##
##
|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||6|
|---|---|---|---|---|---|---|---|---|---|
|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|pay|and|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|
##
##
##
##
##
##