Charlty number: 311740 Company Number: 00462901 Cathèrina Gracè Trust (A Company Limited by Guarantee) Trustees. report and financial statements For the year ended 31 August 2022
CA THERINE GRACE TRUST CONTENTS Page Legal and administratwe informalFon Report of the Ttustees Independent Auditof s Report Statement of Flnanclal Adivitles Balan Shèet 12 Cash Flow Statement 13 Notes to the Financial Statements 14
ATHERINE GFiACE TRUST LEGAL AND ADMINISTFL4TIVE INFORMATION Rè istered office Ruskin Mill Millbottom Nailsworth Stroud Gloucestershire GL6 OLA Princi al office Catherine Gr*e Trust Grace Garden School Canford Lane Westbury on Trym BS9 3PE Trustees Helen Kippax Domntia Neagu Aonghus Gordon OBE Tara Gratton Conslanlin Court Susan Garner Gerhard Meyer- resigned 15th September 2022 Davld Wrayg Com Secreta Elisabeth Johnson emenl Personnel Aonghus Gordon OBE- Founder & Executive Chair Ffan¢es¢a Meynell- Executive PrinGipal Tara Gratton- Director of Schools and Rise Shazuli Iqb81- Chief Financial Officer Lindsay Wilkinson- Trust Head of Human Resources Auditors Grant Thornton UK LLP Chartered Accountants & Statutory Auditor 17Ikn Floor 103 Colmore Row Birmingham B3 3AG BankeTS Lloyds Bank PIC 12 Rowcroft Stroud Gloucestershire GL5 3BD Solicitors RWK Goodman 69 Carter Lane London EC4V 5Ea
CATHERINE GRACE TRUST REPORT OF THE TRUSTEES The Tru5tee5'. are also Elirect¢xs of the charity for the purposes of the Companies Act 2006, pre¥ent their rept)rt with the financial statements of Ihe tharty for the year to 31 August 2022. Governlng document Calherine Grace Trust is a reglstered chaTlty (registed no. 311740) and a company limTted by guarantee {re9istered no. 004629011. a5 defined by the Companies Act 2006. Its Governing Instrument Is the Memor3ndiJm & Artlcles of Associallon dated 24th June 1998. as amended on 22nd March 2010 and 24th July 2019. STRUCTURE. GOVERNANCE AND MANAGEMENT Group Stru¢ture Ruskin Mill Trust Ltd is the sole member of Catherine Grace Trusl. Catherine Grace Trust is part of the Ruskin Mill Tru8t Group. Catherine Grace Trust's charitable objects are.lo advance the edLFcalion and lo preserve the health of Indiwduals by providing therapeutic support, education and ¢arÈ irt a¢cord3nce wth the principles, methods and philosophy of RudoM Steiner. In May 2021, Grace Garden School was opened on the 18 acre site. located on Canford Lane. Westbury on Trym. Cathellne Grace Trust wll ftjffil its ¢h¥ntabl8 objects by operating Gra GaTden School from the Site. The registered of Catherine Grace Tru51 is Ruskin Mill, Millbottom. Nailsworth, Stroud. GL6 OLA and the piinctpal office is catheri Grace Trust. Canford Lane, Westt)ury on Trym, BS9 3PE. Recruitmant and appointm&nt of ngw Trustaes The charity's praCkn" regarding recTUrtmenl has been for members of the Board to make commendations for surtably skilled and experienced people who are then appraised by Ruskin Mill Trust's Board of Trustees vthich makes the final decision. In March 2021 David Wragg was invited to join the Board of Catherine Grace Trust followng approval from the Ruskin Mill Trust 8oard. Induction and training are caffled out during the meeting cycle, and members are also invited lo training at Ruskin Mill Trust's other ¢entres. During the year, individual Truslees undertook a range of appropriate training. Organisational Management The trustee5 delegate the day to day running of the provision lo a lo¢al management team who oversee operalions and which reports to Ruskin Mill Trust's Director of Schools and Rise. The key management personnel are listed on page 1. The Iiuslees did not re•ve any remuneration from Catherine Grace Trust in the current or previous period. Directors and Tfustses The Trustees during the period are list8d on page 1. OWECTS 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 atth of individuals by providing therapeutic 5UPPOrt, education and care in accordance with the principles, methcKls and philosophy of Rudolf Stelner. Nothing in these articles shall authorise an application of the property of the fTUSt for purposes which are not charitable in accordance with any statutory prowyion regarding the meaning of the word"ch3ritablè" or the words"charitablÈ purposes" in force in any part of the United Kingdom.
