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2025-08-31-accounts

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 2025

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

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

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TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Legal and Administrative Information

Trustees Aonghus Gordon OBE
Tara Gratton
Helen Kippax
Ian Clements
Company Secretary Elisabeth Johnson
Key Management Personnel Aonghus Gordon OBE–Founder & Executive Chair (resigned
from Executive Team on 1 September 2025)
Tara Gratton–CEO
Shazuli Iqbal–Chief Financial Officer
Constantin Court–Director of PSTE Quality Assurance
Lindsay Wilkinson–Chief People Officer
Registered Number 04295400
Charity Number 1143033
Registered Office Ruskin Mill
Millbottom
Nailsworth
Stroud
Gloucestershire
GL6 0LA
Principal Office The Fold
Jolby Lane
Darlington
DL2 2TF
Auditor RSM UK Audit LLP
10th Floor
103 Colmore Row
Birmingham
B3 3AG
Bankers Lloyds Bank Plc
12 Rowcroft
Stroud
Gloucestershire
GL5 3BD
Solicitors RWK Goodman
69 Carter Lane
London
EC4V 5EQ

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TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

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 2025.

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 (related party) 70 acres of farmland and Bishop’s House in Darlington. Clervaux Rise delivers education and work experience 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, Millbottom, 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 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. All the Trustees are employees of 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 set out in the Strategic Report. The Trustees regularly review the potential risks and mitigating actions to ensure any risks and uncertainties facing Clervaux Trust Ltd are well managed.

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.

Clervaux Trust Ltd employs salaried staff with the appropriate qualifications to provide education and care

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for placements 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 shop. 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 Ltd continues to operate two successful adult programmes; Clervaux Rise and Clervaux Fold.

Clervaux Rise participants are engaged in a range of social enterprise activities as well as courses at local providers and work experience. The team have worked to develop a wide and diverse range of opportunities to ensure that each participant can access activities that are meaningful and of interest to them. Participants can work on the farm, caring for the animals and helping with the vegetable box scheme. They can work in the pottery, using the jigger and jolly to make bowls, plates and mugs, which are then sold in the shop or used in the provision. Participants also work in textiles, weaving and felting to make items for use in the Rise programme or items to sell in the shop. There are also work experience opportunities available in landscaping, woodlands and in local businesses.

The Rise programme has remained stable since the previous year, and staffing levels remain the same. The Trust Head of Business Development continues to work closely with the senior leadership and local authorities to increase participant numbers. This includes joining the commissioning frameworks for the North Yorkshire and Darlington local authorities.

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.

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Over the year, the care and support provided by Clervaux Trust Ltd to its day and residential participants has been consistently praised by their respective Local Authorities and other stakeholders.

Financial Review

The reduction in fee income was caused by placements leaving and not being replaced. As described under Reserves below, measures have been taken to generate further placements for the provision.

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

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 aim 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 £26,389 (2024: £69,883) and unrestricted funds £(416,940) (2024: £(229,845)). 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 charity currently has negative reserves. Measures have been taken to return the charity to surplus, including joining framework agreements with Local Authorities and engaging with Local Authorities to make them more aware of the services we provide. The Trustees are confident that these measures will generate further placements for this provision. The parent company has provided a letter of support to the Trustees, and the Trustees are satisfied the charity is a going concern.

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.

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Specific areas of risk and uncertainty are:

o Financial Viability

Clervaux Rise

Clervaux Rise growth continues to be slow but following successful meetings with local authorities and new placements starting, the Rise programme has become more financially viable. There continues to be 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.

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:

All staff recruitment follows the Ruskin Mill Trust Ltd Staff Recruitment and Selection Policy and Procedure and the Trust’s Safer Recruitment Policy. The team of specialist recruiters work across all Ruskin Mill Trust Ltd provisions and support Clervaux Trust Ltd.’s recruitment needs.

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the CyberEssentials assessment and registration. The Trust's IT team has also implemented cloud and onpremise systems that provide additional back up, replication and security remediation in the event of an IT disaster.

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.

