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← Ruskin Mill Land Trust

2024-08-31-accounts

REGISTERED CHARITY NUMBER: 1053705

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

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 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 10
Report of the Independent Auditors 11 to13
Statement of Financial Activities 14
Balance Sheet 15 to 16
Cash Flow Statement 17
Notes to the 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 2024

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 A Taylor
Mr R Lloyd-Davies
Dr S Geider
Mr M Emous (appointed 1 September 2024)
Mr I K Clements (appointed 7 May 2025)
COUNCIL OF MANAGEMENT
Mr A C H Gordon OBE (Trustee Representative)
Mr M S Iqbal (Finance Manager)
Mr C George (Trust Estates Manager)
Mrs A Whitbread (Legal Adviser & 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 2024

The directors of the trustee company present their report and financial statements for the year ended 31 August 2024, 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. 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:-

  2. a. To set quality standards for lessees and tenants to adhere to; and

  3. b. To fulfil all landlord responsibilities.

  4. To manage the charity's subsidiaries efficiently and effectively.

  5. To maintain and develop the charity's key buildings and wider property portfolio in furtherance of the charity's objectives.

  6. To invest further into the research and development of the vision and academic method underpinning the charity.

  7. 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 2024

ACHIEVEMENT AND PERFORMANCE Developments, activities and achievements for the year 2023/2024 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 continue to support our work.

The most significant grants received were for the International Festival of Glass and we are very grateful to Arts Council England for their substantial support. 2024 marks the final year of RMLT operating this very successful event; following a competitive bidding process the festival will be handed over to the Glass Art Society in 2025.

It marks the end of a twenty-year cycle and leaves a legacy of regeneration and international recognition for our work in Stourbridge.

RMLT has also been actively supporting the new development at Sunfield Garden School and the fundraising campaign to build the new lower school.

Acquisitions

Quince Cottage, 4 Baxtersyke, Gifford, Haddington.

5-bedroom house situated 1 mile from Fairhill Rise, purchase completed in September 2023.

253 Canford Lane, Westbury-On-Trym, Bristol.

3-bedroom detached house situated on the road leading up to Grace Garden School, purchase completed in November 2023.

Dol Pebin, Nantlle, Caernarfon.

3-bedroom house situated in the middle of the Trigonos site, purchase completed in April 2024.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND ACTIVITIES

College & School sites

Bristol/Grace Garden School

Roofing and chimney repair works were completed over the summer. Previously unused rooms have been brought into use.

Bristol/Grace Garden Upper School

Final works are being completed before the School and Health Centre formally open.

Nailsworth/Ruskin Mill College

Structural repairs at Gables Farmhouse have been completed.

Rebuilding of the valley horticulture shed has been progressing. Additional toilet facilities have been created at Horsley Mill.

Works have been completed at Ruskin Mill in order to turn a former glass studio into new office space for CEO and administration team.

Stourbridge/Sunfield

Works are proceeding at Sunfield towards completion of the Lower School, which is programmed for completion in advance of the 25/26 academic year.

Preparatory work has been undertaken to allow for completion of the new School animal barns to be completed by the Spring of 2025.

Detailed design work for the research centre and café at the Sunfield site is being undertaken to allow its construction to follow on from the new barns project. Completion for works on this part of the project has been scheduled for September 2025.

Wales/Coleg Plas Dwbl

Work continues with the Pembrokeshire Coast National Parks Authority to secure planning permission for the new research centre, Canolfan Awen.

The charity is proceeding with the acquisition of a new property known as The Old School at Pontyberem. This is an important strategic action in support students at Coleg Plas Dwbl/Coleg Ty'r Eithin.

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.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND ACTIVITIES - continued 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 2024 - 2026:

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 1,2,3,4,6 & 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.

