**REGISTERED CHARITY NUMBER: 1053705**
**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
**FOR RUSKIN MILL LAND TRUST**
Bronsens Chartered Certified Accountants Statutory Auditors 6 Langdale Court Witney Oxfordshire OX28 6FG
## **RUSKIN MILL LAND TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 8|
|**Report of the Independent Auditors**|9 to 11|
|**Group Statement of Financial 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 to 32|
## **RUSKIN MILL LAND TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2021**
**Registered Charity number** 1053705
## **Principal Address**
Ruskin Mill Old Bristol Road Nailsworth Gloucestershire GL6 0LA
## **Founder**
Mr A C H Gordon
## **Trustees**
Ruskin Mill Land Trust Limited
The directors of Ruskin Mill Land Trust Limited, the sole trustee of Ruskin Mill Land Trust are: Professor A M B Brown Mr A C H Gordon Dr S Geider Mr M Hayes Mr R Lloyd-Davies Mr A Taylor
## **Council of Management**
Mr A C H Gordon (Trustee Representative) Mrs K C J Downton (Head of Legal Services) (resigned 28 April 2021) Mr M S Iqbal (Finance Manager) Mr C George (Trust Estates Manager) Mrs A Whitbread (Legal Adviser and Company Secretary)
## **Auditors**
Bronsens Chartered Certified Accountants Statutory Auditors 6 Langdale Court Witney Oxfordshire OX28 6FG
## **Bankers**
Lloyds TSB Plc Triodos Bank NV Rowcroft Deanery Road Stroud Bristol Gloucestershire BS1 5AS GL5 3BD **Solicitors** Royds Withy King WSP Solicitors 65 Carter Lane 3/7 Rowcroft London Stroud EC4V 5HF Gloucestershire Gl5 3B
Page 1
## **RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
The directors of the trustee company present their report and financial statements for the year ended 31 August 2021, which have been prepared in accordance with statutory requirements, the trust deed and the Statement of Recommended Practice 'Accounting and Reporting by Charities'. The charity information on page 1 of these financial statements forms part of this report.
Throughout this report, wherever reference is made to the "charity", this refers to "Ruskin Mill Land Trust".
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
The charity's objectives, as set out in its Trust Deed are:
- a) To advance the education of young people with learning difficulties and / or behavioural problems or special educational needs through training in the areas of the arts, crafts, agricultural and environmental sciences, with particular references being given to the indications and insights of Rudolf Steiner in these areas.
- b) To promote research into the practice and development of those areas of education provided that all research findings will be widely disseminated.
## **Public benefit**
As a charitable trust, the charity seeks to benefit the public through its stated aims which are shown above. Young people aged between 7 - 25 years with special needs are the primary beneficiaries at the five specialist colleges and four specialist schools which are operated from the charity's core properties. Local communities to the charity's sites also benefit from access to cultural centres, farms and gardens. The principal function of the charity is the leasing of its property portfolio (1) to Ruskin Mill Trust Limited to be used for the charity's first charitable objective and (2) for residential purposes in support of those educational purposes. The charity also invests into a research programme, through the research institution known as The Field Centre, to enhance the practice of the unique educational method delivered through Ruskin Mill Trust.
In furtherance of these aims the Trustees have complied with the duty in s.17 of the Charities Act 2011 ("the Act") to have due regard to the Charity Commission's published general and relevant subsector guidance concerning the operation of the Public Benefit requirement under the Act.
## **Strategic Aims**
1. To lease the charity's property estate for charitable use in accordance with its objectives. In furtherance of this:-
- a. To set quality standards for lessees and tenants to adhere to; and
- b. To fulfil all landlord responsibilities.
2. To manage the charity's subsidiaries efficiently and effectively.
3. To maintain and develop the charity's key buildings and wider property portfolio in furtherance of the charity's objectives.
4. To invest further into the research and development of the vision and academic method underpinning the charity.
The charity is attempting to achieve and measure the strategic aims in relation to the charity's property portfolio through a broad criteria: improved condition of the properties, reduced maintenance backlog, ensure current leases in place, acquisition of appropriate properties to further the objectives of the charity and disposals where necessary to ensure best use of charity funds, success in obtaining capital grants to assist in the development of the charity's key buildings and appropriate investment into the regeneration of land and buildings.
In respect of research, activities across the organisation but most particularly at The Field Centre directly supports the charitable objects of the charity. The research programme continues to be implemented and developed with the overall aim of producing the practice informed research which underpins the unique method of practical skills teaching and learning taking place within the Ruskin Mill Trust colleges.
Page 2
## **RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **ACHIEVEMENT AND PERFORMANCE**
## **Developments, activities and achievements for the year 2020/2021 Introduction**
The principal function of the charity is the leasing of its significant property portfolio to Ruskin Mill Trust Limited to be used for (i) charitable educational purposes by providing the physical context for the charity's unique educational method, "Practical Skills Therapeutic Education" (PSTE); and (ii) continued support of the residential provision offered by the colleges in support of the education by the supply and care of the properties plus assistance with further external acquisitions where necessary.