Future Plans

Clervaux Trust Ltd continues to be an integral part of the Ruskin Mill Trust Ltd family, offering two unique programmes: Clervaux Rise and Clervaux Fold.

Clervaux Rise

Clervaux Rise continues to provide both a day and residential service, providing opportunities for adults to engage in specialist skills development and work or training opportunities beyond formal education. This currently includes working on the vegetable box scheme at the farm or in the Clervaux Shop in Darlington, attending skills courses and working with animals on the farm. With the addition of the Bishop’s House facility Rise participants can now take part in a wider range of social enterprise activities, including pottery, and textiles.

The aim is for the Rise programme to continue to grow, and the re-registration of Cleveland Terrace will provide additional residential spaces. There is a strategic focus to market and grow Rise provisions across Ruskin Mill Trust Ltd.

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, including Knit and Natter, felting and other textile activities. In addition, the Fold offers 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 these.

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' Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with 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).

Company law 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 charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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departures disclosed and explained in the financial statements, and

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable 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 people who are Trustees at the time when this Report of the Trustees is approved has confirmed that:

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 2025 and up to the date of approval of this report.

Auditor

The auditor, RSM UK Audit LLP, was appointed during the year and will be proposed for reappointment at the Annual General Meeting.

Approved by the Trustees on 27 April 2026 and signed on their behalf by:

……………………………………… Aonghus Gordon OBE Trustee

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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 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 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

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 trustees with respect to going concern are described in the relevant sections of this report.

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 course of 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.

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We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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 Directors’ Report or the Strategic Report included within the Trustees’ Report.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on pages 8-9, 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 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 the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that

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may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating any advice received from advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to the Education Inspection Framework under the Education and Inspections Act 2006, Keeping Children Safe in Education under the Education Act 2002, the Care Act 2014, Care Quality Commission regulations, the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory authorities

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates and tests of detail in respect of income.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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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.

Anna Spencer-Gray

ANNA SPENCER-GRAY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 10[th ] Floor 103 Colmore Row Birmingham B3 3AG 05/05/26

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Statement of Financial Activities (Net Income and Expenditure Account) For the year ended 31 August 2025

Notes Unrestricted
Funds
Restricted
Funds
Total Funds
2025
Total Funds
2024
£
£
£
£
Income
Donations 214,255
43,093
257,348
25,308
Charitable activities 522,434
-
522,434
1,034,816
Other trading activities 51,016
-
51,016
31,151
Investment income 33
-
33
-
Total income
3		 787,738
43,093
830,831
1,091,275
Expenditure
Charitable activities
4		 (977,418)
(86,587)
(1,064,005)
(1,029,485)
Net (expenditure) / income
before asset disposals		 (189,680)
(43,494)
(233,174)
61,790
Gain / (Loss) on disposal of fixed
assets		 2,585
-
2,585
(600)
Net (expenditure) / income and
net movement in funds
5		 (187,095)
(43,494)
(230,589)
61,190
Reconciliation of funds
Total funds brought forward
12		 (229,845)
69,883
(159,962)
(221,152)
Total funds carried forward
12		 (416,940)
26,389
(390,551)
(159,962)

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

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Registered Number: 04295400

Balance Sheet 31 August 2025

Notes 2025
2024
£
£
Fixed assets
Tangible assets
8		 266,351
198,903
Current assets
Debtors
9		 101,013
252,335
Cash at bank and in hand 342,895
103,478
443,908
355,813
Creditors: amounts fallingdue within oneyear
10		 (1,100,810)
(714,678)
Net current liabilities (656,902)
(358,865)
Net liabilities (390,551)
(159,962)
Funds
Restricted funds
12		 26,389
69,883
Unrestricted funds
12		 (416,940)
(229,845)
(390,551)
(159,962)

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

The financial statements were approved by the Board of Trustees on 27 April 2026 and were signed on its behalf by:

……………………………………..