CATHERINE GRACE TRUST Aims Catherine Grace Trust is the propriet of Grace Garden School whi¢h offers specialist èdutation to children aged 9- 16. The $Ghool opened in hnay 2021, and during its firsl full academic year grewto 13 pupils. Public bènèfft In carying out its activities in the year under review. the Trustees confirm that they have complied with their duty under seCtn 17 of the Charities A¢1 2011 to have regard to the public benefft guidance issued by the Charity Commission for England and Wales. STRATEGIC REPORT A¢hlevoments & Perfomiance Gra Garden School had a successfvl first fvll year and grew in pupil numbers to 18 by June 2022. The School continue5 to have a strong admissions pipeline and Iheie is a lol of interest from parents. The school had a lol of additional renovations over the summer which has resulted in high quality teaching spaces as well as easily aCSsIble gardens. The children arrive each momir)g and assist th caring for the 3nim31s and harvesting food for the lunch before starting their sessions. Class teachers work alongside craft luiors to ensure a varied curriculum thal meets national curriculum requirements. Grace Garden School was inspected by Otsted in May 2022 anQ a¢hieve(l Good in all areas. which is a signifKanl achievement for a sGhool in rts first yeai of operab"on. Flnancial Review Rosults Tnjstees value the surplus of £632,407 made thjring the period to 31 August 202212021.. defKit of £592,773). Fundrals5ng Fundraising throughout the Ruskwi Mill Trust Gioup is wnanayed by an in-house Fundraising Department which is led by a Director of Fundraising. No use is made of any extemal. professional ftjndraiser or any commerctal parbcipator, so no fundraising activities were carried out on Calherine Grace Trusvs beha during the year nor weie sny approachès 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 lo the Fundrais9 Regulalorfs Code of Fundraising Practice and it pays an annual levy to the Regulator. During the year tre was no lailure to comply wilh a scheme or standard cited nor were any complaints received about the fundraising aclivibes conducted by the Ruskin Mill Trust. Money raised by Calhertne Gr8¢e Trust through fundraising aetivitiès are used by il as agreed with the donor and compty with any conditions attached by the donor. Reserves The trustees review the charity's financial plans and results regularly throughout the year. This 18 done through monftoring irKome and expenditure against bud9el foreGasls and monitoiing ¢ash Ilow. The tiuslees feel it prudent to buld the level of réseNè$ on an anNJ31 basis th8 purpose of ensuring that the charity has sufficient reserves to act as a buffer against unexpected drops in income or increases in expendituTe. The reserves currently held are unreslrKted fut)ds £1.577,215 (2021.. £956,074) and restricted fund5 £16,35412021.. £5,089). Rlsks & Uncertaintios The trustees revtewthe risks to V4hich the charity exposed sh a5 the heatth and safety of servi usets, vi$)tors. volunteers and staff ort an on-going basis and arè satisfied that systems are in place to manage exposure to th8 major risks. They maintain appropriate levels ol insurance cover for all foreseeable risks.
CATHERINE GRACE TRUST Spedfic areas of risk and uncertainty are.. Finan¢lal VlabllSty: Catherine Grace Trust has launched a new school in Ihe Bristol area. The project required some Initial Investment to adapt the sile for th¢ s¢hool and had initial Stsff and operational costs before the income from pupil placement5. The school has seen significant growth in the fstst year and whilst there have been significant ¢apilal costs as well, bècause of thè high levels ol interest in the school, financial risk is mitigated. The school has recently submitted a request for Material Change to the DfE to grow to 35 pupi15 and this has been suc¢e58ful. The grh will be stagèd. Poor Inspectton rosult". Grace Garden School had a successful Otsted Inspecbon in May 2022. The Director of Schools and senior leader5 are continually working on quality assurance lo fvrther improve the provision and there has beèn a specifjc tea¢her training developed for the staff to ensure they have the necessary skills and knowledge. Regulatory non.complianco: The risk of regulatory non-compliance requires constant review and the upskilling of staff and Iruslees to meet an ever-¢hanging regulatory landscape and student profile. Specifically.- Ke•plng servlce useTs 5afe- The potential risks assoGialed with keeping service u$eTS across the whole of the Ruskin Mill Trust Group safe has required conlinuedvigilance and miligalion by robusl risk assessment and action plans, assessments. appropriate training, the appointrnent of safeguarding managers at each of the main eentres and improved inteinal meeting and reporkn.ng arrangements. The Trust Head of Safeguarding $ working effectively wth Designated safeguarding leads across all siles as well as Headleachers and the Directors lo ensure that each centre is compliant The Head of Safeguarding is part ol the Civil SeNieÈ and theref(Ye works eollaboratDiely with other key futionS including HR, ITIMIS. H&S. and staff training lo provide high quality support. In addition. a Ruskin Mill Trust TTusl&e holds lead responsibilty for maintaing oversight of Safe9uarding and Health & Safety across the Group. GDPR: A rigorous programme of cross-Trusl training continues lo be implernenterl lo ensure compliance. all overseen by Ruskin Mill rtust's Head of Legal servi$. An exlemal agency has been contractÈd to deliver training and site audtts across the Trust. Charity Law: To assist compliance 59ith Charity Law, Ruskin Mill Trust's Hea(J of Legal Services provides Tw5tees wrth regular Charity Law Updates whi¢h are supplemented by adviGe on further provisions as they come in lo for¢e. As an example. in order to comply wlh statutory chan9es made lo the auiomalic disqualification rules for eharity Iruslees, a new Trustee Eligibilty Declaration proceduie 15 being introduced. Recruitmant of staff: As the school grows, there wll need to be recnmtment of additional staff. Bristol offers a de and diverse workforce, however. there are stil challenge$ lo recnjiling ¢ertain posts, such as support staff. The Tvust has employed a team of spe¢ialisl recruiters to help mitigate the risk. IT disaster: The charity continues to monitor and improve IT Gyber se¢urty arrangements to ensure a robuslness and preparedness for any future attacks. Catherine Grace Trust Ltd benefits from lechnical and MIS services and support provhled by Ruskln Mill Trust's Central seDJkes. Reputational Risk: The Thsk of repjtational harni is being mrftigaled through the vigilance of the charity including ongoing monitoring of the Tru3t's Risk Register implementing a Code of c¢1 and ?nsuring staff are suitsbly $upported and trained. Risks to Ruskin Mill Trust Group's M8thod IPSTEI.. Vigilance ¢ontinues to be needed to ensure that the Ruskin Mill Trust Group's edLtIonal method is not compromised. The Trust invests in staff training and research to support the method.
