2021-07-31-accounts - Ruskin College

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Directors' report incorporating operating and financial review and strategic report	Directors' report incorporating operating and financial review and strategic report	Directors' report incorporating operating and financial review and strategic report	Directors' report incorporating operating and financial review and strategic report
Statement	ofcorporate	governance	and internal control	14
Governing	Executive's	statement on	regularity, propriety and compliance	21
Statement	of responsibilities ofthe		Members ofthe Corporation	22
Independent	auditors'	report to the	Members of Ruskin College	24
Independent	reporting	accountant's	report to Ruskin College and ESFA	51

Financial Statements
Statement of Comprehensive Income	28
Balance Sheet as at 31July 2021	29
Statement of Changes in Reserves	30
Statement of Cash Flows	31
Notes to the financial statements	32

Doug Nicholls	From 28.12.2007	Ordinary	Ordinary	Chair from 29.6.18	100SSSearch and
	resigned 30.D7.2021	member			Remuneration
Oshor Williams	From 5,7.2019	Ordinary		Quality
	resigned 30.07.2021	member
Lindsay Cane	From 5.7.2019	Ordinary
	resigned 23.03.2021	member
Jim Mowatt	From 22.11.2019	Ordinary
	resigned 30.07.2021	member
Dave Proctor	From 30.11.2020	Staff member
	resigned 30.07.2021
Vincent Brown	From 17.02.2021	Student	member
	resigned 25.03.2021
Oscar	From 14.05.2021	Ordinary
Guardiola-	resigned 30.07.2021	member
Rivera
Graham	From 4.06.2021	Interim	Principal
Morley	resigned 23.07.
	2021
David	From 14052021	Ordinary
Anderson	resigned 30.07.2021	member
Philip John	From 14.05.2021	Ordinary
Coward	resigned 30.07.2021	member
Geoffrey	From 14.05.2021	Ordinary
Shears	resigned 30.07.2021	member
Yvette	From 14.05.2021	Ordinary
Williams	resigned 30.07.2021	member

Professor	Peter David John	30.07.2021	Director
Matthew	Robson Snowden	30.07.2021	Director
Professor	Anthony Woodman	30.07.2021	Director
Patrick Anthony Younge		30.07.2021	Director

				2021	2020
			Notes
Income
Funding body grants				667,834	1,931,805
Tuition fees and education		contracts		325,587	896,582
Other income				425,940	310,627
Investment income				2,759	(512)
Total income				1,422,120	3,138,502
Expenditure
Staff costs			7	1,651,179	2,127,516
Restructuring costs			7	158,742
Other operating expenses			9	1,856,864	2,077,340
Depreciation			12	421,698	424,620
Interest and other finance		costs	10	59,338	96,982
Total expenditure				4,147,821	4,726,458
Deficit before other	gains	and losses		(2,725,701)	(1,587,956)
Gain on disposal of fixed assets				1,731,377
Gain on investments
Deficit before taxation				(994,324)	(1,587,956)
Taxation
Total comprehensive	income for the year
attributable to the college				(994,324)	(1,587,956)
Represented By:
Restricted comprehensive		Income
Unrestricted comprehensive		income		(994,324)	(1,587,956)
				(994,324)	(1,587,956)

						2021	2021	2020	2020
			Notes					6	6
Fixed assets
Tangible assets			11				15,823,507		12,524,936
Investments			12				14,360		11,601
							15,837,867		12,536,537
Current assets
Debtors						40,226		50,669
Cash at bank and in	hand					410,924		211,557
						451,150		262,226
Creditors: amounts	falling due
within one year			14			(9,302,057)		(9,062,812)
Net current liabilities							(8,850,907)		(8,800,586)
Total assets less current
liabilities							6,986,960		3,735,951
Creditors: amounts	falling due
after one year
							(53,886)		(84,401)
Provisions
Degned benefit pension
scheme			17				(425,490)		(488,534)
Total net assets							6,507,584		3,163,016
Reserves
Restricted Reserves
Income and expenditure		reserve	- endowment		reserve		272,936		288,997
Income and expenditure		reserve	- restricted	reserve			156,788		156,007
Unrestricted Reserves
Income and expenditure		reserve					144,518		1,123,562
Revaluation reserve							5,933,342		1,594,450
Total r rve ttr	table tothe College						6,507,584		3,163,016