The charity's aesthetic, drawn from the arts and crafts movement, its "genius loci" is curated and developed using appropriate insights from Johann Wolfgang von Goethe and the spiritual insights of Rudolf Steiner in human development. Biodynamic agriculture forms the core context to enable outdoor learning and nutrition to be delivered for health and wellbeing. The arts and crafts movement influence the re-imagining of the Trust's industrial buildings for practical skills therapeutic craftwork. This has contributed to hands-on training and work experience opportunities for students, such as wool production in Gloucestershire, glass manufacturing in Stourbridge, jewellery making in Birmingham and metal work in Sheffield. The often iconic and listed buildings also provide interest for the local communities through Heritage activities and the ability to participate in social enterprise. In addition to the provision of college sites, the charity provides appropriate sites for schools where a wide curriculum, both of an academic and practical nature, is made available to the younger beneficiary of the Ruskin Mill family.
While the Covid pandemic continued to cause a level of disruption, Ruskin Mill Trust was able to continue its operations throughout with an adapted and slightly reduced curriculum. Student numbers remained stable and increased in certain regions, largely due to the outdoor nature of the educational provision and its availability to those with the most need. The charity continued to support Ruskin Mill Trust throughout the year by ensuring that its properties remained fit for purpose, undertaking maintenance and repairs as required and through exploration of new and innovative capital projects to enhance the student experience.
## **Fundraising**
The team has been working hard to continue raising funds for capital projects across the Trust and we are very grateful that so many Trusts and Foundations have continued to support our work.
In Birmingham we received a grant of £62,307 from Townscape Heritage towards repairs at 9 Regent Place and a grant from Historic England to work with local schools. We are also appreciative for the ongoing support of National Lottery Heritage Fund.
The Wool Barn development at Ruskin Mill College continues with grants from the Wolfson Foundation, Sterling Charity, Dr Mortimer and Theresa Sackler Foundation and Fred and Marjorie Sainsbury Charitable Trust.
We are grateful to the William Dean Countryside Educational Trust and the Laing Family Trusts for helping to complete the lovely new school hall at Brantwood School.
## **Acquisitions**
Bristol - Cherry Orchards/Grace Garden School.
The acquisition of Cherry Orchards was completed in November 2020.
Stourbridge - 7 Brook Street - acquired March 2021.
The acquisition of a property known as Toad House, a residential property situated near Glasshouse College. It was built by the owner of a small local glassworks with views of the Redhouse Glass Cone. It will provide significant opportunities for students to connect with the Genius Loci. The property is considered by the charity as a flagship of residential standards which its other properties will need to meet.
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## **RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **ACHIEVEMENTS AND ACTIVITIES College & School sites**
## **Bristol/Grace Garden School**
Following completion of the purchase of Cherry Orchards in November 2020, work was undertaken at pace to ready the property for Ofsted inspection and approval to open as a school. This was achieved in May 2021 and the school successfully opened in June. This prime site now provides a new and much needed specialist educational provision for children from the surrounding Bristol area.
## **Birmingham/Argent College**
The charity successfully applied for £62k of funding from the local Townscape Heritage Initiative Project as a contribution to the cost of repairs to 9 Regent Place. This will allow works to roofs and guttering as well as repairs to brickwork and windows.
## **Darlington/Clervaux**
A generator has been installed to provide temporary power to the site allowing better use of the buildings over the winter.
Clervaux Garden School has received funding to purchase a new air-source heat pump to replace an under-sized bio-mass boiler. An upgrade to the electricity supplies took place during Spring 2021.
Proposals to complete the IT connections between The Fold and the School are being progressed.
## **Nailsworth/Ruskin Mill College**
The Woolbarn project has been progressed throughout the year and the shell of the main building was completed in May 2021. This enabled the building to be used for a weaving conference in July and whole college staff training events. Further fitting out will continue into the next academic year.
## **Sheffield/Brantwood School**
The sports hall at Brantwood School has been transformed into an attractive and inviting space providing a much needed facility for the pupils.
## **Scotland/The Life Science Trust/Pishwanton**
The site continues to be developed as a resource following completion of the infrastructure and kitchen upgrades. A polytunnel has been funded and erected on the site and plans for the garden surrounding it are being prepared.
## **Wales/Coleg Ty'r Eithin**
The first stage of works was completed in time for the College to open in September 2020. This has provided kitchen and eating space, a central courtyard and spaces for workshops and offices.
Refurbishment works to the Stone Barn were completed in May 2021 which is the conclusion of Phase 1. This is now in use by the College for pottery and textiles workshops.
The site has been considerably improved since being taken over by the charity and is progressing well towards becoming a highly functional and well-equipped educational provision for eligible students from the surrounding areas.
## **Research**
Activities at the Field Centre continue with RMLT part supporting six staff members undertaking PhD's researching key aspects of the method, Practical Skills Therapeutic Education, across different institutions and disciplines. In addition, research capacity has been dedicated to the production of the Masters Degree course in anticipation of its commencement in Spring 2022.
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## **RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
Ruskin Mill Trust's method of Practical Skills Therapeutic Education, developed over 30 years, is applied through Seven Fields of Practice. The method is subject to ongoing research on three main levels: action research and reflective practice, Masters degree level and doctoral. Dissemination of research occurs through research journals, key publications produced by the charity, exhibitions and conferences. This research cycle, with its research objects sourced in enhancing practice, serves to develop staff practice for the benefit of student progression.
Research into the Seven Fields of Practice, and its theoretical underpinnings, is co-ordinated through three research centres in England, Scotland and Wales. This unified trichotomy is referred to as the Golden Triangle. The principles and practices of the Seven Fields of Practice draw inspiration from Rudolf Steiner's spiritual science and Goethean Science. As each research centre in the Golden Triangle stands both within RMT and the world, research undertaken also contributes to the broader discourse in spiritual science and Goethean science.
