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2025-08-31-accounts

REGISTERED COMPANY NUMBER: 00908985 (England and Wales) REGISTERED CHARITY NUMBER: 312101

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

FOR

EMERSON COLLEGE TRUST LTD

Bronsens Chartered Certified Accountants Statutory Auditors Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL

EMERSON COLLEGE TRUST LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 23
Detailed Statement of Financial Activities 24 to 25

EMERSON COLLEGE TRUST LTD

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

TRUSTEES

Mrs P de Lange Mr I K Clements (resigned 6.5.25) Mr A C H Gordon OBE Ms T A Gratton Dr K M Griffiths Mr M O Leach Mr J D Smith Mrs A Whitbread

EXECUTIVE PRINCIPAL Mr S Gaiti (appointed 30.12.25) COMPANY SECRETARY Mrs A Whitbread REGISTERED OFFICE Pixton Hartfield Road Forest Row Sussex RH18 5JX REGISTERED COMPANY 00908985 (England and Wales) NUMBER

REGISTERED CHARITY 312101 NUMBER AUDITORS Bronsens Chartered Certified Accountants Statutory Auditors Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL BANKERS HSBC Bank plc 1 Middle Row East Grinstead West Sussex RH19 3AY

Page 1

EMERSON COLLEGE TRUST LTD

REPORT OF THE TRUSTEES FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

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 period 11 October 2024 to 31 August 2025. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and activities

Objectives and organisation of the charity

The principal objective of the charity is to promote the advanced education of individuals through training study and research in accordance with Rudolf Steiner's educational principles with special emphasis on education, agriculture, arts and science.

Emerson College Trust Limited operates Emerson College, in Forest Row, for the furtherance of the charity's objective. All funds raised and donations received are applied to promote study and research in anthroposophy and biodynamic agriculture.

The Trustees are aware of their duty to have due regard to the Charity Commission's public benefit guidance in formulating the strategy for the charity. They are satisfied that the objectives of the charity are of public benefit.

Achievement and performance

Emerson College Trust completed the welcome collaboration with the Ruskin Mill Land Trust in October 2024, joining the Group as a subsidiary entity, bringing with it the property sitting within the freehold title of the Emerson College site, and the landlord obligations and responsibilities for all leasehold titles.

Since October 2024, good progress has been made with some of the strategic goals. Emerson College has overseen significant improvement works to Ruskin Building and Pixton House. A land management plan has been developed with successful implementation on areas of the site.

Development of the new school (Ashdown Garden School) continues at pace by Ruskin Mill Trust (under a lease of part of the site) with the school due to open in Summer 2026.

Mercury Provident Pension Scheme - Emerson College Trust successfully completed segregation from the main section of the pension scheme in Spring 2025.

Emerson College Courses

Emerson College is a vibrant college with a rich, exciting and varied programme of courses, performances and talks.

Health : Mental Health Seminar, Blended Quietude Practitioner Training, Anthroposophic Psychotherapy Training, English Training in Anthroposophical Medicine (open to doctors worldwide), Rhythmical Massage Therapy Training.

Education : Holistic Baby and Child Care, Post Graduate Diploma in Waldorf Education with PGCE/QTS, Holistic Science Courses.

Arts: Nose to nose - Clowning. Land : Sustainable agriculture.

FINANCIAL REVIEW

Reserves policy

The Trustees consider that the charity's assets are adequate to fulfil its obligations and that it has sufficient free reserves to meet all ongoing operating costs for a period of six months. As at 31 August 2025 the Trust and its subsidiary held a total of £xxxx in cash, with an outstanding loan of £xxxx.

Page 2

EMERSON COLLEGE TRUST LTD

REPORT OF THE TRUSTEES FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

FUTURE PLANS

Following the merger with Ruskin Mill Land Trust, Emerson College Trust continues to work on the several key strategic areas:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006; and amended by special resolution dated 10 October 2024.

Governing body

The Board of Trustees is the governing body of the charity. The charity is a trust whose sole member is Ruskin Mill Land Trust Limited as corporate trustee for Ruskin Mill Land Trust, a charitable trust. The directors of the trustee company are responsible for undertaking the duties of the member company.

