Ch)wS•3n Eth¢Ve ID.. crKcF07&3ECC49AAFcE674E39FlB Rtyistsrnd Charfty No: 11039SS Comp•ny Nurnb•r 06114710 140VALIS TRUST FWANCL4L STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 1111 11 •AcYrwv* 1310312024 COMPANIES HOUSE
OocuSvJn ETh10pe ID.. C(CCFD734ECC4AjEE674E39F1B NOVALIS TRUST FINANCIAL STATEIAENTS FOR THEYEAR ENDEO 31 ALtsUST 2023 CONTEIITS LEGAL AND ADMINISTRATNE INFORMATION TRUSTEES, REFflRT STATEMENT OF TRUSTEES RESR)NSITlEs INDEPENDENT AUDITORS. REH)RT 10-12 STATEMENT OF FINAPKLAL P£TIMTIES 13-14 &ALANCE SH EET 15 STATEMENT OF CHANGES IN EQUITY 16 CASH FLOW STATEMENT 17 NOTES TO THE FINANCIfvL STATEP4ENTS 18-27
Do$n EfftWe10.. C(CCF07>3ECC-49JWIFg-8CE674EWIB NOVALIS TRItsT LEGAL ANO ADMINISTRATIVE INFORIAATION FOR THEYEAR eNoED 31 AUGUST 2023 Ch•rfty numb•r Company wl%tsatioTr number 05114710 Registsml offr Ebley Hoe Z35 Westrard Road Ebley rowj G10e$ShI GL54S Principal oific• Eb HO%8 235 Westward Road Ebl StrOj GIOu5$h GLS &8X TNste•¥ M Bennett E Buckland D Walion &ntth INop0iThW 1 20231 D Rice IPppointe(16 Sep*mber 20231 Secrntiry P Fwley Ch••f •A¢¢uti¥e Aud•tts Ha¥ewtsods LLP WindsorHou5e Bayshill Roèj Cheltenham GLXI SAT B•nk•rs Lloyds Bank Fle 12 Rowcroft strowj Glou¢estershi GLS 38D
Oowsbjn EnwloFe 10.. CIKCF07>3ECC4WAPFBcE674EWlB IvALl5 TRUST TRUSTEES. REPORT FOR THE YEAR EIIDED 31 AUGUST 2023 The TAle85. who We alsodirecknrsforthepurposèstsfcompany law. ptIhOIr knnual Rgport and thè Finan¢i statents for the yearended 31 wJust 3)23. STRUCTURE GOVERNANCE A14D IA4NAGEIIENT GornIng do¢um•nt •fid n¥n•9emnt Novali5 Trustis a company limitsy byguaranteeand iSgovern ty its MOrandum8nd articles ofassociation. It 18 regi$reil charitywiththeCharityCorniss)n. Theconpany was preVY caled The Noval&s Tru5tLirnited, CotrNJkl Chineschool. and then CotswobJChin+&ParliseHovst tirnited until thechangeto the cwrenin•ne. The comwy currenuy Ir•J8s as.. 11 Cotswold Chine School 21 Paradise Housg 31 Ebley House 41 William Morris Colle9e The lollowing Trus have hdd office Since I Septartr 2022". M &nneti E 8uckland D Walton M Srnilh IpOinted 1 M8rch 20231 D M Rice IAppoin¢ed 6 Seplffror 2023) J Houlston-Hop• IRe51gn•d 9 Januwy 20rJi Appolntmgnt <)1 TNst• The appoinlrnentolTru5te85 is governed ty the wbcl050fa550uab'on.theTrustt "n9 aulhorised to fill va¢ancitt5 ari$ing thrOJh resignation ordeah of an exisb.ng Tre Tru8tws induction and trnining New Tru5tee5 undergo an orionlab"w pro£ b) W Ih•m on Iheir1•9al otyi9ab"M$ under Ihe Charity and ¢orry>ony law. the content ol Ihe memor8ndurn and arbcle5 of asso&ation. the charity s operation5 and Ihe decision ma.j processes. the future plans and kne recent financial perforfflan of lh8 charity. Th8 charity has paid for in5urra prenwurns io indnity Ihe charity from any105s arb5ing from neglect or d•laults of Trustees or sl•ff. Oryanisation The Trustees meet regularly to ove08 the chwitys atsr5, the day to day operab'on of which is in the handsof th• Chief Executive. J Luka5 and hi5 Senior Man4tryit Team. TheTrustees havea background inaccountang. educatson andheallh TOlheY4rkcl0setyW1th ChiefExecutsB and the senior m8n4em8nt team to oversee Paradise How, William VK¢rns and Cotswold Chine School. R•gist•r of TnMtee' Intsrtsts The secrethry maintains a Register ofTruste¢s' In¥sls'. no rnakn.al nflICts have fen identifigj. The related party transath.ons ¥• in¢led in note 16 lo Ihwe finwcial staknwis.
Dsn Ènp• 10.. CCCCFD734ECC44JMAFUCE674E39FI8 NOVALIS TRUST TRUSTEES. REPORT Icontinu•dl FOR THE YEAR ENOED 31 AUGUST 2023 Go¥efflance Manu A Governance Manual is m•ntsined by ihe secretary revieed bnn1 ty the Board. It pro¥ide¥ direction 9uidznce to th• Trustees on the organisab.on anL1 Strlre of Ihe chanty. icRe Principal riss and yft¢ertintles The Truslees have a risk managerrent strategy which compris an on-g revieoftherisks the charity may la¢e'. Ihe estsbli$hm¢nt of systems and procedures to rnitigaie the Identifi ri5k5'. and the irnplwentatr.on of proced designed lo fflinimi5e any potenbal impact on the tharity should those risks rnalerialise. Tho Tru$tees' assessffent of specific risks fxin9 the compary gc4ng forward alaCk of confidence in the busin ulb.ng in a lack of placennts.zuthorits"es may swtch to olhercountyand local athhority slatsprovis#)n Thi5WO resull in fijnding being In3dequa¢e 10 51PPOrt Ihe chants activib.es of Novalis Trst. The 803rd maintains a gistsr that is revietd by the 810 at least nually. Golng concern TheTrustees ha¥¢ prepared fornca515forlh¢ngx112 months thal ind1cat•ththeTrU$tll COnb"nl0 hav8srficwt esources avzilzbleto trade as a goin9coKem. TheTru$es. there1¢. hayea rea50natA•expeEtab"on thallheTru5t has •Jegu resour¢esto con'nu8 in Ora.0na1eXIS1enforthef0eSe8zlAQfvtY and have¢onthnuedto adoptthe going concern basis in preparing the financid slalements. 2 OBJEGTIVES ANO ACTMTES The stratsgy of the charity is to provide for the education, care and Iherapy of children. young people and adtslts. including those ith enb)b"onal and tebaviiural diffiojlb.es spe¢01 leaming needs by operabng residenknal ordty school& This extends to tslfering residential Ca lor adults lIh learning difficutbes. Our approach - known as the Novalis Model_drts on the18test praciiceand search by someof the w0d8' leading practstr>ns and8cademb> The model involves a trauma-lnforml and evidence suppotsd approxh fosteTir4 poskn" rdationships and 5eoip atta¢hments within a therapeutsc low arousal environrn801. Positivè relation$htps fomi the fowdation ofour work. We strive to ¢ollaborak as a 1h each otrer. vth the young peopleand &Jults inour care, Wlh thrlarnilts and wthotherprofessRMals A ned wlha shar•J ethos, vall and apprOach,0hree0rgans3tsonsshafeManagelrL fifiarte. admin$tratDn, rnaIntenar8, HR, trainir4 o ources ensuring that consistenuy hi9h srandards a maintained across the Chanty Ow values. lfjndness. Ernpaihy. Creabvity. Curiosityand Posits"vty. guidenolonty thequalitie5weseek I n o Staff but they 50 provide 3 58t of pftnup18s and b81iets thatguidè k¥hat do a5 an organi5ab'on.. Th8charity owns andopefatescotsthrll ChineSchwlandWIlHmMorris&ho(A. tth ofWh¢haldependel5f0I $ehoolsforchikJren and young Peopk1h complex leaming needsand associated $ocMg1.embon and behavio difficulbes. Cotswold chir Schod i5appThJd by Ihe DepartrnentforEdu¢ab"on lo admil w to 60 pupils (aged beert 7 and 191 ofhich to 42 may te on widential pcThts. Becaea nuftts OrtheIlJents.aI placwentsareformorethan 295 day5 pw y•ar, the school is also r•3i$rJ ¥Jryth olsted as a children' hoffe. William Morris S¢hool in EaSn910 is an inwdent day and b)zrdry special 5chcol whrh has teen appro1 tw the Deparknent for Education to admit up lo 40 pupilsaged 7 10 19. The Xhool offws boardlngfor up to 14 plIS fDT 1 10 39 per year. Our tèachin9 staff takesgreal prid8 in helpiThJchilJr8n r8connectwith th•reducation and insprng them to diseovwbe IQY L>flearnin9 anddevdopng new5kilb. Ourde¥el0Fwtsl senS.currlC1eSures thatev8ry child rnakes the b88t possible progress in thr edatrOn. whaver thr 5tsrtyng point. Thecharity a150 own5and operatss Par•JiseHouse.which is a widenb"al¢arthoAftsradults wth leamingdifficult&, situated justoutside Painswllck, Glcwestetshe. Itis regi$t¢red forup to 30residents thecareauality Commis5xJn. There is a ¢afé and rk$hops on sitelor theidts to access. ParaJ15eHQeQffs a $tron9 senseofcoftwrunty an¢J all resilents aSuPpOrted to li%lifetO ihelLdl ank1 partspateln aiderangeofcreab"¥eantl l&sureacb"vib"es both on$ite and in the wider cornunity.