External and internal courses and conferences have continued throughout the year. The internal Goethean Science course provides an introduction to Goethean science taking a "fourfold perspective" and is especially designed for Ruskin Mill Trust staff. February 2021 saw a collaboration between the Field Centre, The Holistic Science Journal and Schumacher College on the theme of holistic science providing first an online conference followed by a series of free monthly online lectures. In addition, the Holistic Science in Dialogue conference at Dartington in October 2021, revisited and built on the lasting contributions to holistic science made by Henri Bortoft, Margaret Colquhoun and Brian Goodwin.
Ongoing Genius Loci research continues within the schools and colleges. This is undertaken as a collaborative enquiry with intensive research days on site at the provisions themselves. This research contributes towards curriculum development for that provision.
The six internal candidates undertaking the Masters Programme (Norway) are in their final year and writing their theses.
## **Taught Degree Awarding Powers and Ruskin Mill Centre for Practice (RMCP)**
Following successful preliminary meetings with The University of Huddersfield (UoH), UoH has agreed to continue discussions with RMCP towards the establishment of a partnership between the parties. The intention is for UoH to provide the validation of the RMCP Master's Degree, the review of which was completed by our external academic consultants in March 2021. RMCP and UoH have agreed the timetable for the collaboration with the aim to commence the Masters in early 2022.
Having been placed on hold due to the pandemic, work has re-started to seek the registration of RMCP with the Office for Students. This will enable RMCP to obtain powers to deliver, validate and award its own degrees in Practical Skills Therapeutic Education. The Master's degree in Education (MEd in Practical Skills Therapeutic Education) will safeguard the unique method, securing its authenticity and integrity for future stakeholders.
The Charity was delighted to welcome RMCP's Patron, Professor Gert Biesta, to Nailsworth to mark the 7th Anniversary of The Field Centre in the Autumn 2020. Professor Biesta gave a warmly received lecture covering several aspects of education with a focus on its importance to liberate human freedom. He also discussed his own publication, The Beautiful Risk of Education.
## **Training**
The HEaRT team continued to offer a comprehensive training programme to staff across the Ruskin Mill Trust organisation which centres on mandatory needs, knowledge and skills. Training is delivered either online through external training portals, face to face or via virtual course delivery. While the necessary increase in online and virtual delivery presented certain challenges, staff feedback received was extremely positive particularly in relation to the content and the trainers.
## **Events at Ruskin Mill September 2020 - August 2021**
In an unprecedented turn of events, the gallery at Ruskin Mill was unable to host music events or exhibitions with two exceptions towards the end of the academic year.
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## **RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 AUGUST 2021**
The first was a display of work by a student for her Arts Award; she had worked on making dorodangos, turning something unremarkable into a thing of beauty, in an illustration of the Seven Fields of Practice.
The annual exhibition of student work went ahead but scaled down, with the students' private view timed and socially distanced. It was the first exhibition in the newly refurbished gallery space; the display showed the space to its best advantage and brought it to life.
## **FINANCIAL REVIEW**
## **Financial review and results for the year**
The results for the year represent the ongoing activity of leasing and renting the charity's assets in pursuit of its charitable objects in the ways outlined above. For the year ended 31 August 2021 the charity recorded a surplus of £273,337 (2020 - £342,845).
Capital expenditure for the year totalled £6,919,593.
## **RISKS AND UNCERTAINTIES**
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 source The charity has set up various mechanisms to monitor the financial (and lack of control) 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 maintenance responsibility for maintenance of the properties. Ruskin Mill Trust has employed a full-time regional maintenance manager and is looking to recruit to the other regions, managers with the the specific task of developing and managing compliance of a comprehensive schedule of condition. Risks associated with specific properties: Where risks are on leased land/property, the charity reviews and canal banks, roads, landslip 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). Borrowing 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 if appropriate and approved by the directors. The charity makes use of appropriate professional advice.
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## **RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
Unsatisfactory fundraising / shortfalls
The charity has a good record of fundraising to meet shortfalls for its projects. The fundraising team has remained stable and works consistently with the project development teams to ensure strong communication of fundraising 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 31 August 2021 stood at £15,203,658.
## **FUTURE PLANS**
The following plans are being progressed in furtherance of the Charity's objects:
## **Clent/ Sunfield School**
Proposals for the longer-term redevelopment of the site continue to be developed with focus shifting towards the first phase of the proposal - new integrated lower school and farm buildings.
Circular timber framed specialists, Rotunda have developed an ecological approach to the design of the school building and the project is being prepared for a planning application.
In addition, a proposal has been announced to establish a new fourth research centre on the Sunfield site, the original base of Goethean Science in the UK.
## **Stourbridge/ Vale Head Farm**
Following a review of the layout and use of the site, new proposals are in development to re-imagine the on-site staff accommodation, create a new horticulture building and market garden area plus the re-purpose of an existing building for weaving and felting.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity (Ruskin Mill Land Trust) is governed by its Trust Deed dated 27 February 1996, as amended by Supplemental Deeds dated 18 October 1996, 28 March 2003, 17 August 2007 and 24 May 2010.
## **Governing body**
The charity is a trust whose sole trustee is Ruskin Mill Land Trust Limited. The directors of the trustee company, whose names are listed above, are responsible for undertaking the duties of the Trustee.
## **Recruitment and training of Trustee Company Directors**
The charity's practice regarding recruitment is for the members of the board to make recommendations for suitably skilled and experienced people who are then appraised by the board. New board members receive an induction pack. Ongoing training is carried out during the meeting cycle and includes paper and in-person briefings on legal and other updates.
