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 2025
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Report of the Trustees | 4 |
| Independent Auditor’s Report | 10 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Cash Flow Statement | 16 |
| Notes to the Financial Statements | 17 |
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Legal and Administrative Information
| Trustees | Aonghus Gordon OBE | |
|---|---|---|
| Tara Gratton | ||
| Helen Kippax | ||
| Constantin Court | ||
| Susan Garner (resigned 4 November 2024) | ||
| David Wragg | ||
| Company Secretary | Elisabeth Johnson | |
| Key Management Personnel | Aonghus Gordon OBE–Founder & Executive Chair (resigned from | |
| Executive Team on 1 September 2025) | ||
| Tara Gratton–CEO | ||
| Shazuli Iqbal–Chief Financial Officer | ||
| Lindsay Wilkinson–Chief People Officer | ||
| Registered Number | 00462901 | |
| Charity Number | 311740 | |
| Registered Office | Ruskin Mill | |
| Millbottom | ||
| Nailsworth | ||
| Stroud | ||
| Gloucestershire | ||
| GL6 0LA | ||
| Principal Office | Grace Garden School | |
| Canford Lane | ||
| Westbury on Trym | ||
| BS9 3PE | ||
| Auditor | RSM UK Audit LLP | |
| 10th 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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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
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 2025.
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.
Grace Garden School operates from an 18-acre site, located on Canford Lane, Westbury on Trym, and has an Upper School located at 17 Stoke Hill, Bristol. Catherine Grace Trust fulfils its charitable objects by operating Grace Garden School and Grace Garden Upper School.
The registered office of Catherine Grace Trust is Ruskin Mill, Millbottom, 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 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. Four of the five Directors are employed by 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 set out in the Strategic Report. The Trustees regularly review the potential risks and mitigating actions to ensure any risks and uncertainties facing Catherine Grace Trust are well managed.
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.
Catherine Grace Trust employs salaried staff with the appropriate qualifications to provide education and care for pupils and does not rely on volunteers.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
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 day places for specialist education – to children aged 9 16. The school is operated on the main site at Canford Lane as well as the Upper School on nearby Stoke Hill.
Using Ruskin Mill Trust Ltd.’s method of Practical Skills Therapeutic Education, children can learn in a rural setting, which provides sessions in crafts and land work as well as delivering the national curriculum. Grace Garden School provides a nourishing and therapeutic environment for students who are unable to attend mainstream educational establishments.
The school has successfully applied to the Department for Education for a material change to increase the maximum number of pupil numbers to 50.
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 capacity at 35 pupils. The Upper School site is being fully utilised, and students benefit from the science lab, gardens and additional classrooms as they prepare for their exams. The school had a successful Ofsted inspection in June 2025 and was graded Good overall, with Outstanding Behaviours and attitudes and Outstanding Personal - Development. The inspection report states, “For many pupils who attend Grace Garden School, it is a life changing experience”.
Following the successful Ofsted inspection and application to the Department for Education, the school has been granted permission to increase maximum pupil numbers to 50. The school continues to use spaces creatively and there are further plans for additional classrooms on the main site to accommodate the growing student numbers.
Attendance at the site continues to be a strength and 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.
The school continues to receive a high number of pupil enquiries and is well regarded by parents and local authority.
Financial Review
- Results
Trustees value the deficit of £(103,523) made during the year to 31 August 2025 (2024: surplus £155,679).
On 29 August 2025, Catherine Grace Trust donated its subsidiary, Helios Trust, to a related party, Ruskin
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Mill Land Trust Ltd, acting as sole corporate trustee of Ruskin Mill Land Trust (charity registration number 1059302). The value of this donation was £725,194.
o Principal funding sources
Placements at the school are funded by Local Authorities, which support the education of pupils.
o Investments
Listed investments were sold in July 2025.
As noted above, on 29 August 2025, Catherine Grace Trust donated its subsidiary, Helios Trust, to a related party, Ruskin Mill Land Trust Ltd, acting as sole corporate trustee of Ruskin Mill Land Trust (charity registration number 1059302).
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 is used by the school as agreed with the donor and comply with any conditions attached by the donor.
o Reserves
The Trustees review the charity’s financial plans and results regularly throughout the year. This is done through monitoring income and expenditure against budget forecasts and monitoring cash flow.
