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← Treloar Trust

2024-08-31-accounts

Annual Report and Accounts

For the year ended 31 August 2024

Treloar Trust, a company limited by guarantee. Registered in England No. 04466362. Registered office as above. Charity number: 1092857

Our vision

A world where physically disabled young people take control of their lives and achieve their aspirations.

Our mission

To enable physically disabled young people to achieve their aspirations by:

Our values

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We strive for excellence

Physically disabled young people and their families deserve outstanding care and support. We work to make sure all our services are excellent and actively challenge each other to ensure continuous quality improvement.

We continually innovate to ensure that our beneficiaries receive the cutting-edge support they deserve. We also take the message of inclusivity to a wider audience sharing our expertise outside Treloars.

We are inclusive

Everyone - regardless of physical ability, where they live or socioeconomic background - should have the opportunity to take part in life. We treat our beneficiaries with the same dignity as their non-disabled peers and work to remove barriers in their way.

Our students and beneficiaries are always at the centre of everything we do. Before we make decisions, we ask: “How will our students and beneficiaries benefit from this?”

We act with integrity and respect

Physically disabled young people should be free to direct their own lives. We listen to young people’s views and support them to make age-appropriate choices about their daily life and informed choices about their future.

We celebrate and promote diversity, value and support each other, and treat everyone with respect. We support a culture of openness, honesty and transparency, where the safeguarding of our students and wellbeing of our staff is paramount.

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Contents

Our Vision, Mission and Values ............................................................. 1 Welcome .............................................................................................. 3 About Treloar’s ..................................................................................... 4 Strategic Report ................................................................................... 5 Financial Review .................................................................................. 9 Key Policies ....................................................................................... 11 Audit Report ....................................................................................... 19 Accounts ............................................................................................................ 24 Officers and Professional Advisers ..................................................................... 46

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Welcome

This year, Treloar’s has again excelled, leading the way in all its areas of specialism. Its students have overwhelmingly achieved their aims of placement and made progress in academic subjects, and in independence, vocational and life skills. This success is testament to the fortitude, skills and resourcefulness of Treloar’s students and to the dedication and expertise shown by its staff.

Once again, not only are Treloar’s students achieving great success within Treloar’s, but they are also challenging perceptions and having an impact on the world beyond. Examples include the three former Treloar’s students who together formed the majority of the GB Boccia squad at the Paris 2024 Paralympics, success in the National school dance competition “Dance Live” and the incredible success the “Let Me In” student enterprise has had in improving accessibility in local businesses and community facilities.

These accounts show just how challenging the environment has become with inflationary cost pressures and national insurance changes exacerbating the acute funding challenges already faced. As a result we are greatly indebted to our generous funders, who have supported services such as assistive technology, transition and counselling and funded facilities that make a real difference to our students and their future pathways.

The campus continues to improve and one such improvement has been the Bradbury Learning Centre. This new interactive learning facility has been placed at the front and centre of our campus to benefit all students and reflects our commitment to technology as a key enablement tool, helping delivering exciting futures for our students.

Finally, I am delighted to announce that in September Martin Ingram, formerly Principal of the School and College, was appointed as CEO of Treloar’s. Martin’s experience and drive will ensure that Treloar’s continues to be an inclusive and ambitious organisation in which students and staff can achieve the very best outcomes.

My thanks go to all who have and continue to contribute so successfully to Treloar’s.

Lady Win Normington, Chair of Trustees

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About Treloar’s

Treloar’s is one of the leading centres of excellence for children and young people with complex physical disabilities

We offer outstanding teaching, learning, professional care, therapy, advice and guidance so that every individual can live, learn, achieve and work towards a future that is as independent as possible.

What we do

We enable our students to follow a curriculum that meets their individual needs and to learn in an accessible, inclusive and safe environment. Thanks to the hard work of our teachers, therapists, nurses and a wide range of highly trained support staff, we are able to meet the physical and emotional needs of students, enabling them to enjoy greater independence and reach their educational goals.

Our Progress and Transition team help our students to achieve their aim of placement, whether it’s being able to advocate for themselves effectively, live independently, attend university, find employment or engage in their local community.

We are categorised as a special school and college. However, it is central to our approach that disabled people are supported to be part of wider society, not separated from it. Our aim is to enable disabled people to take control of their own lives in a world that better understands their needs.

Complex disabilities

Our students are physically disabled and most have complex needs which cannot be met in mainstream settings. Many of the young people we help require round the clock support - and over half of our students stay in one of our six residential houses.

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Strategic report

Overview of activities

The Trustees of Treloar Trust (‘the Charity’), who are also Directors of the Charity for the purposes of the Companies Act 2006, present their annual report for the year ended 31 August 2024 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for that year.

The financial statements comply with the requirements of the Companies Act 2006, the Charity’s Memorandum and Articles of Association and the relevant Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland.

The Charity is a registered charity (No.1092857) and a company limited by guarantee (No. 04466362). Its registered office is shown on the back page of this report. The present Trustees and any past Trustees who served during the year are shown on page 46, together with the names of the senior executive staff and the principal external advisers as at the date of the signing of this report. The

Trustees review the purpose, aims and activities of the Charity each year. This review looks at the achievements during the previous year explaining the number and nature of beneficiaries assisted and the extent of that assistance. When carrying out the review and planning future activities, the Trustees refer to the guidance contained in the Charity Commission’s general guidance on public

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benefit. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set.

The Charity’s purpose, as set out in the objects clause contained in its Articles of Association, is: ‘To promote the relief of persons with disabilities (whether physical or otherwise) (‘Beneficiaries’) and in particular but without limitation by any or all of the following:

The Charity currently has four main activities which match to its purpose:

Update on plans and developments

In our annual report for the year to 31[st] August 2023, we set out our plans for 2023/24 and beyond. These plans, together with an update on progress during the year are described below:

Improved levels of training in priority clinical skills areas and medicines management to better and more safely deliver over 300,000 doses. Improved staffing levels in residential houses and improved availability of hydrotherapy and swimming following pool refurbishment.

We welcomed 12 College students for our first ever summer holiday short break programme in August.

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Our efforts to achieve this goal continue well with a 6% reduction so far in CO2 emissions with Solar, LED fittings, a new building management system, new boiler and heating system improvements all helping.

Fundraising has been instrumental in delivering several major projects in the year including finishing a significant refurbishment of our swimming pool and raising the funding necessary to build the Bradbury Learning Centre at the heart of the campus.

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Looking forward to 2024/25 and beyond our overriding objectives are to:

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Financial review

In 2023/24 Treloar’s showed a net deficit of £232k (2023: £1.41m), before actuarial gains of £88k, (2023: £272k) on a turnover of £30.6m (2023: £27.7m).

Strong staff recruitment enabled a growth in student numbers in the first half of the year (up 3 to 169) which combined with a small price rise and a growth in complexity helped increase income by 10.0% to £30.5m (2023: £27.7m).

Donations and legacies increased by 26.6% to £1.57m (2023: £1.24m), reflecting the success of the major campaigns during the year. Event income, continued to grow reflecting the success of our key events, to £280k (2023: £202k) helping other fundraising activities increase to £489k (2023: £398k). Overall fundraising raised £2.1m, surpassing its £2.0m target.

Although income was up significantly, this was offset by inflationary pressures, a fuller staffing compliment and unexpected maintenance costs on fire precautions pushed expenditure up by almost as much to £31.4m (2023: £28.5m).

The 2024 gain on investments of £491k compared favourably to a £533k loss in 2023. Further actuarial gains on the Defined Benefit Pension Scheme of £88k (2023: £272k) also helped to reduce the negative net movement on the charity’s funds by £114k (2023: £1.14m).

Balance sheet and cash flow highlights include an increase in Tangible fixed assets as the Trust continued its investment in the school and college campus including pool refurbishment, the new Outdoor Learning Centre, the Bradbury Learning Centre, as well as

continued health and safety improvements. Much of this investment was supported by investments and accordingly these have reduced by £1.4m to £8.53m and General reserves have reduced to £2.44m (£4.00m). Net assets at the year end were £29.1m (2023: £29.3m).

Treloar Trust has only one subsidiary, Treloar Enterprises Limited (TEL). The wholly owned subsidiary carries out non charitable activities for the benefit of Treloar Trust.

During the year to 31 August 2024, TEL made a reduced operating profit of £67k (2023: £82k) despite an increase in income linked to early void periods at Rivermead, lower occupancy levels at Campbell Court and write offs of merchandise. This profit was donated to Treloar Trust. The Treloar Trust has taken exemption from the production of consolidated financial statements because the figures for the group (incorporating TEL) would not be materially different to those of the Trust as a single entity and has included in the notes to these accounts the results of TEL. The financial statements on the following pages therefore show the assets and operations of the Trust itself rather than the group as a whole.

