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2022-08-31-accounts

REGISTERED CHARITY NUMBER: 1053705

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

FOR

RUSKIN MILL LAND TRUST

RUSKIN MILL LAND TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 10
Report of the Independent Auditors 11 to 13
Group Statement of Financial Activities 14
Group Balance Sheet 15
Charity Balance Sheet 16
Group Cash Flow Statement 17
Notes to the Group Cash Flow Statement 18
Notes to the Financial Statements 19 to 34

RUSKIN MILL LAND TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2022

TRUSTEES

Ruskin Mill Land Trust Limited

The directors of Ruskin Mill Land Trust Limited, the sole trustee of Ruskin Mill Land Trust are:

Professor Alison M B Brown
Mr Aonghus C H Gordon OBE
Mr Angus Taylor
Mr Robert Lloyd-Davies
Dr Stefan Geider
Mr Matthew Hayes
COUNCIL OF MANAGEMENT Mr A C H Gordon OBE (Trustee Representative)
Mr M S Iqbal (Chief Finance Officer)
Mr C George (Trust Estates Manager)
Mrs A Whitbread (Head of Legal Services &
Company Secretary)
FOUNDER Mr A C H Gordon OBE
PRINCIPAL ADDRESS Ruskin Mill
Old Bristol Road
Nailsworth
Gloucestershire
GL6 0LA
REGISTERED CHARITY 1053705
NUMBER
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 VWV Solicitors
65 Carter Lane Narrow Quay House
London Narrow Quay
EC4V 5HF Bristol
BS1 4QA

Page 1

RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

The directors of the trustee company present their report and financial statements for the year ended 31 August 2022, 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:

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:-

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 and working with Ruskin Mill Trust on a longer term maintenance plan, ensure current leases are 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.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTIVES AND ACTIVITIES

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 has grown considerably over the year, in terms of programmes on offer, the number of internal and external candidates taking up the increased opportunities and the implementation of more structured feedback and evidence gathering processes. It continues to be 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.

ACHIEVEMENT AND PERFORMANCE Developments, activities and achievements for the year 2021/2022 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.

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. 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.

Award of an OBE to the Founder

Of particular note this year was the announcement that Aonghus Gordon, the charity's Founder, had been awarded an OBE in the 2022 New Year's Honours List, for his services to heritage and education. Since the 1980's, Aonghus has been a pioneer in the provision of high-quality and fulfilling educational initiatives for people with learning difficulties, drawn from the inspiration of Rudolf Steiner, John Ruskin and William Morris.

This was both a tremendous accolade for Aonghus and also for the charity, and all that has been achieved by it over almost 40 years of dedicated work in the service of young people with special needs.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

ACHIEVEMENT AND PERFORMANCE

Fundraising

The team continues to work hard to raise fund for capital projects across the charity and we are very grateful that so many Trusts and Foundations have continued to support our work.

In Birmingham, we received a further grant of £13,721 from Townscape Heritage towards repairs at 9 Regent Place. We are also appreciative for the ongoing support of National Lottery Heritage Fund towards the New Standard Works.

Glasshouse College also benefitted from a capital investment grant of £140,650 from Arts Council England to improve disability access plus install energy efficient exhibition lighting and glass equipment.

The most significant grants received were for the International Festival of Glass, taking place after a threeyear hiatus. We are very grateful to Arts Council England for their award of £223,145 and to the Great Britain Sasakawa Foundation, Daiwa Foundation and the Japan Society for all their support.

Acquisitions

Clent - Sunfield.

Sunfield was purchased from Ruskin Mill Trust at the end of August 2021.

Stroud - Old Rectory.

This property was no longer deemed fit for the purposes of the charity. It was too big and lacked parking and amenity space. It had long been intended for sale which completed in November 2021. A higher than expected price was achieved.

ACHIEVEMENTS AND ACTIVITIES College & School sites

Bristol/Grace Garden School

Following the arrival of the first pupils in June 2021, the School formally opened in September 2021 and now enjoys high demand for its places. The site has been greatly improved with the land team re-invigorating the horticulture areas and with the introduction of animals to the site. Additional teaching and therapy space has been provided following refurbishment works.

Birmingham/Argent College

Repair works funded through the Jewellery Quarter Townscape Heritage Initiative were completed in June 2022.

Nailsworth/Ruskin Mill College

The Woolbarn project has continued through the year with the fit-out and landscaping work underway. It is expected that the building will be fully completed and in use by Spring 2023.