DOu19n En¥p?10.. CC¢CFDrn3ECC49)WF9£E674E39F1B NOVALIS TRLtsT TRUSTEES, REPORT (cont•nu> FOII THE YEAR ENOED 31 AUGUST 2023 Ebley House In Stro is the ¢hatity3 headqrt¥S and provid•5 central Strvices sh as stsff training, human our¢es. finet )d a conference witre. The Tru5f$ Clinical and Therryy Support Is aww1e at all our sites offen'ng professional validataj therapy. counsellin9. knily and group 5er¥ic85 io the Tru5Ys 58rvice w groups. TheTru5t&Yh¥es to an established l¥adiceModelkftw as Ihe NovalisModel.thrhis Trauma Informl.Attachmt Focused and Relztion5hp 8ased, delivered through a lowar0al sensory sensilpieenvironment IN addition famile5 are supported lo woth collat•Jratively to support their children with ihe locw on prorNJbn9 and sustainin9 PO$ relational hèalth. Relaiionshps are fvrther suppothj by ethnsive family work. through outreach farnily support ular ts¢Nly meeD"n9$ * all Of the Trnsts sitÉs. Children. young peop, sbjdents and resjdents partieipab.on is consistenuy ed lo plan tJaily a¢bvits"es. Iherapeulic largets and educab'ond objecbves. The Trust collaborate5vrith a numi%r ofkty a¢•Jerri¢s an¢J ptolessionaLs. ifi or¢erto fvtherlh? Trusys knowl¢dw the prornotion and understanLlir8 of trawg. a Irauma responswe and traurna specific approach encomp1j attXhment5ateJ difficulties. and itseffectson chik1M, young peopleznd adults. The mooelolfers a sha langU•JQ ¢ore-values and a rangeofpraclical tools.whichareappliedlo 5uppryltheproce5s0f recovery andto provKJeaway ol working IhatPrOrt£9 safty and pos1¢ra"Qh$hQ$. Th¢Tr¢s¢$I?bIl$ed approach. atitscore. promotes Safety and recovery from advwsity Ihrough Ihe creion of a Irawna Inlornj'. trawna Specific, #nd * trauma rspoTr environment and social group. The Edueaiion, Health and Care Hanning IEHCPI pro¢ess is seen as inyortanl holistic way of considering the complex nJs olyoung people.which 15 CorrfjnDlLh theNovalis P•od•l ofapproach Thi$ ensu$ theeducation. care. clinical andtherapeub'c health needscontinuelts befi by Cotswold Ch1neSchool and WIarn Morris School and provides posib.veouomeS and expeces. Safeguarding rIainS Integra1.Ih fivetrained Designated uardiry Olficers across various ros. The Trusthos& uni¥ersitystud8ntsforworkexperienoin avariety ofare3s. foslering kn¢ywle-tharirs and rel8tion$hipswith h9h educabon providws. TheTru$tees ¢onfirrn thatlhey havecomplied IherequirerrnntsoftheCharib"esA¢12022 to havedue rard to the Charity Cornission s general guidance on putlic benefit. $ts. they confimi that Ihe charitsble pwposes of the organisalion. parbculady in the aa5 of education and care. for the pulJi¢ benefiL The charitable aclivibes fo¢Lk8 on.. . The education ofchiklrBn, young peoF4eand aults through tr•um•infr+rn. ai¢xhnwtfocuse¢ $¢hoobproffolrg an understanding of trauma and its effects on ¢hiléren. youn9 people and . WorklngcollqtrknYth connected profes$i(x4ls.farnilits and si9niT¢artothws tr) enhancetheovwall nwfttvof posibve relabonships and experiences Whe people Can leom and Ihri¥e. . Providin9 a training and r¢"n9 venue for external organisatsons ith sirrilar Val and areas of ftJcu$. l of Ihese are undertaken lo lurlh•r the chtJle PLwposes frr Ihe public benefit 3 ACtrIIEIIEMENTS ANO PERFORMANCE The charity conlinue5 to provide a Iherapeuts"¢ vil?Amt (orvulneratye peop th[0dh the provisbjn of education. $o¢ial ¢aaTrO ¢lini¢ therapy in away that hdpsyoung peoovercomebarriers to therleaming. In the ¢ase oladults the provision offers specialist support to leJ as person-tentred and tulfillin9 a life as possibl&. Opportunth'es for youn9 peopk and SIdents lo a¢$ Ih? loc coffmunity throwh the provtsvn of Independr8 training andsultablexm0d¥ts.W Arangeo15uilalAeacbvitsesthatollereducabonal and ocoJpatioTral opportunr a provided. TheCotswoKI ChineScoc4 EdItic pmMsionwrasinsped8d tyOFSTEDon 251h to 27th January 2022 and recei4EI the overall ratin9 ofgood. with arats.ng ofoutstandirvJ lorpersonald8vdcpmenL The insFeCtOts 5tatgJ In 1heeducab.on reportlhai"pwJil$ Ihrive althiswarm and happy school Th•schod s curricukn has underslandin9 pupiL5traurna barriers to leaming at its heart..
Do¢S¥Jn ID". C(CcFD73.3ECQ4&AAF4EJSF1e IIOVALIS TRUST TRLk8TEES' REPORT Icontinu•dl FOR THE YEAR &IDED 31 AUGUST 2023 The lasl lull Inspectic by OFSTED of th care provisiM ai Cotswold Chirw School was on 29th 8 30th November 2022 and resulted in an ovwall Jgent0t.reqYIres in¥Jro¥errntto be 9ood'. Inspectorn and leaders recognaJ that the Covid 19 pandemic resulted in more inlornation btrng hdd centralty rather than in the h(thes iurn zff8Cted the levd ofinfomiab.on availAelo sonstaffvffjrt1n9th Ihe chiklEn.Thi5has nowbeen wtifioj central records. czsefil•sand cornmunicaiion 5yStWns•re$har remoknlywilh th• hornes. OFSTED subsequenfy urned for an assurance vislt on 15th March 2023 when it wa5 confimwJ that all requirLYnents made at the fvll in$pKtion had rtt OFSTELYS 3-day full inspecb"M ofcotswokl ChirSChoofs¢apr0vl9l 0fi241h January 2024 re5ultJ in a 9wd' judgrrAt0¢ross all areas, Vlilh an'oulstandin9' rab.ng forle&Jershipand ffl•na9enI. Thefull report is pefidin9. txl inspectors highligthted Ihe schoofs pro1rnti of a relationship-based ¢ullure invdbir%J strong farnily invol¥mt day-lo-day care. therapy, and support. Paradise Housewas last inspected ty Ihecao Ouality Commission on 26th January 2022 where they inspec1 fr? hoffe but dié not provKle a new ring. The last full Inspection where a rnb.ng was given was in March 2019 wh ere Paradisewas rated as'good. in all areasolsafe. Effective. responsi%tand ll led.they received outstandmg forfre area of caring. The inspector ottse8d Ihe peop using the sevvice rVe planr%d and eo-ordinated p•wft- tentred supportthatwa5 appropriateand 1ncFJsi4Eforth. Peoplere swported accessthtirlocal communty to lollow th•r intewts. People. relabves an*J $trff told Lts Ihe servi¢Èwas ll ,. Willin Morris Schoolwas inspea&l by OFSTED on 13th to 151h June 2023 and receiv the overall ratin9 of9Q(J. The inspectors ¢(mented duriThJ the 5chod'$ fi(st year, leaders have $u¢ceeded in eslalishYb9 a po$iti4e stho culture.. The chanty continues to enhan ils Clintal, TheraFJb"c. Sensory and family service& The therapy support learn. man•Jed by Ihe (kputy Chief Executs"¥e includes a Clinical P5ychob3618 Child and Pdoknscent Psychotherw family therapistalong with qualified soc411workers. a 8ehaviouralknalysL occupats.onal Therapstsand Speeth d Language Therapists. Theywork directywth youry people and residentsgivir¥J •Jv¢e ata weekly. multsdi5ciplin¥y supporL adviceand strategYnting and Ihey offersupport5ervtesto care3nd IEachirYJ $taff. Thetearn 15 rnanagal by an 0¢¢aONal Therapistwhowa$81so appom by ¢heChiefEKe¢u¥eanL1 Truslgesa5 tuty chie1Exb. The neurodevelopntcIInlchIch wa5 launched In February2021 to a55ess the young peopleforautismspeclrum disorder and neur(Sevel)pnniaJ cl1"05 wilh inwt from tlh the young pewn and Iheir families orcare glbe3 as part of this process. Staff training remains a priority. a part1cu1arfoc on the Trauma InfDrrn•d ca qualifica'On. The Trust is an accredited centre for the provis of training in Neurosv4Utsal Model olTherapeuts"cs INMTI and Collaborafve ollem Solving. The NeurO5eqUenti Modd of Therapeuts"¢5 (Nkffi. 