Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
Charity number: 311740 Registered number: 00462901 England and Wales
Catherine Grace Trust (A Company Limited by Guarantee)
Trustees’ report and financial statements
For the year ended 31 August 2024
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Report of the Trustees | 4 |
| Independent Auditor’s Report | 9 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 |
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Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Legal and Administrative Information
| Trustees | Aonghus Gordon OBE | |
|---|---|---|
| Helen Kippax | ||
| Constantin Court | ||
| Tara Gratton | ||
| Susan Garner (resigned 4 November 2024) | ||
| Domnita Neagu (resigned 16 October 2023) | ||
| David Wragg | ||
| Company Secretary | Elisabeth Johnson | |
| Key Management Personnel | Aonghus Gordon OBE – Founder & Executive Chair | |
| Tara Gratton – Co-CEO | ||
| Shazuli Iqbal – Chief Financial Officer | ||
| Lindsay Wilkinson – Trust Head of Human Resources | ||
| Registered Number | 00462901 | |
| Charity Number | 311740 | |
| Registered Office | Ruskin Mill | |
| Old Bristol Road | ||
| Nailsworth | ||
| Stroud | ||
| Gloucestershire | ||
| GL6 0LA | ||
| Principal Office | Grace Garden School | |
| Canford Lane | ||
| Westbury on Trym | ||
| BS9 3PE | ||
| Auditors | Grant Thornton UK LLP | |
| 17th Floor | ||
| 103 Colmore Row | ||
| Birmingham | ||
| B3 3AG | ||
| Bankers | Lloyds Bank Plc | Triodos Bank NV |
| 12 Rowcroft | Deanery Road | |
| Stroud | Bristol | |
| Gloucestershire | BS1 5AS | |
| GL5 3BD | ||
| Solicitors | RWK Goodman | |
| 69 Carter Lane | ||
| London | ||
| EC4V 5EQ |
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Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
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 2024.
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 Ltd 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 this site and the newly opened Upper School at nearby Stokes Hill.
The registered office of Catherine Grace Trust is Ruskin Mill, Old Bristol Road, Nailsworth, Stroud, GL6 0LA and the principal office is Grace Garden School, 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 Ltd.’s Board of Trustees which makes the final decision.
Induction and training are carried out during the meeting cycle, and members are also invited to training at Ruskin Mill Trust Ltd.’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 Ltd.’s Co-CEO. The key management personnel are listed on page 3. The Trustees did not receive any remuneration from Catherine Grace Trust in the current or previous period, as they are remunerated through the parent entity. The remuneration of key management personnel is included in Note 6.
Directors and Trustees
The Trustees during the period are listed on page 3.
Risk Management
A description of the principal risks and uncertainties facing Catherine Grace Trust, as identified by Trustees, together with a summary of the plans and strategies for mitigating those risks, are reviewed regularly by the Trustees, and plans are put in place to mitigate these risks. The risks and uncertainties facing Catherine Grace Trust are set out in the Strategic Report.
Employment Policy
Catherine Grace Trust is an equal opportunity organisation and is fully committed to its Equal Opportunities Policy. It aims to ensure there is no discrimination on the grounds of disability and that access to work and promotion is based on ability, qualification and suitability for the work. Catherine Grace Trust is committed to creating a working environment that is free from any form of discrimination.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Catherine Grace Trust employs salaried staff with the appropriate qualifications to provide education and care for pupils and does not rely on volunteers.
The remuneration of the key management personnel, deemed to be the Senior Leadership Team listed on page 3, is reviewed annually by Trustees based on national criteria and affordability.
OBJECTS AND AIMS
Objects
The charity’s 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.
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, and at the end of July 2024, the school had 33 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
Grace Garden School has continued to grow and develop over the academic year and has grown to 33 pupils, which is close to their registered capacity of 35. With the increase in numbers, the school has had to creatively use space, including building a break-out cabin in the orchard and temporary shelters for an outdoor kitchen and small group space. The opening of the Upper School at the site on Stoke Hill will provide much needed additional space.
Attendance at the site continues to be good, pupils enjoy coming to school and start their days feeding and caring for the animals or helping with other shared chores. This provides a good sense of community and responsibility.
