2023-07-31-accounts

Ruskin College 1¢ Oxford Annual Report and Financial Statements for the year ended 31 July 2023 Company Limited by Guarantee Registration Number 00066196 (England and Wale51 Charity Registration Number 309701

Board of Dirertors as at 31 July 2023 were: Helena Peacock (Chairl james David Edmunds Profe550r Peter John Matthew Robson Snowden Professor Anthony Woodman Jonathan Wells Lawrence Derek Alan Hicks Marion Fitzgibbon Advisors Financial Statement auditors and reporting accountants Alliotts LLP Friary Court 13-21 High Street Guildford GUI 3DL Internal auditors KPMG 15 Canada Square Canarywharf London E14 5GL Bankers Barclays I Churchill Place London E145HP Sollcltors Shakespeare Martineau LLP 60 Gracechurch Street London EC3V OHR Registered office Ruskin College Dun5tan Road Headington Oxford OX3 98Z

Content Reports Directors, report and strategic report Statement of corporate governance and internal control Board tsf Oirectors. statement on reEularity. propriety and compliance Statement of responsibilities of the directors of Ruskin College Independent auditors, report to the directors of Ruskin College Independent reportinÈ accountant's report to Ruskin College and ESFA li 17 18 20 46 Financial Statements Statement of Comprehensive Income Balance Sheet as of 31 July 2023 Statement of Changes in Reserves Statement of Cash Flow5 Notes to the financial statements 24 2S 26 27 28

DSrectors' Report and Strategic Report- year ended 31 July 2023 Nature, Objectives and Strategies The directors of Ruskin College, who are also the trustees, present their report and the audited financial statements for the year ended 31 July 2023. Legal status Ruskin College is a company limited by guarantee and a registered charity for the purposes of the Charities Act 1993 as amended by the Charities Act 2011. It Is designated for funding by the Education and Ski115 Funding Agency IESFAI. Mission Ruskin College's mi55ion ha$ always been to provide educational opportunities to adults who are excluded and disadvantaged, and to transform the individua15 concerned along with the communitie5, groups and 50cietie5 frorn which they come. On acquiring Ruskin College on 30 July 2021, the Univeisitv of West London IUWLI clarified the mission and vision for the future, which can be summarised as follows.. Re-energising Ruskin College and its brand Establishing a 'mixed-economV' institution with HE and FE Implementing lifelong and adult learning together Widening participation, access and opportunity Implementing a flexible and personalised IUWLFlexl approach Continuing to provide professional development and stand-alone short courses Public benefit ststement Ruskin College 15 a registered charity and is regulated by the SecTetaTy of State for Education as Principal Regulator for all Further Education Corporations in England. The directors tsf Ruskin College who are trustees of the charity, are disclosed on page 13. In setting and reviewing Ruskin College's strategic objectives, the Board of Directors has had due regard for the Charity Commission's guidance on public benefit, particularly regarding its 5upplementarv guidance on the advancement of education. The guidance sets Out the requirement that all organisations wishing to be recogni5ed a5 charitie5 must explicitly demonstrate that their aims are for the public benefit. In delivering its mission, Ruskin College provides the following identifiable public benefits through the advancement of education.. Improve5 the qualifications, skills and employability of the groups and individua15 It engage5 in learning. Provides benefits in other areas of public policy, for example in enhancing health and wellbeing, reducing dependency on public services. supporting families and up-skilling volunteers. Transforms the live5 of individuals which in turn contribute5 to the development of cohesive and resilient communitie5. Supports the national need to Up-skill it5 adult population and addresses issues of social deprivation, poverty and economic inactivity. Adds value to the activities of communities and trade unions. Supports environmental and sustainable initiatives through Community Learning courses The delivery of public benefit is covered throughout the Directors, Report. Ruskin College

DSrectors' Report and Strategic Report- year ended 31 July 2023 Financial objertives The College'5 financial objectives were-. To remain financially sound to protect itself from unforeseen adverse changes in enrolments and to generate sufficient incorne to enable it to maintain and improve its 51te and activitie5 To maintain the confidence of students, funders, suppliers, bankers and auditors. To maintain an Outstanding Financial Health rating from the ESFA. To grow and diversify teaching and commercial income level5. In the coming financial year, the objertive will include further increasing and diversifying teaching and commercial incorne leve15, as well as maintain the Outstanding Financial Health rating from the ESFA. Financial performance indicators The following financial performance indicators show the movement tsn the prior year. Actual 22-23 £75k Actual 21-22 £63k Surplus/lDeficitl generated lafter exceptional items) Income Covenant ratio £2.6m £2.3m Current ratio Debt/income ratio Cash days in hand Staff costs lexcludin8 exceptional itemsl as a % of turnover 0.31 0.24 582 26% 441 36% Financial Health Outstanding Outstanding Ruskin College recognises the importance of sector measures and indicators and these are Monitored by the Audit and Risk Committee on a regular basis and through the ESFA. Ruskin College uses the FE Hub data available on the GOV.UK website which looks at measures such as achievement rates. Ruskin College is required to complete the annual Finante Record for the ESFA. Flnanclal posltlon Ruskin College achieved an operating surplus of £75k12022- £63kl. This operating surplus achieved was after adjusting for the provision of pension liabilities associated to both USS and OSPS pensions. UWL. being the parent entitywhich is demonstrablyfinancially resilient. is confident that it can continue to operate Ruskin College at a surplus in the coming years. Taxation None of Ruskin College's activities are liable for corporation tax. Ruskin College

DSrectors' Report and Strategic Report- year ended 31 July 2023 Treasury policies and objectives Treasury management 15 the management of Ruskin College's cash flows, its banking, money market and Capital market transactions,. the effective control of the risks associated with those activities,. and the pursuit of optimum performance consistent with those risks. Borrowing arrangements are restricted by limits in the Financial Memorandum with the ESFA with short-term borrowing requiring authorisation from the Principal and all other borrowing requiring authorisation of the Board of Directors and compliance with the requirements of the Financial Memorandurn. Ruskin College had no such arrangements in 2022-23. Liquidity The current ratio give5 an indication of Ruskin College's ability to meet its short-term debt Iwithin one yearl using cash owed to Ruskin College. Due to UWL being its parent company, Ruskin College has adequate funding to continue in operational existence as a going concern. The UWL Intercompany Creditor loan (detailed in Note 161 that Ruski College ha5 With its parent entity h35 110 specified repayrnent date and align5 Wlth the UWL group objective of supporting Ruskin College until it betomes financially independent. Payment performance The Late Payment of Commercial Debts Ilnterestl Act 1998, which came into force on l November 1998, requires colleges, in the absence of agreement to the contrary, to make payment5 to supplier5 Wlthin 30 days of either the provision of goods or services or the date on which the invoice was received. The target set by the Treasury for payment to suppliers within 30 days is 95 per cent. The College is not aware of any major adverse issues related to suppliers during this financial year. College Curriculum, Quality and Performance Quality and curriculum Ruskin College is focusing on resilience and sustainability by diversifying its teachin8 and commercial income streams. For example, the FE provision has been enhanced by the launch of an Acce55 to Social Science course. Ruskin College now offers degree courses in Law, Politics and International Relations, Public Health, Social Work. Ruskin College created and ran several courses freely accessible to the public to deliver on it5 Community Learning allocation in 2022-23. Ranging from"Grow your own veggies" to"English for Dailv Life," these courses generated significant added value for the community. There have been 668 enrolments in FY23. compared to 98 in the prior year. There were 52 Access to Higher Education students during the year cornpletin8 courses in Nursing and Health and Social Care. Ruskin will continue to build on these numbers in the next academic year. Student numbers Ruskin College enrolled 2,878 ESFA-funded students durinÈ the year, of which 668 were Communitv Learning and 2,158 on Trade Union programmes. There were 8 students funded by HE tuition fees and other sources. Ruskin College

