Charity number: 311740 Company Number: 00462901
Catherine Grace Trust (A Company Limited by Guarantee)
Trustees’ report and financial statements For the year ended 31 August 2021
CATHERINE GRACE TRUST
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Report of the Trustees | 2 |
| Independent Auditor’s report to the Trustees | 6 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 |
CATHERINE GRACE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Registered office Ruskin Mill Millbottom Nailsworth Stroud Gloucestershire GL6 0LA
Principal office Catherine Grace Trust Grace Garden School Canford Lane Westbury on Trym BS9 3PE Trustees H M Kippax Domnita Agavni Neagu Aonghus Gordon Tara Gratton Constantin Court Susan Maria Garner Gerhard Meyer David Wragg (appointed 15 March 2021)
Company Secretary Elisabeth Johnson
Key Management Personnel Aonghus Gordon – Founder & Executive Chair Francesca Meynell – Executive Principal Tara Gratton – Director of Schools and Rise Shazuli Iqbal – Chief Financial Officer Lindsay Wilkinson – Trust Head of Human Resources
Auditors
Grant Thornton UK LLP Chartered Accountants & Statutory Auditor 17[th] Floor 102 Colmore Row Birmingham B3 3AG
Bankers Lloyds Bank Plc 12 Rowcroft Stroud Gloucestershire GL5 3BD
Solicitors Royds Withy King LLP 69 Carter Lane London EC4V 5EQ
1
CATHERINE GRACE TRUST
REPORT OF THE TRUSTEES
The Trustees’, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year to 31 August 2021.
- Governing document
Catherine Grace Trust is a registered charity (registered no. 311740) and a company limited by guarantee (registered no. 00462901), as defined by the Companies Act 2006. Its Governing Instrument is the Memorandum & Articles of Association dated 24th June 1998, as amended on 22nd March 2010 and 24th July 2019.
STRUCTURE, GOVERNANCE AND MANAGEMENT
-
Group Structure
-
Ruskin Mill Trust Ltd is the sole member of Catherine Grace Trust. Catherine Grace Trust is part of the Ruskin Mill Trust Group.
Catherine Grace Trust’s charitable objects are “to advance the education and to preserve the health of individuals by providing therapeutic support, education and care in accordance with the principles, methods and philosophy of Rudolf Steiner. In May 2021, Grace Garden School was opened on the 18 acre site, located on Canford Lane, Westbury on Trym. Catherine Grace Trust will fulfil its charitable objects by operating Grace Garden School from the site.
The registered office of Catherine Grace Trust is Ruskin Mill, Millbottom, Nailsworth, Stroud, GL6 0LA and the principal office is Catherine Grace Trust, Canford Lane, Westbury on Trym, BS9 3PE.
-
Recruitment and appointment of new Trustees
-
The charity’s practice regarding recruitment has been for members of the Board to make recommendations for suitably skilled and experienced people who are then appraised by Ruskin Mill Trust’s Board of Trustees which makes the final decision. In March 2021 David Wragg was invited to join the Board of Catherine Grace Trust following approval from the Ruskin Mill Trust Board.
Induction and training are carried out during the meeting cycle, and members are also invited to training at Ruskin Mill Trust’s other centres. During the year, individual Trustees undertook a range of appropriate training.
- Organisational Management
The trustees delegate the day to day running of the provision to a local management team who oversee operations and which reports to Ruskin Mill Trust’s Director of Schools and Rise. The key management personnel are listed on page 1. The trustees did not receive any remuneration from Catherine Grace Trust in the current or previous period.
- Directors and Trustees
The Trustees during the period are listed on page 1.
OBJECTS AND AIMS
- Objects
The charity’s Objects are:
The Trust’s objects are restricted, for the public benefit, to advance the education and to preserve the health of individuals by providing therapeutic support, education and care in accordance with the principles, methods and philosophy of Rudolf Steiner. 2.2 Nothing in these articles shall authorise an application of the property of the Trust for purposes which are not charitable in accordance with any statutory provision regarding the meaning of the word "charitable" or the words "charitable purposes" in force in any part of the United Kingdom.