CATHERINE GRACE TRUST Future Plans Grace Garden School started the 2021122 academic year with 10 pupils. The plan is to grow the school lo 35 pupils following a $u¢¢es$ful spplicalion to the Department for Education, and there are currendy high levels of interest in school pla¢ements. The school is frtusing on day placements and is investing in infrastructure developments to enable the school to grow. In addition. the Truyt is exploring another l¢iEal Srte that could be used as a Lower &hwl, operated undet the same leadership team. but offerin9 placements for children aged 7- 10. In May 2022, the trustèés af the Helios Trust decided lo rnge it with the Catherine Gracè Trust, thèreby becoming part ofthe Ruskin Mill Trust Group. The Helios trustees are now looking al developing a Hea5th Centre together wfth an opportunlty for taklny In chlldren from 7-10 years old on the Helios sile, whi¢h is a 10 minute drtve from Grace Garden School.
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 responsSble for preparing the Report of the Trustees and the Flnancial Slalements in accordance vAth appli¢abl& law and Unit8d Kingdom Gen8rally Accapt8d Accounting Practice {Unit8d Kingdom Accounting Standards}. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustee5 must not approve the financial 51alemer)t5 unles5 they are satisfied that they give a true and fair view of the stste of affairs of the charitable company and of the Incomlng resources and application of resources. including the income and expendilure, of the chariiabl& company for that period. In prepartng these financial statements. the trustees are required to= select suitab]e accounts'ng policies and then appty them consislentty,. observe the method5 and prtnciples in the Charities SORP and FRS 102.. make judgments and estsmates that are reasonable and prudent., state whether applicable UK accounting standards hav8 be6n followed, subject to any material departures disdosed and explained in the financial statements.. and ppare the financial statements on the going concern basis unkss rt 18 1118PPTopriate to pSUMe that the charitable company will continLbe in business. The tnjslees are responsible for keeping adequatè attoLtnting records thal are sufficiènt to show and explain the chariiable company's transactions, disdose with reasonable accuracy at any time the financial position of the charitable company ar7d enable them lo ensure that the financial statements comply th the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for saleguarding the assets of the charity and hence for taking reasonable steps for the prevention and deleGtion of fraud and other irregulaTitie& Provlslon of Inforn)atlon to Audltor Each of the persons who are trustees at thè time this Report of the Trusteés is appraved has confirmed thal.. so far as that trustee is aware. there is no relevant audit infomation of whKh the ¢haritsble company's audttor is unaware.. and that trustee has taken all the slep5 that ought to have been taken as a trustee in order lo be aware of any information needed by the charitablè company's auditor in connèction with preparing its report and lo establish that the charitable company's auditor is aware of that information. Qualifying third party indemnity provisions Trustees, indemnity insurance indemnifying each director against lability lo third parties. ha5 been in place throughout the year ended 31 Augusl 2022 and up to the date of approval ofthis reFQrt. Auifitor The auditor. Grant Thomlon UK LLP. will be proposed for reappointment al the Annual General Meeting. In pParing this report. the trustees have taken advantage ofthe 3maN companies, exemptions provided by S¥Ylion 415A ol the Companies Act 2006. Approved by the tnjslees on 27 Mar¢h 2023 and signed on their behalf by". Helen KIFJP Trustee
CATHERINE GRACE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATHERINE GRACE TRUST Opinion We have audited the fin8neial Statements of Calherirte Grace Trust (the'charrtable ¢ompany) for the year ended 31 August 2022. which comprise the Statement of Financial Activities (Nel Income and Expenditure Account}. the Balan Sheet. the Cash Flow Slalement and notes to the financial statements, including a summary of signrficant a¢¢ounling policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards including Flnandal Reportlng Standard 102., The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalty Acceptèd Aecounting Praeticel. In our opinion, tre financial statements.. give a true and fair view of the state of the charitable company'$ affair8 as at 31 August 2022 and of its Incoming resources and applicatlort of Te$our¢es including. its ineorne and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations madÈ under that Act. We conductsd our audit in accordance wlh International Standards on AlIting (UK) IISAS (UKI} and applicable law. Our responsibilities underthose Stsndards are further described in the 'Auditor's responsibilities for the audit of the financial statements sedion, of our report. We are independent of the Gharitsble company in acGordanGe wth the ethical requirements that are relevant lo our audit of Ihe financial slalements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical iesponsibilliies ir* accordance 4th these requirements. W8 b8li8V8 that tha audit evidence we have obtainèd is sufficient and appropriate lo provide a b8si$ for our opinion. Conclusions relating to golng concam We are responsible for conGluding on the appropriateness of Ihe trustees. Use of the going Goncein basis of accounting and, based on the audit evidence oblained. whether a material uncertainty exists related to events or conditions that may cast signi)Icant doubt on the charrtable company's abilty to continue as a g0ir¥J concern. If we conclude that a material uncertainty exists, we are required to draw 3ttÈntion in our report lo the related disclosures in the financial statements or, if such disdosures are inadequate, to modify the 8uditof$ opinion. Our c(ClusionS are based on the audit evHlence obtained up to the Itale of our report. However. future events or conditions may cause the company to cease lo continue as a going concein. In our evaluation of the Injstees, conclusions, we considered the inherent risks associated with the charitable company's business model induding effects arising from macr{Feconom uncertainties such as the cost of living crisis. 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 resource8 or ability to cor)tinue operations over the going concem period. In altdriing the financial statements. we have conchjded that the trustees. use of the going concern basis of aOUntIng in the preparation of the ftn3nc]al statements Is appropriate.
