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Ruski Oxford olle Annual Report and Financial Statements for the year ended 31 July 2021 Compary Lbmlted byGuarantee Re8iStratw Number 00066196 IEnÉl¥nd and Wales) Clity Re8bStration NurnbEr 309701 •AAG6EEXF• 3011tY2021 COMPANIES HOUSE A16

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Key Manazement Personnel are dellned as mernbers of the College Senior MaTragemen¢ Team and wefe represented in 2020-21 by: Paul Dl-Fellce (Prlndpal & CEO) l•ark GliS IFknartce Manager) Abld Hu55ain Istudent Serri¢es M3na8er-AvBu5t 2020-February 2021) Lesley Da (Student 5eNkes Manaier- February 2021. June 20211 Jant Frankl I>JItant. A55i5tant Prln(ipal-August zozo to November 20201 5hereen Sameie5inghe Iconsuftant. ASSISt Prlnclpal- November 2020-May 20III Nicola O'Shea18Usess Developrrnt and MaTketingManagerl Ashok PèteS (Clsu1tan1J Advisors Flnantl•l stsiement atyJ¥tOfS and reportln8 accountwts Aifiotis LLP Friary Court 13-21 Hieh Street Gvildford GUI 3DL 140 appjintrnent for 201920 lol•rnal aydhors Banke The Co-opei•live Bink legacy Portlolio M•n¥8ement 51h Floot. l 8alloon Street M•rKhe#eT M604EP ¢offjperatbveb#nk.co.uk Solicltors Perlningtons MaThth LLP 94Q0fyrsin8ti Road QAford BUSI$$ Pwk Alord OX4 2HN Eveh¢o$ Sutherland LLP One Wc4)d street London EC2V7WS Irwin Mntheu LLP Imperial HDyse 31 Temple streei rmin8ham 82 58

Contsnt Reports rMrec¢ors' reyt wKwporatir¥ Operat¥and fvwnrial we4•ewaThd strategic rewt Ststemenl of corporategovernance and internal control 14 Go¥emln8 Executive's statemenlon regdailly. propilety and compliance 21 Ststemeni of responstblliles of the Members of the CorporatSon 22 Independent aud11 report to the Mernbers of Ru5kln College 24 Independeni rewlin8 ac(ountanYs report to Ruskln Cde and ESFA 51 Nn•ndal 5tatemehts Staterneni ofCompreheng% Inc(rtne 28 8alaDre Sheet asai 31 jUT 2021 29 Sfatemwtofcharys in ReseThes 30 Statement ofcash Fkn 31 Note5to the fin¢131 ststements 32

OlrectoY< ieport and Kiaieoc rtport-yea to 31 Jufy 2021 Nalure. Objertlves and Strateiles The directors present thetr report aAd the flnancMf stsiements for th yeèy nded 31 Juty 2021. Letal slalu5 Ruskin College is a company limited by 8uarantee and a regimered charrty for thE purpD5es of the Charblies A(11993 as amended bytheChariliesA¢r2011. It isdey8nated forfunding bythe Educatk)n and Skills Fundin84ency IESFAI and receNe5 fundin8 from the office lorstudents lQfSI. Mission ThE CoUeBt'S rni55ion. a5 4pprty4ed ty its Go¥w4 ExECUtlvt is.. T0prOved1KutiOnolOpportUnrtles toodufts whooreexcludedornldtsodvoni¢iged, ondto tr¢w15lornJ the Individu015 r(wmed oloftg with the ctNnmunit8 group5 undso(retle5fvn whith they comt. Publlc benefit statement Ru5kln College is a registered chority and Is rtyulated by the 5ecretsry of State for Education as Principal Regulator for all FE Corporations in ÉngLind. The rnembers of the Gfftmin8 Exerutive. who are tru51eesof the tharily. •re ds%lo5ed on page IS. In seitirkg ar revlewing the (one8e's sirategic objethves. Ihe GovErnln8 Executive ha5 hod due rwrd for the Charity CommiMion'$ 6uidance on puL4ic benefit and particularly upon it) svpplemeniary 8uidan£e on thE a(knncemÈnt of educaiion. ThE gudance sets out the requirernent that al orEani5ationswishin#tobertco£r•sed¥scharihes must demonstrateexplicitlythattheiraims are for Ihe publK benefrt. In deliverin8 rts Miss. thé Coe Movides thE foknng ideNsfiable public benelits through the advancement ol educaiion= Improves the qualific3tior4 ski15 and erryl¢)yabt¥ of the Eroups and indi¥iduats it erbia8es learning. 8Enefits in her areas of pthjlic pdy. lor examp ift Ènhancin6 health and wellbein& redurK¥ dependEn¢yiJn publii 5ervitts 5UPPOrtinE lamils and up'skilline VonteerS. Tr•nsform5 the kn of indNKfuals whith in turn roniribute to the deVelopTht of cghtSi¥e and wliertt aynmuhities. Svpports ihe national need io UP-&kii its aduli popul4tion and address tssyes of social deprwbtsn. poverty and econotht iDattr4itv. Adds lue t) the artivitios of ttsrnnwnllies and tr3dÈ won5. The dekvery ol puwlc benefii is ¢o¥ered throughout Ihe DireLiors' Report. Ruskin College Strateglc Objedlves A previous stiatewc plèn was a8reed Mt the Grtlerni Execuli¥e In November 2016. Havi du I#Tdfor¢hÈCurrentcOT(UfflStan(Ès.hQrethec¢1eEe.SfinancIalOTrd sol¥enrypOts0n deterioraied sienifi£èNtly. the Calge #raiw wasto seek a mefgei partner tp strengthen itsfmancialheolth.This ha5 bttn achieved through the rwzerwith the University of Wesi London on 30jU 2021. A rth5ed sttatwcplan basd on WiinuiTr8tht OPErai(on50f the Colltgt asa BDin8 C+X£tin willbe developed dum8 2021-22. Ruskin College

Olrector< report and te£lc fepwl-yearto 31 Jth 2021 Flnanclal objecflyes Thecoly's fin31 oblecti¥es twt: To remain financ431ty sound toprotect Itself from unfoTeseen adverse thanees In enrolments and to generate 5uffKienl iftwme tv enable il to maint•in and impr+)¥e it5 a¢c&)mmodèlloTh and eoulpment. To rnainlain the ronfidente of Sdents. fvnder8 suppliers. bankers and auditors. fo achievp J &gnilicaAt lÈ¥el ol •¥+r@s$ amon8 the Collese 5tsff of the fin•n¢lal envlroThment wlthin fhKh il opwate5. The College etognise5 thai ihese stated obJectiNs are easily delNer•ble without Sign1cant linancial and SOneY supp. Hnancial perf(xmance Indkators These financial perforrnar dical0T$ re agreed during theyear. Taitet 20-21 £11,593kl 17.61 0.02 106% Actual ZO-21 £1994lk 14_51 0.05 Deficit8eneraled laftev e¥rep¢ional item51 Covenant ratio Current rat Debtlincome ratio Caslt dèys in hand Siaff costs 1exdudlÈXcepIWjn4 nerns135 % ol turn¢)ve¥ Flnancial Health 31 iio 116% 97% Inadequate Inadequate The College recognises the importanceof sector measures and Indkators and these are monltored by the Colle¢'s FinancÈ Committee on 3 re£ular basi5 and throu¢h the ESFA. The College uses the FE b d¥ta availawe ¢)n the GOV.UK website Y•hich looks at measu5 such •s a¢hfjevemtnt rates. The College is required to cornplere the annual Finance Record for the ESFA. The College had an "InadequJt- financial health gra& in 201&17. aTrJ the rtst4ted position lor 2017-18. the p05ilions for 2018-19 & 2019-203r the currentar also give an Inadequath- rInaral hethh grade. Finandal posltlon The College athieved an operaiin8 defiot ol E994k12020.. £1.588k defic1. This ts aftèr allt)wing for restructuring costs of É159k12020: nil) and profrt on dPl>s31 of £1.731k1202tr. nill. The College has not been able to rerow Irorn some siylficant solvency and finanual problems durlng 2018.19 and 2019-20and the overall posili¢n haswrserted durthothe¢utrentfinanoalyear. The keyi55ues beinR: a Ixk of av•ilable liquldiry. the Impart of COVID on 51udent re¢ruilment and retention, dlsproprytionately affe¢tir4 RUA's denv4raphic In cornparison with the natlonal average. slaff turnover. w80inE ¢lawbxks from the ESFA and an inuease In thE ppnsion liability. These criiical ues hwe &Bnificanty and ad¥rsely Imp3Cted on the o¥erall financial artd sol¥enry ptssititsn of the College. Tht operatine defKit a£h*d was after adju5tin¢ for the provl4on of pensfjon liabllltles associated to both USS•ndOSPSptnSiOn5.a fvllprobisknnfortheESFAfundw¥clawback and a surplus on disposal olassets. Ruskin College

Oirectors. report and strateglc r rt- year to 31 July 2021 The College experienced Wficani fundi ctswback for the ihree yeary to 2018.19 and as a resull new fvndin¢ clains were inittsted in 2019.20 and 2020.21. The impact ol COVIO-19 was pariicularly acute amon# aduli learners with famity and finaficlal obl¢aiions. t¢ynpriswiE the rnajority of the Ruskin cohort. Enrtslrnents wert up 57% Ort the premis ye•r. with Trade UDioTr Educatlon courses dell¥ered IOOX onlkne. The College delivered its fffst bEspoke gnline Cornmunlty LeamlnE currlculurn In partnership with local organisation5 and Ilepenent- ESOL abo saw a sharp rise rn stvdent numbers on the pr•rious yeai and in this context it is eApected that the Colle8e will have delivered slgnjficaftdy h¢her percentage of ESFA fundirry(ontsacithan durmKthe prÈv¥)vs¥ear. 7he Colege had suby•niial relahte On the educatii)n 5e£tor fundithu bDdies lor ils principal lund8 50vrce, largety through recurr1 ¢rants. In 20221 Ihe ESFA wobyled 46% 01 the Cole¢e's wt)I intome. Foifowlng a Stiategft Prospeds Appralsal ISPAI led by the Further Edtscation Councll {FECI, it recrnmended a rnerEer which ¢ould bEtter secure Ihe fvture of the Colkge. Ihe College has successlullycompkted a fitr the Ur%eTS¥1yofWest London IUWLI on 30Jufy 2021. Uwi has reviewed the past and proieaed peTlorm¥nce of Ru5ksn College in detail and have incorporated this into a Recovery Plan. UWL which is dernonsrra finanually resthem. Is confideni that it ¢aTh effertively inherrt Ruskin Ctsllpy I•Eho #5transilion from opeikn8 al a dpficl iran operatinB surplus position and beyond. Covid-19 11 is Important io acknDwle thes1gmbffit IM Covid.19 h45 had on the CtsllEge. De5pff¢e a high level of terest in the Colle8e. arbd an overoll incrtase in enrolment5 on the preOU$ yEar. lockdown le5triclThS sebrebt alfe(ied the College's abihly to ¢lver1 applications afid retain 51udent5, e%pEoa1at bEEinniThtof thÈ ye•r. ThÈColle8È4lso fx¢d chnB¢S In ensyrln8th4t studeni ahd stsfl salèty was p•r¥hount durin# thi5 period. The costs associated io rnaintainin8high slandardslnthis regard escalated. e5pecièllyin teims of laciliiies mana8emEnL onhne teaching and provhlin8 (ovef teaching durtng tb5en£es et(. Whi15t Ihe College wa5 not abl? to secure addlllonal income Irorn its traditional short courses ènd summer school actwrty. the College was however able to bulld on Its work wth the NHS Irom the pievious vearto piovifle accommodation ènd Cateril0T.kt workeT53nd overseès cohorislortheacademl¢ year to Mav. Taxatlon None of the Cdlege's acti1[e5 are Ikibte fwcorporationtu. Treasury polides armf obJecti¥es Treasury managemenl is ihe mana8emthioftheCoife8e's cath flow5. s b4nkin& rnoney Maetartd capital market transactiohs. theeffertiby control of the iisk5a$50cvJ¢ed with those actithies.. and the pursufjt of optirnum performance consistent with those rks. The College has separaie tfÈasury management wo¢eduw ift plxe in its Finan¢lal Reevl•tws. short.term borrowing for temporary revenue purpo5e5 was auihorised by the Prfndpal after tonsukatw with the Flnanre Manager. Suth arrangements are vestrirted by limits w tht Financial memorandTr with the E5FA. All oiher requlre5 the authori5a1 of the Governine Exetutive and wdl Colty 1th the requirements of the FIDam¢171 Memoranm01tht ESF Ruskln College