The Trustees feel it prudent to build the level of reserves on an annual basis with the purpose of ensuring that the charity has sufficient reserves to act as a buffer against unexpected drops in income or increases in expenditure. The reserves held at year end are restricted funds £Nil (2024: £10,106) and unrestricted funds £1,751,860 (2024: £1,845,277). 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 children, 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:
o Financial Viability:
Grace Garden School (operated by 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 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. Management Accounts are also reviewed monthly by Ruskin Mill Trust Ltd Executive
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Team, and at each Board meeting.
o Poor Inspection result :
Grace Garden School had a successful OFSTED inspection in June 2025, and any areas for development have been identified and are being addressed by the Executive Principal and senior leadership team.
The CEO and senior leaders are continually working on quality assurance 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 CEO is developing a strong quality assurance process to support all Ruskin Mill Trust Ltd schools.
- Regulatory non-compliance:
The risk of regulatory non-compliance requires constant review and the upskilling of staff and Trustees to meet an ever-changing regulatory landscape and student profile. Specifically:
-
Keeping participants safe: The potential risks associated with keeping participants 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 Provision Leaders 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 and Company Law: To assist compliance with Charity Law and Company Law, Ruskin Mill Trust Ltd.’s Head of Legal Services provides Trustees with regular Charity Law and Company Law updates and training which are supplemented by advice on further provisions as they come into force. For example, the Trust has been working with Trustees to ensure that they verify their identity, as part of the new Companies House Identity Verification Standard.
-
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, and staff retention has improved, 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. The Trust's IT team has also implemented cloud and onpremise systems that provide additional back up, replication and security remediation in the event of an IT disaster.
o 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.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
- Risks to Ruskin Mill Trust Group’s Method – Practical Skills Therapeutic Education (“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. The implementation of the method is also monitored through the Board meetings and the Trustees reports.
Future Plans
Grace Garden School plans to grow pupil numbers over the next few years, to the maximum pupil number of 50. The school is planning further developments to the main site, including renovations to the exisiting barn to create a larger dining area, creating a new barn, as well as additional outdoor workshops for woodworking and other activities. In addition, the property at the end of the drive (253 Canford Lane) is being renovated to improve access to the school and create some additional space for general use and accommodation for any volunteers. Grace Garden Upper School is now being used by pupils 5 days a week, which has created some additional capacity on the main site.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Trustees (who are also directors of Catherine Grace Trust for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with 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).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable 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 people 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
-
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.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
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 2025 and up to the date of approval of this report.
Auditor
The auditor, RSM UK Audit LLP, was appointed during the year and will be proposed for reappointment at the Annual General Meeting.
Approved by the Trustees on 27 April 2026 and signed on their behalf by:
………………………………………
Aonghus Gordon OBE Trustee
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
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 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company’s affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We 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
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 trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the 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 course of 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 this gives rise to 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.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Directors’ Report and the Strategic Report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ responsibilities set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 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.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
-
obtained an understanding of the nature of the sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework;
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inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
-
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document and tax legislation. We performed audit procedures to detect noncompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating any advice received from advisors.
The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to the Education Inspection Framework under the Education and Inspections Act 2006, Keeping Children Safe in Education under the Education Act 2002, the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory authorities
The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates and tests of detail in respect of income.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the 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
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
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.
Anna Spencer-Gray
ANNA SPENCER-GRAY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 10[th ] Floor 103 Colmore Row Birmingham B3 3AG 05/05/26
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Statement of Financial Activities (Net Income and Expenditure Account) For the year ended 31 August 2025
| Notes | Unrestricted Funds Restricted Funds Total Funds 2025 |
Total Funds 2024 |
|---|---|---|
| £ £ £ |
£ | |
| Income | ||
| Donations | 10 - 10 |
7,400 |
| Charitable activities | 4,137,308 - 4,137,308 |
3,349,118 |
| Other trading activities | 21,388 - 21,388 |
462 |
| Investment income | 57,246 - 57,246 |
35,557 |
| Total income 3 |
4,215,952 - 4,215,952 |
3,392,537 |
| Expenditure | ||
| Charitable activities 4 |
(4,313,613) (10,106) (4,323,719) |
(3,239,237) |
| Net (expenditure) / income before gain on investments |
(97,661) (10,106) (107,767) |
153,300 |
| Gain on investments 9 |
4,244 - 4,244 |
2,379 |
| Net (expenditure) / income and net movement in funds 5 |
(93,417) (10,106) (103,523) |
155,679 |
| Reconciliation of funds | ||
| Total funds brought forward 15 |
1,845,277 10,106 1,855,383 |
1,699,704 |
| Total funds carried forward 15 |
1,751,860 - 1,751,860 |
1,855,383 |
The notes on pages 17 to 31 form part of these financial statements.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Registered Number: 00462901
Balance Sheet 31 August 2025
| Notes | 2025 2024 |
|---|---|
| £ £ |
|
| Fixed assets | |
| Tangible assets 8 |
365,423 316,308 |
| Investments 9 |
- 756,345 |
| 365,423 1,072,653 |
|
| Current assets | |
| Debtors 10 |
117,460 126,902 |
| Cash at bank and in hand | 1,664,245 1,552,671 |
| 1,781,705 1,679,573 |
|
| Creditors: amounts fallingdue within oneyear 11 |
(342,268) (843,843) |
| Net current assets | 1,439,437 835,730 |
| Creditors: amounts falling due after more than one year 12 |
(53,000) (53,000) |
| Net assets | 1,751,860 1,855,383 |
| Funds | |
| Restricted funds 15 |
- 10,106 |
| Unrestricted funds 15 |
1,751,860 1,845,277 |
| 1,751,860 1,855,383 |
The financial statements have been prepared in accordance with the Companies Act 2006.