## **Group structure and relationships**
The charity has two non-charitable subsidiary companies. The Ruskin Glass Centre Limited deals with the commercial letting of units comprising part of the Glasshouse College site in Stourbridge. The Academy of Makers Limited deals with the commercial letting of units at the Butcher Works site comprising part of Freeman College in Sheffield. Any profits made by these subsidiaries are covenanted to the charity.
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## **RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
The charity has three subsidiary charitable companies. Ruskin Mill Centre for Practice which is responsible for the development and eventually the teaching of the new Masters Degree as well as staff training, the Life Science Trust in Scotland and Tir Ceridwen in Wales.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Organisational management**
The Trustee and its directors are legally responsible for the overall governance and control of the trust and meet at least four times a year. The Trustee has established a Council of Management, to which day to day control and management of the charity is delegated. The Council of Management is comprised of one director of the Trustee and a number of senior officers of the charity.
## **Setting pay and remuneration of key management personnel**
The pay of key management personnel is set once the role has been defined and an evaluation of the role has been undertaken through the charity's job evaluation scheme. Their specific pay within their grade is then defined in line with the charity's pay and grading policy.
## **Related Parties and Partnerships**
The charity leases most of its property portfolio to Ruskin Mill Trust Limited and leases two sites to its two subsidiary companies. For full details of related parties and their relationship to the charity, please refer to note 21 to the financial statements.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
15/09/2022
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
....................................................................... Ruskin Mill Land Trust Limited - Trustee
Page 8
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RUSKIN MILL LAND TRUST**
## **Opinion**
We have audited the financial statements of Ruskin Mill Land Trust (the 'charity') for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
## In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 August 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
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## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RUSKIN MILL LAND TRUST**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charity and the field in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and UK charity legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RUSKIN MILL LAND TRUST**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Bronsens Chartered Certified Accountants Statutory Auditors 6 Langdale Court Witney Oxfordshire OX28 6FG
Date: .............................................
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## **RUSKIN MILL LAND TRUST**
## **GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies 2
**Charitable activities**
Educational and rental income 3
Charitable income within subsidiaries
Other income
**Total**
**EXPENDITURE ON**
Raising funds 4
**Charitable activities**
Education and rental 5
Charitable expenditure within subsidiaries 5
Other 6
**Total**
**NET INCOME**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
fund
funds
£
£
644,166
-
1,351,099
-
836,534
-
20,847
-
2,852,646
-
345,442
-
950,356
-
881,687
-
401,824
-
2,579,309
-
273,337
-
39,517
(39,517)
312,854
(39,517)
14,890,804
39,517
15,203,658
-
Type text here|31.8.21
Total
funds
£
644,166
1,351,099
836,534
20,847
2,852,646
345,442
950,356
881,687
401,824
2,579,309
273,337
-
273,337
14,930,321
15,203,658|31.8.20
Total
funds
£
560,898
1,114,044
302,147
514,122
2,491,211
291,072
1,226,426
345,050
285,818
2,148,366
342,845
-
342,845
14,587,476
14,930,321|
|---|---|---|---|
The notes form part of these financial statements
Page 12
## **RUSKIN MILL LAND TRUST**
## **GROUP BALANCE SHEET 31 AUGUST 2021**
|Notes
**FIXED ASSETS**
Tangible assets
11
Social investments
12
**CURRENT ASSETS**
Debtors
13
Cash at bank
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
15
**NET ASSETS**
**FUNDS**
18
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
27,602,135
1,783,776
29,385,911
506,219
425,110
931,329
(2,044,698)
(1,113,369)
26,272,542
(13,068,884)
15,203,658|
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-|31.8.21
Total
funds
£
27,602,135
1,783,776
29,385,911
506,219
425,110
931,329
(2,044,698)
(1,113,369)
26,272,542
(13,068,884)
15,203,658
15,203,658
-
15,203,658|31.8.20
Total
funds
£
21,272,871
1,887,564
23,160,435
538,195
471,856
1,010,051
(2,344,836)
(1,344,785)
21,825,650
(6,895,329)
14,930,321
14,890,804
39,517
14,930,321|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 15/09/2022
............................................. Trustee
The notes form part of these financial statements
Page 13
## **RUSKIN MILL LAND TRUST**
## **CHARITY BALANCE SHEET 31 AUGUST 2021**
|Notes
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors
13
Cash at bank
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
15
**NET ASSETS**
**FUNDS**
18
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
27,025,867
2
27,025,869
1,504,483
80,515
1,584,998
(1,764,307)
(179,309)
26,846,560
(11,739,188)
15,107,372|
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-|31.8.21
Total
funds
£
27,025,867
2
27,025,869
1,504,483
80,515
1,584,998
(1,764,307)
(179,309)
26,846,560
(11,739,188)
15,107,372
15,107,372
15,107,372|31.8.20
Total
funds
£
20,684,055
2
20,684,057
1,658,120
96,375
1,754,495
(2,156,089)
(401,594)
20,282,463
(5,505,598)
14,776,865
14,776,865
14,776,865|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 15/09/2022
............................................. Trustee
The notes form part of these financial statements
Page 14
## **RUSKIN MILL LAND TRUST**
|**GROUP CASH FLOW STATEMENT**
**FOR THE YEAR ENDED 31 AUGUST 2021**
31.8.21
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
1,381,904
Interest paid
(345,442)
Net cash provided by operating activities
1,036,462
**Cash flows from investing activities**
Purchase of tangible fixed assets
(6,919,593)
Net cash used in investing activities
(6,919,593)
**Cash flows from financing activities**
New loans in year
7,034,672
Capital repayments in year
(471,034)
Net cash provided by/(used in) financing activities
6,563,638
**Change in cash and cash equivalents in**
**the reporting period**
680,507
**Cash and cash equivalents at the**
**beginning of the reporting period**
2
(1,158,422)
**Cash and cash equivalents at the end of**
**the reporting period**
2
(477,915)|31.8.20
£
631,244
(291,072)
340,172
(948,097)
(948,097)
-
(587,097)
(587,097)
(1,195,022)
36,600
(1,158,422)|
|---|---|
The notes form part of these financial statements
Page 15
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021**
|**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
31.8.21
£
**Net income for the reporting period (as per the Group Statement of**
**Financial Activities)**
273,337
**Adjustments for:**
Depreciation charges
694,117
Interest paid
345,442
Decrease/(increase) in debtors
31,976
Increase/(decrease) in creditors
37,032
**Net cash provided by operations**
1,381,904
**2.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
31.8.21
£
Notice deposits (less than 3 months)
425,110
Overdrafts included in bank loans and overdrafts falling due within one year
(903,025)
Total cash and cash equivalents
(477,915)
3.