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General reserves are deemed to be those that are readily realisable less funds whose use is restricted or designated for a particular purpose. Thus, the calculation of general reserves excludes property and other fixed assets that continue to be used in the day to day operation of Treloar’s and in particular the buildings used by the school and college.

The Designated fund primarily represents the net book value of tangible fixed assets, which have been purchased with unrestricted funds. This reserve is locked into the value of the estate and can be released only if all or part of the estate is sold. The value of the fund rose during the year to £20.5m (2023: £19.7m) because of new building works. Restricted funds of £10.0m (2023: £9.84m) represent monies received for a restricted purpose with the vast majority of these funds linked to specific building appeals of £8.83m (2023: £9.21m). Endowed funds of £1.62m (2023: £1.55m) are made up of the Rossington Fund £942k (2023: £878k) and Billesden Fund £676k (2023: £676k) and are applied to help students access education and to help monitor and support alumni progress respectively.

The historic Defined Benefit Pension scheme fund deficit relates to the excess of liabilities over assets in the defined benefit scheme. In 2023/24 the value of assets increased by £657k to £21.8m and this was partly offset by the total of future obligations increasing by £227k to

£27.2m. Overall, the net deficit reduced to £5.41m (2023: £5.84m).

The Trustees regularly review the value of the reserves required to be held in investments, cash and cash equivalents not restricted to or designated for any particular purpose. Ideally the Trustees believe that a general reserve of 3 months expenditure is needed to provide adequate working capital, to create a buffer in case of a sudden reduction in student numbers and to allow for fluctuations in investment returns. At 31 August 2024, the General Reserve was £2.44m (2023: £4.00m). This figure is lower than the reserve level targeted by Trustees even when long term finance is factored in. However, the Trustees consider this level of general reserves to be adequate at this time.

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Key policies

Risk management

Treloar’s risk management policy is based around a hierarchy of an overarching risk management schedule which contains all of the key risks that the organisation is, or potentially could be, exposed to, linked with the relevant mitigating actions, together with a practical risk assessment process and the operational tasks that emanate from it.

Responsibility for each area rests with an appropriate member of the Leadership team overseen by a Risk and Compliance sub-committee of the Trust Board that regularly reviews the status of each risk and the effectiveness of the management controls. At the highest level, the Trustees receive termly reports in the form of an updated risk management schedule that demonstrates that the appropriate actions have been or are being implemented. Given the challenging regulatory, economic and social environment within which Treloar School, Treloar College and Fundraising operate, risk management is an essential element of the Trust’s management system.

The key risks that currently face Treloar’s and principal mitigating strategies are:

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Equal opportunities

The advancement of diversity and inclusion is part of Treloar’s core values and we are committed to being an inclusive organisation where diversity is celebrated and valued.

Treloar’s strives to create a culture where mutual cooperation, respect, dignity and trust are fostered. Treloar’s will not tolerate unfair or unlawful treatment on the grounds of age, disability, gender, transgender, marital status, race, colour, ethnic origin, socio-economic background, sexual orientation, nationality, trade union membership and activity, philosophical, political or religious beliefs or unbelief, and pregnancy or maternity. Initiatives are headed by a dedicated equality, diversity

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and inclusion coordinator reporting directly to the Quality and Performance subcommittee of the Governing Body.

disability and staff who become disabled whilst employed by us.

We remain committed to ensuring that all staff receive equal pay for equal work and are confident employees at Treloar’s are treated equally in terms of pay on appointment and throughout their careers.

Communicating with staff and volunteers

Internal communication is a key driver of engagement and feedback at Treloar’s.

Treloar’s aims to foster a values-based culture focused on diversity and inclusivity and as such, we report on our gender pay gap annually. In April 2024 our mean gender pay gap was 5.7% (2023: 9.5%) and median was 1.0% (2023: 0%).

Additionally, we choose to report on our Black, Asian and Minority Ethnic and (declared) disability pay gap. The Black, Asian and Minority Ethnic mean pay gap was 18.3% (2023: 12.4%) and median was 9.4% (2023: 1.4%) with the increase reflecting overseas recruitment to junior and hard to fill care roles. The disability mean pay gap was 1.8% (2023: 9.3%) and the median gap was -1.8% (2023: 12.2%) are no longer material reflecting positive employment practice in this area.

These reports highlight the importance of a continued commitment towards encouraging applications and progression from applicants/employees with disabilities and with Black, Asian and Minority Ethnic backgrounds to address differentials.

This communication includes: regular communication of key matters from the leadership via the Treloar’s intranet including finance, a half-termly ‘Staff News’ publication and a half-termly Chief Executive’s report. All teams have staff meetings, and there is a Staff Consultation Group and a Staff Voices Conference. Staff and volunteer questionnaires are used to ensure that communication is genuinely two-way.

Employees are supported by volunteers including 4 overseas assistants in therapy, supporters on corporate days and an active “Friends” group who support events and horticulture.

Trustees and Governors are encouraged to visit the campus regularly and take part in staff and student activities. Staff surveys are shared with Trustees and the

We positively encourage applications from candidates with lived experience of disability and guarantee an interview to all such applicants meeting the person specification. We also make reasonable adjustments and provide support to develop the careers of new staff with a

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Governing body includes staff representation. Staff are also given the means to contact Trustees when required.

The CO2 emissions were calculated by using the Carbon Trust conversion factors 2023.

Environmental and sustainability

Alongside delivering on the Charity’s objects, we are committed to improving our sustainability and ethical impact more generally. Our primary environmental goal is to cut the greenhouse gas that we generate on our campus by 50% by the end of the academic year 2030/31. This goal is complemented by two secondary goals to contribute to the reduction of emissions by others (e.g. by changing behaviours) and reducing non-recyclable waste.

We have developed metrics to measure key indicators such as the units of gas and non-solar electricity we consume, the amount of single use plastics consumed and volumes of recycling so as to set targets and manage.

Already we maintain ‘cycle to work’ and bike loan schemes, vehicle charging points for staff, an electric mini bus, removal of single use plastics wherever viable and significant recycling programmes. Both staff and students are involved wherever possible, we have a student Eco council and have achieved Green Flag status. Additionally in 2023/24 we installed further solar panels, moved to LED lighting improved the controllability of heating, increased insulation, upgraded boilers, planted trees and increased our level of recycling.

The Trust used 2.17mKwh of energy representing CO2 emissions of 464 tonnes (2023: 490 tonnes) of which 357 tonnes is related to the consumption of purchased electricity (2023: 374 tonnes), 80 tonnes purchased gas (2023: 84 tonnes) and 27 tonnes company vehicles (2023: 31 tonnes).

Fundraising statement

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities.

The legislation defines fundraising as ‘soliciting or otherwise procuring money or other property for charitable purposes’. Such amounts receivable are presented in our financial statements as ‘donations and legacies’ and as ‘other fundraising activities’ which includes income from our lottery and events. The day-to-day management of all income generation is delegated to the executive team, who are accountable to the Trustees. The Charity is not bound by any regulatory scheme. However, the Charity has voluntarily registered with the Fundraising Regulator and complies with the regulator’s codes of practice. We have received 11 (2023 – 8) complaints in the year in relation to fundraising activities all of which have been resolved and reported. Our terms of employment require staff to behave reasonably at all times. Where we use third parties to assist in the raising of funds such as at events or for recruitment of players for our lottery, we monitor and hold those third parties to the same high

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standards as our own staff. Measures such as capping at two the number of lottery tickets that can be sold to one individual per month and training in conduct help protect people who are vulnerable and the wider public.

Investment Powers

The Articles of Association of the Charity state that it has the power ‘to deposit or invest funds in any manner as the trustees shall in their absolute discretion think fit to the intent that the trustees shall have the same full and unrestricted powers of investing and transposing investments in all respects as if they were beneficially absolute owners…’.

In the year we continued to split our investment Portfolio between Ruffer LLP and Cazenove Capital with both investment managers targeted to provide a return of RPI plus 4% after fees have been taken into account. Our investments performed creditably during the year growing by £491k (2023: £533k loss).

The defined benefit pension fund investments are held totally separate from the Trust assets and investments. The funds are managed by professional fund managers appointed by the Independent Pension Scheme Trustee, Apex Group. Apex Group consults in depth with the Trust before appointing investment managers and determining the asset allocation policies to be followed. The Trustees receive quarterly reports on the performance of its funds and the Investment Sub-Committee meets the investment manager twice a year to monitor their performance with the help of external professionals.