CATHERINE GRACE TRUST Based on the work we have performed, we have not identified any material uncertainties relating to events IX ¢ondilion$ that, individuany or Colleive1Y, may ¢a$t significant doubl on the charitable company'$ ability lo continue as a going concern for a period of at least Iwelve monlhs from when the finan¢ia] stalemenls are auihorised fvr issue. Our responsibilreS and the responsibilitie$ of the directors vlth resped lo going concem are de$cribefl in the relevant seBtions of this report. Other infomation The other information comprises the information included in the Trustees. Report, other than the financia] statements and our audito¢s report Ihereon. The trustees are responsible for the other infoTmation contained within the Trustees, Rewt. Our opinion on the finanal 51atemenls does not cover the other infotmalion and, except to the extent otherM$e explicitly stated in our report. we do not express any fomi of assurance eondusion thereon. Our re8ponsibility is to read the other informab.on and. in doing 8u, consider whether the otheT information is materially inconsistent wth the financial statements or our knowledge obtained in the audit or otherwisè appears lo be materially Milated. If we id¢ntify such malerial inGonsislenGie$ or apparent maleiial misstslements, we are required to delemiine whether there is a material misstatement in the finan¢ial $18lements themselves. If, based on the work we have performed. we COlde that there is a material mis51alemenl of this other information. we are required to ieport that fact. We have nothing lo report in this regard. Opinion on other matters prescribed by the Companles Act 2006 In our oniOn, based on the work undertaken in the course of the audit.. the information given in the Strategic Report and the OirectOTS' Report. prepared forthe purposes of company law, included in the Trustees, Report foT the )Inancial year for which the financial statements ale pPared is ¢onsK%tent the financial statements. the Strategic Report and the Directors. Report included in the Trustees. Report have been prepared in accor(lance with applicable legal qUIreMents. Matter on which we are requlred to rèport undèr the Companlg$ Aet 2006 In thé light ofthe knompledge 8nd understsnding of the charitable ¢¢mp8ny and 11$ environment obtained in the course oflhe audit. we have not identified material misstatements in the Strategic Report or the Directors. Report included in the Trustees. Report. Matters on whlch we are requlred to report by exc8ptlon We have nothing lo report in respert of the foll¢)wing matters in relation lo which the Companies Act 2006 require5 U5 to report to you if, in our opinion.. adequate accoLmting records have not been kept. or returns adequate for our audit have not been recetved from branches not visited by us", or the financial stslements are nol in agreement with the accounting records and returns- or certain disclosures of trustees, eUeation specifieil by law are not made," or we havè not received 811 the infomiation and explanatnS we require for our audit.
CATHERINE GRACE TRUST Rosponslbllltle$ of trust•o$ for tho financial statoments As explained more fulty in the Statement of Trustees. Responsibilities. the trustees {who are also the di¢101$ of Ihe charitable company for the purposes ofcompany lawl are responsible for the preparation ol the financial statements and for being satisfied that they give o true and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparatton of financia statement5 that aTe free from material misstatement, whether due to fraud or Èrror. In preparing the financial statements, the Ifustees are responsible for assessing the chaiitable compan8 abilty lo continue as a going con¢em. disclosing, a¥ applicable. matters lated lo 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 realistiG alternative but to do so. AudIt0$ regponslbllltlès for the audlt of th• financial $tat•m•nts Our objective5 are lo obtain reasonable assurance about whether the financial statements as a Who are free from material mis$tslemenl, whether tlue lo fraud or error. and lo issue an auditor's report that In¢deS our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an Jdil conducted in accordance with ISAS (UK) will always delect a material misslatemenl when il exists. Misststemenl$ can arise from ffaud or error and are consl(lered material if, Indlvidualty or In the aggregate, they could reasonabty be expected lo inlJuenGe the economic decisions ol users taken on the basis of these financial Slatemenls. Iiregularities. including fraud. are instances of ngn-wmpltance wth laws and regulations. The extent to whKh our procedures are capable of detecting itregularib"e5. including fraud, 15 detailed below.. We Obtaed an understanding of the legal and regulatory frameworks that are applicable to the chaiitable company and the sector in which il operates. We detemiined that the following laws and regulatsons were most significant.. The Financial Reporting Standard applicable in the UK and the Republi¢ of Ireland IFRS 1021, Charrties SORP IFRS 1021, the Cornpanies Act 2006 and Charities AGt 2011.. We understood how the charitsble company is comptying wth thèse lèg31 and regulatory framèworks by making inquiries of management and those char9ed with governan. We enquirecl of mana9emenl and those charged with govemance whether there were any instances of non-compliance with laws and regulations, orwhether they had any knowledge of actual or suspected fraud. We corroborated the results of OLtr enquiries Ihrough our review pf board and other minutes and Ihrc)ugh our legal and professional expenses review. We assessed the susceptibility of the charitable