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← Ruskin College

2025-07-31-accounts

Ve‘| RuskinOxtord College

Annual Report and Financial Statements for the year ended 31 July 2025

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COMPANIES HOUSE
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Company Limited by Guarantee Registration Number 00066196 (England and Wales)

Charity Registration Number 309701

1

Board of Trustees during the year to 31 July 2025 were:

Helena Peacock (Chair)

James David Edmunds

Professor Peter John

Stuart Wright

Marion Fitzgibbon

Professor Graeme Atherton (Appointed 4" February 2025) Claire Willets (Appointed 13" May 2025) Jonathan Wells Lawrence (Resigned 1% June 2025) Matthew Robson Snowden (Resigned 13" September 2024) Professor Anthony Woodman (Resigned 19* December 2024) Dean Richardson (Appointed 24" April 2025)

Advisors

Financial statement auditorsand reporting Alliotts LLP
accountants 3 London Square
Cross Lanes
Guildford
GU1 1UJ
Internal auditors KPMG
15 Canada Square
CanaryWharf
London
E14 5SGL
Bankers Barclays
1 Churchill Place
London
£14 5SHP
Solicitors Shakespeare Martineau LLP
60 Gracechurch Street
London
EC3V OHR
Registered office Ruskin College
Dunstan Road
Headington
Oxford
OX39BZ

Contents

Reports

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|||||||||| |---|---|---|---|---|---|---|---|---| |Directors’|report and|Strategic|report|4| |Statement|of corporate|governance|and|internal|control|11| |Statement|on|regularity,|propriety,|and|compliance|16| |Statement|of responsibilities|of the|Directors|of Ruskin|College|17| |Independent|auditors’|report|to the|Directors|of|Ruskin|College|19| |Independent|reporting|accountant’s|report|on|Regularity|43|

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|||||||| |---|---|---|---|---|---|---| |Financial|Statements| |Statement of Comprehensive|Income|23| |Balance|Sheet|as|of 31|July|2025|24| |Statement|of Changes|in|Reserves|25| |Statement|of Cash|Flows|26| |Notes|to the|financial|statements|27-42|

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Directors’ report and Strategic Report for the year ended 31 July 2025

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 2025.

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 was designated for funding by the Education and Skills Funding Agency (ESFA) (now transferred to the Department for Education (DfE)).

Mission

Ruskin College’s mission has always been to provide educational opportunities to adults who are excluded and disadvantaged, and to transform the individuals concerned along with the communities, groups and societies from which they come. On acquiring Ruskin College on 30 July 2021, the University of West London (UWL) clarified the mission and vision for the future, which can be summarised as follows:

Public benefit statement

Ruskin College is a registered charity and is regulated by the Secretary of State for Education as Principal Regulator for all Further Education Corporations in England. The directors of Ruskin College who are trustees of the charity, are disclosed on page 12.

In setting and reviewing Ruskin College’s strategic objectives, the Board of Trustees has had due regard for the Charity Commission’s guidance on public benefit, particularly regarding its supplementary guidance on the advancement of education. The guidance sets out the requirement that all organisations wishing to be recognised as charities 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:

The delivery of public benefit is covered throughout the Directors’ Report.

Directors’ report and Strategic Report for the year ended 31 July 2025

Financial objectives

The College’s financial objectives were:

In the coming financial year, the objective will include further increasing and diversifying teaching and commercial income levels, as well as maintain the Outstanding Financial Health rating from the Dfe.

Financial performance indicators

The following financial performance indicators show the movement on the prior year.

Surplus/(Deficit) generated (after exceptional Surplus/(Deficit) generated (after exceptional £884k
items)
income		 SCSC~C~C~—CSCSSC _
Debt/incomerat
Cash days in hand
Staffcosts (excluding exceptional items) as a% 14% 25%
ofturnover
FinancialHealth 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 (now the Df€). 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 Finance Record for the ESFA (now the Df_E).

Financial position

Ruskin College achieved an operating surplus of £884k (2024: £96k). This operating surplus achieved was after adjusting for the provision of pension liabilities associated to both USS and OSPS pensions.

UWL, being the parent entity, which is demonstrably financially 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.

Directors’ report and Strategic Report for the year ended 31 July 2025

Treasury policies and objectives

Treasury management is 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 (now the DfE) with short-term borrowing requiring authorisation from the principal and all other borrowing requiring authorisation of the Board of Trustees and compliance with the requirements of the Financial Memorandum. Ruskin College had no such arrangements in 2024-25.

Liquidity

The current ratio gives an indication of Ruskin College’s ability to meet its short-term debt (within one year) using cash owed to Ruskin College.

Ruskin College has sufficient funding to continue operating as a going concern, thanks to its parent company, the University of West London (UWL). The college currently owes a loan to UWL, as detailed in Note 17. However, this loan will only need to be repaid if UWL issues a repayment notice. If such a notice is given, the loan will be fully repaid within 18 months. UWL’s objective is to support Ruskin College until it achieves financial independence

Payment performance

The Late Payment of Commercial Debts (Interest) Act 1998, which came into force on 1 November 1998, requires colleges, in the absence of agreement to the contrary, to make payments to suppliers within 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 has focused on expanding and diversifying its income sources across both educational and commercial activities. Ruskin College now offers degree courses in Law, Business Studies and Social Sciences. The College has made significant strides in HE recruitment as the number of HE Students increased from 57 to 84 in FY24/25.

Ruskin College delivered wide range of short courses. These include Tailored Learning programs (formerly Community Learning). The College is focusing on value-driven courses such as Award in ESOL Skills for Life (Reading), Awareness of Mental Health, Introduction to Sociology and many others. These courses aim to equip students with new skills, enhance their mental health and confidence, and foster personal and professional networks.

There were 23 Access to Higher Education students during the year completing 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 2,991 ESFA-funded students during the year, of which 158 were Tailored Learning and 2,833 on Trade Union programmes. There were 84 students funded by HE tuition fees and other sources.

Directors’ report and Strategic Report for the year ended 31 July 2025

Business development

Outreach under business development continued throughout the academic year and Ruskin College continued to engage with its 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.

Financial — Ruskin College has net assets of £12.6m (2024: £9.6m). This includes tangible fixed assets of £20.0m (2024: £18.2m), and pension liabilities of £0 (2024: £319k).

People — Ruskin College employs 26 people (2024:33) of whom3 are teaching staff (2023: 5), 4 are nonteaching staff (2024: 3), the remaining 19 being Visiting teachers (2024: 25).

