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2022-08-31-accounts

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

Registered Charity No: 1103955 Company Number: 05114710

NOVALIS TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

CONTENTS Page
LEGAL AND ADMINISTRATIVE INFORMATION 1
TRUSTEES’ REPORT 2 - 8
STATEMENT OF TRUSTEES’ RESPONSIBILITIES 9
INDEPENDENT AUDITORS’ REPORT 10 - 12
STATEMENT OF FINANCIAL ACTIVITIES 13 - 14
BALANCE SHEET 15
STATEMENT OF CHANGES IN EQUITY 16
CASH FLOW STATEMENT 17
NOTES TO THE FINANCIAL STATEMENTS 18 - 27

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2022

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Charity number 1103955
Company registration number 05114710
Registered office Ebley House
235 Westward Road
Ebley
Stroud
Gloucestershire
GL5 4SX
Principal office Ebley House
235 Westward Road
Ebley
Stroud
Gloucestershire
GL5 4SX
Trustees G Barton (Resigned 17 August 2022)
M Bennett
E Buckland (Appointed 1 December 2021)
G Cole (Resigned 12 August 2022)
J Houlston-Hope (Resigned 9 January 2023)
D Walton (Appointed 17 August 2022)
C Williams (Resigned 17 August 2022)
Secretary P Furley
Chief executive J Lukas
Auditors Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT
Bankers Lloyds Bank Plc
12 Rowcroft
Stroud
Gloucestershire
GL5 3BD

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

The Trustees, who are also directors for the purposes of company law, present their Annual Report and the Financial Statements for the year ended 31 August 2022.

Post balance sheet events

Subsequent to the balance sheet date, the charity purchased freehold property for £775,000.

1 STRUCTURE GOVERNANCE AND MANAGEMENT

Governing document and management

Novalis Trust is a company limited by guarantee and is governed by its memorandum and articles of association. It is a registered charity with the Charity Commission. The company was previously called The Novalis Trust Limited, Cotswold Chine School, and then Cotswold Chine & Paradise House Limited until the change to the current name. The company currently trades as:

The following Trustees have held office since 1 September 2021:

G Barton (resigned 17 August 2022) M Bennett E Buckland (appointed 1 December 2021)

G Cole (resigned 12 August 2022) D Walton (appointed 17 August 2022) C Williams (resigned 17 August 2022)

The Trustees that resigned from office after the balance sheet date are as follows:

J Houlston-Hope (Resigned 9 January 2023)

Appointment of Trustees

The appointment of Trustees is governed by the articles of association, the Trustees being authorised to fill vacancies arising through resignation or death of an existing Trustee.

Trustees induction and training

New Trustees undergo an orientation process to brief them on their legal obligations under the charity and company law, the content of the memorandum and articles of association, the charity’s operations and the decision making processes, the future plans and the recent financial performance of the charity. The charity has paid for insurance premiums to indemnify the charity from any loss arising from neglect or defaults of Trustees or staff.

Organisation

The Trustees meet regularly to oversee the charity’s affairs, the day to day operation of which is in the hands of the Chief Executive, J Lukas and his Senior Management Team.

The Trustees have a background in accountancy, education and health. Together they work closely with Chief Executive and the senior management team to oversee Paradise House, William Morris and Cotswold Chine School.

Register of Trustees’ Interests

The secretary maintains a Register of Trustees’ Interests; no material conflicts have been identified.

The related party transactions are included in note 16 to these financial statements.

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NOVALIS TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022

Governance Manual

A Governance Manual is maintained by the secretary and reviewed biennially by the Board. It provides direction and guidance to the Trustees on the organisation and structure of the charity.

Strategic Report

Principal risks and uncertainties

The Trustees have a risk management strategy which comprises an on-going review of the risks the charity may face; the establishment of systems and procedures to mitigate the identified risks; and the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

The Trustees’ assessment of specific risks facing the company going forward are lack of confidence in the business, resulting in a lack of placements; authorities may switch to other county and local authority state provision. This would result in funding being inadequate to support the charitable activities of Novalis Trust. The Board maintains a risk register that is reviewed by the Board at least annually.

Going concern

The Trustees have prepared forecasts for the next 12 months that indicate that the Trust will continue to have sufficient resources available to trade as a going concern. The Trustees, therefore, have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

2 OBJECTIVES AND ACTIVITIES

The strategy of the charity is to provide for the education, care and therapy of children, young people and adults, including those with emotional and behavioural difficulties and special learning needs, by operating residential or day schools. It also includes the provision of residential care for adults with learning difficulties. Our approach – known as the Novalis Model – draws on the latest practice and research by some of the worlds’ leading practitioners and academics. The model involves a trauma-informed and evidence supported approach which promotes positive relationships and secure attachments within a therapeutic low arousal environment.