Pupils at the school continue to make progress in their learning as well as managing their behaviours.
The school has had a quality assurance visit from Bristol Local Authority and an internal quality assurance visit over the year, both of which were positive. The school continues to receive a high number of pupil enquiries and is well regarded by parents and local authority.
The market value of listed investments held by the school grew by 8.3% during the year.
Financial Review
-
Prior Year Adjustment
-
The charity’s leasehold property has previously been incorrectly disclosed as freehold land and buildings. This has been corrected in the current year as a transfer between asset categories. Details of the impact of this adjustment are shown in Note 8.
-
Results
Trustees value the surplus of £155,679 made during the year to 31 August 2024 (2023: £106,135).
- Principal funding sources
Placements at the school are funded by Local Authorities, which support the education of pupils.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
o Fundraising
Fundraising throughout the Ruskin Mill Trust Ltd 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 Ltd, 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 Ltd.
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.
- 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 held at year end are restricted funds £10,106 (2023: £16,354) and unrestricted funds £1,855,277 (2023: £1,683,350). The charity does not have designated funds, does not require to dispose of fixed assets to achieve any restricted fund purpose and does not have any capital commitments not provided for as a liability in the accounts.
The group’s Reserves Policy is included in the Trustees Report for Ruskin Mill Trust Ltd.
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.
Specific areas of risk and uncertainty are:
- Financial Viability:
Catherine Grace Trust continues to have a strong admissions pipeline and has more applications than places. At present, the school enjoys a good relationship with Bristol Local authority but also has pupils from other nearby local authorities. The good Ofsted report from last year as well as positive feedback from parents and quality assurance visits helps to ensure a strong stream of pupils and thereby mitigates the financial risk. Ruskin Mill Trust Ltd finance team offer regular support, and the Executive Principal receives monthly management accounts so that any areas of overspend or financial concern can be addressed quickly.
- Poor Inspection result :
Grace Garden School had a successful OFSTED inspection in May 2022. The Co-CEO and senior leaders are continually working on quality assurance to further improve the provision and there has been a specific teacher training developed for the staff to ensure they have the necessary skills and knowledge. The Ruskin Mill Trust Ltd Civil Service, in conjunction with the Co-CEO is developing a strong quality assurance process to support all Ruskin Mill Trust Ltd schools. The school had a quality assurance visit during the academic year and is working through a quality improvement plan to help ensure inspection readiness.
- Regulatory non-compliance:
The risk of regulatory non-compliance requires constant review and the upskilling of staff and Trustees
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
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 Ltd 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. The Trust Head of Safeguarding is working effectively with Designated safeguarding leads across all sites as well as Headteachers and the Directors to ensure that each centre is compliant The Head of Safeguarding is part of the Civil Service and therefore works collaboratively with other key functions including HR, IT/MIS, H&S, and staff training to provide high quality support. 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 Ltd.’s Head of Legal Services and Trust Head of IT &MIS. An external agency has been contracted to deliver training and site audits across the Trust. The Trust has a Data Compliance Team and works with SchoolPro, who also act as Data Protection Officer and assist with legal and administrative work, particularly regarding subject access requests.
-
Charity Law: To assist compliance with Charity Law, Ruskin Mill Trust Ltd.’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, to comply with statutory changes made to the automatic disqualification rules for charity trustees, a new Trustee Eligibility Declaration procedure is being introduced.
-
Recruitment of staff: The school continues to recruit additional staff as it grows and meets the pupils needs. Bristol offers a wide and diverse workforce, however, there are still challenges to recruiting certain posts, such as support staff and teaching assistants. The Trust has employed a team of specialist recruiters and reviewed the pay for roles that are harder to recruit to help mitigate the 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 Ltd.’s central services. The Trust has recently successfully completed the CyberEssentials assessment and registration.
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Reputational Risk:
-
The risk of reputational harm is being mitigated through the vigilance of the charity including ongoing monitoring of Ruskin Mill Trust Ltd.’s Risk Register and 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 Ltd group’s educational method is not compromised. The Trust invests in staff training and research to support the method. In addition, regular quality assurance visits, as well as senior leadership meetings help to ensure the method is embedded into provisions.