Dirertors. re and Strate8k report-yearlo 31 2021 Llquldity The College was abl? to Settle in March 2021. the out51andin¥ lohns wth the Co-operative Bank by 51ng the disposal ol sale proteeds of Stoke House. As the Collège conte$ io ImplÈmeni the othstandiDR actions from the recovery pTr amd the FEC reLommendatiofft& 6t wlll need to malntsin otsd rdation5hip wbth all stakeholder5. whKh indudes the ESFA. Thecurreni ratto gNe5 an indication of acollege'sabilitylorneel i15short-terrn dEbt (within oneyearl usine cash al money owed tc the Colleze. The ¢utrent iat6D after re¢lasstfyinB the bank loan and ¢lèwback payThents duE to the ESFA wa5 0.05 (before reclassification of fixed asse151 which meant that ihe College Dot have the ltyuidity to meet its short-¢em 0•£41$. withoui the support of its maln turthr. the ESFA However. due io ihe mer8er compleled on 30 July 2021 with UWL. Rvskin Cdl4e 11 have adeqate fundine tocontinue in oper31ional txtstente asa pingconcern. Paymeni perfonnan¢e The Late Payment of Commercial Debts {InrefeMI Art 1998. 4vhich (ame into torce on l November 1998. requires colleges. in rhe abserKe of agreement to the contrary. to make payments to suPplrS wtshin 30 days of elther the proviyon ol goods or seThKes or thE date on whith ihe iDVOlfE was recelved. The tareet5ei bythèTreasury forpayment losur$wl1hiN 30 days is 95 per cent. Durin8 the accounbDK perN)d l Au8llSt 2020 io 31 Jufy 2921. the College w•$ unable to meet this target. because ol on-%oin8 sofvency i55ues. but all supplier5 and contractors were kept informed and the College is noi aware of any Major adwse issues faced by SuplerS during this period as all were event41al di5tharged. College Currlculum, Qualrty and Performance Perforniae •MI 4Xrtcomes Oespfte limiied 51alf and financial resources. the Comege adapted to the reality ol COVID bv Successful mowng all Trade Union pros1On online, alm051 doubling the delivery of the previous year. The Colle8q a150 delivered itsfrisi bespoke Comrnunity LexninE curiiwlum online. wilh a range of suuessfultourses dthered in h.ne ith its stated mlsslon and purpose. Enroknent fw 201ts21 acfOSS FE couyw for non.re%dentia courses durin¥ the atademic year intreased by 133%, with ÉSOL cohort5 5ho¥AnE the greatest iTrcreasÈ o17S%. Recruitment to the flayhip Access tdurstswas lowerthan in provknisyer. as a result of the challenges ol lockdowh both on recr1mtsDt and •dministralion at the 5tartof ihe arademir year and the wecedin8 months. In accordance with its stated purpose and faknK as'eMemFlaryfor widenin8 Pxtiopation. by Of5ted. Ruskin Colle4e students are recTUited from the hardest to a(h seaions of sclety and these are the groups who kn*fe mosi impacted by CrMd-19. Despite a positive start to the 3cademTrc year, the successive lockdowns ihrough the autymn •nd wnter of 2020-21 Ereaied additional challenges to 51wJEntswhowere alreY fin¢•11. farn1 and tethnplu¥Ka1thleDe5. The Cdley coniinued to support all students thhOut the cr15 and supplied IT hardware and support remotely. All Cour ran on a blended wndple wirh a mixlure of online 3nd face-io-f¥ce miry. On kce4 rMention levels were 75% and %% of students athieved. Ruskin College

DlrertoT¥ report and stra c report-year to 31 2021 Qualityartd cuthltsm The College continues io btslld upon its 0e Short In5pectlOh 8rade of 'Good' and the Colle8e remains'exempl3ry forwidening partiopattron.. kn line wlth Ihe LEP sk115 A4eThd3 lor Oxford5hire a new curriculum kneorp0rat¥ use of ¢>utstdè space and resJential provision. together with a new emjthays on skins. was proposed but was adversely affeded by the continued lockdown and res¢ficti¥lS. The focu5 remained 10 suppt student5 to complete iheii couises aCfOSS skilh, he3lLh and wdlbwng and CornmvThty Learryni course The Communny Learning offewt& ¢Jevdoped fw 2020.21 and deb¥ered online. in dass ènd off-slte, wa5 partKularFy successful wh retention and comtI10n levels abovÈ 90%. Delivery was in partnership with key aBencies in O¥lord iUdIng a PiLwbeering empl0yats1Y and self-coThfoenc ESOL classwith refugeesat the Pilt Rivets Museurn. Therè were 24 Access students Tffttho tompleted covrses in Nursing and Social Sciente and achlevement Wa5 96% foi year. Retpntlon was •1 75% due tg 4 ieducliorb in ALL provi510n. lo¢kdowm £h¥llenges and admini5rrallvt Issue Student numbeis The College enrolled 2522 ESFA-fvnded studenis during the ye. ol whlch 148 were Community Learning and 19)4 on Trade Union programmes. There were 18 students fvnded by HE luitwjn fees d other sowce Student achle¥ernents Student achievement is mvswd by the percentsee5 of those a¢knini the qualifitatKn ol those who enrollÈd on it. As noitd. the o¥erall achiE¥emnt fate Ic the ESFAfunded pro8rarnme5 Stands 199% and that figvre wemains constant. Given tht fInala1 and operal)nal chaltnees ln 2020.21. a reductd nvmbef of prizes were warded thls year to a lotal value 01 £160. Asthe College now under t)ew ownership followngthe mer8eT wbth UWL on 30Juty 2011. wlwe p0551bbe prizes will be reinstated th future years. Business d¢velopment Outreach under business deveknpment contfjnued thriyJghout the academlc year and the Colleet continued to emgaoe wtth its Ial and naihonal piriners ihrouBhout Ihe ac3demi¢ ye•r. There were over40 sotial and localeThterpfises Ind orgoftisations •nd bespokecommunity Le¥rAin8¢tsurses were defNered for Asylum Welcome. Oxford Homelessness Prolett, Multaka la charity SUPPOrtin8 asyltsm seekers into work through the Natural History Museuml and othen. The work wih ihe OUH Trv5tto pr¢)vidt ac¢ommodatlort for key7*YJrker510nlin¥ed and expanded to Include caterin8 and support lor overseas Cplwrts. Resources Tht CdleRt ha5vaTiOUS Itsowusthat ilcan deplDV In pw5uIt of bt5 5trate8Kobjectives. Finondol-thecollegehasnet assdsof £6.Sm.This lThdudestsng1e fixed assets gf £15.8m, proviskjn for bad debts ol Eslk and pens•Jn liabilleS 01 £425k. People- the Colege eMpID 47 people DI whorn 16 are teathln¢staff. Ruskin College

orf report and Tate8 report-ye•rto 31July 20ZI Reputotion- the CollEee has suffered repulaticn•l damag? as • result of its der[Cat18 finantial health. H¢)we¥er. due to ihe mefger with UWL in July 2021, the College Is confldent thai li can tinue tt54)pEraiional e>istence lor the fweseeable future and rebuild its reputation. Princlpal Straleik Rlsks Addressed by the College The key iisks were Identif ir(Mm the straleyc plan and thefinantial pl•n3Dd were ¢ont•ined in thE risk fflana8ement rewsler fty 20221 •ncludinÈthe bdow: Reputational damage dvEto orbgoing fatIll healrh of the Colleee Decli in student recruitment rates in hyher education Risk of sd¥ency problems a55QCi3ted to poor finanoal outlurns The management ofthese risk5 isouth.ned in the risk management atthual rep)rt. Risk management process A rpvised risk managemeni plan artalnst the new Strate8lc Flan was artginalfy approved by the Governin8 £xecut•¥e in November 2016. The key risks hwe been rtvltwed by Audit Cornmittee and the GoNrninB Executwe ona it8rboSi55lffK¢ 1rKeptiOnd newfi5ks havebeen identifiedand on5idered. rlsk in relaiion io Go%rnmertt fvndi The Cdlege tontinues to recei¥e Sludent fvnding throveh tho ESFA. In 2020-21 the College received £0.6m from the ÉSFA tt is likely that the level of publK fundirq for adult educat will c¢)nlinue lo be £hallen8ing. Thècollegeconlinutsto re%ryew rncon position5 and expltsre new opportunities. The fisk i5mitiyttd a numbet olways.. Dl¥erse Incorne Streams: thecollete committed io de¥elopinE • range ol diverse incorne streams. These include developing an bnmationai ofter. apwentKesht'ps artd the contlnued comrnitmeni to HiBher Edu£airon ofler. Nath7nal c•paI0n. the Cdle8< ihrwgh the Ir6tilutes of Learni TAas ively knbbyith8 the ESFA and the Depwtinent for Éducath)n to maintain natlonally funded 51atus. whKh was agreed. Meethi lotal Prtorfties.. the College works wilh local pro¥idws. Comrnunjiiesd commi5sloners to address local needs. fvndlnK Priorities.. the Cole coniinves to focus upon the funding ww)riiies ol the Department ol EducatTr to demoYstrate the Cdlege altenmentwth educaiional poliry. PartMwsh¥p Wwkkn¢: the de4elopThl of local partner5hip5 to facilltate prvgTession routes from la¢•1 providers. Ihe xoping of partrerships with national stakeholders and hi¢htr edUcatn st1tu1nsto support the gr0h in fee incorne and direct student recruItnt. Carnpus and ResldeDy. conts"nualty imwove the ¢ampus io Èftwre ihe wate provides an in¢fyYbe to the College ¥thilst Meeti the future needsof our student body. Stake1Ider Relatiortshlps In I1th01hvc91leys4ndWlth Lw¥¥ersitis Ru5kinCdIhlsmlAvs11kehOdw$. These include: swdenls Stsff ESFA& 015 TUQ CWU. GFlli and affillate trade unio Ruskin Colle8e

Dlrector< report nd strate¢ic report-yearto 31 July 2021 Othereducationalin5fituti¢Jn5 Empbyers . PubksectL Voluntary¥Thl wblk.sertor partnÈrs Suppliers The Cdege re¢ogr4ses the irn[ance olthese relationships and en8a8es in regular cornffwjnicalion with them th[h theco11 Web1& reyAar ¢c¥nmuni<ètlon5 and hetworkvy mettinE5. Trade Unlon FacilityTlme Ihe Trade IFac•lity Time P1c3110n Requlrementl Re8ulations 2017 iequire5 the College to publish informalion on faciliiy tsme arementS fortrdde union offlcsa15 at the Glege. P4umberot employee5 whts were rele¥nt FTE employee nuTThber 2 siaff nla Per¢eDta8e oliime Number of employte5 i-so% 2 ernployees 51-99% loo% Total cost of lac[ry ts" 20• Total pay Ml £6,400 Pefcentsgeof t•1 bdl 5peftt on faclllty time rimo spent on paid irade unlon a¢tvrties asa wcèniake ol total pa0 fa¢lfity time The Colege h35 no fomi¥l agreement with sthff or recogNls¢d unions In tevrnsof twne and c05to actiwties asMxi¥ied tmth sypportkn8 unioh actities. Equality and Oiversity Ru$Tr Colleee has a tradition of pfferI hiKhqvaHty educat to mature studeM5, many of W)M have experienced s1410[ ecgnomic dt5a¢fv•nta8e5. The Cak8e is committed to the rnaintenanct no extenYoA of equaltyof opportunrty and to trtalin8 al siaff and students with rt5pe(iand di8nity. kn terms olethnioty disabiliry. there isa hi8h levelof In¢lv5ion with 24%of student5 from In ethnic minority background138% tsn (e$S 58% HEI and Il% 01 studeAt5 declarfng a dsabHityor learning dlffkvhy138% Access and 331$ HEI. The athlevement rates for the College are ab sector benchrnarks. Ruskln Comege ID

Oivector< report and 5tr•te8lc iewrt-yearto 31J Student Cohort Ovef¥iew 202fy21 byAge. Gender. Ethniftty and Dlsabllity Enrolled AveraBe Female Male BAME Disabl¢d Access to HE 29 32% 38% 38% English l ESOL Maths 212 36 73% 27% 67% 47 36 85% Is% 32% Preparing for Further Stwly 125 74% 26% 23% Short Courses 41 21% 21% 13% Union Short Courses 1924 32% ESFA Fded Total 2522 43% 25% HE Students 16 21% 58% 33% Apprenticeships 47 38% 63% Grand Tolal 2546 42% $8% 25% 11% TheColle8e hasa &nEle EqualiiyScherne7thichth5ures that attention is pald to equality ènd diversltv in every aspErt ol colle8e lrfe. nol onty in openin8 our dows to all. regardkss ol b3ek£rourtd or prior edu¢aiional achie¥emeni but In specthc rneasuws suth 3s incorporating disjbled access in the redeveloprnent ol the College estate. screening for beaming 5uppNI needs and continuinE to offer access route5 into at the appropriare ltrol. Ruskln's equality obj¥5. a dear steer fromgovemors and mafia8emeni. are to: Retain open a£$t00ffered3Ilon3lOPportThItIe$t0 adtsh0 have been excluded and di5advaAiaged. Pr<Mntsie so¢1¥ mobility ty fostermie proyession thro study. encomp51 flexible opportunitis from Levd I to Levd 7 ur4JErpinntd by hi8h levels Of learThnB SUPPOrt and a Th6q modelol academic tutorialsat thE higher oducaik)n leveh. Increase the represenièibveness of the student body on all cows¥ p¥tkul•th oh trade nion short courses. Monltor and any rfent•on and ¥hI•¥eM laps betwn ithft¢ront aroup5 of students fof example in respect of categwies of disadvantsge. Promwe and embed ¢qulty and d1¥eIty In leamiw and tea¢hlnR and assessment by identifying and Shar1 good prartes identified In1¢$5( observations. Increast the c(mthbution vf studert te by iTrcludth8 e4uiIty and diwe¥slty issues In survtys. cotstse [wS and meetints wth sdents. Ruskin College 11