Sheffield/Brantwood School

Tintagel Lodge has been refurbished and bought into use as a therapy centre.

Stourbridge/Glasshouse College

Significant maintenance and refurbishment works have been undertaken at a number of the Glasshouse College residential properties. This has included the installation of new kitchens and bathrooms.

Access improvements have been made to the Ruskin Glass Centre following receipt of funding from the Arts Council. This has included a new platform lift to replace the existing stair lift and the provision of ramps to a number of entrances.

New entrance gates, designed and developed by sculptor Matthew Lane Sanderson, were installed at the College to separate College and public areas. The gates were unveiled at the International Festival of Glass in August 2022.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

ACHIEVEMENTS AND ACTIVITIES

Stourbridge/Sunfield

The design and development work for the Sunfield site has continued through the year. The refurbishment of one of the properties on the site was recently completed for the purpose of using it as a training centre for residential staff.

Wales/Coleg Plas Dwbl

Work continues with the National Parks authority to secure planning permission for the Canolfan Awen Centre on the site.

Wales/Coleg Ty'r Eithin

A significant capital investment at Tyr Eithin has brought and is bringing the main properties from a semiderelict estate to a point where only routine maintenance is required. A long-term masterplan has been developed for the site of which various works have already been undertaken. Work commenced on Phase 2 in November 2021 which comprises the refurbishment of the Farmhouse. This was almost complete in August 2022. The installation of a new 3 phase power supply has commenced which involved significant preparatory work.

Wales/Trigonos

The charity continues to support Trigonos in seeking grant funding of up to £50k through the Architectural Heritage Fund (AHF). It is intended for this funding to be used for repairs to the main house, Plas Baladeulyn.

Environmental Report

The charity recognises that good environmental management must be an integral and fundamental part of its Group strategy and vision. Working in conjunction with Ruskin Mill Trust, the charity aims to continuously improve its environmental performance through careful management of the Estate and all its operations. Respect for the environment is inherent in the charity's vision and is made manifest through its method (PSTE) and specifically through the adoption of biodynamic land practices. The charity will work closely with Ruskin Mill Trust in its development of a 10 Year Environmental Plan.

Streamlined Energy & Carbon Reporting (SECR)

The charity has worked alongside Ruskin Mill Trust in the preparation of its second SECR for the whole Ruskin Mill Group. This will encourage the implementation of energy efficient measures and the adoption of low or zero carbon practices. The Group has committed to year-on-year improvements in its operational energy efficiency. Some of those measures have included:

Further measures will be prioritised 2022 - 2025:

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

ACHIEVEMENTS AND ACTIVITIES

Research

Ruskin Mill Trust's educational method of Practical Skills Therapeutic Education, developed over 30 years, is applied through Seven Fields of Practice. The charity supports the continued development of the method which is subject to ongoing research of three different kinds: practitioners' action research and reflective practice; formal Master's and PhD research on specific dimensions of PSTE; and Goethean Science research on the underpinnings of the practice.

The charity now supports doctoral candidates through the Field Centre. Each candidate continues to enhance the Group's work through their research of the key aspects of the method. The current spread of themes is Fields 1,2,3,4 & 7. In June 2022, the candidates took part in a 2-day workshop to explore how to develop the research community. The candidates worked from the Field Centre, preparing a presentation on their academic progress and how it enhances PSTE.

Dissemination of research occurs through research journals, key publications produced by the charity, regular seminars 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.

The Field Centre Journal of Research and Practice, along with the holistic science journal In Dialogue, are both distributed widely within the Trust as well as available free online, in line with our charitable objects in relation to the dissemination of research.

Work continued in preparation for the launch of the Ruskin Mill Centre for Research (RMCR), a new research trust holding Goethean Science and Rudolf Steiner Spiritual Science, bringing together four proposed new research centres throughout Britain:

RMCR will sit alongside RMCP within the charity's Group of companies as a subsidiary company and will carry out Goethean and spiritual science research underpinning the method of PSTE. It is intended to complement the output from RMCP, which is responsible for doctoral and master's research into aspects of the method, in addition to training at different levels supporting action research and reflective practice. An important aspect of the concept of RMCR is the donation of land and properties into it, thus creating a clear alignment between donations, activity and income streams while sitting within the Group as a whole.