Positive relationships are fundamental to everything that the charity does. We try to work collaboratively as a team with each other, with the young people and adults in our care, with their families and with other professionals. As well as having the same ethos, values and approach, all three of our organisations share management, finance, administration, maintenance, HR, training and other resources to ensure that consistently high standards are maintained across the charity.

Our values not only represent the qualities we look for in our staff members, but they also provide a set of principles and beliefs that guide what we do as an organisation. The five values are Kindness, Empathy, Creativity, Curiosity and Positivity.

The charity owns and operates Cotswold Chine School, which is an independent special school for children and young people with complex learning needs and associated social, emotional and behavioural difficulties. The school is approved by the Department for Education and Skills for up to 42 residential pupils (aged between 7 and 21) and 18 day pupils, giving a total admission number of 60.

The majority of pupils are on residential placements. Some pupils are residents during the academic terms only and other pupils stay for additional periods of up to 52 weeks per year. Consequently, the school is also registered with Ofsted as a children’s home.

Our teaching staff take great pride in helping children re-engage with their education and inspiring them to discover the joy of learning and developing new skills. Our developmentally sensitive curriculum ensures that every child makes the best possible progress in their education, whatever their starting point.

The charity also owns and operates Paradise House, which is a residential care home for adults with learning difficulties, situated just outside Painswick, Gloucestershire. It is registered for up to 30 residents with the Care Quality Commission. There is a café and workshops on site for the residents to access. Paradise House offers a strong sense of community and all residents are supported to live life to the full and participate in a wide range of creative and leisure activities both onsite and in the wider community.

In addition, the charity owns William Morris College in Eastington. It is a specialist further education residential college with students attending either during term time or a full time 52 week placement. The college is approved by the Department of Education for up to 35 students. The majority of students are on residential placements therefore the college is also registered with the Care Quality Commission.

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NOVALIS TRUST TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022

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Ebley House in Stroud is the charity’s headquarters and provides central services such as staff training, human resources, finance and a conference centre. The Trust’s Clinical and Therapy Support Centre is also located at Ebley House and provides various professionally validated therapy, counselling, family work and group working services to the Trust’s service user groups; children, young people, students and residents.

Novalis Trust has an established Practice Model, which is Trauma Informed, Attachment Focused and Relationship Based, delivered through a low arousal sensory sensitive environment. In addition families are supported to work collaboratively to support their children with the focus on promoting and sustaining positive relational health. Relationships are further supported by extensive family work, through outreach family support and regular family meetings at all of the Trusts sites. Children, young people, students and residents participation is consistently used to plan daily activities, therapeutic targets and educational objectives.

The Trust collaborates with a number of key academics and professionals, in order to further the Trust’s knowledge in the promotion and understanding of trauma, a trauma responsive and trauma specific approach encompassing attachment related difficulties, and its effects on children, young people and adults. The model offers a shared language, core-values and a range of practical tools, which are applied to support the process of recovery and to provide a way of working that promotes safety and positive relationships. The Trust’s established approach, at its core, promotes safety and recovery from adversity through the creation of a ‘trauma informed’, trauma specific, and a trauma responsive environment and social group.

The Education, Health and Care Planning (EHCP) process is seen as an important holistic way of considering the complex needs of young people, which is congruent with the Novalis Model of approach. This ensures the education, care, clinical and therapeutic health needs continues to be met by Cotswold Chine School and William Morris School and provides positive outcomes and experiences for young people.

The Trustees confirm that they have complied with the requirements of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. Also, they confirm that the charitable purposes of the organisation, particularly in the areas of education and care, are for the public benefit..

The charitable activities focus on:

• The education of children, young people and adults through trauma informed, attachment focused schools promoting an understanding of trauma and its effects on children, young people and adults, Working collaboratively with connected professionals, families and significant others to enhance the overall number of positive relationships and experiences where people can learn and thrive.

• Providing a training and meeting venue for external organisations with similar values and areas of focus. All of these are undertaken to further the charitable purposes for the public benefit.

3 ACHIEVEMENTS AND PERFORMANCE

The charity continues to provide a therapeutic nurturing environment for vulnerable people through the provision of education, social care and clinical therapy in a way that helps young people overcome barriers to their learning. In the case of adults the provision provides specialist support to lead as person-centred and fulfilling a life as possible.

Further opportunities have been achieved for young people and residents to access the local community through the provision of independence training and suitable accommodation. A range of suitable activities that offer educational and occupational opportunities are provided.

The Cotswold Chine School Education provision was inspected by OFSTED on 25th to 27th January 2022 and was giving the overall rating of good, with a rating of outstanding for personal development. The inspectors stated in the education report that “pupils thrive at this warm and happy school. The school’s curriculum has understanding pupils trauma and barriers to learning at its heart.”

