**REGISTERED CHARITY NUMBER: 1053705**
**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2023**
## **FOR**
## **RUSKIN MILL LAND TRUST**
Bronsens Chartered Certified Accountants Statutory Auditors Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL
**RUSKIN MILL LAND TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1 to 2|
|**Report of the Trustees**|3 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 33|
**RUSKIN MILL LAND TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2023**
## **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 OBE||
|||Mr Taylor||
|||Mr R Lloyd-Davies||
|||Dr S Geider||
|||Mr M 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||
|||Eden House||
|||Two Rivers Business Park||
|||Witney||
|||Oxfordshire||
|||OX28 4BL||
|**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 3BJ|
Page 1
**RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
The directors of the trustee company present their report and financial statements for the year ended 31 August 2023, 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. 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.
5. To pursue improvements of the Estate's environmental performance through careful management and consideration of industry guidance and initiatives.
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.
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.
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**RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **ACHIEVEMENT AND PERFORMANCE Developments, activities and achievements for the year 2022/2023 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.
## **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, the five-year National Lottery Heritage Fund revenue funding towards the New Standard Works concluded with a final grant of £148,243.
We are grateful to the Wolfson Foundation for their generous a £75,000 grant towards the new Wool Barn at Ruskin Mill College.
The most significant grants received were for the International Festival of Glass and we are very grateful to Arts Council England and the Great Britain Sasakawa Foundation. The International Year of Glass 2022 UK provided funding towards the Festival's Hot Hanbok/Cool Glass documentary which won two international film awards in South Korea.
## **Acquisitions**
7 Wollaston Road, Amblecote Stourbridge
4-bedroom house at the entrance to the Glasshouse site, purchase completed in November 2022.
## **ACHIEVEMENTS AND ACTIVITIES**
## **College & School sites**
## **Bristol/Grace Garden School**
Repair and refurbishment work to the roof and first floor of Cherry Orchards House was finalised during the half-term in October 2022. The refurbishment provides additional accommodation for the school.
## **Bristol/Helios Trust**
Planning application has been accepted by Bristol City Council for a Change of Use from doctors surgery to SEN school and therapy centre.
## **Nailsworth/Ruskin Mill College**
Throughout the year the College has been continuing works to remove infected trees as part of a wider woodland management programme on site.
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**RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
The major works on the Wool Barn were completed prior to Easter 2023. The availability of this space is a significant step in the improved provision of space for student drama and curriculum craft activities, full staff events and conferences. It will also be a designated base for the HEaRT team.
## **Stourbridge/Sunfield**
The design and development work for the new Sunfield lower school has continued through the year.
## **Wales/Coleg Plas Dwbl**
Work continues with the National Parks authority to secure planning permission for the Canolfan Awen Centre on the site.
## **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:
" Implementing a Heat Decarbonisation Plan for all sites that currently use fossil fuel consuming boilers, with the aim to phase out all usage of fossil fuels for heating
" Completion of an energy audit of the Sunfield site and implementation of a scheme to replace historic oil-fired boilers
- " Repairing the biomass boiler and feed system at the Trigonos site and replacing all outdated LPG backup boilers
" Replacement of the historic wind turbine at Gables Farm
" Installing ASHP technology within the Wool Barn site
" Conducting reviews of EPCs across the entire property portfolio
Further measures will be prioritised 2023 - 2025:
" Continued contribution towards the 10 Year Environmental Plan
" Development of long-term strategy for replacing fossil fuel boilers and continued improvements in insulation and heating systems
" Undertake a review of Energy Performance Certificates (EPC's) across the whole property portfolio
" Continuing to raise awareness among all staff and students so the scale of the operation can be understood.
- " Continuing to look for improvements in both the insulation fabric and heating systems of all buildings, replacing old style storage heaters
## **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 1,2,3,4,5,6 & 7.
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.
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## **RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
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.
## **Ruskin Mill Centre for Research (RMCR) - Launch**
Ruskin Mill Centre for Research was launched in March 2023 at the Field Centre. RMCR will carry out Goethean science and Rudolf Steiner spiritual science research within the Trust underpinning the method of PSTE.