11 is a developffl8ntdly sensitve. neurobiok)gralty inloffT& approach fo Clinical r Ihatintegratssseveral c0reprincpOnÈUrodT1Oprrt1rtIo4 cOmpreheThsiapp 'b) ihe child. family and broajer communty. We have a nwfiber olsiaff on the RQF4 Cerltfi¢ In Family Workcourse. this Is a ¢our5ewe helped lo create. The quo1ifi¢alion introju learners to the key knowle(Ige. understanding and skil$ Invoad in Sy$terni¢ Family Work. what il look5 likeand why il is a vital partof caring forch11dn.Y0urtg peoe3nd adultswth lik histories orlossor $epar8bon fromfamily wrnbe. attachrrenl d15ruption or oihw relaOal rupiures, andlor deVelOprla1 trauma.. In tsrdtr to continiA tts ensurt sale9uarding rtrnn$ art imb3ral ele1 thiffi Ihe Chty, theo are five tr8intsJ Designated Safe9uarding offi¢ers Cotswold Chir* School h85 ade51gnaled sthguarding le&J forcarewho 1$ also a Men1 Health FirsiAderforslaff. young peopkand adts In zddiD"on. therei5 a designaled sakguardir¥J officvbr edu¢ation. The Registered Manager of Paradise House remains Ihe designa18d Safeguarding lead for Ihe adult provision at Paradise House. William Nksrris School ha5 3 de51gnabJ safeguarding lead for edLtcabon and carè. At Paradise House. unfortunalEly duo to the current regulation5 they are s11 subject to 50rre Covid 19 re5tricfjons Howeverlhey are able lo parbcipatein training forlhe residents in firstd. healthy lifB5tye5 antj life5kil& and althe •nd of each unitihe residents are Pen wilh a tytificateand all residents invDlbTd havegained new5kill$ from th6s•ses$ions. AParadisenLw41eryer is prod ty wulatyymth Ihe ho1po1resints and staff at Paradise House.
DooJ&gn EmWcw10.. c¢FO73ECc4)mcE674E39FIb NOVAL15 TRUST TRUSTEES. REPORT Icontbnu•dl FOR THE YEAR EP4DED 31 AUGiK8T 2023 The acgw$ilion ofaproperty in Walesfoi hOlaY a¢commdats'onha$t ryle. providing oppOnI.es for studenls, r85idents, and young Pet0 $tayth•A•. Furtherwork r6 bwng done to upd819 Ih? property lo a $imilar style lo the rest of Ihe TrusL Throughouttheye¥e a numter of univetsitysl18ntsPlaCed atthe NovalisTrustforwork expertence, feel thi5 gives an opportunity to share knoTedge and experb5e and build rdabonships with higher education providers. Ilalso givesothersan wderstsndiig oftheworkwedo and help5 to prorte the social CaTe sector and theirfresh perspecbveheJpsith oUrcontinuo de¥elopwt We plan to eNhart Ihis 8nd invite MO Students from other disciplines. FINANCIAL RE¥IEW The Trus¥5 over411 incm was hi9her Ihw Ihe prthfiOUS year costs incre85iry also. Occupanorf and pupil nurnbBf5h4¥e fallen 4urin9 theyeard to Williarn kk)This tran5ferriry fromacollegeio a School. ItiSexptsJ lo increase Ihe 1¥urt of pupils into FY24. PLANS FOR FUTURE PERIODS The therapeutic ¢ufri¢LAum launched In Septernt•r 2021, inclwJe5 lour different P8thway5 (Seedling. Saplin9. Sycamore and 0$sOm). ali9ned¥Jrylh the Neurosquenb"al modelofTherapeutics. The therapy and education t¢anK8 * Cotswold chilhO Willw k4)rri$S¢hoolill un¢JergoneurolcsictrainiNJto explo¢additional regulatic strategies. To elevate Iheioleof $gtsalwoth aiNovali$Tws( qualIffi SOCI worker5wII have key responsbi1ts5 in children's hoffs and the caredepartrnenl. Staff who are notalrea(ly qualifi &¢ial wotr$Ile$pptsrted Ihiough $oeial apprenbc8ships and Open University progr•1. Collaboraiionwrith ac&lwics and prOfess"onalslI res11 piShed arbcle5 docurrnbng the integrated holi$ti¢ approa¢h in edu¢abon.therapy. and $o¢ial rare. Ongoing devolopmeni of partnerships with other OTganigabons, prof8s5ional4 and adeMic5. parts'ujlarty in traTha-InformJ cwe.wMII raYain a locus ollhe overall ¢hanbes work. The Trust YMII focus on pron>)bng heallh and 7hllbeing for children. •Ju115. and staff. A 5-year environffnt refurbishrnentand renOVaOn program will bring the smaller how up to the SthAdard as Ihe schools. other hoff8. Williamfv%)rri$ S¢hoofs mveto offerboarding Irom&prtw 2U24 11 ptompt a Social Ca OFSTED insp•ction, requiring careful Preparaon in areas like recruilment poliLy and •Jmi$$ions. The Trustwill Conb"nt maintain strw9tPth its 51andard50fgo¥ernarKethrouyh therecruitrn?ntol additional Ir4k8tees wth Ihe ne$sary $kill$ ond kn¢TMled9e. IN 2023. 51aff began training in Ihe PRESENCE as partof Ihe contifiuous journ io be a trauma-inforrwl organisation. aiming for ¢ompletioA by the end 012024. The Truslwill Iocv5 on maintaining Improv91hequltyofc8re. edLKafron. clini1 anY theY $Upportlhroh conbnued collatson and tredevelop ofpartnerships With ob)er or9ani$abons. prolessionals. and academics in tra-Inforrr•d. trauma-re5ponsive and trwjma-speufic care. The Truslwill assessand improveits ¢h¥gin9 infrasinxtwelortricvehicsd explor• othw environmntal frien¢Jly changes. The Trust will conlinudly rwie exisbng hOTh for lurthw inyrovwts kn ensure Ihat Cotswrld Chine School. Paradise House. and William School mainlw'n or irnproving Iheir ovewl OFSTED CQC gcades. The HaIaY Café and Shop on thecomioh kn hdp to increax thework experience opportunib'es for those in our care. In 2024 thi5 is planned to Open to Ihe P1¢ as a tr•nin9 caWcla55roorn and a sandwch bar for tak88way h)od. this is all5.8cLto the relevanl planning
Do$#jn Enwew ID." c(fLF07>3ECC4WE6741B IIOVALIS TRUST TRUSTEES, REPORT IcoTrtinuedl FOR THE YEAR ENDED 31 AUGUST 2D23 Re6•N• poll¢y Previously. designated funds re set asi¢Je for the purchasing of a propety to Use a5 holiday accDmmodatk)n br students. residents and young peoe. The Tr1 purchased ihis propwty duriryJ Ihe year lo 31 fvjjyusi 2Q3. thefore the reserve has t•n transferred inlo general IuAJ$. Investment Policy TheTruSt$ mi•v theav•l&4• r•sOur. and anyswplus i$depositsl in ahigh inier$t$avin9s xuwntuntl needed. Taxation Statu The Compwy 1$ O Wistsred charity and ¢onwLnOy is expt fvom Corporation Tax. AUDITORS Hazlewood5 LLP have led 85 auditors a wlub.on pr0$19 that Ihey te fe-appointed 11 be pul k) the Amnual General Meeting STATEMENT OF OISCLOSiWIE TO AUDryOR In so far as the Trus1 are •w¥e'. there is no relevant a*11 inlofmabon ofwhi¢h the¢omp•nyb awyitors nre." and the Trustee5 have tsken all ihe step$ tha¢ thty ts3h1 to have taken in trer m&ke themsetves aware olwy ¢v?n1 audit irtlomiab.on lo estlSh that Ihe company s auditors are aware of that Informa.0. By orderof Boa TNst8• 191212024
DDaGiw En%lope ID.. CCCCF07>3ECC4KWFMCE674E39FIB IIOVALts TRUST STATEMENT OF TRUSTEES. RESPONSI8ILmES FOR THE YEAR ENDED 31 AUGUST 2023 The Trustee¥ Iwho are the directt>rs¥fNovalisTru5tforlhepurp05e5 of¢ompany18wI are respon51?for preparin9 tre Trust8e5' Report and finanoal Stslemts in a¢¢ordance ilh appl¢cable and r8yulab"ons. Company l•1 require5 the Trustees to Prepa financial $Merwts ior exh financial yw. Under that law th? T[tee5 haveelecred to ppathe finanryal Stat)ell154n aCcordarswIlh United ngd0mGenera1IY Accepted kcounbn9 Pr8cbcelUnited n9•MAtc0Un.rt9 SlandaTdsalld apThble1aW1. Undercornpany ItheTrU5teeS Must notapprove th8 fiTran81 statwnents unless Ihey are sabsfied that they give a and fair vbew of the stste of affairs of the cornpany and of its Incoming 50r and appli¢ats"on ol resour¢es. inelthling the and expenditvre.ofthecompwy knrthperiod. In pw¥ing Ihose financi4 siam&its, the TnJstees are required to.. selKI 5uitsble xcoun9 policie5 and then wply Ihem consistentty,. observeffthod5 and princW8sin theChwiliesSORPlknunting and Reputing by Charities- Ststernent of Recomrrended PraEbc•l, make judgennts and esb"mas thai We teasonable prudent pPar&Ihe financial slatefflentson thegoingcorwn b8 unless ills inapprwatelo presume that the Company will ¢•ntinue ift b1N$$. The Trust8esare responstsefor keeping •JequateaccounbThJ reconlslhatare SLrfficientto showand explain Ihe ornpanys tran5action5znd dEcb5ewth rvzsonablezccuracyalany b.rne thefinancial posi'on of the cornpany and to enable thern lo ensure Ihat the financial slatnents comply ¥th the Companies P£t 2rK6. They are Jso respon5ibleforsafeguardinglheassets ofthe company and hencefor ta(Ing reasonablesleps forthe prevention and detection offraLhd and otherirregulanlie5 TheTrustee5are also pOnsible lor ensuring that the assets are properly applied Fn a¢¢ordan¢ ith ¢h¥ity l•T.