Recruitment and appointment of new trustees

The charity's practice regarding recruitment is for the members of the board to make recommendations for suitably skilled and experienced people who are then appraised by the board. Trustees receive relevant training where required which includes paper and in-person briefings on legal and other updates.

Organisational management

The Trustees are legally responsible for the overall governance and control of the trust and meet at least three times a year.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Emerson College Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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).

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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

Page 3

EMERSON COLLEGE TRUST LTD

REPORT OF THE TRUSTEES FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

AUDITORS

The auditors, Bronsens, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 27 April 2026 and signed on its behalf by:

.................................................................

Mr ACH Gordon OBE, Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF EMERSON COLLEGE TRUST LTD

Opinion

We have audited the financial statements of Emerson College Trust Ltd (the 'charitable company') for the period ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF EMERSON COLLEGE TRUST LTD

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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Independent Auditors.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF EMERSON COLLEGE TRUST LTD

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of Bronsens Chartered Certified Accountants Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL Date: .....27 April 2026........................................

Page 7

EMERSON COLLEGE TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Education
Other trading activities
2
Investment income
3
Total
EXPENDITURE ON
Charitable activities
Education
Bank loan interest
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
526,572
1,271,921
86,432
-
1,884,925
817,168
-
882,660
1,699,828
185,097
1,751,722
1,936,819
Restricted
funds
£
8,685
(26,795)
-
-
(18,110)
10,754
-
706
11,460
(29,570)
135,668
106,098		 Period
11.10.24
to
31.8.25
Total
funds
£
535,257
1,245,126
86,432
-
1,866,815
827,922
-
883,366
1,711,288
155,527
1,887,390
2,042,917		 Period
1.7.23
to
10.10.24
Total
funds
£
73,094
1,651,607
67,118
1,021
1,792,840
1,472,663
14,894
524,833
2,012,390
(219,550)
2,106,940
1,887,390

The notes form part of these financial statements

Page 8

EMERSON COLLEGE TRUST LTD

BALANCE SHEET 31 AUGUST 2025

Notes
FIXED ASSETS
Intangible assets
8
Tangible assets
9
Investments
10
CURRENT ASSETS
Stocks
11
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 14
PENSION LIABILITY
NET ASSETS
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
739
3,143,906
12,267
3,156,912
41,947
379,224
24,371
445,542
(1,116,973)
(671,431)
2,485,481
-
(548,662)
1,936,819
Restricted
funds
£
-
-
-
-
-
-
106,098
106,098
-
106,098
106,098
-
-
106,098		 31.8.25
Total
funds
£
739
3,143,906
12,267
3,156,912
41,947
379,224
130,469
551,640
(1,116,973)
(565,333)
2,591,579
-
(548,662)
2,042,917
1,936,819
106,098
2,042,917		 10.10.24
Total
funds
£
921
2,750,581
12,267
2,763,769
41,946
207,679
177,938
427,563
(536,371)
(108,808)
2,654,961
(53,333)
(714,238)
1,887,390
1,751,722
135,668
1,887,390

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 9

continued...

The notes form part of these financial statements

Page 9

continued...

EMERSON COLLEGE TRUST LTD

BALANCE SHEET - continued 31 AUGUST 2025

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 27 April 2026 and were signed on its behalf by:

............................................. Mr ACH Gordon OBE, Trustee

The notes form part of these financial statements

Page 10

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Emerson College Trust Ltd as an individual charity and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ruskin Mill Land Trust, whose registered office is: Old Bristol Road, Nailsworth, Gloucester, GL6 0LA.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.

Allocation and apportionment of costs

Resources expended are included in the Statement of Financial Activities on an accruals basis and are allocated to a specific activity where costs relate directly to that activity.

Costs of generating funds are the costs directly attributable to raising funds.

Charitable expenditure includes all costs directly relating to the objective of the charity and the costs involved supporting that work.

Governance costs relate to the costs of legal and professional fees, audit fees.

Support costs include those costs connected with the management of the charity's assets, organisational management and administration and compliance with constitutional and statutory requirements.

Expenditure on support costs of the charity includes all expenditure not directly related to the charitable activity or fundraising ventures.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 1% on cost
Short leasehold - Over the term of the lease
Plant and machinery - 25% on reducing balance and 20% on reducing balance
Fixtures and fittings - 25% on reducing balance and 10% on cost
Library books - 25% on reducing balance and 15% on reducing balance

Page 11

continued...