Aonghus Gordon OBE Trustee

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

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Cash Flow Statement For the year ended 31 August 2025

Notes
Cash flows from operating activities
Net cash provided by operating activities
14
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed assets
Net cash used in investing activities
Cash flow from financing activities
Interest paid
Net cash used in 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		 2025
2024
£
£
333,352
77,608
(113,818)
(107,253)
19,896
502
(93,922)
(106,751)
(13)
(21)
(13)
(21)
239,417
(29,164)
103,478
132,642
342,895
103,478

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

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Notes to the Financial Statements

For the year ended 31 August 2025

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 2025 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 Millbottom 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).

Clervaux Trust Ltd meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements are presented in sterling (£) which is the functional currency of the charity.

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.

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Notes to the Financial Statements

For the year ended 31 August 2025

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. A letter of support has been provided by Ruskin Mill Trust Ltd.

After making detailed enquiries and considering the factors discussed above, the Trustees are 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.

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Notes to the Financial Statements

For the year ended 31 August 2025

1. Accounting policies (continued)

Tangible fixed assets and depreciation

Assets with a cost below £1,000 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.

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.

Debtors

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

Cash and cash equivalents

The cash and cash equivalents include cash in hand, bank deposits and short-term deposits net of bank overdraft.

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.

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Notes to the Financial Statements

For the year ended 31 August 2025

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.

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.

Clervaux Trust Ltd

20

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements For the year ended 31 August 2025

2. Statement of Financial Activities for the year ended 31 August 2024

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

Clervaux Trust Ltd

21

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements

For the year ended 31 August 2025

3. Income

2025
2024
£
£
Donation income 257,348
25,308
Charitable activities
Fees from theprovision of education,health and well-beingservices 522,434
1,034,816
Other trading activities
Farm and shop sales 48,407
31,097
Miscellaneous 2,609
54
51,016
31,151
Investment income:
Interest received 33
-
Total income 830,831
1,091,275

Donation income of £214,100 (2024: £Nil) was received during the year from other group companies.

4. Expenditure

Staff costs
(note 6)
Depreciation
(note 8)
Other
costs
2025
2024
£
£
£
£
£
Charitable activities
Provision of
education, health
and well-being
services		 475,268
29,059
559,678
1,064,005
1,029,485
Total expenditure 475,268
29,059
559,678
1,064,005
1,029,485
Staff costs
(note 6)
Depreciation
Other
costs
2024
£
£
£
£
647,359
21,389
360,737
1,029,485
647,359
21,389
360,737
1,029,485
Charitable activities
Provision of education,
health and well-being
services
Total expenditure

Clervaux Trust Ltd

22

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements

For the year ended 31 August 2025

5. Net (expenditure) / income

Net (expenditure) / income is stated after charging:

Depreciation - owned assets
Operating lease expense
Auditor's remuneration for the provision of:
-
statutory audit
6. Staff costs
Wages and salaries
Social security costs
Pension costs		 2025
2024
£
£
29,059
21,389
143,303
140,667
6,300
6,000
2025
2024
£
£
418,431
579,616
46,927
59,218
9,910
8,525
475,268
647,359

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

Education, care, support and administration
Management		 2025
2024
No.
No.
12
18
1
1
13
19

There were no employees earning more than £60,000 excluding employer NI and pension costs (2024: 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 (2024: £Nil).

Clervaux Trust Ltd

23

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements

For the year ended 31 August 2025

7. Trustees’ remuneration and benefits

No Trustees were remunerated in the year (2024: £Nil).

No Trustee expenses were reimbursed during the year (2024: £Nil).

8. Tangible fixed assets

Cost
1 September 2024
Additions
Transfers
Disposals
31 August 2025
Depreciation
1 September 2024
Charge for the year
Disposals
31 August 2025
Net Book Value
31 August 2025
31 August 2024		 Leasehold
Improvements
Fixtures,
Fittings &
Equipment
Motor
Vehicles
Assets
Under
Construction
Total
£
£
£
£
£
292,462
141,936
67,036
32,169
533,603
-
4,672
24,487
84,659
113,818
72,623
36,743
-
(109,366)
-
(79,367)
(16,450)
(34,250)
(7,462)
(137,529)
285,718
166,901
57,273
-
509,892
190,930
115,739
28,031
-
334,700
2,678
11,917
14,464
-
29,059
(79,367)
(16,450)
(24,401)
-
(120,218)
114,241
111,206
18,094
-
243,541
171,477
55,695
39,179
-
266,351
101,532
26,197
39,005
32,169
198,903

