2020-08-31-accounts - Ruskin Mill Land Trust

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			Page
Reference and Administrative	Details
Report ofthe Trustees		2	to	9
Report ofthe Independent Auditors		10	to	11
Group Statement ofFinancial	Activities		12
Group Balance Sheet			13
Charity Balance Sheet			14
Group Cash Flow Statement			15
Notes to the Group Cash Flow	Statement		16
Notes to the Financial Statements		17 io		31

RISKS AND	UNCERTAI	UNCERTAI	NTIES	NTIES
The directors	assess the		major		risks to which the charity is exposed on an ongoing basis and formally				within
its Risk Register		every	six months.				The	directors identified the following as the principal risks		and
uncertainties	facing the charity.				Also	set out are the control procedures in place to mitigate against			those
risks.
Possible risk								Control Procedure
Dependency on one primary				income				The charity has set up various mechanisms to monitor the
source (and lack		ofcontrol)						financial interconnector it has with Ruskin Mill Trust Limited
								(through it being the charity's primary tenant). Work is
								ongoing to identify ways to exploit and diversify income
								sources. The directors have also reviewed the charity's
								reserves policy (see further below).
Cash flow sensitivities								The directors ensure that the charity's Finance Manager
								identifies all major sensitivities, particularly around the
								charity's capital programmes. The Finance Manager provides
								detailed cash flow projections (with prudent assumptions) to
								the directors at their regular board meetings.
Public liability	issues arising			from				The charity continues to work with Ruskin Mill Trust Limited		to
inadequate management			of	the	charity's			improve the process for ensuring that all the Tenants take
estate, including backlog			of					responsibility for maintenance ofthe properties. Ruskin Mill
maintenance								Trust has employed a full-time maintenance manager who has
								the specific task ofdeveloping and managing compliance of		a
								schedule ofcondition.
Risks associated		with specific						Where risks are on leased land/property, the charity reviews
properties: canal		banks,	roads,		landslip			and monitors the tenant's risk-management policy to ensure
								that it complies with all relevant operational policies (re how		to
								keep students, staff and the public safe).
Sorrowing								The directors require that the charity's Finance Manager
								continuously appraises future income streams to service the
								debt. The Finance Manager also undertakes periodic detailed
								reviews of the terms of all borrowing (rates available fixed,
								capped, variable etc.) and re-structures debt ifappropriate
								and approved by the directors. The charity makes use of
								appropriate professional advice.
Unsatisfactory	fundraising		/	shorffalls				The charity has a good record offundraising to meet shortfalls
								for its projects. The fundraising team has remained stable
								and works consistently with the project development teams	to
								ensure strong communication offundraising targets.
Reserves policy
It is the policy of		the Trustee to use surpluses generated by the activities of the charity to both repay								loans
secured against		its land	and		buildings,		and to invest in their improvement. The Trustee undertakes				an
annual review	of	the current		and anticipated				income and expenditure levels with the purpose of ensuring		that
adequate liquid assets exist to					meet	all	the liabilities of the charity as they fall due. In the event that			liquid
assets were found to be inadequate,						it	is the trustee policy to dispose of such assets as may be required,
either by outright		sale or	sale and leaseback, to increase liquid assets to a level at which the charity is able								to
meet all its liabilities as they				fall	due.	Reserves at 31August 2020 stood at L14,930,321.

								31.8.20	31.8.19
						Unrestricted	Restricted	Total	Total
						fund	funds	funds	funds
					Notes	6	6	6	6
INCOME AND ENDOWMENTS			FROM
Donations and legacies					2	322,579		322,579	987,898
Charitable activities
Educational and rental		income		3		1,114,044		1,114,044	1,085,809
Charitable income within subsidiaries						302,147		302,147	272,474
Otherincome						514,122		514,122	496,185
Total						2,252,892		2,252,892	2,842,366
EXPENDITURE ON
Raising funds					4	52,753		52,753	74,664
Charitable activities
Educational and rental				5		1,226,426		1,226,426	1,249,906
Charitable expenditure		within subsidiaries				336,376	8,674	345,050	282,937
Other						285,818		285,818	392,295
Total						1,901,373	8,674	1,910,047	1,999,802
NET INCOME						351,519	(8,674)	342,845	842,564
Transfers between funds					20	5,293,269	~5,293,269)
Net movement in funds						5,644,788	(5,301,943)	342,845	842,564
RECONCILIATION OF		FUNDS
Total funds brought	forward					9,246,016	5,341,460	14,587,476	13,159,449
Life Science Trust funds at 10			May	2019					585,463
TOTAL FUNDS CARRIED FORWARD						14,890,804	39,517	14,930,321	14,587,476

