Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**Charity number: 1143033 Registered Number: 04295400 England and Wales** 

**Clervaux Trust Limited** _(A Company Limited by Guarantee)_ 

## **Trustees’ report and financial statements** 

_For the year ended 31 August 2024_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **CONTENTS** 

||**Page**|
|---|---|
|Legal and administrative information|3|
|Report of the Trustees|4|
|Independent Auditor’s Report|10|
|Statement of Financial Activities|14|
|Balance Sheet|15|
|Cash Flow Statement|16|
|Notes to the Financial Statements|17|



_2_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Legal and Administrative Information** 

|**Trustees**|Aonghus Gordon OBE||
|---|---|---|
||Helen Kippax||
||Ian Clements||
||Tara Gratton||
|**Company Secretary**|Elisabeth Johnson||
|**Key Management Personnel**|Aonghus Gordon OBE – Founder & Executive Chair||
||Tara Gratton – Co-CEO||
||Shazuli Iqbal – Chief Financial Officer||
||Constantin Court – Director of PSTE Quality Assurance||
||Lindsay Wilkinson – Trust Head of Human Resources||
|**Registered Number**|04295400||
|**Charity Number**|1143033||
|**Registered Office**|Ruskin Mill||
||Old Bristol Road||
||Nailsworth||
||Stroud||
||Gloucestershire||
||GL6 0LA||
|**Principal Office**|The Fold||
||Jolby Lane||
||Darlington||
||DL2 2TF||
|**Auditors**|Grant Thornton UK LLP||
||17th Floor||
||103 Colmore Row||
||Birmingham||
||B3 3AG||
|**Bankers**|Lloyds Bank Plc|Triodos Bank NV|
||12 Rowcroft|Deanery Road|
||Stroud|Bristol|
||Gloucestershire|BS1 5AS|
||GL5 3BD||
|**Solicitors**|RWK Goodman||
||69 Carter Lane||
||London||
||EC4V 5EQ||



_3_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Report of the Trustees** 

The Trustees’, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. 

## **Governing document** 

Clervaux Trust Ltd is a registered charity (registered no. 1143033) and a company limited by guarantee (registered no. 04295400), as defined by the Companies Act 2006. Its Governing Instrument is the Memorandum & Articles of Association dated 27 September 2001, as amended on 12th January 2011 and 7th March 2012. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Group Structure** 

Ruskin Mill Trust Ltd is the sole member of Clervaux Trust Ltd. Clervaux Trust Ltd is part of the Ruskin Mill Trust Ltd group. 

Clervaux Trust Ltd operates Clervaux Rise and Clervaux Fold, and sub-leases from Ruskin Mill Land Trust Ltd (related party) 70 acres of farmland and Bishop’s House in Darlington. Clervaux Rise delivers social care and work experience services for adults with special needs, both day and residential. Clervaux Fold is a dedicated family centre working with Army Families attached to the nearby Catterick Garrison, as well as local non-military families. 

The registered office of Clervaux Trust Ltd is Ruskin Mill, Old Bristol Road, Nailsworth, Stroud, Gloucestershire, GL6 0LA and the principal office is Clow Beck Centre, Jolby Lane, Darlington, DL2 2TF. 

## **Recruitment and appointment of new Trustees** 

The charity’s practice regarding recruitment has been for members of the Board to make recommendations for suitably skilled and experienced people who are then appraised by Ruskin Mill Trust’s Board of Trustees which makes the final decision. 

Induction and training are carried out during the meeting cycle, and members are also invited to training at Ruskin Mill Trust’s other centres. During the year, individual Trustees undertook a range of appropriate training. 

## **Organisational Management** 

The Trustees delegate the day to day running of the provision to a local management team who oversee operations, and which reports to Ruskin Mill Trust Ltd.’s Co-CEO. The key management personnel are listed on page 3. The Trustees did not receive any remuneration from Clervaux Trust Ltd in the current or previous period, as they are remunerated through the parent entity. 

## **Directors and Trustees** 

The Trustees during the year are listed on page 3. 

## **Risk Management** 

A description of the principal risks and uncertainties facing Clervaux Trust Ltd, as identified by Trustees, together with a summary of the plans and strategies for mitigating those risks, are reviewed regularly by the Trustees, and plans are put in place to mitigate these risks. The risks and uncertainties facing Clervaux Trust Ltd are set out in the Strategic Report. 

## **Employment Policy** 

Clervaux Trust Ltd is an equal opportunity organisation and is fully committed to its Equal Opportunities Policy. It aims to ensure there is no discrimination on the grounds of disability and that access to work and promotion is based on ability, qualification and suitability for the work. Clervaux Trust Ltd is committed to creating a working environment that is free from any form of discrimination. 

_4_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

## **TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

Clervaux Trust Ltd employs salaried staff with the appropriate qualifications to provide education and care for pupils and does not rely on volunteers. 

The remuneration of the key management personnel, deemed to be the Senior Leadership Team listed on page 3, is reviewed annually by Trustees based on national criteria and affordability. 

## **OBJECTS AND AIMS** 

## **Objects** 

## The charity’s Objects are: 

To advance the education of the public in the subject of conservation, protection and restoration of the natural environment and the sustainable and rational use of natural resources with particular reference to the setting up or establishing either jointly or with others educational facilities for children and adults, including children and adults with learning difficulties, to include arts and crafts activities, woodland management and residential accommodation, with particular reference being given to the indications and insights of Rudolf Steiner in these areas. 

## **Aims** 

Clervaux Rise offers day and residential care places in Darlington and the wider area to adults with complex learning and behavioural difficulties, and it supports them in gaining training and further education. Daytime work and training are available in the rural setting of the farm at Croft-on-Tees, which provides sessions in social enterprise activities and land work. In Darlington, there are opportunities for supported work placements at the Bishop’s House through the bakery & café; the residential provision provides additional independence training for adults benefitting from longer term care and support. 