DSrectors' Report and Strategic Report- year ended 31 July 2023 Business development Outreach under busine55 development continued throughout the academic year and Ruskin College continued to engage with it5 local and national partners during the period. The College continued to successfully work with the NHS Trust to provide long term accommodation for overseas nurses. The College also hosted a number of summer school students during the year. Resources Ruskin College has various resources that it can deploy in pursuit of its Strategic objectives. Financiol- Ruskin College has net assets of £9.3m12022.' £7.3ml. This includes tangible fixed assets of £18.2m12022'. £16.5ml, and pension liabilities of £378k12022.' £478kl. People- Ruskin College employs 32 people12022'.211 of whom 3 are teaching staff12022.' 31. 4 are non- teaching staff12022- 61, the remaining 25 being vfs12022'. 121. Principal Risks and Uncertainties Addressed by the College Ruskin College has well developed strategies for managing risk and strives to embed risk management in all proce55es. The governing body has overall responsibility for risk management. The risk register 15 rnaintained and identifies the key risks, the likelihood of thts5e risks occurring, the potential impact on the College and the action being taken to mitigate the risks. The key risks contained in the risk management register for 2022-23 included the below.. Reputational damage due to prior financial health of Ruskin College Decline in student recruitrnent rates in higher education Student finance reforms affecting accessibility to education and recruitment Uncertainty over learning landscape and student demographics Risk of being unable to maintain student achievement and performance rates Risk of being unable to recruit right levels of staff Inflationary pressures leading to poor financial outturns Risk management process The key risks have been reviewed by the Audit and Risk Committee on a regular basis since inception and new risks have been identified and considered. Key risk in relation to Government funding The ColleEe continues to receive student funding through the ESFA. In 2022-23 the College had earned income of £0.7m from the ESFA. It is likely that the level of public funding for adult education will continue to be challenging. The College continues to review its income position and explore new opportunities. The risk is mitl8ated in a number of ways.. Diverse Income Streams= Ruskin College is committed to developing a range of diverse income stream5. These include further developing Its Further Education offer, the Continued commitment to a Higher Education offer and progressing in generating commercial income. Meetlng Local Prlorltles: Ruskin College works with local providers. communities and commissioners to addre55 local needs. Fundin8 Priorities.. Ruskin College continues to focus upon the funding priorities of the Department of Education to dernon5trate the College alignment with educational policy. Partnership Working: Ruskin College will develop local partnerships to facilitate progression routes from local providers. The scoping of partnerships with national stakeholders and higher education institutions will support the growth in fee income and direct student recruitment. Ruskin College

DSrectors' Report and Strategic Report- year ended 31 July 2023 Campus and Residency.. Ruskin College is continually improving the campus to ensure the estate provides an income to the College whilst meeting the future needs of the student body. Stakeholder Relationships In line with other colleges and with universities, Ruskin College ha5 many stakeholder5. These include: Students Staff ESFA TUC, CWU, GFtU and affiliate trade unions Other educational institutions Employer5 Public sector Voluntary and publit-settor partners Suppliers Ruskin College recognises the importance of these relationships and enEages in regular communication with them through the College website and networking meetings. Trade Union Facility Time The Trade Union (Facility Time Publication Requirement) Regulations 2017 requires Ruskin College to publish information on facility time arrangements for trade union officials at the College. Number of employees who were relevant FTE employee number None nla Percenta8e of time Number of employees 0% 1-50Y. 51-99% loo% Total c05t of facility time £0 Total pay bill £0 Percentage of total bill spent on facility time NIA rime spent on paid trade union activities as a percentage of total paid facility time NIA The above costs exclude any severance costs payable, if anv. Ruskin College has no formal agreement with staff or recognised unitsns in terms of time and cost on activities associated with supporting union activities. Ruskin College

DSrectors' Report and Strategic Report- year ended 31 July 2023 Equality and Diversity Ruskin College ha5 a tradition of offering high quality education to mature student5, many of whom have experienced social or economic disadvantage5. Ruskin College 15 committed to prornoting equality of opportunity and to treating all staff and students with respect and dignity. Ruskin College has a Single Equality Scheme which ensures that attention is paid to equality and diversity in every aspect of college life, not only in opening the doors to all, regardle55 of background or prior educational achievement, but in specific measures such as incorporating disabled access in the redevelopment of the College estate, screening for learning support needs and continuing to offer acce55 routes into education at the appropriate level. Ru5kin's equality objettives, with a clear Steer from directors and management, are to.. Retain open access to offer educational opportunities to adults who have been excluded and disadvantaged. Promote social mobility by fostering progression through study, encompassing flexible opportunities from Level I to Level 7 underpinned by high levels of learning support and a unique model of acadernic tutoria15 at the higher education level5. Increase the representativeness of the student body on all course5, Particularly on trade union short cour5e5. Monitor and tackle any retention and achievement gaps between different groups of students for example in respect of categories of disadvantage. Promote and embed equality and diversity in learning and teaching and assessment bv identifying and sharing good practices identified in lesson observations. Increase the contribution of the student voice by including equality and diversity issues in surveys, course review5 and meetings with student5. Safeguarding and Prevent Duty Ruskin College ensures Students and staff understand and engage in the safeguarding and Prevent Dutv. Ruskin College's Safeguarding Policy is available on the College website and 15 displayed in staff offices so that staff and students are reminded of what to do if any learner is believed to be at risk of abuse. All policies, including bullying and harassment, have been kept under review and learners have been helped to bring concerns to the surface. Policies to ensure the safe use of IT are well developed. The College has Eood links with local community police officers. The College is compliant with the Prevent Duty in terms of staff training, the assessment of risk and the monitoring of the Prevent Action Plan. Health and Safety The health and safety of students is monitored throughout their time at Ruskin. All long course students are required to obtain medical clearance to study and Ruskin College work5 Wlth its designated Medical Officer to ensure that appropriate decisions are taken, and appropriate support put in place frorn the interview stage onwards. Throughout their time at Ruskin, students are assisted by information and guidanc8, disability support, learning development and c105e tutorial contatt a5 well as on-site advice service5 for those who are resident. This support, together with the ctsllegial atfnosphere, help5 students to focus on their studies and hence change their lives for the better. Ruskin College

DSrectors' Report and Strategic Report- year ended 31 July 2023 Disability Statement Ruskin College seeks to achieve the objectives Set down in the Equality Act 2010. Ruskin College focuses on ability and as far as possible will consider flexible arrangements within it5 procedures, to challenge stereotyping- provide information in flexible formats,. plan events, presentations and training to allow inclusivity and accessibility and provide opportunities for advancement. Reserves Policy Ruskin College's reserves policy is aligned to UWL'S policy. Reserves are classified as restricted or unrestricted. Restricted reserves are where donors have desigriated a specific purpose and therefore the University is restricted in the use of these funds. At the end of the financial year 2022-23, the restricted re5eives balante 15 equal to the restricted ea5h balance. Ruskin College will continue to actumulate reserves and cash balances to create contingencies to meet future financial requirement5. Events After the Reporting Period There were no significant or notable event5 after the reporting period. Future Developments Ruskin College will broaden its curriculum to develop a key focus in the delivery of nursing and healthcare. It will a150 diversify its Golng Concern The Oirectors have prepared the financial statements on a going concern basis. UWL will continue to provide working capital to the colleee to ensure it will meet its financial objectives. Disclosure of Information to Auditors The directors who held office at the date of approval of this report confirm that, so far as they are aware, there is no relevant audit information of which Ruskin College's auditors are unaware- and each director has taken all the steps that he or she ought to have taken to be aware of any relevant audit information and to establish that Ruskin College's auditors are aware of that information. By order of the Board of Directors on 7, November 2023 and signed on its behalf bv.. Helena Peacock (Chair of the Board) Ruskin College 10

ststement of Corporate Governance and Internal Control Governance Code The following Statement Is provided to enable readers of the annual report and accounts of Ruskin College to obtain a better understanding of its governance and legal structure. This statement covers the period from l August 2022 to 31 July 2023 and up to the date of approval of the annual report and financial statements. The College endeavours to conduct it5 business.. in accordance with the seven principles identified by the Committee on Standards in Public Life Iselflessness, integrity, objectivity, accountability, openness, honesty and leadershipl,. in full accordance with the guidance to college5 from the A550ciation of Colleges in The Code of Good Governance for English Colleges I'the Code"); and Ruskin College is committed to exhibiting best practice in all aspects of corporate governance and the College/8oard has adopted and complied with the Code. We do not comply with the UK Corporate Governance Code. However, we have reported on our Corporate Governance arrangements by drawing upon best practice available, including those aspects of the UK Corporate Governance Code we consider to be relevant to the further education 5ettor and best practice. In the opinion of the Board of Directors, the Colleee complies with all the provisions of the Code in so far as they apply to the Further Education Sector, and it has complied throughout the year ended 31 july 2023. The Board of Directors recognises that, as a body entrusted with both public and private funds, it has duty to observe the highest standards of corporate governance at all times. In carrying out it5 responsibilities, it takes full account of the code of good governance for English College's issued by the Association of Colleges in March 2015, which it formally adopted in March 2018. The Board of Direttors There were no new Directors appointed during the year. It is the Board of Directors, responsibility to bring independent judgement to bear on issue5 of strategy, performance, resource5 and standards of conduct. The Btsard of Directors has a stronE and independent non-executive element and no individual or group dominates its decision-making process. The Board considers that each of its non-executive directors is independent of management and is required to declare any business or other relationship. which could materially interfere with the exercise of their independent judgement. The Board is provided with regular and timely information on the overall financial performance of Ruskin College together with other information such 35 perftsrmance 3gain5t funding target5, proposed capital expenditure, quality matters, personnel related matters such as health and safety and environmental issues. The Board of Directors meets at least three times a year. Formal agendas, papers and reports are supplied to directors in a timely manner, prior to Board meetings. Briefings are a150 provided on an ad hoc ba515. The Board of Directors also conducts its business through a number of cornrnittees. The Audit and Risk Committee and Finance Comrnittee of the Univer51ty of West London are specifically designated to discuss a￿d report on the subsidiary Ruski￿ College. Each committee h35 èpproved terms of reference. Ruskin College 11