Governance

The Charity is governed by its Memorandum and Articles of Association adopted in June 2002 and amended in July 2010, March 2017 and July 2019. The Board of Trustees is responsible for the overall governance of the Charity and meets as a board at least three times a year.

In addition, there are four trustee committees covering Finance and Investment (including Audit); Risk and Compliance; Fundraising; and Nominations and Remuneration. These committees all meet a minimum of three times a year. The Charity follows the seven principles which make up the Charity Governance Code. The pay and contractual terms of senior executives is set by the Nominations and Remunerations Committee of the trustees with reference to market conditions. The key aspects of overseeing the school and college are delegated to the Governing Body, which is a sub-committee of the Board of Trustees. The Chairman of the Governing Body and at least three other members of the Governing Body are trustees, whilst the majority of Governors are independent (not otherwise a direct stakeholder in the school or college) and have a wide range of relevant professional and management skills and backgrounds.

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The Governing Body meets at least four times a year.

Section 172 of the UK Companies Act 2006 states that all trustees must act in accordance with a set of general duties. A trustee of a charitable organisation must act in the way they consider in good faith would most likely promote the success of the charity for the benefit of its stakeholders as a whole, and in doing so have regard (amongst other matters) to the:

We do this by making values a key part of recruitment processes and provide our trustees with induction and ongoing training, and require that they undertake self assessments and development reviews. Furthermore we review to ensure that our Trustees come from diverse backgrounds and that they hold the skills and characteristics, that will help them perform their role.

Trustee selection, induction and appraisal

The Board of Trustees regularly reviews the composition of itself, the Governing Body and its various sub-committees through the Nominations and Remuneration Committee.

The Trustees look at the blend of experience and skills of all Governors and Trustees to ensure that these meet the needs of the Charity. Where vacancies arise, a formal recruitment process is undertaken. This involves advertising both locally and nationally as well as more informal approaches to individuals who have the relevant skills and experience. Selection is made after a rigorous process including visits to the Charity and interviews by senior staff as well as trustees and governors. All new governors are invited to attend the staff induction days held at the start of each term. Governors are expected to visit the school and college regularly outside the normal meetings of the Governing Body and to undertake training on a continuing basis on subjects relevant to the operations of the school and college. The Trustees and Governors undertake skill audits, selfevaluations and appraisals on a regular basis. This enables Treloar’s to provide training to enhance their understanding and knowledge of the Charity to ensure all trustees and governors are able to satisfy themselves of their own performance.

The Charity is managed on a day-to-day basis by its Officers and Executive Team, under the Chief Executive who is appointed by and responsible to the Trustees.

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Statement of Trustees’ responsibilities

The Trustees (who are also Directors of Treloar’s for company law purposes) are responsible for preparing the Strategic Report, the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Company law requires 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the Trustees are required to:

the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure of information to the auditor

The Trustees who were in office on the date of approval of these financial statements, having made reasonable enquiry, have collectively confirmed that, as far as they are aware, there is no relevant audit information undisclosed to the company’s auditor and that they have taken the steps that they out to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that is has been communicated to the auditor.

The Trustees are responsible for keeping adequate accounting records that 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

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Corporate governance

The Trustees have overall responsibility for ensuring that the Charity has appropriate systems and controls, financial and otherwise to provide assurance that:

Internal controls over all forms of commitment and expenditure continue to be refined to improve effectiveness. Processes are in place to ensure that performance is monitored and appropriate management information is prepared and reviewed regularly by both the executive management and the Trustees. The systems of internal controls are designed to provide reasonable but not absolute assurance against material mis-statement or loss.

They include:

All major decisions are reserved to the Trustees and include appointment and remuneration of key management. Executive remuneration is set in consideration of the nature of the role, its responsibilities and market salaries. The Trustees and Governors all give of their time freely.

The Annual Report and Accounts, incorporating the Strategic Report, were approved by the trustees in their capacity as Directors of the Company under company law on 28 March 2025 and signed on their behalf by:

Lady Win Normington, Chair of Trustees

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Audit report

Opinion

We have audited the financial statements of Treloar Trust ('the company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the 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:

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 annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual 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.

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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 there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Trustees' annual 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:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement set out on page 16, 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

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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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern;

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

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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 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

31[st] March 2025

James Saunders (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street, London

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STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account)

YEAR ENDED 31 AUGUST 2024

2024 2023
Unrestr- Unrestr-
Note icted **Restricted ** Endowed Total icted **Restricted ** Endowed Total
£000s £000s £000s £000s £000s £000s £000s £000s
Income from:
Donations and legacies 2 635
 937
 -
 1,572 540 695 - 1,235
Charitable activities
Teaching 10,163 - -
 10,163
 9,005
 -
 -
 9,005
Medical 6,131 - - 6,131 5,571
 - -
 5,571
Care 11,594 - - 11,594 10,818 - -
 10,818
Total income from charitable activities 27,888 - - 27,888 25,394 - - 25,394
Income from other trading activities
Other fundraising activities 2 489
 - -
 489
 398
 - - 398
Rent 3 472 - -

 472
 380 - - 380
Total income from other trading activities 961 - - 961 778 - - 778
Investment income 4 207 - - 207 249 -
 - 249
Total income 29,691 937 - 30,628 26,961 695
 -
 27,656
Expenditure on:
Raising funds 878 7 - 885 801 8
 - 809
Charitable activities
Teaching 8,876 307 - 9,183 8,522 352 - 8,874
Medical 6,379 149 - 6,528 5,497 141
 - 5,638
Care 14,462 293 -
 14,755
 12,958
 255 - 13,213
Total expenditure on charitable activities 29,717 749 - 30,466 26,977 748
 - 27,725
Total expenditure 5 30,595 756 - 31,351 27,778 756 - 28,534
Net gains/(losses) on investments 7 427 - 64 491 (453) - (80) (533)
Net (expenditure)/income (477) 181 64 (232) (1,270) (61) (80) (1,411)
Actuarial gain on defined benefit scheme 16 88 - -
 88
 272
 -
 -
 272
Net movement in funds (389) 181 64 (144) (998) (61) (80) (1,139)
Total funds brought forward 17,883 9,841 1,554 29,278 18,881 9,902 1,634 30,417
TOTAL FUNDS CARRIED FORWARD 17,494 10,022 1,618 29,134 17,883 9,841 1,554 29,278

There are no gains or losses other than those shown in the Statement of Financial Activities above.

All operations were classed as continuing.

The notes on pages 27 to 45 form part of these financial statements.

24

Treloar Trust | Annual Report and Accounts

BALANCE SHEET AS AT 31 AUGUST 2024

Note 2024 2023
£000s £000s £000s £000s
Fixed assets
Tangible fixed assets 8 29,298 28,934
Investments 9 8,529 9,921
Total fixed assets 37,827 38,855
Current assets
Stock 5 9
Debtors 10 7,427 7,143
Investments 9 26 25
Cash at bank and in hand 2,566 2,180
Total current assets 10,024 9,357
Liabilities
Creditors: Amounts falling due within one year 11 (11,342) (11,103)
Net current liabilities (1,318) (1,746)
Total assets less current liabilities 36,509 37,109
Creditors; due after more than one year; bank loans
and overdrafts 11 (1,222) (1,333)
Provision for liabilities and charges 12 (744) (659)
Net assets excluding pension scheme liability 34,543 35,117
Defined benefit pension scheme liability 15 (5,409) (5,839)
NET ASSETS 29,134 29,278
The funds of the charity
Restricted Funds 13 10,022 9,841
Endowed Funds 13 1,618 1,554
Designated funds 16 20,468 19,723
General reserves 16 2,435 3,999
Defined benefit pension scheme fund 15 (5,409) (5,839)
Unrestricted funds 16 17,494 17,883
TOTAL FUNDS 29,134 29,278
Approved by the Board of Trustees on the 28th March 2025 and signed on its behalf by: Approved by the Board of Trustees on the 28th March 2025 and signed on its behalf by:
Lady Win Normington
Trustee
uctNorrnphia		 David Matthews
Trustee		 .%