The launch was a great success, with a large and varied participation and the inauguration of the flow form in the Moon Chamber. Craig Holdrege of the Nature Institute gave a public lecture and a joint research weekend took place. Separately, the various current and future researchers of RMCR had their first meetings with Aonghus Gordon, Helen Kippax and Laurence Cox to start envisioning the research content of the Centre.
A researcher was appointed for the Colquhoun Research Centre in Scotland, and another for the emerging Castelliz Research Centre in Wales. These, respectively, are Dr Renatus Derbidge and Laura Wallwork. Both are currently working full-time as land managers at the Ruskin Mill provisions on these sites (Fairhill Rise and Plas Dwbl) and will be released from this role for one day a week.
This now gives Ruskin Mill a set of present and emerging research centres focussing on the mineral realm (Castelliz), plants (Colquhoun), animals (Field Centre) and humans (Sunfield).
## **Other initiatives and collaborations**
Following the success of the partnership with Lillehammer Inland Norway University in 2021, where third year Norwegian students undertook work experience placements at four provisions across the UK, we continued the initiative as we hosted 10 students in September-December 2022. Whilst with the Trust, they worked alongside our staff and students to gain first-hand experience of working in a special needs provision.
The students completed their project by presenting their reflections of the skills, knowledge and capacities they had experienced and developed. A visit from the Head of the School of Education, Prof Rune Hausstatter, took place to explore further collaboration going forward.
The final week of the Erasmus Ecopreneur Research Project took place in April 2023 at Trigonos. This was a 2-year project consisting of four 1-week research periods. The research group comprised of researchers from Norway, Iceland and RMT. Additional to this was the final work-through of the draft handbook, to test out its functionality before was finalised and submitted to Erasmus.
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. In April 2023, Ruskin Mill hosted the first international Goethean Science colloquium with the Nature Institute from the USA. This entailed two days of workshops, lectures and discussions on the present and future progress of the discipline. Over 50 people, both internal and external to the Ruskin Mill, attended.
## **Ruskin Mill Centre for Practice (RMCP) The Masters**
Module 2: Practice and Theory, was delivered at the Field Centre during August and September 2022. The participants focused on exploring the educational and therapeutic potential of a practical skill curriculum, Field 2 of the Seven Fields of Practice. Green woodwork was chosen as the main craft of choice to explore critical and reflective practices through the making of a research tool. Additionally, two public lecturers were held by guest lecturers, Dr Judyth Sassoon, Research Fellow, School of Earth Sciences, University of Bristol, and Dr Aric Sigman, Author of RMT's Practically Minded.
Module 3: Biodynamic Ecology as Educational Practice, was delivered during March and April 2023. The participants were given the opportunity to explore how agriculture can be employed with educational and therapeutic intent. The participants experienced how biodynamic ecology (Field 3) forges relationships between universe, earth and people, and how the principles, theories and practices of biodynamic ecology are integral in PSTE.
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**RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **Training**
The HEaRT team continue delivering a 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.
In September 2022 the PSTE Theme for the Week was Field 2, Practical Skills. Each provision offered a braid of practical and theoretic skills/ knowledge to all staff in the form of craft sessions, lectures and community activities.
Over Easter 2023, HEaRT offered a 3-day module as part of the Growing Land Growing People Biodynamic Course.
## **Events at Ruskin Mill**
The year ended as it began in the gallery with the exhibition of student work, which represents and celebrates every student who has attended Ruskin Mill College in the previous academic year. Their student journey is reflected in the rich displays of craft, art and culture - and always appreciated by the staff, students and public who come to view.
Other exhibitions over the year included Eta Ingham Lawrie's exposition of the art and craft of weaving in Light, Warmth and Life. By way of artistic heritage, Eta draws not only on Steiner's inspiration, but also that of Goethe, J.M.W. Turner and William Morris. There was also the first in a notable series of highly creative annual staff exhibitions, States of Matter, exploring place and material.
Concerts are always a huge draw. The public, students and staff welcomed some of the British Isles' most accomplished musicians to the Mill, plus a bluegrass trio from the United States who felt as though they'd been dropped into paradise. Young people starting out in their folk music careers are always included in the programme and we have seen the burgeoning talent of many, now well known, musicians, such as Leveret - a unique collaboration between three of England's finest folk musicians. Andy Cutting, Sam Sweeney and Rob Harbron are each regarded as exceptional performers and masters of their instruments. Their performance combined consummate musicianship, compelling delivery and captivating spontaneity.