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 processes. The Board of Trustees has overall responsibility for risk management. The risk register is maintained and identifies the key risks, the likelihood of those 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 2024-25 included the below:

Risk management process

The key risks have been reviewed by the Board of Trustees on a regular basis since inception and new risks have been identified and considered.

Key risk in relation to Government funding

The College continues to receive student funding through the ESFA. In 2024-25 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 mitigated in a number of ways:

Diverse Income Streams: Ruskin College is committed to developing a range of diverse income streams. These include further developing its Further Education offer, the continued commitment to a Higher Education offer and progressing in generating commercial income.

Meeting Local Priorities: Ruskin College works with local providers, communities and commissioners to address local needs.

Funding Priorities: Ruskin College continues to focus upon the funding priorities of the Department for Education to demonstrate 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.

Directors’ report and Strategic Report for the year ended 31 July 2025

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 has many stakeholders. These include:

Ruskin College recognises the importance of these relationships and engages 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.

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Number of employees who were relevant FTE employee number
a
Percentage of time Number of employees
a
Total cost of facility time | 0
Percentage of total bill spent on facility time
Time spent on paid trade union activities as a percentage of N/A
total paid facility time
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The above costs exclude any severance costs payable, if any.

Ruskin College has no formal agreement with staff or recognised unions in terms of time and cost on activities associated with supporting union activities.

Directors’ report and Strategic Report for the year ended 31 July 2025

Equality and Diversity

Ruskin College has a tradition of offering high quality education to mature students, many of whom have experienced social or economic disadvantages. Ruskin College is committed to promoting 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, regardless 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 access routes into education at the appropriate level.

Ruskin’s equality objectives, with a clear steer from directors and management, are to:

Safeguarding and Prevent Duty

Ruskin College ensures students and staff understand and engage in the safeguarding and Prevent Duty. Ruskin College’s Safeguarding Policy is available on the College website and is 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 good 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 works with its designated Medical Officer to ensure that appropriate decisions are taken, and appropriate support put in place from the interview stage onwards. Throughout their time at Ruskin, students are assisted by information and guidance, disability support, learning development and close tutorial contact as well as on-site advice services for those who are resident. This support, together with the collegial atmosphere, helps students to focus on their studies and hence change their lives for the better.

Directors' report and Strategic Report for the year ended 31 July 2025

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 its 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 designated a specific purpose and therefore the University is restricted in the use of these funds. At the end of the financial year 2024-25, the restricted reserves balance is equal to the restricted cash balance. Ruskin College will continue to accumulate reserves and cash balances to create contingencies to meet future financial requirements.

Events After the Reporting Period

There were no significant or notable events after the reporting period.

Future Developments

Ruskin's main priority will be to expand and diversify its income sources for both educational and commercial activities. A key part of this effort will be attracting more higher education (HE) students. This year, the number of HE students has grown from 57 to 84, and the college aims to further increase enrolment in the upcoming academic year.

Going Concern

The Directors have prepared the financial statements on a going concern basis. UWL will continue to provide working capital to the college 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.

Approved by order of the Board of Trustees on 4 [th ] November 2025 and signed on its behalf by:

Helena Peacock

{Chair of the Board)

Statement 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 1 August 2024 to 31 July 2025 and up to the date of approval of the annual report and financial statements.

The College endeavours to conduct its business:

Ruskin College is committed to exhibiting best practice in all aspects of corporate governance and the College/Board 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 sector and best practice.

In the opinion of the Board of Trustees, the College 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 2025.

The Board of Trustees recognises that, as a body entrusted with both public and private funds, it has a duty to observe the highest standards of corporate governance at all times. In carrying out its responsibilities, it takes full account of the code of good governance for English College’s issued by the Committee of University Chairs.

The Board of Trustees

There were three new Directors appointed during the year. It is the Board of Trustees’s responsibility to bring independent judgement to bear on issues of strategy, performance, resources and standards of conduct.

The Board of Trustees has a strong 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. Training is undertaken by all Board of Trustees to ensure they are competent.

The Board is provided with regular and timely information on the overall financial performance of Ruskin College together with other information such as performance against funding targets, proposed capital expenditure, quality matters, personnel related matters such as health and safety and environmental issues. The Board of Trustees 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 also provided on an ad hoc basis.

The Board of Trustees also conducts its business through a number of committees. The Audit and Risk Committee and Finance Committee of the University of West London are specifically designated to discuss and report on the subsidiary Ruskin College. Each committee has approved terms of reference.

Minutes of all meetings, except those deemed to be confidential by the Board of Trustees, are available from the Clerk to the directors at:

Statement of Corporate Governance and Internal Control

University of West London St Mary’s Road Ealing WS 5RF

The Clerk to the directors maintains a register of financial and personal interests of the Board of Trustees, and various Committees. The register is available for inspection at the above address.

All directors can take independent professional 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 Trustees as a whole. Formal agendas, papers and reports are supplied to directors in a timely manner, prior to Board meetings. Briefings are also provided on an ad hoc basis.

Appointments to the Board of Trustees

Any new appointments to the Board are a matter for the consideration of the full Board of Trustees. The Board of Trustees is responsible for ensuring that appropriate training is provided as required. Any new appointments to the Board of Trustees are appointed for a term of office ordinarily lasting four years (1 year for the student trustee). The Board of Trustees met four times in the financial year, in November 2024, February 2025, April 2025 and June 2025.

The following served on the Board of Trustees throughout the year:

The followingfollowing served on the Board of Trustees throughout the The followingfollowing served on the Board of Trustees throughout the year:
[Name
 Termofoffice = Role
Professor Peter
DavidJohn		 i
.07.
1
Appointed30.07.202		 i Y
100%
James David
Edmunds		 .
Appointed30.07.2021		 :
Director		 100%
eneearine
Peacock		 Appointed 23.11.2021 Chair 100%
ongerence
Wright		 Appointed30.01.2024
PP
a		 Director 100%
°
Marion Fitzgibbon Appointed 23.11.2021 100%
RGteSSOrantnony
Woodman		 Resigned 19.12.2024 Director 100%
MattiReESon
Snowden		 Resigned 19.12.2024 Director 100%
donatianiiells
Lawrence		 Resigned01.06.2025 100%
Graeme Atherton Appointed 04.02.2025 100%
Claire Louise Willitts Appointed 13.05.2025
DeanRichardson Appointed24.04.2025 100%

Audit and Risk Committee

The Audit and Risk Committee of the University of West London is specifically designated to discuss and report on the subsidiary Ruskin College. 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.