					31.8.20	31.8.19
			Unrestricted	Restricted	Total	Total
			fund	funds	funds	funds
	Notes		6	6		F
FIXEDASSETS
Tangible assets	12	21,272,871			21,272,871	20,681,816
Social investments	13		1,887,564		1,887,564	1,991,324
		23,160,435			23,160,435	22,673,140
CURRENT ASSETS
Debtors	15		538,195		538,195	187,925
Cash at bank			432 339	39517	471 856	2427 190
			970,534	39,517	1,010,051	2,615,115
CREDITORS
Amounts falling due within one year	16		(2,344,836)		(2,344,836)	(3,205,720)
NET CURRENT ASSETS		~1,374 302)		39 517	~1334795)	~590505)
TOTAL ASSETSLESSCURRENT
LIABILITIES		21,786,133			21,825,650	22,082,535
CREDITORS
Amounts falling due after more than one year 17			(6,895,329)		(6,895,329)	(7,495,059)
NET ASSETS			14,890,804	39,517	14,930,321	14,587,476
FUNDS	20
Unrestricted funds					14,890,804	9,246,016
Restricted funds					39,517	5,341,460
TOTAL FUNDS					14,930,321	14,587,476

					31.8.20	31.8.19
			Unrestricted	Restricted	Total	Total
	Notes		fund F	funds	funds f	fundsf
FIXEDASSETS
Tangible assets	12	20,684,054			20,684,054	20,220,125
Investments	14		2		2	2
		20,684,056			20,684,056	20,220,127
CURRENT ASSETS
Debtors	15		1,658,120		1,658,120	1,347,246
Cash at bank			96,375		96,375	2,007,452
			1,754,495		1,754,495	3,354,698
CREDITORS
Amounts falling due within one year	15		(2,156,088)		(2,156,088)	(3,158,155)
NET CURRENT ASSETS		~401,593)			~403,593)	195,543
TOTAL ASSETSLESSCURRENT
LIABILITIES			20,282,463		20,282,463	20,416,670
CREDITORS
Amounts falling due after more than one	year 17		(5,505,598)		(5,505,598)	(6,038,979)
NET ASSETS			14,776,865		14,776,865	14,377,691
FUNDS	20
Unrestricted funds					14,776,865	9,087,983
Restricted funds						5,289,708
TOTAL FUNDS					14,776,865	14,377,691

					31.8.20	31.8.19
				Notes		E
Cash flows from	operating		activities
Cash generated from operations Interest paid				1	392,925 ~52,753)	1,166,395 ~74,664)
Net cash provided	by operating activities				340,172	1,091,731
Cash flows from	investing		activities
Purchase oftangible fixed assets					~948,097)	)1 490,323)
Net cash used in	investing	activities			~948,097)	~3,490,323)
Cash flows from	financing		activities
Capital repayments in the year					~587,097)	~380,484)
Net cash used in	financing	activities			~587,097)	~380,484)
Change in cash	and cash		equivalents
in the reporting	period				(1,195,022)	(779,076)
Cash and cash equivalents			at the
beginning ofthe	reporting		period	2	36,600	815,676
Cash and cash equivalents			at the end
ofthe reporting	period			2	~1,358,422)	36,600

RECONCILIATION	OF	NET INCOME TO NET	NET INCOME TO NET	CASH FLOW FRONI OPERATING ACTIVITIES	CASH FLOW FRONI OPERATING ACTIVITIES	CASH FLOW FRONI OPERATING ACTIVITIES
					31.8.20	31.8.19
					6	F
Net income for the	reporting		period (as per the Group
Statement of Financial		Activities)			342,845	842,564
Adjustments for:
Depreciation charges					460,802	427,217
Interest paid					52,753	74,664
Increase in debtors Decrease in creditors					(350,270) ~3)3,205	(60,207) ~1)7,843)
Net cash provided	by	operations			392,925	1,166,395
ANALYSIS OF CASH AND CASH EQUIVALENTS
					31.8.20	31.8.19
					6	6
Notice deposits (less than 3months)					471,856	2,427,190
Overdrafts included	in bank loans and overdrafts			falling due within one
year					~),830,278)	~2, 390,590)
Total cash and cash	equivalents				)),)58422)	36,600
ANALYSIS OF CHANGES IN			NET DEBT
				At 1.9.19	Cash flow	At 31.8.20
						6
Net cash
Cash at bank Bank overdraft				2,427,190 )2,390,590)	(1,955,334) 760,312	471,856 )),630,278)
				36,600	)1,195,022)	~),158,422)
Debt
Debts falling due within		1 year		(652,000)	47,402	(604,598)
Debts falling due after 1 year				~6,074,005)	539,695	)5,534,310)
				)8728005)	587097	)6,)38908)
Total				~6,689,405)	~607,925)	)7,297,330)