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)

2024 saw the Centre's researchers continue the series of visits to one another's centres involving explorations of their particular fields of research. Following on from Autumn 2023 visits to the Field Centre (research on the animal kingdom, held by Dr Judyth Sassoon) and the Colquhoun Centre (research on the plant kingdom, held by Dr Renatus Derbridge), 2024 saw visits to the sites of the emerging Castelliz Centre (research on the mineral realm, held by Laura Wallwork MSc) and the emerging Adams Research Centre (research on the human realm, held by Dr Troy Vine). A range of senior charity staff joined for these events, which together have made a significant contribution, both towards helping to fully establish the Ruskin Mill Centre for Research itself and also towards imagining how the Katherine Castelliz and George Adams research centres can develop within its framework. Discussions are underway as to how the long-standing research effort at the recently-acquired Emerson College (East Sussex) can be connected to the Centre.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND ACTIVITIES - continued

The first two scholarly research papers from the Centre have now been published, both exploring the methodological and theoretical underpinnings of Goethean research:

Ruskin Mill Centre for Practice (RMCP)

The Masters Course in PTSE

Group 2, Year 1: 22 new participants have started on the MA course. Module 1 started in August 2024, where the new group undertook a deep dive into Field 1, Genius Loci.

Group 1, Year 3: Module 7 - Transformative Leadership and Dissertation. Two assignments: Part 1, a presentation reflecting on their leadership development through the participant's items of service made while studying this degree; Part 2, dissertation, which will be between 15,000- 18,000 words.

The Masters Course in Transformative Learning

Over the last year, RMCP has been in conversation with a potential new collaborative partner, the Arts University Bournemouth (AUB). RMCP has sought this additional partnership for two reasons: firstly, as a risk mitigation factor in response to the higher education arena at present, where many universities are struggling with their finances. Thus, if Huddersfield wanted to take a different strategic approach to partnerships, we have an alternative validation partner; secondly, AUB, as an arts-focused provision, has a history of experiential learning that is more suited to the delivery style and intended outcomes of the MA in Transformative Learning.

OfS Application

On 4th July 2024, RMCP submitted the OfS application to register as a Higher Education Provision. Since RMCP submitted the application, the OfS has closed its register to new providers so staff can prioritise severe pressures facing existing Higher Education establishments. All providers, whose applications to join the OfS register were in the early stages, like RMCP, have had their applications paused indefinitely.

Training

The HEaRT team continued their excellent work in organising, offering and delivering both internal PSTE courses and mandatory training for all Ruskin Mill provisions. The compliance training consists of 12 topics needed for regulatory compliance: Safeguarding; Prevent; Health and Safety; Equality, Diversity and Inclusion; Safety Intervention (previously MAPA); Medication; Infection Control; Mental Capacity Act and DoLS; GDPR; Safer Recruitment; First Aid; Food Hygiene. The internal courses are outlined in the new 2024-25 HEaRT Courses Brochure, which can be found online.

In September, the team delivered Training week in all provisions. This comprised of 5 working days of training. The central theme was Field 6 Holistic Medicine (with focus on the Student Study).

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, culture and land work - and always appreciated by the staff, students and public who come to view.

The first exhibition of the year was a thoughtful and beautifully presented photography exhibition, Caught by the Fish, by Walter Lewis, followed by a collaboration with Autumn Arts, an art trail in Stroud and the five valleys. In the new year, there was the second in a notable series of highly creative annual staff exhibitions, ware, where, wear, which took the genius loci as inspiration. And later, we welcomed the artist Nick Moore, whose paintings can be found on the walls of Grace Garden School.

Concerts are always a huge draw. This year there were notable sell-out highlights. The public, students and staff welcomed the return of Chris Wood, one of the most celebrated folk musicians of the British Isles, and an old friend of Ruskin Mill. We hosted The Haar, an Irish band whose talents shimmered, lifting the energy in the room to the roof and inspiring several standing ovations.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND ACTIVITIES - continued

A very different evening offered the sensitivity of Miranda Rutter, who beguiled the audience with Bird Tunes, a collection of fiddle and viola tunes written in conversation with birds of the woods and gardens of Gloucestershire. And an incredible performance by Peter Knight (fiddle) and John Spiers (concertina) marked the beginning of spring.

Ruskin Mill's storytelling tradition was upheld with Tam Lin Retold, by Corinne Harragin with music by Nick Hart. They included a Wool Barn performance in the afternoon for students, who were spellbound. The public and loyal followers of the cultural provision at Ruskin Mill have returned to pre-covid levels of support, which is heartwarming. Live performance of all kinds is the lifeblood of culture, and here we have earned a special place in the heart of our community.