Diiectors, report and strate41¢ feport- yeartojl July 2021 SafeEuaidin8 and Prevent Dirty The successful Otsted strrt inspp¢tion 54fryuarding 1017-18 demDn5tFaled CowylnCe with the FE settor standard for 5afeguardlng and prevert polky and procedurè. The CoHege is vlgil•nt ' terms of ensuring students ?nd siaff widerstaThJ and engaKe In the saleguardkng and preveni duty. The Colleee's saleguardi Pdlcy Is avalable on the Colege webslte and 15 displayed staff offices so that both staff and students are reminded what forffls of abuse to keep a watch for and what io doll any learner Is believed to be at risk. Ihe Cole8e hascompw wtih rh4Tr8Sn8 national deciyons on priority erovp5 01 staff who should uTrJergo an enhanced D15(lowre and Barrlng Service IDBSI Dlsdcsure Check. Al policies. In¢ludin8 and hara55meni. have been kept under revlew and learners have been helped to bring concerns io the 9xface io enswe a safe leaifiin8 environment. Pollcjes io ensure the sale use of IT are developed. The CoNeEe has Éood Ilnks Wth local ctsmmunily polt¢e offiters. The ColleEe Is compliant with the PievEnt Dvty in ierms of staff training, the assessment ol risk ènd the MlorIng of the Prevent Acfb)n Plan. Health and Safety There is o Heakh and Safety Committee. wNth rnrt h) Deornbw 2020. Any tssyes arising were covered by the Audit Commlttee Fln4re Comrntee. The health and safety of students is morbttored throyghout ihelr Ume ai Ru5kln_ long course swdents are re4ulred to obtain medlcal learance tts sludy and thÈ ColFrfe work5 W¢th its deslgnated MedKal Offv"cer to ensure thai approprote decision5 are taken. and approprlate suppart put in place from thÈ interviEW stsge onwards. Where nece55ary• rnedtcal factors are ifjcwporated ffjto ihe condltfDNs ol the offer Itittr and inio the prObatnary temi at Ruskkn. During inductitsn. students meet the Ht•tth and Safeiv maneT and they le3m obout ihe CokgE provision fo¥ OnT5KE counseYln8 and oiher supporr serwces. Throughout the tlmè at Ruskift. studonts are a5sisiÈd by informatitin and Éuidance. disability supporl. leaming devdopmeni and dost Ior131 contact as well as on-slle advite servKes for those who •ie resent. This feb of support. tQ8ethef with the collegial aimLwihere, helps stuLlents to foru5 on ihe¥ studles and hence Change thetr Ilves for the better. Dlsabllity Statement The College seeks to atheve the obiertNe5 set down In the Equakty Act 2010. As part Of tts Capital Project theCtsMe8e iM¢mnted a ran¥èof iworovemen15airned atstudents with moblr¥di5ab1lltfje The CoNe8e has a Wellare offer who pro¥vJes MIll0n. adviEe ar arrange5 5UPPQrt whefe ne¢e5sary for studentswith dlsabillts. Thereis • ranBeol sperl•kst t9viptht¥th1th the Colle6e can mae a¥ailabkfor use by 51udentsand • range of •ssistP4e technolDV 15 31$0 avalawe. Ruskin focuse5 on ability as far as reasonably P05yble will Conder flÈxibl arr•nements within its policiE5 and procedures. 10 challenge Stereotypi pTo¥lde inforniat40n in fftexible lorm•ts.' antkate and plan evefits. presentation and tra1ng to a#ow in¢lusNity and ac¢esthl¥ty and prohide opportuniiies fof adv•ncernenl. Reserves Pollcy The College has bpEn reslrirted in terms of its Cash Ilnw kn 20221. nnIrt& th•t bt was unable to develop a suffKnl reserves po¢¥. However. foPowinE the mer8er wlth UWL on 30 Julv 202L a reserves poScy will be developed and feinstat¢d for 2021.22. Ruskvi College 12

Dlrertow< reptyt and strats8k reixxt-year to3 July 2021 Events Afterthe Reportlng Period Followinea reromrnendètion bythe Further EdUcatn CourKil {FECI, the ColleEe has ntsw succe55fullv completed a merger wilh the Uni¥e¥sity of West LorKlon IUWLI on 30 July2021. LIWL will operate the ColFe£e as a g¢YThgcorKern and has boktered the Colle£t's finan¢balfooiin£ uealty. The repayThl ofthe ÉSFA liability on 2 August 2021 folknJin8 the mer8er is also a slgnfficwi evenr after the rtportinKpeI. FUre Developments UWL h¥$ set a Re£o¥ery Plan lor the ColleBe whereby the existinz ctyjrses at Ruskin College wlll coniinut irt the future. as weH as broadenine the currkulum to de¢Jp a key fows th ihe delivery of nursinB and healthcare. DiK105ure of Inforniation to Audilois The member5 who held office at ihe date of aPFffoval of this report confirm that, $0 far as they are oware. there bs no relevant audit informatbn of whith the CoThe8e's auditors are unaware- and each member has taken all the steps Ihat he or she wht to hwe taken to br •wareof any relevant audit informatb)n 3nd to establish thai thE College's ouditort are aware of that informatlon. Govemiry Execvlrtyt on 27 Cktober 2021 and signed on its behalfby". Prole550r Anthony w00(kn (Governarl Rkin College 13

ement olCoipoTate Go¥ernan¢e and Internal Contrnl The lolbMnR ststement Is WQVKled to enab readers of ihe annual repm and accounts of the Colk8e to obtain a better under5tandlnE of itsgovernance and legal structure. This staiement covers the perd Irom l Au6USt 2020 10 31 July 2021 and up to the date ol approval of the annual rep)rt and financtsl statements. IheCollE8e endeavtyjrs to conduct Irs bu. In aCtod matter5 such as health and salety and environmental issues. The GrernIng Execut¢ meets at least three times • year. Formal aEendas, P4pers andlepry15 are suppkd to Go*m¢x5 kn atimetr rnanner. prior to 8oard meetin8s. grieflng5 re also provmled on an ad ho¢ baws. TheGoVerng Exttuti¥e atsoconductsiisbusinessthrough a numberol¢omm61tees. E•chcornrnittee has approved terns ol reference. These commlttees ar¢ Finance, Search. Audli and Quafity. Ruskin College 14

Stalement of Corpornte fjovernartce and Internal Conlrol Minute5 of al rneetines. except those deemed io be conlldtntlal by Ihe Gtwèrnlne Exètutive, are availat4e from the Clerk to tht Governwsat: Ruskin College Durtstsn R¢)a¢l Old Headlngton Oxford OX398Z The aerk to the Govwn(Ys maintains a register of finaniial and personal interests of ihe GrnIng E¥e¢utwe. Finance Committee. Audlt Commltteeandthemanagement Team. The re8iSterlsavailable for inspeciion at the abo¥e address. All Go¥•mtys¢4n tske Indeptndtnt prolessi(MMI ad¥icE in fvrfheran¢e of thwriknties ètlht Comege's expense and have access io theoerk to tht Board. who is re5pon5ible to the board for ensurin8 that all applioble procedures and regUlaiS are complled with. The appointment. evaluatlon and removal ofiheclerk I matters for thefjo¥emlns EXecl¥e • whole. Formal aEenda5, papers and report5 are 5uppllÈd to Go¥er1$ M) a t)ly minner, pwior lo Board meetirrfs. 8rlefln85 are also provided on an ad hoc basi5. Appolntments to the fjw¢mlnE Executi Anynewappointmenlslothe Board area matter 1ortheconsernoI the lull Go¥emln8 Executlve nd are rnadè on the basis of retommendatis by the search Commitiee. which is responsible lor Ihe selection and norninaiion ol any new ordinary member. The GoveminE Éxecutive is responsible fw ensurinK that èppropriate traifiine is prov&d as required. Any new appointments to the Govtrnlw E¥ecuis¥e are appoknted lor a ierm of offe ordinarily lasting three year$11 year for staff •nd studEntsl. Lana Jacknthh tARs appointed 21 November 2019 and ted as the Clerk to the Govemkng £xecutNe until 30July X121. The rnembeis who seThed on the fjo¥erning Exewii¥e dwlne period were as listed In ihe tsble below. Name Other CommlttÈs Aiiend•n¢* Appokntment Peter Ptryjlt AeslBned 15.9.2020 Ordinary member Audit Alison Stoecker From 10.03.2019 ieygned 30.07.2021 Ordinary Quality Paul Di Felce From 21.03.2016 rewgned 4.06.2021 Pllncipal Finance." Search & Rernuneration l¢bYA Search and Rernuneraiion Kevin Flaftaean From 23.03.2016 resigned %.07.2021 Ord4nary membEr Audii. Search & ReMeratIon 100% Search and Remuneialion lieorna Omornbol Fnxn 5.7.2019 regtned 26.03.2021 Ordinary membÈr Ruskln College 15

Statement of Corporate GOA3¢ and Intemal (>ouB NKhoMs From?8.12.2rK17 resl8ned 30.07.2021 Charfrom 29.6.18 Search and Rernuneration member Oshor Wlliams From 5.7.2019 si8ned 30.07.2021 Ordinary . member Quality Lindsay Cane From 5.7.2019 reswied 23ffj3.2021 Ordinary rnember JIM Mowatt From 22.11.2019 rsi¢ned 30.07.2021 OrdiThary member Dave Proctor From 30_11.2020 resigned 3a.07.2021 Stall membef Wincenl Brown From 17.02.2021 resiEned 25.03.2021 Student mEmber 05car Guardiola. Rr¥eia From 14.OS.2021 reslEned 30.07.2011 member Grah¥n Mtsrl•v From 4.06.2021 resi¥nd 23_07. 2021 knierim PrwKw David Anderson From 14.05.2021 reslgned 30.07.2021 Ordinary member Phib"pJohn Coward From 14.05.2021 re 30.07.2021 Ordknary member Geoffrey SheaTS From 14.05.2021 1ty8ned 30.07.2021 Ordplary rnember Y¥eite Wimlams Ffom 14th.2021 98ned 30.07.2021 Ord•iv member On acquisitloN by the UWL or$ 3(Mh Jury 2021. •N GovwnoFsoI the Colle8e resw$. At the Pobntol acqultI0n, the folloyfig Go¥efnorswere appwted: Inifr Bema 30.07.2021 Lhfertor jeS Damd EdTrxtnds 30.07.2021 Direcwr Dff Suresh Gamlath 30117.2021.. Dire¢ioi ftuskin Colle8e 16

Slaiement ofCorpoTate Govern and Intemal Control Profe55gr PeiÈr Da¥id Jotr 30.07.2021 Dlre¢wr Matthew Robson Snowden 30.07.2021 tlreclor ProfessorAnthonyWoodman 30.07.2021 Oirector PatrickArtt1Th¥ Yots 30.07.2011 Direttor Audlt Commiltee The Audlt Committee coryrises UP to seven mÈmbers {excludinB ihe PrYKipall arttl is quorate at thre¢. The Committee operate5 in accordance wlth writien terrns of reference approved by ihe Governing Executive. The Audit Committee pfovides a forum lor reportiTh8 by the College's internal extemal auditors. who have ¥rre55 tv the CommiitEe for independent di5CU55KJn, the piesence ol college management. The Commlttee reeew•ts and ¢¢nsidets reports from the E5FA they affect the Colle8e's busines& The Audit Commiiiee also advises thè Governkng Execuii¥e on the appoiniment of the reportin accountants and financial slaleffenl audltors and the rernuneration for both audit and non-audit Ghen the on[nE rnv¢er disthsslons ofthe Coleit and the re5iEnoliDn ofoneCommtee rnember. thÈ Audii Committee was no lonyr qUorète.ThÈforè. there were no Aud Committee mteiin#s in Ihe year. Finance Commlttee The Flnance Comrnlit operaie$ 6n (OrdCe wkh wrilteh tern5 of reference approved by the Executive. The Finantt CIMnmittee takes a sirate£ic ovtryiew of the finante of the CoNeRÈ, rh¢ludiThg the ov2rsi8ht of finan¢i41 forecasts and bJd8ets, Ihe Colle8e'5 Investment polky. cash mafiaBtment and Ix)rrwn8 polKies. bankn.ng arraneements and insurance arrarygement* Due io the tsft8th8 (ir(um5tances of the College in 2020-21. there were no formal FinorKe Cornmillee meeting However, a deswMtedRroup of the Otsard that COn5i5ted of the Chair. Vlce.Chiir al1 Prinopal along th the Finance M•D•8er. weokty to <ash fIt •nd all ffinanEial m•lltrs, undEr FEC supef¥isIon. Searth and Rem•Jneratlon Commlttee The Search and RernuneratlL)n Corrfftfttee comprises up to six members. induding the thair and Principal and is quorate zt three. The Cofflrniitee operate5 In accordance with wrstten temis of relererKe. The Sezich Committ met three times in the year. The Committee adSe5 the Council and Go¥em1 Exeurtve on the apwntment 4nd reaPptMEnt of ordIry mernbers ol the GoveminE Exetutivl cortsklers the results of skins audits and montt+yS the comptysrtion of the vernin¢ Executive to ensure that it is ful repteseni•tiw of the Colle8e's students 8nd Ruskn"n College 17