Company registration number: 4466362

The notes on pages 27 to 45 form part of these financial statements

Treloar Trust | Annual Report and Accounts

25

CASHFLOW STATEMENT

YEAR ENDED 31 AUGUST 2024

2024
£000s
Reconciliation of net income/(expenditure) to net cash flow from operating activities
(232)
Adjustments for:
Loss on disposal of fixed assets
5
Depreciation charges
1,537
Net (gains)/losses on investments (including investment property)
(491)
Investment income shown in investing activities
(207)
Decrease in stock
4
(Increase) in debtors
(284)
Increase in creditors due within one year
239
Increase/(Decrease) in provisions for liabilities and charges
85
Net repayments for defined benefit pension scheme
(341)
Net cash provided by operating activities
315
Statement of cash flows
Cash flows from operating activities
Net cash provided by operating activities
315
Cash flows from investing activities
Proceeds on sale of tangible fixed assets
10
Investment income
207
Purchase of tangible fixed assets
(1,918)
Proceeds of sale of investments (including investment property)
2,000
Purchase of investments
(368)
Net cash used in investing activities
(69)
Cash flows from financing activities
Repayment of bank loans
(111)
Proceeds from new bank loans
-
Net cash (used in)/generated from financing activities
(111)
Change in cash and cash equivalents in the reporting period
135
Cash and cash equivalents at the beginning of the reporting period
2,504
Cash and cash equivalents at the end of the reporting period
2,639
Analysis of cash and cash equivalents
Cash at bank and in hand
2,566
Current asset investments
26
Cash equivalents held in fixed asset investments
47
2,639
Analysis of changes in net debt
Balance
Cash flows
01-Sep-23
£000s
£000s
Cash
2,205
387
Cash equivalents
299
(252)
2,504
135
Loans falling due within one year
(111)
-
Loans falling due after more than one year
(1,333)
111
1,060
246
Net expenditure for the reporting period (as per the statement of financial activities)		 2023
£000s
as restated
(1,411)
-
1,419
533
(249)
-
(198)
1,708
(209)
(298)
1,295
1,295
-
249
(2,897)
5,574
(5,409)
(2,483)
(111)
500
389
(799)
3,303
2,504
2,180
25
299
2,504
Balance
31-Aug-24
£000s
2,592
47
2,639
(111)
(1,222)
1,306

The notes on pages 27 to 45 form part of these financial statements

Treloar Trust | Annual Report and Accounts

26

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Scope and basis of the financial statements

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments at market value and investment properties as stated in note 9, and are in accordance with the Statement of Recommended Practice: Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (the 'SORP 2019'), FRS 102: The Financial Reporting Standard applicable in the UK and Ireland ('FRS 102'), the Charities Act 2011, and the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements have been prepared on a going concern basis. The Trustees consider that the Charity is able to continue to operate as a going concern for at least 12 months from the date of approval of the financial statements and thus it is appropriate to prepare the financial statements on a going concern basis.

Treloar Trust is a private company limited by guarantee, incorporated in England and Wales, and constitutes a public benefit entity as defined by FRS102. The Trustees confirm that they have complied with the requirements and duty in Section 17 of the Charities Act 2011 to have regard to the Charity Commission's general guidance on public benefit; Charities and Public Benefit, and that the activities of the Charity, particularly in the areas of education and disability services, are for the public benefit.

The preparation of the financial statements in accordance with FRS102 requires the Trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. The areas where assumptions or estimates were significant to the financial statements are disclosed in note 22.

b) Exemption from consolidation

Consolidated financial statements have not been prepared because the figures for the group, incorporating Treloar Enterprises Limited, the Trust’s only subsidiary, would not be materially different to those of the Trust as a single entity. This is in accordance with section 405 of the Companies Act 2006. The Trustees have included in note 9 to these accounts the results of Treloar Enterprises Limited for its accounting year to 31 August 2024. The accounts therefore show the results, cash flows, assets and liabilities of the Trust itself rather than the group as a whole.

c) Fee income

All income is accounted for in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Where income is received in advance of providing services, it is deferred until the Trust becomes entitled to that income.

Fee income from charitable activities is split between teaching, medical and care based on breakdowns of each area provided to purchasers.

d) Fundraising income including events and lottery

i) Donations, event and lottery income are recognised when received or when the Trust is entitled to the income and receipt is probable and measurable. Where income tax is reclaimable such income is included at the gross amount.

ii) Legacies are recognised when there has been grant of probate and once there is sufficient evidence that receipt is probable and the amount can be measured reliably.

iii) Gifts in kind (representing donations of equipment or vehicles) in excess of £250 are treated as income. The value of such donations is the fair value of the gift, usually the cost to the donor.

Treloar Trust | Annual Report and Accounts

27

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 ACCOUNTING POLICIES (Continued)

e) Grant income

Grant income is credited to the Statement of Financial Activities on an accruals basis where applicable.

f) Investment income

Investment income is credited to the Statement of Financial Activities on an accruals basis and is inclusive of the income tax recoverable, where applicable.

g) Rental income

Rental income is accounted for in the period for which the rent has been charged.

h) Expenditure

Revenue and capital expenditure is recognised on an accruals basis inclusive of irrecoverable VAT, where applicable. The Trust directly attributes expenditure in so far as is possible between teaching, medical and care.

Support costs are those which provide indirect support to the Trust and School and College e.g. finance, human resources, facilities, governance costs and IT. Support costs not attributable to a single activity like these have been allocated on a basis consistent with identified cost drivers for that cost category such as staff numbers.

i) Operating leases

Rentals payable are charged on a time basis over the term of the lease.

j) Tangible fixed assets

The cost of tangible fixed assets includes those costs which are directly attributable to purchasing the assets and bringing them into working condition. The Trust does not capitalise interest as part of the cost of tangible fixed assets. The Trust capitalises refurbishment costs and any associated capital expenditure where such work extends the economic useful life of the building or provides new facilities. Normal repairs and maintenance costs are expensed as incurred.

The Trust’s capitalisation policy is to transfer to the balance sheet only capital assets with a cost in excess of £5,000.

Depreciation is provided at the following rates to write off the cost of the Trust’s fixed assets over their estimated useful economic lives: -

Freehold land and buildings for use by School and Buildings are depreciated on a straight-line basis over between forty College and fifty years from date of first use. Transport and motor vehicles Transport and motor vehicles are depreciated on a straight-line basis between four and seven years from date of acquisition. Furniture, fixtures and equipment Furniture, fixtures and equipment are depreciated on a straight-line basis between three and ten years from date of acquisition. Computer equipment Computers and other IT equipment are depreciated on a straight-line basis between two and four years from date of acquisition. Assets under construction Costs incurred on assets not completed as at the year end are shown as assets under construction and are not depreciated until such time as completed and transferred to the relevant class of asset.

Treloar Trust | Annual Report and Accounts

28

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1 ACCOUNTING POLICIES (Continued)

k) Investment assets

Freehold investment property

Listed investments

Freehold investment property is reflected at market value where this is deemed materially different from cost at the balance sheet date.

Listed investments are reflected at market value at the balance sheet date.

Unlisted investments

Unlisted investments are reflected in the balance sheet at cost less provision for any permanent diminution in value or impairment.

Both realised and unrealised profits and losses on investments are reflected in the Statement of Financial Activities.

l) Stocks

Stocks are stated at the lower of cost and net realisable value. Allowance is therefore made for damaged and obsolete goods.

m) Pensions

The Trust operates Defined Contribution Pension Schemes for which contributions are charged to the Statement of Financial Activities as they are incurred.

The Trust also contributes to the Teachers Pension Scheme (England and Wales) at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer scheme and as such it is not possible to identify the assets and liabilities which are attributable to the Trust. Therefore, in accordance with FRS 102, the scheme is accounted for as a defined contribution scheme.

The Trust also operates a Defined Benefit Pension Scheme, which was closed to future service accrual on 31 December 2007. The contributions are paid at rates agreed with the Scheme Actuary and, together with actuarial gains and losses, are charged to the Statement of Financial Activities.

n) Reserve funds

The policy of the Trustees is to maintain in a designated fund, such sums as they deem prudent for the future refurbishment and development of those assets used for the primary purpose of the Trust.

The Trustees have also established a general reserve to provide working capital to create a buffer in case there is a sudden reduction in student numbers and to allow for fluctuations in investment returns. The Trustees’ policy is to seek to retain a buffer equal to at least three months of normal operating expenditure.

The Trustees have also established a Property and Equipment Fund for Assets tied up in the campus at Holybourne and thus not readily realisable.

A pension reserve is included within unrestricted funds to reflect the pension deficit on the Defined Benefit Pension Scheme. Restricted funds are donated for a particular purpose, the use of which is restricted for that purpose. Endowment funds are held as capital funds from which the income generated may be spent on the specific purposes provided upon the creation of the endowed fund.

o) Cash and cash equivalents

The policy for the management of cash and cash equivalents is defined by the financial commitments of the Trust. The Trust aims to keep funds on deposit until such time as they are needed to pay for designated projects, as highlighted within the notes to the accounts. Cash held on deposit with a maturity of three months or less are considered as cash equivalents.

p) Provisions

A provision is made in the accounts where the Trust has a legal or constructive financial obligation, that can be reliably estimated, and for which there is an expectation that payment will be made.