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 2024 the charity recorded a surplus of £2,022,681 (2023 - £756,432).

Capital expenditure for the year totalled £1,252,089.

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).

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

RISKS AND UNCERTAINTIES - continued

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 employment law Clear directives and support from HR. 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.

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 2024 stood at £18,628,571 (2023: £16,605,890).

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.

To progress proposals for stage lighting, sound and staging in the Wool Barn.

Bristol/ Grace Garden Upper and Lower School

Complete remaining works at Grace Garden Upper School.

To undertake masterplan work to increase accommodation on the Lower School site, including access improvements.

Clent/ Sunfield School

To complete building of the new Sunfield Lower School and to progress the phased implementation of the other elements of the Sunfield Development Project (2023-2025).

To complete the construction of the new school barns.

To commence the building of the research centre and café.

Stourbridge/ Glasshouse College

To complete the metal colour light glass casting facility at Glasshouse.

Darlington/ Clervaux Garden School, Fold and Rise

To progress the planning application for the new vegetable packing barn at the northern part of the site and forge, and animal barn on the school site.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

FUTURE PLANS - continued

Higher Education

The charity will support RMCP on the continuation of the Higher Education offer with an intention to achieve registration with the Office for Students once it resumes processing applications. This will eventually 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 with educational providers currently being sought to validate such a programme.

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.

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.

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RUSKIN MILL LAND TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

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 18 June 2025 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 2024 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:

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 Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL

Date: 18 June 2025

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RUSKIN MILL LAND TRUST

GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

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
Charitable Activities
Charitable expenditure within subsidiaries
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.8.24
31.8.23
Unrestricted
Total
fund
funds
£
£
1,430,347
764,374
2,496,213
1,863,635
1,671,842
1,611,057
-
406
23,024
509
5,621,426
4,239,981
873,765
588,008
876,525
884,260
1,554,857
1,598,335
293,598
412,946
3,598,745
3,483,549
2,022,681
756,432
16,605,890
15,849,458
18,628,571
16,605,890

The notes form part of these financial statements

Page 14

RUSKIN MILL LAND TRUST

GROUP BALANCE SHEET 31 AUGUST 2024

31.8.24 31.8.23
Unrestricted Unrestricted
Total
fund funds
Notes £ £
FIXED ASSETS
Tangible assets 12 27,217,927 26,562,471
Social Investments 13 1,459,505 1,572,594
28,677,432 28,135,065
CURRENT ASSETS
Debtors 14 1,414,945 1,592,380
Cash at bank 1,531,016 3,116,194
2,945,961 4,708,574
CREDITORS
Amounts falling due within one year 15 (1,252,209) (1,141,906)
NET CURRENT ASSETS 1,693,752 3,566,668
TOTAL ASSETS LESS CURRENT
LIABILITIES 30,371,184 31,701,733
CREDITORS
Amounts falling due after more than one year 16 (11,742,613) (15,095,843) (11,742,613) (15,095,843)
NET ASSETS 18,628,571 16,605,890
FUNDS 19
Unrestricted funds 18,628,571 16,605,890
TOTAL FUNDS 18,628,571 16,605,890

The financial statements were approved by the Board of Trustees and authorised for issue on 18 June 2025 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 2024

31.8.24 31.8.23
Unrestricted Unrestricted
Total
fund funds
Notes £ £
FIXED ASSETS
Tangible assets 12 26,155,176 25,933,493
Investments 13 2 2
26,155,178 25,933,495
CURRENT ASSETS
Debtors 14 2,446,637 2,643,923
Cash at bank 1,267,353 2,836,549
3,713,990 5,480,472
CREDITORS
Amounts falling due within one year 15 (1,129,067) (977,891)
NET CURRENT ASSETS 2,584,923 4,502,581
TOTAL ASSETS LESS CURRENT
LIABILITIES 28,740,101 30,436,076
CREDITORS
Amounts falling due after more than one year 16 (10,621,734) (13,914,929) (10,621,734) (13,914,929)
NET ASSETS 18,118,367 16,521,147
FUNDS 19
Unrestricted funds 18,118,367 16,521,147
TOTAL FUNDS 18,118,367 16,521,147