Future Plans
Grace Garden Upper School site is now in use, and the school will continue to increase the number of pupils that access this new site. In addition, the school is planning to continue renovating existing spaces to ensure they are appropriate for the pupils as well as looking to upgrade the existing barn on the site to make it a more usable space. The school will continue to develop its curriculum and is looking to increase the offer by recruiting a pottery tutor. In addition, the school is looking to introduce new systems to help evidence pupil progress and achievement. Subject to successful planning and Material Change Application, the school is hoping to increase its registration to 50 pupils.
STATEMENT OF TRUSTEES RESPONSIBILITIES
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Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
The Trustees (who are also directors of Catherine Grace Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report 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 that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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:
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select suitable accounting policies and then apply them consistently
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observe the methods and principles in the Charities SORP (FRS 102)
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make judgments and accounting estimates that are reasonable and prudent
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 company’s transactions, disclose with reasonable accuracy at any time the financial position of the 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 company 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 each Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information 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 2024 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 4 April 2025 and signed on their behalf by:
Aonghus Gordon OBE Trustee
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Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Independent auditor's report to the members of Catherine Grace Trust
Opinion
We have audited the financial statements of Catherine Grace Trust (the ‘charitable company’) for the year ended 31 August 2024, which comprise the Statement of Financial Activities (Net Income and Expenditure Account), the Balance Sheet, the Cash Flow statement 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 2024 and of its incoming resources and application of resources including, its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice: Accounting and Reporting by Charities, 2019 Edition; and
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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 high inflation rates, 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.
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.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Other information
The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. 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.
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 themselves. 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:
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the information given in the Strategic Report and the Trustees 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.
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the Strategic Report and the Trustees 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities, 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
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
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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;
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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;
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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:
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Identifying and assessing the design effectiveness of certain controls management has in place to prevent and detect fraud
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Challenging assumptions and judgements made by management in its significant accounting policies
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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
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Identifying and testing related party transactions
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Inspecting the board and other committee minutes
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Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item
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These audit procedures were 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 fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed noncompliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
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Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
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understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation
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knowledge of the charity, education and care sector
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understanding of the legal and regulatory requirements specific to the charitable company including:
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the provisions of the applicable legislation
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guidance issued by the Charities Commission.
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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
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
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In assessing the potential risks of material misstatement, we obtained an understanding of:
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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.
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the charitable company's control environment, including:
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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
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the adequacy of procedures for authorisation of transactions and review of management accounts
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procedures to ensure that possible breaches of laws and regulations are appropriately resolved.
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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.
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.
Jim McLarnon ACA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Birmingham
Date: 4/4/2025
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Statement of Financial Activities (Net Income and Expenditure Account) For the year ended 31 August 2024
| Notes | Unrestricted Funds Restricted Funds |
Total Funds 2024 Total Funds 2023 |
|---|---|---|
| £ £ |
£ £ |
|
| Income | ||
| Donations | - 7,400 |
7,400 - |
| Charitable activities | 3,349,118 - |
3,349,118 2,257,165 |
| Other trading activities | 462 - |
462 2,709 |
| Investment income | 35,557 - |
35,557 27,939 |
| Total income 3 |
3,385,137 7,400 |
3,392,537 2,287,813 |
| Expenditure | ||
| Charitable activities 4 |
(3,225,589) (13,648) |
(3,239,237) (2,180,653) |
| Net income / (expenditure) before gain / (loss) on investments |
159,548 (6,248) |
153,300 107,160 |
| Gain / (loss) on investments 9 |
2,379 - |
2,379 (1,025) |
| Net income / (expenditure) and net movement in funds 5 |
161,927 (6,248) |
155,679 106,135 |
| Reconciliation of funds | ||
| Total funds brought forward 15 |
1,683,350 16,354 |
1,699,704 1,593,569 |
| Total funds carried forward 15 |
1,845,277 10,106 |
1,855,383 1,699,704 |
All amounts relate to continuing operations.