2
CATHERINE GRACE TRUST
- Aims
Catherine Grace Trust is the proprietor of Grace Garden School which offers specialist education to children aged 9 – 16. The school opened in May 2021, following a successful Ofsted registration, with an initial group of 4 pupils.
- Public benefit
In carrying out its activities in the year under review, the Trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have regard to the public benefit guidance issued by the Charity Commission for England and Wales.
STRATEGIC REPORT
- Achievements & Performance
The primary work of Catherine Grace Trust over the year has been to ensure a successful opening of the Grace Garden School following the acquisition of the site at Canford Lane. The Trustees have been working with the Director of Schools and the senior leadership team to ensure that has the resources needed for the school to operate. This has included capital works to improve toilets, teaching spaces and access to the land.
Financial Review
- Results
Trustees value the deficit of £592,773 made during the period to 31 August 2021 (2020: £12,247).
o Fundraising
-
Fundraising throughout the Ruskin Mill Trust Group is managed by an in-house Fundraising Department which is led by a Director of Fundraising. No use is made of any external, professional fundraiser or any commercial participator, so no fundraising activities were carried out on Catherine Grace Trust’s behalf during the year nor were any approaches made to vulnerable individuals in pursuit of the raising of funds for the charity.
-
Catherine Grace Trust’s parent charity, Ruskin Mill Trust, has signed up to the Fundraising Regulator’s Code of Fundraising Practice and it pays an annual levy to the Regulator. During the year there was no failure to comply with a scheme or standard cited nor were any complaints received about the fundraising activities conducted by the Ruskin Mill Trust.
-
Money raised by Catherine Grace Trust through fundraising activities are used by it as agreed with the donor and comply with any conditions attached by the donor.
o Reserves
The trustees review the charity’s financial plans and results regularly throughout the year. This is done through monitoring income and expenditure against budget forecasts and monitoring cash flow
The trustees feel it prudent to build the level of reserves on an annual basis with the purpose of ensuring that the charity has sufficient reserves to act as a buffer against unexpected drops in income or increases in expenditure. The reserves currently held are unrestricted funds £956,074 (2020: £1,553,935) and restricted funds £5,089 (2020: -£nil).
- Risks & Uncertainties
The trustees review the risks to which the charity is exposed such as the health and safety of service users, visitors, volunteers and staff on an on-going basis and are satisfied that systems are in place to manage exposure to the major risks. They maintain appropriate levels of insurance cover for all foreseeable risks.
The Covid-19 pandemic has had a limited impact on Catherine Grace Trust . The Trust has been able to continue operating during this time due to the nature of the service that is provided.
3
CATHERINE GRACE TRUST
Specific areas of risk and uncertainty are:
- Financial Viability:
Catherine Grace Trust has launched the new school in May 2021 with 4 pupils, however, there has been a lot of interest in the school and the Trust is confident that there will be strong growth in student numbers before September 2021 and throughout the following academic year.
-
Poor Inspection result : Grace Garden School had a successful Ofsted registration visit, but there is now an ongoing risk of a further Ofsted inspection leading to a poor result. The Director of Schools works closely with all Head Teachers and senior school leaders to share good practice and quality assure the schools work. In addition, the schools governing boards meet regularly to review progress and developments.
-
Regulatory non-compliance:
-
The risk of regulatory non-compliance requires constant review and the upskilling of staff and trustees to meet an ever-changing regulatory landscape and student profile. Specifically:
-
Keeping service users safe: The potential risks associated with keeping service users across the whole of the Ruskin Mill Trust Group safe has required continued vigilance and mitigation by robust risk assessment and action plans, assessments, appropriate training, the appointment of safeguarding managers at each of the main centres and improved internal meeting and reporting arrangements. This has been further augmented by the appointment of Directors who are members of Ruskin Mill Trust’s Executive Team and to whom local Safeguarding Managers and Ruskin Mill Trust’s Head of Safeguarding and the Trust’s Head of Health & Safety report. In addition, a Ruskin Mill Trust trustee holds lead responsibility for maintaining oversight of Safeguarding and Health & Safety across the Group.