Statement ot Corprrte Governance and I nal Control Corporntion perf0mfice O¥er the 202fy21 atarfemic year. Iht Govemi& Executive put In con5ider•blt time and effort on behalf ol the College to SEcure its lure su(ress_ However. the clege.5 dEterfMJiating financial and ency positions ¢ouhl not be 0vered suffientFy to remain independent, and a dpd51011 Was taken In 2021 to stek a mer8er, ThKh wa$ 4chiÈvtd on ao July 2021 with th? mer8er wilh th unIr$0f Wesi London. Internal control scope of Te5pon5ibility The Board 15 uklmately rÈsponslble for the Colkge's system of witernal contrd and lor reviewlng bts effertfvene55. Howe¥er. such a sysiem hdesigned ro manage rather than efirninate the rfsk of failure io achiÈve business objectives and tart prov rewnablE and not absolute assuiance a8alnst material mbsslalewriviit ur loss. In the year. tht Governlng fxeCUie delegaied ihe d3¥-tdaY respOnsibrtY to the Prlrtckoal, as Aceountln£ oifxer. for maintwninea Sound systemof inlefnal cortrol ihat supports the athievemeni of the Colege's policies. •ms and objertNes. whilsi safe8uardinR the pub&c funds artd assets foi whlth he is personaly respons. accordance with the responsibilities assi8nÈd tts him in the Flnancial Memorandum between the ColkRe and the fundR bodses. He was also responsible for ieporting to the Governin¢ Executive any nwteri4 weaknesses or breakdowns in ifiiernal tontrol The purpose of the system of internal ¢ontrol The system of intemal control 15 designed to mana8¢ ri&k to a reasonable level rather thèn to elwhlnate all rk of fallure to ath policie5. aims and objectwes., it can therefore only provide reasonable and not èbsolute assurance ol effectiveness. The 5ysiem of inttrnalcohirol Is b?5ed on an On-goi Pfoce5s dgned io en1 and prioriiise the risks to the achievement ol coltege policip5. a5 and obietlNes. to evaluate the like11 ol Ihose risks bel reèlised and the impact should Ihey bt reali5ed. and io manage them efficntly. effectively andeconomKally. Thesy5tem of Internal control has been in pla¢e in Ruskin calte for the year ended 31 July 2021 and vp to ihe date of apwovalol ihe annknal report and accounts. Capacity to handle risk The Governtng Execvtrle hès re¥ievRd the key iisks tc tthlch Gle8¢ is exposed, w8ether wilh the operat& financial and Comp"3nce controls thai have been Impjementedto mitigate those risks. The Go¥emln8 E¥twtiVZ 15 of tht ¥iew thal there 15 a formal onokn% process for ¢dentlfyin& tlating and mana&rtg the CoHe8e's si8nlficant risks ihat has beem in place for the period endlne 31 Juty 2021 and upwthe dateofapprovalofthe annual reporranda¢counts. Thispro¢ess Isr1411¥ remewed bythe GleIng ExeoJtrde. The rlsk and control framework The system of internal conirol is based on o Iramework of re8ul¥ manè£ement inform•iltsA, adminisiraiive prCedre$ (lUdIng the $egre8atn of duties, and a tern of dele8alN and accwntaI•ty. kn particular the risk and controlframework includes= Ruskin College 18

ststement of Cuwate GOvere and Internal Contrul eomprehenslve budgeng sy5ternswith an annual ldI& wthlth Is reNryewed and by the Go¥ernirq Ex•(ulNe reeulèr re%ryews by the Governing Execl¥e of and anftual fin3ncl•l reports whtch indicate ftharKial perforrnance a8ainst lorecasts setting13rger5 to Measure financial and other pErfonnae deartydefined capitsl inbEstmenicoYbtrol guidelines the adoption of formal wDiecl rnènaEernent dI5vne$. whefe appropriate. The College had no internal audit ser¥ice durln8 the finanoèlyear 2020-21. The Work. outcomes and recommendarions have been Shared ith ihe GoverninK ExttutNe #nd sotoo have actions pl•Ds ènd progress arin( thereon. The ¥IV9$0f risks. vra the risk registerhas also been sh•redaftd endorsed by the 6ovetnirvd Executive on the re¢ommendatlon of ihe FIDance Manager and Piincipal. The exetuiive management team has shared at regulai inter¥als ihe ¥ery ktest assessment of risk. In thp yeai. a5 AcEL7unling Offi¢er. Ihe Princwl had responsvoilrty for rewewins the efFeciivene5s of the system vf iniemal control. His of the effectivenes5 of the syMem of internal control wa5 infoffted by: . the of ¢onwkaThtsand adb4styg irKludini 5enlor Iniwim Man•8trS tht work ol the exe¢uii¥e mam•8ers w+thin ihe College who have responsibility for the devtlopmont and maintenance of the Intemal control framework ¢DmmeniS made byihe clge'snInCIal Staten auditors and the reportireacwuntant for Feeularity assvrance, in their managemeni kifers and other repDrts The AccolIne Officer had bew ad¥ised ¢n the Imph"Caiior6 of the of h15 review of the effectiveness ofthesystemolinternal controlbyolher mernber501theFinance group. whKh over5aW the wk of the auditor5 and other sovrces of a55urance. [e tD the ¢ircuman¢es surrovndiry the College. Ruskn"n strugtw to recruit Governor& As a result of the resicrbation of a Committee member. Ihe Audit Committee wa5 no kjngerquorate Therefore, there were no Audit Cornmitte* meetings in the year. The Finance Committee wa5 Superseded by a des18ted group of the Board. that ¢onwsted C+f ihè Chalr. Vice-chapi and Pfin¢ipal alon8 with the Finanre MaAaeer. ¥4thich monitored cash flow and all finanaal mèttery under FEC sltperyision. This meant that senlor staeholders were d05er to the operations of theintemal cryhtrol 5V5tem> It isalso tAorth notw¥ ihat as the Coleze had a Financral Noiice to Improve Imposed bytht ESF& an ESFA manager was present at all fornial Committee meeti$ in a rnmit0 capacity. From October ZQIQ. it was also required th any 5i8nifKant spend was ratified by the ÉSFA beforehand. Due lo abrwe Circumstare5 Ihe College is vnablt to determule the ellecti¥ene$5 of the system ol internal contrds for the year as rt wa5 mort dlre¢ily managed by the Board representate5 and tht ESFA. Ruskin College 19

ststement of COrPteGO¥ernan¢e nd Int¢mal Control Golng corKern The Directors have prepared the financlal statemerts on a go% cot)wn basts as the Cdlege 15 now a wholy owned subsldiary of Uwi followlng the feel on 30 jtsly 2021. Followin4 its acoulsition ol the Q)Ilege. UWL repahl all rnoniesowed to ESFAon 2Au8usI 2021. UWL wdl continue to provide wor*lng casxial to the cdlegetoerwe it its financial obteCli4e$. The Cdleie sokl a property. sioke House. in Febru•ry 2021. and has used the disposal proteeds to repay its bank loan kn filland W0de ¥ddi1in1<45hfiowtawards optr¥tin8 adivities. Approved by ihe membefs of the Go¥err¥n8 Exe(Uifve on 27 Ottober 2021 •nd ssgned tsn its behalf Dale Date Professoi AnthoAyW+xdman ofessor Peierjohn C8E {Gtyvernorl IAcc+knllNd 0lh.cerl tluskln College 20

Go¥ernlrf bod terms and con s slalement on the College's feylarltyi pr¢yiety and ux¥o t10Tr5 01 fundh 'an¢e wlth Fuing body The GovernlnK Executrye h•s consed its responsibility to noiify the Education and Skllls Fundlnz enry of m•teri•l Irrelarity. Mnwoprfety and nOn¥complkn¢e ¥¥lth terms and ¢ondilioAS of fvndin& the College's Grarti fvnding agreements arbd coniracts wilh the ESFA. As part of its con%deration we have ward to reqrtMentS ol the Grant I01E agreemtnts and contractswith the ESFA After due enquiry and the 0(0 of the ESFA funding aud and rwrriew, materlal irre8uPar and imwoper use of fvnds by the CclFe8e was identified. as wem ès some material n¢)Tr4¢omplianre Twiih the term5 and ¢ondltknnsolfvndlng undertheCollege'$8rant fundingagreemenrs and ¢(mtracts 44Yth the E5FA. lrtstances of maierlal Irregulariry. Impropriety or fundine non-compliance wore discovered as a result of ihe ESFA Ivndhg auth"t. Once rnade aware. thE College co-operated with the Education Ski115 Fr1cA8ency. OutslandinR monbesijwedto the ESFAweterId in fullbytht Vnlvefsilyol West LoNlon on compleiion of ihe acqui5itiOn. Apwosrd by the mEmbers of the Go¥emrnE ExecutTr¥e on 27 Odober 2021 and $ied on it5 behalf Date o¥¢ Professor Peterjohn C8E {G0rTrI IAttountyAg Officer) Ruskin College 21

Statement ol reSpor(bilIti olthe membevs of the Corporalion for the year ended 31 Ju 2021 The members of the Govemln8 Exec who ad as t$e$ for the charltable aciivities of the Coe ?rtd are also the directors ol the tole for the puip05e5 of o%npany law are ieqvifed to preseni audtted finartoal statements for e•th flnancial year. Conwany kiw and the law applicable to tharlties in England and the ierms and condittons of Ihe Financtal Klemorandum between theEducation andsklls FundingrKV ¥nd the Corporatiun of the Colkge. requke5 the Governing Execvtfve of ihe cgllege to prepare fvancial statemerst5 and the Directors. and StrateeK Reports for each financial ye3r In cordan with the Statement of Recornmended Piactice Accountin8 lor Further and Mlgher Education Institutions the annual Accounts DireCtn issued by the EdaLlon aftd Skllls Funilin8 AgerKy. and in aceord#nce wlth United Kingdom Geralr Accepted Accountirv4 Practlce (Uniied Kingdom Accountin8 Stalldèrds and ppllcable lawl and gNe a In and fair view of the slate of affaiis of the Colle80 •nd of the Cole's rPsIderI0t of Income over¢xpenditurt for that period. ijnder companylaw the dlrectofs rnust ThapproVthe fknanci31 statements ufiles$they ore satlsfied that they give a trne ahd fairview of the College and of Ihe Cokge's sUrplUdefi'oI ol Incorne ovei expenditure for th•t Per•. In Pfep3Tlng ihe financial stèiements.the c0rptsr)ti¢ Isfeguired io.. select suitable accountin8 po.¢$ and apply ihem ioftslsterbl fflakeiudgements and e5timaiesthat are ¥easoTrable and prudent ale whether ap1(able UK Accouniine StaTrOards have been followed, subject to any rnarerial dEPartures disdosed and explained in the flnaTrcial statements prepare financtsl statemerfs on the going concern basis. unless li b inappfOPViate toassurne that the colk8o wfju continue in operatn_ The Gover1nE Éxetuli¥e 15 responsible fot keeplog adequate xcounting records ihat are suffKlent to Show and explain the tompJn7K5 Iransartltsll5 and disclosè wlth reasonable èCCUfary at any time, the finanrial postion of the Co¥e8e. and enatAe them to ensure that the flnaTrcial statements are prepared kn accordance with the Charltie5 Acr 2011. the Charlty IAccounts and Reports) Regulations 20 Cornpanies Act I6 and other relevant accountinE 5tandard5. They are responsible for tak¢ sttP5 to yfeeuar(I the assets of the Cdlege and to preverf and dete fraud and other wregularttie The maintenance and integrity of the College websfte Is the spOnsitlity olthe fjo¥ern¢ng Executive ol the Colkge.. the work carried out by the aU(lit0 does not itsvofve consideration of these mattels and. aCcordlIv. the auditors accept no reSpon&.1Y for any ¢hanges that may h•ve occurred to the financlal statements since they were iniallY presented on the websltt. Le8$laiioTh in ihe United Kin8d(¥Th 8ovwning the preparation and dissemlnation of flnandal $tstemÈni$ may diffpT from le8islatp)n In oiherlurwlithons. Members ol ihe Exewii¥e ¥e resp0Th5ible lof ensurin8 that e¥penditure and Income are applied for ihe purposes Intended by P•dkament and thar the fithandal transaction5 conform to the 8utho¥ities that 8o¥ern them. In addition. thty are resptyFb5ibk for ?n5UflW that funds from the EduEation aro Skills Fundkn4 are useil in ¥rordince with the Financial Memorandum wlth the Educalion ahd Skills Agency and any other coDdltion5 that may be prtscribed from time lo time. Members of the Governing Exerutiwe must ensure that there art approprsate financial and manaeernent ¢ontrols in place In ordev to Safeguard public and other funds and to ensure they are used woperty. In add4tM. rnembers of the Governi E¥ecutNe are responsible for securlng economlcal. elfieni and effett¥ maNa8emeni of the Cdlece's resources and expendkture. 50 that the berrfL¢S that 5hovld be defl¥ed fiom theaPplatiOn of publkfunds from the Edycatk)n ahd Skius Fundfft8 Agencyare noi put ai risL Ru5*in College

State nt of TesponsSblliiles ot the membews of th• Corporation for vear ended 31 July 2021 Approved byorder of the wmbers ofthe Coiporntion 27 O¢iober 20214nd siBnEd on 11$ behall Sned Date D*e ProIeMorAnttrnYWoodMn PTofe5$0r Peier John CBE (Governor) lAccting OffKer} Ruskin College

Independent A ilorfs Report to the Mernbels of Ru5kln College Opinlofv We ha¥E audiied the finandal statementsof Rtssktrb Corteiè Ithe 'Cofiegt'lfor the year ended 31 Juty 2021 whith (ompri5e Iht callegE Statement of COrnWEhensive Incomp, the college balance sheet. the c"olley 5talennt of th•nges in resttve5. the (olleee staternentofca5h Ilows and notes to the flnantyal aleMEnts. knElvdln8 a 5umm4ry of 5ignifKant Kcountinc policies. The financwl report1 Iramework that has beeffl appfied their preparatloll rs United KinEdom Ac(ountl#8 StandaTds. intludini FPS 102 Ihe F¢11 ftewting 51èrKlard applicable in the UK and Republk of Irdanrt (Untted finedom GenÈraly AtteptedAtCOUnilng Prattkel. In our opinb)n. thÈlManci¥ stalemÈnt5: gr41e a true and lair ew of the state of the Cdlege's allars as at 31 july 2021 ond of the Colleo¥s deNcit of Incorne over expenditure for the yearthen ended- ar+d h3ve been prq>ertr¥ prepared In accordancetlth Uniied KId0GeneralfycCéWed Accounting PCte.. and have been wepared in accordance with the rewremEntsofthe Companies Aci 26. asis foi opinion We conducted OLYaudft In Kcordance with thtemètioTral sndards on AudiLin8 IUXI IISAs IUKII and applicable law_ Our re5ponsibilttie5 underthose siandards are furtherdexrtbed in the Audilorfs responsibilitie5 lor the audit of the financial statement5 settioN of our report. We are Independeni of the co1e in accordance wlth ihe ethical requirements that are rele¥arf io our udlt ol the fnaAdal stateThnis lththe UK. in(fudin8 the FRCS ÉihKal standard and we have fulfilled otrr other ethKalfe5pOTh"lI1Ies In accordante whh ihese ie4uiremen15. W¢ beliéve that tht autht ¢¥IdeI we hav obtained15 Sutficient and appropriate to pro¥• a bast5 lor our oplnior Conduslom relallni t•8okyfonc¢r In audil1ngthefNnclal staiements. we cohduded ih•l thÈgovtrWs use of the 8oln8 concern b35i50f accountiThE tn the Preparati of the financial slatsments is appropriate. Based on the WLw we havo performed. we have not vjenttfled any mater¢al un£ertasntles rei3tlng to events or coThdikn"ons ihat. indwldualy or ¢dIe£ltly. may ¢ast s6gnirnt doubt on theCoUeEe's ability to continue a5 3 8oinE concern IOT a periodof at least twefve months frorn when the financial$tementsafft auth0ri5Ed fof issue. Our rtsponsibilitiÉs and the resptsn5ibilitles of thezo¥ernorst•rith rtspecl to ÈoinK torKern are desciibed in the relevant settioths of this repo Olher Infoirnlo The other informatkM¢omprises the inforfflation in theArbnu¥ Report and Financial Statemems other than The ffinancial statementsand our aUdIS rtport therton. Thfe governors are responble lor theothw informatloft. Our op1 en the financitil statements dve$ rbot Cover the othei information and we do not express aryfexm of asstsrnnce conclusion theitsn. In conneclion with tyjf audbt ol the financial statements. our les5•b511tY is io read ihe other Inlormation and. kn dow¥ so. ton5ider whethtr the other inf0mtIOn ts materlly inconsistent v4ith the financial statefflents or our kAowied8e obièined in the èudbt or otherwise Ippears tc be maierialty misSt4Eed. Ilwe ident such maierièl in¢onsisterKiesor app¥ent MerIal mlsstaiernenu. we are required to detemiine Wheth theTÈ bsa mat*rf31 MISateMent.ln the hnancial statefflents or a materialmisstatement tsf the other thformatknn. If, tsase(l ofi thè work Ruskln College 24