company's financial statements lo material misstatement, induding how fraud might occur and the risk of m8teri81 override of controls. Audit procedurey performed by the engagement team included.. Idenlifying and assess9 the design effectiveness of Gertain rontrgls management ha5 in plaGe to prevent and detect fraud Challenging assumptions and judgements made by management in its signifE¢8nt ac¢ounting policies Identifying and tesling joumal enfries. with a focus on manual postings. jOUTna15 that directy impacted on the surplus reported in the slatement of financial activiti8s and joumal 8ntri8s posl8d in th8 closing and accL)unls preparation period Identifying and testing related paty transactions InSpecng the board and other commiltee minutes A88e88ing the extent of compliance th the relevant laws and regulations as part of our procedures on the related financial statement item
CATHERINE GRACE TRUST Th&se audit procedures w8r8 designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to traud is higher than the risk of not detecting one resulting from error and detecting iTglaritIes that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberale concealment, forgery or intentional mi8repre¥entalions. Also. the further removed non- ¢ompliance with laws regulations is from events and transactions reflected in the financial stalemenls, the less likely we would become aware of tt- Assessment of the appropriateness of Ihe collective competence and capabilities of the engagement learn in¢luded con$i(Jeralion of the ertgagement leam'$_' understanding of. and practical experience with audit engagements of a similar nalure and complexity thTough appropriate training and participation knowledge of the charity, education and care sector underStandg of the legal and regulatory requirements Specific lo the challlable company including.. the provisions of the appIlble legislation guidance issued by the Chanties Commission. The team communications In resped of potential non-compliance With relevant laws and regulations induded the potential for fraud in revenue through manipulation of income and management override of controls., and In asse55ing the potential risks of matsfial misstatement, we obtained an underslanding of- the chartiable ¢ompany's operations, including the nature of its income and expenditure and ils services and of its objoctives and strategies to understancl the dasses of transactions, account balances, expected financial statement disclosures and busine55 wisks tral may result in risks of material misstatem6nt. the charitable company's control environment. including-. the poliGie5 alld PTedUleS implemented by the Gharitable MpanY tr) ensure compliance wth the quirements of the financial reporting fr8mewark and relÈvant laws and regulations the adequacy of procedures for auihorisalion of transactions and review of management accoun15 wocedures to ensure that possfbje breaches of laws and regulations are appropriately resolved. A further description of our responsibilfÉies for the audit of the financial ststements is located on the Financial Reporting Coun¢il'$ website at.. WVAV.fr¢.org.uklaudilorsresponsibih'tses. This description form5 part of our aLltor'S report. Use of our report This report is made solety lo th¢ charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might stsle lo the charllable company's members those matters we a required lo stale to them in an audilor's report and for no other PUTpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other th8n the ¢h8ri18ble company and the ¢harilable eompany's members as a body. for our audit work, for this report, or for the opinions we have formed. Iliam Devill BS¢ FCA OChA Senior Statutory Auditor for and on behalfof Grant Thornton UK LLP Slatulory Auditor. Chartered A¢¢ounlanls Bimiingham Date." 28 March 2023 10
CATHERINE GRAGE TRUST STATEMENT OF FINANCIAL ACTNITIES (NET INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Total Funds PtTiod to 31.8.22 Total Funds Perlod to 31.8.21 Unrestricted Fund8 Restrictèd Fund$ Nots$ INCOME FROM: Donations and legacies Charitsble activities Invesiments Other 725.194 1,134,676 2,518 2.466 30.765 75S.959 1,134.676 2,518 2.466 6.339 44.625 3,564 150 TOTAL INCOME 1864 854 1895 619 54,678 EXPENDITURE ON: Chaiitable a¢tivilies (1.243,387) 119.5001 {1,282.887} 1651.276) TOTAL EXPENDITURE 1262 887 651276 NET INCOME IIEXPENOITUREI FOR THE Y&4R BEFORE GAIN ON INVESTMENTS 621.467 11.265 632.732 1596.598) ILossyGain on investments 11 325 325 NET INCOMEIIEXPENDITUREI 821.142 11.265 632N07 {592.7731 Transfers b8twaén fijnds NET MOVEMENT IN FUNDS 621.142 11.265 632A07 (592,7731 RECONCILIATION OF FUNDS Totsl fund8 brought forwrard Total funds carriad fOrard 17 17 956.073 1577.215 5,089 16.354 961,1fj2 1 593.569 1 $53 935 981.162 The nole8 on pages 14 to 26 fomi part of these financial statements.
CATHERINE GRACE TRUST BALANCE SHEET AS AT 31 AUGUST 2022 REGISTERELI COMPANY NUMBER: 00462901 31 August 2022 31 August 2021 FIXED ASSETS: Tangible assets Investments 10 11 227,870 754,990 982,860 155.879 30.121 186,001 CURRENT ASSETS: Debtors Cash al bank and in hand 12 140.840 1A44.150 1,584.990 42,626 1.483,656 1,528,282 LIABILITIES: Creditors falling du8 wilhin onè yéar 13 1921.2811 (617.171} NET CURRENT ASSETS 663,709 909,111 Credtiors falling due in over one year 14 (53,000) 1133.9501 NET ASSETS 1,593,569 961,182 FUNDS Unrestricted funds Reslricled funds 1.577.215 16,354 1,593,569 956.073 5,089 9S1,162 17 The financial 8tal8menls have been prepar8d in accordance With the Companles Att 2006. Th• financial statements were approved by the Board of Trustees on 27 March 2023 and werB sign8d on its behalf by- He18n Kippa¥ Twstee The notes on pages 14 to 26 form part of these financtal statem8nt 12