The Cotswold Chine Care provision was inspected by OFSTED on 29th & 30th November 2022 and received the overall judgement of ‘requires improvement to be good’. Inspectors and leaders recognised that the Covid 19 pandemic has had an impact in relation to information and compliance systems, resulting in more information being held centrally and less available in the homes, this had an impact on the judgement and how information is shared with staff working with children. This has now been rectified and central records, case files and communication systems are shared remotely with the homes.

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NOVALIS TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022

Paradise House was inspected by the Care Quality Commission on 26th January 2022 where they inspected the home but did not provide a new rating. The last full inspection where a rating was given was in March 2019 where Paradise was rated as ‘good’ in all areas of Safe, Effective, responsive and well led, they received outstanding for the area of caring. The inspector observed ‘the people using the service received planned and co-ordinated person-centred support that was appropriate and inclusive for them. People were supported to access their local community to follow their interests. People, relatives and staff told us the service was well led’.

William Morris College was inspected by the Care Quality Commission on 26th November 2020 during the Covid 19 pandemic and was informed the College meets all the standards that were checked during the inspection. The last full inspection on 13th to 15th November 2019 and received the overall judgement of ‘good’. The inspector noted that ‘people received a person centred service. Care and support was tailored to individual needs and preferences. People were supported to be fully involved in their care planning, daily routines and long-term goals’. People were supported to have maximum choice and control of their lives and staff supported them in the least restrictive way possible and in their best interests’.

The charity continues to enhance its Clinical, Therapeutic, Sensory and family services for young people and residents. The therapy support team consists of a Clinical Psychologist, a Child and Adolescent Psychotherapist, family therapist along with qualified social workers, a Behavioural Analyst, Occupational Therapists and Speech and Language Therapists. They work directly with young people and residents giving advice at a weekly, multidisciplinary support, advice and strategy meeting and they offer support services to care and teaching staff. The team is managed by an Occupational Therapist who was also appointed by the Chief Executive and Trustees as Deputy Chief Executive.

We continue with the neurodevelopment clinic which was launched in February 2021 to assess the young people for autism spectrum disorder and neurodevelopmental conditions. The clinic seeks to have the input from both the young person and their families or care givers as part of this process. The young people are also supported to explore further therapeutic support and strategies which may support them following assessment within the Neurodevelopment clinic.

In 2021 we enrolled a number of staff on the RQF4 Certificate in Family Work Course, this is a course we helped to create. The qualification introduces learners to the key knowledge, understanding and skills involved in Systemic Family Work: what it looks like and why it is a vital part of caring for children, young people and adults with life histories or loss or separation from family members, attachment disruption or other relational ruptures, and/or developmental trauma. The majority of learners have now completed the course and we are looking at the next cohort of learners for the course.

During the year a number of staff completed the Neurosequential Model of Therapeutics (NMT). It is a developmentally sensitive, neurobiologically informed approach to clinical work that integrates several core principles of neurodevelopment into a comprehensive approach to the child, family and broader community. The new cohort started the course in late 2022.

In order to continue to ensure safeguarding remains an integral element within the charity, there are five trained Designated Safeguarding officers. The School has a designated safeguarding lead for care who is also a Mental Health First Aider for staff, young people and adults. In addition, there is a designated safeguarding officer for education. The Registered Manager of Paradise House remains the designated safeguarding lead for the adult provision at Paradise House. William Morris College has a designated safeguarding lead for education and a designated safeguarding lead for the care provision.

During the year at Cotswold Chine School we have maintained the high levels throughout the education provision despites the challenges the pandemic during the year has brought. We have also managed to complete a project to build a bakery at the School. This gives the students an opportunity to bake bread and other baked goods and these are used and sold at the Halfway Café and Shop.

The Halfway Café and Shop on the Common continues to be popular and continues to help to increase the work experience opportunities for those in our care. It allowed us to offer catering/hospitality work skills and independence qualifications for post 16 students. These qualifications mean that students and residents have better prospects in gaining employment or a college placement and, for young people in particular, gain the skills they will need to make a successful transition into life as a young adult. The Halfway Café has become a popular community asset and is being used regularly by local social groups as well as individuals. However due to the Covid 19 pandemic unfortunately it has had to be closed for some of the financial year but has been open for limited times during the year.

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NOVALIS TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022

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At Paradise House, unfortunately due to Covid 19 restrictions during some of the financial year some of the activities were affected. However once restrictions were lifted training has been able to continue for the residents in first aid, healthy lifestyles and life skills, and at the end of each unit the residents are presented with a certificate and all residents involved have gained new skills from these sessions. A Paradise newsletter continues to be produced by residents and staff at Paradise House.

At William Morris College we have continued to increase admissions since the merger in 2019 and also ensure the College follows the same model of approach throughout the Trust.

Throughout the year we had a number of university students placed at the Novalis Trust for work experience, we feel this gives us an opportunity to share knowledge and expertise and build relationships with higher education providers. It also gives others an understanding of the work we do and helps to promote the social care sector and their fresh perspective helps with our continuous development. We plan to enhance this and invite more students from other disciplines.