2.	DONATIONS AND LEGACIES
										31.8.20	31.8.19
	Grants									322,579	987,898
	Grants received,				included		in the above,	are as follows:
										31.8.20	31.8.19
										F	6
	Heritage		Lottery		Fund					171,594	448,702
	Ruskin	Mill		Trust						70,000	243,985
	Other donations									55,885	268,580
	International			Festival		ofGlass				25,100	26,631
										322,579	987,898
3.	INCOME		FROM		CHARITABLE ACTIVITIES
										31.8.20	31.8.19
							Activity
	Rental income						Charitable	Activities		1,089,417	1,027,675
	International			Festival		of
	Glass						Charitable	Activities		24,627	47,184
										1,114,044	1,085,809
4.	RAISING		FUNDS
	Raising	donations				and	legacies
										31.8.20	31.8.19
										8
	Interest	payable			and	similar charges				52,753	74,664
5.	CHARITABLE ACTIVITIES COSTS
										Grant
										funding of
										activities
									Direct	(see note
									Costs	6)	Totals
										8	6
	Charitable			Activities					1,205,643	20,783	1,226,426
6.	GRANTS		PAYABLE
										31820	31.8.19
										F
	Charitable			Activities						20,783	18,150

Reimbursed expenses of f3,835 (2019 —62, company during the year.	354) were paid to a trustee of the u	ltimate pare
STAFF COSTS
	31.8.20	31.8.19
Wages and salaries	676,303	674,542
Other pension costs	27,089	22,592
	703,392	697,134

The avera	ge	monthly number ofemployees during the y	ear was as follows:
			31.8.20	31.8.19
Teaching			14	19
Care support		and other direct labour	4
Management			4
Research	and	Development	2
			24	24

NOTES TO THE FINANCIAL STATEMENTS - continue FOR THE YEAR ENDED 3'I AUGUST 2020	NOTES TO THE FINANCIAL STATEMENTS - continue FOR THE YEAR ENDED 3'I AUGUST 2020	NOTES TO THE FINANCIAL STATEMENTS - continue FOR THE YEAR ENDED 3'I AUGUST 2020	d
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
		Unrestricted	Restricted	Total
		fund	funds	funds
		f	F	F
INCOME AND ENDOWMENTS	FROM
Donations and legacies		417,396	570,502	987,898
Charitable activities
Education and rental income		1,085,809		1,085,809
Charitable income within subsidiaries		272,474		272,474
Other income		496,185		496,185
Total		2,271,864	570,502	2,842,366
EXPENDITURE ON
Raising funds		74,664		74,664
Charitable activities
Education and rental		907,351	342,555	1,249,906
Charitable expenditure within subsidiaries		282,937		282,937
Other		392295		392295
Total		1,657,247	342,555	1,999,802
NET INCOME		614,617	227,947	842,564
Transfers between funds		8,548	(8,548)
Net movement in funds		623,165	219,399	842,564
RECONCILIATION OF FUNDS
Total funds brought forward		8,100,689	5,058,760	13,159,449
Life Science Trust funds as at	10May 2019	522,162	63,301	585,463
TOTAL FUNDS CARRIED FORWARD		9,246,016	5,2341,460	14,587,476