29

Treloar Trust | Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

1 ACCOUNTING POLICIES (Continued)

q) Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade debtors, prepayments, creditors and provisions are initially recognised at transaction value and subsequently measured at their settlement value.

2 DONATIONS, LEGACIES, AND OTHER FUNDRAISING INCOME

Gifts and legacies
Unrestricted
Restricted
Total
Events
Lottery
Total		 2024
2023
Direct
Support
Direct
Support
Income Expenditure
Costs
Income Expenditure
Costs
£000s
£000s
£000s
£000s
£000s
£000s
635
540
937
695
1,572
451
106
1,235
468
84
280
151
36
202
125
23
209
114
27
196
92
17
2,061
716
169
1,633
685
124

3 RENT

Lettings income
Estate rents and wayleaves
All items relate to unrestricted activities.		 2024
2023
£000s
£000s
104
77
368
303
472
380

4 INVESTMENT INCOME

Income from trading subsidiary
Income from listed investments
Interest receivable		 Unrestricted
Restricted
TotalUnrestricted
Restricted
Total
Funds
Funds
2024
Funds
Funds
2023
£000s
£000s
£000s
£000s
£000s
£000s
67
-
67
82
-
82
104
-
104
154
-
154
36
-
36
13
-
13
207
-
207
249
-
249

30

Treloar Trust | Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

5 EXPENDITURE

Direct Direct
Staff **Other ** Support Total Staff **Other ** Support Total
Costs Costs Costs 2024 Costs Costs Costs 2023
£000s £000s £000s £000s £000s £000s £000s £000s
Raising funds 398 318 169 885 383 302 124 809
Charitable activities
Teaching 5,755 553 2,875 9,183 5,541 474 2,859 8,874
Medical 4,512 156 1,860 6,528 4,067 149 1,422 5,638
Care 8,882 256 5,617 14,755 8,118 212 4,883 13,213
Total charitable activities 19,149 965 10,352 30,466 17,726 835 9,164 27,725
TOTAL EXPENDITURE 19,547 1,283 10,521 31,351 18,109 1,137 9,288 28,534
The support costs can be analysed as follows 2024 2023
Raising Raising
Funds Teaching Medical Care Total Funds **Teaching ** Medical Care Total
£000s £000s £000s £000s £000s £000s £000s £000s £000s £000s
Facilities 68 1,158 749 2,262 4,237 46 1,060 527 1,810 3,443
Depreciation 25 420 272 822 1,539 19 442 220 755 1,436
Finance and Payroll 8 137 88 266 499 6 136 68 233 443
HR and Training 18 301 195 588 1,102 14 332 165 566 1,077
IT 14 248 161 485 908 11 253 126 433 823
Transport 4 76 49 148 277 4 82 41 140 267
Governance 22 366 237 716 1,341 15 350 174 598 1,137
Misc 10 169 109 330 618 9 204 101 348 662
169 2,875 1,860 5,617 10,521 124 2,859 1,422 4,883 9,288

All support costs are divided between the four main headings using the full time equivalent staff numbers employed within those sections. Included in the above figure is insurance at a cost of £8,000 (2023: £6,907) which was taken out over the year to cover Trustees, Governors and Officers of the Trust against legal liability arising from acts of neglect, error or omission.

Interest payable on the bank loans during the year was £52,435 (2023: £52,435).

Total auditor's remuneration is made up as follows:
Audit
Other services
6 STAFF COSTS AND TRUSTEE EXPENSES
Total staff costs for the year were as follows:
Wages and salaries
Termination payments
Employer's NIC
Employer's pension costs		 2024
2023
£000s
£000s
31
29
2
2
33
31
2024
2023
£000s
£000s
19,706
18,461
10
-
1,662
1,497
2,207
1,988
23,585
21,946

Not included in the above are benefits in kind amounting to £23,393 (2023: £9,356), which were received by staff during the year. Termination payments are in the form of a redundancy payment made on the reorganisation of one department during the year.

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Treloar Trust | Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

6 STAFF COSTS AND TRUSTEE EXPENSES (continued)

Employer's pension costs comprise the following:
Teachers Pension Scheme (Note 15)
Employer contribution to Treloar group personal pension scheme (Note 15)
Defined benefit pension scheme - Expected interest cost less expected return (Note 15)
The average number of paid persons employed by the Trust during the year was as follows:
Teaching
Medical
Care (inc catering)
Facilities and ancillary
Fundraising
Marketing
Total average employees by headcount.
The following numbers of staff received remuneration in excess of £60,000 in the year:
£60,001 to £70,000
£70,001 to £80,000
£100,001 to £110,000
£110,001 to £120,000
£120,001 to £130,000
£130,001 to £140,000		 2024
2023
£000s
£000s
559
382
1,163
1,163
485
443
2,207
1,988
Full Time Equivalents
2024
2023
153
162
99
95
299
284
93
75
9
10
2
2
655
628
843
856
2024
2023
5
4
1
-
1
1
-
1

-
1
1
-

The total amount of employee benefits received by key management personnel for their services during the year is £309,792 (2023: £441,941). Key management in the year is deemed to be the Principal and Deputy CEO.

Five of the above members of staff accrued benefits under the Treloar group personal pension scheme and £28,353 (2023: £50,999 - four) was paid by the Trust to the scheme in respect of these members.

The Trustees received no remuneration for their services as Trustees during the period (2023: Nil). One Trustee was reimbursed £155 during the period for travel and other costs incurred in connection with the work of the charity (2023: one trustee - £93).

The employees are supported by a number of volunteers, including 4 assitants in therapies, corporate supporters on corporate days and an active 'Friends' group who support events and horticulture.

7 GAINS AND LOSSES ON INVESTMENTS

Unrestricted Endowed Total Unrestricted Endowed Total
Funds Funds 2024 Funds Funds 2023
£000s £000s £000s £000s £000s £000s
Listed investments (59) - (59) 557 63 620
Unrealised gains on investment property - - - - - -
Unrealised gains/(losses) on listed investments 486 64 550 (1,010) (143) (1,153)
427 64 491 (453) (80) (533)

32

Treloar Trust | Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

8 TANGIBLE FIXED ASSETS

Cost
Freehold land and buildings
Plant, machinery and motor vehicles
Assets under construction
Depreciation
Freehold land and buildings
Plant, machinery and motor vehicles
Assets under construction
Net Book Value
Freehold land and buildings
Plant, machinery and motor vehicles
Assets under construction		 Opening
Additions/
Disposals
Closing
Balance
Transfers
Balance
£000s
£000s
£000s
£000s
41,820
1,951
-
43,771
5,963
391
(37)
6,317
740
(424)
-
316
48,523
1,918
(37)
50,404
Opening
Charge for
Released on
Closing
Balance
Year
Disposal
Balance
£000s
£000s
£000s
£000s
(15,001)
(1,115)
-
(16,116)
(4,588)
(422)
20
(4,990)
-
-
-
-
(19,589)
(1,537)
20
(21,106)
Opening
Additions
Disposals
Closing
Balance
less charges
Balance
£000s
£000s
£000s
£000s
26,819
836
-
27,655
1,375
(31)
(17)
1,327
740
(424)
-
316
28,934
381
(17)
29,298

Additions/Transfers include £740,000 (2023: £4,041,000) transferred from Assets under construction to Land and Buildings following completion of projects during the year. There was £316,000 of additional expenditure incurred during the year on assets under construction as at 31 August 2024.

9 INVESTMENTS

Fixed asset investments

Listed investments - UK and non-UK
Investment properties
Subsidiaries and associated undertakings
Unlisted investments
Bank deposits		 Total
Total
2024
2023
£000s
£000s
7,815
8,955
623
623
25
25
19
19
47
299
8,529
9,921

Treloar Trust | Annual Report and Accounts

33

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

9 INVESTMENTS (continued)

Current asset investments

Current asset investments
UK Investments - Deposits
Listed investments
Market value of assets as at 1 September
Additions
Disposal proceeds
Net unrealised investment (losses)
Net realised investment gains
Market value of assets as at 31 August
Historical cost as at 31 August
Investment Properties (all UK)
Valuation at 1 September
Revaluation
Valuation at 31 August
Historical cost as at 31 August		 Total
Total
2024
2023
£000s
£000s
26
25
Total
Total
2024
2023
£000s
£000s
8,955
9,653
368
5,409
(2,000)
(5,574)
550
(1,153)
(59)
620
7,814
8,955
7,823
9,514
Total
Total
2024
2023
£000s
£000s
623
623
-
-
623
623
126
126

The Trustees have valued Howards Farm at £480,526, based on the long term yield value of the property. The Trustees have valued The Vale, Shirley at £142,500, based on the long term yield value of the property. All valuations will be continuously monitored to ensure material market valuations are reflected in the balance sheet. The values were considered as at 31 August 2024 and no revaluation was considered necessary.