In the year as planned we introduced Practice Training Supervisor roles at the Trust, this was to ensure all staff working in the homes are applying all aspects of the Novalis Model of Approach through being trauma informed.

4 FINANCIAL REVIEW

The Trust’s overall income was slightly higher than the previous financial year with costs increasing also, occupancy levels have remained similar to the prior year.

5 PLANS FOR FUTURE PERIODS

The therapeutic curriculum was launched in September 2021 and includes four different pathways (Seedling, Sapling, Sycamore and Blossom). Each young person is allocated to a different pathway and this is informed by the Neurosquential model of Therapeutics. To further support this new initiative, the therapy and education teams at CCS and WMC will be participating in neurologic training to explore additional regulation strategies which can be used to support the young people.

As a registered charity, our board of trustees are under a duty to ensure that the Trust’s resources are managed in a way that will best enable the charity to carry out its charitable objectives. Amongst other considerations, this involves taking into account the level of demand for the services that we provide as an organisation. In that regard, the evidence is clear that the demand for placements for school-age children is much greater than it is for older students. We therefore found ourselves in the unfortunate position where, due to a lack of available capacity at Cotswold Chine School, we were unable to offer places to many younger children and teenagers who would greatly benefit from the type of care, therapy and education that the Trust offers.

After careful consideration, the board of trustees came to the conclusion that the appropriate way of addressing our current inability to meet the current and future demand for placements for school-age children was for William Morris College to be re-registered as a residential special school for children aged 7-19. This was approved in the summer for 2022 and allowed us to open the new school called William Morris School from September 2022.

William Morris school is an independent day and boarding special school for children and young people aged 7 to 19 with complex learning needs and associated social, emotional and behavioural difficulties. The school is approved by the Department of Education for up to 40 students. As well as providing places for day pupils, the school can offer boarding accommodation for up to 16 pupils for up to 42 weeks of the year. The school and boarding side are both registered with Ofsted.

We plan to continue to provide Systemic Family work throughout the Trust as we continue to see the benefits to the young, people, children and adults of all provisions by positive outcomes in relational health and further support our holistic approach. These meetings encourage and enable the family to talk together or individually often about difficult or distressing issues in ways that respond to their experiences, invite engagement and support recovery.

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NOVALIS TRUST TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022

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In 2023 as part of our continuous journey to ensure we are a trauma informed organisation we plan to train our first cohort of staff in the PRESENCE model. We aim to complete this by the end of 2024.

The Trust will continue to focus on ensuring the quality of care, education, clinical and therapy support is provided at the highest level possible and is recognised by its regulators and local authority commissioners as a centre of excellence. The Trust has shared its practice model with a number of other organisations including the BILD (British Institute of Learning Disabilities) and the National Restraint Reduction Network, and the Schools journey in the promotion of positive relational health is being widely acclaimed especially in the field of trauma and resilience informed services.

Training of staff continues to be one of our priorities, as well as the mandatory training we hope to increase the number of staff across care, therapy and youth support teams who are registered towards completing our Trauma Informed Care qualification. Using the Novalis Model as a basis, we have created a RQF4 qualification, which is part of the national qualifications framework. The course teaches about the effects of trauma and how to structure care in a way that meets the specific needs of people who have experienced trauma.

We continue to look at our current charging infrastructure for electric vehicles throughout the Trust and how this can be improved along with other environmentally friendly changes as this remains something we feel is important.

During the financial year we were able to identify a property in Wales to be used as holiday accommodation for students, residents and young people. The sale was completed after the year end and we are currently updating the property for use in the future.

The Trust continually looks at the existing homes where young people, children and adults live to see if any further improvements can be made. Cotswold Chine School, Paradise House and William Morris remain focused on maintaining or improving their overall OFSTED and CQC grades.

The Trust continues to develop its partnership with other organisations, professionals and academics, particularly in the fields of Trauma Informed, Trauma Responsive and Trauma Specific Care.

Reserve policy

The designated funds have been set aside for the purchasing of a property to use as holiday accommodation for students, residents and young people. The Trust purchased this property just after the year end so will be reflected in next years accounts.

Investment Policy

The Trustees review the available resources and any surplus is deposited in a high interest savings account until it is needed.

Taxation Status

The Company is a registered charity and consequently is exempt from Corporation Tax.

6 AUDITORS

Hazlewoods LLP have acted as auditors and a resolution proposing that they be re-appointed will be put to the Annual General Meeting.

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NOVALIS TRUST

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022

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7 STATEMENT OF DISCLOSURE TO AUDITOR

In so far as the Trustees are aware:

By order of the Board

……………………………

M Bennett Trustee

2/3/2023 Date: ……………………..

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022

The Trustees (who are the directors of Novalis Trust for the purposes of company law) are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulations.