Clervaux Trust Ltd

24

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements

For the year ended 31 August 2025

9. Debtors: amounts falling due within one year

Trade debtors
Other debtors
Prepayments and accrued income		 2025
2024
£
£
83,718
235,793
8,798
13,268
8,497
3,274
101,013
252,335

10. Creditors: amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Social security and other taxes
Pension contributions payable
Other creditors
Accruals and deferred income		 2025
2024
£
£
35,972
85,874
990,773
596,925
12,519
24,379
2,028
2,436
52,183
-
7,335
5,064
1,100,810
714,678

Included within amounts owed to group undertakings is an interest free loan of £896,925 (2024: £596,925) from Ruskin Mill Trust Ltd and an interest free loan of £93,848 (2024: £Nil) from Clervaux Garden School. The loans are due to be repaid by 31 August 2026 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
Within 1 year
Between 2 and 5 years
After 5 years		 2025
2024
£
£
78,016
140,667
126,120
229,307
139,965
215,258
344,101
585,232

Clervaux Trust Ltd

25

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements For the year ended 31 August 2025

12. Reconciliation of movement in funds

Year to 31 August 2025
Unrestricted funds
General fund
Restricted funds
Veterans Activities
Clervaux Development - The
Fold
Electric Vehicle Charging
Points
Defibrillators
Potting Shed & Activities
Horticulture Tools
Sheep Handler
Summer Camps
Walk-in Fridge
Knit & Natter Group
Military Green
Woodworking Courses
Time to Create
Clervaux Fairs
Hire of Fold
Polytunnels & Grass Topper
Children’s playground
Total funds		 1 September
2024
Income
Expenditure
Gains
Transfers
31 August
2025
£
£
£
£
£
£
(229,845)
787,738
(977,418)
2,585
-
(416,940)
19,601
2,105
(22,992)
-
1,713
427
1,089
-
(156)
-
-
933
4,061
-
-
-
-
4,061
100
-
(100)
-
-
-
21,055
4,200
(16,420)
-
-
8,835
3,500
-
(3,500)
-
-
-
1,000
-
(1,000)
-
-
-
2,162
-
(795)
-
1,367
2,000
-
(2,000)
-
-
-
2,062
1,792
(3,901)
-
400
353
656
1,473
(1,436)
-
(663)
30
7,736
5,210
(11,886)
-
-
1,060
4,602
-
(2,794)
-
(1,450)
358
259
-
-
-
-
259
-
18,313
(14,547)
-
-
3,766
-
10,000
(5,060)
-
-
4,940
69,883
43,093
(86,587)
-
-
26,389
(159,962)
830,831
(1,064,005)
2,585
-
(390,551)

Clervaux Trust Ltd

26

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements For the year ended 31 August 2025

12. Reconciliation of movement in funds (continued)

Restricted funds

Veterans Activities Donations were received from various fundraising during the year. The Veterans Activities fund is used to host weekly craft and land-based courses for veterans and their families.

Clervaux Development This fund has been used to plant new hedgerows, build a small pond, pathway - The Fold and patio at The Fold. The remaining funds are for kitting out The Fold and for kitchen equipment. Some small items of equipment were purchased during the year.

Electric Vehicle A donation of £4,061 was received from Cummins Engineering Company and is Charging Points to be used for the installation of electric vehicle charging points. Defibrillators Donations were received to purchase a defibrillator to be kept on site. This is now in place.

Potting Shed & The Army Benevolent Fund donated £4,200 during the year for hosting Saturday Activities activities once a month.

Horticulture Tools Donations have been received for the purchase of horticulture equipment. These funds were used towards a BCS 2-wheeled tractor and some hand implements.

Sheep Handler A donation of £1,000 was received from the CLA Charitable Trust for the purchase of a Sheep Handler. These funds were used to buy a roll-over crate.