Other initiatives and collaborations

In the Autumn 2021, a successful initiative was launched in partnership with Lillehammer Inland Norway University where third year Norwegian students undertook work experience placements at four provisions across the UK. It is hoped that this partnership will continue in the coming years. The charity was also delighted to record those four candidates passed their Master's in PSTE with the University.

The charity is contributing to a collaboration between Temple Wilton in the USA and Coventry University to fund and develop a new PhD research programme in 2023, looking at the de-commodification of agriculture and the rise of the CSA movement.

The charity has taken a lead role in the Erasmus Ecopreneurship research project. This is a 2-year project consisting of four 1-week research periods. The research group comprises researchers from Norway, Iceland and RMT. The first research week took place in November 2021 at Freeman College and the second was in Iceland. The topic for the week in Iceland centred on Ecopreneurship for their new national park.

We were invited to work in collaboration with twelve European research partners to submit a research proposal to the European Union. The title of the proposal is: Enhancing Craft Employment through Education and Digitisation.

In addition to the Masters programme delivered through RMCP, the Field Centre continues to be the venue for a broad range of events and courses, from lectures and presentations to weekend seminars.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

ACHIEVEMENTS AND ACTIVITIES Ruskin Mill Centre for Practice (RMCP)

The Masters

RMCP successfully achieved validation partnership with University of Huddersfield (UoH) in November 2021 following completion of the Huddersfield Education School Board pre- validation and their approval of course modules. The launch of the Masters Programme was a significant moment. The course opened in February 2022 with the 2-day MA in PSTE induction for the 21 students with delivery of the first Module commencing on 4 April 2022.

We were pleased to welcome back Professor Gert Biesta as a guest speaker who delivered a lecture on "What works" is not enough; Can research make education better?

During the delivery of Module 1, we also enjoyed public lectures delivered by two guest lecturers: John McAlice (The Nature Institute, USA) and Ute Craemer (Monte Azul, Brazil).

Training

The HEaRT team continue their offering and delivering of the comprehensive staff training programme. At the start of the academic year, HEaRT offers an annual training week in each provision to refresh colleagues on PSTE/method, compliance and general preparation for the new student intake. Training week is designed and delivered at each provision - reflecting both residential and day/educational needs.

Events at Ruskin Mill

During the pandemic years when there were no events in the Gallery at Ruskin Mill, the opportunity was taken to refurbish the space. The walls were stripped of the old boarding and the Cotswold stone was revealed and restored. New boards were mounted for a refined display space, the roughly hewn stones of the Zodiac floor were excavated and the floor re-laid in Portland stone.

The first artist to exhibit in the new space was, fittingly, Greg Tricker who was the first artist to ever exhibit in the Gallery. Alongside was a fine piece of work by former student Andrew Geary, master stone carver. A series of exhibitions followed in a variety of media, culminating in the summer of 2022 with the end of year Ruskin Mill College students' exhibition.

There was a tentative start to the restored music programme with audiences reluctant to leave the security of their homes; many still preferring their virtual life to live music. Gradually however, confidence returned and we have full houses for concerts once more, notably in May 2022 for the Nailsworth Festival Richard Valentine Memorial Concert with Rob Harbron, Miranda Rutter and Sam Sweeney, three of England's finest folk musicians.

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 2022 the charity and it associated group recorded a surplus of £645,800 (2021 - £273,337).

Capital expenditure for the year totalled £122,479.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

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

Possible risk Control Procedure
Dependency on one primary income The charity has set up various mechanisms to monitor the
source (and lack of control) 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 of the properties. Ruskin Mill
maintenance Trust has employed a full-time regional maintenance manager
and is looking to recruit to the other regions, managers with
the specific task of developing and managing compliance of a
comprehensive schedule of condition.
Failure to maintain and protect the Maintenance structures have been reviewed across the Group
physical assets of tenant provision with schedules prepared in each area and increased budget
capacity agreed with tenant. The goal remains to fully embed
3 year maintenance plans
.
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).
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.
.
Failure to comply with health and safety Risk assessments are in place, H & S training for staff, audits,
legislation results in personal injury updated policies and monitoring.
.
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.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

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 2022 stood at £15,849,458.

FUTURE PLANS

The following plans are being progressed in furtherance of the Charity's objects:

Nailsworth/ Ruskin Mill College

To complete the re-development of the property known as 2 Millbottom for use as visitor accommodation.