CATHERINE GRACE TRUST CASH FLOW STATEMENT AS AT 31 AUGUST 2022 REGISTERED COMPANY NUMBER.. 00462901 Year to 31 August 2022 Y8ar to 31 August 2021 Note Cash tlows from oporatlng activities: Net cash pmvid8d byoperatlng activltles 19 762 611 18.196 Cash flows from invosting 2¢tivitiès Investment income Purth8se ¢f tangible fixed assets Payments to acquire fixed asset investsnenls 2,193 179.1161 1725,194) 7.389 (156.1591 Net used by invg$tlng a¢tlvftle$ 802 117 148,770 Change In cesh andcash equlvalents In the repOng peiiod a7sh and cash equfvalents at the bewnning of the reporting period ash and cash equlva1ets at the end of t repon9 p8riod {39.5051 (130,5741 1614.230 150 1.483.655 The noles on pages 14 to 26 form part of those financial statem8nt 13
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Legal $tatU8 of the Charlty Cath8rine Grace Trust ¥a8 illCOTporated England and Wales as 8 company limited by guarantee (iegistered no. 00462901) anfl ha8 no share capital. Catherine Grace Trust is also regi$t•reLI as a charty wth tho Charrty Commission {registered no. 311740). Reg181ered and prin¢lpal offi¢* The iegistered Offi of Cathewine Grace Trust is Ruskin Mill. Millbottorn, Nailsworth. stro1. Gloucestershire. GLe OLA. The principal office of Calherine GTrce TTU51 15 GiacÈ Garden School. Canford Lane. W8Stbury on Trym. BS9 3PE. Basis of accourEting The financial statemBnts have been prepaied in 8ccordance wth Accounting and R¢porting by Charities. Statement ol Recommgnd8d Practice applicable to charitl85 preparing their aount$ in a¢¢ordanc& wlh the Financial R&porting Standard applicable in thg UK and Republi¢ of Ireland IFRS 102) (effective 1 January 20191- {Charities SORP {FRS 102)) arFd the Financial Reporling Slandaid appjicable in the UK and Republi¢ of Ireland (FRS 102}. The financi8151atements have beBn prepared under the historical c051 convention. Thefinan¢lal ststements a presented in sterllng l£}whlch Is the fun¢tlonal (eYOf the charity. Catherine Grace Trust meets the definits.on ol a public benefitentity under FRS 102. Catherine Grace Tw$t has taken advantage of the exemption from the qUIreMent to prepare a statement of cash flows in accordance wth section 7 of FRS 102. Th8 statement of cash flows is included within the pafent ¢ompany's financial statements. Going concern The charitable company meets its finan¢in9 reouirementthrou9h fundin9 provided by other gfDUP companies, and Ruskin Mill Trust Ltmited, the ulbfflate parent undertakin9, has provided a55urances that such group financÉal support will conbnug to be made availablè. Working alongsid8 Ruskin Mill Trust Lirnit8d. robust budgets aro sel, and the actual spond against these budget5 15 analyself on a monthly basi5 by both the Executive Team and tha Board of Trustees Financ8 suCOMmIttee. Th8 full Board also r8ceiv8S the monthly managemenl accounts and reviews them on a tw(pmonthly cyde. The charitablB company s currently rtegokn"atlng fee Increases with local authorities to mitigate the impact of Inflation on its expendtture. The group, h8aded by Ruskin Mill Trust Limited. has substantial net aSS8ts. 14
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3q AUGUST 2022 ACCOUNTING POLICIES ICONTINUEDI After making detailed enquiries and taking into account the factors di$¢u$sed above, the eoaid is confident that the chaiitable company has adequate scope to continue its operational existence for the fortsseeable future. There arts no material uncertainties surrounding going concern 8nd accordingly the charitable company Continues lo prepare the financial statements on a going con¢em basis. Flx•d a$$•ts and d•pr•¢latlon Assels with a cost b81ow £SOO are not capitalis8d_ D8prÈci2tion is provided èt th8 following annual rates in order to writ8 off each asset OV8r its estimated useful life.. Leasehold property Equipment FlureS andfittings Motor vehicles -2% pa 25Vk pa pa 25% pa d¢pre¢iated in lino with lifetime of the lease straight line straight line straight line Deprall0n is not Charged gn a¥sets under n¥trOn. Incomè Donations are credited to revenue when the charitable company has entitlement to the funds, any performance conditions att8ch8d to the it&mlsl of incorne have been met. it is probable that th8 incomts wll be CeIved. and the amount can be fflea5ur8d reliabty. Income from ¢haritable and other trading octivities 1$ aOUnted for in the period in which the incomg is eamed. Inv•stm8nt income is aceounled for on an accruals basis. Cash and cash eqtsKvalents The cash And eash equivalents ol Catharints Gra¢0 Trust, currèntly comprists$ Of ¢a$h in hand, bank deposits and short temi dtsposits ngt tsf bank overdrafts. Expendlture All expenditure 15 accounted for on an accnjals basis aTrd has been classified under headings that agggate all ¢o$t$ related to th? ¢8tegory. Where co$t$ cannot be directly attributed to particular headings, they have been aMoc8t8d to activities on a basi consistent wth the u$0 of resour¢e$. T•rminatton payrnènts Termlnats"on payments ale accounted for as soon as the ¢haritable ¢ompany 18 aware of th8 obligation to make the payrnent. Penslon co¥ts Thg ¢haritable Company contribute8 to a defined contribution ¥¢heme. Amounts paid in relation to this scheTne ale charged to the Statement of Financial Activities when they fall due. Al pension costs are allocated to unrestYict8d fund$. D4btorn Short term debtors are initialy measured at tr8rÈ$2¢tton price. 18$$ any impaimient_ Prepayments are measured at the amount prepaid. 15