ststement of Corporate Governance and Internal Control Minutes of all meetings, except those deemed to be confidential by the Board of Directors, are available from the Clerk to the directors at.. University of West London St Mary's Road Ealing W5 SRF The Clerk to the directors maintains a register of financial and personal interests of the 8oard of Directors, and various Committees. The register is available for inspection at the above address. All directors can take independent profe55ional advice in furtherance of their duties at Ruskin College's expense and have access to the Clerk to the Board, who is responsible to the Board for ensuring that all applicable procedures and regulations are complied with. The appointment, evaluation and removal of the Clerk are matters for the Board of Directors as a whole. Formal agendas, papers and reports are Supplied to directtsr5 in a timely manner, prior to Board meetings. Briefings ale also provided on an ad hoc ba515. Appointments to the Board of Directors Any new appointment5 to the Board are a rnatter for the consideration of the full Board of Directors. Appointments to the Board are rnade frorn the membership of the FE Board as per the Articles. The Board of Directors ensure5 that appropriate training 15 provided a5 required. Any new appointments to the Board of Oirectors are appointed for a term of office ordinarily lasting four years11 year for the student trusteel. The Board of Directors met four times in the financial year, in October 2022, November 2022, February 2023 and April 2023. The followin8 Served on the Board of Director5 throughout the year= Name Tèrm of offite Rolè Attendancè James David Edmunds Appointed 30.07.2021 Director loo% Professor Peter David john Appointed 30.07.2021 Director loo% Matthew Robson Snowden Appointed 30.07.2021 Director loo% Profe550r Anthony Woodman Apptsinted 30.07.2021 Director loo% Jonathan Wells Lawrence Appointed 23.11.2021 Director loo% Derek Alan Hicks Appointed 23.11.2021 Director iooy. Helena Caroline Peacock Appointed 23.11.2021 Chair loo% Marion Fitzgibbon Appoint8d 23.11.2021 Director loo% Audit and Risk Committee The Audit and Risk Committee of the University of West London is specifically designated to di5CUS5 and report on the subsidiary Ruskin Ctsllege. The Audit and Risk Committee provides a forum for reporting by the College's internal and external auditors, who have access to the Committee for independent discussion. without the presence of college management. The Committee also receives and considers reports from the ESFA as they affect the College's business. Ruskin College 12

ststement of Corporate Governance and Internal Control TheAudit and Risk Committee also advises the Board of Directors on the appointment of the reportin8 accountants and financial statement auditors and their remuneration for both audit and non-audit work. The Audit and Risk Committee met 4 times during the year in September 2022, November 2022, March 2023 and June 2023. Attendance of the Audit and Risk Committee is below.. Name Meetin85 attended steve Fowler Kim Ansell Nicola Arnold James Southgate Jo Craft Professor Peter John Dr Paul Sahota Neil Morri5 Flnance Commlttee The Finance Committee takes a strategic overview of the finance of the College, including the oversiEht of financi31 foretasts and budgets, the College's investment policy, cash management and borrowing policies, banking arrangements and insurance arrangements. Internal control Scope of responsibility The Board is ultimately responsible for the College's system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide only reasonable and not absolute assurance aEainst material misstatement or loss. The Board of Directors delegated the day-to-day responsibility to the Accounting Officer, for maintaining a sound system of internal control that 5upportS the achievement of the College's policies. aims and objectives, whilst safeguèrding the public funds and assets for which he is personally responsible, in accordance with the responsibilities assigned to him in the Financial Memorandum between the College and the funding bodies. He was also responsible for reporting to the Board of Directors any material weaknesses or breakdowns in internal control. Ruskin College 13

ststement of Corporate Governance and Internal Control The purpose of the system of internal control The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives,. it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of college policies. aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Ruskin College for the year ended 31 July 2023 and up to the date of approval of the annual report and accounts. Capaclty to handle risk The Board of Directors is of the view that there is a formal on-going process for identifying, evaluating and managing Ruskin College's significant iisks that has been in place for the period ending 31 Julv 2023 and up to the date of approval of the annual report and accounts. The risk and control framework The system of internal control is based on a framework of reeular management information. administrative procedures including the segregation of duties, and a system of delegation and accountability. In particular the risk and e(>ntrol framework includes.. regular reviews by the Board of Directors of periodic and annual financial reports which indicate financial performance against forecasts comprehensive budgeting systems with an annual budget, which is reviewed and agreed by the governing body setting targets to measure financial and other performance clearly defined capital investment control guidelines the adoption of formal project management disciplines, where appropriate. An internal audit of core financial controls was conducted by KPMG Governance, Risk and Compliance 5ervice5 IN February 2023. A rating of "significant a55urance" was given over the selected financial controls, and KPMG concluded that the financial control environment was generally well desiÈned and operated effectively. The work, outcomes and recommendations have been shared with the Board of Directors and so too have actions plans and progress arising thereon. The analysis of risks, via the risk register has also been shared and endorsed by the Board of Directors. The management team ha5 shared at regular intervals the very latest assessment of risk. The identification, evaluation and management of these risks is also outlined in the Directorfs report, see PaEe 7. Review of effertiveness In the year, as Accounting Officer, the Principal had re5pon5ibility for reviewirig the effectiveness of the system of internal control. His review of the effectiveness of the system of internal control was informed by.. the work of consultant5 and advisors, including Senior Managers Ruskin College 14

ststement of Corporate Governance and Internal Control the work of the executive managers within Ruskin College who have responsibility for the development and maintenance of the internal control framework comments made by Ruskin College's financial statements auditors and the reporting accountant for regularity assurance, in their management letters and other reports The Accounting Officer had been advised on the implications of the result of his review of the effectiveness of the systern of internal control by other members of the Finance group, which oversaw the work of the auditors and other sources of assurance. The College is deemed to have had an effective system of internal controls for the year after being integrated into UWL. Responsibilities under funding agreement5 Ruskin College is deemed to have met its contractual responsibilities under its funding agreements and contracts with the ESFA. There has been regular communication between Ruskin College and the ESFA in which no material issues have been raised. The CFFR for Ruskin College was submitted to the ESFA in July 2023. The Department for Education and Education and Skills Funding Agency introduced new controls for the college on 29 November 2022 on the day that the Office for National Stat15tics recla55ified college5 as public sector organisations in the national accounts. The ESFA chief executive communicated these changes to all college accounting officers and explained plans to introduce a college financial handbook in 2024. The college has reviewed its policies, procedures and approval processes in line with these new requirements to ensure there are systems in place to identify and handle anv transactions ftsr which DfE approval is required. ststement from the Audit and Risk Committee The Audit and Risk Comrnittee has reviewed Ruskin College's framework for governance and risk manaeement and believes the corporation has effective internal controls in place. The areas of work and discussions undertaken by the Audit and Risk Committee in the financial year and up to the date of the approval of the financial Statements were.. Ruskin College recruitment and enterprise activitie5 were 8rowing. ESFA were satisfied with the management of Ruskin and had reduced their oversight. Ofsted visit to Ruskin was discussed Going concern The Directors have prepared the financial 5taternent5 on a going concern ba515 a5 Ruskin College 15 now a wholly owned 5ub5idiary of UWL. UWL will cO￿tinue to provide working capital to the college to ensure it will meet its financial objectives. Approved by the directors of Ruskin College on 7, November 2023 and signed on it5 behalf by- Ruskin College 15

ststement of Corporate Governance and Internal Control Signed: Signed.. Date.. Date- Helena Peacock Professor Peter John CBE (chair of the Board) IAccounting Officer) Ruskin College 16