Stourbridge/Glasshouse College

To complete the purchase of 7 Wollaston Road as a residential student provision (December 2022)

Clent/ Sunfield School

To build the new Sunfield Garden Lower School for opening in September 2023. Progress the phased implementation of the other elements of the Sunfield Development Project (2023-2035).

Wales/Tyr Eithin

To work on completion of phase 2 of Coleg Tyr Eithin.

Scotland/Fairhill

To purchase Quince Cottage for use as residential provision to support and enhance the existing service provision at Fairhill.

Higher Education

The charity will support RMCP on the development of the Higher Education offer with an intention to achieve registration with the Office for Students by September 2023. This will be followed by an application to achieve taught degree awarding powers in 2024. Consideration is also being given to provision of a new Masters programme looking at Goethean Enquiry.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity 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. Type text here

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 inperson 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.

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.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

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

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.

Approved by order of the board of trustees on 11 May 2023 and signed on its behalf by:

................................................................. Ruskin Mill Land Trust Limited - Trustee

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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 2022 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'.

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:

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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: 11 May 2023.

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RUSKIN MILL LAND TRUST

GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
3
Educational and rental income
Charitable income within subsidiaries
Other income
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Education and rental
Charitable expenditure within subsidiaries
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.8.22
31.8.21
Unrestricted
Total
fund
funds
£
£
885,606
644,166
1,444,592
1,351,099
1,187,299
836,534
32,715
20,847
3,550,212
2,852,646
321,189
345,442
1,006,212
950,356
1,180,771
881,687
396,240
401,824
2,904,412
2,579,309
645,800
273,337
15,203,658
14,930,321
15,849,458
15,203,658

Page 14

RUSKIN MILL LAND TRUST

GROUP BALANCE SHEET 31 AUGUST 2022

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 LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 15
NET ASSETS
FUNDS
18
Unrestricted funds
TOTAL FUNDS		 31.8.22
31.8.21
Unrestricted
Total
fund
funds
£
£
26,741,674
27,602,135
1,679,988
1,783,776
28,421,662
29,385,911
576,803
506,219
733,690
425,110
1,310,493
931,329
(1,444,261)
(2,044,698)
(133,768)
(1,113,369)
28,287,894
26,272,542
(12,438,436) (13,068,884)
15,849,458
15,203,658
15,849,458
15,203,658
15,849,458
15,203,658

The financial statements were approved by the Board of Trustees and authorised for issue on 11 May 2023 and were signed on its behalf by:

.............................................

Ruskin Mill Land Trust Limited - Trustee

Page 15

RUSKIN MILL LAND TRUST

CHARITY BALANCE SHEET 31 AUGUST 2022

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/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 15
NET ASSETS
FUNDS
18
Unrestricted funds
TOTAL FUNDS		 31.8.22
31.8.21
Unrestricted
Total
fund
funds
£
£
26,109,704
27,025,867
2
2
26,109,706
27,025,869
1,592,112
1,504,483
362,434
80,515
1,954,546
1,584,998
(1,128,220)
(1,764,307)
826,326
(179,309)
26,936,032
26,846,560
(11,174,379) (11,739,188)
15,761,653
15,107,372
15,761,653
15,107,372
15,761,653
15,107,372

The financial statements were approved by the Board of Trustees and authorised for issue on 11 May 2023 and were signed on its behalf by:

............................................. Ruskin Mill Land Trust Limited - Trustee

Page 16

RUSKIN MILL LAND TRUST

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2022
31.8.22
Notes
£
Cash flows from operating activities
Cash generated from operations
1
1,023,997
Interest paid
(321,189)
Net cash provided by operating activities
702,808
Cash flows from investing activities
Purchase of tangible fixed assets
(122,479)
Sale of tangible fixed assets
652,000
Net cash provided by/(used in) investing activities
529,521
Cash flows from financing activities
New loans in year
182,700
Loan repayments in year
(409,399)
Net cash (used in)/provided by financing activities
(226,699)
Change in cash and cash equivalents
in the reporting period
1,005,630
Cash and cash equivalents at the
beginning of the reporting period
2
(477,915)
Cash and cash equivalents at the end
of the reporting period
2
527,715		 31.8.21
£
1,381,904
(345,442)
1,036,462
(6,919,593)
-
(6,919,593)
7,034,672
(471,034)
6,563,638
680,507
(1,158,422)
(477,915)