Statement of Corporate Governance and Internal Control

The Audit and Risk Committee also advises the Board of Trustees on the appointment of the reporting 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 2024, November 2024, February 2025 and June 2025. Attendance of the Audit and Risk Committee is below:

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|Name___|
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‘steveFower Meetings Attended |
‘ProfessorPeterJohn [|
Finance Committee
The Finance Committee takes a strategic overview of the finance of the College, including the
oversight of financial forecasts and budgets, the College’s investment policy, cash management and
borrowing policies, banking arrangements and insurance arrangements.
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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 against material misstatement or loss.

The Board of Trustees delegated the day-to-day responsibility to the Accounting Officer, for maintaining a sound system of internal control that supports the achievement of the College’s policies, aims and objectives, whilst safeguarding 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 Trustees any material weaknesses or breakdowns in 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 ofinternal 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 2025 and up to the date of approval of the annual report and accounts.

Statement of Corporate Governance and Internal Control

Capacity to handle risk

The Board of Trustees is of the view that there is a formal on-going process for identifying, evaluating and managing Ruskin College’s significant risks that has been in place for the period ending 31 July 2025 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 regular management information, administrative procedures including the segregation of duties, and a system of delegation and accountability. In particular the risk and control framework include:

An internal audit of core financial systems was conducted by KPMG Governance, Risk and Compliance services in May 2025. A rating of “significant assurance” was given over the selected financial controls, and KPMG concluded that the financial control environment was generally well designed and operated effectively. The work, outcomes and recommendations have been shared with the Board of Trustees 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 Trustees. The executive management team has shared at regular intervals the very latest assessment of risk.

The identification, evaluation and management of these risks is also outlined in the Director’s report, see page 7.

Review of effectiveness

in the year, as Accounting Officer, the Principal had responsibility for reviewing the effectiveness of the system of internal control. His review of the effectiveness of the system of internal control was informed by:

The Accounting Officer had been advised on the implications of the result of his review of the effectiveness of the system 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.

Statement of Corporate Governance and Internal Control

Responsibilities under accountability agreements

Ruskin College is deemed to have met its contractual responsibilities under its accounting agreements and contracts with the DfE. There has been regular communication between Ruskin College and the DfE in which no material issues have been raised. The CFFR for Ruskin College was submitted to the DfE in July 2025.

Statement from the Audit and Risk Committee

The Audit and Risk Committee has reviewed Ruskin College’s framework for governance and risk management 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:

Going concern

The Directors have prepared the financial statements on a going concern basis as Ruskin College is now a wholly owned subsidiary of UWL. UWL will continue to provide working capital to the college to ensure it will meet its financial objectives.

Approved by the directors of Ruskin College on 4t* November 2025 and signed on its behalf by:

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Signed: .
Date: 4/11/2025
Helena Peacock
(Chair of the Board)
/
Signed: [Lede :
Date: 4/11/2025
Professor Peter John CBE
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(Accounting Officer)

Statement on the College’s Regularity, Propriety and Compliance

As accounting officer of the Corporation of Ruskin College | confirm that | have had due regard to the framework of authorities governing regularity, propriety and compliance, including the College’s accountability agreement with DfE, and the requirements of the College Financial Handbook. | have also considered my responsibility to notify the Corporation’s Board of Trustees and DfE of material irregularity, impropriety and noncompliance with terms and conditions of all funding. | confirm that |, and the Board of Trustees, are able to identify any material irregular or improper use of all funds by the Corporation, or material non-compliance with the framework of authorities.

| confirm that no instances of material irregularity, impropriety or non-compliance have been discovered to date. If any instances are identified after the date of this statement, these will be notified to the Board of Trustees and DfE.

Approved by the directors of Ruskin College on 4** November 2025 and signed on its behalf by:

Signed: lhLcd ° Date: 4/11/2025 Professor Peter John CBE (Accounting Officer)

Statement of responsibilities of the directors of Ruskin College for the year ended 31 July 2025

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 College’s accountability agreement, funding agreements and contracts with ESFA and DfE and other relevant funding bodies and the Corporation of the College, requires the directors of the college to prepare financial statements and the Directors’ and Strategic Reports for each financial year in accordance with the Statement of Recommended Practice — Accounting for Further and Higher Education Institutions the annual Accounts Direction issued by the DfE, and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) and which give a true and fair view of the state 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 surplus/deficit of income over expenditure for that period.

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 records 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 (Accounts and Reports) Regulations 2008, Companies Act 2006 and other relevant accounting standards. They are responsible for taking steps 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 auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other[jurisdictions.]

Members of the Corporation are responsible for ensuring that expenditure and income are applied for the purposes intended and that the financial transactions conform to the authorities that govern them. In addition, they are responsible for ensuring that funds from ESFA, DfE, and any other public funds, are used only in accordance with the accountability agreement, funding agreements and contracts and any other conditions, that may be prescribed from time to time by Df€, or any other public funder, including that any transactions entered into by the corporation are within the

Statement of responsibilities of the directors of Ruskin College for the year ended 31 July 2025

delegated authorities set out in the College Financial Handbook. On behalf of the Corporation, the Chair of Board of Trustees is responsible for discussing the accounting officer’s statement of regularity, propriety and compliance with the accounting officer.

Membersofthe 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 resources and expenditure so that the benefits that should be derived from the application of public funds from DfE, ESFA and other public bodies are not put at risk.

Approved by order of the directors of Ruskin College on 4t* November 2025 and signed on its behalf by:

Signed: teks Ceoewh Date: 4/11/2025 Helena Peacock (Chair of the Board) Signed: [Lda . Date: 4/11/2025 Professor Peter John CBE (Accounting Officer)

Independent Auditor’s Report to the Directors of Ruskin College

Opinion

We have audited the financial statements of Ruskin College (the ‘College’) for the year ended 31 July 2025 which comprise the college statement of comprehensive income, the college balance sheet, the college statement of changes in reserves, the 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 Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 Board of Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 Trustee’s 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 other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection 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

Independent Auditor’s Report to the Directors of Ruskin College

financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified materia! misstatements in the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Framework and Guide for External Auditors and Reporting Accountants of Colleges issued by the Department for Education requires us to report to you if, in our opinion:

We have nothing to report in respect of the following matters where

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 17 to 18 (who act as Trustees for the charitable activities of the College, and are Directors of the College for the purposes of company law) are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the College’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the College or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Independent Auditor’s Report to the Directors of Ruskin College