CATHERINE GRACE TRUST NOTES TO THE FINANGIAL STATEMENT5 FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES {CONThNUEDI rodltors Creditors and provisions are recognised where tho charity has a present obligation r8sulb.ng from a pasl ev8nt that will probably result in th8 transfer of funds to a third party and the awnount due to settle the obligation can be measuTed or estimated reliabty. Creditors and provisions are re¢ogni$ed at their Settlement amount after allowing for any tradB Eliscounts due. Funds Unrestricted funds can be v¥ed in aOranCe with the ¢harilable obje¢tives at th8 discretion of the Trustees. R8Strictedfunds can only b8 used forp8rticular r85tricted purpos8S Within the objects ofth& Charity. Re$tri¢tion$ arise when specilied by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of 8ach fund is included in note 17 of these nancisl statements. Flnanclal Instrurnents Cathewine Gracg Trust only h85 financial assets and f¢nancial li&bTrlities of a kind that qualify as basic financlal instruments. Deblors and creditor5 are initially re¢ogni$ed at tiansaction value and sub58qu8ntly measured at their settlement value. Financial investments ar• Initially mpasured at their transactloll C05t and 5ub5equently measurpd at fair value al tha balan¢e Sheet datg. Pl8a$e $ee note 16. Investment8 Listed inve$tment$ are stated at market value at the balance sheet date. Investments in subsidiary companies are accounted for at cosl less any impaimient at the balance sheet ate. The SOFA includes the net gains and losses arisin9 on revaluation and disposal throL¢ghout the year. Slonlficant estlmates and Judgom•nts Estimates and jud98mènts are continually èvaluatèd and are basèd on historical experience and other factors. including •xpectations of future tv•nts ththt are befieved to be reasonable uhder the circumst2ncès. Th& items in the financTal statèments where Ihese estimates and judgement5 have beÈn made indude the following.. Op9rdting l•as8S Rentals applicabltt to operatin9 leases where substantialty al the bonef*$ and rlsks of owneiship remain with the lessor are charged to the Ststement of Financial Activities on straight-tine ba$ls over the tenx of the lease. Lease In¢entlve$ are re¢ogni$ed over th8 life of the ltsaso on a $traight- l i n 8 basi5 as 4 reduction to the expense. Taxailon The company is ¥ registered charity anLI as such is entitles to tax exemption on 811 its income and gain$. properly appliod foi bl¥ charitable purpo$¢8. Long Term Penskjn LlabllFty rhe Trust make5 pension payrnents to certain fornier employees under an unfunded pension arrangement. The valuB of thtr nSIOn fund has been Galculated by usin9 the date of births of the former employees and an estimats of how long Ihis will be paid out. Impalrment of Debtors The Gioup makes an estimate of the recoverable value oftrade and other debtors. When a¥¥g5$ing impaimient of fee and other debtors. management constders fa¢tor$ including thtr Current credit rating of the (lebtor. the ageing profile of debt015 hisloiical expariencg. 16
CATHERINE GFiACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR to 31.8.21 Unrestricted Funds Restiicted Funds Total Funds Year to 31.8.21 Notes INCOME FROM. Oon3tions and legacses Charitable activaties 1.250 44,625 5.089 8.339 44.625 3.564 150 Invostment income Other 150 TOTAL INCOME 49,589 5,089 54.678 EXPEND3TURE ON: Charitablg aCtVitieS (651.2761 (651,2761 TOTAL ExpeNCITURE e51 276 651 276 NET IEXPENDITUREVINCOME FOR THE YEAR BEFORE GAIN ON INVESTMENTS {601,e87) S.089 1596.5981 Gain on investments 11 3.825 3,825 NET IEXPENDITURE)IIACOME ANO MOVEMENT IN FUNDS 1597.8621 5.089 {592,7731 RECONCILIATIOt40FFUNDS Totalfurtds broughtforward 17 1,553.935 1,553.935 Total funds ca1&d forward 17 956.073 5,089 961.162 17
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INCOME Ygar to 31 August 2022 Yearto31 August 2021 Donation incorne 755.959 6.339 Charitable activities Fees 1.134.676 44.625 Other trading activities Sale of Goods 2A66 150 1.893.101 51,114 Investment incorno Listed Investments Bank Int8r05t 1325J 3.825 2.193 7.389 TOTAL INCOME 1.895.294 58,503 EXPENDITURE Direct cost8 {S•o Not• 5} Support Costs (See Note 8) Year to 31 August 2022 Y8arto 31 August 2021 Charstablg activititrs Teaching and educational costs 1.161.173 101.714 1,262.887 651.276 TOTAL EXPENDITURE 1.181,In 101.714 1.262,887 651.276 18
CATHERINE GRACE TRUST NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 DIRECT COSTS OF CHARITABLE ACTIVITIES Yoar Endtrd 31 August 2022 Year End&d31 AugusÈ 2021 Staff costs Olhei Staffing AdministratNe costs EquIpnt and supplies Wetfarè and training rA)sts 665,082 185,205 213,847 54,381 251.005 24.794 215,620 60,705 1 161,173 566,943 SUPPORT COSTS Total Yaar to31 Augutst 2022 Flnanco other Depreclatlon Administration costs 94.S89 7.126 101.714 Finaneo Olh8r Depreeiation Totsl YeaT 1031 August 2021 Admlnlstration costs 84.054 279 84.333 19
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 NET INCOME Net income is Stated aft•r charyln9'. Yoar Ended 31 Year Endgd 31 August 2021 2022 AU105 femungrstion forthe provisu)n of. statutory audit Oppratin9 lease payrnents Depr8Ci2tion- owned asset8 4.000 192.624 7,126 3.500 144,393 279 STAFF COSTS Yo#r endod 31 Au9Ll$t 2022 Year Entlgd 31 Arjgusl 2021 staff G¢ytsts: Wa9e$ and Salari45 SOCI securty costs Pen510ri costs 60S.111 47,467 225.188 21,392 665 062 The monthly avÉrage he3dcourrt number of employees ¢Juring the period wa5 as follows-. Year Ended 31 August 2022 Year Ended 31 August 2021 No Administrati Education Therapy 14 The numbers of employees eamlng In ex¢es$ of £60,000 Ilncludlng employer Nl and èxcluding pension costs) were- Ye•rt¢) 31 Augu$t 2022 Yearlo 31 August221 £60,CK11 - £70.0 No key management personnel recelveé iemuneratlon In the current or previous period. 20