The notes on pages 16 to 29 form part of these financial statements.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Registered Number: 00462901
Balance Sheet 31 August 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 8 | 316,308 | 287,445 |
| Investments | 9 | 756,345 | 753,966 |
| 1,072,653 | 1,041,411 | ||
| Current assets | |||
| Debtors | 10 | 126,902 | 99,957 |
| Cash at bank and in hand | 1,552,671 | 1,509,640 | |
| 1,679,573 | 1,609,597 | ||
| Creditors: amounts fallingdue within oneyear | 11 | (843,843) | (898,304) |
| Net current assets | 835,730 | 711,293 | |
| Creditors: amounts falling due after more than one year | 12 | (53,000) | (53,000) |
| Net assets | 1,855,383 | 1,699,704 | |
| Funds | |||
| Restricted funds | 15 | 10,106 | 16,354 |
| Unrestricted funds | 15 | 1,845,277 | 1,683,350 |
| 1,855,383 | 1,699,704 |
The financial statements have been prepared in accordance with the Companies Act 2006.
The financial statements were approved by the Board of Trustees on 4 April 2025 and were signed on its behalf by:
Aonghus Gordon OBE Trustee
The notes on pages 16 to 29 form part of these financial statements.
14
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Cash Flow Statement For the year ended 31 August 2024
| Note Cash flows from operating activities Net cash provided by operating activities 17 Cash flows from investing activities Investment income Purchase of tangible fixed assets Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 2023 £ £ 57,973 112,200 |
|---|---|
| 35,557 27,939 (50,499) (74,649) |
|
| (14,942) (46,710) |
|
| 43,031 65,490 1,509,640 1,444,150 |
|
| 1,552,671 1,509,640 |
The notes on pages 16 to 29 form part of these financial statements.
15
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
Statutory information
Catherine Grace Trust is incorporated in England and Wales as a company limited by guarantee without share capital.
The liability of members in the event of winding up is limited to an amount not exceeding £10 per member; the number of members at 31 August 2024 was six.
Catherine Grace Trust is also registered as a charity with the Charity Commission (registered no. 311740).
Registered number 00462901 Registered Head Office address: Ruskin Mill Old Bristol Road Nailsworth Stroud Gloucestershire GL6 0LA.
The principal office of Catherine Grace Trust is Grace Garden School, Canford Lane, Westbury on Trym, BS9 3PE.
1. Accounting policies
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).
Catherine Grace Trust meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The financial statements are presented in sterling (£), which is the functional currency of the charity.
Going concern
The charitable company meets its financing requirement through funding provided by other group companies, and Ruskin Mill Trust Ltd.
16
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements
For the year ended 31 August 2024
1. Accounting policies (continued)
Working alongside Ruskin Mill Trust Ltd, robust budgets are set, and the actual spend against these budgets is analysed monthly 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 charitable company is currently negotiating fee increases with local authorities to mitigate the impact of inflation on its expenditure.
The group, headed by Ruskin Mill Trust Ltd, has substantial net assets. Furthermore, Ruskin Mill Trust Ltd has provided assurances that group financial support will be provided to Catherine Grace Trust as required. There are therefore no material uncertainties surrounding the going concern status of Catherine Grace Trust
After making detailed enquiries and considering 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.
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.
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.
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-line basis as a reduction to the expense.
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.
17
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements
For the year ended 31 August 2024
1. Accounting policies (continued)
Fixed assets and depreciation
Assets with a cost below £500 are not capitalised.
Depreciation is charged to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
| Leasehold improvements | Over the term of the lease |
|---|---|
| Fixtures, fittings and equipment | 25% |
| Motor vehicles | 25% |
Deprecation is not charged on assets under construction.
Investments
Listed investments are stated at market value at the balance sheet date. Investments in subsidiary companies are accounted for at cost less any impairment at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposal throughout the year. The investment objective is to seek to maximise total return within its chosen investment criteria by a combination of income and capital growth and within an acceptable level of risk.
Debtors
Short term debtors are initially measured at transaction price, less any impairment. Prepayments are measured at the amount prepaid.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, bank deposits and other short-term deposits.
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.
18
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements
For the year ended 31 August 2024
1. Accounting policies (continued)
Long Term Pension Liability
The charitable company makes pension payments to certain former employees under an unfunded pension arrangement. The value of the pension fund has been calculated by using the dates of birth of the former employees and an estimate of how long this will be paid out.
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 restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.
Further explanation of the nature and purpose of each fund is included in note 15 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.