TANGIBLE FIXEDASSETS
		Specialised	Non-specialised
Group		freehold	freehold	Short
		land and	land and	leasehold
		buildings	buildings	properties
		6	6	F
COST
At 1 September 2019		13,571,562	2,729,000	807,043
Additions		139,639	722,000
Reclassification		4,572,949
At 31August 2020		18,284,150	3,451,000	807,043
DEPRECIATION
At 1 September 2019		765,281	144,900	50,823
Charge for year		272,518	60,020	16,140
At 31 August 2020		1,037,799	204 920	66963
NET BOOK VALUE
At 31 August 2020		17,246,351	3,246,080	740,080
At 31 August 2019		12,806,281	2,584,100	756,220
	Assets	Fixtures
	under	and	Computer
	construction	fittings	equipment	Totals
		E	5	F
COST
At 1 September 2019	4,514,604	33,583	18,370	21,674,162
Additions	82,345	4,113		948,097
Reclassification	~4872,949)
At 31 August 2020	24,000	37,696	18,370	22,622,259
DEPRECIATION
At 1 September 2019		13,824	17,518	992,346
Charge for year		7512	852	357042
At 31August 2020		21,339	18379	1,349,388
NET BOOK VALUE
At 31 August 2020	24,000	16,360		21,272,871
At 31 August 2019	4,514,604	19,759	852	20,681,816

TANGIBLE FIXEDASSETS
		Specialised	Non-specialised
Charity		freehold	freehold	Short
		land and	land and	leasehold
		buildings	buildings	properties
		6	F	6
COST
At 1 September 2019		13,116,558	2,729,000	807,043
Additions			722,000
Reclassification		4,572,949
At 31August 2020		17,689,507	3,451,000	807,043
DEPRECIATION
At 1 September 2019		756,781	144,900	50,823
Charge for year		262,332	60,020	16,140
At 31August 2020		1,019,113	204,920	66,963
NET BOOK VALUE
At 31 August 2020		16,670,394	3,246,080	740,080
At 31 August 2019		12,359,777	2,584,100	756,220
	Assets	Fixtures
	under	and	Computer
	construction	fittings F	equipment f	Totals 5
COST
At 1 September 2019	4,514,604	11,897	6,406	21,185,508
Additions	82,345			804,345
Reclassification	~4,572,949)
At 31August 2020	24,000	11,897	6,406	21,989,853
DEPRECIATION
At 1 September 2019		6,473	6,406	965,383
Charge for year		1,924		340,416
At 31 August 2020		8,397	6,406	1,305,799
NET BOOK VALUE
At 31August 2020	24,000	3,500		20,684,054
At 31August 2019	4,514,604	5,424		20,220,125

Group
COST
At 1 September 2019and 31August 2020	2,991,878
DEPRECIATION
At 1 September 2019	1,000,554
Charge for year	103,760
At 31 August 2020	1,104,314
NET BOOK VALUE
At 31 August 2020	1,887,564
At 31 August 2019	1,991,324

FIXEDASSET INVESTMENTS
	Shares	in
Charity	glcup
	undertakings
	F
MARKET VALUE
At 1 September 2019and
31 August 2020
NET BOOK VALUE
At 31 August 2020
At 31 August 2019

Group		31.8.20	31.8.19
		F	6
Amounts	falling due within one year:
Trade debtors		455,293	152,304
Other debtors		74,764	24,212
VAT			11,409
Prepayments		8,138
		538,195	187,925
Charity		31.8.20	31.8.19
Amounts	falling due within one year:
Trade debtors		398,293	113,530
Other debtors		21,200	18,200
Amounts	owed by group undertakings	41,920	10,000
VAT			10,789
Prepayments		1,980
		463,393	152,519
Amounts	falling due after more than one year:
Amounts	owed by group undertakings	1,194,727	1,194,727
Aggregate	amounts	1,658,120	1,347,246

CREDITORS: AMOLI	NTS FALLING DUE WITHIN ONE	YEAR
Group
		31.8.20	31.8.19
			F
Bank loans and overdrafts (see note 18)		1,784,876	3,042,590
Other loans		450,000
Trade creditors		22,393	87,035
Social security and other taxes		50,519	24,386
Other creditors		1,877	6,826
Accruals and deferred	income	35,171	44,883
		2,344,836	3,205,720
Charity
		31.8.20	31.8.19
Bank loans and overdrafts (see note 18)		1,630,278	3,037,539
Other loans		450,000
Trade creditors		15,762	81,740
Social security and other taxes		40,870	19,272
Other creditors		807	607
Accruals and deferred	income	18,371	18,997
		2,156,088	3,158,155

CREDITORS: AMOUNTS FALLING DUE AFTER	MORE THAN ONE YEAR
Group	31.8.20 f	31.8.19 6
Bank loans (see note 18)	5,534,310	6,074,005
Other creditors	20,000	20,000
Deferred grant income	1,341,019	1,401,054
	6,895,329	7,495,059
Charity
	31.8.20	31.8.19
		6
Bank loans (see note 18)	5,505,598	6,038,979