IndependentAudltorfs Report to the Members ol Ruski Colle we have performed. we condude that therels a material misstatement of thi5 oihev infomwtion, are required to report thai lact. W? have nothiNd to report In thi5 regard. Opinion OD othw rnattevs w•xribed by theComp•th A¢t2006 In our opinion. based on the WO undertaken in the course olthe audll: the inlormatron giwen 111 Ihe OiTectors' Report Str3ie81¢ flewt. lorthe fin3nclal year for which the financial statement5 are prepared 15 con5r5tEnt with the I3¢101 statements., athd the Stratelic Repryl and the Ilirectors. Report have ljeen pPared accordance wilh applitsble leR re4Uif•ntn Op5nion on other rnatier5 by the Offl¢lor Students. A¢¢oynts Oealon In our oplThlon, in èll matertal respects- fvnds from thatever source admrnistered b¥ the cofiege lur specbfic purposeshave been propefly applied tothose wip)ses and mana8ed in aCCdance with relevant legislation,. fund5 provtded by IheOffe ftySludtnlS, VK Restarth and Inrthfatv)n lindudirvd Reaseaich Engnl. the EducatM and Skilb Fur¥Jin8 AEew and Oepartment for Edutatlon have been applied in accordancevrith Ihe relTrI terrn5 and condith)ns- and the requlrementsofthe Office fOrStUdent atcountsthrertion for the rekvani yearfs financlal ststements have been met. Matt•rs whith w••r te4uktd to report by•xept In the light of the knowfed8e and undeiuandmg of the comparbyand its environmeTrl obtalned In Ihe covrse Df ihe avdif. we haNP not ideAts"fied material rni55tatements in the Strategic Report or the Diredor< Report. Wt thin4 lo report in respect of tht folk)Mn8 matter5 in rdaiion to %which the Companie5 Act 2(MJ6 and the P051.16 Audit Codtof Prac¢e 2020tts 2021 issued by the Education and Skills FundinzA8ency requires us to to you if, in o¥ror)WbM. adequate aetouniin8 fecords have Thoi been kepL or retums adequate for our audit have not bEen reEeNed from braA¢hes rK¥l v4Sited byvs.. the financial statements are not inagreement the accountire recorLls,' or ertain di5c105ure5 vfthrec[S. rernuneralipn Specif •r* made.. we ha¥e not reCeId3 the Informal and explènatlons requiredfor our audL We habe nothing toreport in Tespertofthe fokn¥ln8maiEers whert the Offi¢e for5tuden aOnts direttt require5 V5to report toyou il.. the College's grant and feE asdisdosed in the noteto theaccounts. has been materialty mi5Stattd_ the ColEeg¥s •penithtuRfy)"¥oss and PWi¢iwion actbrfies for ihe finala1 ye•Y has been Material m155tated. Ruskin Colle8e 15

Indepe denl Ayditorfs Report to the Memtse of RI1n Collese ResponsibknofiheG¢)¥eml80dvofRth Colle8t As explalned more fvlly In the Staternent of re5ponsibllitie5 of the members of Corporatlon set out on pa8es 22 10 23 the80¥erno Xl aslnJstee5 for the charitable acliwties OF the ColleB¢ and are as fy"rec¢or5 of ihe College for the purpo5e5 of ¢ornpany lawl are responsible for ihe preparation of financi31 $tents and éry bel satisfied ihat theygfj¥e a true and faSr vlew. ab for 5uth Internal Control ès iht 8ovÉrnors determine 15 nece55afV to enable the preparation of rffiancialstaiernents that are free from Jnaterial m155tatemenl. whetherdue tofraud or error. Ih wep3rknB thè financial statements. the BovernS are respcffjsrble for assesslng the Colle8e's ablity to coniinue as a ¢olTr8 concern.disdosifi& as applicable. matiers related to goin8 ioncer and using the wng con¢ern basisof accouniin8 unless the go¥rnors either Sntend to liquidate Ihe Cdle8e OF to cease operarions or ha¥e no reahstic atternatfve bw iodo SL). Audltorfs rewnslbllities for the auditol th fYkinti•l siate4Mtnts OUT obiectNe5 are to obtain reasonable assurance aboui wheiher ihe ftnanc•al statements as whole are free from mateilal ftwssiaiemeni. wheiher due to fr•ud Dr Èrror. and to issut aft avdiiorfs report that ihclude5 our oplnion. Reasonable a55urJncÈ 15 level of a$5urante, but ts not a Euarantee ihat an audtt conducted in a¢(ordance tAth ISAS IUKI wlll alway5 dÈttct a rnaterial mlsstatemeot when li exi4s. M1s5tatements arise from fraud w errof and art ton5idered material if. individuamy Dr the aR8re83ie. they could reasonably be expEtied to Ihfluence th economic decisions ol userstaken on the basis of these financ1 Siatements. IirelarltIÈs ivKludin8ftatsd. areinttinces ol non4tsmplianre WFth laws and regutIons. Wedesiir¢ protedufes in line wilh our responsib•"Lie5. oudined above. to detect material rnI55taiernents in respect ol reeularities. th(ludine fraud. The Èxtent to whKh wr prKe(lure5 are capable of deteaine ltte8ularities. Intludine fv•ud. 1% detailed beltsw. Extentto whlth the wdft w45 Cthbsidved r•p•bl¢ of d•t¢rtiry ir¥eEulavitie5. In¢ludin8 fraud Our appToach to identifyiTrB and a55e5sipg ihe risks of material missiatement respect of irre8ularitie5. ind[10( fraud and rM)n<Dmpknce tth laws anLI regulations. was as follows.. the en8a8ement partrer ensured ihar the engagement team collectNEfy had the pproprwte comwente. cipabilities •nd skdls to identify w rtcc%nise non<ornplIae wilh appliiabk law5 and ¥e8u&Iion5.' we identified ihe law5 and regulativn5 appliroble to the college through di5CU5s6on5 With govemors and othef mana8ement. and fTOm ¢Wf t{xMrtIll knowdBe and txperien¢e of the settor.. we focused t)• spetifK laws and regulations whith we considered may have a th.rect material effect on the fin•ncial st•tements ot the Operat$ of the ¢olle8ei in(ludlnE 5afeeuardwi8. OlstÈd. E5FAand ors reEuhtoryrequKemerbts, dati protertion. anti-britery, tmployrnenl eIl0nentaI and hÈalthand safety we assessed the extent of cwplonce with ihe laws and reButslions Identified above throvgh Maki enquiries of mèna8ement and inspetting legal Corresndent¢- •nd rdentlfied laws and le4ulaiio were ¢ommuAicaied within th¢ 4udii learn reKulirty and the team rema•d alert lo knstances olnon-compllan¢ethrouthouE the audit. We assessèd the susceptibility ol ihe colkÈgÈ's hThantlal statemtnts M m•tertal mi5Stat•nEnt. obiainwe an undersi•ndfft8 of howfrlud mhi i)Ul, by.. rnaking enquiiies of managemeni as IQ V4here ihey ctsnsthred there was susceptilxlity to fraud. thr knowkdge of artual. sU5perted and alleBed fr•ud." and <onsrtferkng the inteiftal trO•S in place to mltr8aie rbsks ol fraud ènd non.complian¢t with laws and regulations. Ruskin College 26

Independent Auditorf5 Ileport to the Members Ruskln 1• Audlt respoNSe to ideniified To address the risk of frad thro management and 0rrIde ofcontrol¥ we.. perfoimed analytical wocedures to identify any uny5ual or UnEMFrtled relationships- revie4d all tran5aCtlon5 listed: assessed whffiher Judgemen and assumptions made determining the accounting estimes were indiutive of poteniial bia5: and instyied ihe behind 5i8nifitantor unusual transaction& k) response to the risk of irie£ylaritses and non4ompliaKe with latwsaThd regUtiOns, we designed procedure5 which in£luded. but were not Ilmitd io= agreeine financial 5taiemEni disdosures to undeAyin¢ Supp118 docurnentètion; and enquiring of manaiemeni as io actual and potentvdl liticalion and dèim5 A further ée5cription of ow re5ptsn5IWities is3¥allable on the Flnlncial Aeportine Councfjl's webslte at.. hllps."/lwww.Irc.org.uVauditor5re5ponsilMlitie> This deserwtion lorms part of our audito¢s [ Ust of ouryeport This report is made so¥ tothe companls membtrs. as a borfv, in a¢cord4n¢e with Chapter 3 uf Pirt 16of the Companies Aa 2(M16. Our audit work has been undertaken so that we might state to the College's mernber5 th95E mitter5 we are required io siaieto them in an auditorfs report and for no other purpose. To the fullest tefit permltted by law. we do noi accepior assume respOn&Ilty io anyone otherthan thecollege and the College's members as a body low ouraudit worK l(Ythis iern, orforthtopift*)ns ha¥e formed. Chrflloyher Mantel IStnknrStstthyAudltor1 Far and on olAllotts iLP Chartered Accountsnts Friary Court 1>21 High Street ildford GU13DL 27 October 202) Askin College 27

Statement of Comprehensive Income For theyear ended 31 IV 2021 2021 2020 Notes Income Fundiw both8ts Tuition lev5 educ¥tipn Cahtracts Other incc Investment inwrne 667.834 325.587 425.940 2,759 L931,805 8%.582 310.627 15121 Total WKome IA22.120 3.138.501 Expenditure Staff Costs RestructTIng£0sts other operating experbsts Depreciatiort Interest and otherfinance costs I,651,179 158.742 1.856.864 42L698 S9.338 2.127.$16 2,077.340 424.620 96.982 T•ul expendkuye 4.14721 4.7Z4458 Oefic beloTe other and 105se5 11.?25.7011 IIJ87,9s61 fjain ondisPV5al of fixed assets Ga IlestTiCted comprehensive Income Unre5trK*d tomwehtssive income 1994.3241 1994,314) 11.587,956 {1.587,9561 Ruskin Collège 28

Balance Sheet a5 at 31 July 2021 2021 2020 2020 Notes flxed assets Tangible assets Investments li IS23.507 14.360 Is31.8&1 12.524,936 11.601 12.536.537 Cyrrent assets Debtor5 Cash at bank and in hand 40.226 410.924 451,150 50.669 211.557 262,226 CredStows.' arnounts ¢•linR due within one year I91057 9,062 812 Net c¥Nenl fjabilbties 18.850.907> 18,8OJ.5861 Total asseu less curnent I1•tIll*S (986.960 3.735.951 Crediior&' •mounis fallkng due alter one year 153.8861 {84.4011 Provisions Oefined benefrt penslon stheme 17 I425,)> 1488.5341 Tvtol net assets 6.$07.$84 3.163,016 Aeserv¢5 Re#ricttd Resevles Income and expendilvre reserve- endowment rese Intome and expendAure reserve. restrirted restrve Unre51ri¢t¢d ReseNes Income and expendilure reserve Revaluation resen 272.936 156.788 288.997 156,007 144.518 5,933.342 1.123.562 1,594,450 Total r ble lothè Colrye 6.S07.584 3.163.016 fessorAnthony Woodman 27 ottober 2021 (GernOr> Ruskin College 29

Statement of charyes In reserves Rev¥lu•tloM Rese T•t•l Ewpenthble lind & Idlngs 8•lance al l Avwst 2019- As rstsled 288.997 157537 711.1 1.586.308 4.750.972 Income 3.138.502 4.726.4581 11.587,9561 3,138.501 14.726.458) 11.$87.9561 Éxpendlture DefKlt for Ihe year Transfers between funds Depreciotb)n on revalued assets Reserve corredion Rekèse of restrKted funds spent 2.810 110.9521 12.8101 10.952 11.5301 L530 Toral (omprehenslv• lTrc¢Kne lor th• yer 11,5301 (L5946¥) IL587.9561 Balante at 31 JufyZIIZO 288.997 IS6.007 1.123.562 1.$94ASL) 3.163,016 Inco Expendilure 1.422.120 I4.14721) 1.422.120 14.147,8211 Deficit forlhe year Transfer between fund5 Gain disposal Transfer of permanent endowments AevaluatIc of hssets 12.725,7011 12,725,701) 749 (7491 1731.377 1,731,377 4.338W2 4.338,892 Releaseof restricted ld$SPrtt wi ye¥ Tot•1 ¢?mprehensl¥e in¢om*for the ye•r I1610) 1.530 15.2 116mll 781 4.331.•92 3.344.568 8•l•n¢e * 3lJuty 2021 271936 156.788 IM.510 5.933342 .507,584