Irregularities, including fraud, 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 which the audit was considered capable of detecting irregularities, including fraud

We assessed the susceptibility of the college’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Independent Auditor’s Report to the Directors of Ruskin College

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

Use of our report

This report is made solely to the directors, as a body, in accordance with the Funding Agreement published by the Education and Skills Funding Agency and our engagement letter dated 9 October 2025. Our audit work has been undertaken so that we might state to the directors, as a body, those matters we are engaged to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the directors, as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Mantel

Chris Mantel (Nov 24, 2025, 12:50pm)

Christopher Mantel (Senior Statutory Auditor)

For and on behalf of Altiotts LLP Chartered Accountants 3 London Square

Cross Lanes Guildford GU1 1UJ

24 Nov 2025

Statement of Comprehensive Income For the year ended 31 July 2025

2025 2024
Notes £ £
Income
Fundingbodygrants 3 699,257 1,045,273
Tuition feesandeducationcontracts 4 913,847 394,305
Otherincome 5 1,412,469 1,535,910
Investmentincome 6 135,700 129,752
Donationsandendowments 7 120 1,000
Total income 3,161,393 3,106,240
Expenditure
Staffcosts 8 445,788 774,640
Otheroperatingexpenses 10 1,634,885 1,994,611
Depreciation 13 196,936 240,659
Total expenditure 2,277,609 3,009,910
Surplus before othergainsand lasses 883,784 96,330
Gain on disposal offixedassets 12 - -
Gain on investments : :
Surplusbefore taxation 883,784 96,330
Taxation : -
Surplusfortheyear 883,784 96,330
Unrealised surpluson revaluation ofassets 2,070,001 212,500
Total comprehensiveincomeforthe year attributabletothecollege 2,953,785 308,830
Represented By:
Restricted comprehensive Income - -
Unrestricted comprehensiveincome 2,953,785 308,830
2,953,785 308,830

Balance Sheet as at 31 July 2025

2025 2025 2024 2024
Notes f f f f
Non current As ets
Tangi_ble F1Xed assets 13 20,034,676
20,034,676		 18,161,611
.18,161,611
Current assets
Debtors
Investm nts
Cash and cash equivalents		 15
14		 669,406
2,300,000
653,890
3,623,296		 652,200
2,300,000
538,988
3,491,lSS
Creditors: amounts falling due within one year 16 [1,100,781) (1,617,806)
Net cunent Assets/liabilities 2,522,515 1,873,382.00
Total assets less current liabilities 22,557,191 20,034,993
Creditors: amounts falling due
after one year 17 (9,983,997) (10,096,565)
Provisions
Defined benefit pension scheme 18 [319,000)
Total net assets 12.573,195 9,619,428
Reserves
Restricted Reserves
Income and expenditure reserve• endowment reserve
Income and expenditure reserve· restricted reserve		 272,936
60,174		 2TI,936
60,193
Unrestricted Reserves
Income and expenditure reserve
Revaluation reserve		 1,572,000
10,668,084		 688,216
8,598,083
Total reserves attributable to the college 12,573,195 9,619,428

The financial statements on pages 27 to 44 were approved and authorised for issue by the Governine Executive on 4th November 2025 and were siened on its behalf on that date by:

Helena Peacock

(Chair of the Board)

Statement of changes in reserves as at 31 July 2025

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||||||||| |---|---|---|---|---|---|---|---| |Income|7|Revaluation| |and Expenditure reserve|Reserve|Total| |Expendable|:|.|.| |Endonnest|Restrictedricte|Unrestricted|Land &|Bulldings| |£|£|£|£| |Balance at 1 Aug 2023|272,936|60,229|379,386|8,598,083|9,310,635| |Surplus/(Defictt) from the income and expenditure account|.|-|96,330|:|96,330| |Other comprehensive income|-|:|212,500|-|212,500| |Surplus for the year|-|-|308,830|-|308,830| |Release of restricted funds spent|in year|-|(37)|-|.|(37)| |Total comprehenstve income for the year|-|(37)|308,830|-|308,793| |Balance at|31|Juty 2024|272,936|60,192|688,216|8,598,083|9,619,428| |Surplus from the income and expenditure account|-|-|883,784|-|883,784| |Other comprehensive income|-|-|2,070,001|-|2,070,001| |Surplus for the year|-|-|2,953,785|-|2,953,785| |Transfers between|revaluation and income and expenditure reserves|-|-|(2,070,001)|2,070,001|-| |Release of restricted funds spent|in year|-|(19)|-|-|(19)| |Total comprehensive income for the year|-|(19)|883,784|2,070,001|2,953,767| |Balance at 32 July 2025|272,936|60,174|1,572,000|10,668,084|12,573,195|

----- End of picture text -----

25

Statement of Cash Flow for the year ended 31% July 2025

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||||||| |---|---|---|---|---|---| |2025|2024| |Notes|€|£| |Net cash from operating activities|20|(20,797)|(903,779)| |Investing|activities|yal|135,700|(2,170,248)| |Financing|activities|22|-|-| |Increasein cash and cash equivalentsfor the year|114,903|(3,074,027)| |Cashand|cash|equivalents atthe|beginningof the year|538,988|3,613,015| |Cash and cash equivalents at the end of the year|653,690|538,988|

----- End of picture text -----

Ruskin College 26

1 Accounting policies

General information

Ruskin College (“the College”) is a private company limited by guarantee domiciled and incorporated in England & Wales. The College is also a registered charity (number 309701) in England & Wales. The liability of directors in the event of a winding up is 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 9BZ.

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 Practice: Accounting for Further and Higher Education 2019 (“the 2019 FE HE SORP”), the College Accounts Direction for 2024 to 2025, 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’ (“FRS 102”). 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 cost convention, modified 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 Sterling, which is also the College’s functional currency, rounded to the nearest whole £1.

Going 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.

Income recognition

Income from the sale of goods or services is credited to the Statement of Comprehensive Income when the goods or services are supplied to the external customers, or the terms of the contract have been satisfied.

Fee income is stated gross 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 discount for prompt payment, income receivable is shown net of the discount. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income. Investment income is credited to the Statement of Comprehensive Income ona receivable basis.

Funds the College receives and disburses as paying 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.

Ruskin College 27

Grant funding

Government revenue grants including funding body recurrent grants 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 income stream involved. Where part of a government grant is deferred it is recognised as deferred income 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 advance of performance related conditions being met is recognised 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 conditions 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 reserve until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through 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 reserve

Restricted donations

The donor has specified that the donation must be used for a particular objective.