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for ensuring that the assets are properly applied in accordance with charity law.

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST (Company Number: 05114710) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

Opinion

We have audited the financial statements of Novalis Trust for the year ended 31 August 2022, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

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NOVALIS TRUST (Company Number: 05114710) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (continued)

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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 directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 9, the directors 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 directors 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 directors 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 directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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.

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST (Company Number: 05114710) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA’s (UK).

In identifying and assessing risks of material mis-statement in respect of fraud, including irregularities and noncompliance with laws and regulations, our procedures included the following:

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Stephanie Hayman (Senior Statutory Auditor) For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House Bayshill Road Cheltenham GL50 3AT

2/3/2023 Date:.............................

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NOVALIS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Restricted Unrestricted Total Total
Note funds funds funds funds
2022 2021
£ £ £ £
INCOME AND ENDOWMENTS
Income and endowments from:
Donations and legacies
- Residential care donation 477 - 477 2,788
_ _ __ __
477 - 477 2,788
_ _ __ __
Charitable activities:
- Special needs school fees - 10,640,965 10,640,965 10,262,793
- Residential care fees - 2,228,890 2,228,890 1,877,109
_ _ __ __
- 12,869,855 12,869,855 12,139,902
_ _ __ __
Incoming resources from
generated funds:
- Investment income 2 - 9,916 9,916 4,330
Other incoming resources - 104,776 104,776 87,807
_ _ __ __
TOTAL INCOME AND ENDOWMENTS 477 12,984,547 12,985,024 12,234,827
_ _ __ __
EXPENDITURE ON
Charitable activities (17,874) (12,086,407) (12,104,281) (12,334,802)
Profit on sale of freehold property - 311,475 311,475 -
_ _ __ __
TOTAL EXPENDITURE 3 (17,874) (11,774,932) (11,792,806) (12,334,802)
_ __ __ __

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NOVALIS TRUST

STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31 AUGUST 2022

Restricted Unrestricted Total Total
Note funds funds funds funds
2022 2021
£ £ £ £
NET INCOME BEFORE OTHER
RECOGNISED GAINS AND LOSSES (17,397) 1,209,615 1,192,218 (99,975)
Transfers in the year - - - -
_ __ __ __
Net movement in funds (17,397) 1,209,615 1,192,218 (99,975)
Total funds brought forward 108,127 19,456,280 19,564,407 19,664,382
_ __ __ __
Total funds carried forward 13 90,730 20,665,895 20,756,625 19,564,407

All gains and losses recognised in the year are included above and all operations are continuing.

To enable a better understanding of the financial statements, the Statement of Financial Activities separately identifies the income and costs of running the main activities.

Note of historical cost income and expenditure


Reported net movement in funds
Difference between the historical cost depreciation charge and
the actual depreciation charge of the year calculated on the
revalued amount
Historical cost net movements fund		 2022
£

1,192,218
28,494
1,220,712		 2021
£
(99,975)
17,024
(82,951)

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST

BALANCE SHEET (Company Number: 05114710) AS AT 31 AUGUST 2022

Note
FIXED ASSETS
Tangible assets
6
Investments
7
CURRENT ASSETS
Stocks
8
Debtors: Amounts falling due within one year
9
Debtors: Amounts falling due after more than
one year
9
Cash at bank and in hand
CREDITORS
Due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS LIABILITIES
CAPITAL AND RESERVES
Funds
Restricted funds
13
Unrestricted funds:
13
Operational general fund
Property revaluation reserve
Designated funds
CHARITY FUNDS
Approved by the Board for issue on …………………………..
2/3/2023		 2022
£
17,870,664
1
_
17,870,665
_
962
3,282,513
238,249
3,695,855
_
7,217,579
(4,331,619)
_
2,885,960
__
20,756,625
90,730
13,155,922
6,959,973
550,000
___
20,756,625		 2021
£
18,220,330
1
_
18,220,331
_
962
2,358,152
255,333
2,033,192
_
4,647,639
(3,303,562)
_
1,344,077
_
19,564,408
108,127
11,917,813
6,988,467
550,000
_
19,564,407

……………………

M Bennett - Trustee

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2022

Operational Property Designated Restricted Total
general revaluation fund fund funds
fund reserve
£ £ £ £ £
Funds brought forward 11,917,813 6,988,467 550,000 108,127 19,564,407
at 1 September 2021
Net outgoing resources 1,209,615 - - (17,397) 1,192,218
before transfers
Depreciation on revalued 28,494 (28,494) - - -
amounts
__ __ __ _ _
Funds carried forward
at 31 August 2022 13,155,922 6,959,973 550,000
 90,730
 20,756,625
Operational Property Designated Restricted Total
general revaluation fund fund funds
fund reserve
£ £ £ £ £
Funds brought forward 11,965,149 7,005,491 550,000 143,742 19,664,382
at 1 September 2020
Net incoming resources (72,198) - - (27,777) (99,975)
before transfers
Transfer between reserves 7,838 - - (7,838) -
Depreciation on revalued 17,024 (17,024) - - -
amounts
__ __ __ _ _
Funds carried forward
at 31 August 2021 11,917,813 6,988,467 550,000
 108,127
 19,564,407