Clervaux Fold offers activities to local military and non-military families including craft sessions land work, and social activities. 

## **Public benefit** 

In carrying out its activities in the year under review, the Trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have regard to the public benefit guidance issued by the Charity Commission for England and Wales. 

## **STRATEGIC REPORT** 

## **Achievements & Performance** 

Clervaux Trust continues to operate two successful adult programmes; Clervaux Rise and Clervaux Fold. 

Clervaux Rise participants are engaged in working on the farm and supporting the box scheme that delivers vegetables to the local community.  There are also work experience opportunities available in landscaping and woodlands. The social enterprise experience has increased and participants are involved in making cards, pottery and other items that will be sold in the shop in the future. The Rise programme has remained stable since the previous year and staffing levels remain the same.  There has been a review and republication of marketing materials for the Rise programme and the Trust Head of Business Development is working closely with the provision and local authorities to increase participant numbers.  This includes joining the commissioning frameworks for the North Yorkshire and Darlington local authorities. 

Clervaux Rise continues to develop links with local authorities in the region which will, it is hoped, result in further residential and day placements. 

Clervaux Fold continues to be a valued community resource for the military families from Catterick as well as local non-military families. The Fold offers farm activities as well as craft, cooking and social activities. The Fold activities are primarily funded through fundraising. 

Over the year, the care and support provided by Clervaux to its day and residential service users has been 

_5_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

consistently praised by their respective Local Authorities and other stakeholders. 

## **Financial Review** 

- **Prior Year Adjustment** 

The charity’s leasehold property has previously been incorrectly disclosed as freehold land and buildings. This has been corrected in the current year as a transfer between asset categories. Details of the impact of this adjustment are shown in Note 8. 

## **Results** 

`o` Trustees value the net income surplus of £61,190 made during the year to 31 August 2024 (2023: deficit of £(9,192)). A significant percentage of Clervaux Trust Ltd’s total income £1,091,275 (2023: £1,366,062) comes from fees 95% (2023: 95%), and 5% (2023: 5%) relates to other income, which includes farm sales. 

## `o` **Principal funding sources** 

Clervaux Rise placements are funded by Local Authorities, which support the health, wellbeing and education of participants. Clervaux Fold activities are funded through grants and fundraising activities. 

- **Fundraising** 

Fundraising throughout the Ruskin Mill Trust Ltd group is managed by an in-house Fundraising Department which is led by a Director of Fundraising.  No use is made of any external, professional fundraiser or any commercial participator, so no fundraising activities were carried out on Clervaux Trust Ltd’s behalf during the year nor were any approaches made to vulnerable individuals in pursuit of the raising of funds for the charity. 

Clervaux Trust Ltd’s parent charity, Ruskin Mill Trust Ltd, has signed up to the Fundraising Regulator’s Code of Fundraising Practice and it pays an annual levy to the Regulator. During the year there was no failure to comply with a scheme or standard cited nor were any complaints received about the fundraising activities conducted by the Ruskin Mill Trust Ltd. 

Money raised by Clervaux Trust Ltd through fundraising activities are used by it as agreed with the donor and comply with any conditions attached by the donor. 

`o` **Reserves** The Trustees review the charity’s financial plans and results regularly throughout the year. This is done through monitoring income and expenditure against budget forecasts and monitoring cash flow. 

The Trustees feel it prudent to build the level of reserves on an annual basis with the purpose of ensuring that the charity has sufficient reserves to act as a buffer against unexpected drops in income or increases in expenditure. The reserves currently held are restricted funds £69,883 (2023: £76,452) and unrestricted funds £(229,845) (2023: £(297,604)). The charity does not have designated funds, does not require to dispose of fixed assets to achieve any restricted fund purpose and does not have any capital commitments not provided for as a liability in the financial statements. 

The group’s Reserves Policy is included in the Trustees Report for Ruskin Mill Trust Ltd. 

## **Risks & Uncertainties** 

The Trustees review the risks to which the charity is exposed such as the health and safety of service users, visitors, volunteers and staff on an on-going basis and are satisfied that systems are in place to manage exposure to the major risks. They maintain appropriate levels of insurance cover for all foreseeable risks. 

_6_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

Specific areas of risk and uncertainty are: 

## `o` **Financial Viability** 

## Clervaux RISE 

Clervaux Rise growth continues to be slow, but as it is now sharing resources with the garden school, the Rise programme has become more financially viable.  There is a focus on marketing and recruiting for the Rise programme and the Trust’s Head of Business Development is working closely with senior leaders to deliver a growth plan. 

## Clervaux Fold 

The Fold is a non-standard Ruskin Mill Trust Ltd educational provision. The Business Plan has identified community groups that would benefit from this service and generate income streams and achieve financial viability. 

- **Poor Inspection result:** 

The risk of Clervaux Trust Ltd receiving a poor grade following an inspection by the Care Quality Commission (CQC). This is being mitigated through a rigorous system of internal Quality Assurance, including use of a specialist external consultant and investment in staff training. 

- **Regulatory non-compliance:** 

The risk of regulatory non-compliance requires constant review and the upskilling of staff and Trustees to meet an ever-changing regulatory landscape and student profile. Specifically: 

   - **Keeping service users safe:** The potential risks associated with keeping service users across the whole of the Ruskin Mill Trust Group safe has required continued vigilance and mitigation by robust risk assessment and action plans, assessments, appropriate training, the appointment of safeguarding managers at each of the main centres and improved internal meeting and reporting arrangements. The Trust Head of Safeguarding is working effectively with Designated safeguarding leads across all sites as well as Headteachers and the Directors to ensure that each centre is compliant The Head of Safeguarding is part of the Civil Service and therefore works collaboratively with other key functions including HR, IT/MIS, H&S, and staff training to provide high quality support. In addition, a Ruskin Mill Trust Trustee holds lead responsibility for maintaining oversight of Safeguarding and Health & Safety across the Group. 