Statement of Cash FIL$ f year ended 31 July Z021 2011 2020 Mot sh from operatknzKU¥lYes 19 14SA76 170,9661 Invtstini allivities f inaKin8 Xti¥itles 2.350.QKQ 12.296.IC81 19.7881 1146.8861 21 Incr¢•sellDeueasel in rash and rash •qUIv•le for the yew 199J67 1227.6401 Cash and cash equivalenis ai the beglnningol the year 211.557 439.197 Cash and cash equiv•lentsat the end of Ehe year 410.924 211,557 Ruskin College 31

Notes to the I•3• statements for theyear ended 31 July 2021 Ac£ountlnB policles Gtntrl infornitio Ruskin College rthe Colley") 1$ 3 wi¥ate company lTrmited by guaiantee doffliciled and intorporated In England & Wale5. The College is also a registered charity Inurnbei 3097011 Sn England & Wale5. The abilty of members in the ebni of a windin8 Is lirtied by guarantee to an èmoyni w exteedlwa £1 per member. The addre55 of the Colexe's retistered off¢ windpal plaie of operation is flusk Colle8t, Dunstan RDad. HeadinEton. Oxford. OX3 98Z. The College's principal adi¥it¥ is that of operaiing an education estabknshment and the n•ture of the Colle8e's operdtions a dlscussd In ihe Dirertors. Aeport. Ba51s of preparalion Ihese fiMno•l statemen have betn prepared in at£ordance wilh ihe Statement of Recornmended Prattke.. Aontn& foT Further and Higher Education 2019 Ilhe 2019 FE HE SORP-I. the College Accounts lor 2020 10 2021, Aeeuuitory Ad¥ice 9.. Afetsunts Dlrection issued by the Office fo Siudents aro in accordance with FflS 102'The Financial Rejjtsrting Standard applir•ble in the UK and Apublir of Ireland, I-FRS 102.1. The College 15 a pubfx beneflt entity and theiEfore ha5 app14ed tht relevant public benefit requirements ol FRS 102. The flnancrdl statements are prepwed in accordance ththe historical cost con¥ention, rnodified to include the revaluaiion of freEhold properties and to includecertain lin•nc•31 instrumthis at fair value. Monetary amounts in these finan¢i41 sthtemEnts are presented Pounds Sterling. tthlch Ls also the Cole8e's lunclional currency. rounded io the neareA £1. rJoln¥ ¢on£ern The Directors have prepared the finala1 statements on a gdng concern basis as the Cdle8e ha5 adequaie resource5 to conts.nue in operational existence lor the foreseeable future. followfin8 the successlul mer8er tMh the Univeisity of West Londoth OTh 30 July 2021. UWL has confirrn that r( would provide coniinued cash flow faclities to ensvre the Cole Is able to meet its liabi1Sties as they fall dLte for a period ol noi less ih•h 12 months from ihe date the finaft¢ial statements are opproved. The College sold a woperty. Stoke House. In FtFxuary 2021. and ha5 Y5ed the drssy)s31 proceeds to repay ils bank loan in full and prde addibonal cashflow i¢>waids tsperating a¢ii¥il Ruskin College

Ntrtes to the financw slments forthe yew ended 31 July 2021 l Accounting polKles l¢ontlnuedl Incomefrom the le of good5 or 9eryice5i5ulited tothe Statement of Comwehensfve Income when the goods or seThices are supplied to the extemal cu51omw5 or ihe term5 of the contratt have been 5atirfied. Fee Income is stated eross of any expenditure whKh is not a drstount •nLI ¢iedited io the Statement of Campr•hnsivt Income over ihe period tn ¥thith students are stUdYw. Where tht amount ol ihE tuilion lee 15 reduced, by a dtscouai lor wompt paymEnt. Income recetvable is shown netolthe dlscount. 8ur5arie5 and scholarship5areac¢ovnied foryoss as expendiiureattd ntst Lleducted from Income. In¥eMnwnt wime is credited lo the Stalement of Comprthenslve Income on a receivable basis. Fuybds the Colley ieeeNesand disbursesas paying aeenl on behallof a funding bodyèreexduded frorn the Statemeni of Comprehthsive I¢me wheie the (e is exposed to mlnlmal rtsk or enloys mlnlmal econo5nK benefit rdated iothE trartsartM)n. GiaTrt lun Government revenue ilants irKlthn8 furK16ng W recurrent grants and other grants are accounted lor under the accru•l mt)dd a5 permitted by FRS 101. Funding body recurrent grants are measured in lim with best estimate5 forthe period of what is rec•vable and depends on the income stream IrN0. %••hefe partol a governnnt grant is deferred it i4 recognised a5 deferred incomewithin ¢redilov54rHlallotaied ben(redItOTs d4th•nOneVear3nd due after mowe than one year a5 appropriate. Grants (including research yantsl from non go¥ernment sourcesare recognised In inwme when the co1e is entitled io the IncoTr and performance related ¢ondiiWS have been met. Incorne re¢eNed in advance of performance related Conditn5 brt8 met 15 recogni5ed 05 deferred incthme wilhin creditors ¢)n the balance sheet and released to income as the condition5 are met. Donatlons and endowments Noh exchange iransactions without relaied ¢oDdilh)ns are donalions and endowmehis. Donations and endowments ¥th ¢knor imposed restrictn$ are reco[ Thised in incomev+then the CdleEe is emtbtled to the fvnds. Income is retained w4thin the restritted reserve til such timethat it is ulilised in line with such restrictions ai whth pointthe income is leaSed iogeneral reservès through a resepR traler. Oothaiionswiih nore5tridion5 are reco¢$ in ¥ntomewhenthEColl4e isentitled to the funds. Investment incomt apwecialiun of d0¥Mit$ ts re¢tyded incoThY In the year in which it arfses and as elthef restrtcted or unre51rKted irKomt att0rd to ttrms other restrittion aPpld to the inLvitJal endowment fund. There arethree main types of donat$ and endtyknnts ideAtifJed TAfylhin resetyes.. Restrirted donotions Ruskin Colle8e 33

Notes io the Ilnanclal statementskn the year ended 31 July 2021 Yhe d(wr has specified tha¢ the d tWfflt be used for a partr obiectihE. Resrnrted expendable endowments The donor has specifd a particular obiecbve other than the purthase or canrUell0 of tsnÈibte fixed assets. and the Colle£e h•sthe power to use the caal. RestrKtedpermttnem endowrnent The donor h•$ piovided a permaneht cwtal sum. ththkh be wThsitd and any income ¥ristn would bE used to supwt the spec¥ied spendM)8 crireria. Capitalyants The a(covntin8 policy was amended durbnt the year. sg thèi Go¥ernment capltal grants are recognised in kncome in ihe yeary•rt$4r¢ rKek¥ed. Accountkn8 for relirement benef The two prinripal PEnslon s¢hemes for the College's staff arethe Uni¥rsities Superannuation Scheme IUSSI and the Llniversity ol Oxford Staff Pension kheme IOSPSI. The schemes are delined benEfit 5(hemes. whi¢h are erternal funded and contracted out of the State Secorsd Pens)n152PI. Eath fund Is valued e4ery three years by profe$4onally qualified ffidÈpendent actuaries. Both xheme5 are multpemployev schernes ènd the CollÈie & unable to identify IES share of Ihe vnderlylng assets and liabd¢tie5 01 each 5thEme on 4 ctsn5i5tEnt and reasonable basis. Therefore. the Coifeee accounts forthe xhemes as if theywere defined contrilwlion5chemes 15ee belowl. A Ilabir Is recorded wovisions for contractual comnNtrntnl to fund past defits within the both Khernes_ Defined Contrlbutlon Plan A deflned contribut)n plan is a posimploymeni benef plan uThler whKh the Cc4lege pays lixed contributions into a separate Èntity and will have no legal or constructive olAigation to pay further amovrsls. Obl¥atlons for Conmbvtions io defined £onir4ution peThsion pjans are recognlsed as In ewense th ihe oKome stateffnt in the w•Jds dum8 which seThices are rendered by empknyets. Enwloymeni bentffts Short te employrneni beneffts such as salarfiesand cornpensated absences (holiday payl are rQgnIsed as an expense In the ye4r ifj T•thith ihe employees. render Se1ce to the College. Any unused benefrts are a¢ciued and measured as the additional am¢yJnt the Coll¢ txpec to pay as a result of the unvsed entitlemeni. Fin¥n¢e l¢a5e5 Leases in whirh thecolltge asswne5 sthtantlalyall the risand rew3rd50fownershipof thè leased asset are dassrfied a5 finance leases. Leased assets ac9ulred way ol finance lease nd the correspomdifyg lease liakn"Itke5 are initiaty recognised at an amount equal tothe lower f thelr fair value and ihe present value of the rninirnum ase payments at irttptwjn of Ihe lease. Mlfiimum lease p•yments are apportwd bet*wn the finance thar8e the redu¢iion of thè ouistanding liability. The finance thae is alocaied w each period during the lease term $0 as to produ¢e a constsnt periodic rate of interest on thè ren4ininÈ balarKe of ihe liability. Ruskin College 34

Notes to the flnanclal atements fw the ¥earended 31 1¥ 2021 Operati CDSts in fes ¢tof opwarin£ leasesare thareed on è $trni8ht.line basis Drthe I premiums or incentive5 are spread overthe minimum lease term. •seierm. Any Itase Flxed assets Flxed assets are Mated at less acttymdaied depredation aThl a¢¢umulated irry>alrment losses. Certain iterns Df fixed assets that had been rtvaluEd to fair valLre on or prior to the date of transltlon to the 2015 FE HE SORP arHJ following a prole55ional valUaOft of the estate5 as at 31 July 2021. are measured on the bas of open market ¥ae. beln# the re¥71ued amount at the date of that vevaluation. The revaluationwas dty)e byprolesslonal propertyservitesfrrm Vall Wdliams on 5August 2021. The valuers were irtsrruded to prepare è report and valuation of the freehold interest in Ruskin College. Dunstan Road. Headirytory Oxlord. OX39bZ. The valualion wasmade on the assumptton Ihat there are no onernus conditnS or restrlrtions affecting the market vakFe reported. Market value 15 n ipprop¥ièie basis for the valuation, as il has been deri¥dthrov8h ¢4hp•rltw toslmlar spedallst educational institutiOD$ specialist bustdin8 Where parts ot a fixed asset have different useful li¥4 they are attounted for as separate iterns of rd awt> Land and bulldln Freehold larbd 15 ng1 dEpreciaied a5Trt is¢tysidtred io hwe an inderlIe ustfvl lrft. Freehold bulldin¢s alt ¢Jepreciated on è straitht line basis over iheif expe¢ted useful lives of 50 years. A review for impairrnentof a fixed asset bs carried out ile¥Ènts or thaS in (ircumstarKe5 iThkate that the amount of any lixed e1 may be recoverable. No depreciation is charBed on assets in the course o1con5tnKtTr. Équlpmenl Equipmenl inElw%n8 ci)mputers. coslin8 less than El.tsXI per lrtdi¥ldu•l Iiem i% recognlsed as expenditure. Al other equipment is capilalwl at rost. Capitaliseil e¢wlpment is attost and depre£ied o¥erlts expected usefvl lrfe % fdlows: Ftxtures and fittin Computer equipmeni 12.5%per annum on a straight line basis IS% per anrrn on 3 5trab8ht line basis BNrowlng E051S 8orrowin6 costs aro recoenised as in the peiiod in whth they¥re iKurred. Non current asset 1ntrnents areheld at farvae with m¢wements recognised in the Statement of Comprehensiwt Income. Fln•ndal assets and Il•bHit•es The Q>lley hasdKJsentoadoptsetlit)n 11 •nd IZ Df FRS 102 infullin resped of instrument& Financial assets and liabilities are recoSed Tben the C¢*Et be¢vmes a party to the contraclual provisions ol the Instrumertl. Finantial a$sS and liabilitle5 are da5sified acCordg to the substance of the Ilttart¢ial Instrument's contra¢tu4 ¢)bIi8aihs. rather than the fn)anval thstrument's le8al lorm. Ruskin College 35

Plotes to the f#n0a1 statements for the year ended 31 lY 2021 All loan$ and irwe51ment5 eld by the College are ¢la55rfd as basic fmanrial instrument5 ccsxtlance FR5 102. hese instruments are initialty recorded at the transaction price less transaction costs (historical costl. FRS 102 regurres that ba5K financial instruments are sub5equentty measured ai amorttsed ¢osL howr the Cdlege h•s calculated that the difference between the histgwal cost and amortised basis Is rw)t marerialand so these finanoal sirumenis ore stoted on the balanct shèet ¥t historK•l ¢OSL [+$ and kvthtmtntstht are payable OT recei¥alAe gno year are noi dwunied. Cash nd rh Cash in£lud¢scashlm hand. depOts repay•bleondemaThl ando¥erdrafts. Depogts are repayablt¢)n demafid Ifthey ar Wi prattl avakble wthkn 24 hours w(Ihovt penaky. Cash equrynts are Srt teFm. highly Iliuhl Investnts ¢hat 3re readlty convertile to known amounts uf cash with insnxant risk of th•n8e in vlue. Pro¥lslDns •nd ¢ontkn£tnt libilltiES and wntinEeni •ssets Prows)ns are reco8nTr5ed In ihe Ilnanoal staiementswhen.. lal the Coly has • present vbleaiion Ile8è1 Dr coTrstrn¢tivel as • result of • pasi tveni.. Ibl st 15 probable that an ovtfh)wof economic beneflts wiBbe iequired to serik ihe obli8ation,' and Icl a relable ewmate can bo made ofthe afflountofthe obf8aiion. The amount recognffjed as a provision Is determined by dtgcounting the expected cash flDWS t a pre-iax ftieihat refiects risks specific tothe hability. Taxatio The College isan e¥empi thaiitywihin themeaning of Part 3 of thecharities Aci 2011. 11 is therefoie a charity Wbthin the meènift8 of Parn l of s£hedulÈ 6 10 the Flnarbce Act 2010 and accordingly. Ihe College is potentially exempt from taxaln in respeci of income or tapital Éaifts iewved within (ategorie5 co¥eied by 5e£iwn 478488 of ihe Corporntion Tax Act 2010 ICTA 20101 or section 256 of the TaXatn pl Ch3fgeable Gains Act 1992. tC+ the Ihai suth income or Bains ale 3pplled tc eXC$t¥¢1y(h0nt•bIt purpose The CDlltye 15 ve8iStered for ValueAdded T•x. but 1$ wiableits recover • signifitani dtmert of its Input tax. Reserves ReseTvesareclassCied as reed0rAfeStritted. Restiicted end¢wment reserves include bnces whlch. IhTOUBh ené+Jwrnent tothe College. are h¢kl as a restritted lund. Other reslrirted serVeS irt¢lude balan¢es where the dt>nor h•$ deswted a spe¢ifi£ ptsrp05¢ and therefore the CollEge 15 ffstsided in the use of ihese fvrtds. Agency arrnn(ements Thecollete xts as èn a8entindisiribuikn8 IrSaryspP0rt fimdsfrom theluThth"nibodies. Payments retefved from ihe fundln8 bodies and subseouent dlsbursements to studÈnts a excluded from the income and expenditure ol the Cdle¢e vthere the Colrye dtyes not have control of the economlc benefrt related io the transaction. Ruskin Colk8e