Page 17

RUSKIN MILL LAND TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.8.22 31.8.21
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 645,800 273,337
Adjustments for:
Depreciation charges 663,978 694,117
Profit on disposal of fixed assets (229,250) -
Interest paid (321,189) 345,442
(Increase)/decrease in debtors (70,584) 31,976
Increase/(decrease) in creditors 14,053 37,032
Net cash provided by operations 702,808 1,381,904
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.8.22 31.8.21
£ £
Notice deposits (less than 3 months) 733,690 425,110
Overdrafts included in bank loans and overdrafts falling due within one
year (205,975) (903,025)
Total cash and cash equivalents 527,715 (477,915)
3. ANALYSIS OF CHANGES IN NET DEBT
At 1.9.21 Cash flow At 31.8.22
£ £ £
Net cash
Cash at bank 425,110 308,580 733,690
Bank overdraft (903,025) 697,050 (205,975)
(477,915) 1,005,630 527,715
Debt
Debts falling due within 1 year (937,755) 584 (937,171)
Debts falling due after 1 year (11,878,900) 661,413 (11,217,487)
(12,816,655) 661,997 (12,154,658)
Total (13,294,570) 1,667,627 (11,626,943)

Page 18

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

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.

Page 19

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

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 - Straight line over 50 years
buildings
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.

Investments

Fixed asset investments held in subsidiaries, are stated at cost at the balance sheet date.

Page 20

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

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
4.
RAISING FUNDS
Raising donations and legacies
Interest payable and similar charges
5.
CHARITABLE ACTIVITIES COSTS
Charitable Activities		 Direct
Costs
£
42,500		 31.8.22
£
885,606
31.8.22
£
286,856
87,500
281,859
229,391
885,606
31.8.22
£
1,444,592
1,444,592
31.8.22
£
321,189
Grant
funding of
activities
£
42,500		 31.8.21
£
644,166
31.8.21
£
25,620
190,000
419,986
8,560
644,166
31.8.21
£
1,351,099
1,351,099
31.8.21
£
345,442
Totals
£
2,186,983

continued…

Page 21

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

6. SUPPORT COSTS

SUPPORT COSTS
Other resources expended Governance
Other
costs
£
£
2,538
393,702
2,538
393,702		 Totals
£
396,240
396,240

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.

Trustees' expenses

Reimbursed expenses of £2,538 (2021 - £2,611) were paid to a trustee of the ultimate parent company during the year.

8. STAFF COSTS

STAFF COSTS
31.8.22
£
Wages and salaries
1,017,956
Social security costs
84,527
Other pension costs
20,596
1,123,059		 31.8.21
£
808,002
61,496
9,838
876,336

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

Teaching
Care support and other direct labour
Management
Research and Development		 31.8.22
25
2
5
2
34		 31.8.21
19
2
6
2
29

One employee received emoluments in the range £70,000 to £80,000.

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 £20,596 (2021 - £9,838). No liability was outstanding at the Balance Sheet date (2021 - £nil).

continued…

Page 22

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
644,166
-
Charitable activities
Educational and rental income
1,361,899
-
Charitable income within subsidiaries
836,534
-
Other income
20,847
-
Total
2,852,646
-
EXPENDITURE ON
Raising funds
345,442
-
Charitable activities
Education and rental
950,356
-
Charitable expenditure within subsidiaries
881,687
-
Other
401,824
-
Total
2,579,309
-
NET INCOME
273,337
-
Transfers between funds
39,517
(39,517)
Net movement in funds
312,854
(39,517)
RECONCILIATION OF FUNDS
Total funds brought forward
14,890,804
39,517
TOTAL FUNDS CARRIED FORWARD
15,203,658
-
Total
funds
£
644,166
1,361,899
836,534
20,847
2,852,646
345,442
950,356
881,687
401,824
2,579,309
270,337
-
273,337
14,930,321
15,203,658

