latest valuation.

The latest triennial actuarial valuation as at 29 December 2024 shows a scheme deficit of £9.1 million. Pension scheme assets are valued at fair value at the valuation date. Pension scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted to their present value.

The scheme trustees and participating employers decided to close the scheme to further benefit accrual on 31 December 2008, and future contribution levels will be calculated so as to eliminate the scheme deficit over an agreed period.

To replace this scheme the charity has set up a defined contribution pension scheme for which all staff are eligible. The pension costs charged in the financial statements represent the contributions payable by the charity during the year.

Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual

provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the

financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and

rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all,

significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

54,095

3,480

Grants

20,925

2,600

Contributions from schools

198,600

173,558

273,620

179,638

Grants received, included in the above, are as follows:

2025

2024

£

£

Anthroposophical Society in Great Britain

20,925

-

Other grants

-

2,600

20,925

2,600

3.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

3,990

-

4.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Auditors' remuneration

3,258

3,613

Depreciation - owned assets

470

583

Room hire

225

174

Surplus on disposal of fixed assets

(130

)

-

Development costs amortisation

12,301

12,301

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.

Trustees' expenses

Trustees' expenses of £341 were paid during the year (2024: £568).

6.	STAFF COSTS

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

2025

2024

Executive Director

1

1

Education Co-ordinator (Schools)

1

1

Education Co-ordinator (Early Years)

1

1

Finance & Operations Manager

1

1

4

4

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

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

179,638

-

179,638

Charitable activities

Charitable activities

59,578

-

59,578

Total

239,216

-

239,216

EXPENDITURE ON

Raising funds

50,149

-

50,149

Charitable activities

Charitable activities

271,457

-

271,457

Governance costs

3,808

-

3,808

Total

325,414

-

325,414

NET INCOME/(EXPENDITURE)

(86,198

)

-

(86,198

)

RECONCILIATION OF FUNDS

Total funds brought forward

219,533

-

219,533

TOTAL FUNDS CARRIED FORWARD

133,335

-

133,335