18.	LOANS			FOR THE YEAR ENDED 31 AUGUST 2	FOR THE YEAR ENDED 31 AUGUST 2	FOR THE YEAR ENDED 31 AUGUST 2	FOR THE YEAR ENDED 31 AUGUST 2	020
	An analysis	ofthe maturity		of loans is given below:
								31.8.20	31.8.19
								8	6
	Amounts falling due		within	one year on demand:
	Bank overdraft							1,630,278	2,390,590
	Bank loans							154,598	652,000
	Otherloans							450,000
								2,234,876	3,042,590
	Amounts falling between			one and two years:
	Bank loans	- 1-2years						799,337	827,000
	Amounts falling due		between		two and five	years:
	Bank loans	- 2-5 years						1,770,284	1,701,540
	Amounts falling due		in more		than five years:
	Repayable	by instalments:
	Bank loans	more 5	years	by	instalments			2,964,689	3,545,465
19.	SECURED	DEBTS
	The following secured debts				are included	within	creditors:
								31.8.20 f	31.8.19 6
	Bank overdrafts							1,630,278	2,390,590
	Bank loans							5,688,908	6,726,005
								7,319,186	9,116,595

MOVEMENT	IN FUN
				Net	Transfers
				movement	between	At
			At 1.9.19 6	in funds 6	funds f	31.8.20 F
Unrestricted	funds
General fund			9,246,016	351,519	5,293,269	14,890,804
Restricted funds
Capital Development Fund Life Science Trust Restricted		Funds	5,289,707 51,753	~8,674)	(5,289,707) ~3,562)	39,517
			5,341,460	~8674	~5293269	39517
TOTAL FUNDS			14,587,476	342,845		14,930,321

Net mov	emen	t in fun	ds, inclu	ded in the above a	re as follows:
					Incoming	Resources	Movement
					resources	expended	in funds
					F	6
Unrestricted		funds
General	fund				2,252,892	(1,901,373)	351,519
Restricted funds
Capital	Development		Fund
Life Science		Trust Restricted		Funds		(8,674)	(8,674)
TOTAL	FUNDS				2,252,892	~),970,047)	342,845

Compar	atives	for m
				Life Science
				Trust	Net
				reserves at	movement	At
			At 1.9.18	10.5.19	in funds	31.8.19
				6		F
Unrestricted		funds
General	fund		8,100,689	522,162	623,165	9,246,016
Restricted funds
Capital Development Fund Life Science Trust Restricted Funds			5,058,760	63301	230,947 ~7) 548)	5,289,707 51 753
			5 058 760	63301	219 399	5 341 460
TOTAL	FUNDS		13,159,449	585,463	842,564	14,587,476

Comparative net mov	n the above are as follow	s:
	Incoming	Resources	Movement
	resources f	expended 6	in funds 6
Unrestricted funds
General fund	2,271,864	(1,648,699)	623,165
Restricted funds
Capital Development Fund Life Science Trust Restricted Funds	570,502	(339,555) ~1),548)	230,947 ~1),548)
	570,502	~351,)03	219,399
TOTAL FUNDS	2,842,366	~),999,802)	842,564

				Net	Transfers
				movement	between	At
			At 1.9.18	in funds	funds	31.8.20
				6		6
Unrestricted funds
General	fund (including	Life Science	8,622,851	974,684	5,293,269	14,890,804
Trust at	10.5.19)
Restricted funds
Capital Development Fund Life Science Trust Restricted Funds			5,058,760 63,301	230,947 ~20,222)	(5,289,707) ~3,562)	39,517
			5,122,061	210,725	~5,293,269	39,517
TOTAL	FUNDS		13744 912	1 185409		14,930,321

above a	re as	follows:
				Incoming	Resources	Movement
				resources	expended	in funds
				6	6	6
Unrestricted		funds
General	fund			4,524,756	(3,550,072)	974,684
Restricted funds
Capital Development Fund Life Science Trust Restricted			Funds	570,502	(339,555) ~20,222)	230,947 ~20,222)
				570,502	~359,777	210,725
TOTAL	FUNDS			5,095,258	~3,909,849)	1,185,409

			Period
			11.5.19
			to
		31.8.20	31.8.19
		6	F
Charitable	income	48,178	15,320
Charitable Governance	expenditure costs	(66,959) ~4,515)	(19,347) ~3,018)
Net expenditure		~23,296)	~7,045)
Funds carried forward		555,122	578,418