The financial statements were approved by the Board of Trustees and authorised for issue on 18 June 2025 and were signed on its behalf by:

==> picture [136 x 52] intentionally omitted <==

----- Start of picture text -----
A ............................................. qorde~
Trustee
----- End of picture text -----

The notes form part of these financial statements

Page 16

RUSKIN MILL LAND TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash provided by financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.8.24
£
3,818,906
(873,765)
2,945,141
(1,252,089)
-
(1,252,089)
880,820
(4,159,050)
(3,278,230)
(1,585,178)
3,116,194
1,531,016		 31.8.23
£
902,751
(588,008)
314,743
(375,000)
-
(375,000)
3,750,868
(1,102,132)
2,648,736
2,588,4789
527,715
3,116,194

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 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.8.24 31.8.23
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 2,896,446 1,344,440
Adjustments for:
Depreciation charges 709,722 661,597
Decrease/(increase) in debtors 177,435 (1,015,577)
Increase/(decrease) in creditors 35,303 (87,709)
Net cash provided by operations 3,818,906 902,751
2.
ANALYSIS OF CHANGES IN NET DEBT
Net cash
Cash at bank
Debt
Debts falling due within 1 year
Debts falling due after 1 year
(
(
Total
(		 At 1.9.23
£
3,116,194
3,116,194
(928,500)
13,934,929)
14,863,429)
11,747,235)		 Cash flow
£
(1,585,178)
(1,585,178)
(75,000)
3,293,195
(
3,218,195
(
1,633,017
(		 At 31.8.24
£
1,531,016
1,531,016
(1,003,500)
10,641,734)
11,645,234)
10,114,218)

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 2024

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 2024

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 2024

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
Charitable Activities		 Direct
Costs
£
2,431,382
2,431,382		 31.8.24
£
1,430,347
31.8.24
£
113,103
600,000
585,813
131,431
1,430,347
31.8.24
£
-
31.8.24
£
2,496,213
2,496,213
31.8.24
£
873,765
Support
costs (see
note 7)
£
293,598
293,598		 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
1,874,435
31.8.23
£
588,008
Totals
£
2,724,980
2,724,980

Page 21

continued...

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

7. SUPPORT COSTS

Other resources expended Governance
Other
costs
£
£
2,658
290,940		 Totals
£
293,598

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

Trustees' expenses

Reimbursed expenses of £2,658 (2023 - £7,752) were paid to a trustee of the ultimate parent company during the year.

9. STAFF COSTS

STAFF COSTS
31.8.24 31.8.23
£ £
Wages and salaries 1,184,094 1,146,259
Social security costs 118,070 95,107
Other pension costs 25,133 20,306
1,327,297 1,261,672

The average monthly number of employees during the year was 36:(2023 - 36).

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

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 £25,133 (2023 - £20,306). No liability was outstanding at the Balance Sheet date (2023 - £nil).

Page 22

continued...

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

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
Investment income
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
£
764,374
1,863,635
1,611,057
406
509
4,239,981
588,008
884,260
1,598,335
412,946
3,483,549
756,432
15,849,458
16,605,890

Page 23

continued...

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

12. TANGIBLE FIXED ASSETS - GROUP

COST
At 1 September 2023
Additions
Reclassification
At 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for year
Reclassification
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
COST
At 1 September 2023
Additions
Reclassification
At 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for year
Reclassification
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023		 Specialised Non-specialised
freehold
freehold
Short
land and
land and
leasehold
buildings
buildings
properties
£
£
£
18,299,692
10,238,348
875,376
-
1,245,001
-
-
110,390
-
18,299,692
11,593,739
875,376
2,253,847
590,711
123,443
369,068
207,455
16,944
-
-
-
2,622,915
798,166
140,387
15,676,777
10,795,573
734,989
16,045,845
9,647,637
751,933
Assets
Fixtures
under
and
Computer
construction
fittings
equipment
Totals
£
£
£
£
110,390
22,155
18,370
29,564,331
-
-
7,088
1,252,089
(110,390)
-
-
-
-
22,155
25,458
30,816,420
-
15,489
18,370
3,001,860
-
3,166
-
596,633
-
-
-
-
-
18,655
18,370
3,598,493
-
3,500
7,088
27,217,927
110,390
6,666
-
26,562,471

Page 24

continued...