   - **GDPR:** A rigorous programme of cross-Trust training continues to be implemented to ensure compliance, all overseen by Ruskin Mill Trust’s Head of Legal Services. 

   - **Charity Law:** To assist compliance with Charity Law, Ruskin Mill Trust’s Head of Legal Services provides Trustees with regular Charity Law and Governance updates and training which are supplemented by advice on further provisions as they come into force. As an example, in order to comply with statutory changes made to the automatic disqualification rules for charity trustees, a new Trustee Eligibility Declaration procedure has been introduced. 

- **Longevity and deployment of staffing:** 

The sister company, Clervaux Garden School, is growing and continues to rely more on staff resource which could reduce staffing capacity for the Clervaux Rise programme.  The Board of Directors are working closely with senior leaders to clearly allocate staff resource to each area of the site and ensure sufficient coverage. In addition, Ruskin Mill Trust Ltd has employed a team of specialist recruiters who are assisting with bringing in new staff as needed. 

- **IT disaster:** The charity continues to monitor and improve IT cyber security arrangements to ensure a robustness and preparedness for any future attacks.  Clervaux Trust Ltd benefits from technical and MIS services and support provided by Ruskin Mill Trust’s central services. 

- **Reputational Risk:** 

   - The risk of reputational harm is being mitigated through the vigilance of the charity including ongoing review of the Trust’s Risk Register and implementing a Code of Conduct and ensuring staff are suitably supported and trained. 

_7_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

- **Risks to Ruskin Mill Trust Group’s Method (PSTE):** Vigilance continues to be needed to ensure that the Ruskin Mill Trust group’s educational method is not compromised.  The Trust invests in staff training and research to support the method. 

## **Future Plans** 

Clervaux Trust Ltd continues to be an integral part of the Ruskin Mill Trust Ltd family and is benefitting from the growth and developments of its sister company, Clervaux Garden School. 

## **Clervaux Fold** 

The Fold continues to provide outreach services for families of servicemen that are connected to the nearby Catterick Barracks. The programme provides an opportunity for them to spend time as families away from the Barracks making use of Clervaux’s farm and environment, gaining hands-on experience of some of the crafts that are used to deliver PSTE. The Fold offer focuses on craft and land-based activities for young families and parents and general well-being courses for ex-service people. The Fold continues to attract funding for the programmes and now has high quality resources for delivering the programmes. 

## **Clervaux Rise** 

Clervaux RISE continues to provide both a day and residential service, providing opportunities for individuals (primarily adults) to engage in specialist skills development and work or training opportunities beyond formal education. This currently includes working in the Clervaux Café in Darlington, attending skills courses and working with animals on the farm. With the addition of the new farm buildings, RISE participants will be able to take part in a Social Enterprise ensuring a ‘seed-to-table’ experience for the excellent Clervaux Café & Bakery and operating a successful vegetable box scheme. 

The aim is for the RISE programme to grow to 12 residents over the next 12 months, whilst continuing to develop the physical infrastructure of the site and landscape.  There is a strategic focus to market and grow Rise provisions across Ruskin Mill Trust Ltd. 

## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** 

The Trustees (who are also directors of Clervaux Trust Ltd for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). 

Company law requires the Trustees to prepare financial statements for each financial year.  Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.  Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including income and expenditure, of the charitable company for that period.  In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently 

- observe the methods and principles in the Charities SORP (FRS 102) 

- `o` make judgments and estimates that are reasonable and prudent `o` state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions, disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and 

_8_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

## **TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Provision of information to Auditor** 

Each of the persons who are Trustees at the time when this Report of the Trustees is approved has confirmed that: 

- so far as each Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and 

- the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information. 

## **Qualifying third party indemnity provisions** 

Trustees’ indemnity insurance, indemnifying each director against liability to third parties, has been in place throughout the year ended 31 August 2024 and up to the date of approval of this report. 

## **Auditor** 

The auditor, Grant Thornton UK LLP, will be proposed for reappointment at the Annual General Meeting. 

Approved by the Trustees on 4 April 2025 and signed on their behalf by: 


Aonghus Gordon OBE Trustee 

_9_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

## **TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## Independent auditor's report to the members of Clervaux Trust Limited 

## **Opinion** 

We have audited the financial statements of Clervaux Trust Limited (the ‘charitable company’) for the year ended 31 August 2024, which comprise the Statement of Financial Activities (Net Income and Expenditure Account), 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 including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources including, its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice: Accounting and Reporting by Charities, 2019 Edition; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act.  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 ‘Auditor’s responsibilities for the audit of the financial statements section’ of our report. We are independent of the charitable company 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** 

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern. 

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the  charitable company’s business model including effects arising from macro-economic uncertainties such as high inflation rates, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period. 

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 charitable company’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 directors with respect to going concern are described in the relevant sections of this report. 

_10_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Other information** 

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. 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. 

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 there is 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. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Strategic Report and the Trustees Report, prepared for the purposes of company law, included in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Strategic Report and the Trustees Report included in the Trustees’ Report have been prepared in accordance with applicable legal requirements. 