continued…

Page 23

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

11. TANGIBLE FIXED ASSETS - GROUP

COST
At 1 September 2021
Additions
Disposals
At 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for year
Eliminated on disposal
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021
COST
At 1 September 2021
Additions
Disposals
At 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for year
Eliminated on disposal
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 Specialised Non-specialised
freehold
freehold
Short
land and
land and
leasehold
buildings
buildings
properties
£
£
£
18,284,150
10,295,950
807,043
-
42,399
68,333
-
(475,000)
-
18,284,150
9,863,349
875,376
1,481,942
328,169
89,555
413,062
129,445
16,944
-
(52,250)
-
1,895,004
405,364
106,499
16,389,146
9,457,984
768,877
16,802,208
9,967,780
717,488
Assets
Fixtures
under
and
Computer
construction
fittings
equipment
Totals
£
£
£
£
98,643
37,696
18,370
29,541,852
11,747
-
-
122,479
-
-
-
(475,000)
110,390
37,696
18,370
29,189,331
-
21,681
18,370
1,939,717
-
739
-
560,190
-
-
-
(52,250)
-
22,420
18,370
2,447,657
110,390
15,276
-
26,741,674
98,643
16,015
-
27,602,135

continued…

Page 24

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

11. TANGIBLE FIXED ASSETS - CHARITY

COST
At 1 September 2021
Additions
Disposals
At 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for year
Eliminated on disposal
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021
COST
At 1 September 2021
Additions
Disposals
At 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for year
Eliminated on disposal
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 Specialised Non-specialised
freehold
freehold
Short
land and
land and
leasehold
buildings
buildings
properties
£
£
£
17,689,508
10,295,949
807,043
-
42,399
-
-
(475,000)
-
17,689,508
9,863,348
807,043
1,451,052
328,169
89,555
401,170
129,445
16,944
-
(52,250)
-
1,852,222
405,364
106,499
15,837,286
9,457,984
700,544
16,238,456
9,967,780
717,488
Assets
Fixtures
under
and
Computer
construction
fittings
equipment
Totals
£
£
£
£
98,643
11,897
6,406
28,909,446
11,747
-
-
54,146
-
-
-
(475,000)
110,390
11,897
6,406
28,488,592
-
8,397
6,406
1,883,579
-
-
-
547,559
-
-
-
(52,250)
-
8,397
6,406
2,378,888
110,390
3,500
-
26,109,704
98,643
3,500
-
27,025,867

continued…

Page 25

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

12. FIXED ASSET INVESTMENTS - GROUP - SOCIAL INVESTMENTS

COST
At 1 September 2021 and 31 August 2022
DEPRECIATION
At 31 August 2021
Charge for the year
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 £
2,991,878
1,208,102
103,788
1,311,890
1,679,988
1,783,776

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 2021 and 31 August 2022 2
NET BOOK VALUE
At 31 August 2022 2
At 31 August 2021 2

There were no investment assets outside the UK.

continued…

Page 26

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

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
Ruskin Mill Centre for
Practice
The Life Science Trust
Prepayments
Amounts falling due after more than one year:
Academy of Makers Ltd
Ruskin Glass Centre Ltd
Aggregate amounts		 31.8.22
£
451,583
106,114
19,106
576,803
31.8.22
£
251,368
34,960
74,263
40,000
12,056
412,647
768,851
410,614
1,592,112		 31.8.21
£
378,976
109,359
17,884
506,219
31.8.21
£
218,814
21,073
33,013
40,000
12,056
324,956
768,851
410,676
1,504,483

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.

continued…

Page 27

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP
31.8.22 31.8.21
£ £
Bank loans and overdrafts (see note 16) 1,143,146 1,837,671
Trade creditors 130,163 35,562
Social security and other taxes 25,306 24,149
VAT 137 44,919
Other creditors 98,059 54,380
Accruals and deferred income 47,450 48,017
1,444,261 2,044,698
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - CHARITY
31.8.22 31.8.21
£ £
Bank loans and overdrafts (see note 16) 990,475 1,685,874
Trade creditors 63,606 3,174
Social security and other taxes 4,887 7,533
VAT 2,292 35,662
Other creditors 46,960 1,007
Accruals and deferred income 20,000 31,057
1,128,220 1,764,307
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - GROUP
31.8.22 31.8.21
£ £
Bank loans (see note 16) 7,696,117 8,268,530
Other loans (see note 16) 3,521,370 3,519,370
Deferred grant income 1,220,949 1,280,984
12,438,436 13,068,884
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - CHARITY
31.8.22 31.8.21
£ £
Bank loans (see note 16) 7,673,009 8,239,818
Other loans (see note 16) 3,501,370 3,499,370
11,174,379 11,739,188

continued…

Page 28

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

16. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
Bank overdrafts
Bank 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
LOANS - continued
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		 31.8.22
£
205,975
937,171
1,143,146
960,000
2,350,904
31.8.22
£
4,362,105
31.8.22
£
205,975
8,610,180
8,816,155		 31.8.21
£
903,025
934,646
1,837,671
950,712
2,393,112
31.8.21
£
4,896,706
31.8.21
£
899,826
9,025,866
9,925,692