Page 11 continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

1. ACCOUNTING POLICIES - continued

Investments

Fixed asset investments loans are stated at cost as they are ultimately redeemable at their original value and are not saleable. Other equities are stated at market value derived from information offered by the issuing company.

Related party exemption

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Pension costs and other post-retirement benefits

The charitable company was contributing to the Mercury Provident Pension Scheme which is an unsegregated multi-employer defined-benefit scheme. This is a collective policy scheme (i.e. members have a joint and several obligation to pay the liabilities of any member who is not able to pay for employees of a number of anthroposophical institutions in the UK and the assets of the scheme are held independently and separate to those of the charitable company. The scheme has been closed to further benefit accrual.

The last actuarial valuation carried out to 29 December 2021 identified a funding short fall of £5.4 million on a best estimate for the scheme as a whole. Emerson's share of the best estimate valuation of the deficit was revalued in the financial statements for the year ended 30 June 2023, based on the actuarial valuation as at 29 December 2021.

Subsequent to the closure of the defined benefit scheme the charitable company has commenced contributing towards a money purchase pension scheme. Contributions payable for the year are charged in the income and expenditure account.

Page 12

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

2. OTHER TRADING ACTIVITIES
Period Period
11.10.24 1.7.23
to to
31.8.25 10.10.24
£ £
Cafe income 86,432 67,118
3. INVESTMENT INCOME
Period Period
11.10.24 1.7.23
to to
31.8.25 10.10.24
£ £
Investment interest - 1,021
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Period Period
11.10.24 1.7.23
to to
31.8.25 10.10.24
£ £
Auditors' remuneration 360 10,000
Depreciation - owned assets 55,673 76,985
Patents and licences amortisation 182 419
5. TRUSTEES' REMUNERATION AND BENEFITS
Period Period
11.10.24 1.7.23
to to
31.8.25 10.10.24
£ £
Trustees' fees - 6,690

Trustees' expenses

There were no trustees' expenses paid for the period ended 31 August 2025 nor for the period ended 10 October 2024.

Page 13

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

6. STAFF COSTS

The average monthly number of employees during the period was as follows:

Period Period
11.10.24 1.7.23
to to
31.8.25 10.10.24
Teaching and administration 26 29

No employees received emoluments in excess of £60,000.

The key management personnel of the charity are the trustees and departmental directors. The total employment costs including employer pension contributions of key management personnel totalled £20,459 (2024: £56,354). Included in key management personnel are trustees costs relating to A Blampied-Radojcin £nil (2024: £6,690) for tutor fees.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Education
Other trading activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Education
Bank loan interest
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
18,191
1,691,064
67,118
1,021
1,777,394
1,454,157
14,894
524,758
1,993,809
(216,415)
1,968,137
1,751,722
Restricted
funds
£
54,903
(39,457)
-
-
15,446
18,506
-
75
18,581
(3,135)
138,803
135,668
Total
funds
£
73,094
1,651,607
67,118
1,021
1,792,840
1,472,663
14,894
524,833
2,012,390
(219,550)
2,106,940
1,887,390

Page 14

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

8. INTANGIBLE FIXED ASSETS

COST
At 11 October 2024 and 31 August 2025
AMORTISATION
At 11 October 2024
Charge for year
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 10 October 2024
TANGIBLE FIXED ASSETS
COST
At 11 October 2024
Additions
At 31 August 2025
DEPRECIATION
At 11 October 2024
Charge for year
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 10 October 2024		 Freehold
property
£
3,034,936
203,052
3,237,988
435,582
29,505
465,087
2,772,901
2,599,354
Short

leasehold
£
77,000
-
77,000
77,000
-
77,000
-
-		 Patents
and
licences
£
1,608
687
182
869
739
921
Improvements
to