				Income	and Expenditure	reserve	Revaluation
							Reserve	Total
				Expendable			Land &
				Endowment	Restricted	Unrestricted	Buildings
				E	E
Balance at 1August		2019 - As
restated				288,997	157,537	2,718,130	1,586,308	4,750,972
Income						3,138,502		3,138,502
Expenditure						(4,726,458)		(4,726,458)
Deficit for the year						(1,587,956)		(1,587,956)
Transfers between	funds
Depreciation on revalued			assets			2,810	(2,810)
Reserve correction						(10,952)	10,952
Release ofrestricted		funds	spent in
year					(1,530)	1,530
Total comprehensive		income for
the year					(1,530)	(1,594,568)	8,142	(1,587,956)
Balance at 31July	2020			288,997	156,007	1,123,562	1,594,450	3,163,016
Income						1,422,120		1,422,120
Expenditure						(4,147,821)		(4,147,821)
Deficit for the year						(2,725,701)		(2,725,701)
Transfer between	funds			749	P49)
Gain on disposal						1,731,377		1,731,377
Transfer ofpermanent
endowments
Revaluation ofassets							4,338,892	4,338,892
Release ofrestricted		funds	spent in
year				(16,810)	1,530	15,280
Total comprehensive		income for
the year				(16,061)	781	(979,044)	4,338,892	3,344,568
Balance at 31July	2021			272,936	156,788	144,518	5,933,342	6,507,584

					2021	2020
				Notes	g	E
Net cash	from operating		activities	19	145,476	(70,966)
Investing	activities			20	2,350,000	(9,788)
Financing	activities			21	(2,296,109)	(146,886)
Increase/(Decrease)		in cash and cash
equivalents for the year					199,367	(227,640)
Cash and	cash equivalents		at the
beginning	ofthe year				211,557	439,197
Cash and	cash equivalents		at the end
ofthe year					410,924	211,557

3a Funding b	dy grants	dy grants
				2021	2020
Recurrent grant - ESFA		Adult		582,143	1,741,729
Student Support Funds		—ESFA		6,024	47,399
Ofs Provision				25,781	65,420
Release ofdeferred	capital grants			53,886	77,257
				667,834	1,931,805
gb Total grant	and	fee income
				2021	2020
				E	E
Grant income from	the	OfS		25,781	65,420
Grant income from	other bodies			642,053	1,866,385
TotaI grants				667,834	1,931,805
Fee income for taught awards				135,000	552,335
Fee income for research		awards
Fee income from non-quaRfying			courses	190,587	344,247
Total tuition fees and education			contracts	325,587	896,582
Total grant and fee	income			993,421	2,828,387
4 Tuition fees and education			contracts
				2021	2020
				E	E
Full-time home and	EU students			172,790	618,215
Other contracts				152,797	278,367
				325,587	896,582
5 Other income
				2021	ZOZO
				E	E
Residences, catering	and conferences			416,836	301,964
Other income				9,104	8,663
				425,940	310,627
6 Investment income
				2021	2020
				E	E
Investment income				2,759	(512)
Bank interest receivable
				2,759	(S12l

			2021	2020
			Number of	Number of
			employees	employees
Teaching staff			16	14
Non-teaching		staff	26	22
			42	36
VT Full time	equivalent		5	8
Total			47	44
			2021	2020
			f	E
StaN costs for		the above persons:
Wages and	salaries		1,204,082	1,242,939
Social security		costs	132,287	155,656
Other pension		costs	166,170	338,607
Restructuring		costs - non contractual	158,742
Payroll sub	total		1,661,281	1,737,202
Contracted	out staffing services		148,640	390,314
Total Staff Costs			1,809,921	2,127,516

2021	2020
Number	Number

Total							1
8 Key		anagement		personnel	compensation	lcontinued)
							2021	2020
							E	6
Salaries							238,927	231,586
National	Insurance		contributions				27,624	26,678
							266,551	258,264
Pension	contributions						39,499	41,512
Total emoluments							306,050	299,776

			2021	2020
			E	E
Salary			87,893	87,893
National	Insurance	contributions	10,914	10,931
			98,807	98,824
Pension	contributions		18,545	18,311
Total			117,352	117,135