**ANALYSIS OF CHANGES IN NET DEBT**
At 1.9.20
Cash flow
£
£
**Net cash**
Cash at bank
471,856
(46,746)
Bank overdraft
(1,630,278)
727,253
(1,158,422)
680,507
**Debt**
Debts falling due within 1 year
(604,598)
(333,157)
Debts falling due after 1 year
(5,534,310)
(6,344,590)
(
(6,138,908)
(6,677,747)
(
**Total**
(7,297,330)
(5,997,240)
(||
|---|---|
|||
|||
|||
The notes form part of these financial statements
Page 16
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **(b) Funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
The notes form part of these financial statements
Page 17
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Specialised freehold land and buildings - Straight line over 50 years Non-specialised freehold land and buildings - Straight line over 50 years Short leasehold properties - write off over period of lease Fixtures and fittings - Straight line over 5 years Computer equipment - Straight line over 5 years
Non-specialised freehold land and buildings are included at market value. All other assets are included at the original cost at date of acquisition.
Items costing less than £100 are written off as an expense as acquired.
The fixed assets held by the subsidiary companies are shown within the financial statements as social investments at their respective net book value, as required by the SORP.
## **Impairment**
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
## **Taxation**
As a registered charity Ruskin Mill Land Trust is entitled to taxation exemptions on all its income and gains as long as they are properly applied for its charitable purpose.
## **Recognition of liabilities**
Liabilities are recognised once there is a legal or constructive obligation that commits the charity to the obligation.
## **Provision for liabilities**
A provision is recognised when a present obligation with a probable transfer of economic benefit can be reliably estimated.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The pension costs charged in the financial statements represent the contributions payable to the personal pension plans of certain employees during the year.
## **Going concern**
Ruskin Mill Land Trust has net current liabilities of £1,113,369 (2020 - £1,344,785) at the balance sheet date. The charity manages its working capital requirements through bank balances and borrowings with an overdraft facility which is not currently being fully utilised. The forecast figures for 2021/22 show a surplus and positive cashflow **.** Having regard to these matters, the trustee considers it appropriate to prepare the financial statements on a going concern basis.
The notes form part of these financial statements
Page 18
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **2. DONATIONS AND LEGACIES**
|Grants
Grants received, included in the above, are as follows:
Heritage Lottery Fund
Ruskin Mill Trust
Other donations
International Festival of Glass
**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Rental income
Charitable Activities
International Festival of
Glass
Charitable Activities
**4.**
**RAISING FUNDS**
**Raising donations and legacies**
Interest payable and similar charges
**5.**
**CHARITABLE ACTIVITIES COSTS**
Charitable Activities
**6.**
**SUPPORT COSTS**
Other resources expended|Direct
Costs
£
1,726,543|31.8.21
31.8.20
£
£
644,166
560,898
31.8.21
31.8.20
£
£
25,620
171,594
190,000
70,000
419,986
294,204
8,560
25,100
644,166
560,898
31.8.21
31.8.20
£
£
1,351,099
1,089,417
-
24,627
1,351,099
1,114,044
31.8.21
31.8.20
£
£
345,442
291,072
Grant
funding of
activities
Totals
£
£
105,500
1,832,043
Governance
costs
£
401,824|
|---|---|---|
||||
The notes form part of these financial statements
Page 19
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
## **Trustees' expenses**
Reimbursed expenses of £2,611 (2020 - £3,835) were paid to a trustee of the ultimate parent company during the year.
## **8. STAFF COSTS**
|Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Teaching
Care support and other direct labour
Management
Research and Development|31.8.21
£
866,498
9,838
876,336
31.8.21
Number
19
2
6
2
29|31.8.20
£
676,303
27,089|
|---|---|---|
|||703,392|
|||31.8.20
Number
14
4
4
2
24|
Two employees received emoluments in the range £60,000 to £70,000 (2020 – nil).
## **9. PENSION COSTS**
The charity operates a defined contribution pension scheme in respect of the staff. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the charity and amounted to £3,493 (2020 - £27,089). No liability was outstanding at the Balance Sheet date (2020 - £nil).