## **Matter on which we are required to report under the Companies Act 2006** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Trustees’ Report. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

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 an auditor’s report that includes our 

_11_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

## **TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

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. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: 

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and the sector in which it operates. We determined that the following laws and regulations were most significant: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), Charities SORP (FRS 102), the Companies Act 2006 and Charities Act 2011; 

- We understood how the charitable company is complying with these legal and regulatory frameworks by making inquiries of management and those charged with governance. We enquired of management and those charged with governance whether there were any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of board and other minutes and through our legal and professional expenses review; 

- We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur and the risk of material override of controls. Audit procedures performed by the engagement team included: 

   - Identifying and assessing the design effectiveness of certain controls management has in place to prevent and detect fraud 

   - Challenging assumptions and judgements made by management in its significant accounting policies 

   - Identifying and testing journal entries, with a focus on manual postings, journals that directly impacted on the surplus reported in the statement of financial activities and journal entries posted in the closing and accounts preparation period 

   - Identifying and testing related party transactions 

   - Inspecting the board and other committee minutes 

   - Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item 

- These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed noncompliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; 

- Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's: 

   - understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation 

   - knowledge of the charity, education and care sector 

   - understanding of the legal and regulatory requirements specific to the charitable company including: 

      - the provisions of the applicable legislation 

      - guidance issued by the Charities Commission. 

- The team communications in respect of potential non-compliance with relevant laws and regulations included the potential for fraud in revenue through manipulation of income and management override of controls; and 

_12_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

## **TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

- In assessing the potential risks of material misstatement, we obtained an understanding of: 

   - the charitable company’s operations, including the nature of its income and expenditure and its services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. 

   - the charitable company's control environment, including: 

      - the policies and procedures implemented by the charitable company to ensure compliance with the requirements of the financial reporting framework and relevant laws and regulations 

      - the adequacy of procedures for authorisation of transactions and review of management accounts 

      - procedures to ensure that possible breaches of laws and regulations are appropriately resolved. 

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 auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Jim McLarnon ACA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Birmingham 

Date: 4/4/2025 

_13_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

## **TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Statement of Financial Activities (Net Income and Expenditure Account) For the year ended 31 August 2024** 

|**Notes**|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total Funds**<br>**2024**<br>Total Funds<br>2023|
|---|---|
||**£**<br>**£**<br>**£**<br>£|
|**Income**||
|Donations|**-**<br>**25,308**<br>**25,308**<br>49,717|
|Charitable activities|**1,034,816**<br>**-**<br>**1,034,816**<br>1,293,617|
|Other trading activities|**31,151**<br>**-**<br>**31,151**<br>22,728|
|Investment income|**-**<br>**-**<br>**-**<br>-|
|||
|**Total income**<br>**3**|**1,065,967**<br>**25,308**<br>**1,091,275**<br>1,366,062|
|||
|**Expenditure**||
|Charitable activities<br>**4**|**(997,608)**<br>**(31,877)**<br>**(1,029,485)**<br>(1,375,254)|
|||
|**Net income / (expenditure)**<br>**before asset disposals**|**68,359**<br>**(6,569)**<br>**61,790**<br>(9,192)|
|||
|Loss on disposal of fixed assets|**(600)**<br>**-**<br>**(600)**<br>-|
|||
|**Net income / (expenditure) and**<br>**net movement in funds**<br>**5**|**67,759**<br>**(6,569)**<br>**61,190**<br>(9,192)|
|||
|**Reconciliation of funds**||
|Total funds brought forward<br>13|(297,604)<br>76,452<br>(221,152)<br>(211,960)|
|||
|**Total funds carried forward**<br>**13**|**(229,845)**<br>**69,883**<br>**(159,962)**<br>(221,152)|



All amounts relate to continuing operations. 

The notes on pages 17 to 30 form part of these financial statements. 

_14_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

Registered Number: 04295400 

## **Balance Sheet 31 August 2024** 

|**Notes**|**2024**<br>2023|
|---|---|
||**£**<br>£|
|||
|**Fixed assets**||
|Tangible assets<br>**8**|**198,903**<br>114,141|
|||
|**Current assets**||
|Debtors<br>**9**|**252,335**<br>433,916|
|Cash at bank and in hand|**103,478**<br>132,642|
||**355,813**<br>566,558|
|||
|||
|Creditors: amounts fallingdue within oneyear<br>**10**|**(714,678)**<br>(901,851)|
|||
|**Net current liabilities**|**(358,865)**<br>(335,293)|
|||
|**Net liabilities**|**(159,962)**<br>(221,152)|
|||
|**Funds**||
|Restricted funds<br>**13**|**69,883**<br>76,452|
|Unrestricted funds<br>**13**|**(229,845)**<br>(297,604)|
||**(159,962)**<br>(221,152)|



The financial statements have been prepared in accordance with the Companies Act 2006. 

The financial statements were approved by the Board of Trustees on 4 April 2025 and were signed on its behalf by: 


Aonghus Gordon OBE Trustee 

The notes on pages 17 to 30 form part of these financial statements. 

_15_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Cash Flow Statement For the year ended 31 August 2024** 

|**Notes**<br>**Cash flows from operating activities**<br>**_Net cash provided by operating activities_**<br>**15**<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Proceeds on disposal of tangible fixed assets<br>**_Net cash used in investing activities_**<br>**Cash flow from financing activities**<br>Interest paid<br>**_Net cash used in financing activities_**<br>**Change in cash and cash equivalents in the reporting**<br>**period**<br>**Cash and cash equivalents at the beginning of the**<br>**reporting period**<br>**Cash and cash equivalents at the end of the reporting**<br>**period**|**2024**<br>2023<br>**£**<br>£<br>**77,608**<br>(56,555)|
|---|---|
||**(107,253)**<br>(24,933)<br>**502**<br>-|
||**(106,751)**<br>(24,933)|
||**(21)**<br>-|
||**(21)**<br>-|
||**(29,164)**<br>(81,488)<br>**132,642**<br>214,130|
||**103,478**<br>132,642|



The notes on pages 17 to 30 form part of these financial statements. 