-
GDPR: A rigorous programme of cross-Trust training continues to be implemented to ensure compliance, all overseen by Ruskin Mill Trust’s Head of Legal Services.
-
Charity Law: To assist compliance with Charity Law, Ruskin Mill Trust’s Head of Legal Services provides trustees with regular Charity Law updates which are supplemented by advice on further provisions as they come into force. As an example, in order to comply with statutory changes made to the automatic disqualification rules for charity trustees, a new Trustee Eligibility Declaration procedure has been introduced.
-
-
Recruitment of staff: As the school grows, there will need to be recruitment of additional staff. Bristol offers a wide and diverse workforce, however, there are still challenges to recruiting certain posts, such as support staff. Staff training, delivered by HEaRT, and a recruitment programme in Bristol will help to mitigate this risk.
-
IT disaster:
The charity continues to monitor and improve IT cyber security arrangements to ensure a robustness and preparedness for any future attacks. Catherine Grace Trust benefits from technical and MIS services and support provided by Ruskin Mill Trust’s central services.
- Reputational Risk:
The risk of reputational harm is being mitigated through the vigilance of the charity including implementing a Code of Conduct and ensuring staff are suitably supported and trained.
- Risks to Ruskin Mill Trust Group’s Method (PSTE):
Vigilance continues to be needed to ensure that the Ruskin Mill Trust Group’s educational method is not compromised.
- Future Plans
Grace Garden School started the 2021/22 academic year with 10 pupils. The plan is to grow the school to 20 pupils and there is currently high levels of interest in school placements. The school is focusing on day placements and is investing in infrastructure developments to enable the school to grow.
4
CATHERINE GRACE TRUST
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Trustees (who are also directors of Catherine Grace Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP and FRS 102;
-
make judgments 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; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- Provision of information to Auditor
Each of the persons who are trustees at the time when this Report of the Trustees is approved has confirmed that:
-
so far as that trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
-
that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any information needed by the charitable company’s auditor in connection with preparing its report and to establish that the charitable company’s auditor is aware of that information.
-
Qualifying third party indemnity provisions
-
Trustees’ indemnity insurance indemnifying each director against liability to third parties, has been in place throughout the year ended 31 August 2021 and up to the date of approval of this report.
-
Auditor
The auditor, Grant Thornton UK LLP, will be proposed for reappointment at the Annual General Meeting.
Approved by the trustees on 25 May 2022 and signed on their behalf by:
……………………………………… Aonghus Gordon Trustee
5
CATHERINE GRACE TRUST
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF Catherine Grace Trust
Opinion
We have audited the financial statements of Catherine Grace Trust (the ‘charitable company’) for the year ended 31 August 2021, which comprise the Statement of Financial Activities (Net Income and Expenditure Account), the Balance Sheet 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 applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 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:
-
give a true and fair view of the state of the charitable company's affairs as at 31 August 2021 and of its incoming resources and application of resources including, its income and expenditure for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 charitable company 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
We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charitable company’s business model including effects arising from macro-economic uncertainties such as Covid-19, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.
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 charitable company’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.
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. The responsibilities of the trustees with respect to going concern are described in the ‘Responsibilities of trustees for the financial statements’ section of this report.
6
CATHERINE GRACE TRUST
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 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:
-
the information given in the Strategic Report and the Directors’ Report, prepared for the purposes of company law, included in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
the Strategic Report and the Directors’ Report included in the Trustees’ Report have been prepared in accordance with applicable legal requirements.