Restricted expendable 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 permanent endowment

The donor has provided a permanent capital sum, which would be invested, and any income arisen would be used to support the specified spending criteria.

Capital grants

The capital grants are recognised in income in the year grants are received.

Accounting for retirement benefits

The two principal pension schemes for the College’s staff are the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The schemes are defined benefit schemes, which are externally funded and contracted out of the State Second Pension (S2P). 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 contribution schemes (see below).

A liability is recorded within provisions for any contractual commitment to fund past deficits within both schemes.

Ruskin College 28

Operating leases

Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

Fixed assets

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Certain items 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 2025, 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 Savills. 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 as 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.

Equipment

Equipment, including computers, costing less than £1,000 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 12.5% per annum ona Straight line basis Computer equipment 25% per annum ona straight line basis

Computer equipment

Borrowing costs

Borrowing 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.

Financial 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 recognised when the College becomesa party to the contractual provisions of[the][instrument.][Financial][assets][ and][liabilities][are][classified][according][ to][ the][ substance] of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.

All toans and investments held by the College are classified as basic financial instruments in accordance with FRS 102. These instruments are initially recorded at the transaction price less any transaction costs (historical cost). 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 instruments are stated on the balance sheet at historical cost. Loans and investments that are payable or receivable within one year are not discounted.

Ruskin College

29

Cash and cash equivalents

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 penalty.

Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Provisions and contingent liabilities and contingent assets

Provisions are recognised in the financial statements when:

(a) the College has a present obligation (legal or constructive) as a result of a past event;

(b) it is probable that an outflow of economic benefits will be required to settle the obligation; and

(c) a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is determined by discounting 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 Para 1 of schedule 6 to the Finance Act 2010 and accordingly, the 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 (CTA 2010) 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 is unable to recover any significant element of its input tax.

Reserves

Reserves 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 arrangements

The College acts as an agent in distributing bursary support funds from the funding bodies. Payments received from the funding bodies and subsequent disbursements to students are excluded from the income and expenditure of the College where the College does not have control of the economic benefit related to the transaction.

Ruskin College 30

2 Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical areas ofjudgement

In preparing these financial statements, management have made the following judgements:

Lease agreements

Determine whether leases entered 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 lease-by-lease basis.

Critical accounting estimates and assumptions

Tangible fixed assets

Tangible fixed assets, other than investment properties, were depreciated over their useful lives considering residual values, where appropriate. The actual lives of the assets and residual values were assessed annually and may vary depending on several factors. In re-assessing asset lives, factors such as technological innovation, maintenance programmes, economic utilisation and physical condition of the assets are considered. Residual value assessments consider issues such as future market conditions and the remaining life of the asset.

Pension Scheme provisions

The value of the Pension Scheme provisions depends on several factors that are determined using a variety of assumptions. The assumptions used in determining the net cost (income) 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.

Impairment offixed assets

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 to calculate the net present value of those cash flows.

Ruskin College 31

3a Funding body grants

3a
Funding body grantsgrants
2025 2024
£ £
Recurrent grant—ESFAAdult 699,257 734,534
Release ofdeferred capital grants > 310,739
699,257 1,045,273
3b
Total Grant and Fee Income
2025 2024
£ £
Grant incomefrom other bodies 699,257 1,045,273
Total grants 699,257 1,045,273
Fee income fortaughtawards 913,847 394,305
Total tuition fees and education contracts 913,847 394,305
Total grant and feeincome 1,613,104 1,439,578
4
Tuition fees and education contracts
2025 2024
£ £
Full-time home and EU students 913,847 394,305
913,847 394,305
5
Other income
2025 2024
£ £
Residences, catering and conferences 508,801 516,171
Other income 903,668 1,019,739
1,412,469 1,535,910
6
Investment income
2025 2024
£ £
Bank interest receivable 135,700 129,752
135,700 129,752

Ruskin College 32

7 Donations and endowments

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||||| |---|---|---|---| |2025|2024| |£|£| |Unrestricted|donations|120|1,000| |120|1,000|

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8 Staff costs

The average number of persons (including key management personnel) employed by the College during the year was the following:

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||||||| |---|---|---|---|---|---| |2025|2024| |Teaching|staff|3|5| |Non-teaching|Staff|4|3| |7|8| |Visiting Teachers|19|25| |26|33| |2025|2024| |£|£| |Staff costs|for the above|persons:| |Wages &|salaries|638,062|690,505| |Social|security|costs|59,611|58,646| |Other|pension|costs|(251,885)|25,489| |Payroll|sub total|445,788|774,640| |Contracted|out|staffing|services|-|-| |Total|Staff Costs|445,788|774,640|

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The College does not remunerate any of its staff using salary sacrifice arrangements.

Severance Payment

The College paid severance payment, disclosed in the following bands:

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----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£0|to|£25,000|-|1| |£25,001|to|£50,000|-|-|

----- End of picture text -----

Included in staff cost above are severance payment totalling £0 (2024: £12k)

Ruskin College 33

9 Key management personnel compensation

Key management personnel (KMP) are those persons having authority and responsibility for planning, directing and controlling the activities of the College.

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Number|Number| |The|number|of KMP|including|the|principal|was|4|2|

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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:

==> picture [385 x 109] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |2025|2024| |Number|Number| |KMP|KMP| |£45,001|- £50,000|2| |£50,001|- £60,000|1|1| |£60,0001-£65,000|1|1| |aee|ee|

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No non KMP in the organisation earned total compensation above £65,000 in this financial year.

For comparison, key management personnel total compensation is made up as follows:

==> picture [378 x 107] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£|£| |Salaries|184,856|91,971| |National|Insurance|contributions|21,881|10,182| |206,737|102,153| |Pension|contributions|26,288|12,773| |Total|emoluments|233,025|114,925|

----- End of picture text -----

Compensation payable from 1 August 2024 until 31 July 2025

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----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£|£| |Salary|.|-| |National|Insurance|contributions|-|-| |Pension|contributions|-|-| |Total|—E———|

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Ruskin College 34

9 Key management personnel compensation (continued)

The Chief Executive is remunerated by UWL for his overall University responsibilities that includes acting as accounting officer for the College. No costs are incurred by the College in respect of[this.]