Relationship	of Principal/Chief Executive	of Principal/Chief Executive	of Principal/Chief Executive	2021	2020
remuneration	expressed	as a multiple
Principal and	CEO's basic	remuneration	as a multiple
ofthe median	of all staff			3.07	2.54
Principal and	CEO's total	remuneration	as a multiple
ofthe median	of all staff			3.38	2.70

				2021	2020
				E	E
Compensation		paid to the former	post-holder	69,505
Estimated	value	ofother benefits,	including	4,636
provisions	for pension benefits
Total				74,141

9 Analysis oftot	al	expenditure by activity
			2021	2020
			E	E
Teaching costs			518,794	772,222
Non teaching costs			987,907	804,218
Premises costs			350,163	500,900
			1,856,864	2,077,340
Deficit before taxation		is stated after charging:
Financial statements	audit		37,773	46,703
Operating lease rentals			29,320	34,626
Depreciation			421,698	424,620
Amortisation			0	7,665
10 Interest and	other finance costs
			2021	2020
			E	E
Loan interest			59,338	91,418
Net charge on pension		schemes	0	5,564
				Ruskin College	41

				Fixtures
	Freehold land		Computer	and
	and	buildings	equipment	fittings	Total
		E	E	E	E
Cost
At 1August 2020		15,786,515	524,039	350,534	16,661,088
Additions
Revaluation		1,200,223			1,200,223
Dlsposals	(1,196,738)				(1,196,738)
At 31July 2021	15,790,000		524,039	350,534	16,664,573
Depreciation
At 1August 2020		3,357,711	476,195	302,246	4,136,152
Charge for year		359,073	19,018	43,607	421,698
Disposal		(578,115)			(578,115)
Revaluation	(3,138,669)				(3,138,669)
At 31July 2021			495,213	345,853	841,066
Net Book Value
At 31July 2021	15,790,000		28,826	4,681	15,823,507
At 31July 2020	12,428,804		47,844	48,288	12,524,936

						2021	2020
Balance at 1August						11,601	45,329
Income/(Expenditure)						2,759	(512)
Reanalysis to bank	and cash						(33,216)
Balance at 31July						14,360	11,601
Represented by:
Listed investments
Long term deposits						14,360	11,601
						14,360	11,601
13 Debtors
						2021	2020
Due within one year
Trade debtors						14,924	49,165
Other debtors							1,504
Prepayments and accrued income						25,302
						40,226	50,669
14 Creditors:	amounts		falling due within		one year
						2021	2020
Bankloan							2,236,771
Trade creditors						52,439	235,792
Other creditors						151,275	52,839
Social security and	other taxation					163,270	35,323
Amounts owed to the		Education		Skills Funding	Agency	7,746,694	6,169,185
UWL Intercompany	Creditor					727,263
Deferred capital grants						53,886	77,257
Accruals and deferred		income				407,230	255,645
						9,302,057	9,062,812

15 C	reditors: amounts falling due after one year
		2021	2020
Deferred	capital grants	53,886	84,401
Tota I		53,886	84,401
16	Analysis of Borrowings ofthe College

(ai Bankloans
Bank loans are repayable	as follows
		2021	2020
			As
			restated
			E
In one year or less			2,236,771
			2,236,771

				Deficit
				Recovery Plan	Total
				E	E
At 1August 2020				488,534	488,534
Credited	to the	statement	of
comprehensive		income		i69,549)	(69,549)
Unwind	of discount			6,505	6,505
				425,490	425,490
At 31July 2021

	2021	2020
	E	E
USS Pension	209,391	239,751
OSPS Pension	216,099	248,783
	425,490	488,534

					USS			OSPS	OSPS
				2021		2020	2021			2020
				E		E	E			E
Pensionable		pay growth	per annum	1.003S		1.00Yo		1009o		100N
Oiscount rate				1.40YI		1.40Yo	1.40'Yo			1.40Yo
lga Funds		of
the College
						Transfer
			01-Aug-19	Income	Expenditure	between	31July		2020
						funds
Restricted
Reserves
Andy Robert Hopkins
Education	Trust		138,422					138,422
Expandable
Endowment			299,762					299,762
Restricted			8,350			(1,530)			6,820
Unrestricted
Income &
Expenditure			2,718,130	3,138,502	(4,726,458)	(6,612)		1,123,562
Revaluation
Reserve			1,586,308			8,142		1,594,450
						Ruskin		College		45