_16_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements For the year ended 31 August 2024** 

## **Statutory information** 

Clervaux Trust Ltd is incorporated in England and Wales as a company limited by guarantee without share capital. 

The liability of members in the event of winding up is limited to an amount not exceeding £10 per member; the number of members at 31 August 2024 was four. 

Clervaux Trust Ltd is also registered as a charity with the Charity Commission (registered no. 1143033). 

Registered number 04295400 Registered Head Office address: Ruskin Mill Old Bristol Road Nailsworth Stroud Gloucestershire GL6 0LA. 

The principal office of Clervaux Trust Ltd is Clow Beck Centre, Jolby Lane, Darlington, DL2 2TF. 

## **1. Accounting policies** 

## **Basis of accounting** 

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

The financial statements have been prepared under the historical cost convention. 

The financial statements are presented in sterling (£) which is the functional currency of the charity. Clervaux Trust Ltd meets the definition of a public benefit entity under FRS 102. 

## **Going concern** 

The charitable company meets its financing requirement through funding provided by other group companies, and Ruskin Mill Trust Ltd, the ultimate parent undertaking. 

Working alongside Ruskin Mill Trust Ltd, robust budgets are set, and the actual spend against these budgets is analysed monthly by both the Executive Team and the Board of Trustees Finance SubCommittee.  The full Board also receives the monthly management accounts and reviews them on a twomonthly cycle. The charitable company is currently negotiating fee increases with local authorities to mitigate the impact of inflation on expenditure. 

_17_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements** 

## **For the year ended 31 August 2024** 

## **1. Accounting policies (continued)** 

The group, headed by Ruskin Mill Trust Ltd, has substantial net assets. Furthermore, Ruskin Mill Trust Ltd has provided assurances that group financial support will be provided to Clervaux Trust Ltd as required. There are therefore no material uncertainties surrounding the going concern status of Clervaux Trust Ltd. 

After making detailed enquiries and considering the factors discussed above, the Board is confident that the charitable company has adequate scope to continue its operational existence for the foreseeable future. There are no material uncertainties surrounding going concern and accordingly the charitable company continues to prepare the financial statements on a going concern basis. 

## **Income** 

Donations are credited to revenue when the charitable company has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. 

Income from charitable and other trading activities is accounted for in the period in which the income is earned. 

Investment income is accounted for on an accruals basis. 

## **Expenditure** 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to headings, they have been allocated to activities on a basis consistent with the use of resources. 

## **Operating leases** 

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease. Lease incentives are recognised over the life of the lease on a straight-line basis as a reduction to the expense. 

## **Termination payments** 

Termination payments are accounted for as soon as the charitable company is aware of the obligation to make the payment. 

## **Pension costs** 

The charitable company contributes to a defined contribution scheme. Amounts paid in relation to this scheme are charged to the Statement of Financial Activities when they fall due. All pension costs are allocated to unrestricted funds. 

_18_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements** 

## **For the year ended 31 August 2024** 

**1. Accounting policies (continued)** 

## **Fixed assets and depreciation** 

Assets with a cost below £500 are not capitalised. 

Depreciation is charged to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. 

Depreciation is provided on the following basis: 

|Leasehold improvements|Over the term of the lease|
|---|---|
|Fixtures, fittings and equipment|25%|
|Motor vehicles|25%|



Depreciation is not charged on assets under construction. 

## **Debtors** 

Short term debtors are initially measured at transaction price, less any impairment. Prepayments are measured at the amount prepaid. 

## **Cash and cash equivalents** 

The cash and cash equivalents of Clervaux Trust Ltd, comprise cash in hand, bank deposits and shortterm deposits net of bank overdrafts. 

## **Creditors** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due. 

_19_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements** 

## **For the year ended 31 August 2024** 

## **1. Accounting policies (continued)** 

## **Funds** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. 

Restricted funds can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes. 

Further explanation of the nature and purpose of each fund is included in note 13 of these financial statements. 

## **Financial instruments** 

Clervaux Trust Ltd only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Please see note 12. 

## **Taxation** 

The company is a registered charity and as such is entitled to tax exemption on all its income and gains, properly applied for its charitable purposes. 

## **Significant estimates and judgements** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## _Useful economic lives of tangible fixed assets_ 

The annual depreciation charges for tangible fixed assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets. 

## _Impairment of debtors_ 

Clervaux Trust Ltd makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of fee and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. 

_20_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements** 

## **For the year ended 31 August 2024** 

## **2. Statement of Financial Activities for the year ended 31 August 2023** 

|**Notes**<br>**Income**<br>Donations<br>Charitable activities<br>Other trading activities<br>**3**<br>**Expenditure**<br>Charitable activities<br>4<br>**Net income / (expenditure) and net**<br>**movement in funds**<br>5<br>**Reconciliation of funds**<br>Total funds brought forward<br>13<br>**Total funds carried forward**<br>13|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total Funds**<br>**2023**<br>**£**<br>**£**<br>**£**|
|---|---|
||-<br>49,717<br>49,717|
||1,293,617<br>-<br>1,293,617|
||22,728<br>-<br>22,728|
||1,316,345<br>49,717<br>1,366,062|
|||
||(1,364,384)<br>(10,870)<br>(1,375,254)|
|||
||(48,039)<br>38,847<br>(9,192)|
|||
||(249,565)<br>37,605<br> (211,960)|
||(297,604)<br>76,452<br> (221,152)|