Matter on which we are required to report under the Companies Act 2006
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Trustees’ Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us 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 and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit
Responsibilities of trustees for the financial statements
As explained more fully in the Statement of Trustees' Responsibilities set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charitable company’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 trustees either intend to liquidate the charitable company 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.
7
CATHERINE GRACE TRUST
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
-
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and the sector in which it operates. We determined that the following laws and regulations were most significant: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), Charities SORP (FRS 102), the Companies Act 2006 and Charities Act 2011;
-
We understood how the charitable company is complying with these legal and regulatory frameworks by making inquiries of management and those charged with governance. We enquired of management and those charged with governance whether there were any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of board and other minutes and through our legal and professional expenses review;
-
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur and the risk of material override of controls. Audit procedures performed by the engagement team included:
-
Identifying and assessing the design effectiveness of certain controls management has in place to prevent and detect fraud
-
- Challenging assumptions and judgements made by management in its significant accounting policies
-
Identifying and testing journal entries, with a focus on manual postings, journals that directly impacted on the surplus reported in the statement of financial activities and journal entries posted in the closing and accounts preparation period
-
Identifying and testing related party transactions
-
Inspecting the board and other committee minutes
-
Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item
-
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. However, detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as those irregularities that result from fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.
-
Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
-
understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation
-
knowledge of the charity, education and care sector
8
CATHERINE GRACE TRUST
-
understanding of the legal and regulatory requirements specific to the charitable company including:
-
the provisions of the applicable legislation
-
guidance issued by the Charities Commission.
-
-
The team communications in respect of potential non-compliance with relevant laws and regulations included the potential for fraud in revenue through manipulation of income and management override of controls; and
-
In assessing the potential risks of material misstatement, we obtained an understanding of:
-
the charitable company’s operations, including the nature of its income and expenditure and its services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement.
-
the charitable company's control environment, including:
-
the policies and procedures implemented by the charitable company to ensure compliance with the requirements of the financial reporting framework and relevant laws and regulations
-
the adequacy of procedures for authorisation of transactions and review of management accounts
-
procedures to ensure that possible breaches of laws and regulations are appropriately resolved.
-
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
William Devitt FCA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Birmingham
Date: 30 May 2022
9
CATHERINE GRACE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(NET INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021
| Notes | Unrestricted Funds £ 1,250 44,625 7,389 150 |
Unrestricted Funds £ 1,250 44,625 7,389 150 |
Restricted Funds £ 5,089 - - - |
Restricted Funds £ 5,089 - - - |
Total Funds Period to 31.8.21 £ 6,339 44,625 7,389 150 |
Total Funds Period to 31.8.21 £ 6,339 44,625 7,389 150 |
Total Funds Period to 31.8.20 |
|---|---|---|---|---|---|---|---|
| £ | |||||||
| INCOME FROM: | |||||||
| Donations and legacies | 0 | ||||||
| Charitable activities | 0 | ||||||
| Investments | 10,799 | ||||||
| Other | - | ||||||
| TOTAL INCOME 3 |
53,414 | 5,089 | 58,503 | 10,799 | |||
| 651,276 | - | 651,276 | |||||
| EXPENDITURE ON: | |||||||
| Charitable activities | 23,046 | ||||||
| TOTAL EXPENDITURE 4 |
651,276 | - | 651,276 | 23,046 | |||
| (597,862) 0 |
5,089 - |
(592,773) 0 |
|||||
| NET EXPENDITURE FOR | |||||||
| THE YEAR BEFORE GAIN | |||||||
| ON INVESTMENTS | (12,247) | ||||||
| Gain on investments 8 |
0 | ||||||
| (597,862) 0 |
5,089 - |
(592,773) - |
|||||
| NET EXPENDITURE | (12,247) | ||||||
| Transfers between funds | - | ||||||
| NET MOVEMENT IN FUNDS | (597,862) 1,553,935 |
5,089 - |
(592,773) 1,553,935 |
(12,247) | |||
| RECONCILIATION OF FUNDS |
|||||||
| Total funds brought forward 17 |
1,566,182 | ||||||
| Total funds carried forward 17 |
956,074 | 5,089 | 961,163 | 1,553,935 |
The notes on pages 12 to 23 form part of these financial statements.