Summer Camps In 2022-23 The Brother Jonathan Trust for Children's Holidays donated £3,500 to fund summer camps. The balance was used for a final camp in 2025-26.

Walk-in Fridge The Hadrian Trust donated £2,000 towards a new walk-in fridge at Clervaux. This has now been purchased.

Knit & Natter Group Wednesday morning sessions are funded through coffee mornings and ad hoc donations. A £500 donation from Champniss Charitable Foundation was received during the year into Ruskin Mill Trust Ltd and has now been transferred into this fund in 2025-26.

Military Green Tuesday once a month, green woodworking sessions are funded by the MOD. Woodworking Courses During the year, surplus proceeds from these courses were used to supplement funding for Veterans Activities.

Time to Create The Monday (ladies) social and craft group received a donation from the Charities Aid Foundation of £5,000 and is also funded by ad hoc donations. Clervaux Fairs Xmas and Summer fair proceeds are used for items to benefit the work of the Clervaux site. During the year, £400 was transferred to the Knit & Natter Group and £1,050 was transferred to Veterans Activities.

Hire of Fold Funds received from hiring out The Fold are used for equipment and materials for Fold activities.

Polytunnels & Grass A donation of £18,313 was received from Cummins to purchase polytunnels and Topper a grass topper. This was mostly spent during the year on polytunnels. The balance has been spent after the year end on a grass topper.

Children’s playground National Highways donated £10,000 to allow The Fold to build a children’s playground in its grounds. A fort with look-out post, climbing frame, slide and tunnels have been created which significantly add to the amenity for family days. Work on this was completed after the year end.

Clervaux Trust Ltd

27

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements For the year ended 31 August 2025

12. Reconciliation of movement in funds (continued)

Year to 31 August 2024

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

Restricted funds

Friends of Clervaux

Armed Forces Covenant Fund

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.

These funds were provided for running summer camps and family days on site at Clervaux. This fund is now replaced by the Summer Camps fund.

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.

Clervaux Trust Ltd

28

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements For the year ended 31 August 2025

13. Analysis of net assets / (liabilities) between funds

31 August 2025
Restricted funds
Unrestricted funds
31 August 2024
Restricted funds
Unrestricted funds
Cash flows from operating activities
Net movement in funds
Interest payable
Depreciation
(Gain) / loss on disposal of tangible fixed assets
Decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities		 Fixed
Assets
£
-
266,351		 Net Current
Assets /
(Liabilities)
Fund
Balance
£
£
26,389
26,389
(683,291)
(416,940)
266,351 (656,902)
(390,551)
-
198,903		 69,883
69,883
(428,748)
(229,845)
198,903 (358,865)
(159,962)
2025
2024
£
£
(230,589)
61,190
13
21
29,059
21,389
(2,585)
600
151,322
181,581
386,132
(187,173)
333,352
77,608

14. Cash flows from operating activities

Clervaux Trust Ltd

29

TRUSTEES’ REPORT & FINANCIAL STATEMENTS 2025

Notes to the Financial Statements For the year ended 31 August 2025

15. Related party transactions

Year to 31 August 2025 transactions and year-end balances between subsidiaries and parent company:

Ruskin Mill Clervaux
Trust Ltd Garden School
Donationspaid - 2,301
Trade debtor amounts - -
Trade creditor amounts (896,925) (93,848)

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

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

There have been purchases from related parties as follows:

Mr A Gordon (a Trustee of Clervaux Trust Ltd) was a Director of Ruskin Mill Land Trust Ltd, the sole corporate Trustee of Ruskin Mill Land Trust from which the charitable company made purchases of £90,503 (2024: £87,867). These purchases relate to the annual rental of the Clow Beck site and Bishop’s House. The balance outstanding at the year-end was £9,050 (2024: £Nil). Mr A Gordon resigned as a Director and Trustee of Ruskin Mill Land Trust Ltd on 31 August 2025.

16. 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 and colleges. A copy of i ts financial statements can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

Clervaux Trust Ltd

30