The financial statements were approved by the Board of Trustees on 27 April 2026 and were signed on its behalf by:
……………………………………..
Aonghus Gordon OBE Trustee
The notes on pages 17 to 31 form part of these financial statements.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Cash Flow Statement For the year ended 31 August 2025
| 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 Proceeds from sale of fixed asset investments Net cash provided by / (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 |
2025 2024 £ £ 99,961 57,973 |
|---|---|
| 57,246 35,557 (81,028) (50,499) 35,395 - |
|
| 11,613 (14,942) |
|
| 111,574 43,031 1,552,671 1,509,640 |
|
| 1,664,245 1,552,671 |
The notes on pages 17 to 31 form part of these financial statements.
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements
For the year ended 31 August 2025
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 2025 was five.
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 Millbottom 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, the ultimate parent undertaking.
Catherine Grace Trust
17
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements
For the year ended 31 August 2025
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.
For the foreseeable future the Trustees consider Catherine Grace Trust a going concern based on recurring funding receivable from the local authorities. The Trustees also believe that reserves are maintained at an appropriate level to provide a sufficient level of cover should it be required.
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 if required. A letter of support has been provided by Ruskin Mill Trust Ltd.
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 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.
Catherine Grace Trust
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements
For the year ended 31 August 2025
1. Accounting policies (continued)
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.
Tangible fixed assets and depreciation
Assets with a cost below £1,000 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.
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date.
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.
Catherine Grace Trust
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements
For the year ended 31 August 2025
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 the Notes to these financial statements.
Financial instruments
Catherine Grace Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Listed investments are initially recognised at their transaction cost and subsequently measured at their fair value (market value) at the balance sheet date. Debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.
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.
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.
Catherine Grace Trust
20
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements
For the year ended 31 August 2025
2. Statement of financial activities for the year to 31 August 2024
| Notes | Unrestricted Funds Restricted Funds Total Funds 2024 |
|---|---|
| £ £ £ |
|
| Income | |
| Donations | - 7,400 7,400 |
| Charitable activities | 3,349,118 - 3,349,118 |
| Other trading activities | 462 - 462 |
| Investment income | 35,557 - 35,557 |
| Total income 3 |
3,385,137 7,400 3,392,537 |
| Expenditure | |
| Charitable activities 4 |
(3,225,589) (13,648) (3,239,237) |
| Net income / (expenditure) before gain on investments |
159,548 (6,248) 153,300 |
| Gain on investments 9 |
2,379 - 2,379 |
| Net income / (expenditure) and net movement in funds 5 |
161,927 (6,248) 155,679 |
| Reconciliation of funds | |
| Total funds brought forward 15 |
1,683,350 16,354 1,699,704 |
| Total funds carried forward 15 |
1,845,277 10,106 1,855,383 |
Catherine Grace Trust
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements For the year ended 31 August 2025
3. Income
| Donation income Charitable activities Fees Other trading activities Income from land, farm & shop Miscellaneous Investment income Interest received Total income |
2025 2024 £ £ 10 7,400 |
|---|---|