Taxation
The company is a registered charity and as such is entitled to tax exemption on all its income and gains, properly applied for its charitable purposes.
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.
Useful economic lives of tangible fixed assets
The annual depreciation charges for tangible fixed assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets.
Valuation of investment in subsidiary
The carrying amount of the company’s investment in its subsidiary is compared with the recoverable amount when calculated as ‘value in use’ and ‘fair value less costs to sell’. An impairment is recognised if the carrying value is lower than the higher of these measures.
Impairment of debtors
Catherine Grace Trust 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.
19
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
2. Statement of financial activities for the year to 31 August 2023
| Notes | Unrestricted Funds |
Restricted Funds Total Funds 2023 |
|---|---|---|
| £ | £ £ |
|
| Income | ||
| Charitable activities | 2,257,165 | - 2,257,165 |
| Other trading activities | 2,709 | - 2,709 |
| Investments | 27,939 | - 27,939 |
| Total income 3 |
2,287,813 | - 2,287,813 |
| Expenditure | ||
| Charitable activities 4 |
(2,180,653) | - (2,180,653) |
| Net income for the year before loss on investments |
107,160 | - 107,160 |
| Loss on investments 9 |
(1,025) | - (1,025) |
| Net income and net movement in funds 5 |
106,135 | - 106,135 |
| Reconciliation of funds | ||
| Total funds brought forward 15 |
1,577,215 | 16,354 1,593,569 |
| Total funds carried forward 15 |
1,683,350 | 16,354 1,699,704 |
20
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
3. Income
| Donation income Charitable activities Fees Other trading activities Income from land, farm & shop Miscellaneous Investment income Listed investments Total income |
2024 2023 £ £ 7,400 - |
|---|---|
| 3,349,118 2,257,165 |
|
| 279 - 183 2,708 |
|
| 462 2,708 |
|
| 35,557 27,940 |
|
| 3,392,537 2,287,813 |
4. Expenditure
| Charitable activities Provision of educational services Total expenditure Charitable activities Provision of educational services Total expenditure |
Staff Costs (Note 6) Depreciation (Note 8) Other Costs 2024 2023 £ £ £ £ £ 1,578,068 21,636 1,639,533 3,239,237 2,180,653 |
|---|---|
| 1,578,068 21,636 1,639,533 3,239,237 2,180,653 |
|
| Staff Costs (Note 6) Depreciation Other Costs Year to 31 August 2023 £ £ £ £ 1,080,951 15,074 1,084,628 2,180,653 1,080,951 15,074 1,084,628 2,180,653 |
All costs relate to the charitable activity of provision of educational services.
5. Net income
Net income is stated after charging:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned tangible fixed assets | 21,636 | 15,074 |
| Operating lease expense | 212,787 | 192,524 |
| Auditor's remuneration for the provision of: | ||
| - statutory audit |
5,400 | 5,000 |
21
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
6. Staff costs
| Staff costs | |
|---|---|
| Wages and salaries Social security costs Pension costs |
2024 2023 £ £ 1,419,330 976,838 133,195 84,159 25,543 19,954 |
| 1,578,068 1,080,951 |
The monthly average headcount number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Teaching | 35 | 24 |
| Care, support and administration | 18 | 12 |
| Management | 5 | 4 |
| 58 | 40 | |
| The numbers of employees earning more than £60,000 (excluding employer NI and pension costs) | were: | |
| 2024 | 2023 | |
| No. | No. | |
| £60,001 - £70,000 | 2 | 0 |
Key management personnel of the company are remunerated by a different group entity and hence no disclosure is made in these financial statements.
No termination payments were made during the year (2023: £Nil).
7. Trustees’ remuneration and benefits
No Trustees were remunerated in the year (2023: £Nil).
No Trustee expenses were reimbursed during the year (2023: £Nil).