property
£
-
210,315
210,315
-
-
-
210,315
-

9. TANGIBLE FIXED ASSETS

Page 15

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

9. TANGIBLE FIXED ASSETS - continued

COST
At 11 October 2024
Additions
At 31 August 2025
DEPRECIATION
At 11 October 2024
Charge for year
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 10 October 2024
10.
INVESTMENTS
MARKET VALUE
At 11 October 2024 and 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 10 October 2024		 Plant and
machinery
£
183,492
-
183,492
171,155
2,437
173,592
9,900
12,337		 Fixtures

and

fittings
£
512,705
35,631
548,336
373,815
23,731
397,546
150,790
138,890		 Library
books
£
16,848
-
16,848
16,848
-
16,848
-
-		 Totals
£
3,824,981
448,998
4,273,979
1,074,400
55,673
1,130,073
3,143,906
2,750,581
Other
investments
£
12,267
12,267
12,267

There were no investment assets outside the UK.

Emerson College holds 265 Depository Receipts in Triodos Bank NV.

The charitable company's investment at the Balance Sheet date includes the £1 ordinary share in Emerson College Enterprises Limited set up to develop some of the properties with Emerson College site.

Emerson College Enterprises Limited

Class of shares - Ordinary £1. Holding 100%

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continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

11.
STOCKS
31.8.25
£
Stocks
41,947
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.25
£
Trade debtors
82,856
Other debtors
296,350
VAT
18
Prepayments and accrued income
-
379,224
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.25
£
Bank loans and overdrafts (see note 15)
62,483
Trade creditors
35,934
Amounts owed to group undertakings
544,621
Social security and other taxes
24,109
Other creditors
3,750
Pension creditor
-
Accruals and deferred income
446,076
1,116,973
14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.25
£
Bank loans (see note 15)
-
15.
LOANS
An analysis of the maturity of loans is given below:
31.8.25
£
Amounts falling due within one year on demand:
Bank overdrafts
2,483
Bank loans
60,000
62,483
Amounts falling between one and two years:
Bank loans - 1-2 years
-
Amounts falling due between two and five years:
Bank loans - 2-5 years
-		 10.10.24
£
41,946
10.10.24
£
42,392
170,865
-
(5,578)
207,679
10.10.24
£
40,000
45,608
21,975
12,041
8,498
45,000
363,249
536,371
10.10.24
£
53,333
10.10.24
£
-
40,000
40,000
40,000
13,333

Page 17

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

16. MOVEMENT IN FUNDS

Unrestricted funds
General Fund
Education
Biodynamic Agriculture
Holistic Baby & Child Care 14/15
Course Development
Storytelling Beyond Words
Restricted funds
Biodynamic Agriculture Fund
Initiative Group
Stage
Anthroposophic Nursing
Healing Words
Storytelling General
Emerson Bursary
Practitioners & Teachers
Mrs Hunter AnthroMed Scholarship
Eurythmy
Mrs Hunter AnthroMed Teachers
Training
Aesculapius AnthroMed
J Stedall Legacy
Iona Stitching
TOTAL FUNDS		 At
11.10.24
£
1,712,457
4,707
16,624
367
17,567
1,751,722
9,638
1,593
330
1,036
3,858
138
10,387
32,745
59,107
1,072
8,449
2,315
5,000
-
135,668
1,887,390		 Net
movement

in funds
£
202,474
-
-
(150)
(17,227)
185,097
-
-
-
-
(568)
(138)
(546)
(21,994)
(4,255)
-
(3,254)
-
-
1,185
(29,570)
155,527
At

31.8.25
£
1,914,931
4,707
16,624
217
340
1,936,819
9,638
1,593
330
1,036
3,290
-
9,841
10,751
54,852
1,072
5,195
2,315
5,000
1,185
106,098
2,042,917

Page 18

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General Fund
Holistic Baby & Child Care 14/15
Course Development
Storytelling Beyond Words
Restricted funds
Healing Words
Storytelling General
Emerson Bursary
Practitioners & Teachers
Mrs Hunter AnthroMed Scholarship
Mrs Hunter AnthroMed Teachers
Training
Iona Stitching
TOTAL FUNDS		 Incoming
resources
£
1,884,925
-
-
1,884,925
-
-
(546)
(21,994)
(4,255)
-
8,685
(18,110)
1,866,815
Resources

expended
£
(1,682,451)
(150)
(17,227)
(1,699,828)
(568)
(138)
-
-
-
(3,254)
(7,500)
(11,460)
(1,711,288)
Movement

in funds
£
202,474
(150)
(17,227)
185,097
(568)
(138)
(546)
(21,994)
(4,255)
(3,254)
1,185
(29,570)
155,527