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

Note
£
Cash used in operating activities
18
Cash flows from investing activities
Interest income
9,916
Purchase of tangible fixed assets
(828,309)
Proceeds from the sale of tangible fixed assets
801,343
Cash provided by (used in) investing
activities
Increase in cash and cash equivalents in
the year
Cash and cash equivalents at the beginning
of the year
Total cash and cash equivalents at the end
of the year		 2022
£
1,679,713
(17,050)

1,662,663

2,033,192

3,695,855
 £
4,330
(805,996)
126,153		 2021
£
(18,908)
(675,513)
(694,421)
2,727,613
2,033,192

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 ACCOUNTING POLICIES

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, adopting the following principal accounting policies all of which are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice – Accounting and Reporting by Charities (SORP FRS102) issued in July 2014 and The Companies Act 2006.

The financial statements are presented in Pounds Sterling.

Company status

The company is limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. The company is subject to the requirements of the Companies Act 2006 with regards to the form and content of the financial statements.

The company is a private company, limited by guarantee without share capital, incorporated and domiciled in England and Wales.

The address of its registered office is: Ebley House 235 Westward Road Ebley Stroud Gloucestershire GL5 4SX

Judgements

The Trustees consider that there are no key areas of judgement or estimation uncertainty to be disclosed in these financial statements.

Consolidated financial statements

The financial statements do not include the consolidated financial results of the Charity and its subsidiary company, Novalis Professional Services Limited, on the grounds that the subsidiary company’s results are immaterial to the group.

Funds

Funds held by the charity are either:

Incoming resources

All incoming resources are included in the Statement of Financial Activities ("SOFA") when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

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NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

Resources expended

All expenditure is accounted for on an accruals basis. Overheads and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year on a basis consistent with use of the resources.

Governance costs include strategic planning costs for the Charity’s future development, external audit and all costs of complying with constitutional and statutory requirements, such as costs of Board and Committee meetings and for preparing statutory financial statements and satisfying public accountability.

Taxation

The Company is an Exempt Charity within the meaning of Schedule 2 of the Charities Act 1993 and as such is a charity within the meaning of Section 519 of the Income Tax Act 2007 (formerly Section 506(1) of the Taxes Act 1988). Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 524 of the Income Tax Act 2007 (formerly Section 505 of the Taxes Act 1988) or Section 256 of the Taxation of Chargeable Gains Tax 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

Tangible fixed assets

There is no set limit for the capitalisation of expenditure on acquisition, enhancement, production and installation of fixed assets. Tangible fixed assets are stated in the balance sheet at cost less depreciation, except for freehold land and buildings which are stated at their open market value.

Depreciation is calculated to write off the cost or valuation less estimated residual value of tangible assets over their estimated useful lives at the following rates:

Freehold land Nil
Freehold buildings 1% of cost per annum
Fixtures and equipment 10% - 50% of cost per annum
Motor vehicles 12.5% - 50% of cost per annum
Investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

Stocks

Stock is valued at the lower of cost and net realisable value.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged to the Statement of Financial Activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade receivables

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All debtors are repayable within one year and are hence included at the undiscounted amount of the cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the Trust will not be able to collect all amounts due according to the original terms of the receivables.

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NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

Trade payables

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Pension costs

Contributions are made on behalf of teaching staff to the Government pension scheme for teachers, which is a multi-employer defined benefit scheme (note 17).

With regard to non-teaching employees, contributions are made to the defined contribution pension scheme. All contributions are charged to the SOFA as they become payable in accordance with the rules of the schemes.

2 INVESTMENT INCOME

Restricted Unrestricted Total Total
funds funds funds funds
2022 2021
£ £ £ £
Bank interest receivable - 9,916 9,916 4,330

3 ANALYSIS OF TOTAL RESOURCES EXPENDED

Staff Other Total Total
Costs costs 2022 2021
£ £ £ £
Charitable activities:
- Special needs education 6,250,040 1,890,089 8,140,129 8,442,742
- Residential care 1,097,949 333,729 1,431,678 1,761,128
- Support costs 1,188,715 1,032,284 2,220,999 2,130,932
__ ___ __ __
8,536,704 3,256,102 11,792,806 12,334,802

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NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