22
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
8. Tangible fixed assets
| Cost 1 September 2023 Additions Transfers 31 August 2024 Depreciation 1 September 2023 Charge for the year Transfers 31 August 2024 Net Book Value 31 August 2024 31 August 2023 |
Freehold Land & Buildings Leasehold Improvements Fixtures, Fittings & Equipment Motor Vehicles Totals £ £ £ £ £ 257,811 - 12,298 39,815 309,924 - 16,718 33,781 - 50,499 (257,811) 257,811 - - - |
|---|---|
| - 274,529 46,079 39,815 360,423 |
|
| 5,809 - 4,116 12,554 22,479 - 5,322 6,360 9,954 21,636 (5,809) 5,809 - - - |
|
| - 11,131 10,476 22,508 44,115 |
|
| - 263,398 35,603 17,307 316,308 |
|
| 252,002 - 8,182 27,261 287,445 |
The net book value of assets held under hire purchase contracts was £11,532 (2023: £Nil).
Prior Year Adjustment
The charity’s leasehold property has previously been incorrectly disclosed as freehold land and buildings. This has been corrected in the current year as a transfer between asset categories. There have been no changes to lease contracts or property ownership and depreciation rates have not changed. Transfers of £257,811 cost and £5,809 depreciation have been made to re-categorise freehold land and buildings opening balances as leasehold improvements. The amended presentation aligns with group accounting disclosures.
23
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements
For the year ended 31 August 2024
9. Investments
| Listed investments Shares in subsidiary trading company at cost less impairment: Helios Trust |
2024 2023 £ £ 31,151 28,772 725,194 725,194 |
|---|---|
| 756,345 753,966 |
Catherine Grace Trust is the sole member of Helios Trust, no group accounts are required as this entity and Helios Trust are consolidated into the group accounts of Ruskin Mill Trust Ltd.
| Listed investments: Market value 1 September 2023 Gain / (loss) in the year Market value 31 August 2024 Investments at Market Value: Invesco Henderson Threadneedle |
2024 2023 £ £ 28,772 29,797 2,379 (1,025) |
|---|---|
| 31,151 28,772 |
|
| 2024 2023 £ £ 20,239 18,728 4,788 4,541 6,124 5,503 |
|
| 31,151 28,772 |
Each of the above investments represent more than 5% of the total market value.
24
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
10. Debtors: amounts falling due within one year
| Trade debtors Amounts due from group undertakings Other debtors Prepayments and accrued income |
2024 2023 £ £ 107,147 74,687 - 10,288 14,714 8,617 5,041 6,365 |
|---|---|
| 126,902 99,957 |
11. Creditors: amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Social security and other taxes Pension contributions payable Other creditors Fees in advance Accruals and deferred income Fees in advance Amounts brought forward Amounts received during the year Amounts utilised during the year Amounts carried forward |
2024 2023 £ £ 84,715 56,409 594,144 771,208 33,830 37,750 6,858 10,731 4,043 17,100 108,199 - 12,054 5,106 |
|---|---|
| 843,843 898,304 |
|
| 2024 2023 £ £ - - 3,457,487 2,257,165 (3,349,288) (2,257,165) |
|
| 108,199 - |
The closing balance of fees received in advance relates to fees received in respect of the 2024/25 academic year.
25
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
12. Creditors: amounts falling due after more than one year
| Pension Liability | 2024 2023 £ £ 53,000 53,000 53,000 53,000 |
|---|---|
The charity makes pension payments to certain former employees under an unfunded pension arrangement. A provision has been made to reflect the costed liability of these payments.
13. Operating lease commitments
At the year end the charitable company had total commitments due under non-cancellable operating leases as set out below:
| Land and buildings Within 1 year Within 2 – 5 years Over 5 years |
2024 2023 £ £ 211,776 192,524 847,104 770,095 264,720 433,178 |
|---|---|
| 1,323,600 1,395,797 |
| Other Within 1 year inancial instruments Financial assets measured at fair value Financial assets measured at amortised cost Financial liabilities measured at amortised cost |
|
|---|---|
| 586 - |
|
| 2024 2023 £ £ 31,151 28,772 1,674,532 2,318,137 (690,913) (902,823) |
14. Financial instruments
Financial assets measured at fair value comprise listed investments and is the market value at the balance sheet date.
Financial assets measured at amortised cost comprise cash, trade debtors, other debtors and amounts due from group undertakings.
Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, accruals and deferred income.