Governlng Bodws statement on the College's Regularity, Propriety and Compllance As accounting officer. I confirm that the corporation has had due regard to the framework of authorities governing regularity, priority and compliance, and the requirements of grant funding agreements and contracts with ESFA, and has considered its responsibility to notify ESFA of material irregularity, impropriety and non-compliance with those authorities and term5 and conditions of funding. I confirm on behalf of the corporation that after due enquiry, and to the best of my knowledge, l am able to identify any material irregular or improper use of funds by the corporation, or material non- compliance with the framework of authorities and the terms and conditions of funding under the corporation's grant funding agreements and contracts with ESFA, or any other public funder. This includes the elements outlined in the"Dear accounting officer" letter of 29 November 2022 and ESFA'S bite Size 8uides. I confirrn that no instances of material irregularity, impropriety, funding noncornpliance, or non- compliance with the framework of authoritie5 have been discovered to date. If any instances are identified after the date of this statement, these will be notified to ESFA. Approved by the directors of Ruskin College on 7 November 2023 and signed on its behalf bv.. Signed= Date.. Profe550r Peter John CBE (Accounting Officerl oil 11123 Statement of the Chalr of the Board of Dlrectors Ori behalf of the corporation, I confirm that the accounting offiter has di5CUS5ed their statement of reEularity. propriety and compliance with the board and that l am content that it is materially accurate. Signed: Date.. Helena Peacock (Chair of the Board) Ruskin College 17

ststement of responsibllltles of the directors of Ruskln College for the year ended 31 July 2023 The trustees for the charitable activities of Ruskin College are also the directors of the college for the purposes of company law and are required to present audited financial statements for each financial year. Company law and the law applicable to charities in England and the terms and conditions of the Financial Memorandum between the Education and Skills Funding Agenc¥ and the Corporation of the College, requires the directors of the college to prepare financial statements and the Directors, ènd Strategic Reports for each financial year in accordance with the Statement of Recommended Practice Accounting for Further and Higher Education Institution5 the annual Account5 Direction issued by the Education and Skills Funding Agency, and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl and which give a true and fair view of the stète of affairs of the College and of the College's surplus/deficit of income over expenditure for that period. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the College and of the College's surplusldeficit of income over expenditure for that period. In preparing the financial statements, the corporation 15 required to.. select suitable accounting policies and apply them consistently makejudgements and estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed, Subject to any material departures disclosed and explained in the financial statements assess whether the College is a going concern, noting the key supporting assumptions. qualifications or mitigating actions as appropriate prepare financial statements on the going concern basis, unless it 15 inappropriate to assume that the College will continue in operation. The directors are also required to prepare a Directors, Report which describes what it is trying to do and how it is going about it, including information about the legal and administrative status of the College. The directors are responsible for keeping adequate accounting record5 that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy, at any time, the financial position of the College, and enable them to ensure that the financial statements are prepared in accordance with the Charities Act 2011, the Charity IAccounts and Reports) Regulètions 2008, Companies Act 2006 and other relevant accounting standard5. They are re5pon5ible for taking step5 to safeguard the assets of the College and to prevent and detect fraud and other irregularities. The maintenance and integrity of the College website is the responsibility of the directors of Ruskin College,. the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditor5 accept no responsibility for any changes that may have occurred to the financial Statements Since they were initially presented on the web51te. Legislation in the United Kingdom governing the preparation and dissemination of financial statements May differ from legislation in other jurisdictions. The directors of Ruskin College are responsible for ensuring that expenditure and income are applied for the purposes Intended and that the financial transactions conform to the authtsrities that govern them. In addition, they are responsible for ensurine that funds from ESFA, and any other public funds, are used only in accordance with ESFA'S grant funding agreements and contracts and any other conditions, that may be prescribed from time to time by ESFA, or any other public funder. including that any transactions entered into by the corporation are within the delegated authoritie5 set out in Ruskin College 18

ststement of responsibllltles of the directors of Ruskln College for the year ended 31 July 2023 the"Dear accountine officer" letter of 29 November 2022 and ESFA'S bite size guides. Members of the corporation must ensure that there are appropriate financial and management controls in place to safeguard public and other funds and ensure they are used properly. In addition, members of the corporation are responsible for securing economic, efficient and effective management of the corporation's re50urce5 and expenditure so that the benefits that should be derived from the application of public fund5 frorn ESFA and other public bodies are Not put at risk. Approved by order of the directors of Ruskin College on 7" November 2023 and signed on its behalf by.. Signed: Date.. Tr Lo21. Helena Peacock (Chair of the Boardl Signed= Date.. Professor Peter John CBE (Accounting Officerl 07liiliS Ruskin College 19

Independent Audltor's Report to the dlrertors of Ruskin College Oplnlon We have audited the financial statement5 of Ruskin College Ithe'college'l for the year ended 31 july 2023 which comprise the college staterrent of comprehensive income, the college balance sheet, the college statement of changes in reserves, the college statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United KinÈdom Accountine Standard5, including FRS 102 'The Financial Reporting Standaid applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the College's affairs as at 31 july 2023 and of the College's surplus of income over expenditure for the year then ended.. and have been properly prepar8d in accordance with United Kingdorn Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audit in accordance with International Standard5 on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statement5 section of our report. We are independent of the college in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directorfs use of the going oncern ba515 of accounting in the preparation of the financial staternent5 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to events or ctsnditions that. individually or collectively, may cast significant doubt on the College's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Annual Report and Financial Statement% other than the financial 5taternent5 and our auditor's report thereon. The director5 are responsible for the other information. Our opinion on the financial statement5 does not cover the other information and we do not express any form of assurance conclusion thereon. In connertion with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the finhneial statements or a material misstatement of the other information. If, b35ed on the work Ruskin College 20

Independent Audltor's Report to the dlrertors of Ruskin College we have performed, we conclude that there is a material misstatement of this Other information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescr5bed bythe Companles Act 2006 In our opinion, based on the work undertaken in the course of the 3udit'. the information given in the Directors, Report and Strategic Report, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Strategic Report and the Directors, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director5, Report. We have nothing to report in respect of the following rnatter5 in relation to which the Companie5 Act 2006 and the Post-16 Audit Code of Practice 2022 to 2023 issued by the Education and Skills Funding Agency require5 U5 to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us-. or the financial statements are not in agreement with the accounting records,. or certain di5c105ures of directois, remuneration specified by law are not made,. or we have not received all the information and explanations required for our audit. Responsibilities of the directors of Ruskin College As explained more fully in the Statement of responsibilities of the directors of Ruskin College set out on pages 19 to 20 Iwho act as Trustees for the charitable activities of the College, and are Directors of the College for the purposes of company lawl are responsible for the preparation of financial statements and for beinE satisfied that they give a true and fair view, and for such internal control as the direttor5 determine is nece55ary to enable the preparation of financial Statements that are free from material misstatement, whether due to fraud or error. In preparin8 the financial statements, the directors are responsible for assessing the College's ability to continue 3s a going concern, di5c105ing, a5 applicable, matter5 related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the College or to cease operations, or have no realistic alternative but to do so. Auditorfs re5ponsibilitie5 for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it eX15t5. Mi5Statement5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Ruskin College 21

Independent Audltor's Report to the dlrertors of Ruskin College Irregularitie5, includingfraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to whlch the audlt was consldered tapèble of detectlng Irregularltles, Includlng fraud Our approach to identifying and a55es5ing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.. we identified the laws and regulations applicable to the tollege through discussions with directors and other mana8ernent, and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the college, including Keeping Children Safe in Education under the Education Act 2002, Ofsted, ESFA and Ofs regulatory requirements, data protection, anti-bribery, employment, environmental and health and Safety legislation,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the college's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by- makinE enquiries of management as to where they considered there was susceptibility to fiaud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation5. Audit rèsponse to risks identified To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships: reviewed all transactions listed.. assessed whether judgements and assumptions made in determining the accounting e5tirnate5 were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. In response to the risk tsf irregularities and non<ompliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation- and enquiring of management as to actual and potential litigation and claim5 A further description of our responsibilities is available on the Financial Reporting Council's website at.. htt www.frc.or auditorsres onsibilities. This description forms part of our auditor'5 report. Ruskin College 22