Unlisted investments
Cost and valuation at 31 August		 Total
Total
2024
2023
£000s
£000s
19
19

The Trustees consider that the market value of the above investments is not significantly different from their cost.

Treloar Trust | Annual Report and Accounts

34

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

9 INVESTMENTS (continued)

Trading Subsidiary

The Trust owns all the issued share capital of Treloar Enterprises Limited, which shares its Registered Office with the Trust. Its principal activities are the lettings of facilities and the retail presence of the Trust both physically and on-line.

The trading subsidiary gift aids its profit to the Trust. Its trading results for the year ended 31st August were:

Turnover
Cost of sales
Gross profit
Administration expenses
Profit on ordinary activities before taxation and interest
Taxation
Profit on ordinary activities after taxation
Gift aided payment - qualifying charitable donation
Retained profit for the year
Retained profit brought forward
Retained profit carried forward
Net assets (all equity interests)
10 DEBTORS
Fees billed in advance
Trade debtors
Other debtors
Prepayments		 2024
2023
£000s
£000s
206
187
(137)
(101)
69
86
(2)
(4)
67
82
-
-
67
82
(67)
(82)
-
-
3
3
3
3
28
28
2024
2023
£000s
£000s
6,389
5,803
554
757
200
58
284
525
7,427
7,143

All amounts shown under debtors are due for payment within one year and all debtors are financial instruments and measured at present value.

11 CREDITORS: Amounts falling due within one year

Trade creditors
Income in advance
Taxes & social security costs
Other creditors
Accruals
Amounts due to group undertaking
Bank loans and overdrafts		 2023
2022
£000s
£000s
1,167
1,962
9,136
7,897
373
358
269
424
267
336
19
15
111
111
11,342
11,103

All creditors are financial instruments and are measured at present value.

Treloar Trust | Annual Report and Accounts

35

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

11 CREDITORS (continued)

The income in advance is in relation to fees for the year ended 31 August 2025 invoiced prior to 31 August 2024, apart from £187,000 which was received in the year ended 31 August 2024, which has still not been released to income as not yet due to be recognised.

The bank loan is for £1.5million taken out to assist with the development of the Key Worker Accommodation. It is repayable within five years of the balance sheet date, on 5 October 2026, and is secured on part of the site.

12 PROVISIONS

At 1 September 2023
(Decreases)/Increases in provision
At 31 August 2024
Amounts are expected to be incurred;
- within one year		 Fees
Other
Total
£000's
£000's
£000's
447
212
659
(44)
129
85
403
341
744
403
341
744

Provisions include trade debtors, provision for untaken holiday, sickness provision and for employment disputes and where, due to extenuating circumstances, queries may be raised over services provided.

13 RESTRICTED & ENDOWED FUNDS

Endowed Funds
Billesden Fund
Rossington Bursary Fund
Total Endowed funds
Specific appeals fund
Specific equipment appeals
Specific building appeals
Total specific appeals fund
Other restricted funds
Billesden fund
Campbell sports fund
IMPact
Transition
Motor Vehicles
Dietician
AAC, AT, Physio and other Equipment
Outdoor Learning Centre
Inetractive Learning Zone
Swimming Pool
Rossington restricted legacy
Learner Tech salary
Other
Total Restricted Funds		 Balance
Transfers
Gains on
Balance
31-Aug-23
Income Expenditure
in/(out) Investments
31-Aug-24
£000s
£000s
£000s
£000s
£000s
£000s
676
-
-
-
-
676
878
-
-
-
64
942
1,554
-
-
-
64
1,618
668
-
(196)
71
-
543
8,542
-
(350)
94
-
8,286
9,210
-
(546)
165
-
8,829
26
26
(24)
-
-
28
25
14
(16)
-
-
23
34
55
(6)
-
-
83
-
15
(15)
-
-
-
131
126
-
-
-
257
-
25
(25)
-
-
159
91
(36)
(69)
-
145
25
-
-
(25)
-
-
-
357
-
-
-
357
-
5
-
-
-
5
100
22
15
-
-
137
24
40
(30)
-
-
34
107
161
(73)
(71)
-
124
631
937
(210)
(165)
-
1,193
9,841
937
(756)
-
-
10,022

36

Treloar Trust | Annual Report and Accounts

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

13 RESTRICTED & ENDOWED FUNDS

Endowed Funds
Billesden Fund
Rossington Bursary Fund
Total Endowed funds
Specific appeals fund
Specific equipment appeals
Specific building appeals
Total specific appeals fund
Other restricted funds
Billesden fund
Campbell sports fund
IMPact
Transition
Motor Vehicles
Dietician
AAC, AT, Physio and other Equipment
Outdoor learning
Outdoor Learning Centre
Key Worker Accomodation
Swimming Pool
Rossington restricted legacy
Learner Tech salary
Other
Total Restricted Funds		 Balance
Transfers
Gains on
Balance
31-Aug-22
Income Expenditure
in/(out)
Investments
31-Aug-23
£000s
£000s
£000s
£000s
£000s
£000s
690
-
-
-
(14)
676
944
-
-
-
(66)
878
1,634
-
-
-
(80)
1,554
554
-
(191)
305
-
668
7,795
-
(327)
1,074
-
8,542
8,349
-
(518)
1,379
-
9,210
10
35
(19)
-
-
26
27
14
(16)
-
-
25
63
5
(34)
-
-
34
-
21
(21)
-
-
-
219
-
-
(88)
-
131
-
28
(28)
-
-
-
198
116
-
(155)
-
159
17
-
-
(17)
-
-
387
50
-
(412)
-
25
125
-
-
(125)
-
-
279
259
-
(538)
-
-
59
41
-
-
-
100
-
40
(16)
-
-
24
169
86
(104)
(44)
107
1,553
695
(238)
(1,379)
-
631
9,902
695
(756)
-
-
9,841

All transfers between funds represent the donations received against capital projects in the year.

ENDOWED FUNDS

Where donations are received and are to be invested in a fund and the use of that fund is restricted to the income generated from it, a permanent endowment is created and disclosed as such.

The Billesden fund – was established in 1984 by the Merchant Taylors’ and Skinners’ Companies to provide assistance with the aftercare and vocational training of students, includes the Billesden officer post which is a research post which provides data on Treloar leavers in order to inform the priorities and direction of the transition strategy.

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37

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

13 RESTRICTED & ENDOWED FUNDS (continued)

Rossington Bursary Fund - this was created from a legacy which states that the income from the investment of the fund shall be used to provide access to education for an 'older' age group of young disabled students who are socially disadvantaged.

RESTRICTED FUNDS

Where donations are received for particular items of expenditure, such amounts are credited to the Trust’s restricted funds. If an operational area of the Trust discharges such expenditure out of its unrestricted funds, the amount is transferred out of the restricted funds to reimburse the expenditure. Other expenditure is paid directly out of the restricted funds.

Specific appeals fund – capital funds from appeals for new buildings and specific equipment including the Vision Treloar's buildings, Brewer House hall of residence, Evans House hall of residence, minibus, Treloar’s Direct assets and other special equipment.

The Billesden fund – income from the endowment above and donations from the Merchant Taylors’ and Skinners’ Companies is used to provide assistance with the aftercare and vocational training of students, including the Billesden officer post which is a research post which provides data on Treloar leavers in order to inform the priorities and direction of the transition strategy.

Campbell sports fund – enables students to participate in sailing and other sporting activities.

The Independent Mobility Project (IMPact) - provides the most appropriate wheelchair for every student in need at the School and the College, to give them optimum independence.

Assistive Technology fund – supports assistive technology work carried out in the Trust.

Transition – providing support to students to prepare them for the transition from Treloar's back into the community, supporting independence and helping them realise their full potential.

Motor Vehicles - funds raised for the acquisition of new coaches and minibuses and for other new adapted vehicles.

Pushing the boundaries – has been established to raise funds to allow students to experience activities not normally associated as being available to people with disabilities such as abseiling and rock climbing.

Dietician – supports the work of an on site dietician.

AAC, Assistive technology and physio equipment - support the equipment purchases of the speech & language therapists (alternative & augmentative communications equipment), the physiotherapists and the assistive technology engineers respectively.