Nole5 to the finandal slaiements for the yearended 31 2021 2 Crltl l accountSry ludqements and eMlmatlM uwrtalnty EStimate5andNgernents arecontinuallyewdluatsd ènd are ba5edon hlstorical expertenceandotherfactor irtknling expertatn$•IlLrtUre events that are belie%dto beieasonable WKler the circumstsn¢es. In preparlng.thtse Ilnathcial stemeNs. m•na¢ement hwe the fdlowinKJudgemenlS.' Leose ogreem¢nts Oaermine whether leases entered into by the ColleRe as a lessee are operatinR or finance leases. These deci5n$ depend on an a5sessmenE of whether the risks and reward5 01 Thvner5hip hove been van5ferred frorn the lessorto the lessee on a It by lease basbs. Tongiblefvd¢75sels Tangible fixed ass$. other than investment propertiÈs. weie depreciated over their useful INe5 tsking Into account residual value5. Tlthere appropvi•te. The ¥clual kves pf the assets and residual values were assessed annually and may vary dependin8 on a number ol fxtors. In re45sessiffte ass li¥e¥ factors such as te¢hnologi(al Inno¥atlon. malnienance prograrnrnes. economicvblisationand phy5rul ronditn ¢Jf theassets are iaken into accourtl. Resldualvalue •eSsments conskler Issues such a5 fvlure market condltlons and the remalnlni lifeof ihe asset Pefjsion5¢heme provijions Tht value of thè Penslon Scheme provislons depends on a number of factots ihat •re dttwmined uslng a Variety of assumpt75. The assymptions used deierfflining the net C05t lincomel for pensions include the discount rate. Any change5 in these a55umplion& wl*h are disclosed In note 19. wll impact the.carry4ne Zrnountsof the provisions. ImpoirmerfoAfL¥edossets The College ConderS whether tanWb fixed assets are impaiied. Where an inthralion ol impèirmeni is identified the eStiMatn of the retoverable arrUm1 of the awt orthe re(overable amount of the ca5h- 8eheratlm8 unit is iequired. These kwll requires an estimation of the 1viu cash flow and seledkn of an appropriate discount raths in order tocakulate the net present value of ¢hose tash nows. Ruskin Colleee 37

Motes to ihe finandal statements for the year ended 31 July 2021 Fvndln 2020 Recurrent yant- ESFA Adult Student Support Fun05- ESFA Ofs Provisknn Release of deferied c•pital8r4nts 582.143 6,024 25.781 53.886 667.834 L741.729 47.399 65.420 77.257 1,931.805 Totalpantand lÈ IntM)e 2011 2010 Grant irK¢)me from ihe Ofs Grant income fromother t"e$ 25.781 642.OS3 5.420 1.866.38S Tot•1 ir•nts 667.834 1.931.B05 Fe¢ income for ttught aw•rd5 Fee intome lor researth w•rds Fee in£ome frlyn nonuafyine twrse5 Total tUbiloTh fees and educadon wntratts Total irant and lee income 135.01 552.335 190.587 325.587 993.421 344.247 896.582 2I28.387 TyitioD fee5 and tdutaiiohttkntr•rts 2011 2020 Full-time home and EU $iudents Oiher contrac15 1?2.790 152.797 325.587 618,215 278.367 a,582 Other ineome 2021 2020 Residences. catefinl and conference5 Other in¢ome 416.836 9.104 425.940 301,964 8,663 310,627 2021 zozo Istment Im Bank intere51 receivab 2.759 15121 2.759 15121 Ruskin Co1e

Notes toihe flnan¢lal statements fwth¢ yvrended 31Jdy 2011 The average fiumber alperwns (Indling key manapnht personnd)employed bythe College duiing th year was: 2011 Number of mpltyyes 14wnber ol ' emplows TeathI staff Non-teaching stall 16 26 14 22 VT Full lime equivalent Total 47 staff wsts for the above PErwn%: Wages and salaries Social security cosis Other pensi costs Mestrurturing costs- non conliattual Pa011 sub totsl 1.204.082 132,287 166.170 158.742 1.66kJ81 1.242.939 155.656 338.607 L737.102 Contracted Qui siatfing 148,640 3.314 T•l•l staff Costs 0g?Zi 2.127.516 The College does not remunerate anyof its staff usinKsalary sauifice arraryemeThts. All restructurin# cosis are apwod by The College ReMUneratTr Ctynrnittee. ey m•nwmefft Pernn ¢iffipengtton The number of key mawta8Emerit personnel and other staff Tho recivod •*olumen¢s, ex¢ludin8 pertsi ron1rittr.0ffi$ but NKludin8 benefiis in kind. in the folbwin8 8roLp5 was.. 7021 zozo Number Numbei £S.001 lo £lO.C £io,(oi io E15.CKlll £15.(Kll to £20.CKKI £20,1 to £25,C(#) £25.(1 10 £30.SXQ £30.1)Dl to £35.IXiI £35.)1 to £40, £40.1 to £45.r•)J £50,001 to ÉS5,0(KJ £85.ODI to £Y).OLKI Ruskin College 39

Ilotes to the financSal statements IOF thé year ended 31 Jujy ZOZI Key 2021 1020 Salaries National Insur3n¢econtiibwtons 238.927 231.586 27.624 26.678 266,S51 258.Z64 39.499 41,512 Penston cOntriblOn5 Totsl trn0m+Thts 306.050 Z99.776 The above emoluments include amounts payable to the PrirKipal Is abo the highest pald KMPI ofr. COMpentIo payabltfrtsrn l August 2020 11[ 31 J¥ 1021 2020 Salary National In5uranct contritIOnS 87.893 10,914 98.807 18.545 87.893 10.931 98.824 18.311 pen0 con1rib Total I17J52 117.135 The remuneration packa8e ol key managemeni ttaff. W$dudw the Principal. Is Subject to anDual wew by the Remuneratlon committee. The Prlndp•l rollo lo the Cha vtho undertakes an annual reytew ol hts perfomiance. Aelationship of PrlrKwallchlef EXe(Vti pay and remunerkM eypre55ed as a mlthiple 2021 Principal orKI CEO'S b•yc rernuneTatith ¥5 a mulllple fthe median of au 5tsff Prkn¢i)al and CEO'S toial temuneraton as a multiple f the median of all stafl 170 The median glaryol stafl wskul3t¢d b•sed the trfal pycosts plu50n costs of permanent srall. dlvlded bythe a¥tra¢e number Of41 tirne eouivaknt pemw*nt members olstaff. Ruskin College

Notes to the financial statements for the year ended JIJ202J Corynsaiion f•rlass olollke pald to lorner kryma C0rnpensain wa5 IEreed with the Iwmet post.trMJlder folb)thgthe Cole8¥5 surcesslul rn¢f8erwith UWL. 2021 20 Cornptn5•th ld to the fomier pox-1[ 69505 Estimated Value ol other benefft5. irKludi prowsbns for pensiort benefrts 4.636 Twal 74.141 Gov•mor Romuntrlo The members of the Governing Exe(•01hl than the PrIpaI and the staff fj0¥ernors dld not receive any payment fiom the Cokge oiherthanthe rtFmburstment ol travel and yjbsistence expenses incurred kn the course of their duties. During the year nil12020.. 218obErnors with total expenses of fili 12020.. £2.863I were paid to or on their behalf in respectof ifa¥el and other out of potket oxpensts incurred in ihe course of Ihttr dut1. Analysi% otiotsl expdItr• * •¢tivy 2020 Teathinff c05t5 Non iea(hing cos Premises costs s.794 987.907 350.163 1.856.864 7n.222 804.Z18 StXI,9(XI 2.077,340 Oficil before ta¥*ion i%stattd al[ tharBini: Financial 51atemen15 audit Opera¢in8 lease renials Depreciaih)n Amortisation 37.773 29.320 421.698 46.703 34.626 424.620 7.665 io Ihtttest and 2021 Loan intsrest Net tharp ON penslon sthernes 59.138 91.418 5.564 Ruskin College 41

Notq$ tothe flnandal 5tstsments fortheye•r ended 31 July 2011 59.3 96.982 TwibJefAed ss¢ts Flrtures Freehold land and ljuddln Computer qUme fiitin T•l•l At l Augu512020 Addiiions Revaluation DIsp05als 15.786.515 $24.039 350.534 16.661.088 1.2¢XI.223 11.196.738) 1.200,223 11.196,7381 At 31Juty 2021 15.79).1 S24,039 350.534 16,664.573 Oepreciatk>n At I Au8USt 2020 Chaiee foi year Disposal RÈvaluatk)n Ai 31 July 2021 3.357.711 359.073 1578.lJS1 13.138.669) 476,195 19.018 302.246 43,607 4.136.152 421.698 1578,1151 13,138.6691 841.066 495,213 345.853 14et Ooak Vah At 31July 2021 At 31 Juty 2010 15,7XI.(#X) 12.428.8¢M 28.826 47.844 4.681 48.288 15.823.507 12.524.916 Land and buldines were revalued by prOfeuknnalpr sefb4(esfkm Vail Williams tsTr S August 2021. The ¥atuers were instructed to prepare a repon and vaknatKffi ol the freehold InteTesi in Ruskn"n Coll4e, Dunsian Ro•d, NeaIng10n. Oxford, OX3 98Z on a maret value basis. This is an approwiate basis as li h45 been derived thfou8h comparltors to similar speciètist educètw)nal in51itutwns spe(iafst buth115. T College sald sioke HSe irts February 1021: the $t and PIBV were £1.196.738 and £S78,115 respect¢1¥. ff ftyed assds had Tr)t been revalued thWl h•¥e been ipKknledat the10TrI histOTIC C05t amounts: Cost Ag8re8aledepr]i0Th baspd on 7.6(KJ,327 11.512.624) Net book walue b35ed on cost 6.087.703 lTrherited a%5etszre eyduded frun #b notesincethese were Inherited on IrorpuratiDn at £nil CQSI. Ruskin Cth8è

Notes to the financlal statements for the al ended 3lJul¥ 2021 12 14oJKurfeAt•SStl In%strnents 20U 2020 Balanrt at J August IncomellExpendllurel Rean4ty51s tu bank and ¢ash balance •t 31 Juty 11.601 2.759 45.329 15121 133.2161 11.601 14.360 Represented bv.. listed investments Lon8 term deposrts 14.360 14,36D 11.601 IL601 Deor5 2021 1020 u¢ wtthlTh one yNr Trade debtors 14.924 49,165 Otherdebitrs Prtpiymertts and ac£nd income 25,302 40.226 50.669 14 Credrtors: lallin¢due ortt y¢¥ 2021 20 2,236,771 235.792 52.839 35.323 6.169.185 Trade creditors Othercrtdiiors Social security and other taxatio Aunt5 owed io the Edwatk*n Skdls FundknB 4enry UWL Inttrcompany Creditor Deferred capitsl ¢rat Attruals and deferred In¢+yne 52.439 151.275 163.270 7.746,694 727.263 53,886 407.230 77.257 255.645 9.302,057 9.062.812 Ruskin Co1&e 43

Notes to the linandal statements for the year en¢led 31 July 2021 Credllfjr due afterone¥•aT 2021 20 Oeferred Catal¢T•ts Total 53.886 53.886 84.401 84.401 16 Anatys15 of borrDwln85 ofthe lleg l•} B¥nk loans Bank loans are repayable as fdlows 2021 202D ve5tated Ih one yeav tsr le 2.236.771 2.336.771 The Bank loans were at 3.5X ats base fate. Repayment by lThsialmenis falldue beiween Odober 1013 and September 2040. The Cdle¥e repaid the bank loan In fvll from the proceeds of the dlsposal of Stoke House in February 2021. 17 Prowlslon5 Ileto¥ery Plan TOLII At I Au8U5t 2020 Credited to the rtatememt ol cornpiehen5r¥e irKome Unwlnd ol discount 488SJ4 488.534 169.5491 6.505 {695491 415.490 42S.49) Al 31 Juty 20ZI Ruskin Colle8e