Independent Audltor's Report to the dlrertors of Ruskin College Use of our report This report is made solely to the company's directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit wtsrk has been undertaken so that we might state to the College's directors those matter5 we are required to State to them in an auditor'5 repoit and for no other purpose. To the fullest extent permitted by law, we do not accept or a55urne responsibility to anyone other than the College and the College's directors as a body. for our audit work, for this report, or for the opinions we have formed. Chrlstopher Mantel Isenlor Statutory Audltorl For and on behalf of Alllotts LLP Chartered Accountants Friary Court 13-21 High Street Guildford GU13DL 8 November 2023 Ruskin College 23

Statement of Comprehenslve Income For the year ended 31 July 2023 Incorne 718 701 626.405 27e L6￿￿76 300 7.805 Tuitionle￿￿11￿th0rn contracts Iher Inc(￿[ Investrr￿￿lr￿￿￿[ L7￿j Total iNorr I3￿.864 ExperKhlwe SlaFF co RestrwN￿r￿j(O5t Other opwifwJeywees Depreci&( 841.776 6,181 %9.025 210.471 Tol& ?XF¢fLSiwe 2&7.453 Delicil Lkn(IF￿r￿r¥Sdnd Iosèes 74J Sain orb(53txF4 a$sols Gain ODIn￿lrrff IDeFithiBWutthrtiaxalion 74J IDelicilBYF4usftylheyear LhFe&Is￿￿lUs(￿r2Y&llaIlokn ol assets 74.9 7￿.59$ Total c(Kkn¥eincome lor the year lribthAetotr*cdleoe 794.007 Represer18d￿. ReslriCledc(￿tVts￿veJncome UnreslricledcthTryd￿siv8 Income 794.007 794.007 Ruskin College 24

Balance Sheet as at 31 July 2023 Notes Flxed a55et5 TanEible assets Investments 13 14 11189,770 16,529.118 18.ISV.770 16,529.113 Current a55ets Debtor5 Cash at bank and In 323.9ZO 2451.465 1775.385 3.613.016 3.977.99S Credittrr5.- amDuntsfalling due within one￿or 16 Ill479.1311 111,514.9151 1&50L1351 18.749.511) 9.688,6Y 7,779,571 Creditors. èmountsfaiiin8 due after trneyear 17 Delined benelSt pen51onscheme 13n.c(o) 1478,LWI Total net assets 9.310,615 7,301.572 Reserves Restritt&d Res8rv&5 Income and e¥penditure reserve- endowment ieseThe IncDme and expenditure reser¥e- restritte(J TeStr¥t Unrestritted Reserves Iniome and empenditure reserwe Revaluatlon reserwe 271936 27I9Y6 6,770 379.386 4594 207.9Z9 6,863,937 Total re5eryes awibvtableioihecolle¥e 9.310.635 7.501,572 Thelinanciai SEatemenES on pales 241ts45we￿ appmbtd and authorised tor Issue ttythe ecarf otDifecEors on 7 November202Y and eresigned on its behalf on that date by. Helena Peacock Ichair of the Boardl Ruskin College 25

ststement of changes In reserves Expendable A￿[ri￿e￿ UntesvittTed L4nd&8uildlngs 271936 156.788 114518 5.953.X2 6.507. 6&.411 730.595 &a,411 73Q.595 Ihheiiomprphensi¥p IrKome DeprEliation on re￿lUj ￿￿ets Tr4nsEei oipeTrnJnenieThdowmenrs Re4Trluatyon of 35sets TransfEts between r￿lUatiOn InEome expendit￿re r25ThTS 173Q.5551 75D.595 Totsltomptehefi5i¥e Incomeforthe￿T 730.595 793.9E8 aakrxEatSihty2D22 6.770 IhheTtomprphens5¥e Iniome S￿￿￿5 torthEyEaT 1.934.tL6 .062 1.934.146 .062 DeprEiiationon re￿lUe0 è55ets Tran51erolpeTmanefflt endowment5 eN71ualion of a55ets Tran51ersbervieen re￿al￿all0￿ Incomeaffld eXpendIt￿re reser4 IL9a4.146 96,541 1.934.146 196.5411 1965411 Torlll ttomwehtllsive incornetorrhebtai 1.934.146 Img.062 AaLwatSlJuty2023 71936 79.￿5 %110.635 26

Statement of Cash Flows for the year ended 31 July 2023 2028 2022 Note5 Net cash fr¢m operatlnB activities 20 1.118.724 2.241.362 21 22 42,826 1200.8211 Increase In cash ènd cash equSvaleNis for ihe year 1.161.550 2.040541 Cash èDd cash equSvaleDts èt the be8lnnlThBof the year 2A51.4165 410.924 Cash and ca$h equivaleTht$ 21 the end of the year 3 613 015 2 451 465 Ruskin College 27

Accounting policies General Informatlon Ruskin ColleÈe I'the College") is a private company limited by guarantee domiciled and incorporated in England & Wales. The College 15 a150 a registered charity Inumber 3097011 in England & Wales. The liability of direttors in the event of a winding up 15 limited by guarantee to an amount not exceeding £1 per director. The address of the College's registered office and principal place of operation is Ruskin College, Dunstan Road, Headington, Oxford. OX3 98Z. The College's principal activity is that of operating an education establishment and the nature of the College's operations are discussed in the Directors, Report. Basis of preparation These financial statements have been prepared in accordance with the Statement of Recommended Prattice: Accounting for Further and Higher Education 2019 1"the 2019 FE HE SORP"), the College Accounts Direction for 2022 to 2023, Regulatory Advice 9.. Accounts Direction issued by the Office for Students and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, I'FRS 102~1. The College is a public benefit entity and therefore has applied the relevant public benefit requirements of FRS 102. The financial statements are prepared in accordance with the historical c05t convention, rnodified to include the revaluation of freehold properties and to include certain financial instruments at fair value. Monetary amounts in these financial statements are presented in Pounds Sterlin& which is also the College's functional currency. rounded to the nearest whole £1. Golng concern The Directors have prepared the financial statements on a going concern basis as the College has adequate resources to continue IN operational existence for the foreseeable future, following the successful acquisition by the University of West London on 30 July 2021. UWL has confirmed that it would provide continued cash flow facilities to ensure the College is able to meet its liabilities as they fall due for a period of not less than 12 months from the date the financial statements are approved. Ruskin College 28

Accounting policies {continued) Income recognltlon Income from the Sale of good5 or 5ervice5 15 credited to the Statement of Comprehensive Income when the good5 or services are supplied to the external customers, or the terms of the contract have been satisfied. Fee income is stated 8ros5 of any expenditure which is not a discount and credited to the Statement of Comprehensive Income over the period in which students are studying. Where the amount of the tuition fee is reduced, by a discountfor prompt payment, income receivable is shown net of the discount. Bursarie5 and scholarships are accounted for gross as expenditure and not deducted from income. Investment income is credited to the Statement of Comprehensive Income on a receivable basis. Funds the College receives and disburses as payin8 agent on behalf of a funding body are excluded from the Statement of Comprehensive Income where the College is exposed to minimal risk or enjoys minimal economic benefit related to the transaction. Grant fundlng Government revenue 8rant5 including funding body recurrent 8rant5 and other grants are accounted for under the accrual model as permitted by FRS 102. Funding body recurrent grants are measured in line with best estimates for the period of what is receivable and depends on the particular income stream involved. Where part of a government grant is deferred it Is recognised a5 deferred incorne within creditors and allocated between creditors due within one year and due after more than one year as appropriate. Grants (including research grants) from non-government sources are recognised in income when the College is entitled to the income and performance related conditions have been met. Income received in advante of performance related conditions being met 15 recogni5ed as deferred income within creditors on the balance Sheet and released to income as the conditions are met. Donations and endowments Non exchange transactions without performance related tonditions are donations and endowments. Donations and endowments with donor imposed restrictions are recognised in income when the College is entitled to the funds. Income is retained within the restricted reSe￿e until such time that it is utilised in line with such restrictions at which point the income is released to Eeneral reserves throuEh a reserve transfer. Donations with no restrictions are recognised in income when the College is entitled to the funds. Investment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms other restriction applied to the individual endowment fund. There are three main types of donations and endowments identified within reserves.. Restricted donations The donor ha5 Specified that the donation must be used for a particular objective. Ruskin College 29