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 TRUSTEES. REMUNERATION AND BENEFITS No TEU¥tee8 re¢eived muneratIon in the CUTfent or previous period. No Trustae expen$98 werg reimbursed in the current or prÈvious period_ 10. TANGIBLE FIXED ASSÈTS Freehold Land & 8uilding8 EquliJm•nt Motor V•hidgs Fixtures As89ts and under Fittings constructlon Total At I Sgpl8mber 2021 Adthts"ons 81,723 611 1,827 71.998 156.159 2670 4.615 31A15 16.116 79,118 At 31 August 2022 108.693 5.226 31A15 1.827 88.114 235.275 Dèpretiation At I S8pfember 2021 Charge for the year 89 190 1,859 634 4,176 457 7,126 At 31 August 2022 1.859 723 ,176 7.405 NBV At 31 August 2022 At I $8ptsmber 2021 106,834 4,503 27339 1.180 88.114 227.870 81,723 1,522 71,998 155.879 INVESTMEPITS 31 August 2022 31 Augusl 2(J21 Lmted Inv•sthonts: Mathet value at Stsrt of peri¢xl Gains in peri4yJ Loss in period Mawket value at end of period Jnvostmont8 In 8vbsldlarlès: Heli05 Twust 30,121 26.296 3.825 32S 29,796 30.121 725.194 754.990 21
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. INVESTMENTS (CONTINUED) The following investments représent morè than 5% of the totsl mark•t value.. 31 August 2022 31 August 2021 Thmadn88d18 H&ndersDn Invesco 6,499 4.835 19,463 5,890 5,962 18,270 12. DEBTORS: AMOUNTS DUE W]THIN ONE YEAR 31 Auuutst 2022 31 Augtjst 2C121 Tr&le Debtor8 Prepayments Other Debiors 136.708 1.353 2,779 37,924 1,557 3,146 13. CREDITORS:AMOUNTSFALLINGDUEWITHINONEYEAR 31 August 2022 31 Augu$t 2021 Trade creditors Amounts owed lo parent undertakings Socral security and oth8rtaxes Lease liability Accma15 and defeffe£l inc4me 55.959 824485 30J14 9,678 203,379 385,391 25,91X) 2,501 617,171 24.281 22
ATHERINE GRAGE TRUST NOTES TO THÉ FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 14. CREDITORS:AMOUNfsFALLING DUEAFTER MORE THANONÈYEAR 31 August 31 August 2022 2021 Pension abilIty 63.000 133,950 63.000 133.950 OPERA TING LEASE COMMrrMENTS At the period end th8 charitable company has total commitments du& under non-canc8llabl& operating leases. for land and building$ onty. a$ set out below-. Year Ended 31 August 2022 Year End6d 31 Augusé 2021 (*)erating L&a$e comrnitrnents du8.. Ihin 1 year thin 2- 5 years Over 5 years 192.524 192,524 770.095 770.095 625.702 818.226 1,588.321 1,780.845 16. FINANCLAL INSTRUMENTS 31 August 2022 31 Atwust 2021 Financial as5et5 vneasured at settlement value Financial a$sots MeasUd at fair value FanCIal liabilities measured at 5ett]ement value 2,308,830 29,797 943,957 1,524,778 30.121 725.221 Financial assets measu at settlem•nt valu• Comprise cash, trade debtors, other debtors, mount5 due from group undert8king8. and investments in subsidiarias. 23
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. RECONGILIATION OF MOVEMENT IN FUNDS At 31 August 2021 At 31 August 2022 Expendituro Gains Unr•stri¢tsd funds General lund 956.073 1.864.529 11,243J871 1,577,216 R•$triet•d funds Eleclric vehide Play Equipment 0r fund¥ 20,000 10,000 765 119.5001 600 10.000 5.854 8.089 TOTAL 1 282,887 1,593 A £20.1]00 Llonal%)n has been re1VE from John James Bristol Foundation for the purchase olan electric VÈhlC. A dgnati¢M of £10,ODO has been recoNed frorn lh8 St8rlin9 Charity. This donation is to go towards th8 pufthase ol play equipment. Teseo Comrnunty Grant has donatsd £500 to go towards ts Kunekune Pig Project. A donakn'on of £265 has been rec8ivad the WDrshipftJl Ccpmpany of Woolman lo be used towards the purchase of three Shelland Sheep. At 31 August 2020 At 31 Auwst 2021 In¢om• Exp8nditur8 Gain5 Unr•stri¢ted funds General fund 1,553,935 53.414 1651,2781 956,073 Restrlcted funds Other funds 5,089 TOTAL 1.553,935 58,503 651,276 961,162 A grant ol £5.089 was t8C8N8d from Nin8v8h Charitsble Trust 10 8Stablish th8 Kunkune pig proiect at Grar Garden SchooL 24
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022 Inveslmonts Fix•d A$$fjts Net Current Assets Fund Balance Unrestricted funds R&strict8d Funds 754.990 227,870 694.355 I77.216 1£,354 16.354 754 990 610 709 1693 S69 2024 Unrestricted Fund5 Re5tithd Funds 30.121 155.879 770,073 956.073 5,089 5,089 30.121 155.679 775 162 961 162 19. CASH FLOWS FROM OPERATING A¢TivinES 31 August 2022 31 August 2021 Net movement In funds Lossllgainl on investrnents Investment income Dppreci3tion Ilnw¥eydeciease in debtors Incfease in credf(ors Net ush provldod by opgrating activities 632A07 325 {2.1931 7.126 198,2141 221160 781611 1592,773 13,8251 17,389) 279 7.224 614.680 18,196 25
CATHERINE GRACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOEI THE YEAR ENDED 31 AUGUST 2022 20. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY Rusksn Mill Trust Limited ITegister8d in England and Wales.. comp8ry number.. 07252866 and charity number.. 11371671 is thè sol& member and controlllng party of Catherine Grace Trust. The objects of Rusktn Mill Trust Limitad include the 8dvancement of the education of youn9 People with 18aming diificLJlti8s andl or behavloural problems or spedal educatlonal needs., the promotion of rtssoarch intts the praciice and development of those 8reas of education,. and the promotion of Rudolf Steiner education &stablishm8nts_ The charitable company iuns 51X SPEcial educational needs s¢hoolsl¢olleges. A Copy of their financial statements can be obtained from the Registrar of Companies, Companies HoiJs&. Crown Way. Catdtff, CF14 3UZ. 21. RELATED PARTIES During the current 2nd prior year. the Executlve Chalf was the dire¢tOf and sole corporate Trust88 of Ruskin Mill Land Trust IRMLTI. There hav8 also purchases of £192,524 (2021.- £144.393)- These purchase5 relate to the annual rental of Cherry Orchards. Th8 balanc8 Owgd to RMLT at the end of Ihe year 1$ £16.044. 26