Outdoor learning – enriching the outdoor areas of our campus to provide an interactive learning environment for our students.

Outdoor Learning Centre - set up to raise funds for the new Centre on campus to expand provision for students and external visitors.

Interactive Learning Zone- set up to raise funds for the new ILZ centre to be placed in the Jowett Centre to bring our IT learning provision to the forefront of our campus.

Swimming Pool - funds raised in order to refurbish the site's swimming facilities.

Rossington Income Fund - income from the endowment above to be used to provide access to education for an 'older' age group of young disabled students who are socially disadvantaged.

Learner Tech salary - funds raised to cover the salary of the learner technology department to help students in class with their IT needs.

Treloar Trust | Annual Report and Accounts

38

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Investments
Net current (liabilities)/assets
Total assets less current liabilities
Creditors due over one year
Provisions
Pension scheme liability
TOTAL NET ASSETS
Tangible fixed assets
Investments
Net current assets
Total assets less current liabilities
Creditors due over one year
Provisions
Pension scheme liability
TOTAL NET ASSETS		 Unrestricted
Restricted
Endowed
Total
Funds
Funds
Funds
£000s
£000s
£000s
£000s
20,469
8,829
-
29,298
6,911
-
1,618
8,529
(2,511)
1,193
-
(1,318)
2024
24,869
10,022
1,618
36,509
(1,222)
-
-
(1,222)
(744)
-
-
(744)
(5,409)
-
-
(5,409)
17,494
10,022
1,618
29,134
Unrestricted
Restricted
Endowed
Total
Funds
Funds
Funds
£000s
£000s
£000s
£000s
19,724
9,210
-
28,934
8,367
-
1,554
9,921
(2,377)
631
-
(1,746)
2023
25,714
9,841
1,554
37,109
(1,333)
-
-
(1,333)
(659)
-
-
(659)
(5,839)
-
-
(5,839)
17,883
9,841
1,554
29,278

15 PENSIONS

The total pension cost charged to the Statement of Financial Activities for the Year, excluding the movement on actuarial gains and losses, for all the schemes was £2,207,000 (2023: £1,988,000).

Teachers Pension Scheme (England and Wales)

The school participates in the Teachers' Pension Scheme (''the TPS'') for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £559,463 (2023: £381,388) and at the year end £51,666 (2023: £43,386) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pension Regulations 2010 (as amended) and The Teachers' Pension Scheme Regulations 2014 (as amended). Members contribute on a 'pay as you go' basis with contributions by members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the 'greater value' benefits for groups of relevant members.

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39

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

15 PENSIONS ( continued )

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Treloar Group Personal Pension Scheme

The Trust operates a defined contribution scheme to provide retirement benefits for its employees who are not members of the Teachers Pension Scheme. Because the Trust makes contributions of at least 1.5% of participating salaries to the Group Personal Pension Scheme, it does not have to offer a Stakeholder Plan. Contributions by the Trust during the period totalled £1,163,010 (2023: £1,164,479).

At 31 August 2024 contributions were being made into the Scheme on behalf of 670 (2023: 665) members of staff.

Treloar Defined Benefit Pension Scheme

The Trust operates the Federated Pension Scheme for Treloar Trust (the scheme), a UK registered trust based pension scheme that provides defined benefits. Pension benefits are linked to the members' final pensionable salaries and service at their retirement (or date of leaving if earlier). The Pension Scheme Trustee is responsible for running the Scheme in accordance with the Scheme's Trust Deed and Rules, which sets out their powers. The Pension Scheme Trustee is required to act in the best interests of the beneficiaries of the Scheme. There are two categories of pension scheme members: deferred members; current and former employees of the Trust who are not yet in receipt of pension, and Pensioner members: in receipt of pension (some of whom are insured with Aviva and LV).

The Pension Scheme Trustee is required to carry out an actuarial valuation every 3 years, The actuarial valuation of the Scheme was performed by the Scheme Actuary for the Pension Scheme Trustees as at 31 March 2021. This valuation revealed a funding shortfall of £12.1 million. In respect of the deficit in the Scheme as at 31 March 2021, the Trust has agreed to pay £569,554 per annum payable monthly from 1 March 2022 until 30 June 2022, then £804,000 per annum payable in equal monthly instalments for a period of 16 years 2 months from 1 July 2022. The contribution will increase at 2.7%pa at each 1 July with the first increase due on 1 July 2023. The Trust therefore expects to pay £849,910 to the Scheme during the accounting year beginning 1 September 2024. However, the next valuation of the scheme as at 31 March 2024 is currently underway. The contributions paid are therefore likely to be different when a new schedule of contributions is agreed during the accounting year beginning 1 September 2024. All expenses and liabilities in relation to the scheme are included within unrestricted funds of the Trust.

Principal assumptions

Principal assumptions
31-Aug-24 31-Aug-23
% pa % pa
Discount rate 5.0 5.3
Retail Prices Index (RPI) Inflation 3.1 3.2
Consumer Prices Index (CPI) Inflation 2.7 2.7
Rate of increase to pensions in payment:
Pre 88 GMP 0.0% 0.0%
Post 88 GMP 2.3% 2.3%
Pre 97 XS 0.0% 0.0%
97-06 pension 3.0% 3.1%
Post 06 pension 2.1% 2.2%
Revaluation of deferred pensions in excess of GMP 2.7% 2.7%
Underpin to revaluation of scale pension (including GMP) 3.0% 3.0%
2024 inflation n/a 6.00%
Assume retire at 60 with retirement factor
Retirement age and application of retirement factor adjustment adjustment applied for members still in
service and under age 60 on 1 October
2007

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40

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

15 PENSIONS ( continued )

Mortality before and after retirement
Life expectancy of male aged 60 at balance sheet date
Life expectancy of male aged 60 in 20 years from balance sheet date
Life expectancy of female aged 60 at balance sheet date
Life expectancy of female aged 60 in 20 years from balance sheet date
For the avoidance of doubt the above assumptions are in absolute terms.
M&G Total Return Credit Fund
Baillie Gifford Multi Asset Growth Fund
BNY Mellon Sustainable Global Dynamic Bond Fund
Partners Fund
LGIM Future World Fund
LGIM Future World Fund - GBP Hedged
LGIM Matching Core Fix Short
LGIM Matching Core Fix Long
LGIM Matching Core Real Short
LGIM Matching Core Real Long
LGIM Future World Multi Asset
Annuities
Trustee bank account/NCA
Net defined benefit asset (liability)
Fair value of Scheme assets
Present value of defined benefit obligation
Defined benefit (liability) recognised in the balance sheet
Total expense recognised in Statement of Financial Activities
Administration expenses
Past Service Cost
Net interest on the net defined benefit liability
Total recognised in the Statement of Financial Activities
Total
Asset breakdown
The fair value of the assets of the Scheme was:		 100% S3PMA
Middle 100%
S3PFA Middle
CMI 2022
[1.25%]
85.2
86.8
88.2
89.7
31-Aug-24
£000's
3,422
-
704
4,302
3,511
1,206
2,755
636
1,001
1,362
1,914
814
141
21,768
31-Aug-24
£000s
21,768
(27,177)
(5,409)
31-Aug-24
£000s
196
-
289
485		 100% S3PMA
Middle 100%
S3PFA Middle
CMI 2021
[1.25%]
85.3
86.8
88.1
89.6
31-Aug-23
£000's
1,186
1,203
3,002
4,163
3,064
1,021
2,187
528
868
1,113
1,707
869
200
21,111
31-Aug-23
£000s
21,111
(26,950)
(5,839)
31-Aug-23
£000s
189
-
254
443

Treloar Trust | Annual Report and Accounts

41

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

15 PENSIONS ( continued )

Total amounts taken to Other Comprehensive Income
Actuarial gain/(loss) on scheme assets less interest
Remeasurement gains - actuarial (losses)/gains
Amount recognised in Other Comprehensive Income
The return on assets was:
Interest income
Return on assets less interest income
Total return on assets
Reconciliation to the Statement of Financial Position
Market value of assets
Present value of defined benefit obligation
Pension (liability) recognised in the Financial Statements
Changes in the present value of the defined benefit obligation
Present value of defined benefit obligation at beginning of period
Benefits paid including expenses
Interest cost
Remeasurement gains/(losses) - assumptions actuarial gains
Remeasurement losses/(gains) - experience actuarial gains
Present value of defined benefit obligation at end of period
Funded status		 31-Aug-24
31-Aug-23
£000s
£000s
542
(4,544)
(605)
4,605
(63)
61
31-Aug-24
31-Aug-23
£000s
£000s
1,093
1,051
542
(4,544)
1,635
(3,493)
31-Aug-24
31-Aug-23
£000s
£000s
21,768
21,111
(27,177)
(26,950)
(5,409)
(5,839)
(5,409)
(5,839)
31-Aug-24
31-Aug-23
£000s
£000s
26,950
31,854
(1,760)
(1,604)
1,382
1,305
563
(4,499)
42
(106)
27,177
26,950