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Relationship|of|Principal/Chief Executive|pay and| |remuneration|expressed|as|a|multiple|2025|2024| |Principal|and CEO’s|basic remuneration|as a|multiple of the|0.00|0.00| |medianofall|staff| |Principal and CEO’s total|remuneration|as a|multiple of the|0.00|0.00| |median|of|all|staff|.|°|

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The median salary of staff was calculated based on the total pay costs plus on costs of permanent staff, divided by the average number of full time equivalent permanent members of staff.

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Compensation|paid|to|the|post|holder|-|=| |Estimated|value|of other|benefits|:|-|

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Directors Remuneration

The directors of Ruskin College other than the Principal and the staff directors did not receive any payment from the College other than the reimbursement of travel and subsistence expenses incurred in the course of their duties.

During the year £nil (2024: £nil) directors with total expenses of Enil (2024:£nil) 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 35

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |10|Analysis|of|totalexpenditureby|activity|2025|2024| |£|£| |Teaching costs|299,755|394,146| |Non teaching costs|688,642|937,205| |:|646,488|663,260| |1,634,885|1,994,611| |Surplus before taxation tsstated after|charging:| |Financial statements audit|35,707|47,850| |Depreciation|196,936|240,659| |11|«= Interest|and other|finance costs|2025|2024| |£|£| |Loan interest|=|‘| |Net charge|on pension|schemes|=|———| |412|Gain|on disposal ofFixed Assets|2025|2024.| |£|£| |Gain|on disposalof|fixed|asset:|-|-|

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Ruskin College 36

13‘ Tangible fixed assets

Freeholdland Computer Fixturesand
and bulldings equipment fittings Total
pee, « ese eee
Cost
At1August2024 18,000,000 103,185 286,625 18,389,810
Revaluation 1,900,000 - - 1,900,000
Additions - - - -
Disposals - - - -
At31July2025 19,900,000 103,185 286,625 20,289,810
Depreciation
At1August2024 - 103,185 125,014 228,199
Chargeforyear 170,001 - 26,935 196,936
Disposal
Eliminated onRevaluation		 -
(170,001)		 .
-		 =
-		 -
(170,001)
At31July2025 - 103,185 151,949 255,134
NetBookValue
At31July2025 19,300,000 - 134,676 20,034,676
At31July2024 18,000,000 - 161,611 18,161,611

14 Investment Assets

14
Investment AssetsAssets
2025 2024
£ £
Represented by:
Listed investments - -
Shortterm deposits. 2,300,000 2,300,000
2,300,000 2,300,000
15
Debtors
2025 2024
Duewithin one year £ £
Tradedebtors 642,821 477,087
Otherdebtors 2,636 89,215
Prepaymentsandaccruedincome 23,949 85,894
669,406 652,200
16 =Creditors: amountsfallingduewithinoneyear
2025 2024
£ £
Trade creditors 415,556 382,472
Othercreditors 9,573 9,351
Social securityand othertaxation 18,458 23,833
Amountsowed toFundingbodies 170,930 834,517
Deferred capitalgrants 31,025 -
Accrualsanddeferred income 447,004 360,146
HolidayPayAccrual 8,235 7,486
1,100,781 1,617,805

Ruskin College 37

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17. Creditors: amounts falling due after one year
2025 2024
£ £
UWL Intercompany Creditor 9,983,997 10,096,565
Total 9,983,997 10,096,565
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Concessionary Loan from the University of West London

The concessionary loan from UWL to Ruskin has been mesured at the amount received and recognised in the statement of financial statement as non-current liability. The terms and conditions of the loan are as follows:

Loan Amount: £9,983,997

interest Rate: The loan carries an interest rate of 0%, making it an interest-free facility. Security: No security or collateral is required for the loan. Repayment Tenms: The loan ts repayable within 18 months after the University of West London issues a formal repayment notice. Until such notice is received, no repayments are required. Maturity Date: The repayment schedule will be triggered by the notice from the University of West London. The foan will be fully repaid within 18 months from the date of such notice.

2025 2024
18
Provisions
Pension Pension
Provision Provision
£ £
At1August2024 319,000 378,000
Creditedtathestatementofcomprehensive income (319,000) (64,000)
Unwind ofdiscount - 5,000
At31July2025 - 319,000
Thedefined benefit obligation provision includes balancesrelatingto boththe USS andOSPSschemes
which aresplitbelow(seenote 29formore Information):
2025 2024
E £
USS Pension - 303,000
OSPS Pension = 16,000
- 219,000

The defined benefit obligation provision includes balances relating to both the USS and OSPS schemes which are split below (see note 29 for more Information):

The College has entered into a deficit recovery scheme in respect of both pension schemes. The provision above recognises the management's best estimate of the present value of[the][College's][llabilities][ under][ these][recovery] schemes. No pension provision has been recognised because both the USS and OSPS schemes are in surplus, resulting in the pension liability being reduced to zero.. The principal assumptions of these calculations are:

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uss OSPS
2025 2024 2025 2024
£ £ £ F
Pensionable pay growth per annum 2.50% 2.60% 2.50% 2.60%
Discount rate 5.90% 5.10% 5.90% 5.10%
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Ruskin College 38

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|||||||| |---|---|---|---|---|---|---| |19a|Funds of|the|College| |01-Aug-23|Income|Expenditure|Transfer|31-Jul-24| |between|funds| |£|£|£|£|ca| |Restricted|Reserves| |Andy Robert Hopkins|Education Trust|138,422|-|-|-|138,422| |Expandable|Endowment|187,160|-|-|(37)|187,128| |Restricted|7,583|-|-|-|7,583| |Unrestricted|Reserves|%| |income & Expenditure|379,386|3,318,740|(3,009,909)|-|688,217| |Revaluation|Reserve|8,598,083|-|-|-|8,598,083| |Seee|Eeeeeeeeeeee—nemym| |9,310,635|3.328,740|(3.009.909)|(37)|9.619.428| |01-Aug-24|Income|Expenditure|Transfer|31-Jul-25| |between|funds| |£|£|£|£|£| |Restricted|Reserves| |Permanent Endowment|.|<|"|.|“| |Andy Robert Hopkins|Education Trust|138,422|-|-|-|158,422| |Expandable Endowment|187,123|-|-|(29)|187,104| |Restricted|7,583|-|-|-|7,583| |Unrestricted|Reserves| |Income & Expenditure|688,217|3,161,993|(2,277,609)|-|1,572,002| |Revaluation|Reserve|6,598,083|2,070,001|-|-|10,668,084| |ee| |9,619,428|5,231,394|{2.277.609}|ee(19)|12,573,195ee| |Permanent|Endowment| |The Robert Addy Hopkinson|Education Trust fund was|initially|recognised|as a permanent endowmentto be invested to generate an income return,| |as the funds|donated had a permanent endowment restriction|in the donating trust|This|restriction was subsequently lifted|by the Charity| |Commission, and 50 the donation has been transferred to|restricted|reserves|in the year. The income arising on these funds will be allocated to the| |Student|Hardship|fund.|

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Expandable Endowment

Donations and Scholarships from individuals and others ¢.g. unions, to support learners with fees and other hardship.