| 4,137,308 3,349,118 |
|
| 639 279 20,749 183 |
|
| 21,388 462 |
|
| 57,246 35,557 |
|
| 4,215,952 3,392,537 |
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 2025 2024 £ £ £ £ £ 2,214,831 31,913 2,076,975 4,323,719 3,239,237 |
|---|---|
| 2,214,831 31,913 2,076,975 4,323,719 3,239,237 |
|
| Staff Costs (Note 6) Depreciation Other Costs 2024 £ £ £ £ 1,578,068 21,636 1,639,533 3,239,237 1,578,068 21,636 1,639,533 3,239,237 |
5. Net (expenditure) / income
Net (expenditure) / income is stated after charging:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned tangible fixed assets | 31,913 | 21,636 |
| Operating lease expense | 219,272 | 212,787 |
| Auditor's remuneration for the provision of: | ||
| - statutory audit |
5,700 | 5,400 |
Catherine Grace Trust
22
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements For the year ended 31 August 2025
6. Staff costs
| Staff costs | |
|---|---|
| Wages and salaries Social security costs Pension costs |
2025 2024 £ £ 1,965,537 1,419,330 204,961 133,195 44,333 25,543 |
| 2,214,831 1,578,068 |
The monthly average headcount number of employees during the year was as follows:
| Teaching Care, support and administration Management The numbers of employees earning more than £60,000 excluding employer NI £60,001 - £70,000 |
2025 2024 No. No. 45 35 25 18 5 5 |
|---|---|
| 75 58 |
|
| and pension costs were: 2025 2024 No. No. 2 2 |
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 (2024: £Nil).
7. Trustees’ remuneration and benefits
No Trustees were remunerated in the year (2024: £Nil).
No Trustee expenses were reimbursed during the year (2024: £Nil).
Catherine Grace Trust
23
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements For the year ended 31 August 2025
8. Tangible fixed assets
| Cost 1 September 2024 Additions Transfers 31 August 2025 Depreciation 1 September 2024 Charge for the year 31 August 2025 Net Book Value 31 August 2025 31 August 2024 |
Leasehold Improvements Fixtures, Fittings & Equipment Motor Vehicles Assets Under Construction Totals £ £ £ £ £ 274,529 46,079 39,815 - 360,423 - 20,622 20,929 39,477 81,028 31,311 - - (31,311) - |
|---|---|
| 305,840 66,701 60,744 8,166 441,451 |
|
| 11,131 10,476 22,508 - 44,115 5,543 14,236 12,134 - 31,913 |
|
| 16,674 24,712 34,642 - 76,028 |
|
| 289,166 41,989 26,102 8,166 365,423 |
|
| 263,398 35,603 17,307 - 316,308 |
The net book value of assets held under hire purchase contracts was £3,679 (2024: £11,532).
Catherine Grace Trust
24
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements
For the year ended 31 August 2025
9. Investments
| Listed investments Shares in subsidiary trading company at cost less impairment: Helios Trust |
2025 2024 £ £ - 31,151 - 725,194 |
|---|---|
| - 756,345 |
On 29 August 2025, Catherine Grace Trust donated its subsidiary, Helios Trust, to a related party, Ruskin Mill Land Trust Ltd, acting as sole corporate trustee of Ruskin Mill Land Trust (charity registration number 1059302).
| Listed investments: Market value 1 September 2024 Proceeds on disposal Gain in the year Market value 31 August 2025 Investments at Market Value: Invesco Henderson Threadneedle |
2025 2024 £ £ 31,151 28,772 (35,395) - 4,244 2,379 |
|---|---|
| - 31,151 |
|
| 2025 2024 £ £ - 20,239 - 4,788 - 6,124 |
|
| - 31,151 |
Each of the above investments represent more than 5% of the total market value.
Catherine Grace Trust
25
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements For the year ended 31 August 2025
10. Debtors: amounts falling due within one year
| Trade debtors Amounts due from group undertakings Other debtors Prepayments and accrued income |
2025 2024 £ £ 68,321 107,147 1,000 - 35,351 14,714 12,788 5,041 |
|---|---|
| 117,460 126,902 |
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 |
2025 2024 £ £ 110,677 84,715 - 594,144 97,175 33,830 9,277 6,858 1,189 4,043 111,243 108,199 12,707 12,054 |
|---|---|
| 342,268 843,843 |
|
| 2025 2024 £ £ 108,199 - 4,100,451 3,457,487 (4,097,407) (3,349,288) |
|
| 111,243 108,199 |
The closing balance of fees received in advance relates to fees received in respect of the 2025-26 academic year.