10
CATHERINE GRACE TRUST
BALANCE SHEET AS AT 31 AUGUST 2021 REGISTERED COMPANY NUMBER: 00462901
| 31 August | 31 August | ||
|---|---|---|---|
| 2021 | 2020 | ||
| FIXED ASSETS: | |||
| Tangible assets | 10 | 155,879 | 155,879 - |
| Investments | 11 | 30,121 | 121 26,296 |
| 186,001 | 001 26,296 |
||
| CURRENT ASSETS: | |||
| Debtors | 12 | 42,626 | 42,626 49,850 |
| Cash at bank and in hand | 1,483,656 | 656 1,614,230 |
|
| 1,526,282 | 282 1,664,080 |
||
| LIABILITIES: | |||
| Creditors fallingdue within oneyear | 13 | (617,171) | (2,491) |
| NET CURRENT ASSETS | 909,112 | 909,112 1,661,589 |
|
| Creditors falling due in over one year | 14 | (133,950) | (133,950) (133,950) |
| NET ASSETS | 961,162 | 162 1,553,935 |
|
| FUNDS | |||
| Unrestricted funds | 956,073 | 956,073 1,553,935 |
|
| Restricted funds | 5,089 | 089 - |
|
| 17 | 961,162 | 961,162 1,553,935 |
The financial statements have been prepared in accordance with the Companies Act 2006.
The financial statements were approved by the Board of Trustees on 25 May 2022 and were signed on its behalf by:
……………………………………..
Aonghus Gordon Trustee
The notes on pages 12 to 23 form part of these financial statement
11
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1. ACCOUNTING POLICIES
Legal status of the Charity
Catherine Grace Trust was incorporated in England and Wales as a company limited by guarantee (registered no. 00462901) and has no share capital.
Catherine Grace Trust is also registered as a charity with the Charity Commission (registered no. 311740).
Registered and principal office
The registered office of Catherine Grace Trust is Ruskin Mill, Millbottom, Nailsworth, Stroud, Gloucestershire, GL6 0LA.
The principal office of Catherine Grace Trust is Grace Garden School, Canford Lane, Westbury on Trym, BS9 3PE.
Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling (£) which is the functional currency of the charity. Catherine Grace Trust meets the definition of a public benefit entity under FRS 102.
Catherine Grace Trust has taken advantage of the exemption from the requirement to prepare a statement of cash flows in accordance with section 7 of FRS 102. The statement of cash flows is included within the parent company’s financial statements.
The comparative figures cover the period from incorporation on 24 December 2018 to 31 August 2019.
Going concern
The charitable company meets its financing requirement through funding provided by other group companies, and Ruskin Mill Trust Limited, the ultimate parent undertaking, has provided assurances that such group financial support will continue to be made available.
During the Covid-19 pandemic Catherine Grace Trust has continued to support its residents, either through home learning or on-site; this resulted in there being a very limited impact on Catherine Grace Trust during this time, cash flow has been regularly monitored to make sure Catherine Grace Trust is able to meet all its commitments.
Working alongside Ruskin Mill Trust Limited, robust budgets are set, and the actual spend against these budgets is analysed on a monthly basis by both the Executive Team and the Board of Trustees Finance Sub-Committee. The full Board also receives the monthly management accounts and reviews them on a two-monthly cycle.
The group, headed by Ruskin Mill Trust Limited, has substantial net assets.
12
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1. ACCOUNTING POLICIES (CONTINUED)
After making detailed enquiries and taking into account the factors discussed above, the Board is confident that the charitable company has adequate scope to continue its operational existence for the foreseeable future. There are no material uncertainties surrounding going concern and accordingly the charitable company continues to prepare the financial statements on a going concern basis.