The notes form part of these financial statements
Page 20
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
|**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
560,898
**Charitable activities**
Educational and rental income
1,114,044
Charitable income within subsidiaries
302,147
Other income
514,122
**Total**
2,491,211
**EXPENDITURE ON**
Raising funds
291,072
**Charitable activities**
Education and rental
1,226,426
Charitable expenditure within subsidiaries
336,376
Other
285,818
**Total**
2,139,692
**NET INCOME**
351,519
**Transfers between funds**
5,293,269
**Net movement in funds**
5,644,788
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
9,246,016
**TOTAL FUNDS CARRIED FORWARD**
14,890,804|
Restricted
funds
£
-
-
-
-
-
-
-
8,674
-
8,674
(8,674)
(5,293,269)
(5,301,943)
5,341,460
39,517|
Total
funds
£
560,898
1,114,044
302,147
514,122
2,491,211
291,072
1,226,426
345,050
285,818
2,148,366
342,845
-
342,845
14,587,476
14,930,321|
|---|---|---|
The notes form part of these financial statements
Page 21
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **11. TANGIBLE FIXED ASSETS - GROUP**
|**COST**
At 1 September 2020
Additions
At 31 August 2021
**DEPRECIATION**
At 1 September 2020
Charge for year
At 31 August 2021
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020
**COST**
At 1 September 2020
Additions
At 31 August 2021
**DEPRECIATION**
At 1 September 2020
Charge for year
At 31 August 2021
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020|Assets
under
construction
£
24,000
74,643
98,643
-
-
-
98,643
24,000|Specialised
freehold
land and
buildings
8/£
18,284,150
-
18,284,150
1,037,799
444,143
1,481,942
16,802,208
17,246,351
Fixtures
and
fittings
£
37,696
-
37,696
21,336
345
21,681
16,015
16,360|Non-specialised
freehold
Short
land and
leasehold
buildings
properties
£
£
3,451,000
807,043
6,844,950
-
10,295,950
807,043
204,920
66,963
123,249
22,592
328,169
89,555
9,967,781
717,488
3,246,080
740,080
Computer
equipment
Totals
£
£
18,370
22,622,259
-
6,919,593
18,370
29,541,852
18,370
1,349,388
-
590,329
18,370
1,939,717
-
27,602,135
-
21,272,871|
|---|---|---|---|
The notes form part of these financial statements
Page 22
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **11. TANGIBLE FIXED ASSETS - CHARITY**
|**COST**
At 1 September 2020
Additions
At 31 August 2021
**DEPRECIATION**
At 1 September 2020
Charge for year
At 31 August 2021
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020
**COST**
At 1 September 2020
Additions
At 31 August 2021
**DEPRECIATION**
At 1 September 2020
Charge for year
At 31 August 2021
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020|Assets
under
construction
£
24,000
74,643
98,643
-
-
-
98,643
24,000|Specialised
freehold
land and
buildings
8/£
17,689,508
-
17,689,508
1,019,113
431,939
1,451,052
16,238,456
16,670,395
Fixtures
and
fittings
£
11,897
-
11,897
8,397
-
8,397
3,500
3,500|Non-specialised
freehold
Short
land and
leasehold
buildings
properties
£
£
3,450,999
807,043
6,844,950
-
10,295,949
807,043
204,920
66,963
123,249
22,592
328,169
89,555
9,967,780
717,488
3,246,079
740,080
Computer
equipment
Totals
£
£
6,406
21,989,853
-
6,919,593
6,406
28,909,446
6,406
1,305,799
-
577,780
6,406
1,883,579
-
27,025,867
-
20,684,054|
|---|---|---|---|
The notes form part of these financial statements
Page 23
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **12. FIXED ASSET INVESTMENTS - GROUP - SOCIAL INVESTMENTS**
|**COST**
At 1 September 2020 and 31 August 2021
**DEPRECIATION**
At 31 August 2021
Charge for the year
At 31 August 2020
**NET BOOK VALUE**
At 31 August 2021
At 31 August 2020|£
2,991,878
1,104,314
103,788
1,208,102
1,783,776
1,887,564|
|---|---|
There were no investment assets outside the UK.
## **12. FIXED ASSET INVESTMENTS - CHARITY**
|**FIXED ASSET INVESTMENTS - CHARITY**||
|---|---|
||Shares in|
||group|
||undertakings|
||£|
|**MARKET VALUE**||
|At 1 September 2020 and 31 August 2021|2|
|**NET BOOK VALUE**||
|At 31 August 2021|2|
|At 31 August 2020|2|
There were no investment assets outside the UK.
The notes form part of these financial statements
Page 24
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **13. DEBTORS - GROUP**
|**13.**
**DEBTORS - GROUP**|||
|---|---|---|
|Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments
**13.**
**DEBTORS - CHARITY**
Amounts falling due within one year:
Trade debtors
Other debtors
Amounts owed by group undertakings
Prepayments
Amounts falling due after more than one year:
Amounts owed by group undertakings
Aggregate amounts|31.8.21
£
378,976
109,359
17,884
506,219
31.8.21
£
218,814
21,073
73,013
12,056
324,956
1,179,527
1,504,483|31.8.20
£
455,293
74,764
8,138|
|||538,195|
|||31.8.20
£
398,293
21,200
41,920
1,980|
|||463,393|
|||1,194,727|
|||1,658,120|
In 2011 a loan was made to Academy of Makers Limited, a wholly owned subsidiary company. The loan of £768,851 is due to be repaid by 31 August 2026. Interest is charged on the loan balance at 0.5% above the Allied Irish Bank base rate. The loan is secured by a first legal charge over the freehold property of Ruskin Mill Trust Limited.