Page 19

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General Fund
Education
Biodynamic Agriculture
Holistic Baby & Child Care 14/15
Course Development
Storytelling Beyond Words
Restricted funds
Biodynamic Agriculture Fund
Initiative Group
Ruskin Hall (Refurbishment)
Stage
Anthroposophic Nursing
Healing Words
Storytelling General
Emerson Bursary
Practitioners & Teachers
Mrs Hunter AnthroMed Scholarship
Eurythmy
Mrs Hunter AnthroMed Teachers
Training
Pixton Restoration
Aesculapius AnthroMed
J Stedall Legacy
TOTAL FUNDS		 At 1.7.23
£
1,932,127
3,869
16,624
367
15,150
1,968,137
9,638
1,593
15,934
330
1,036
3,858
213
7,387
69,694
11,215
1,072
11,021
3,497
2,315
-
138,803
2,106,940		 Net
movement

in funds
£
(219,670)
838
-
-
2,417
(216,415)
-
-
(15,934)
-
-
-
(75)
3,000
(36,949)
47,892
-
(2,572)
(3,497)
-
5,000
(3,135)
(219,550)
At

10.10.24
£
1,712,457
4,707
16,624
367
17,567
1,751,722
9,638
1,593
-
330
1,036
3,858
138
10,387
32,745
59,107
1,072
8,449
-
2,315
5,000
135,668
1,887,390

Page 20

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General Fund
Education
Storytelling Beyond Words
Restricted funds
Ruskin Hall (Refurbishment)
Storytelling General
Emerson Bursary
Practitioners & Teachers
Mrs Hunter AnthroMed Scholarship
Mrs Hunter AnthroMed Teachers
Training
Pixton Restoration
J Stedall Legacy
TOTAL FUNDS		 Incoming
resources
£
1,761,855
838
14,701
1,777,394
-
-
3,000
(36,949)
47,892
-
(3,497)
5,000
15,446
1,792,840
Resources

expended
£
(1,981,525)
-
(12,284)
(1,993,809)
(15,934)
(75)
-
-
-
(2,572)
-
-
(18,581)
(2,012,390)
Movement

in funds
£
(219,670)
838
2,417
(216,415)
(15,934)
(75)
3,000
(36,949)
47,892
(2,572)
(3,497)
5,000
(3,135)
(219,550)

RESTRICTED FUNDS

Biodynamics agriculture fund

This fund represents the donation from a third party to construct and equip a building to support a biodynamic training scheme. The building was constructed a number of years ago, but as the trustees are of the opinion that the restriction imposed by the donor extends beyond the construction of the building to an ongoing requirement that the building is used for the prescribed purpose this fund stands at the value of the original donation less the estimated depreciation of the building since its construction. Emerson College Trust Limited no longer owns this building and the balance has now been transferred to general reserves.

Initiative Group

Funds raised to support students' social activities.

Ruskin Hall (Refurbishment )

Donations received for refurbishment of Ruskin Hall.

Stage

Funds were received to improve the stage in Ruskin Hall.

Anthroposophic Nursing

Fund for the experienced based training in anthroposophical nursing which leads to an extended understanding of the human body.

Healing Words

Donation from International School of Storytelling for promotion and support of this storytelling course.

Storytelling General Fund

These are the donations received for the art and craft of storytelling to prepare people to carry the spoken word with a lively imagination into the community and places of work.

Page 21

continued...

Page 21 continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

16. MOVEMENT IN FUNDS - continued

Emerson Bursary

Bursaries are offered to students in cases decided by the college.

Practitioners and Teachers

A legacy was received to set up a bursary for practitioners and teachers.

Mrs Hunter AnthroMed Scholarship

Bursaries for students attending the Anthroposophical Medicine course.

Eurythmy

Resources to promote Eurythmy courses and related initiatives.

Mrs Hunter AnthroMed Teacher Training

Bursaries for training new teachers for the Anthroposophical Medicine course.