Treloar Trust | Annual Report and Accounts

42

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

15 PENSIONS ( continued )

Changes in the fair value of assets

Changes in the fair value of assets
Fair value of Scheme assets at the beginning of period
Interest income
Contributions by Employer
Administration expenses
Benefits paid including expenses
Fair value of Scheme assets at the end of period
Remeasurement losses - Return on scheme assets excluding		 31-Aug-24
31-Aug-23
£000s
£000s
21,111
25,445
1,093
1,051
692
(4,400)
828
808
(196)
(189)
(1,760)
(1,604)
21,768
21,111

16 MOVEMENT ON UNRESTRICTED RESERVES

General reserves
Defined benefit pension scheme fund
Designated Fund: Property and Equipment
Designated Fund: Repairs and Improvement		 Balance
Net
Transfers
Gains
Balance
01-Sep-22
income
31-Aug-23
£000s
£000s
£000s
£000s
£000s
19,107
616
-
19,723
400
(400)
-
-
5,783
(1,568)
(216)
-
3,999
(6,409)
298
-
272
(5,839)
18,881
(1,270)
-
272
17,883
General reserves
Defined benefit pension scheme fund
Designated Fund: Property and Equipment
Designated Fund: Repairs and Improvement		 Balance
Net
Transfers
Gains
Balance
01-Sep-23
income
31-Aug-24
£000s
£000s
£000s
£000s
£000s
19,723
-
745
-
20,468
-
-
-
-
-
3,999
(819)
(745)
-
2,435
(5,839)
342
88
(5,409)
17,883
(477)
-
88
17,494

The property and equipment fund represents the net book value of the tangible fixed assets held for charitable purposes less the amount financed by restricted funds. Since this fund represents existing fixed assets (mainly buildings) it cannot be converted easily into cash and therefore cannot be used to fund other activities.

The repairs and improvement fund represents money set aside by the Trustees towards the finance of special maintenance work and planned major improvements to facilities. During the year there were exceptional operating costs incurred in health and safety compliance work which has effectively used this reserve for the purposes for which it was established.

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43

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

15 MOVEMENT ON UNRESTRICTED RESERVES (continued)

The Trustees have also established free reserves to provide working capital to create a buffer in case there is a sudden reduction in student numbers and to allow for fluctuations in investment returns. The Trustees’ policy is to seek to retain a buffer equal to at least three months of normal operating expenditure.

17 ENTITLEMENT TO LEGACIES

The Trust is aware of possible future receipts from legacies, arising on deaths prior to 31 August 2024 where the exact sums are not quantifiable at this time at an estimated value of £211,798 (2023: £81,991).

18 CAPITAL COMMITMENTS

As at 31 August 2024, the Trust had contracted to purchase an Electric motor vehicle and at the balance sheet date a deposit of £97,000 had been made in the balance sheet, with balance of costs incurred in the year ended 31 August 2025 of £114,000. The other main asset under construction at the year end was the new Interactive Learning Zone and this had incurred £153,000 as at 31 August 2024, with a further £163,000 commited to spend in the year ended 31 August 2025.

19 TAXATION STATUS

Treloar Trust is a registered charity and no tax is payable on its charitable income. The Trust was not registered for VAT and expenditure is shown inclusive of VAT where incurred.

20 SHARE CAPITAL

The Trust has no share capital and is limited by guarantee. The liability of each member in the event of a winding up, as stated in the Articles of Association, is limited to £1.

21 RELATED PARTY DISCLOSURE

The balance due at 31 August 2024 to Treloar Enterprises Limited (TEL), the Trust’s trading subsidiary, from the Trust was £19,444 (2023: £15,272). Transactions between the Trust and TEL comprised £154,689 (2023: £142,074), including a donation of profits of £67,209 (2023: £81,594).

The Trust granted to TEL the head lease over flats at Campbell Court and at Rivermead. In the year ended 31 August 2024 the Trust was due £87,480 (2023: £60,480) in rent and service charges for these flats.

Treloar Trust | Annual Report and Accounts

44

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

22 ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing the financial statements, the trustees are required to make estimates and judgements. The matters considered below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact amounts reported in the results of operations, financial position and cashflows. Accounting policies are shown in note 1 to the financial statements.

Actuarial assumptions in respect of defined benefit pension scheme

The application of actuarial assumptions relating to the defined benefit pension scheme is incorporated in the financial statements in accordance with FRS102. In applying FRS102, advice is taken from an independent qualified actuary. In this context, significant judgement is exercised in a number of areas, including future changes in inflation, mortality rates and the selection of appropriate discount rates.

Pension scheme deficit reduction payments

As explained in note 15, there is a deficit reduction plan in place in respect of the defined benefit pension scheme. FRS102 requires a liability to be recognised in respect of the present value of future contributions payable under the terms of the deficit recovery plan. The incorporation of this liability in the financial statements involves the exercise of judgement in a number of areas, including the selection of an appropriate discount rate.

Bad debt provision

Consideration is given to debtors which are past their due date as at the balance sheet date and a provision is made against these debts based on both specific information and experience.

Investment Properties

Values of investment properties are constantly monitored to ensure that material fair values are reflected within the financial statements. These include judgements on the correct basis of valuation to apply, yield values of these properties where this basis is used and assessment of the most appropriate yield basis. All of these matters include some form of uncertainty around these judgements.

23 OPERATING LEASES

At the reporting date the entity had contracted with tenants for the following minimum lease payments.

Within one year
Two to five years
Over five years		 2024
£
36,000
144,000
45,000
225,000		 2023
£
-
-
-
-

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45

Officers and professional advisers

Trustees

Lady Win Normington CBE Chair of Treloar Trust Liz Ashford (appointed 05/07/2024) James Bateson LLB Cheryl Brewer Chair of Governors, Treloar School & College Michael Chadwick ACA CTAI (resigned 31/07/2024) David Cook BSc FCIM Ian Cranna Anna Galliford BComm ACMA David Matthews JP BSc CA Michael Meredith (resigned 25/01/2024) Dr Victor Olisa QPM (resigned 15/11/2024) Neil Smith Scott Watkin BEM Jo Wright (appointed 05/07/2024)

Honorary trustee

Rt. Hon. The Lord Mayor of The City of London

Royal patron

HRH The Duchess of Edinburgh GCVO

Senior executives

Martin Ingram BSc PGCE Chief Executive Simon Birch BA MBA ACA Deputy Chief Executive, Finance & Resources Director

Solicitors

Stone King LLP Boundary House 91 Charterhouse Street London, EC1M 6HR

Auditors

Moore Kingston Smith LLP 9 Appold Street London, EC2A 2AP

Investment managers

Cazenove Capital Ruffer LLP 1 London Wall Place 80 Victoria Street London, EC2Y 5AU London, SW1E 5JL

Patrons

Fiona Adler Michael Aspel OBE Bob Barrett Dan Bentley The Rev Mark Birch MVO Virginia Bond Stuart C Boreham Lady Tessa Brewer OBE Michael Campbell MBE DL Michael Cassidy CBE Michael Chadwick Chris Childs Christopher Dadson Dan Eley Damon de Laszlo DL Julie Fernandez Humphrey Hawksley Suzanna Hext Jane Macnabb Maureen Marden Alderman Sir Andrew Parmley Robert Powell Martin Sinclair Admiral Sir Jock Slater GCB LVO DL David Smith OBE Roger Southam Jeff Stelling Alastair Stewart OBE Sir Richard Stilgoe OBE DL Alan Titchmarsh CBE DL VMH HonFSE Dame Jacqueline Wilson GBE FRSL Tom Yendell

Bankers

Lloyds TSB plc City Office Branch PO Box 72, Bailey Drive Gillingham Business Park Gillingham Kent, ME8 0LS

Treloar Trust | Annual Report and Accounts

46

43

Treloar’s parents and carers say...

“A wealth of expertise and support under one roof.”

“Confidence, independence and self-advocacy have come on in leaps and bounds.”

“Every child is treated to their needs whilst always ensuring they are valued and important.”

“Nothing is ever a problem.”

Treloar Trust

Powell Drive, Holybourne, Alton, Hampshire GU34 4GL

Contact

T: 01420 547400 E: info@treloar.org.uk W: www.treloar.org.uk