Fixed assets and depreciation
Assets with a cost below £500 are not capitalised.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
| Leasehold property | - 2% pa | - depreciated in line with lifetime of the lease |
|---|---|---|
| Equipment | - 25% pa | - straight line |
| Fixtures and fittings | - 25% pa | - straight line |
| Motor vehicles | - 25% pa | - straight line |
Deprecation is not charged on assets under construction.
Income
Donations are credited to revenue when the charitable company has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Income from charitable and other trading activities is accounted for in the period in which the income is earned.
Investment income is accounted for on an accruals basis.
Cash and cash equivalents
The cash and cash equivalents of Catherine Grace Trust, currently comprises of cash in hand, bank deposits and short term deposits net of bank overdrafts.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Termination payments
Termination payments are accounted for as soon as the charitable company is aware of the obligation to make the payment.
Pension costs
The charitable company contributes to a defined contribution scheme. Amounts paid in relation to this scheme are charged to the Statement of Financial Activities when they fall due. All pension costs are allocated to unrestricted funds.
Debtors
Short term debtors are initially measured at transaction price, less any impairment. Prepayments are measured at the amount prepaid.
13
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1. ACCOUNTING POLICIES (CONTINUED)
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due.
Funds
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in note 17 of these financial statements.
Financial instruments
Catherine Grace Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. Financial investments are initially measured at their transaction cost and subsequently measured at fair value at the balance sheet date. Please see note 16.
Investments
Listed investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluation and disposal throughout the year.
Significant estimates and judgements
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.
The items in the financial statements where these estimates and judgements have been made include the following:
Operating leases
Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease. Lease incentives are recognised over the life of the lease on a straight- l i n e basis as a reduction to the expense.
Taxation
The company is a registered charity and as such is entitles to tax exemption on all its income and gains, properly applied for its charitable purposes.
Long Term Pension Liability
The Trust makes pension payments to certain former employees under an unfunded pension arrangement. The value of the pension fund has been calculated by using the date of births of the former employees and an estimate of how long this will be paid out.
Impairment of Debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of fee and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
14
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
| 2. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR to 31.8.20 Notes Unrestricted Funds Restricted Funds £ £ INCOME FROM: Investment income 10,799 - Other - - TOTAL 3 10,799 - EXPENDITURE ON: Charitable activities 23,046 - TOTAL 4 23,046 - NET INCOME AND MOVEMENT IN FUNDS (12,247) - RECONCILIATION OF FUNDS Total funds brought forward 17 1,566,182 - Total funds carried forward 17 1,553,935 - |
2. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR to 31.8.20 Notes Unrestricted Funds Restricted Funds £ £ INCOME FROM: Investment income 10,799 - Other - - TOTAL 3 10,799 - EXPENDITURE ON: Charitable activities 23,046 - TOTAL 4 23,046 - NET INCOME AND MOVEMENT IN FUNDS (12,247) - RECONCILIATION OF FUNDS Total funds brought forward 17 1,566,182 - Total funds carried forward 17 1,553,935 - |
2. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR to 31.8.20 Notes Unrestricted Funds Restricted Funds £ £ INCOME FROM: Investment income 10,799 - Other - - TOTAL 3 10,799 - EXPENDITURE ON: Charitable activities 23,046 - TOTAL 4 23,046 - NET INCOME AND MOVEMENT IN FUNDS (12,247) - RECONCILIATION OF FUNDS Total funds brought forward 17 1,566,182 - Total funds carried forward 17 1,553,935 - |
Total Funds Year to 31.8.20 £ 10,799 - |
|---|---|---|---|
| 10,799 | - | 10,799 | |
| 23,046 | - | 23,046 | |
| 23,046 | - | 23,046 | |
| (12,247) | - | (12,247) | |
| 1,566,182 | - |
1,566,182 1 553 935 |
|
| 1,553,935 | - |
15
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
3. INCOME
| Donation income Charitable activities Fees Other trading activities Sale of Goods Investment income Listed Investments Bank Interest TOTAL INCOME 4. EXPENDITURE |
Year to 31 August 2021 Year to 31 August 2020 £ £ 6,339 - 44,625- 150- 51,114 - 3,825(26) 3,564 10,825 7,38910,799 58,503 10,799 |
|---|---|
| Charitable activities Administration Staff TOTAL EXPENDITURE |
Direct costs (See Note 5) £ 566,943 566,943 |
Support costs (See Note 6) £ 84,333 84,333 |
Yearto 31 August 2021 £ 651,276 651,276 |
Yearto 31 August 2020 £ 23,046 23,046 |
|---|---|---|---|---|
16
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
5. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Administrative staff | Year Ended 31 August 2021 Year Ended 31 August 2020 £ £ 566,943 19,058 |
|---|---|
| 566,943 19,058 |
6. SUPPORT COSTS
| Legal and consultancy Legal and consultancy |
Finance £ - Finance £ - |
Other £ 84,054 Other £ 3,988 |
Depreciation £ 279 Depreciation £ - |
Total Year to 31 August 2021 £ 84,333 |
|---|---|---|---|---|
| Total Year to 31 August 2020 £ |
17
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
7. NET INCOME
Net income is stated after charging:
| Auditor's remuneration for the provision of: - statutory audit Operating lease payments Depreciation - owned assets |
Year Ended 31 August 2021 Year Ended 31 August 2020 £ £ 3,500 2,400 144,393 - 279 - |
|---|---|
8. STAFF COSTS
| Staff Costs: Wages and Salaries Social security costs Pension costs |
Year Ended 31 August 2021 Year Ended 31 August 2020 £ £ 225,188 19,056 21,392 - 4,425 - |
|---|---|
| 251,005 19,056 |
The monthly average headcount number of employees during the period was as follows:
| Administration Education Therapy |
Year Ended 31 August 2021 Year Ended 31 August 2020 No No 6 5 3 - - - |
|---|---|
| 9 5 |
No key management personnel received remuneration in the current or previous period. No employees received emoluments in excess of £60,000 in the current or previous period.
18
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
9. TRUSTEES’ REMUNERATION AND BENEFITS
No Trustees received remuneration in the current or previous period.
No Trustee expenses were reimbursed in the current or previous period.
10. TANGIBLE FIXED ASSETS
| Cost At 31 August 2020 Additions Disposals At 31 August 2021 Depreciation At 31 August 2020 Charge for the year Disposals At 31 August 2021 NBV At 31 August 2021 At 1 September 2020 |
Freehold Land & Buildings Equipment Fixtures and Fittings Assets under construction Total £ £ £ £ £ - - - - - 81,723 611 1,827 71,998 156,159 - - - - |
|---|---|
| 81,723 611 1,827 71,998 156,159 |
|
| - - - - - - 89 190 - 279 - - - - - |
|
| - 89 190 - 279 |
|
| 81,723 1,522 1,636 71,998 155,879 |
|
| - - - - - |
11. INVESTMENTS
| Listed investments: Market value at 31 August 2020 Gains in period Proceeds on disposal Loss in period Market value at 31 August 2021 Cash held by investment managers Market value at 31 August 2021 |
31 August 2021 £ 26,296 3,825 - - 30,121 - 30,121 |
31 August 2020 £ 26,322 - - (26) |
|---|---|---|
| 26,296 - 26,296 |
19
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
11. INVESTMENTS (CONTINUED)…
The following investments represent more than 5% of the total market value:
| THREADNEEDLE HENDERSON INVESCO |
31 August 2021 £ 5,890 5,962 18,270 |
31 August 2020 £ 4,738 5,902 15,656 |