The notes form part of these financial statements
Page 25
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP**
|Bank loans and overdrafts (see note 16)
Other loans (see note 16)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - CHARITY**
Bank loans and overdrafts (see note 16)
Other loans (see note 16)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
**15.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR -**
Bank loans (see note 16)
Other creditors
Deferred grant income
**15.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR –**
Bank loans (see note 16)
Other creditors|31.8.21
£
1,837,671
-
35,562
24,149
44,919
54,380
48,017
2,044,698
31.8.21
£
1,685,874
-
3,174
7,533
35,662
1,007
31,057
1,764,307
**GROUP**
31.8.21
£
8,268,530
3,519,370
1,280,984
13,068,884
**CHARITY**
31.8.21
£
8,239,818
3,499,370
11,739,188||31.8.20
£
1,784,876
450,000
22,393
24,726
25,793
1,877
35,171
2,344,836
31.8.20
£
1,630,278
450,000
15,763
21,168
19,702
807
18,371
2,156,089
31.8.20
£
5,534,310
20,000
1,341,019
6,895,329
31.8.20
£
5,505,598
-
5,505,598|
|---|---|---|---|
|||||
|||||
|||||
The notes form part of these financial statements
Page 26
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **16. LOANS**
An analysis of the maturity of loans is given below:
|Amounts falling due within one year on demand:
Bank overdrafts
Bank loans
Other loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
**SECURED DEBTS**
The following secured debts are included within creditors:
Bank overdrafts
Bank loans|31.8.21
£
903,025
934,646
-
1,837,671
978,712
2,393,112
4,896,706
31.8.21
£
903,025
9,203,176
10,106,201|31.8.20
£
1,630,278
154,598
450,000
2,234,876
799,337
1,770,284
2,964,689
31.8.20
£
1,630,278
5,688,908
7,319,186|
|---|---|---|
## **17. SECURED DEBTS**
The aggregate amount of secured liabilities in relation to Triodos Bank was £7,936,298 (2020 - £5,604,724) which is secured by way of several 1st legal mortgages dated 6 November 2009, 15 March 2011, 26 November 2015 and 9 November 2020 over the charity's freehold property. A 1st debenture dated 17 August 2012 comprising fixed and floating charge over all assets and undertakings of Ruskin Mill Land Trust Limited both present and future; held in support of the Company's unlimited guarantee liability to the Charity. A 1st life policy dated 31 May 2000 on the life of A C H Gordon for the benefit of Ruskin Mill Further Education. The right of set-off for any liability exists against any other accounts held with Triodos Bank by Ruskin Mill Land Trust.
The aggregate amount of secured liabilities in relation to Lloyds Bank plc was £916,479 (2020 - £522,587) which was secured by way of a 1st legal charge over Commercial and Residential Freehold property dated 29 September 2016, 29 May 2018, 19 September 2019 and 31 December 2012.
The aggregate amount of secured liabilities in relation to an interest only mortgage regarding 2A Meadow Bank Road, Sheffield, which has been secured in favour of Tintagel House (Sheffield) Limited, was £155,000. The interest on this mortgage is to be repaid monthly by the Charity.
The notes form part of these financial statements
Page 27
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **18. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Life Science Trust Restricted Funds
**TOTAL FUNDS**
Net movement in funds, included in the above
**Unrestricted funds**
General fund
**Restricted funds**
Life Science Trust Restricted Funds
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Capital Development Fund
Life Science Trust Restricted Funds
**TOTAL FUNDS**|At 1.9.20
£
14,890,804
39,517
14,930,321
are as follows:
At 1.9.19
£
9,246,016
5,289,707
51,753
5,341,460
14,587,476|||Net
movement
in funds
£
273,337
-
273,337
Incoming
resources
£
2,852,646
-
2,852,646
Net
movement
in funds
£
351,519
-
(8,674)
(8,674)
342,845|
||Transfers
between
At
funds
31.8.21
£
£
39,517
15,203,658
(39,517)
-
-
15,203,658
Resources
Movement
expended
in funds
£
£
(2,579,309)
273,337
-
-
(2,579,309)
273,337
Transfers
between
At
funds
31.8.20
£
£
5,293,269
14,890,804
(5,289,707)
-
(3,562)
39,517
(5,293,269)
39,517
-
14,930,321|
|---|---|---|---|---|---|---|---|
|||||||||
|||
|
|||
||
|||||||||
|||||||||
The notes form part of these financial statements
Page 28
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **18. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Capital Development Fund
Life Science Trust Restricted Funds
**TOTAL FUNDS**|Incoming
resources
£
2,252,892
-
-
2,252,892|
Resources
expended
£
(1,901,373)
-
(8,674)
(1,910,047)|
Movement
in funds
£
351,519
-
(8,674)
342,845|
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Capital Development Fund
Life Science Trust Restricted Funds
**TOTAL FUNDS**|At 1.9.19
£
9,246,016
5,289,707
51,753
5,341,460
14,587,476|Net
movement
in funds
£
624,856
-
(8,674)
(8,674)
616,182|Transfers
between
funds
£
5,332,786
(5,289,707)
(43,079)
(5,332,786)
-|
At
31.8.21
£
15,203,658
-
-
-
15,203,658|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Capital Development Fund
Life Science Trust Restricted Funds
**TOTAL FUNDS**|Incoming
resources
£
5,105,538
-
-
5,105,538|Resources
expended
£
(4,480,682)
-
(8,674)
(4,489,356)|Movement
in funds
£
624,856
-
(8,674)
616,182|
|---|---|---|---|
The notes form part of these financial statements
Page 29
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. CONTINGENT LIABILITIES**
The charity acquired its Tintagel property in Sheffield from another charity, Tintagel House (Sheffield) Limited. In the event of the Tintagel property and / or the charity's Sterling Works property being disposed of then a sum equivalent to 20% of the gross sale proceeds, but not exceeding £770,000 shall be payable to Tintagel House (Sheffield) Limited.