_21_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements** 

## **For the year ended 31 August 2024** 

## **3. Income** 

||**2024**<br>2023|
|---|---|
||**£**<br>£|
|||
|**Donation income**|**25,308**<br>49,717|
|||
|**Charitable activities**||
|Education and care fees|**895,856**<br>1,172,202|
|Respite care fees|**138,960**<br>121,416|
||**1,034,816**<br>1,293,618|
|||
|**Other trading activities**||
|Farm sales|**31,097**<br>15,742|
|Miscellaneous|**54**<br>6,986|
||**31,151**<br>22,728|
|||
|||
|**Total income**|**1,091,275**<br>1,366,062|



## **4. Expenditure** 

|||**Staff costs**<br>**(note 6)**<br>**Depreciation**<br>**(note 8)**<br>**Other**<br>**costs**<br>**2024**<br>2023|
|---|---|---|
|||**£**<br>**£**<br>**£**<br>**£**<br>£|
||||
||**Charitable activities**||
||Provision of health,<br>well-being and<br>educational services|647,359<br>21,389<br>360,737<br>**1,029,485**<br>1,375,254|
||||
||**Total expenditure**|**647,359**<br>**21,389**<br>**360,737**<br>**1,029,485**<br>1,375,254|
|||Staff costs<br>(note 6)<br>Depreciation<br>Other<br>costs<br>2023<br>£<br>£<br>£<br>£<br>565,799<br>23,719<br>785,736<br>1,375,254<br>565,799<br>23.719<br>785,736<br>1,375,254|
||||
||||
||||
||||
||Charitable activities||
||Provision of health,||
||well-being and||
||educational services||
||||
||Total expenditure||



All costs relate to the charitable activity of provision of health, well-being and educational services. 

_22_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements** 

## **For the year ended 31 August 2024** 

## **5. Net income** 

Net income is stated after charging: 

|Depreciation - owned assets<br>Operating lease expense<br>Auditor's remuneration for the provision of:<br>-<br>statutory audit<br>**taff costs**<br>Wages and salaries<br>Social security costs<br>Pension costs|**2024**<br>2023<br>**£**<br>£<br>**21,389**<br>23,719<br>**140,667**<br>142,330<br>**6,000**<br>5,500<br>**2024**<br>2023<br>**£**<br>£<br>**579,617**<br>485,810<br>**59,218**<br>64,654<br>**8,525**<br>15,335|
|---|---|
||**647,359**<br>565,799|



**6. Staff costs** 

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

|Care, support and administration<br>Management|**2024**<br>2023<br>**No.**<br>No.<br>**18**<br>24<br>**1**<br>1|
|---|---|
||**19**<br>25|



No employees received emoluments more than £60,000 in the current year (2023: None). 

Key management personnel of the company are remunerated by a different group entity and hence no disclosure is made in these financial statements. 

No termination payments were made during the year (2023: £Nil). 

_23_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements For the year ended 31 August 2024** 

## **7. Trustees’ remuneration and benefits** 

No Trustees received remuneration in the current or previous period. 

No Trustee expenses were reimbursed in the current or previous period. 

## **8. Tangible fixed assets** 

|**Cost**<br>1 September 2023<br>**Additions**<br>**Transfers**<br>**Disposals**<br>**31 August 2024**<br>**Depreciation**<br>1 September 2023<br>**Charge for the year**<br>**Transfers**<br>**Disposals**<br>**31 August 2024**<br>**Net Book Value**<br>**31 August 2024**<br>31 August 2023|**Leasehold**<br>**Improvements**<br>**Fixtures,**<br>**Fittings &**<br>**Equipment**<br>**Motor**<br>**Vehicles**<br>**Assets**<br>**Under**<br>**Construction**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>379,305<br>62,090<br>-<br>441,395<br>**36,522**<br>**19,771**<br>**18,791**<br>**32,169**<br>**107,253**<br>**255,940**<br>**(255,940)**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(1,200)**<br>**(13,845)**<br>**-**<br>**(15,045)**|
|---|---|
||**292,462**<br>**141,936**<br>**67,036**<br>**32,169**<br>**533,603**|
||-<br>302,779<br>24,475<br>-<br>327,254<br>**1,470**<br>**6,685**<br>**13,234**<br>**-**<br>**21,389**<br>**189,460**<br>**(193,625)**<br>**4,165**<br>**-**<br>**-**<br>**-**<br>**(100)**<br>**(13,843)**<br>**-**<br>**(13,943)**|
||**190,930**<br>**115,739**<br>**28,031**<br>**-**<br>**334,700**|
||**101,532**<br>**26,197**<br>**39,005**<br>**32,169**<br>**198,903**|
||-<br>76,526<br>37,615<br>-<br>114,141|



## **Prior Year Adjustment** 

Leasehold improvements have previously been incorrectly disclosed as fixtures and fittings. This has been corrected in the current year as a transfer between asset categories. There have been no changes to depreciation rates used for these assets. Transfers of £255,940 cost and £189,460 depreciation have been made to re-categorise fixtures and fittings opening balances as leasehold improvements. The amended presentation aligns with group accounting disclosures. 

_24_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements** 

## **For the year ended 31 August 2024** 

## **9. Debtors: amounts falling due within one year** 

|Trade debtors<br>Amounts due from group undertakings<br>Other debtors<br>Prepayments and accrued income|**2024**<br>2023<br>**£**<br>£<br>**235,793**<br>420,519<br>**-**<br>120<br>**13,268**<br>7,035<br>**3,274**<br>6,242|
|---|---|
||**252,335**<br>433,916|



## **10. Creditors: amounts falling due within one year** 

|Trade creditors<br>Amounts owed to group undertakings<br>Social security and other taxes<br>Pension contributions payable<br>Other creditors<br>Accruals and deferred income|**2024**<br>2023<br>**£**<br>£<br>**85,874**<br>35,265<br>**596,925**<br>796,925<br>**24,379**<br>61,462<br>**2,436**<br>-<br>**-**<br>3,000<br>**5,064**<br>5,199|
|---|---|
||**714,678**<br>901,851|



Included within amounts owed to group undertakings is an interest free loan of £596,925 (2023: £796,925) from Ruskin Mill Trust Ltd. The loan is due to be repaid by 31 August 2025 and, as such, no discounting has been applied on the grounds of materiality. 