There is a strong storytelling tradition at Ruskin Mill, beautifully exemplified in an evening of stories of choice and chance. Faith, Fate and Fortune enticed a full house to appreciate storytellers Fiona Eadie and Hannan Moore.
Lastly, there was a reprise of the film, Tibet: A Buddhist Trilogy, made with the close cooperation of the Dalai Lama that took us on an intimate journey deep into the heart of Buddhist culture. First shown at Ruskin Mill in the 1980s, the Trilogy was re-edited and re-mastered. The evening was introduced by Pip Heywood, who edited the film.
Happily, the audiences for Ruskin Mill cultural events are tentatively returning to their pre-Covid levels of confidence and attendance.
Page 7
**RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **FINANCIAL REVIEW**
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 2023 the group headed by the charity recorded a surplus of £756,432 (2022 - £645,800). Capital expenditure for the year totalled £375,000.
## **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 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.|
Page 8
**RUSKIN MILL LAND TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **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 2023 stood at £16,521,147.
## **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. This has been held over from the previous year.
## **Bristol/ Helios Trust**
Continued involvement and contribution to the development of the Helios Trust site into an SEN school and therapy centre.
## **Clent/ Sunfield School**
To continue with the build of the new Sunfield Garden Lower School. Progress the phased implementation of the other elements of the Sunfield Development Project (2023-2025).
## **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. This will be followed by an application to achieve taught degree awarding powers. Consideration is also being given to provision of a new Master's 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.
## **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.
The charity has four subsidiary charitable companies. Ruskin Mill Centre for Practice which is responsible for the provision of the teaching of the new Masters' Degree as well as staff quality assurance monitoring, Ruskin Mill Centre for Research which is responsible for pure research around Goethean and Rudolf Steiner spiritual science, 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 2023**
## **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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Ruskin Mill Land Trust Limited - Trustee
Page 10
## **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 2023 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 2023 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.
Page 11
**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.
Page 12
**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 Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL
Date: 18 April 2024
Page 13
## **RUSKIN MILL LAND TRUST**
## **GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Educational and rental income
Charitable Activities within subsidiaries
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
Education and rental
Charitable expenditure within subsidiaries
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|31.8.23
31.8.22
Unrestricted
Total
fund
funds
£
£
764,374
885,606
1,863,635
1,444,592
1,611,057
1,187,299
406
-
509
32,715
4,239,981
3,550,212
588,008
321,189
884,260
1,006,212
1,598,335
1,180,771
412,946
396,240
3,483,549
2,904,412
756,432
645,800
15,849,458
15,203,658
16,605,890
15,849,458|
|---|---|
The notes form part of these financial statements
Page 14
## **RUSKIN MILL LAND TRUST**
## **GROUP BALANCE SHEET 31 AUGUST 2023**
|Notes
**FIXED ASSETS**
Tangible assets
12
Social Investments
13
**CURRENT ASSETS**
Debtors
14
Cash at bank
**CREDITORS**
Amounts falling due within one year
15
**NET CURRENT ASSETS/LIABILITIES**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year 16
**NET ASSETS**
**FUNDS**
19
Unrestricted funds
**TOTAL FUNDS**|31.8.23
31.8.22
Unrestricted
Total
fund
funds
£
£
26,562,471
26,741,674
1,572,594
1,679,988
28,135,065
28,421,662
1,592,380
576,803
3,116,194
733,690
4,708,574
1,310,493
(1,141,906)
(1,444,261)
3,566,668
(133,768)
31,701,733
28,287,894
(15,095,843) (12,438,436)
16,605,890
15,849,458
16,605,890
15,849,458
16,605,890
15,849,458|
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18 April 2024 and were signed on its behalf by:
............................................. Ruskin Mill Land Trust Limited - Trustee
The notes form part of these financial statements
Page 15
## **RUSKIN MILL LAND TRUST**
## **CHARITY BALANCE SHEET 31 AUGUST 2023**
|Notes
**FIXED ASSETS**
Tangible assets
12
Investments
13
**CURRENT ASSETS**
Debtors
14
Cash at bank
**CREDITORS**
Amounts falling due within one year
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year 16
**NET ASSETS**
**FUNDS**
19
Unrestricted funds
**TOTAL FUNDS**|31.8.23
31.8.22
Unrestricted
Total
fund
funds
£
£
25,933,493
26,109,704
2
2
25,933,495
26,109,706
2,643,923
1,592,112
2,836,549
362,434
5,480,472
1,954,546
(977,891)
(1,128,220)
4,502,581
826,326
30,436,076
26,936,032
(13,914,929) (11,174,379)
16,521,147
15,761,653
16,521,147
15,761,653
16,521,147
15,761,653|
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18 April 2024 and were signed on its behalf by:
**----- Start of picture text -----**
.............................................