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

12. TANGIBLE FIXED ASSETS - CHARITY

COST
At 1 September 2023
Additions
Disposals
Reclassification
At 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for year
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
COST
At 1 September 2023
Additions
Disposals
Reclassification
At 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for year
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023		 Specialised Non-specialised
freehold
freehold
Short
land and
land and
leasehold
buildings
buildings
properties
£
£
£
17,689,508
10,238,348
807,043
-
1,245,001
-
-
(450,000)
-
-
110,390
-
17,689,508
11,143,739
807,043
2,201,142
590,711
123,443
348,919
207,455
16,944
2,550,061
798,166
140,387
15,139,447
10,345,573
666,656
15,488,366
9,647,637
683,600
Assets
Fixtures
under
and
Computer
construction
fittings
equipment
Totals
£
£
£
£
110,390
11,897
6,406
28,863,592
-
-
-
1,245,001
-
-
-
(450,000)
(110,390)
-
-
-
-
11,897
6,406
29,658,593
-
8,397
6,406
2,930,099
-
-
-
573,318
-
8,397
6,406
3,503,417
-
3,500
-
26,155,176
110,390
3,500
-
25,933,493

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 2023 and 31 August 2024
DEPRECIATION
At 31 August 2023
Charge for the year
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023		 £
2,991,878
1,419,284
113,089
1,532,373
1,459,505
1,572,594

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 2023 and
31 August 2024 2
NET BOOK VALUE
At 31 August 2024 2
At 31 August 2023 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
Tir Ceridwen
Ruskin Mill Centre for Practice
Academy of Makers Ltd
The Life Science Trust
Prepayments
Amounts falling due after more than one year:
Academy of Makers Ltd
Ruskin Glass Centre Ltd
Aggregate amounts		 31.8.24
£
966,275
437,357
11,313
1,414,945
31.8.24
£
749,128
172,438
8,696
137,408
19,991
65,785
3,364
1,156,810
768,851
520,976
2,446,637		 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

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 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP

31.8.24 31.8.23
£ £
Bank loans and overdrafts (see note 17) 1,003,500 928,500
Trade creditors 131,490 97,170
Social security and other taxes 27,480 19,699
VAT 1,217 18,483
Other creditors 57,180 53,525
Accruals and deferred income 31,342 24,529
1,252,209 1,141,906
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - CHARITY
31.8.24 31.8.23
£ £
Bank loans and overdrafts (see note 17) 1,003,500 928,500
Trade creditors 85,442 32,677
Social security and other taxes (869) (1,473)
VAT 526 18,487
Other creditors 2,094 1,763
Ruskin Mill Centre for Research 15,792 -
Accruals and deferred income 22,582 (2,063)
1,129,067 977,891
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - GROUP
31.8.24 31.8.23
£ £
Bank loans (see note 17) 10,621,734 10,591,376
Other loans (see note 17) 20,000 3,343,553
Deferred grant income 1,100,879 1,160,914
11,742,613 15,095,843
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - CHARITY
31.8.24 31.8.23
£ £
Bank loans (see note 17) 10,621,734 10,591,376
Other loans (see note 17) - 3,323,553
10,621,734 13,914,929

Page 28

continued...

RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

17. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
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 loans		 31.8.24
£
1,003,500
1,167,079
2,747,082
6,707,573
20,000
6,727,573
31.8.24
£
11,625,234		 31.8.23
£
928,500
1,104,000
2,686,886
6,800,490
3,343,553
10,124,043
31.8.23
£
11,519,876

18. SECURED DEBTS

The aggregate amount of secured liabilities in relation to Triodos Bank was £9,418,289 (2023 - £10,115,401) 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 £2,051,945 (2023 - £1,249,425) 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 (2023 - (£155,000). The interest on this mortgage is to be repaid monthly by the Charity.