## **11. Operating lease commitments** 

At the year end the charitable company had total commitments due under non-cancellable operating leases, as set out below: 

|**Land and buildings**<br>Within 1 year<br>Within 2 – 5 years<br>After 5 years|**2024**<br>2023<br>**£**<br>£<br>**140,667**<br>142,956<br>**229,307**<br>192,312<br>**215,258**<br>-|
|---|---|
||**585,232**<br>335,268|



_25_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements For the year ended 31 August 2024** 

## **12. Financial instruments** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Financial assets measured at amortised cost|**352,539**|560,316|
|Financial liabilities measured at amortised cost|**(687,863)**|(840,388)|



Financial assets measured at amortised cost comprise cash, trade debtors, other debtors and amounts due from group undertakings. 

Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, accruals and deferred income. 

_26_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements For the year ended 31 August 2024** 

## **13. Reconciliation of movement in funds** 

## **Year to 31 August 2024** 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Veterans Activities<br>Friends of Clervaux<br>Armed Forces Covenant<br>Fund<br>Clervaux Development - The<br>Fold<br>Electrical Vehicle Charging<br>Points<br>Defibrillators<br>Potting Shed & Activities<br>Horticulture tools<br>Sheep Handler<br>Summer camps<br>Army Family Day Craft<br>Activities<br>Walk-in Fridge<br>Knit & Natter Group<br>Military Green<br>Woodworking Courses<br>Time to Create<br>Clervaux Fairs<br>Hire of Fold<br>**Total funds**|1 September<br>2023<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**31 August**<br>**2024**<br>£<br>**£**<br>**£**<br>**£**<br>**£**<br>(297,604)<br>**1,065,967**<br>**(998,208)**<br>**-**<br>**(229,845)**|
|---|---|
||13,247<br>**13,090**<br>**(6,736)**<br>**-**<br>**19,601**<br>12,783<br>**-**<br>**(3,626)**<br>**(9,157)**<br>**-**<br>2,679<br>**-**<br>**(2,679)**<br>**-**<br>**-**<br>13,895<br>**-**<br>**(12,806)**<br>**-**<br>**1,089**<br>4,061<br>**-**<br>**-**<br>**-**<br>**4,061**<br>100<br>**-**<br>**-**<br>**-**<br>**100**<br>16,400<br>**4,470**<br>**(909)**<br>**1,094**<br>**21,055**<br>3,500<br>**-**<br>**-**<br>**-**<br>**3,500**<br>1,000<br>**-**<br>**-**<br>**-**<br>**1,000**<br>3,082<br>**-**<br>**(920)**<br>**-**<br>**2,162**<br>2,786<br>**-**<br>**(1,692)**<br>**(1,094)**<br>**-**<br>2,000<br>**-**<br>**-**<br>**-**<br>**2,000**<br>919<br>**2,131**<br>**(988)**<br>**-**<br>**2,062**<br>-<br>**656**<br>**-**<br>**-**<br>**656**<br>-<br>**100**<br>**(1,521)**<br>**9,157**<br>**7,736**<br>-<br>**4,602**<br>**-**<br>**-**<br>**4,602**<br>-<br>**259**<br>**-**<br>**-**<br>**259**|
||76,452<br>**25,308**<br>**(31,877)**<br>**-**<br>**69,883**|
|||
||(221,152)<br>**1,091,275**<br>**(1,030,085)**<br>**-**<br>**(159,962)**|



_27_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements For the year ended 31 August 2024** 

**13. Reconciliation of movement in funds (continued)** 

## **Restricted funds** 

|**Restricted funds**||
|---|---|
|Veterans Activities|A donation of £13,090 was received in the year from the Veterans|
||Foundation. The Veterans Activities Fund is used to host craft and land-based|
||courses for veterans and their families.|
|Friends of Clervaux|Friends of Clervaux previously donated £16,000 for the Young Mums project.|
||This fund is now combined with and forms part of the Time to Create fund.|
|Armed Forces|These funds were provided for running summer camps and family days on|
|Covenant Fund|site at Clervaux. This fund is now replaced by the Summer Camps fund.|
|Clervaux|This fund has been used to plant new hedgerows, build a small pond,|
|Development - The|pathway and patio at The Fold. The remaining funds are for kitting out The|
|Fold|Fold and for kitchen equipment.|
|Electric Vehicle|A donation of £4,061 was received from Commins Engineering Company and|
|Charging Points|is to be used for the installation of electrical vehicle charging points.|
|Defibrillators|Donations were received to purchase a defibrillator to be kept on site.|
|Potting Shed &|The Army Central Fund donated £4,470 during the year for hosting Saturday|
|Activities|activities once a month.|
|Horticulture Tools|Donations have been received for the purchase of horticulture equipment.|
|Sheep Handler|A donation of £1,000 was received from the CLA Charitable Trust for the|
||purchase of a Sheep Handler|
|Summer Camps|In 22/23 The Brother Jonathan Trust for Children's Holidays donated a further|
||£3,500 to fund additional camps. This money will be used for future family|
||days.|
|Army Family Day|A donation of £9,460 was received from the Army Benevolent Fund. This was|
|Craft Activities|used to host craft activities at The Fold. These activities are now undertaken|
||within the Potting Shed & Activities fund.|
|Walk-in Fridge|The Hadrian Trust have donated £2,000 towards a new walk-in fridge at|
||Clervaux.|
|Knit & Natter Group|Wednesday morning sessions are funded through coffee mornings and ad hoc|
||donations.|



## **New donations received** 

_28_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

Military Green Tuesday once a month, green woodworking sessions are funded by the MOD. Woodworking Courses Time to Create The Monday (ladies) social and craft group is funded by ad hoc donations. Clervaux Fairs Xmas and Summer fair proceeds are used for items to benefit the Clervaux site. Hire of Fold Funds received from hiring out The Fold are used for equipment and materials for Fold activities. 