## **20. RELATED PARTY DISCLOSURES**
Under the provision of Financial Reporting Standard No. 8, related party transactions with other group companies are exempt from disclosure as all of the companies are included within these consolidated financial statements.
During the year, Mr A Gordon, a director of Ruskin Mill Land Trust Limited the corporate trustee of the charity, was also a director of Ruskin Mill Trust and its subsidiaries Brantwood Specialist School, Clervaux Trust Limited, Transform Residential Limited, Lantern Trading Limited and Glasshouse Trading Limited. These entities rent property and purchase other services from the charity.
During the year rental income and sales of other services to Ruskin Mill Trust amounted to £1,103,441 (2020 - £1,598,221). Corresponding figures for Brantwood Specialist School were £177,150 (2020 - £176,647), Clervaux Trust Limited £61,103 (2020 - £59,159), Transform Residential Limited £67,714 (2020 - £68,352) and Lantern Trading Limited £nil (2020 - £4,573). At 31 August 2021 a total of £124,591 (2020 - £389,768) was due from Ruskin Mill Trust and its subsidiaries.
During the year Ruskin Mill Trust loaned £3,500,000 to the charity towards the acquisition of a rental property. At 31 August 2021 a total of £3,499,370 (2020 - £453,181) was due to Ruskin Mill Trust.
Mr A Gordon is also a trustee of Seol Trust, a charity registered in Scotland. During the year sales of services to Seol Trust amounted to £23,957 (2020 - £nil). At 31 August 2021 £23,957 (2020 - £nil) was due from Seol Trust.
The notes form part of these financial statements
Page 30
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **21. INCOME FROM SUBSIDIARIES’ TRADING ACTIVITIES**
## **The Ruskin Glass Centre Limited**
The charity owns the whole of the share capital of The Ruskin Glass Centre Limited (registered no: 04082119), which deals with the commercial letting of units comprising part of the Glasshouse College site in Stourbridge. Its trading results for the year, as extracted from the financial statements, are summarised below:
|Turnover
Administrative expenses
Retained profit / (loss)
Shareholders’ funds|31.8.21
£
199,051
(198,372)
679
(218,656)|31.8.20
£
181,068
(203,504)
(22,436)
(219,335)|
|---|---|---|
Transactions with the parent undertaking, eliminated on consolidation, include management charges of £10,800 (2020 - £10,800) included in administrative expenses.
## **Academy of Makers Limited**
The charity owns the whole of the share capital of Academy of Makers Limited (registered no: 06110134) which deals with the commercial letting of units and operated a cafe at the Butcher Works site in Sheffield. Its trading results for the year as extracted from the audited financial statements are summarised below:
|Administrative expenses
Other operating income
Corporation tax
Retained loss
Shareholders’ funds|31.8.21
£
(103,349)
75,290
3,558
(24,501)
(212,277)|31.8.20
£
(85,387)
72,901
(3,558)
(16,044)
(187,776)|
|---|---|---|
There were no transactions with the parent undertaking in the year (2020 – none).
The notes form part of these financial statements
Page 31
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **21. INCOME FROM SUBSIDIARIES’ TRADING ACTIVITIES - continued**
## **The Life Science Trust**
The charity is the sole member of The Life Science Trust (registered no: SC140925, charity number: SC020705)), a company limited by guarantee and registered in Scotland. The Life Science Trust runs a range of activities from its property at Pishwanton, East Lothian. Its results for the year, as extracted from the financial statements, are summarised below:
|Charitable income
Charitable expenditure
Governance costs
Net expenditure
Funds carried forward|31.8.21
£
36,645
(63,145)
(5,732)
(32,232)
522,890|31.8.20
£
48,178
(66,959)
(4,515)
(23,296)
555,122|
|---|---|---|
There were no transactions with the parent undertaking in the period (2020 – none).
## **Tir Ceridwen**
This company (registered no: 12149016) shares trustees in common with Ruskin Mill Land Trust and will form part of the group in future. It was not fully operational during this period. It received voluntary income of £1,100 (2020 - £5,500) in the form of a donation from Ruskin Mill Land Trust. Its funds carried forward at 31 August 2021 were £6,404 (2020 - £5,447).
## **Ruskin Mill Centre for Practice**
This company (registered no: 12660597) was formed on 10 June 2020 with a view to obtaining registration as a charity in due course. It shares trustees in common with Ruskin Mill Land Trust and will form part of the group in future. This company started trading in the year, taking over some of the educational work from the patent charity.
|Turnover
Cost of sales
Gross surplus
Administrative expenses
Retained loss
Reserves|31.8.21
£
525,548
(394,731)
130,817
(132,890)
(2,073)
(2,073)|31.8.20
£
-
-
-
-
-
-|
|---|---|---|
The notes form part of these financial statements
Page 32