Restricted expendoble endowments The donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the College has the power to use the capital. Restricted permunent endowment The donor ha5 provided a permanent capital sum, which would be invested, and any income arisen would be used to support the specified spending criteria. Capltal grants The capital Erants are recognised in income in the year grants are received. Accountin8 for retirement benefits The two principal pension schemes for the College's staff are the Universities Superannuation Scheme IUSSI and the University of Oxford Staff Pension Scheme IOSPSI. The schemes are defined benefit 5chernes, which are externally funded and contracted out of the State Second Pension IS2PI. Each fund is valued annually by professionally qualified independent actuaries. Both schemes are multi-employer schemes, and the College is unable to identify its share of the underlying assets and liabilities of each scheme on a consistent and reasonable basis. Therefore, the College accounts for the schemes as if they were defined contributlON 5cheme5 15ee belowl. A liability is recorded within provisions for any contractual commitment to fund past deficits within both schemes. Defined Contribution Plan A defined contribution plan is a post-employment benefit plan under which the College pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees. Employment benefrts Short term employment benefits such as salaries and compensated absences (holiday payl are recogni5ed as an expense in the year in which the employee5, render service to the College. Any unused benefits are accrued and measured a5 the additional amount the College expects to pay as a result of the unused entitlement. Flnance leases Leases in which the Colleee assumes substantially all the risks and rewards of ownership of the leased a55et are cl355ified as finance lea5e5. Leased a55et5 acquired by way of finance lease and the corresponding lease liabilitie5 are initially recogni5ed at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remainin@ balance of the liabilitv. Ruskin College 30

Operating leases Costs in respect of operating leases are chareed on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term. Fixèd assets Fixed a55et5 are stated at cost less accumulated depreciation and accurnulated impairment1055es. Certain item5 of fixed assets that had been revalued to fair value on or prior to the date of transition to the 2015 FE HE SORP and following a professional valuation of the estates as at 31 July 2023, are measured on the basis of open market value, being the revalued amount at the date of that revaluation. The revaluation was done by professional property services firm Vail Williams. The valuers were instructed to prepare a report and valuation of the freehold interest in Ruskin College, Dunstan Road, Headington, Oxford, OX3 9BZ. The valuation was made on the assumption that there are no onerous conditions or restrictions affecting the market value reported. Market value is an appropriate basis for the valuation. as it has been derived through comparitors to similar specialist educational institutions specialist buildings. Where parts of a fixed asset have different useful lives. they are accounted for as separate items of fixed assets. Land and buildings Freehold land is not depreciated a5 It is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight-line basis over their expected useful lives of 50 years. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of any fixed asset may not be recoverable. Equlpment Equipment, including computers, costing less than £l,O(N) per individual item is recognised as expenditure. All other equipment is capitalised at cost. Capitalised equipment is stated at cost and depreciated over its expected useful life as follows.. Fixtures and fittings Computer equipment 12.5Yo per annum on a straight-line basis 25% per annum on a straight-line basis BorrowSng costs Borrtswin8 Costs are recognised as expenditure in the period in which they are incurred. Investments Non-current asset investments are held at fair value with movements recognised in the Statement of Comprehensive Income. Finantial assets and liabilities The College has chosen to adopt section 11 and 12 of FRS 102 in full in respect of instruments. Financial assets and liabilities are reco8nised when the College become5 a party to the contrartual provisions of the instrument. Financial assets and liabilities are cla55ified according to the 5ub5tance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. All loans and investments held by the College are classified a5 basic financi31 in5trument5 in accordance with FRS 102. These instrument5 are initially recorded at the transaction price less any transaction costs (historical costl. FRS 102 requires that basic financial instruments are subsequently measured at amortised cost, however the College has calculated that the difference between the historical cost and amortised cost basis is not material and so these financial Ruskin College 31

instruments are stated on the balance sheet at historical cost. Loans and investments that are payable or receivable within one year are not discounted. Cash and cash equlvalents Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penaltv. Cash equivalents are short term, highly liquid investments that are readily tonvertible to known amount5 of cash with insignificant risk of change in value. Provlslons and contlngent Ilabllltles and contlngent assets Provisions are recognised in the financial statements when.. lal the College has a present obligation (legal or constructivel as a result of a past event,. Ibl it is probable that an outflow of economic benefits will be required to settle the obligation,. and Icl a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is determined by di5countin8 the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Taxation The College is an exempt charity within the meaning of Part 3 of the Charities Act 2011. It is therefore a charity within the meaning of P3ra l of Schedule 6 to the Finance Act 2010 and 3ccordingly, th College is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 ICTA 20101 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes. The College is registered for Value Added Tax but 15 unable to recover any 5igNificant element of it5 input tax. Reserves ReseNes are classified as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the College, are held as a restricted fund. other restricted reserves include balances where the donor has designated a specific purpose and therefore the College is restricted in the use of these funds. Agency arran8ements The College acts as an agent in distributing bursary support funds from the fundine bodies. Payments received from the funding bodies ènd subsequent disbursernents to students are excluded from the income and expenditure tsf the College where the College doe5 not have control of the economic benefit related to the transaction. Ruskin College 32

Critical attounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation5 of future events that are believed to be reasonable under the circumstances. Crititol oreas ofiud9ement In preparing these financial statements, management have made the following judgements.. Leuse ÉJgreements Determine whether leases entered into by the College as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a leèse by lease basis. Critlcol accountlng estlm(rtes und assumptlons Tangiblefixed ossets TanÈible fixed assets, other thèn investment properties, were depreciated over their useful lives taking into account residual values, where appropriate. The actual live5 of the assets and residLJal values were assessed annually and may vary depending on a number of factors. In re-assessing asset lives. factors such as technological innovation, maintenance programmes, economic utilisation and physical condition of the assets are taken into account. Residual vèlue assessments consider issues such as future market condition5 and the remaining life of the asset. Pension Scheme provisions The value of the Pension Scheme provi5ion5 depends on a number of factors that are determined Using a variety of assumptions. The assumption5 Used in determining the net cost lincomel for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 18, will impact the carrying amounts of the provisions. Impoirment offixed tsssets The College considers whether tangible fixed assets are impaired. Where an indication of impairment is identified the estimation of the recoverable amount of the asset or the recoverable amount of the cash-generating unit is required. These will require an estimation of the future cash flow and selection of an appropriate discount rates in order to calculate the net present value of those cash flows. Ruskin College 33

3a Funding body grants 2023 2022 Recurrent grant- ESFA Adult Student Support Funds- ESFA Ofs Provision R8lease of deferred capit31 grant5 658,970 563,591 5,851 53,886 718,707 8,928 53,886 626,405 3b Total Grant and Fee Income 2023 2022 Grant income from the Ofs Grant income from other bodies 5,851 712,856 8,928 617,477 Total grants 718,707 626,405 Fee income for taught awards Fee income from non-qualifying courses 99,453 80,278 Total tuition fees and education contracts 99,453 80,278 Total grant and fee income 818,160 706,683 Tuition fees and education contracts 2023 2022 Full-time home and EU students Other contracts 99.453 80,278 99,453 80,278 Other Income 2023 2022 R8sidence5, catering and conference5 Other income 543,256 1,186,806 1,730,062 516,270 1,099,805 1.616,075 Ruskin College 34

Investment Income 2023 2022 Investment income Bank interest receivable 42,826 42,826 300 300 Donatlons and endowments 2023 2022 Unrestricted donations 21,582 21,582 7,805 7.805 Staff Costs The average number of persons lincluding key management personnell employed by the College during the year. described as full-time equivalents. was.. 2023 Number of employees 2022 Number of employees Teaching staff Non-teaching Staff VT full time equivalent 25 32 12 21 2023 2022 Staff costs for the above persons.. Wages & salaries Social security costs other pension costs Restructuring cost%- non contrartual Payroll sub total Contr3Cted out staffing service5 Total Staff Costs 623,696 52,586 18661 605,063 87,184 149,529 216,181 1,057,957 675,396 675,396 1,057,957 The College does not remunerate any of its staff using salary sacrifice arrangements. Ruskin College 35

Kèy management pèrsonnel compensation Key management personnel IKMPI are those persons having authority and responsibility for planning, directing and controlling the activities of the ColleEe. 2023 Number 2022 Number The number of KMP including the principal was For Comparisons purposes, the number of key management personnel and other staff who received emoluments, excluding pension contributions but including benefits in kind, in the following groups was.. 2023 Number KMP 2022 Number KMP £5,001- £10,000 £20,001- £25,001 £30,001- £35,000 £35,001- £40,000 £40,001- £50,000 £50,001 - £65,000 £65,001- £70,000 £70,001- £80,000 No non KMP in the organisation earned total compensation above £65,000 in thi5 financial year. For comparison, key management personnel lincluding the Accounting Officer) total compensation is made up as follows.. 2023 2022 Salaries National Insurance contributions 91,632 10,371 67,219 7,039 102.003 17,892 119,895 74,258 13,633 87,891 Pension contribution5 Total emoluments Ruskin College 36