DDSn En¥eknp8 . crCFT&3E¢c4>}FwEB74E39FlB NOVALIS TRUST (Cornpany Number. 051147101 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2D23 INDEPENDeNT AUDITORE REPORT TO THE IAEMBERS Opinion We have audited Ihe financial $tsternents of NoVlS Trust l)r ihe year ended 31 knJust 2023. which comprise Stalem¢fit of Fiftanclzlk'¥lIEs, BalanceSh•rt Stalent ofchanges in Equity, &atemenlof Cash Flow5, and NoÈ5 to the Financial Statements. Includin9 asvnNnary of si9nif¢ant8c¢ouThbng polties Thefinanual porknn9fr8rnOlk thai has en applied in their preparots.on 1$ appli¢aNe law and Unitel Tr9drn knounbng Stsndar¢J$. in¢bA5ng Financial Reportin9 St3ndard 1(r2 The Finanual Reportmg Standartl applble in Ihe UK and RePU1C of Ireland. (United n9dorn Generally kcept•J knunb.ng Prxts'cel. In our opinion the financial give a true and fair vitrw ol Ihe sla offth ¢haritJle ¢ompany'$ affairs as at 31 A$t 2023 of its inwfir¥J sources ané appli¢ion of resources. IncIain9 its Income and expenditure. lor Ihe yew then ended", have been properly prepared in CCCe with Unibj ngdCffiGenerly kcepted kcountin9 Practice., and have been prepared in arxorrf with the requirements ol the Cornpanies kl 20C6. B••is foropinion We conducted ouraudit in accordance7th Intemabonal Standard5 Nudi"ng (UK) IISAS IU Kpl and appliublelaw. Our respon$ibilth'es under those stsndard5 a further de5cribEd in the AJJdilors re5ponsbilits'e5 for the audit of the financial stzternents secb.on ofourreport. Weare independentofthechariiablecompany In xcordanrewith ihp ethK uirernents that are relevznt to our audiiof Ihe finanualstrternÈnlS in the UK IncludirJ the FRC'S Ethical &ant¥ard. and we have fulfilled ourolherethical respon&blrties in aCColanceth these requirement5. We bBlie¥•lhaltheaudit Idence we have obt¥ntrJ is sufficient and appropnate provbde a basis ftrour opinion. Conclusions rdatlng to 90in9 concern We have nothing to reportin respectolthe knllowr¥J matters in relation io wthsch thelSA8 IUK) requiieus to reportb you wher8.' the directors' ofthe going corxyn basis Ofts"n9 in theprepw&"on ofthefin8ncial $tatennts is not appropriate. or Ihe director5 have not dixkns•J in the financsal 5taments any idenithed material uncertainb"e$ that may cast significant doubt abjut the chatitable companys ability to continL to •Jopl the 9oin9 conwn basis or accounb"ngfrra period olatleasttrtlv• rnonthsfromthedth when the financi¥ statnents arewthoriseo frJr Oth•r infomwiitin Thedireclors are responst4eforthotherinlornatioA. Theoiherinftymaoncomwisestheinlomiab"on includedin annual report. other than the financial st8twnents and our Klilorf$ report thereon. Our opinton on Ihe financk4 staternents does notcover the other informabon and. exptIO the extenl otheriseexplicitly stated in ourreport, we do not expres$ any forrn of aJ$urance conclltsion thereon. In conneciion with OLff aLK3irolihe financial stare111$. our responsib%ty isto reaj theotherinformation d. in doKvJ so. con5iderwhether the other irtfomiab.on is marially inconsskntwilh the financial slalements or our kno&ge obtained in the aLJil or otheM$e appears to be materially m155tsled. tf iderlify such rnaterial inconSlenaes or apparentmaterial mi5stalernents.we are required to deierrrinewhetherlhbye is a matenal mi551atement in thefinanaa statennts ora material misstateftwi ollhe Olhwinformats"on. M. base¢1 on Ihe work have perforrned, thaithore is a malerial mi$$w•nent of this other information. we are wuired to report thatfact We have nolhing to report in this regard. Oplnion on other m•tter pMx¥ibed by the Companie• kt 2016 In our opinion. based on the xJrk Undertak in th cowse of the alit the infomiab.on 9ivefi In Ihe Reportofthe Trustees lor the finwcial yearfor thi¢tt Ihefinancial starrents are prepared is ¢onsi$knl Wilh the financial statTr.. and Ihe Reportol the Trustees have Prepar in C0rdanCeth applicable al rn4uiremnts.