4 ANALYSIS OF SUPPORT COSTS

Special needs Residential Total Total
education care 2022 2021
£ £ £ £
Staff costs 1,188,715 - 1,188,715 1,131,112
Professional fees 116,443 136,569 253,012 186,955
Communication and information technology
43,831		 43,567 87,398 102,593
Office supplies and postage 172,439 153,803 326,242 298,127
Other costs 343,814 21,818 365,632 412,045
__ ___ __ __
1,865,242 355,757 2,220,999 2,130,832
5 EMPLOYMENT COSTS 2022 2021
£ £
Wages and salaries 7,230,479 7,591,983
Social security costs 687,151 689,115
Other pension costs 492,011 497,258
Other costs 127,063 137,732
__ __
8,536,704 8,916,088

The average monthly numbers of employees during the year is disclosed below. There is no material difference between this and the equivalent average number of employees calculated on the basis of full time equivalents:

2022 2021
No. No.
Special needs education 176 197
Residential care 38 43
Administration and maintenance 76 64
____ ____
290 304

No Trustee received or waived any emoluments during either year and £167 (2021 - £nil) of expenses were reimbursed to Trustees.

The number of higher paid employees who received emoluments in excess of £60,000 were in the following bands:

bands:
2022 2021
No. No.
£60,001 - £70,000 1 1
£70,001 - £80,000 - -
£80,001 - £90,000 - -
£90,001 - £100,000 - -
£100,001 - £110,000 1 1
____ ____
2 2

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NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

6 TANGIBLE FIXED ASSETS

Land and Motor Fixtures and
buildings vehicles equipment Total
£ £ £ £
Cost or valuation
At 1 September 2021 18,118,858 1,067,654 4,939,402 24,125,914
Additions 76,140 135,256 616,913 828,309
Disposals (575,000) (118,228) - (693,228)
___ ___ ___ ___
At 31 August 2022 17,619,998 1,084,682 5,556,315 24,260,995
___ ___ ___ ___
Depreciation
At 1 September 2021 1,431,993 663,516 3,810,075 5,905,584
Charge for year 135,733 107,562 453,098 696,393
Disposals (111,475) (100,172) - (211,647)
___ ___ ___ ___
At 31 August 2022 1,456,251 670,907 4,263,173 6,390,331
___ ___ ___ ___
Net book value
At 31 August 2022 16,163,747 413,775 1,293,142 17,870,664
At 31 August 2021 16,686,865 404,138 1,129,327 18,220,330

Freehold property includes £4,916,737 (2021 - £4,928,237) in respect of land which has not been depreciated.

The freehold properties of the Trust were valued by Bennett Jones & Jones Lang Lassalle IP Inc, both Chartered Surveyors, as at 31 August 2016. The open market valuation, for existing use, was £15,195,000.

Depreciation in the year on a historic cost basis would have been £107,239 (2021 - £107,239).

On a historical cost basis the cost of the residential property would have been £10,723,911 (2021 - £10,723,911) and aggregate depreciation thereon would have been £2,980,727 (2021 - £2,873,488).

DocuSign Envelope ID: 9F6A3481-352F-4F91-B370-E6AEC5211C48

NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

7 INVESTMENTS

Interest in
Shares
Cost and net book value £
At 1 September 2021 and at 31 August 2022 1

Investments represent a £1 investment in Novalis Professional Services Limited.

Subsidiary holdings

The company holds 100% of the ordinary share capital in Novalis Professional Services Limited, a company incorporated in England. The company’s loss for the year is £21,610 (2021 - £50,093) and the capital and reserves are (£222,840) (2021 - (£201,230)).

8 STOCKS

Goods for resale
9
DEBTORS
Note
Trade debtors
Other debtors
Prepayments
Amounts owed by group undertakings 16
Less non-current portion		 2022
£
962
2022
£
3,007,762
33,831
240,920
238,249
_
3,520,762
(238,249)
__
3,282,513		 2021
£
962
2021
£
2,114,173
26,261
217,718
255,333
_
2,613,485
(255,333)
___
2,358,152		 2021
£
962

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NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

10 CREDITORS - due within one year

2022 2021
£ £
Trade creditors 433,878 381,668
Taxes and social security costs 213,478 38,503
Accruals and deferred income 3,442,658 2,685,490
Other creditors 241,605 197,901
__ __
4,331,619 3,303,562

Included in accruals and deferred income is £3,157,305 (2021 - £2,509,867) in relation to deferred income on school fees invoiced in advance.

11 FINANCIAL COMMITMENTS

Operating Leases

The total of future minimum lease payments is as follows:

2022 2021
£ £
Not later than one year 3,664 7,745
Later than one year but not later than five years - 3,664
__ __
3,664 11,409

12 SHARE CAPITAL

The charity does not have a share capital as it is limited by guarantee. Each of the members is a guarantor to the extent of £1 in the event of the company being wound up whilst they are members, or within one year of them ceasing to be members in respect of debts and liabilities contracted before they ceased to be a member.