Catherine Grace Trust
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements For the year ended 31 August 2025
12. Creditors: amounts falling due after more than one year
| Pension Liability | 2025 2024 £ £ 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 Between 2 and 5 years Over 5 years Other Within 1 year |
2025 2024 £ £ 229,036 211,776 916,143 847,104 267,208 264,720 |
|---|---|
| 1,412,387 1,323,600 |
|
| - 586 |
14. Financial instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at fair value | - | 31,151 |
Financial assets measured at fair value comprise listed investments and is the market value at the balance sheet date.
Catherine Grace Trust
27
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements
For the year ended 31 August 2025
15. Reconciliation of movement in funds
Year to 31 August 2025:
| Year to 31 August 2025: | |
|---|---|
| Unrestricted funds General fund Restricted funds Hen house, Outdoor shelters & Pottery equipment Total funds Restricted funds |
1 September 2024 Income Expenditure Gains Transfer 31 August 2025 £ £ £ £ £ £ 1,845,277 4,215,952 (4,313,613) 4,244 - 1,751,860 |
| 10,106 - (10,106) - - - |
|
| 10,106 - (10,106) - - - |
|
| 1,855,383 4,215,952 (4,323,719) 4,244 - 1,751,860 |
|
Hen house, Outdoor Pottery equipment for the new pottery shed, a hen house with paddock, and a shelters & Pottery mobile field shelter were purchased during the year. equipment
Catherine Grace Trust
28
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements
For the year ended 31 August 2025
15. Reconciliation of movement in funds (continued)
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 |
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 |
Restricted funds
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 shelters & Pottery equipment
During the year, donations were received from G C Gibson Charitable Trust of £5,000 for pottery equipment. This will be spent in the coming year. Donations were also received from Groundworks, £2,400 for outdoor shelters. A mobile field shelter was purchased during the year.
Catherine Grace Trust
29
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements For the year ended 31 August 2025
16. Analysis of net assets between funds
| 31 August 2025 Restricted funds Unrestricted funds 31 August 2024 Restricted funds Unrestricted funds Cash flows from operating activities Net movement in funds Gain on investments Investment income Depreciation Donation of investments Decrease / (increase) in debtors (Decrease) in creditors Net cash provided by operating activities |
Fixed assets Net current assets £ £ - - 365,423 1,439,437 |
Long term liabilities Fund balances £ £ - - (53,000) 1,751,860 |
|---|---|---|
| 365,423 1,439,437 |
(53,000) 1,751,860 |
|
| - 10,106 1,072,653 825,624 |
- 10,106 (53,000) 1,845,277 |
|
| 1,072,653 835,730 |
(53,000) 1,855,383 |
|
| 2025 2024 £ £ (103,523) 155,679 (4,244) (2,379) (57,246) (35,557) 31,913 21,636 725,194 - 9,442 (26,945) (501,575) (54,461) |
||
| 99,961 57,973 |
17. Cash flows from operating activities
Catherine Grace Trust
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 2025
Notes to the Financial Statements For the year ended 31 August 2025
18. Related party transactions
Year to 31 August 2025 transactions and year-end balance between subsidiaries and parent company:
| Ruskin Mill | SunfieldChildren’s | Clervaux | |
|---|---|---|---|
| Trust Ltd | Homes Ltd | Trust Ltd | |
| £ | £ | £ | |
| Donations paid | 200,000 | - | 4,000 |
| Trade debtor amounts | - | 1,000 | - |
| Trade creditor amounts | - | - | - |
Year to 31 August 2024 transactions and year-end balance between subsidiaries and parent company:
| Ruskin Mill | SunfieldChildren’s | Clervaux | |
|---|---|---|---|
| Trust Ltd | Homes Ltd | Trust Ltd | |
| £ | £ | £ | |
| Donations paid | 400,000 | - | - |
| Trade debtor amounts | - | - | - |
| Trade creditor amounts | (594,144) | - |
Mr A Gordon (a Trustee of Catherine Grace Trust) was a Director of Ruskin Mill Land Trust Ltd, the sole corporate Trustee of Ruskin Mill Land Trust from which the charitable company made purchases of £218,129 (2024: £211,776). 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 £18,177 (2024: £Nil). Mr A Gordon resigned as a Director and Trustee of Ruskin Mill Land Trust Ltd on 31 August 2025.
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 and colleges. A copy of their financial statements can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
Catherine Grace Trust
31