DorJJSvJn Enk)pe ID.. CCCCF07&3ECG49JW594CE674EW10 NOVALIS TRUST (Company Nurnber. 051147101 FINANCIAL STATEfiENTS FOR THE YEAR ENDED 31 AUGUST X123 INDEPENDENT AUDITORS REPORT TO THE IEMBERS {continueOI M•ttern on Twhich w¢ we wuirnd to rnport trrf •xcepts In Ihe lighiofourknowledgeand underndiryJ ofthegroLW and thechanlablecortyany and its environThwtot4aw in the course of the audit. we have noi idenb.fied rnarial nH5ststements in the Report of the Trustees. We havè to report in Pt0fth& follo¥Mrg matt•ts whets the Compani85 kt 211]6 ie4UiQS to report b you if, in our opinion.. adwuale accounting r¢cordshavgnotbeen kepltylheparw1fflpanY.or r&um$adequeforouraudilha not been received trom branches not V15id by u5.. or the charitablecompany financi slatntsarenot1fi a3reement¥rith ihe accounbng records and returns,. or certain disclosures of d1CtOrS. r8rnuneration specified by law are not m&Se.' or * have not recwved all the infofmabon and explanab'on5 we require for our alhlit R•swTrslblk¢i•s of dlrKtorn A8 explained morefully in the Ststerrnl of Directors. Re5ponsiblrtiessetouton p•3e 9. the director5 areresponsth for the prepar3ts.on of the financial 51atemBnts and for being sats'sfied thal Ihey give a true and fair view. and lor SLth internd control as thedltlS dewnxne is necessary tts enatA• th• preparabon offinancial 5tatnBn15 Ihat ar• fie from material rni$s18ternen( helher due to fraud orerror. In preparing the finwcial Stat•rnts. the directors ar• r•5POnSt48 6)r a55e551ll9 the charitle compwls aL¥'lity b conbnue as a 9oin9 concern. Oiscb$rg. asappli¢aNe. matws 18 Io going conr and LLsin9 thegoing c¢)n¢xn basi$ of arxountrng unless Ihe dlwtr) wthw intend tc+ liquidate Ihe tharitable cornpany or to cease operation& ar h8v8 no reali5tsc alternabve but lo do so. Audito m$ponsibiliti•$ f•rth• audit of th• fin•D¢ial stat•mvnts Our 04e¢tives are to obtsin reasonat4e assurance whetherthe finaftoal statements as a whole are free frorn material rnis5taterrTrl, whether due to fraL4 or error, and to issue an auditorfs report that includes our opinwjn. Rea50nableassuranceis a high level 0135surance, 15 nota guarantee that an auditconducted in accordan wth IS4s (UK) will always detect a matefil rnisstateffent then it exists. Mi55tatern8nts can arisè frtsm fra1 or error are considered rnaterial if. indivJuallyor in Ihe4gregate. Ihey could re8sonally beexpe¢te(I to inlknnce thee¢uwi¢ deci5ion5 of user5 laken on th8 basis of these finallci slatwnents. P part of an a¥Jit in or0ce ith ISAS IUIQ. Te exercise PfofessionJl jud9meni•n•J maintsin professional scepli¢i$rn througho1 Ihe a11( We also". Identify and asse55 the nsks of material misstatwrnnt ofthe finanal statemnts. whether due to tra or error. design and perforrn a11 proc•Jur85 responsbe lo ihose risks. and oblain alIt eviden that is suffici8nl and appr•pr•teto ptovbJea basis forouropinioA.Th r1sk0fnotdetrry amaterial misst¥temenlresults"ng fromfrauj is higher Ihan for one resuI"ng from error, 0$ frawj may involve 111. lor9ery. inthb.onal orThssp)n& misrepre5enlatsons, or the override of internal ry>ntrol Obtaifi an understand9 ol internal control rdevant to the alIt in order lo design audit procedures that are appropr4te in the circumstances. txrt not fof Ihe purpose ofexpressing an opini¢ ofi Ihe eftecb"vene55 of the Chanty s Intein Control. Evaluate the appropriateness ofacCO.ffl9 pol¢es anL1 Ihe reasonkne6s of arxounth.ng e6tim8tes and rdaled disdosures rnade by the Irusiees Concludeon theappropnateness0fthetrS8S. US8 of the going coThrn basisofaccountiry and, based on the audit eviden obtsined. whether a materi uncertainty exists felaw to events or conditb)ns that may ¢ast significantdoubton Ihecharity s abilityto continueas a golngconrn Ifwe Conclethat3 material uncertainty 8X15ts,we are required to drawattenbon In ouraLh4ilors reportto therelated disc105uresin thefinanoa1state£nts or. If such d15clowre5 are inadfjqua. lo rnodify our opinion. Our concS1on5 are based Dn the audit eviden Oblain up to Ihedakofouraudito¢$feport. Hovw. lutyreevents OrnlIn$ maycausethecharity to cease to continue as a going concern. Evaluate the overall presenlalion, str1?and contenlolthefinancial staternents, includgthedIsCb)res, whethe¥ the financial stateryEnts rEpre5entthe undertying tran5xJn5 and events in a mwnerthat achieve5 fair psentatIOn. Obtain suificiefitappropriate aLMliteviJenceregardirvJ thefinancialinformab.onof theentitiesortrwsinessactivitQ5 within the charity to express an opinion on Ihe financial stateTrnts. We are responsi k)r the direclon. supervision and performance of the charitys awjit We r•nain 501ely responsible lor our wdit opinion. We communicate with those Ched wilh 9ovemancè warding. ar)rt9 other n4ttws, the planned scope and b"min9 of Ihe aL#lit and significant alilfindiN9S. IncI1n9 any si9nifi¢ant deficiencies In intwnal control that we identify during our audic 10
DooJSlgn Eth10." C(ccFD7>3ECC4E674EJ9F1B NOVALIS TRUST (Company Numb•r. 05114710) FINANCIAL STATEMENTS FOR THE YEAR ENDED J1 AUGUST 2023 INDEPENOENT AUOITOR'S REPORT TO THE IAEIIBERS Icontinuqdl Alurlher descnptiry7ofowp0n$0IbI5f0Tth8 awjltoflhefind slAt•Ttsis locaby on theFinanc¢l Reporfng Coun¢il'$ website at www.frc.0rg.uklajIt0r5r8SPOn5i.lIfreS. This de5cripbon pari of our audilorfs report. Exthnt to whlch lh• audil was Cold•d ¢ap•lH• •f d•t•¢llng 1ff•gUW in¢ludiny fmd Owing to the inherenl limitations of an aLli( there is an unavoidajle risk that Mala1 misslatement5 in the hnan¢d Statements may notbedetectsd. even Ihough thea111$ prCVer pknrd dpert0rtTh8d in accordantswith thelSA's (UK). In idenbfyiry and asses$ihg risks of mawial Mis-slaleftt in pect of fraud, ind11 irregularities and non- ¢oftwlian¢e with laws and regul4tion$. our procedures In¢1 Ihe follon9.. We obiainèj * underslanding ol the legal and re9ulatory frarneArks appliCae to Ihe Company finano stments or Ihat had a lundaffenki eff1 om Ihe ¢arnpany s operaOn$ We deteninj Ihat the most $19nificani laws and regulations indudJ UKGA4P. UK Companies kl and taxabon laws. VV& undbystogd howth&¢ompanyis ¢on¥JlwThJ7th Iho$elegal and ulatory110rthSby making inq uu of nagent Ihose respon$iNe for legal and ¢omplian¢e procèjures. We asse55es the sus¢eptitM"lty of th8 cornpzrry $ financ01 slatsments to maierial misstaterrtsnl. ineludiNJ hcAV frawj Might0¢1. Pujit procedu perfofvyed by the eAga9Thtte ind0.. Idenb"tyin9 and a$$essin9th•desi9n dk¢b"VessofconIrdsrnan¥JelrnlhOsln plx•w preventand dgla¢t fra". Understandin9 17ow those char9&1 governan Considered and •adresS Ihe polents.al far override of nirolsorolher inapprowiateinflLnOVerthefinOnCd reportilgpr0s5. Oetsile(l anatys$ ofiournalspoJ through the accounting system during the year lo 31 91(2023 ha5 been undertaken.. Under5tandin9 Ihe controls in place to prevent and deieLt frauj. Reliwce was Dot placed on contmb for tre entirety of the audit. Instead taking a sLkn$n1IYe tesb.ng approach. htyAwer controts were in place 10 prewi fraLK1. and they appeared k) be working effe¢bvely: Challenging as$umptions and judg•ments mode ty managwnt in ils $ignifiwt a¢counb"n9 esb"mates. Use of our report This report15madg solely to th&charity¥trustees. as a dy. in %cotdanceilh theCharitièsPLt 2022. Our audit has teen underten so thaie n9ht$t to the trustee¥ thosematk¥s are requir&J W State to Ihern in an auditors. report and lor no olher purpo$e To the fullest extent perrrutted by I. w8 do not accept or assume responsbilty b anyone olherthan the charity and the chty¥trUse$ as a b)dy,knrow a1110. lor thi5 report. orfor the opi115 we have form*J. Martsn Howard (Senior Ststutory AlIOrI For and on behalf of Ha0[1$ LLP. Statutory AwJik)r Wind50r Hous• Bayshill Road CheltenhAm GW 14T 191212024 11