Kèy management pèrsonnel compensation Icontirtuedl Compensation payable from l August 2022 until 31 July 2023 2023 2022 Salary National Insurance contributions Pension contribution5 Total The Chief Executive 15 remunerated by UWL for his overall Univer51ty responsibilities that include5 acting as accounting officer for the College. No costs are incurred by the College in respect of this. Relationship of Principal/Chief Executive pay and remuneration expressed as a multiple 2023 2022 Principal and CEO'S basic remuneration as a multiple of the median of all staff Principal and CEO'S total remuneration as a multiple of the median of all staff 0.00 0.00 0.00 0.00 The median salary of staff was calculated based on the total pay cost5 plus on costs of permanent staff, divided by the average number of full time equivalent permanent members of staff. 2023 2022 Compensation paid to the post holder Estimated value of other benefits Dirertors Remuneration The directors of Ruskin College other than the Principal and the staff directors did not receive anv payment from the College other thèn the reimbursement of travel and subsistence expenses incurred in the tourse of their duties. During the year £nil12022'.£nill directors with total expenses of £nil12022.'£nill were paid to or on their behalf in respect of travel and training and other out of pocket expenses incurred in the course of their duties. Ruskin College 37

10 Anatysigoftotal expenditurebyacb¥ryty 2023 2022 Teachin8 Costs 14on te8chinE costs PrLYriise5 212,858 557.175 818,796 1.588,829 334,776 157.674 476,575 969,025 Defictt before tax8tkin15ststed afterch8rgin8'. Financi315tatement5 audit o￿latIng ￿ase rènta DepreCiat￿n 43,902 49,685 16,8DJ 240,471 273,489 li InteFest and otherfin8Thcecosts ?ts?? Loan interest Net chargoon pen51on scheme5 12 Galn on diw5al of Flxed Assets 2023 2022 Galn on dL%posal of ftxed asset Ruskin College 38

13 Tangible fixed asseis Fieehold land and l¥Jildings Comwie Fs>rtuwes and fiiiings Txal Cosi AI1August 2022 Reva￿alle 76,￿0.0( 1.700.OD) 103.5 286.625 16.683.810 1.700.(￿0 Oisposak At31 ￿lY 2023 78￿00.00) 286.625 18.3&9.810 Oeprecialion At1Augu5t 2022 Chargelor year Oiposal EIKnhiatodon Rpuakntic 89.￿3 26.935 n.143 12.408 160.696 273.489 234.N6 Q34.1461 1234.1461 At31Mly2 116.489 83.551 200,040 Ilei Book Value Ai31 July 2023 Ai31 Mly 2￿2 113.3041 13.&32 3.073 215.482 18.189.770 16.S29.113 16nOO.O Land4ndbji￿ingSWere 1Wabxd￿￿ofesS￿aIproPerWSeN￿sfi'rrnVad wilhamsin1heper￿d. valuers nstrwiedio prepaiea Fepott and vahJs1iMoliheheeholdiniepèstin Ruskin Colleoe.DvDgstèrA Road. H•adiwion.Oxford.OX38BZ Dnamarketva￿QbaS￿. andlactoiing inthat aplannirE applicaiiDntod•rnli%h d constsucl new studenlaccoKnrnodation thesiehadbeenappigvedbyOxloidCiiyCounca. This isan ¥proFrfiatèbasis as ithas be￿ d￿1Ved tkwoughcorryariicrfsio similar spe¢ialiqtédu¢¥Jonal nstItUtb￿s sPe￿allS1bU1dry%. Thevalueis publishedihew ieport on 2Sth ￿ne2023ShNin9the maikei value ollardaTrJ È4iWin9a5 t18.0￿.000. Ilfixedasse15 had iwabJed&Éywouldhave &Éenin¢bJdedai 1cl1￿￿gh.￿rIo0oSramoUThrS.' C05t 1493regatedepr•cithonbas•doncost E.679.831 14.7.3211 N#boc4¢vak basedonoo* 10.881.57) Ruskin College 39

14 lThvesimni Assets 2023 21122 1 August 14.360 Income Reanalysis to bank and cash l14.2601 B￿aro¢ * 31 July Listed investrnents Long trm d•posKs Debtois 2023 2022 Duo within orwyoar Trade deb￿5 Other debrors Pr•pawnènt$ and ac¢rud income 239.180 720.200 5.600 364.980 205.527 88.516 29.B77 323.920 16 ÈdOIots.- 4bmothbiS falmthg thi ¥illbikn OR ¥er 2023 2022 Trade creditors Ot￿r crèditors Sodèl sècuii¢y orhw iaxatlork Ruskin Fellowship FuTrds ArnouThts owèd to Funding bodi•s UWL Infètcompany Ciedit Deferred capital grants A¢wuals and deFeriod income 294.527 f8.740 23.284 201.060 18.257 15.640 1,447.491 10.214.651 310,739 168.699 12.479.131 800.871 9.929.636 53,886 505.576 11.524.926 17 Cteditois: amtsthibts lamfjthg aflel ofve 2023 2022 Delévred capitalgwants Total Ruskin College 40

RetOVEry Plan Totsl At IAvEusf2022 Credried tolhe stateffjeTrtolcomprehenswe i￿O￿e unwind Of ttistounE 478.( (lo6,￿)) 478. 1106.(￿) AtgiJuiy2029 378( 378( Thedetined benefitobll(ètiQD prwsion Includes biiance5 feiariDitoèoEh The USS and 05￿ schemes whi(h arE 5plitbelOw Isee 29formore informatsonl" 2023 2023 U5SPen510 0SPSPen51on 3d3. 35.IK 378f 45D.( 28.1 The Coiieie has entered roto J defi(It recoveryscheffje in re5gectol both pension scheme5. The Pi0Vi5ion above retDETrlSesthe management's be5te5timate of Ehe presentNTrlueufthE Coll￿e'S liabilities underEh2se rEcoyery xhEme5 Thevrincipil ossurnoions of these calculitions ale-. 2023 2022 2013 Pensionatyle paygrOwEh per anftum Di5(ovnt(ote 235% 3.2 3.25% 3.2 5.25% Ruskin College 41

Fund5rfthECole 0121 ExpEnditure bEtWEenfunds dyR0bErtHopkin5Edu(at￿TrT￿SL E¥pa￿&abIeE￿d￿Wrn8nt 134422 283.701 138,42 2B3,701 7.601 13 7,5B3 Incom•& EpeDditur• RE¥BI￿atIon ReserwE 144.51a 5.9al342 2.330,364 730 595 2D7,929 6563917 061 459 014422 Inconp• E¥p•ndlttsrn bityJ••nlund> ResttittEd REsEr￿e& PeDnanEntEndDWmEfit d¥RDbÉrtHvpkID5Ed￿￿EvaTrTrUm 13&.422 laB.411 EAp•ftOibl•Efidowryt•nr 187.160 Resttitted 7.583 7.531 UnresErIitEdRe5e￿es Incofflè& Ex¥ndltur RE¥al￿ation Re52rvE 207.929 5,563.Y37 98,541 379.386 l.Y34,145 4 $46777 PenDanEntEndowmEnt BfidsDthedOfiuEkDnhaSèeentran￿WrEdtDfestritt￿ rE5EfwE51TrtheyEar TheinEomE ari51ng0nth￿￿￿ThdS￿lI1bea11Q(AEedtotheSÈ￿rtEnlHa￿￿h1P fund. E¥p3￿trableEll￿t>Wrn￿nt DDnation5afidsEholBfSIip5fro￿ifi￿￿￿UalSandD￿èrS&￿.Vnl0nS.tD5UpWtIeAr￿￿￿withfE￿5an￿Dth2rhB¥dS￿iP D4JfflattonsandSth0laf5hipsfrf￿1lld1v1￿uaIsW￿￿prI￿1￿e5fDf5p￿(￿￿CTit￿r1Z￿￿￿t￿w￿￿tsarèal1￿t UTrr&strittqd Funds Re5trictpd Funds Total Funds Fund balincesit31stJuly2023¥re repre￿fited by". Tan8iblofix•d a55•ts In¥e5trnent5 Currént assots Cr•ditorsfallinSd￿eWithiD one year Crediror5allini due ?t2rone year Defined benEfit peTr5ion li0￿11ty 18,189.770 18,189.770 3.644.E30 112,479,131> 333,165 3,977.995 112,479,131) 1378,Cq))I 1378,1)xil 8,977.469 334.165 9.310.63S Ruskin College 42