Restricted

Donations and Scholarships from individuals which provides for specific criteria on how funds are allocated.

19b Analysis of net assets between funds

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||||||| |---|---|---|---|---|---| |Unrestricted|Funds|Restricted|Funds|Total|Funds| |£|ft|£| |Fund balances|at 31st|July 2025|are| |represented|by-| |Tangible fixed|assets|20,034,676|-|20,034,676| |Current assets|3,290,186|333,110|3,623,296| |Creditors falling due within|one year|(1,100,781)|:|(1,100,781)| |Creditors falling due after one year|(9,983,997)|(9,983,997)| |Defined|benefit pension|tiability|-|:|-| |Total net assets|12,240,085|333,110|12,573,195|

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Ruskin College 39

2 Reconclitiatton of operating deficit to cash generated from/(used in) operations.

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Surplus/(Deficit)|for the year|883,784|96,330| |Interest|and|other finance costs|-|-| |investment|income|(135,700)|(129,752)| |Gain|on|disposal|of fixed|assets|-|-| |Depreciation|196,936|240,659| |Movement|on|restricted|reserve|(19)|(37)| |Transfer to|unrestricted|reserve|-|-| |Movement on|pension|provisions|(319,000)|(59,000)| |626,001|148,200| |Movements|in|working|capital| |(Increase)|/ Decrease|in debtors|(17,206)|(287,220)| |Increase|/ (Decrease)|in|creditors|(629,594)|(764,759)| |Reanalysis|of investments|-|-| |Cash generated from/(used|in) operations|(20,798)|(903,779)| |21|Cash flows from|investing|activities| |2025|2024| |£|£| |Purchase of tangible|assets|:|-| |Investment|income|135,700|129,752| |Net income/expense|on|fixed|asset investments|-|-| |Sale|of|investments|-|-| |Amount|invested|in|deposits|-|(2,300,000)| |135,700|(2,170,248)| |22|Cash flows from financing activities|2025|2024| |£|£| |Interest|paid|-|-| |Interest|element|of finance|lease|payments|-|-| |Repayment of amounts|borrowed|-|-| |Capital|element|of finance|lease|payments|:|.|

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23s Enancia! instruments

The carrying amount ofthe College's financial instruments at 31 July 2025 were:

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|E| |Financial assets| |Debt instruments meosured at omortised|cost| |Debtors|per debtor note|669,406|652,200| |Less|prepayments|(not a|financial|instrument)|-|,| |Short term deposits|2,300,000|2,300,000| |Debt instruments measured|at amortised cost|2,969,406|2,952,200| |Equity instruments measured|at fair|value through income and|expenditure|.|-| |Total|2,969,406|2,952,200| |Financial|liabilities| |Debt|instruments|measured|at amortised|cost| |Short term creditors per note|1,100,781|1,617,806| |Less|OTSS|(not|a|financial|instrument)|-|-| |Less finance|lease agreements|(not a|financial|instrument}|-|-| |Less|deferred|income|(not a|financial|instrument)|-|-| |Less|Ruskin|fund (similarto|deferred|income)|.|-| |Less|deferred|capital|grants (similarto deferred|income}|.|-| |Add|long term element of bank toans|(other LT items are not Fi)|9,983,997|10,096,565.00| |Debt instruments|measured at amortised cost|11,084,777|11,714,371| |Total|11,084,777|11,714,371| |24|~~|Cash and cash equivalents| |At|Ist|Aug 2024|Cash flows|Other changes|Ar 31 July 2025| |£|£|f|£| |Cash|and cash|equivalents|538,988|114,902|-|653,890| |25|Post Balance Sheet Events| |There are no post|balance sheet|events to note for the College since 31 July 2025.| |26|Related|Party Transactions| |‘Due to the nature of the College's operations and composition of the Board of Trustees, to the nature of the College's operations and composition of the Board of Trustees, the nature of the College's operations and composition of the Board of Trustees, of the College's operations and composition of the Board of Trustees, the College's operations and composition of the Board of Trustees, College's operations and composition of the Board of Trustees, operations and composition of the Board of Trustees, and composition of the Board of Trustees, composition of the Board of Trustees, of the Board of Trustees, the Board of Trustees, Board of Trustees, of Trustees, Trustees,|It|is inevitable that transactions will take place with inevitable that transactions will take place with that transactions will take place with transactions will take place with will take place with take place with place with with| |organisations In which In which which|a member of member of of|the Boarf of Boarf of of|Trustee may have an may have an have an an|interest.|All transactions transactions|involving|organisations|in which which|a member of the member of the of the the| |Board of of|Trustee may have an interest are conducted may have an interest are conducted have an interest are conducted interest are conducted are conducted conducted|in accordance with the College's accordance with the College's with the College's the College's College's|financial|regulations and normal procurement procedure. and normal procurement procedure. normal procurement procedure. procurement procedure. procedure.| |The|rental of room space at Ruskin of room space at Ruskin room space at Ruskin space at Ruskin at Ruskin Ruskin|College to parent company the University of West to parent company the University of West parent company the University of West company the University of West the University of West University of West West|London was done at market value. was done at market value. done at market value. at market value. market value. value.| |Transactions with funding|bodles are|detalted|in note|3.| |The|balances outstanding|with the|University of West London|as at the year end|are as follows:| |2025|2024| |£|ff| |Amounts|owed to UWL|9,983,997|10,096,565| |Amounts owed to|Ruskin|by UWL|-|-| |Rental|income from UWL and group|entities was as follows:|2025|2024| |£|£| |Rental|Income from UWL and group entitles|313,520|484,528| |27°|“Operating|Leases| |At 31 July 2025 the|College|had no lease|payments;| |2025|2024| |£|£| |In one year or|less|“|a| |Between two|&|five years|-|-|