Oow&"w Erlope Itr. C(ttFD73-3ECC4WMF98CE674E39F18 NOVALIS TRUST STATEMENT OF FIPIANCIAL AcnMTES FOR THE YEAR ENDED 31 AUGUST 2023 Unr•stKt•d Tol•l fvftd8 2023 Total fund¥ 2022 fund8 IN¢OMe AND ENDOYIMENTS Income and •ndo¥nnents frnm: Donatron and le9acies - ReSIdts"al care *Sonation 477 4.823 477 Chaiit•bl• adi¥iti•S.' - Special needss¢SKsol f885 - Residwbal care fees 10.621.928 2.812.017 10.621.928 2.812.017 10,640.965 2.228,890 13.433,945 13,433.945 12.869,855 Incoming fr•m gonerated funds.. - Inve5trnent intorne 27.165 27.185 9.916 Otherlncomlng rn8ourt•8 128,959 128.959 104.776 TOTAL INCOME ANO &4DOWMblTS 13.59).(69 13.594.892 12.985.024 EXPENOITURE 014 Chaiitablv aet•vits 1s.rThi 113.315.2011 {13.320.2071 112,104,281) Ftrofit on sle ol fixql assets 8.401 8.401 311,475 TOTAL Exp401TuRE 113,X6.PIJ)1 {13,311.8C61 111.792,8061 12
DooJSvdn en¥elope ID.. CLfCFDT&3ECC4S¥)mAFEG?4EWlB NOVALIS TRUST srATEMENT OF FIPIAIKIAL ACTMTIES {contined1 FOR THE YEAR ENOEO 31 AUGUST 2023 Unrns¢rf¢t•d fi•nd• Total fvnd# 2023 Totsl funds 2022 Note funds NET INCOME BEFORE OTHBI RECOGNISED GAINS AND LOSSES 1183) 283269 283.086 1,192,218 Transkrs in the year Net movem•nt in lunds 1183} 283269 283,086 1,192,218 Total frjnds twught brwwd xJ,665,895 20,756.625 19.W.407 Total fijnds calad loThvard 13 .547 a).949.164 21.039,711 20,756,625 19ains and los regniSed in th8 year are indje above aAd all operab"ors$ are continuing. To •nabl• a itter underslandin9 of the financid ststefflents, the Stalernunt Of Finartci•l kbvib.es separalely idents.fies Ihe Income and c08ts ofrnnning Ihe mn aebvibÈS. Note of hl8torkal cost iTrcofflo and exp8ndits 2) 22 Reported not mo¥•rnnt 283,086 1,1¥2,218 Diffvr8ncv been the historical costdepreciabon charge and th¢ actual depreciatiofi chargeoftheye3r ra1culato¢ on the r8¥alued tsl 41,387 28,494 Hi8ttiric81 eost net movements fvnd 324.473 1.220.712 13
ODGuSwJn Enbknp8 ID.. CIK¢F07>3ECC4VFEs74EJ$FlB NOVALIS TRUST 8ALAN¢E SHEeT (Conwany Mumbv. 051147101 AS AT 31 AUGUST 2023 Not• 2022 Tongible assets Investments lQ914,144 17.870,664 18,919,145 17,870,665 CURRENT ASSErs Stocks Debtor5'. knunts laliig due YAilhYtr vbe year Deblor$." AnnIS falling due after rn0 than one year Cash at b8nk aTrJ in hand 2 3.282.513 1.715.505 234,348 4.679.712 238,249 3.695,855 6.630.527 7.217.579 CREDITORS Du• within on• y••r 10 14.$04.9611 14.331,6191 GURRENT ASSErs 2.125.566 2.885.960 TOTAL AsseTS LESS LIABIUTIES 21.039.711 20.756,625 CAPITAL A14D RESERVES Fund8 Restrictsd ld$ Unrestricted knds.. Operzts'onal ga)eral fuTr1 Property revaluain wrve Desi9nated lunds 13 13 90,547 14.030.578 6.918.586 13.155.922 6.959.973 550.OLTh) CHARITY FUNDS 21.039.711 20.756.625 191212024 Iproved by th• P•Jard fot i$$L on ...................... ... .. .. B•nn•tt. TNst•• 14
DowS4nEr• ID". C(CCFD7>3ECC49)WMCE674E39F18 NOVALIS TRUST STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGIJST 2023 operatio1 Prnp•rty D19n•t•d R•stiFthd geneAI rnWu•tion lund lund Total Funds broL4hl lorw• at 1 Sep¢ertw 2022 13.155.92Z 6.959.973 .rAJo ,730 20.756.625 Net outyoiThJ regjurces tefore transfer5 283, 11831 283,0 reciatson on re¥alLd arnounts 41,387 141.$97) Funds carried fowrd at 31 August 2023 13.4W.578 6.918. .$47 21,039,711 Opgrntional Propwiy D88wJn4t•d R•stri¢iod g•n•r41 rtvaluation lund fund luno Total fvnd$ Funds broh1 forwaTrJ at 1 September 2021 11,917.813 6.988.467 Sg),OL 108,127 19,W,407 Net incofftsng r&ou8 for¢ transfer5 13)9,615 117,39n 1.192,218 reciaiion on ¥011 aftKiunts 28.494 128.4941 Funds cariied fornvafd al 31 Just 2022 13.155.922 6.959.973 9).no 20.756.62S 15
tk)rJJSign Er1¢F ID." C(ttFD7>3ECC49)WF¥WE674e39F18 NOVALIS TRUST CASH FLOW STAT&IIENT FOR THE YEAR ENDED 31 AUGUST XI23 2022 Not• Cash used in op•rnting activities 2,.695 1.679.713 Cash flows Irom inv••tSng a¢th7iti Interest iicoffl8 Jrchase of tangitle fixaj assets Proceed5 frn lh• 54e vftangiile fixed a55•ts 27, 165 11.918.514) 74.511 9.916 1828,3091 801.343 a¥h provrded by (used Inl Inbstino I1.816.8) 117,OSOI In¢rea5• in cash an+J cash equiv*ents i the year 983.857 1.662.e63 Cash and cash e4uival•nl$ at th• bryinning of the year 3,695,855 2,033,192 Total ¢•8h ¢Mh e4ufj¥alents •tthe end of th• yur 4.679.712 3.695.855 16
Do¢S4gn ErNekipe COCCF07&3ECC49JWFUCE674E39F1B NOVALIS TRUST NOTES TO THE FINAKIAL STATyT8 FOR THEVEAR EP4DED 31 AVGUST 2023 ACCOUNTING POLICIES The ltnancial 5tateryEnis have been prepa under the hiswri¢al cost eonveniion. as rnodifieo by lh8 re¥yOOn of rertain fixed assets. aJopb"n9 the lollowing principal accounb.ng policie5 all of which are in accordancewith knoMb'ngand Aorting by Charib"es." statt 0fReCo8nded Pracbc8-P%ntlng and Reporting by Chanbes ISORP FRS1021 Is$ ifi July 2014 and The Cornpanies kl 26 The thnancial $tstenwts we presenw in Pounds SWing. Cornpany 4tst¥ The company 1$ limited by guarana and ha5 no 5hwe wilal. The liability of eath mornbBr in the 8¥ent of nding is limitsd lo £1. Tht company is 5ubjectto the rMuirennts oflhe Companiespd %X6 regards to the lomi ènd conwni olthe financial stat7. The company 1$ aprivaie corty>y, limi ty guaranitsithout$hwecapilal. Incowd and domi¢Aled in England and Wale5. The addres$ of ib re9iStered office is." Ebley Housfr 235 Westrard Ro•Y Ebley Stroud Gloucestershi GL5 4SX Judgqm•nts The Trustees considerthaltherear8 no key areas ofAwlgernenloresbmab"on uncertaintyto be discaosed in these financia statemnts. on801id•t•d financial slatents The ffinancial ststerrnls do noi INdJe the consolidated financial re5u115 of the Charity and its subsidiary cornpany. Novalis Ftrofessional &rvice5 rnited. on the ground5 that the Subsidiary c(>ryiany'S wults a ImrtHt¢rial tr) the 9rowi. Funds Funds hdd by the charity are •th•r. UnrestriCj genwJ fvnds.whichcw be in axordwo1h the charitai4e obj.ects althe di$¢tion of Ihe Trustees: or ljnrestrlct designa lund4wthich can beus•J in accordancewith th•Charital480tr4'ec15, i respect of$plfi¢ proje¢t5 ear-marked by the Trustees." or R£stricted lund5. whirh can onlybe used fprparticulwre5kncted purposesllhIntheQbJ•cts ol. the charity. Restrictions are speufied by the donor orwhen fvnds are raised for pacular restricigj purposes. Al lunds received to date have en applied againstcapital projects. Incoming Wo1¢$ Al incomin9 resources a induded in the Slaknwt ofFinancial kts"vib"es fsoFA-l hen the Charity is 189ally entitled 10 Ihe incorre and Ihe amounlw qUtified wlh rèasonable accurxy. 17