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NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

13 FUNDS

At At
1 September Incoming Outgoing Transfer 31 August
2021 resources resources in the year 2022
£ £ £ £ £
General fund 11,917,813 12,984,547 (11,774,932) 28,494 13,155,922
Restricted fund 108,127 477 (17,874) - 90,730
Revaluation reserve 6,988,467 - - (28,494) 6,959,973
Designated fund 550,000 - - - 550,000
__ __ __ _ __
19,564,407 12,985,024 (11,791,806) - 20,756,625

The designated fund has been set aside for the proposed building of a new sports hall.

14 RESTRICTED FUNDS

RESTRICTED FUNDS
At At
1 September Incoming Outgoing Transfer 31 August
2021 resources resources in the year 2022
£ £ £ £ £
Muunde donations 7,921 77 - - 7,998
Erasmus link - - - - -
Paradise House 100,206 - (17,874) - 82,732
Other - 400 - - -
__ __ __ _ __
108,127 477 (17,874) - 90,730

15 INDEMNITY INSURANCE

The charity has paid insurance premiums to indemnify the charity from any loss arising from neglect or defaults of Trustees or staff.

16 RELATED PARTY TRANSACTIONS

During the year, Novalis Trust provided management services to its subsidiary, Novalis Professional Services Limited on an arms-length basis for £25,634 (2021 - £31,047). At the balance sheet date, the charity was owed £238,249 (2021 - £255,333) by Novalis Professional Services Limited. Interest is charged at 2% per annum on this balance, and there are no fixed repayment terms.

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NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

17 PENSION COMMITMENTS

Defined contribution:

The company operates defined contribution schemes for its non-teaching employees. The assets are held separately from those of the company in independently administered funds, and the amount charged to the SOFA for the year was £339,490 (2021 - £306,648).

Defined benefit:

The Teachers’ Pension Scheme (‘TPS’) is a statutory, contributory, defined benefit scheme. The regulations under which the TPS operates are the Teachers’ Pensions Regulations 1997 as amended. These regulations apply to teachers in schools and other educational establishments in England and Wales maintained by local authorities, to teachers in many independent and voluntary-aided schools, and to teachers and lecturers in establishments of further and higher education. Membership is automatic for full- time teachers or lecturers and from 1 January 2007 automatic too for teachers or lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of TPS. TPS is run in such a way that the Charity is unable to identify its share of the underlying assets and liabilities. Therefore, the charge in the SOFA of £152,521 (2021 - £190,610) is the amount payable in the year as the Charity accounts for the TPS as if it were a defined contribution scheme.

Although teachers and lecturers are employed by various bodies, their retirement and other pension benefits, including annual increases payable under the Pensions (Increase) Acts are, as provided for in the Superannuation Act 1972, paid out of monies provided by Parliament. Under the unfunded TPS, teachers’ contributions on a ‘pay-as-you-go’ basis, and employers’ contributions, are credited to the Exchequer under arrangements governed by the above Act. The Teachers’ Pension Regulations require an annual account, the Teachers' Pension Account, to be kept of receipts and expenditure (including the cost of pensions’ increases). From 1 April 2001, the Account will be credited with a real rate of return (in excess of price increases and currently set at 3.0%), which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

Not less than every four years, with a supporting interim valuation in between, the Government Actuary (‘GA’), using normal actuarial principles, conducts a formal actuarial review of the TPS. The aim of the review is to specify the level of future contributions. Contributions are assessed in two parts. First, a standard contribution is determined. This is the contribution, expressed as a percentage of the salaries of teachers and lecturers in service or entering service during the period over which the contribution rate applies, which if it were paid over the entire active service period of these teachers and lecturers would broadly defray the costs of benefits in respect of that service. Secondly, a supplementary contribution is payable if, as a result of the actuarial investigation, it is found that accumulated liabilities of the Account for benefits to past and present teachers, are not fully covered by standard contributions to be paid in future and by the notional fund built up from past contributions.

The last valuation of the TPS related to the period from 1 April 2021 to 31 March 2022. The GA’s report of March 2022 revealed that the total aggregate scheme liabilities of the TPS amounted to £532.3 billion. The value of the aggregate scheme assets was £Nil. The assumed real rate of return is 2.9% in excess of prices and 4.15% in excess of earnings. The rate of real earnings growth is assumed to be 2.5%. The assumed gross rate of return is 4.15%.

Employer contributions are currently paid at a rate of 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.

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NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022

18 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

2022 2021
£ £
Net income before other recognised gains and losses 1,192,218 (99,975)
Net interest (9,916) (4,330)
Depreciation 696,393 697,326
Profit on disposal of tangible fixed assets (319,762) (27,852)
Decrease in stock - -
Increase in debtors (907,277) (877,723)
Increase in creditors 1,028,057 293,646
_ __
1,679,713 (18,908)

19 Post balance sheet events

On 6 September 2022, the charity purchased freehold property for a sum of £775,000.