**----- End of picture text -----**
............................................. Ruskin Mill Land Trust Limited - Trustee
The notes form part of these financial statements
Page 16
## **RUSKIN MILL LAND TRUST**
|**GROUP CASH FLOW STATEMENT**
**FOR THE YEAR ENDED 31 AUGUST 2023**
31.8.23
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
902,751
Interest paid
(588,008)
Net cash provided by operating activities
314,743
**Cash flows from investing activities**
Purchase of tangible fixed assets
(375,000)
Sale of tangible fixed assets
-
Net cash (used in)/provided by investing activities
(375,000)
**Cash flows from financing activities**
New loans in year
3,750,868
Loan repayments in year
(1,102,132)
Net cash provided by/(used in) financing activities
2,648,736
**Change in cash and cash equivalents**
**in the reporting period**
2,588,479
**Cash and cash equivalents at the**
**beginning of the reporting period**
2
527,715
**Cash and cash equivalents at the end**
**of the reporting period**
2
3,116,194|31.8.22
£
1,023,997
(321,189)
702,808
(122,479)
652,000
529,521
182,700
(409,399)
(226,699)
1,005,630
(477,915)
527,715|
|---|---|
The notes form part of these financial statements
Page 17
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023**
|**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**|
|---|---|---|---|---|
||||31.8.23|31.8.22|
||||£|£|
||**Net income for the reporting period (as per the Statement of**||||
||**Financial Activities)**||759,494|645,800|
||**Adjustments for:**||||
||Depreciation charges||551,211|663,978|
||Profit on disposal of fixed assets||-|(229,250)|
||Interest paid||588,008|(321,189)|
||Increase in debtors||(1,051,811)|(70,584)|
||(Decrease)/increase in creditors||(88,354)|14,053|
||**Net cash provided by operations**||758,548|702,808|
|**2.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**||||
||||31.8.23|31.8.22|
||||£|£|
||Notice deposits (less than 3 months)||3,116,194|733,690|
||Overdrafts included in bank loans and overdrafts falling due within one||||
||year||-|(205,975)|
||Total cash and cash equivalents||3,116,194|527,715|
|**3.**|**ANALYSIS OF CHANGES IN NET DEBT**||||
|||At 1.9.22|Cash flow|At 31.8.23|
|||£|£|£|
||**Net cash**||||
||Cash at bank|733,690|2,382,504|3,116,194|
||Bank overdraft|(205,975)|205,975|-|
|||527,715|2,588,479|3,116,194|
||**Debt**||||
||Debts falling due within 1 year|(937,171)|8,671|(928,500)|
||Debts falling due after 1 year|(11,217,487)|(2,717,442)|(13,934,929)|
|||(12,154,658)|(2,708,771)|(14,863,429)|
||**Total**|(11,626,943)|(120,292)|(11,747,235)|
The notes form part of these financial statements
Page 18
**RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **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.
Page 19
continued...
**RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **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
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
|**2.**
**DONATIONS AND LEGACIES**
Grants
Grants received, included in the above, are as follows:
Heritage Lottery Fund
Ruskin Mill Trust
Other donations
International Federation of Glass
**3.**
**INVESTMENT INCOME**
Interest received
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Rental income
Charitable Activities
**5.**
**RAISING FUNDS**
**Raising donations and legacies**
Interest payable and similar charges
**6.**
**CHARITABLE ACTIVITIES COSTS**
Direct
Costs
£
Charitable Activities
2,069,649|31.8.23
£
764,374
31.8.23
£
103,849
298,500
349,051
12,974
764,374
31.8.23
£
406
31.8.23
£
1,863,635
1,863,635
31.8.23
£
588,008
Support
costs (see
note 7)
£
412,946|31.8.22
£
885,606
31.8.22
£
286,856
87,500
281,859
229,391
885,606
31.8.22
£
-
31.8.22
£
1,444,592
1,444,592
31.8.22
£
321,189
Totals
£
2,482,595|
|---|---|---|
||||
Page 21
continued...
**RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **7. SUPPORT COSTS**
|Other resources expended
Charitable Activities|Governance
Other
costs
£
£
-
390,950
7,752
14,244
7,752
405,194|Totals
£
390,950
21,996
412,946|
|---|---|---|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
## **Trustees' expenses**
Reimbursed expenses of £7,752 (2022 - £2,538) were paid to a trustee of the ultimate parent company during the year.
## **9. STAFF COSTS**
||31.8.23|31.8.22|
|---|---|---|
||£|£|
|Wages and salaries|1,146,259|1,017,956|
|Social security costs|95,107|84,527|
|Other pension costs|20,306|20,596|
||1,261,672|1,123,059|
The average monthly number of employees during the year was 36 (2022: 34).
One employee received emoluments in the range £70,000 to £80,000.
## **10. 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 £20,306 (2022 - £20,596). No liability was outstanding at the Balance Sheet date (2022 - £nil).
Page 22
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Educational and rental income
Charitable income within subsidiaries
Other income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Education and rental
Charitable expenditure within subsidiaries
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
885,606
1,444,592
1,187,299
32,715
3,550,212
321,189
1,006,212
1,180,771
396,240
2,904,412
645,800
15,203,658
15,849,458|
|---|---|
Page 23
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **12. TANGIBLE FIXED ASSETS - GROUP**
|**COST**
At 1 September 2022
Additions
Reclassification
At 31 August 2023
**DEPRECIATION**
At 1 September 2022
Charge for year
Reclassification
At 31 August 2023
**NET BOOK VALUE**
At 31 August 2023
At 31 August 2022
**COST**
At 1 September 2022
Additions
Reclassification
At 31 August 2023
**DEPRECIATION**
At 1 September 2022
Charge for year
Reclassification
At 31 August 2023
**NET BOOK VALUE**
At 31 August 2023
At 31 August 2022|Specialised Non-specialised
freehold
freehold
Short
land and
land and
leasehold
buildings
buildings
properties
£
£
£
18,284,151
9,863,348
875,376
-
375,000
-
15,541
-
-
18,299,692
10,238,348
875,376
1,895,004
405,364
106,499
348,920
185,347
16,944
9,923
-
-
2,253,847
590,711
123,443
16,045,845
9,647,637
751,933
16,389,147
9,457,984
768,877
Assets
Fixtures
under
and
Computer
construction
fittings
equipment
Totals
£
£
£
£
110,390
37,696
18,370
29,189,331
-
-
-
375,000
-
(15,541)
-
-
110,390
22,155
18,370
29,564,331
-
22,420
18,370
2,447,657
-
2,992
-
554,203
-
(9,923)
-
-
-
15,489
18,370
3,001,860
110,390
6,666
-
26,562,471
110,390
15,276
-
26,741,674|
|---|---|
Page 24
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **12. TANGIBLE FIXED ASSETS - CHARITY**
|**COST**
At 1 September 2022
Additions
At 31 August 2023
**DEPRECIATION**
At 1 September 2022
Charge for year
At 31 August 2023
**NET BOOK VALUE**
At 31 August 2023
At 31 August 2022
**COST**
At 1 September 2022
Additions
At 31 August 2023
**DEPRECIATION**
At 1 September 2022
Charge for year
At 31 August 2023
**NET BOOK VALUE**
At 31 August 2023
At 31 August 2022|Specialised Non-specialised
freehold
freehold
Short
land and
land and
leasehold
buildings
buildings
properties
£
£
£
17,689,508
9,863,348
807,043
-
375,000
-
17,689,508
10,238,348
807,043
1,852,222
405,364
106,499
348,920
185,347
16,944
2,201,142
590,711
123,443
15,488,366
9,647,637
683,600
15,837,286
9,457,984
700,544
Assets
Fixtures
under
and
Computer
construction
fittings
equipment
Totals
£
£
£
£
110,390
11,897
6,406
28,488,592
-
-
-
375,000
110,390
11,897
6,406
28,863,592
-
8,397
6,406
2,378,888
-
-
-
551,211
-
8,397
6,406
2,930,099
110,390
3,500
-
25,933,493
110,390
3,500
-
26,109,704|
|---|---|
Page 25
continued...
**RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **13. FIXED ASSET INVESTMENTS – GROUP – SOCIAL INVESTMENTS**
|**COST**
At 1 September 2022 and 31 August 2023
**DEPRECIATION**
At 31 August 2022
Charge for the year
At 31 August 2023
**NET BOOK VALUE**
At 31 August 2023
At 31 August 2022|£
2,991,878
1,311,890
107,394
1,419,284
1,572,594
1,679,988|
|---|---|
There were no investment assets outside the UK.
## **13. FIXED ASSET INVESTMENTS - CHARITY**
|**FIXED ASSET INVESTMENTS - CHARITY**||
|---|---|
||Shares in|
||group|
||undertakings|
||£|
|**MARKET VALUE**||
|At 1 September 2022 and||
|31 August 2023|2|
|**NET BOOK VALUE**||
|At 31 August 2023|2|
|At 31 August 2022|2|
There were no investment assets outside the UK.
Page 26
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
|**14.**
**DEBTORS - GROUP**
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments
**14.**
**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|31.8.23
£
1,425,538
155,861
10,981
1,592,380
31.8.23
£
1,017,368
34,707
229,263
69,613
3,145
1,354,096
768,851
520,976
2,643,923|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|
|---|---|---|
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.
Page 27
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
|**14.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP**|||
|---|---|---|---|---|
||||31.8.23|31.8.22|
||||£|£|
||Bank loans and overdrafts (see note 17)||928,500|1,143,146|
||Trade creditors||97,170|130,163|
||Social security and other taxes||19,699|25,306|
||VAT||18,483|137|
||Other creditors||53,525|98,059|
||Accruals and deferred income||24,529|47,450|
||||1,141,906|1,444,261|
|**15.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - CHARITY**||||
||||31.8.23|31.8.22|
||||£|£|
||Bank loans and overdrafts (see note 17)||928,500|990,475|
||Trade creditors||32,677|63,606|
||Social security and other taxes||(1,473)|4,887|
||VAT||18,487|2,292|
||Other creditors||1,763|46,960|
||Accruals and deferred income||(2,063)|20,000|
||||977,891|1,128,220|
|**16.**|**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - GROUP**||||
||||31.8.23|31.8.22|
||||£|£|
||Bank loans (see note 17)|10,591,376||7,696,117|
||Other loans (see note 17)||3,343,553|3,521,370|
||Deferred grant income||1,160,914|1,220,949|
|||15,095,843||12,438,436|
|**16.**|**CREDITORS: AMOUNTS FALLING DUE AFTER MORE**|**THAN ONE YEAR - CHARITY**|||
||||31.8.23|31.8.22|
||||£|£|
||Bank loans (see note 17)|10,591,376||7,673,009|
||Other loans (see note 17)||3,323,553|3,501,370|
|||13,914,929||11,174,379|
Page 28
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. 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
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more than 5 years by instalments
Other loans more than 5 years by instalments
**SECURED DEBTS**
The following secured debts are included within creditors:
Bank overdraft
Bank loans||31.8.23
£
-
928,500
928,500
1,104,000
2,686,886
6,800,490
3,323,553
10,124,043
31.8.23
£
-
11,519,876
11,519,876|||31.8.22
£
205,975
784,500
990,475
960,000
2,350,904
4,362,105
3,501,370
7,863,475
31.8.22
£
205,975
8,457,509
8,663,484|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
## **18. SECURED DEBTS**
The aggregate amount of secured liabilities in relation to Triodos Bank was £10,115,01 (2022 - £7,239,615) which is secured by way of several 1st legal mortgages dated 6 November 2009, 15 March 2011, 26 November 2015, 9 November 2020 and 25 July 2023 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 £1,249,425 (2022 - £1,062,893) which was secured by way of several 1st legal charges over Commercial and Residential Freehold property dated 31 December 2012, 29 September 2016, 29 May 2018, 19 September 2019, 18 November 2020, 15 September 2022 and 11 November 2022.