Note5tothe financlal statements forihe year ended 31July 2021 The defined behefit obliK•tion pro4ryston indudes bal¥Kes relatlrwa th both the USS and OSPS sthernes whxh are splÉt bdow Isee note 27 lor morè inl¢xmètionl: 2021 V55 Pen510n OSPS Pension 209.391 2l6,LTr39 239.751 248.783 425,490 488.534 The College ha5 entered Into a deficlt reco¥Ery 5theme in respett of bNh pensiLin sthemes. The pro¥ision ab¢ive re¢oKnises the management.sbe estimate of the present value of the College's liabilities under these retovery schefrtes. The prlncyal assumptions of these calculations ale.. uss OSPS 2021 I0 X121 PensloNble paygroh per annum i.c¥J% i.(rf Dlscount rate 1.4)% 1.40% 18a Fund501 the Cvllrfe Tt•rtsfer lft£offle EMptN#lure between 31 ju 2020 01-Aw¢-19 R rlcted Ar¥ Robert Hopkins Education Trusi Expandabl Endowment Resirlrted Unrestrl 138,42l 138.422 299.762 8350 299,762 6.820 IL5301 Income & Expenditure Revaluation 1718.130 3.1382 14.726.4581 {6,6121 1.123.562 L586.308 4142 1.594.450 Rusk Colle8e 45

Notes to the Ilnanclal statements forthe year ended 3lJul¥ 2021 4.750.972 3J38. 14.726A581 3,163.016 Tiansfer Incorne Expen&ure beNeen fvnds 014.20 JI luly 1021 Ilestrkted Reser Pemiènent Eftdowmenl kndy (lobert Hopkons Edu¢atpJn Trusi 138.412 138.422 Expandable Endowment 299.762 116.0611 243.701 Aestrirted Unfestricted Reseffts Income & Expenditure ReValuatn Reserve 620 781 7.601 1.123.562 3.153.497 14.147.8211 15.8ZD 144.518 1.$94.450 4.338.892 5.933.342 3,163A116 7.492.389 I4.14721> 6.507.584 fndowmefii Ihe donor has provided a permantni capital sum. whKh wtyJld be invested and any corne arisen would be used io wpport ihe 5peofled 5pendln8ctiterla. Empwdatslt Eftdowrnent Donations and Stholaryhipsfrom kndi4lduaènd other5 e.8. to 5UPPOrt leaTnEfSwIth fee5 and other hardship. Resirltted Oonitigns arKI S¢holarships frtyn iThJpAduabfthlth wovlde5 k*spe(ift criteria on howfvndszre albcoted. euskin College

P4otes lo the financial 5tsternentsfor the year ended 31 July 2011 18b Analy515 of nel as5•ts l)etr¢ fvnds Funth: Flxed Totsl F¥nds Fund balahces at 31$lty 2021 are represented by: Tan8ible fixed asse Investmehis Current a55ets IS.823.507 15.823,507 14.360 45L150 14.360 429.724 21.416 Creditois falin8 due wbthln ¢)ne vear 19.301,057) {9.302.0571 Creditois falin8 due after one ye3r 153,8861 153.8861 Defined benefit pension li•bility 14ZS.490} 1425,4901 Trf•l net ass¢ts 6.063.500 5,$07,584 Reconaliètion of operaiin4 delkn to tashgenoraled fvoml(ysed In) o•ion 2021 2020 {Oelkiil for the year Interest and other finanre¢os Invtttrnenl Income Galn on disposal of fixed assets Depreciation Afttr)rtisatSon ovement on restwirted resefvt Transfer tv restrict reserve Movemeni on penslon provb51on5 1994.3241 59.338 12.7591 11.731.377) 421,698 11,587,9561 91,418 512 424.620 7.665 115.2801 15,280 163.0441 91.184 12.310,468) 1972.5571 141o¥ements kn wwklrrftapltal Iln£reasel I t)ecrtaSÈ IA debtors Increase I (Decweasel ITh ueditors Reanalyy5 of investrrThts 10,443 2.445,501 342.985 525,3 33.216 Ruskin ColleKe 47

Notes to the financial ststements fw theyear ended ai Juty 20ZI Cash ienEr•thd Iforn1{used inj operdlb 145A76 1711966) Cash IlowsfTom instkng3rtivltle5 2021 2020 Pyrchase of iangible assets Inve5trnent incornE Sale of range assets 19.7881 2.3SO.QQ 2.3SOJIOO 19.7881 21 Cash Ilowsfrom tlnantlng actl¥ltl 2011 20 tere5t paid Repayment gfamtsunts borrowed Capiial element of fv"nance lease payrnent5 159.3381 12.236.771) {9l.4181 150.2991 15.169 IL296,109) 1146.8861 Flnantlal INstrumefits The¢arrying amoyThi ofiheCone#e's finati¢ial irtstNments at 31lY were: 2021 2020 fInone15srts Debt in5trumertts meoswedotpmortisedcost Debtor5 per t¥ebiornote Le$5 prep•yrnent5 (not a lwm¢i•l instrumenil Long temi deposils 40.226 50,669 14.360 11,601 Debi Instruments measwed ai l$ed cost Equity instryments me•wred 1 hrvalue th[Qh [mE arld expenditure 54,586 62,270 Total 54.586 6U70 Oebt Instrvments measured it arThirt6ed£ost 9.186.993 8J44,552 Ruskin College

Notes to the financial ststements for the year ehdtd 31 July 2011 Tot•1 93 8.9W52 24 Post Bal•nce Sheet Events The E5FAuediiorba1CeaI theyearnd wasÉ7.7mwhich rewesentedluThngclawbath¥nd other $ypport expenditure. fund5 have subsequefit been repafjd on AUgust 2021. lollowing the merger with UWL on 30 July 2021. 25 Related party transactlons Dve to the n3tureol the ColleBe'5 OPtratH)nsand cornp05i¢i¢)n of the board olGo¥emofs Ibelng drawn Irom local and publ1£ ganISatIonS) tt Is 5ne¥iiable that tranCtionS wil tske pL4te wilh orKanisations whlch a member of the board ol rThor$ may have an interex. All tfansaciions involvinE or£anlsatlon5 rn which a member of the Go¥emint Exeartfve thay have an Ime51 are condutted in accordance with the College's finantial re¥uktions and normal proturtment proteduies. TrSrIonS wiih •rtdeiailed in nthe$3andlO. b•knr¢s rrtrt51aMlirywtth the l11knoIWe# as at¢heyearendar¢as follow5". DIE lo arno1 hwest Total irtlwledwithinESFAdebi 72721 236 7Z7.Z63 16 Operaikni le•se5 At 31 July 2021 the College had minThJm lease Pa1$ under n0nrfoncellab oporatihg leses as follow 21nl 2020 In ¢Jne yEar or less Between Iwts & fi years 12,973 1.744 14.717 15,818 14,717 30.S3S 27 Ileiement b• osps 2011 2021 2020 Date of va•t1n 3y031 2017 3V031 2017 3110312019 3VOY2016 Ruskin College 49

Notes tothe fi¢1¥1 statements for thEye• •nded 31)uly2021 Valve ol1oblh.tles Vae of assets Fundln8 defK Printipal a55urnpthn £67.S(th £67tsC# E60.iJxn £60.IXKlm 1£7,5(Qml IE7,S(Klml £848m £735m (£113rn1 661m 528m £133ml Pre retirement= Giks+2.25%p. CPI + term CPI • tenn dependent dependent mar8ln Rate of interest Ipre retirernénil Gllts+l.2% Port retirerneN: Gllis+Q.S% p. Retail Prices Index IRPII 'Brak•ien' RPI-0.3% p.a. 'Break.wen' Rp1.15% Conwmer Pri$ Index ICPII RPI-I.O% API-I.O% RPI-I.O% p.a. RPI.i.O% Rate of incfeasein salaries Rate of increase in pen5XIS Mortaljty assumptions Assumed life expectanry ai 65 {male51 Assumed life empertY ai ay 65 (females) CPl•2% CPl+2% RPI Rpi+I% p.a. 24.5 year$ 24.5 T5 22.5 yeavs 22.5 years 26.Oyear5 26.0 years 25.1 ye$ 24.8 yea AesS and Part1¢110n 2021 2010 Ac(e$s In¥esrment Financial support pro¥Jed to sludents 24.138 41.041 430 41A71 24.131 The A¢¢ess afid Partiopation expenses detailed abo¥e indyde estwY)ated staff costs. These stafl Osts are 1rKIjed irb t4ote 8 Staff Costs. Ruskln College 50

It4DEPE RUSKI us REPORTIt4G A((OIINTANfs Kpofty (IN REGULARITY T COLLEGE ANDT•IESECREfAftYOF FOA EDIKATION Acnt4G UNIXNG AGÈNCY THE COIIPORATION OF niÈ EDUCATION ANO In 3cccffdarKe with the terrns of our enpgement letttr dated 22 knne 2021 and further to the requirements and ¢onditI(S01 frjndlry Inthe ESFA'S grant fundin838reemeritsandcontracts. orth05e of any other public funder, we have cawried ovt on erTrfflement to obtalh limited assurante about whether anythi has come to our attention that lU1d 5Ug8es¢ ITh 41 malerial respecls. the expenditure disbtsrsed and irtrccffie rtteived by Ruskin Coifege during ihe period l August 2020 10 31 July 2021 have rtot beeTr applied to thtpurposes identified by Parlièment andthe financi31 tranwtions do not tonform to thÈ authoriltes whlth8ovm The Irarnework thai ha5 been aled is ser oui In the post-16 audit cLKle of practice Ithe Codel hssued byihe ESFAand In anyrelevant conditign5 tsf fvndiyvd oncernin8 adulteducatton notified by a ielevani fvnder. In line w4th this frèmework. our Kirk ha5 spttificalty not coDy41ed ifttome re•ve from iht rnain fvnding grants generated throu8h the IndMdua115ed Learner Record return5. for whkh Ihe ESFAor devolved authorltyhas her3$SUrance arranBeWnts In place. This report 15 made Sole to the corpOratn of Ruskin Collete and tht ESFA In ac£ordan¢e with the terms of our enga8ement letter. Our work has been undertaken so that we might state to the Corporati ol Ruskin Cotlege and the ESFA those matter5 we are reqvired its ststt kn a report and for no other purrK)se. To the fullest extent perritted by law. we do accept. OT assurne. responsfjbilitv to anyone oiher than the corporation of Ruskin C¢4lep and tht ESFA for wort for this rtport. or for the ¢on¢iu%oTh we hève lorn. The corpoiatyon af RusJ" College is respunsible. under the requifennts of the Further & Hl8her Educ¥tsty) Act 1992, subsequent legislation and itled gUlatIOnS and guida¢. for ensurinB thai expendltvre dIUrS and income recebved. are3ppI torthe purposes intendEd by Pathmenl and the financial transacllon5 conform to the ahOritIeS thatethm them. Our re5pon5ibi1its for thi5 engagement are t#al$hed In the Vniied Kin8dDm by our profession's ethlcal ¢uidarKe and are io oblairb limited assuran and report ITr at¢ordance tmth our erng3geThnt letter and the requirernentsolihe Code. We rep)rt loywwhetheranythinBhascome to our attentlon In carrying rmrtourwoikwhich suegeststhatlThall material respects. expendituredi5bursed and income received durln8 the pefityl l Au8usi 2020 10 31 Jutyt 2021 have I[ been applled to purposes intended by Partkmtllt or that the fina1 ¢ransaction5 do hot fOrrn to the authoritleswhlch e¢)vem them. Approath We conducted our en8agtrneni In accorthrffe with the Code Ssued by the ÉSFA We pertormed a Ilmited assvrance eneaxemeni as defined In that frarnework The objethve ol a limlted assuran earnent 15 to perforrn such pr£re5 as to obts information and explonattons in order to pr<p4ide us with appropriate e4iderKe to express neg•rfve ¢onclusitin on regularity. A linited assuraftce eagerntnIlSrnQfe lirnlted inscope than a rea50nabk a55uranceenEa8ement and ¢onseguenlly does not enable us to obtain assurarKe that we would becorne aware of all si8nificaht matters that rnlght bt Idened in a reasonableassurance eng4emenL A¢corthnthi, we do express a posith oplnlon. i)Jr eagent dudeS examiiaiiw on a test basts, of e¥hYer*ce relevant to the ieg+Jlartr ol the ¢olie&e's income and expenditure. Rv5kin College 51

The work undertaken to ¢aw our coithion induded.. Documefiting rhe frameworkof authorfie5 whlth govern the activities of the College; LlThdertakingariska5sessment basedon ouiundetstahdw4oftheeet)eraltontrol ethvkotsment and anyweakness¢s in internal controts #lentified by our audlt ol the financial statements.. ReviÈwtn8 the sell-assessment questp)nna1 which 5UPPOrts the representatwns Included in Ihe Chair of Governors and Attounling Officerfs 5titemeDt on rezularity. prgpriety and compknce with the framework athitIes.' Testing transactions wAh related parties.. Cortflrrning through enquyv and sampk testini ihat the College has cornplied wlth its Wtxurement policies and that these p0eS compty with deleRared authoriiies.. Ind Reviewing any evidence of Improproiy resulting from our work and determini whethor it wa5 SignKant enough io be rÈfeNed to in our iegularity report. Thlslisi Is not ethausiive and T4 perlomi additi+11protedurts desiEAed tts provlde u$ wilh sufficient appropriate ewidence to express a lThited •ssur•rt¢e ¢on¢Jsion on reeulèrity conysttftt with the requtrements ofthe Code. concluon In thecouise of ourwwk. except for the matterslisted bekni.nothing hascome to ourattentionwhich suggeststhatirt am materlal respectstheexpendiiufe disbufsed and in¢orThe received during the period . I Auwo 2020 to 31 1¥ 2021 has not been appliEd to rpo intended b¥ ParHament and the rinanoal tr10Th$ do not confrn to ihe thOriTIeS¢hlIhWn thern. Yhe College was unable to demonstrate that rt had applied an appropriate frarnework of fln¥ciaJ and btry contrds. in(dI1vI delegatw of authoribe¥ to conlimb that all expenses iAciJrred were valK4 and vahJef¢r o1 wa5 athieved. Allktts ILP Date". 27 O¢tobtT IOZI Ruskin Coliege 52

2022-07-31-accounts

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