|---|---|---|
12. DEBTORS: AMOUNTS DUE WITHIN ONE YEAR
| Trade Debtors Amounts due from group undertakings Prepayments Other Debtors |
31 August 2021 31 August 2020 £ £ 37,924 - - - 1,557 - 3,146 49,850 |
|---|---|
| 42,626 49,850 |
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Amounts owed to group undertakings Social security and other taxes VAT Accruals and deferred income |
31 August 2021 £ 203,379 - 385,391 25,900 - 2,501 617,171 |
31 August 2020 £ 91 - - - - 2,400 2,491 |
|---|---|---|
20
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Pension Liability | 31 August 2021 £ 133,950 133,950 |
31 August 2020 £ 133,950 133,950 |
|---|---|---|
15. OPERATING LEASE COMMITMENTS
At the period end the charitable company has total commitments due under non-cancellable operating leases, for items of equipment only, as set out below:
| Operating Lease commitments due: Within 1 year Within 2 – 5 year Over 5 years |
Year Ended 31 August 2021 Year Ended 31 August 2020 £ £ 192,524 - 770,095 - 818,226 - |
|---|---|
| 1,780,845 - |
16. FINANCIAL INSTRUMENTS
| Financial assets measured at settlement value Financial assets measured at fair value Financial liabilities measured at settlement value |
31 August 2021 £ 1,524,776 30,121 725,221 |
31 August 2020 £ 1,664,080 26,296 136,441 |
|---|---|---|
Financial assets measured at settlement value comprise cash, trade debtors, other debtors and amounts due from group undertakings.
21
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
17. RECONCILIATION OF MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Other funds TOTAL |
At 31 August 2020 £ 1,553,935 - - 1,553,935 |
Income £ 53,414 5,089 - 58,503 |
Expenditure £ (651,276) - - (651,276) |
Gains £ - - - - |
At 31 August 2021 £ 956,073 5,089 |
|---|---|---|---|---|---|
| - 961,162 |
A grant of £5,089 was received from Nineveh Charitable Trust to establish the Kunkune pig project at Grace Garden School.
| Unrestricted funds General fund Restricted funds Other funds TOTAL |
At 31 August 2019 £ 1,566,182 - - 1,566,182 |
Income £ 10,799 - - 10,799 |
Expenditure £ (23,046) - - (23,046) |
Gains £ - - - - |
At 31 August 2020 £ 1,553,935 - |
|---|---|---|---|---|---|
| - 1,553,935 |
22
CATHERINE GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2021 Unrestricted funds Restricted Funds 2020 Unrestricted Funds Restricted Funds |
Investments Fixed Assets Net Current Assets Fund Balance £ £ £ £ 30,121 155,879 770,074 956,074 - - 5,089 5,089 |
|---|---|
| 30,121 155,879 775,163 961,163 |
|
| 26,296 - 1,527,639 1,553,935 - - - - |
|
| 26,296 - 1,527,639 1,553,935 |
19. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY
Ruskin Mill Trust Limited (registered in England and Wales; company number: 07252866 and charity number: 1137167) is the sole member and controlling party of Catherine Grace Trust. The objects of Ruskin Mill Trust Limited include the advancement of the education of young people with learning difficulties and/ or behavioural problems or special educational needs; the promotion of research into the practice and development of those areas of education; and the promotion of Rudolf Steiner education establishments. The charitable company runs six special educational needs schools/colleges. A copy of their financial statements can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
20. RELATED PARTIES
During the current and prior year, the Executive Chair was the director and sole corporate Trustee of Ruskin Mill Land Trust (RMLT). There has also been purchases of £144,393 (2020: nil) , these purchases relate to the annual rental of Cherry Orchards. The balance owed to RMLT at the end of the year is £144,393.
21. POST BALANCE SHEET EVENTS
On 6 May 2022 Ruskin Mill Trust became Helios Trust became the legal entity with significant control of Helios Trust which will be a subsidiary of Catherine Grace Trust. As at 31 March 2021, the annual report and unaudited financial statements of Helios Trust report net assets of £902,495.
23