ReuMEikaknof LwatKydEfKitliTrta5hgenEFated ￿￿￿{used aPETatK 74.916 Intere5tand otherfinan￿£QSts Investment iniome Goin on diSVQSJI olfixeo a55ets Depr￿latIOn MovemeTIt on restritted re5erv2 TtBll5ferlo unrestr4(EEd reserve Movemern on penslon provi51cns 275.489 I95￿1) 96.541 140.471 52.510 205.580 356.074 MovemEnts in WOFkin& (apital Ilncrea5eii Decfease in debtOfS 141,080 954,205 12t3.6951 2,168. Reèna1￿15 of in%tStments C4sh 8enet¥ted fromllused inl operjtlons Ca5hfkn 2023 2022 Purihase of tangibleassets Ih¥esrmenE income Net incomefeMpen5eon fixed asset investments Sale of in¥ertments 215.481 42,826 ii,z60 Sale of tsngible a55ets 42,828 2W,821 13 2022 InterestpBia Intere5telementof finanie lease payments Repayment pf ￿￿OUnts borrtrwed Cèpitai eiemenT ol linJnce ieJse payments Ruskin College 43

The(a￿n&5M￿Unt0tthe Colle¥?'5 financial in5tiumentsai31Julyweie 2023 Less preoaymeThrsin￿arI￿llR￿u1 instrumenTI lOnE￿lM deposi De)iinsTWMen￿ meaS￿le¢ aiamonisedcosl SE4.980 323.92E To￿1 304.980 3J.92L Debt inst￿MentS Meas￿re￿ atamorti52dcD5t Shortterffltrpd￿Q￿ pernote 11479.131 11.524.916. Add ltsngteim elEmentDf bank 104nslDthEr LTilEm5 NtsEFI Ueirt ill5ttufflent5 measured atamortis￿c{b I￿.4￿.111 Tykl AttstAuE 2022 Ca5hflDW5 OthErihangt5 AtXlJuly21 CI5h indca5h equi¥alents 2451.465 Therearpno oosltraSanceshpetevefjt5to DoEplormeColleffesprKe3Lluly2023. Due tolh￿ natuiEoftheColleEe 5 ￿p￿TatIonS bnd[ry￿PD51Iy0n oltht bDJrd DfGo¥Ernot5 Ibeing lotal publir5(Eor è(wiOaKewi¢htheColleRe-5fiDaDrial re&ulationsènd pro(urememworedufe. Thpiertal Df room 5paEeatPuskin Colieyeiopafent compawtne Univers￿¥01 Wesl Londofj JoDe ￿t￿￿￿eI¥?1Ue ThEbalanie50utstandingwithth Unil￿￿ltyOfWe5tthnd0n asalth￿V2are￿d area5folliwJs. AMounT5 owetyTO UWL oweOTO lluJliin ¥yVWL 9.929.&a6 tnvjl lrtttothefrtsm UWLind group eAt￿les￿&S•SToll0ws. REntsl InEomefrom UWL andEfOUP ent￿pe5 81Q.QZ7 751.316 Ai31JulV￿2IrhecolIeee ThadnoleDse pJwnent5. 1.744 8ereenro &liveyeD Ruskin College 44

31105120 51103iXll ZIIOS12019 £ED. Cfj6.5Lm Ifl4lLmi V4lueoT4s5ets FufidlnEdeficl £66.5￿rn 3Sm £155rn lffl(Ipal asSUmPtlons-. PTe.¥EtirernEnt Gilts•L￿p. ￿￿.re￿ire￿￿rt Gilts2￿% p GiltS175% Rateol IntErÈSElprE.fètsiÈmentl PD5Eret41Ement. Grltl.OX p. Pts rtt4iemenT. Gilt￿)￿%￿. Gili0S% Gilrl 'BFplk-e￿￿, RPi-03% 'break-e￿. 'eFeak4En' RPl4.3% Tnefi reducinE ConsurneiP[lceslntt￿ Icpii RPI-IO%pa. CPil.5% Rateol Inire?5? In pension5 CPI rn3xS% CPl4OQ5% CPI-0￿* CP1 &005% 138sEar5 24.9sEar% 225￿1 tsssumed Iits ￿pe￿In[W￿r￿￿e5 65 Ifemales 24.9vpaf5 I5.1￿15 29 Writè offs, lossesi guarantèes, letter of comfort, compensation Ruskin had debts written off in the year to the value of £6,68812022..£541 In the normal course of business, UWL provided a letter of comfort to confirm that they will provide cash flow support a5 required to enable the College to meet liabilities as they fall due. Ruskin College 45

INDEPENDENT REPORTING ACCOUNTANfs REPORT ON REGULARITYTO THE CORPORATION OF RUSKIN COLLEGE AND THE SECRETARY OF FOR EDUCATION AcfiNG THROUGH THE EDUCATION AND SKILLS FUNDING AGENCY (THE ESFAI In accordance with the terms of our engagernent letter dated 22 lune 2021 and further to the requirements and conditions of funding in the ESFA'S grant funding agreements and contracts, or those of any other public funder, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects. the expenditure disbursed and income received by Ruskin College during the period l August 2022 to 31 July 2023 have not been applied to the purpose5 identified by Parliament and the financial transactions do not conform to the authorities which govern them. The framework that has been applied is set out in the post-16 audit code of practice Ithe Code) issued by the ESFA and in any relevant tondition5 of funding concerning adult education notified by a relevant funder. This report is made solely to the corporation of Ruskin College and the ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the corporation of Ruskin College and the ESFA those matter5 we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept, or a55urne, respon5ibilitv to anyone other than the corporation of Ruskin College and the ESFA for our work, for this report, or for the conclusion we have formed. Respertivè responsibilitiès of Ruskin Collègè and the reporting accountant The corporation of Ruskin College is responsible, under the requirements of the Further & Higher Education Act 1992, subsequent legislation and related regulations and guidance. for ensuring that expenditure disbursed, and income received. are applied for the purposes intended by Parliament. and the financial tran5aCtion5 conform to the authorities that govern them. Our responsibilities for this engagement are established in the United Kingdom by our profession's ethical guidance and are to obtain limited assurance and report in accordance with our enEagement letter ènd the requirements of the Code. We report to you whether anything has come tts our attention in carrying out our work which suggests that in all material respects, expenditure disbursed and income received during the period l August 2022 to 31 july 2023 have not been applied to purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them. Approach We conducted our engagement in accordance with the Code issued by the ESFA. We performed limited assurance engagement as defined in that framework The objective of a limited assurance engaeement is to perform such procedures as to obtain inforrnation and explanations in order to provide u5 Wlth Sufficient appropriate evidence to expre55 negative conclusion on regularity. A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a posltive opinion. Our engagement includes examination, on a test basis, of evidence relevant to the regularity of the tollege's income and expenditure. Ruskin College 46

The work undertaken to draw our conclusion included: Documenting the framework of authorities which govern the activities of the ColleEe,' Undertaking a risk asse55rnent based on our understanding of the general control environment and any weaknesses in internal contro15 identified by our audit of the financial statements,. Reviewing the self-asse55ment questionnaire which 5upport5 the representations included in the Chair of the Board of Directors and Accounting Officerfs statement on regularity, propriety and compliance with the framework authorities.. Testin8 transactions with related parties., ConfirminE through enquiry and sample testing that the ColleEe has complied with its procurement policies and that these policie5 comply with delegated authoritle5,' and Reviewing any evidence of impropriety resulting from our work and determining whether it was significant enough to be referred to in our regularity report. This list is not exhaustive and we perform additional procedures designed to provide us with sufficient appropriate evidenee to expres5 a limited assurante conclusion on regularity consistent with the requirements of the Code. This work was integrated with our audit of the financial statements and evidence was also derived from the conduct of that audit to the extent it supports the reeularity conclusion. Conclusion In the course of our work, nothing has come to our attention which suggests that in all material respects the expenditure disbursed and income received during the period l August 2022 to 31 July 2023 has not been applied to purpose5 intended by Parliament, that the financial transactitsns do not conform to the authorities which govern them nor have been improper. Use of our report This report is made solely to the College and the Secretary of State for Education acting through the ESFA in accordance with the terms of our engagement letter. Our work has been undertaken so that we mieht state to the College and the Secretary of State for Education acting through the ESFA those matters we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the Secretary of State for Education acting through the ESFA, for our audit work, for this report, or for the conclusion we have formed. Alliotts LLP Chartered Accountants Friary Court 13-21 High Street Guildford Surrey GUI 3DL 8 November 2023 Ruskin College 47