_29_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

**TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements For the year ended 31 August 2024** 

## **13. Reconciliation of movement in funds (continued)** 

## **Year to 31 August 2023** 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Paving Slab Work – The Fold<br>Veterans Activities<br>Friends of Clervaux<br>Armed Forces Covenant Fund<br>Clervaux Development - The Fold<br>Electrical Vehicle Charging Points<br>Defibrillators<br>Potting Shed & Activities<br>Horticulture tools<br>Sheep Handler<br>Summer camps<br>Army Family Day Craft Activities<br>Walk-in Fridge<br>Armed Forces Covenant Fund<br>Knit & Natter Group<br>**Total funds**|1 September<br>2022<br>Income<br>Expenditure<br>31 August<br>2023<br>_£_<br>£<br>£<br>£<br>(249,565)<br>1,316,345<br>(1,364,384)<br>(297,604)|
|---|---|
||-<br>1,000<br>(1,000)<br>-<br>-<br>13,800<br>(553)<br>13,247<br>13,970<br>-<br>(1,187)<br>12,783<br>2,679<br>-<br>-<br>2,679<br>14,356<br>-<br>(461)<br>13,895<br>-<br>4,061<br>-<br>4,061<br>100<br>-<br>-<br>100<br>-<br>16,400<br>-<br>16,400<br>3,500<br>-<br>-<br>3,500<br>1,000<br>-<br>-<br>1,000<br>-<br>3,500<br>(418)<br>3,082<br>-<br>9,460<br>(6,674)<br>2,786<br>2,000<br>-<br>-<br>2,000<br>-<br>496<br>(496)<br>-<br>-<br>1,000<br>(81)<br>919|
||37,605<br>49,717<br>(10,870)<br>76,452|
|||
||(211,960)<br>1,366,062<br>(1,375,254)<br>(221,152)|



## **14. Analysis of net assets / (liabilities) between funds** 

|**31 August 2024**<br>Restricted funds<br>Unrestricted funds<br>**31 August 2023**<br>Restricted funds<br>Unrestricted funds|**Fixed**<br>**Assets**<br>**Net Current**<br>**Liabilities**<br>**Fund**<br>**Balance**<br>**£**<br>**£**<br>**£**<br>**-**<br>**69,883**<br>**69,883**<br>**198,903**<br>**(428,748)**<br>**(229,845)**|
|---|---|
||**198,903**<br>**(358,865)**<br>**(159,962)**|
||-<br>76,452<br>76,452<br>114,141<br>(411,745)<br>(297,604)|
||114,141<br>(335,293)<br>(221,152)|



_30_ 

_Clervaux Trust Ltd_ 



Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F 

## **TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2024** 

_______________________________________________________________________________ 

## **Notes to the Financial Statements For the year ended 31 August 2024** 

## **15. Reconciliation of cash flows from operating activities** 

|**Net movement in funds**<br>Financing costs<br>Depreciation<br>Loss on disposal of tangible fixed assets<br>Decrease/(increase) in debtors<br>(Decrease)/Increase in creditors<br>**Net cash provided by operating activities**|**2024**<br>2023<br>**£**<br>£<br>**61,190**<br>(9,192)<br>**21**<br>-<br>**21,389**<br>23,719<br>**600**<br>-<br>**181,581**<br>(143,516)<br>**(187,173)**<br>72,434|
|---|---|
||**77,608**<br>(56,555)|



## **16. Related party transactions** 

Year to 31 August 2024 transactions and year-end balances between subsidiaries and parent company: 

||**Ruskin Mill**|**Clervaux**|
|---|---|---|
||**Trust Ltd**|**Garden School**|
|Donationpaid toparent|-|-|
|Trade debtor amounts|-|-|
|Trade creditor amounts|(596,925)|-|



Year to 31 August 2023 transactions and year-end balances between subsidiaries and parent company: 

||**Ruskin Mill**|**Clervaux**|
|---|---|---|
||**Trust Ltd**|**Garden School**|
|Donationpaid toparent|140,000|-|
|Trade debtor amounts|-|120|
|Trade creditor amounts|(796,925)|-|



During the current and prior year, the Executive Chair was the director and sole corporate Trustee of Ruskin Mill Land Trust. During the year, there have been purchases of £87,867 (2023: £95,856). These purchases relate to the annual rental of the Clow Beck site and Bishop’s House. The balance owing to Ruskin Mill Land Trust at the year-end was £Nil (2023: £Nil). 

## **17. Ultimate parent company and controlling party** 

Ruskin Mill Trust Ltd (registered in England and Wales; company number: 07252866 and charity number: 1137167) is the sole member and controlling party of Clervaux Trust Ltd. The objects of Ruskin Mill Trust Ltd include the advancement of the education of young people with learning difficulties and/ or behavioural problems or special educational needs; the promotion of research into the practice and development of those areas of education; and the promotion of Rudolf Steiner education establishments. The charitable company runs special educational needs schools/colleges. A copy of it s  financial statements can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. 

_31_ 

_Clervaux Trust Ltd_