26
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements
For the year ended 31 August 2024
15. Reconciliation of movement in funds
Year to 31 August 2024:
| Year to 31 August 2024: | |
|---|---|
| Unrestricted funds General fund Restricted funds Electric vehicle Play Equipment Hen House, Outdoor Shelters & Pottery Equipment Total funds Restricted funds |
1 September 2023 Income Expenditure Gains Transfer 31 August 2024 £ £ £ £ £ £ 1,683,350 3,385,137 (3,225,589) 2,379 - 1,845,277 |
| 500 - - - (500) - 10,000 - (10,000) - - - 5,854 7,400 (3,648) - 500 10,106 |
|
| 16,354 7,400 (13,648) - - 10,106 |
|
| 1,699,704 3,392,537 (3,239,237) 2,379 - 1,855,383 |
|
Electric vehicle The electric vehicle was less than the donation received, so the fund balance has been transferred to another fund
Play equipment The donation received from Sterling Charity was used to purchase play equipment during the year.
Hen house, Outdoor During the year, donations were received from G C Gibson Charitable Trust of shelters & Pottery £5,000 for pottery equipment. This will be spent in the coming year. Donations equipment were also received from Groundworks, £2,400 for outdoor shelters. A mobile field shelter was purchased during the year.
Year to 31 August 2023:
| Year to 31 August 2023: | |
|---|---|
| Unrestricted funds General fund Restricted funds Electric vehicle Play equipment Other funds Total funds |
1 September 2022 Income Expenditure Losses 31 August 2023 £ £ £ £ £ 1,577,215 2,287,813 (2,180,653) (1,025) 1,683,350 |
| 500 - - - 500 10,000 - - - 10,000 5,854 - - - 5,854 |
|
| 16,354 - - - 16,354 |
|
| 1,593,569 2,287,813 (2,180,653) (1,025) 1,699,704 |
27
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
16. Analysis of net assets between funds
| 31 August 2024 Restricted funds Unrestricted funds 31 August 2023 Restricted funds Unrestricted funds Cash flows from operating activities Net movement in funds (Gain) / loss on investments Investment income Depreciation (Increase)/decrease in debtors (Decrease) in creditors Net cash provided by operating activities |
Fixed assets Net current assets £ £ - 10,106 1,072,653 825,624 |
Long term liabilities Fund balances £ £ - 10,106 (53,000) 1,845,277 |
|---|---|---|
| 1,072,653 835,730 |
(53,000) 1,855,383 |
|
| - 16,354 1,041,441 694,939 |
- 16,354 (53,000) 1,683,380 |
|
| 1,041,441 711,293 |
(53,000) 1,699,734 |
|
| 2024 2023 £ £ 155,679 106,135 (2,379) 1,025 (35,557) (27,939) 21,636 15,074 (26,945) 40,882 (54,461) (22,977) |
||
| 57,973 112,200 |
17. Cash flows from operating activities
28
Catherine Grace Trust
Docusign Envelope ID: 025A00E2-C49C-42A4-9124-11030ACBDF2F
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2024
Notes to the Financial Statements For the year ended 31 August 2024
18. Related party transactions
Year to 31 August 2024 transactions and year-end balance between subsidiaries and parent company:
| Ruskin Mill | Sunfield Children’s | ||
|---|---|---|---|
| Trust Ltd | Homes Ltd | Helios Trust | |
| Donation paid to parent | 400,000 | - | - |
| Trade debtor amounts | - | - | - |
| Trade creditor amounts | (594,144) | - | - |
Year to 31 August 2023 transactions and year-end balance between subsidiaries and parent company:
| Ruskin Mill | Sunfield Children’s | ||
|---|---|---|---|
| Trust Ltd | Homes Ltd | Helios Trust | |
| Donation paid to parent | 200,000 | - | - |
| Trade debtor amounts | - | - | 10,288 |
| Trade creditor amounts | (770,788) | (420) |
Mr A Gordon OBE (Director and Founder of the entity) is a Trustee of Ruskin Mill Land Trust. In the year, there were purchases from Ruskin Mill Land Trust of £211,776 (2023: £192,524). These purchases relate to the annual rental of Cherry Orchards, the main site for the Lower School. The balance owed to Ruskin Mill Land Trust at the end of the year is £Nil (2023: £16,044).
19. Ultimate parent company and controlling party
Ruskin Mill Trust Ltd (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 Ltd 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 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.
29
Catherine Grace Trust