				Transfer
	01-Aug-20	Income	Expenditure	between	31July	2021
				funds
			E	E	E
Restricted
Reserves
Permanent
Endowment
Andy Robert Hopkins
Education Trust	138,422				138,422
Expandable
Endowment	299,762			(16,061)	283,701
Restricted	6,820			781		7,601
Unrestricted
Reserves
Income &
Expenditure	1,123,562	3,153,497	(4,147,821)	15,820	144,518
Revaluation
Reserve	1,594,450	4,338,892			5,933,342
	3,163,016	7,492,389	(4,147,821)		6,507,584

lgb Analysis o between funds	fnet as	sets
					Restricted
			Unrestricted	Funds	Funds:	Fixed	Total Funds
					assets
					6
Fund balances at 31stJuly 2021
are represented	by:
Tangible fixed assets			15,823,507				15,823,507
Investments						14,360	14,360
Current assets				21,426	429,724		451,150
Creditors falling	due within one
year			(9,302,057)				(9,302,057)
Creditors falling	due after one year			(53,886)			(53,886)
Defined benefit	pension	liability	(425,490)				(425,490)
Total net assets			6,063,500		444,084		6,507,584

				2021	2020
(Deficit) for	the year			(994,324)	(1,587,956)
Interest and	other finance costs			59,338	91,418
Investment	income			(2,759)	512
Gain on disposal offixed			assets	(1,731,377)
Depreciation				421,698	424,620
Amortisation					7,665
Movement	on restricted		reserve	(15,280)
Transfer to	restricted	reserve		15,280
Movement	on pension	provisions		(63,044)	91,184
				(2,310,468)	(972,557)
Movements	in working		capital
(Increase) /	Decrease	in	debtors	10,443	342,985
Increase / (Decrease)		in	creditors	2,445,501	525,390
Reanalysis of investments					33,216

20 Cash flows	20 Cash flows	from investing	from investing	from investing	activities	activities
									2021	2020
									E	E
Purchase oftangible assets										(9,788)
Investment income									2,350,00
Sale oftangible assets
									2,350,000	(9,788)
21 Cash flows		from	financing		activities
									2021	2020
									f	f
Interest paid									(59,338)	(91,418)
Repayment of amounts			borrowed						(2,236,771)	(50,299)
Capital element of		finance lease payments								(5,169)
									(2,296,109)	(146,886)
22 Financial	instruments
The carrying amount ofthe				College's financial instruments				at 31July were:
									2021	2020
									E	E
Financiol assets
Debti nstruments	measured			ot amortised		cost
Debtors per debtor		note							40,226	50,669
Less prepayments	(not a		financial		instrument)
Long term deposits									14,360	11,601
Debt instruments	measured			at arnortised		cost			54,586	62,270
Equity instruments		measured		at fair value		through	income	and
expenditure
Tota I									54,586	62,270
Financial liabilities
Debt instruments	measured			at amortised		cost			9,186,993	8,944,552

			6
ofE loan amount			727,027
Interest			236
Total included	within	ESFA debt	727,263

Value ofliabtllties		667,500m	E67,500m	E848rn	661m
Value ofassets		E60,000m	E60,000m	E735m	528m
Funding deficit		(E7,500m)	(E7,500m)	(E113m)	(6133m)
Principal assumptions:
				Pre retirement:
		CPI+ term	CPI+ term	Gilts+2. 25%op.a.
Rate of interest	(pre retirement)	dependent	dependent		Gtltst1 29o
		margin	margin	Post retirement.	p.a.
				Gilts+0.59op.a.
Retail Prices Index (RPI)		'Break- even'	'Break- even'	'Break-even' RPI 0.39op.a.	'Break-even' RPI-0.15%o p.a.
Consumer Prices	Index (CPI)	RPI-1.0/o	RPI-1.0/o	RPI-1.0% p.a.	RPI 1,09o p.a.
Rate ofincrease	in salaries	CPI + 29o	CPI +2%
Rate ofincrease	in pensions	CPI	CPI	R PI	RPI+1%p.a.
Mortality assumptions
Assumed life expectancy at age 65 (males)		24 5years	24 5years	22.5years	22.5 years
Assumed life expectancy at age 65 (females)		26.0years	26.0years	25.1years	24.8years

		2021	2020
		E	E
Access Investment		24,138	41,041
Financial support	provided to students		430
		24,138	41,471