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‘Due to the nature of the College's operations and composition of the Board of Trustees, to the nature of the College's operations and composition of the Board of Trustees, the nature of the College's operations and composition of the Board of Trustees, of the College's operations and composition of the Board of Trustees, the College's operations and composition of the Board of Trustees, College's operations and composition of the Board of Trustees, operations and composition of the Board of Trustees, and composition of the Board of Trustees, composition of the Board of Trustees, of the Board of Trustees, the Board of Trustees, Board of Trustees, of Trustees, Trustees, It is inevitable that transactions will take place with inevitable that transactions will take place with that transactions will take place with transactions will take place with will take place with take place with place with with organisations In which In which which a member of member of of the Boarf of Boarf of of Trustee may have an may have an have an an interest. All transactions transactions involving organisations in which which a member of the member of the of the the Board of of Trustee may have an interest are conducted may have an interest are conducted have an interest are conducted interest are conducted are conducted conducted in accordance with the College's accordance with the College's with the College's the College's College's financial regulations and normal procurement procedure. and normal procurement procedure. normal procurement procedure. procurement procedure. procedure. The rental of room space at Ruskin of room space at Ruskin room space at Ruskin space at Ruskin at Ruskin Ruskin College to parent company the University of West to parent company the University of West parent company the University of West company the University of West the University of West University of West West London was done at market value. was done at market value. done at market value. at market value. market value. value.

Ruskin College 41

28 Amounts disbursed as agents - Learner support funds

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2025 2024
Learner support funds £ £
16-18 bursary grants - ~
Other funding body grants 18,457 21,428
18,457 21,428
Disbursed to Students 11,400 -
Adminstration costs 2,927 2,787
Balance unspent as at 31 July, included in creditors 4,130 18,641
29 ‘Retirement benefits
USS OSPS
2025 2024 2025 2024
Date of valuation 31/03/2023 31/03/2023 31/03/2022 31/03/2022
Value of liabilities £65,700m £65,700m £914.3m £914.3m
Value of assets £73,100m £73,100m £961:2m £961.2m
Funding surpius/ (deficit) £7,400m £7,400m £46.9m £46.9m
Principal assumptions:
Pre- Pre- Pre-
Pre-reti : retirement: retirement. retirement
Rate pasate a Gilts+2.5% Gilts+2.25% ——-Gilts+2.25%
of interest (pre-retirement) Post retirement: p.a. p.a: p.a.
Gilts0.9% pa Post Post Post
oa pa. retirement: retirement: retirement:
Gitt+0.9% p.a. Gilt+0.5% p.a. Gitt+0_5% p.a.
Break-even RPI Break-even
curve less RPI curve less
Retail Price Index (RPI) ‘Break-even' ‘Break-even' 0.5% p.a. pre- 0.5% p.a. pre-
2030and1.0% 2030 and 1.0%
p.a. post-2030 —p.a. post-2030
RP! fess 10% RPI inflation RPt inflation
RPI less 1.0% to to 2030, then assumption assumption
Consumer . 2030, then reducing less less
Prices Index (CPt) reducing linearty finearly to 1% p.a. pre- 1% p.a. pre-
to 0.1% from 2630 0.1% from 2030 and 0.1% 2030 and 0.1%
2030 p.a. post-2030 =——p.a. post-2030
Rate of increase in salaries N/A N/A RPI RPI
Rate of increase in pensions
CPi max 5% CPI - 0.03% CPI - 0.03%
CPI max 2.5% CPI - 0.96% CPI - 0.96%
Mortality assumptions:
Assumed life expectancy at ages 65 (mates) 25.6 years 25.6 years 21.6 years 21.6 years
Assumed life expectancy at ages 65 (females) 25.3 years 25.3 years 24.0 years. 24.0 years
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29 Write offs, losses, guarantees, letter of comfort, compensation Ruskin had debts written off in the year to the value of £20,016 (2024: £ 22,831) In the normal course of business, UWL provided a letter of comfort to confirm that they will provide cash flow support as required to enable the College to meet liabilities as they fall due.

Ruskin College 42

INDEPENDENT REPORTING ACCOUNTANT’S REPORT ON REGULARITY TO THE CORPORATION OF RUSKIN COLLEGE AND THE SECRETARY OF STATE FOR EDUCATION

In accordance with the terms of our engagement letter dated 9 October 2025 and further to the requirements of Department for Education (DfE), as included in the extant Framework and Guide for External Auditors and Reporting Accountants of Colleges, 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 1 August 2024 to 31 July 2025 have not been applied to the purposes intended by Parliament or the financial transactions do not conform to the authorities which govern them.

The framework that has been applied is set out in the extant Framework and Guide for External Auditors and Reporting Accountants of Colleges issued by the DfE and in any relevant conditions of funding concerning adult education notified by a relevant funder. In line with this framework, our work has specifically not considered income received from the main funding grants generated through the Individualised Learner Record data returns, for which the DfE or devolved authority has other assurance arrangements in place.

Respective responsibilities of Ruskin College and the reporting accountant

The accounting officer is responsible, under the requirements of the corporation’s accountability agreement with the Secretary of State for Education and the College Financial Handbook, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament, and that the financial transactions conform to the authorities which 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 engagement letter and the requirements of the extant Framework and Guide for External Auditors and Reporting Accountants of Colleges. We report to you whether anything has come to our attention in carrying out our work, which suggests that in all material respects, expenditure disbursed and income received during the period 1 August 2024 to 31 July 2025 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 Framework and Guide for External Auditors and Reporting Accountants of Colleges issued by DfE, which requires a limited assurance engagement, as set out in our engagement letter.

The objective of a limited assurance engagement is to perform such procedures as to obtain information and explanations in order to provide us with sufficient appropriate evidence to express a 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 positive opinion.

Our engagement includes examination, on a test basis, of evidence relevant to the regularity of the college’s income and expenditure.

The work undertaken to draw our conclusion included:

Ruskin College 43

This list is not exhaustive and we perform additional procedures designed to provide us with sufficient appropriate evidence to express a limited assurance 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 regularity 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 1 August 2024 to 31 July 2025 has not been applied to purposes intended by Parliament, or that the financial transactions do not conform to the authorities which govern them.

Use of our report

This report is made solely to the corporation of Ruskin College and the Secretary of State for Education 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 Secretary of State 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 corporation of Ruskin College and the Secretary of State for Education for our work, for this report, or for the conclusion we have formed.

Alliotts LLP (Nov 24, 2025, 12:51pm)

Alliotts LLP

Chartered Accountants

3 London Square,

Cross Lanes, Guildford GU1 1UJ

24 Nov 2025

Ruskin College 44