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.
Liabilities secured against properties represent 46% (2022 - 33%) of the value of freehold properties.
Page 29
continued...
## **RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **19. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.9.22
£
15,849,458
15,849,458|Net
movement
in funds
£
756,432
756,432|
At
31.8.23
£
16,605,890
16,605,890|
|---|---|---|---|
Net movement in funds, included in the above are as follows:
|Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
4,239,981
(3,483,549)
**TOTAL FUNDS**
4,239,981
(3,483,549)
**Comparatives for movement in funds**
Net
movement
At 1.9.21
in funds
£
£
**Unrestricted funds**
General fund
15,203,658
645,800
**TOTAL FUNDS**
15,203,658
645,800
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
3,550,212
(2,904,412)
**TOTAL FUNDS**
3,550,212
(2,904,412)|
|
Movement
in funds
£
756,432
756,432
At
31.8.22
£
15,849,458
15,849,458
Movement
in funds
£
645,800
645,800|
|---|---|---|
||||
||
||
## **20. 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.
Page 30
continued...
**RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **21. 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 grants received, rental income and sales of other services to Ruskin Mill Trust amounted to £1,254,298 (2022 - £1,083,722). Corresponding figures for Brantwood Specialist School were £192,404 (2022 - £186,800), Clervaux Trust Limited £79,880 (2022 - £69,119) and Transform Residential Limited £74,690 (2022 - £73,514). At 31 August 2023 a total of £968,698 (2022 - £140,942) was due from Ruskin Mill Trust and its subsidiaries.
Purchases in the year from Ruskin Mill Trust amounted to £nil (2022 - £22,682). At 31 August 2023 a total of £3,516,553 (2022 - £3,501,370) 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 £43,680 (2022 - £18,600). At 31 August 2023 £63,788 (2022 - £42,557) was due from Seol Trust.
## **22. 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|31.8.23
£
359,703
(351,335)
8,368
(208,652)|31.8.22
£
217,089
(215,453)
1,636
(217,020)|
|---|---|---|
Transactions with the parent undertaking, eliminated on consolidation, include management charges of £10,800 (2022 - £10,800) included in administrative expenses.
Page 31
continued...
**RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **22. INCOME FROM SUBSIDIARIES’ TRADING ACTIVITIES - continued**
## **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
Retained loss/profit
Shareholders’ funds|31.8.23
£
(71,675)
69,530
(2,145)
(212,098)|31.8.22
£
(72,817)
75,141
2,234
(209,953)|
|---|---|---|
There were no transactions with the parent undertaking in the year (2022 – none).
## **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|31.8.23
£
44,362
(574,330)
(3,504)
(533,472)
(10,679)|31.8.22
£
44,115
(40,183)
(4,029)
(97)
522,793|
|---|---|---|
During the period the property assets of The Life Science Trust were transferred by means of a gift to Ruskin Mill Centre for Research, a fellow subsidiary (see below).
## **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 no income (2022 - £nil) in the year. Its funds carried forward at 31 August 2023 were £4,744 (2022 - £6,224).
Page 32
continued...
**RUSKIN MILL LAND TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **22. INCOME FROM SUBSIDIARIES’ TRADING ACTIVITIES - continued**
## **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. Its results for the year, as extracted from the financial statements, are summarised below:
|Turnover
Cost of sales
Gross surplus
Administrative expenses
Retained loss
Reserves|31.8.2 3
£
1,137,462
(845,044)
292,418
(319,338)
(26,920)
(41,157)|31.8.22
£
850,954
(592,866)
258,088
(270,252)
(12,164)
(14,237)|
|---|---|---|
## **Ruskin Mill Centre for Practice**
This company (registered no: 08871318, charity number 1183799) was formed on 31 January 2014 and remained dormant until 2023. It shares trustees in common with Ruskin Mill Land Trust and now forms part of the group. During the year, freehold property was transferred to this company from The Life Science Trust, a fellow subsidiary (see above). Research activities, as described in the Trustees’ Report on page 9, will be carried on via this company in future. Its results for the year, as extracted from the financial statements, are summarised below:
|Donations received
Reserves|31.8.2 3
£
557,480
557,480|31.8.22
£
-
-|
|---|---|---|
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