DgcuSwJn EnloF• ID. C¢Fo7&3EC&4AAFBcE67439Flts 140VALIS TRUST 140TES TO THE FINANCIAL STATEMENTS l¢ontinu8dl FOR THE YEAR ENDED 31 AUGUST 2023 R•oOUr txpended l ependitureis cound foron an accruals basis. Overhe•Js and other costs not dire¢Uy attn"butable to particular functional a¢tivity cate9orieg are apporboned over the relevant categories on the basis of man2gerrnt esb"mate$ ol Ihtarnount attributatAe to Ihatactivity In theyear on a basis consislent wth use of the sOUrCeS. Governance costs Indje $trgic plannry ¢o$ts lor the Charity'5 fvture development. extemal audit and •II costs ofcornplyin9Wth Constitu.onal and stabjiory rrfuirerrwts.$u¢h as costs 01)#T¢ and Ctsmmittee rneetirt9s and forpwanng StatUry fiDaneial ststtrnents and satssfying pulAic accountability. Taxatlon The Company is an Exempt Chanty ilhin the nanin9 of Schedulè 2 01 th• Charib"05 Act 1993 and a5 such 15 a charity rythin ihe ry101ng ofSvc'on 519ofthe InconTax kl 2007 Ilorfwly Se¢ts"on $06111 of Ihe Taxes kt 19881. k¢ordingty. the company is potenbaltyexerylfrorntsxab.on in respect of Inco or ¢apilal gains receiv•J lhin cale9ories Cove ty secb.on 524 of Ihe Incorne Tax Act 27 (formerly sects.on 505 ofthe Taxe5 19881 or Secbon 2% of the T&xats"on ol Chorgeat4e Gwns Tax 1WL t• the exkni that such income or 9ains are appli 10 eXcIl¥elY charilable purpose5. Tangible fixed a•8ets There is no Set limitlorthe witali$ab"orolxpwd1rooll acqvi5ition,enhancem8nt, productionan¢J instalkfon of fixed a55ets. Tangible fixed assets are $tsted in the l)alance sheet at cost less depretyab"on. except ftr freehold land and buildin9s which are 5ts1•J al Lh•r open market ¥alue. oepreciats.on is ulculated to wrile off the cost or valubon less esiimd rtsidual Val of tangl¢ assets over Iheir estimated useful live5 al ihe lollowng rate5.' Freehold land Frethold building5 Fixlures and eqwprnenl Molor Veh¢$ 1% of cost per ann 10%- 50% 01 c05t p•r annum 12.5% - 5CV• of Cost per In¥•stmeTrts Invesbmnts are stated at market value al the bolance sheet dale The SOFA inclLles the netgains and losses arising on revaluab"on$ on(F dispo$al$ thrc+wJhoul Ihe year. Stock# odK is Val at thè lor of cost and n81 realis48 val. ¢)p•r•lin9 le•$ Rentals 91$Caet00pelaD.n> leases Tthtresut6tanlially 1 of the LEnefits and risk of 0erShiP remain th Ihe lessor a Charged to Ihe Stalerwt of Finan¢ial kb"vities. Cash and cash eqUb¥aknTrts Cash and cash •quivalents compiise cash on hand deposits, and other short-18rm highly liquid investmentsthatare rea(Iily¢ont4erblY¢lo aknown annt01¢0$h and We $ut4"ect b an lnsi9niffintr1$k of change In valw. Trnde rncei¥4bl•¥ TradeJeblors are due from CLtslomers for merchandise sctld or sw¥ice5 perforrrnd in th• ordinary cou• vl b1n•$$. Tradedebtorsare recogn¢ed inib"Jly o¢lhe transaaion pri. Al debtors a repayable wthin one year and are hence included althe undiscounted •nount of Ihe $h expected to be Teceived. A provision for the impairmentoltrnoe debtors 15 e5tat4i5hed then there 15 otyecbveevidence that the Trust will not t* able to coIIKt all amounts due accoréing to the original teffn5 of Ihe receiva¢9 18
Docws'gn Enknpe ID. C0CCF07>3ECC49AAFBcE674E1& NOVALIS TRUST NOTES TO THE FINAl4CL STATEMENTS l¢ofjtinued) FOR THE YEAR DED 31 AUGUST 2023 Trnde payablBs Trade cr•dilpr$areoty1gab¢t0 pay frr9ooJ$orswvith8thtth1 acqui In the ordinary cour50 of business from suppliers knunts Pay8¢are classified 85 current li8bilits.es If Ihe company doe5 not have an uncondrtional right. attheend of the reporbng penc4I. to defer settlemenl of the credilot for at least h¥elve months after the reporting date. Ifthere is an unconditK)nal rightio dekn5etUerrent for at least iwelve months after Ihv ieportin9 dale. Ihey are prted a$ non-¢urrenl liabililies. Trade crediior5 are recognised inib'ally at th• transacbon price and dl zr• repayabl• within one year and hence are in¢lthJed at the wt¢JiscouTrled a01 ofcash 4¥pe¢W lo te pwd. Financial $trUM¢n The trust only has financial assels ffinancial liatslibes ola kind thalqualify a5 basic financial Instru1$. 8851c financial instruments are initi¥ly recogni$&l attran5acb.on value and subswjuwlly asured at their 5elllerrn¢ valup with ihe exreption of bank loan$ Tthi¢h are $thequwly rtW8ure(l at artsjrbsèj Cost Ing the effe¢b"ve Inte$t nwhod. Penslon costs ContributiDnsar•made OA behalfof t•KhiA9 $taffh) IheGo¥ernffntpeA$ion s¢Pfr+I teachers, which is multi-ery)1oyer defined t¢Tht scheme Ino 171. With regard to non-Whin9 wpIoye8S. COIltritllOns are m•le to the defined conthtyJts"on p¢n$ion $¢heme. con1r1t"Orts 8reehar9ed 10 theSOFAas Ihey become paY&e1n accordance wlh the rules OF the $Che$. INVESTMENT INCOME Totsl fundg Tot•1 funds 2022 lund8 funds Bank In1 rrf&vable 27.165 27.165 9,916 AIIALYSIS OF TOTAL RESOURCES EXPENDED Tolal Totsl 2022 charitab ¥cthvitiqs: - Special needs 8Juc*iy) ReSidWal care - sport casts 6.W.529 1.279.1)93 1.144.248 2.355. 447.747 1,116.224 9.4.494 1.726.840 2.2.472 8.140.129 1.431.678 2,220,999 9.391.870 3.919,936 13.311.8C6 11.792.806 19
Ckiw&gn ID.. CcCcF07>3ECQ4AAFwEB74E3yFIB NOVALIS TRiIST NOTES TO THE FINANcL STATENTS {¢Orfinued} FOR THE YEAR EIIDED 31 AUGUST 2023 ANALYSIS OF SUPPORT COSTS RMidenti•l ¢arg Tolal Total 2022 educatlon Staff cosis 1.144.248 Profe5snnal fees 120.633 Communi¢atiM and t)rMatr. tethncth)gy 62.334 Office supplies ptsstsge 1a6.825 Olher rrjsts 424.595 1.144,248 212.147 107.755 343,S86 452.736 1.188.715 253,012 87.398 326,242 365,632 91.514 45.421 136.761 28,141 1.938. 321,837 2.260,472 2,220,999 EMPLOYTAENT COSTS 2023 2022 Wages and $alwies Social security costs Other pension costs Olhw ¢<i$ts 7,825,916 722.888 568,432 166,205 7230,479 687.151 492,011 127. 9.263.471 8.536.704 The avera9emon1hlynwnbe0f8y1oye2SdUrlng thtyearlsdisd0sedtsw. Thtre is no material dIffen¢t bets¥e8n this and the sqVal a¥erage wyloyws ¢al¢ulaW on Ihe ba$1$ 01 fv1S ts.rre equivalenls.. 2023 X122 Special needs Residwtsal care 4mini$tratJn and mainknance 67 103 38 76 290 NO Tnjstee rectrv8J or waived any during eilher year £.12022- £1671 of expenses were reimbvrsed io Tru$tees. The nber of hiJherpa*J rAQye•S who recewed in excess of£60.fy)O tn Ihg followng baThds'. 2023 No. 2022 No. £60.LYJ1- £70,CC(I £70.001 . £80,C£<I £80.OOi _ t90,r £90.001- £100.C(10 £1.001- £110.QCA) £110,001 . £120.OC#)