16. LOANS - continued

17. SECURED DEBTS

The aggregate amount of secured liabilities in relation to Triodos Bank was £7,267,223 (2021 - £7,936,298) 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 £962,893 (2021 - £916,479) 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 (2021 - (£155,000). The interest on this mortgage is to be repaid monthly by the Charity.

continued…

Page 29

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

18. MOVEMENT IN FUNDS

At 1.9.21
£
Unrestricted funds
General fund
15,203,658
TOTAL FUNDS
15,203,658
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
3,550,212
TOTAL FUNDS
3,550,212
Comparatives for movement in funds
Net
movement
At 1.9.20
in funds
£
£
Unrestricted funds
General fund
14,890,804
273,337
Restricted funds
Life Science Trust Restricted Funds
39,517
-
TOTAL FUNDS
14,930,321
273,337		 Net
movement

in funds
£
645,800
645,800

Resources

expended
£
(2,904,412)
(2,904,412)
Transfers

between

funds
£
39,517
(39,517)
-

At

31.8.22
£
15,849,458
15,849,458

Movement

in funds
£
645,800
645,800

At
31.8.21
£
15,203,658
-
15,203,658





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

Unrestricted funds
General fund
Restricted funds
Life Science Trust Restricted Funds
TOTAL FUNDS		 Incoming
resources
£
2,852,646
-
2,852,646		 Resources
expended
£
(2,579,309)
-
(2,579,309)		 Movement
in funds
£
273,337
-
273,337

continued…

Page 30

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

18. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Life Science Trust Restricted Funds
TOTAL FUNDS		 At 1.9.20
£
14,890,804
39,157
14,930,321		 Net
movement

in funds
£
919,137
-
919,137		 Transfers

between
funds
£
39,517
(39,517)
-
At
31.8.22
£
15,849,458
-
15,849,458

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
Life Science Trust Restricted Funds
TOTAL FUNDS		 Incoming
resources
£
6,402,858
-
6,402,858		 Resources
expended
£
(5,483,721)
-
(5,483,721)		 Movement
in funds
£
919,137
-
919,137

continued…

Page 31

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

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 £1,083,722 (2021 - £1,103,441). Corresponding figures for Brantwood Specialist School were £186,800 (2021 - £177,150), Clervaux Trust Limited £69,119 (2021 - £61,103) and Transform Residential Limited £73,514 (2021 - £67,714). At 31 August 2022 a total of £140,942 (2021 - £124,591) was due from Ruskin Mill Trust and its subsidiaries.

Purchases in the year from Ruskin Mill Trust amounted to £22,682 (2021 - £34,487). At 31 August 2022 a total of £3,501,370 (2021 - £3,499,370) was due to Ruskin Mill Trust. This includes long-term loans.

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 £18,600 (2021 - £23,957). At 31 August 2022 £42,557 (2021 - £23,957) was due from Seol Trust.

Page 32

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		 31.8.22
£
217,089
(215,453)
1,636
(217,020)		 31.8.21
£
199,051
(198,372)
679
(218,656)

Transactions with the parent undertaking, eliminated on consolidation, include management charges of £10,800 (2021 - £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 profit/loss
Shareholders’ funds		 31.8.22
£
(72,817)
75,141
-
2,324
(209,953)		 31.8.21
£
(103,349)
75,290
3,558
(24,501)
(212,277)

There were no transactions with the parent undertaking in the year (2021 – none).

The notes form part of these financial statements

Page 33

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		 31.8.22
£
44,115
(40,183)
(4,029)
(97)
522,793		 31.8.21
£
36,645
(63,145)
(5,732)
(32,232)
522,890

There were no transactions with the parent undertaking in the period (2021 – 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 £nil (2021 - £1,100) in the form of a donation from Ruskin Mill Land Trust. Its funds carried forward at 31 August 2022 were £6,224 (2021 - £6,404).

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		 31.8.2 2
£
850,954
(592,866)
258,088
(270,252)
(12,164)
(14,237)		 31.8.21
£
525,548
(394,731)
130,817
(132,890)
(2,073)
(2,073)

This page does not form part of the statutory financial statements

Page 34