Pixton Restoration Fund

Resources to promote the development of Pixton Building.

Aesculapius AnthroMed Fund

Bursaries for students attending he Anthroposophical Medicine course.

J Stedall Legacy

Funds for Medical Training Programmes.

DESIGNATED FUNDS

Biodynamics agriculture

This fund provides bursary support for students wishing to train in biodynamic agriculture at the college.

Holistic Baby & Child Course Development

This fund represents course development for the Holistic Baby and Child course.

Library

This fund was set up for donations towards the restoration of the building.

Storytelling Beyond Words

Funds to cover Storytelling Beyond Words projects.

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the period ended 31 August 2025.

18. ULTIMATE CONTROLLING PARTY

Emerson College Trust Limited is a subsidiary of Ruskin Mill Land Trust, an unincorporated charity. Consolidated accounts can be obtained from Ruskin Mill, Old Bristol Road, Nailsworth, Gloucestershire GL6 0LA.

Page 22

continued...

EMERSON COLLEGE TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

19. PENSION COMMITMENTS

As referred to in the accounting policies the charitable company participated in a defined benefit pension scheme, providing benefits based on final pensionable earnings, which is the basic salary. The scheme has equal pension rights with respect to members of either sex. The assets of the scheme are held in a separate trustee administered (multi-employer) fund. Although the assets and liabilities of the fund are not wholly attributable to the charitable company the scheme actuaries have calculated each employer's share of the funding shortfall as the proportion of the total that their past service liability bears to the total past service liability.

The company withdrew from the scheme in 2024. The actuarial loss arising on the shortfall was charged to the accounts in the year ended 30 June 2023.

Page 23

EMERSON COLLEGE TRUST LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025
Period
11.10.24
to
31.8.25
£
INCOME AND ENDOWMENTS
Donations and legacies
Donations
535,257
Other trading activities
Cafe income
86,432
Investment income
Investment interest
-
Charitable activities
Student fees
443,999
Student boarding and catering
405,635
Rental income
284,801
Venue hire
100,909
Garden income
-
Bookshop and other income
37,177
Student fees discounts
(27,395)
1,245,126
Total incoming resources
1,866,815
EXPENDITURE
Charitable activities
Wages
234,547
Social security
7,458
Pensions
1,352
Tutor fees
231,994
Insurance
-
Light and heat
-
Telephone
-
Postage and stationery
-
Staff travel
74
Repairs and maintenance
-
Administration and courses
77,517
Consumable supplies
197,327
Bad debts
-
Teacher training
3,254
Classroom hire
54,101
Bank loan interest
20,298
827,922		 Period
1.7.23
to
10.10.24
£
73,094
67,118
1,021
502,060
791,438
180,573
133,303
36,250
50,989
(43,006)
1,651,607
1,792,840
676,745
53,351
13,571
169,768
77,594
249,447
7,065
27,302
-
80,479
52,803
-
5,548
3,360
34,989
14,894
1,466,916

Support costs

This page does not form part of the statutory financial statements

Page 24

EMERSON COLLEGE TRUST LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 11 OCTOBER 2024 TO 31 AUGUST 2025

Support costs
Governance costs
Trustees' fees
Wages
Social security
Pensions
Auditors' remuneration
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Accountancy and legal fees
Staff travel
Sundry equipment purchases
Advertising and publicity
Subscriptions
Trustees' expenses
Repairs and maintenance
Property service charges
Pension deficit costs
Bank charges
Patents and licences
Freehold property
Plant and machinery
Fixtures and fittings
Total resources expended
Net income/(expenditure)		 Period
11.10.24
to
31.8.25
£
-
342,929
5,173
19,107
360
30,996
-
74,406
5,490
2,195
15,635
88,780
212
2,827
6,864
1,875
90
227,838
2,735
-
-
182
29,505
2,437
23,730
883,366
1,711,288
155,527		 Period
1.7.23
to
10.10.24
£
6,690
-
-
-
10,000
37,910
26,253
96,661
9,635
1,587
191
219,133
-
-
20,641
1,645
-
-
-
15,982
21,742
419
37,576
5,608
33,801
545,474
2,012,390
(219,550)

This page does not form part of the statutory financial statements

Page 25