Liabilities secured against properties represent 46% (2023 - 46%) 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 2024

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.9.23
£
16,605,890
16,605,890		 Net
movement

in funds
£
2,022,681
2,022,681
At

31.8.24
£
18,628,571
18,628,571

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
5,621,426
(3,598,745)
TOTAL FUNDS
5,621,426
(3,598,745)
Comparatives for movement in funds
Net
movement
At 1.9.22
in funds
£
£
Unrestricted funds
General fund
15,849,458
756,432
TOTAL FUNDS
15,849,458
756,432
Comparative 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)



Movement

in funds
£
2,022,681
2,022,681

At

31.8.23
£
16,605,890
16,605,890

Movement

in funds
£
756,432
756,432

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 2024

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, Sunfield Childrens Homes 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 £3,115,736 (2023 - £1,254,298). Corresponding figures for Brantwood Specialist School were £211,644 (2023 - £192,404), Clervaux Trust Limited £108,561 (2023 - £79,880), Sunfield Childrens Homes Limited £360,000 (2023 - £nil) and Transform Residential Limited £18,380 (2023 - £74,690). At 31 August 2024 a total of £740,276 (2023 - £968,698) was due from Ruskin Mill Trust and its subsidiaries.

At 31 August 2024 a total of £nil (2023 – loans of £3,516,553) was due to Ruskin Mill Trust.

Mr A Gordon is also a trustee of Seol Trust, a charity registered in Scotland. During the year sales of services to Seol Trust amounted to £40,304 (2023 - £43,680). At 31 August 2024 £7,130 (2023 - £63,788) 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		 31.8.24
£
139,481
(116,805)
22,676
(185,976)		 31.8.23
£
359,703
(351,335)
8,368
(208,652)

Transactions with the parent undertaking, eliminated on consolidation, include management charges of £10,800 (2023 - £10,800) included in administrative expenses.

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RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

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		 31.8.24
£
(94,677)
70,327
(24,350)
(236,448)		 31.8.23
£
(71,675)
69,530
(2,145)
(212,098)

There were no transactions with the parent undertaking in the year (2023 – 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		 31.8.24
£
4,403
(23,668)
(3,600)
(22,865)
(33,544)		 31.8.23
£
44,362
(574,330)
(3,504)
(533,472)
(10,679)

During the year ended 31 August 2023 the property assets and much of the onsite activities of The Life Science Trust were transferred by means of a gift to Ruskin Mill Centre for Research, a fellow subsidiary (see below).

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RUSKIN MILL LAND TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

22. INCOME FROM SUBSIDIARIES’ TRADING ACTIVITIES - continued

Tir Ceridwen

This company (registered no: 12149016) shares trustees in common with Ruskin Mill Land Trust. During the year, Ty’r Eithin Farm, a freehold property in Wales, was transferred to this company from Ruskin Mill Land Trust and it started trading. 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		 31.8.24
£
468,380
(9,000)
(9,380)
(450,000)
454,744		 31.8.23
£
-
-
(1,480)
(1,480)
4,744

Ruskin Mill Centre for Practice

This company (registered no: 12660597) started trading in the year ended 31 August 2023, 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 profit/(loss)
Reserves		 31.8.24
£
1,457,631
(925,686)
531,945
(531,945)
-
(41,157)		 31.8.23
£
1,137,452
(845,044)
292,418
(319,338)
(26,920)
(41,157)

Ruskin Mill Centre for Research

This company (registered no: 08871318, charity number 1183799) shares trustees in common with Ruskin Mill Land Trust and forms part of the group. During the year ended 31 August 2023, freehold property was transferred to this company from The Life Science Trust, a fellow subsidiary (see above). The group’s research activities are being carried on via this company in future. Its results for the year, as extracted from the financial statements, are summarised below:

Charitable income
Charitable expenditure
Governance costs
Net income/(expenditure)
Funds carried forward		 31.8.24
£
36,300
(11,150)
(25,150)
-
557,480		 31.8.23
£
557,480
-
-
557,480
557,480

This page does not form part of the statutory financial statements

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