DooJS¥Jn ErNe4ty9 ID. C(CCFD73-3EcC49J&MFCEST4E3sFIB NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinu•dl FOR THE YEAR ENDED 31 AUGUST 2023 TANGIBLE FIXUI ASSEr3 L*nd buadin9S Ilotor FixtuYvJ and hl¢l •q¥ipmwbt Tot•l Cost or valuation At 1 Sepferter 20 17.619.998 826,140 1,W.682 326,134 1140.7971 5.556,315 766.240 24.2eo,995 1.918.514 1140.7971 Disposals At 31 AAbJLBI 2023 18.446.138 1270.019 6.322.$55 26,038,712 DepTrciabo ht 1 Septemter 2022 Charge for year Disposals 1.456.251 148,626 s70.7 124.497 174.68BI 4.263.173 6.390.331 806.925 174,6881 At 31 August 2023 1.eoJ4,877 720,716 4.798.975 7.124.568 Net book value Al 31 AuSt 2023 16.841.261 1.523.580 18.914.144 Ai 31 AwJust2022 16.163.747 413.775 1.293,142 17,870.efj4 Freehokl pr0perty1ncbjes£4,967.7(2022 - £4.916.7371 in respectofland which has notbeen depreciatsj. The freehold prvperles oftheTrustwere Wal ty P£nndtJone5 & Jone5 Lang Lassalle IP Inc, bolh Chartwed Surveyors. as at 31 kngust 2016. The open market valuation, lor exisb"11g e. was £15.195.(m. DeplatrOn in the year on a historie cost basis tWod hwe eTh £10723912022- £107.2391. On a historical cosl basis the ¢ost of Ihe reSIden'al propwty woukl havtr been t10.723.911 12022 £10,723,911) ¥d ag91è3ate depleciatson Ihereon would have been £3.087.I2022- E2.980,7271. 21
[lor& ElOpe ID.. cfEcFD7>3ECc4sWAAFE674E1 140VALIS TRUST NOTES TO THE FANCIAL 5TATEIENTS l¢ontinued} FOR THE YEAR ENDED 31 AUGUST 2023 Sh•r•s Co•t tsook tAlue A 1 Septemter 2Q2 and at 31 2023 Investr)nts wresénta £1 invesbnwtin Novalis Fwokssion S8rvice5 Limited. Sub8idi•ry hoklin9• The company holds 100% olihe ordin¥y share in Pkn¥ali5 Professional SeNice5 Limited, company in¢orporaied in En9land. The ¢ompany$ loss frjr th• yw is £14.10812022- £21.6101 and th• capitsl and reswves areI£236.9481122-1£222.840)1. Novalts Prolessional siCe$ mile has the swre fegisiwed office as Novalis Trusl STOCKS 2023 21122 Goods hr res¢ Note 2023 X122 Trade debt5 Other debbrs Fknpayrnents unls owA1 by grow urfert¥kirw48 1,592.9)1 38.414 84.1 Z34.34 3,C¥)7.762 33.831 240.920 238.249 16 1.949.853 3.520.762 Less non-curr8nl portion {234.3481 1238,2491 1.715.505 3,282,513
En1Ce ITr. CICcFD7>3EcC4AAF94cE674E39FlB NOVALIS TRUST NOTES TO THE FINANCIAL STATUENTS Icontinuedl FOR THE YEAR EIIDED 31 AUGUST 2023 10 CREDITORS . du•within on• year 2023 2022 Trade cr•Jibrs Taxes anY s¢xia se¢ty o)sts ¢ruals and d81erred inwme Other cralibrJ 173.C85 2.045 3,679.Q)3 393.818 433.878 213.478 3.442.658 241.605 4,504. 1SB 4.331.619 Incl1 in ¥¢crual$ deferrekl inc(¥Te is £3.505.434 (2022- £3,15T,JJ51 in relation lo deferros incorreon $chool fee5 invoi¢gJ in •Jvance. 11 FINANCIAL CoMITIE14Ts Opernting Lqa5V4 The 181 01firt minimmi lease p•ynnts is as folk)ws: 2023 2022 Not laler than one year Lr than one year tArt not laÈr lh five yea5 27.959 29,DJ7 12 SHARE CAPITAL The charity does nolhavea share capiial as it 1$ lirrmted by 9artee_ Exh olthe nwmters 1$ a 9uarantorio the extent of £1 in the eveni of the company b•"ng wound up whibt th are rTwrt)ers. orwilhin one year of Ihem ceasing to be rnembers in respeciof debtsand li*4'11ts'85 conlrKi•dtydO Ihey c•ased lo a mtynber.
DooJSvJn EnW ID.. C¢KCF07>3ECC4ThWE674E39Fl8 140VALIS TRUST NOTES TO THE FIIIANCLAL STATEIAENTS Irontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 13 FUNDS At 1 Sept8rnts•r Al 31 Au9USt 2023 kncoffllng Outgolng TTrn5fvr m¥oU•S 80ree8 in the General fur Restricted ftnL1 Revaluab"on reserve 08signat•J luTrJ 13,155.922 90.730 6.959.973 s9).0 13,59).¢ I13.3.8J) $91,387 13.480,578 90.547 6.916.5e6 550.000 141.3871 1550,0001 20.758.625 13.$94.892 I13.311.) 21.039.711 The desi9nd fund was set•sideforthe pur¢haseof• new holiday 11¢•bOn. This was purcha$e(I during the year to 31 2023. and thwefore the fund has translerred back into general lund$ 14 RESTRICTUI FUNDS At 1 S•pternber Outyoing 2022 rtsourts $0e9 At 31 August 2023 Trnnsfvr the ye•r lknjunde donafons Era5rnus link Paradise House Other 3.572 11.570 82.n2 (s.cl 77.726 1,251 15,( ,$47 IS INDEMNITY INSURANCE Thecharity ha5 pd ira1ePrern1 io iTrJemnify Ihecharityfrnafjy loss avisngfromnegl8Ctord8fau ol Tru5tee5 or strN. t8 RELATED PARTY TRAN&4CTIONS tring theyear. Novali5Tru5tprovId rnan4ntSerV1res lo its subsidiary. NOV1$profeSSIonal Servi Limited on an arff6-len9th basi$for£25.68912022 -£25.6341. A thW8n$heIdo. the ¢harity wa$ £234,348 12022 - £239.2491 by Novalis F¥ofessionalServices LiThW. Interestis notcharggj on the loan a5 is irnmaterial and there a no fixed repaynEn¢ rftts. P41aureen &nilh, 8 TrLK4tee of Novalis Tnts( is an independentcon$ullant for MIS Educational ConsuttanLy Ltd. ¢Xpens801£9,4(2O22 - £NIll was recognised lor5er¥iosrend8r8d in the year to 31 Jgust 20ZJ. 24
CJDJSpJn Erty ID.. C(CCFD7>3ECC49JMAFUCE674E39F1B NOVALIS TRUST NOTES TO THE FINANCIAL STATEWS Icontinu•d) FOR THE YEAR ENDEO 31 AUGUST 2023 17 PENSION COMAIITMENTS O¢finwl wntributton: The cortyany opwates defined con1r1bub 5clw lor its non-a¢hirvJ eTryJlwees. The asset5 are hebj separalely frorn Ihose of th• cornpany In IndepennUy •lminstere4 fvnds. and the amount charged to the SOFA for Ihe yearwas £335.389 I2022- £339.41. Oefined benefiL" The Teachers, PEn5ion sche ITPS) is a statutory. ¢ontributQry. L1effi t¢nefit $¢henw. Th gulatKn8 underwhich theTPS operates are the Teachers. Pensions Regulabons 1997 85 affended. These regulations apply lo teachers in schools and olhereducats.onal establishments in England andwales rnaint2ined by loca authotsties. lo teachers in many irsdependenl and v0lun1ary-aed schoo15. and to teathers and lectUTers in estatyishments offurth8rand highereducaton. Mvmbwship Is automab.cfor fvll. ts"ftteachersor Ilref$ wd from l January 27 automab"c too lorwchersor le¢lUr5 in p8rt-ts"n erysloymentfollowiry appc4nlmentor a Change of contra¢L Teachers Ilur$ are able to opt out of TPS. TPS Is run in 5uth a way that ¢h• Charity is unobleto ienfy itsshareoflheunderfyiThJ assets and li8bithtes Therefts. thÈ¢harge in theSOFA of £233,043 12022 - £152.5211 Is the arrnunt payable in the yeat as th Charity a¢¢ounts for the TPS a$ il il re a defined contrbution sche. AJthoL#Jh leachefs and leciur8rs are plOYed ty variows bodiw.thoir lItand othwpen$ion tenefi including annual increases paye undw Ihe Pensions lIncOse) are. as provided for in the SuperannuaDon kt 1972. paid out of rTh)nies provided by Parli78n1 Under lh• unfunded TPS. teachers. ¢ontributs"ons on a'pay-a5-yOU-go' bas15. and employers. contrit"0(6. we crlted 10 the Excheqwr tsnd arrangennts governedby the above kl TheTeacher5' Pension Regulatior6 requi an annual a¢¢ount. the Teacher5, Pension Accounl, to be kept ofreceipts and expen4l1ureli1lmIln9the costofpen5iOn5' Incases1 From 1 Npril 20J1. Ihe kcount W11 be Csited with a real rate ol rÈbJrn (in excess ol piice Increases and currently set ai 3.0%). which Is eq uiva18ntto 3ssurning ihat the balance in the kcountis invested in nobona inveslmenls Ihal prodwe thal real rale of rEturn )1 less than every louryear5.YMth a supportin9 inierinvaluation in bewn. theG0vernThIp£tuzry I'GA), using normal actvarial prinwes. conducts a forrnal acluanal re¥¢ ofthe TPS. Th8 ofthe reviw is b specify Ihvlevel of fvlyre ¢ontributions.Contrbutiors areas5essed in parts. First, a s¢andard contrbutson isdetermined. This is lh8 contsibub"on. expsed a$aper¢eneOfthe $alariesof¢eacher$ and le¢turers in servic8orenlering 5ervioduringtheperic&l orwhichlhe Contrèution rateapplies, whith ifilwere paid o th8 entire aebve service period of Ihese teachefs and lecturers would broadty defray the cost5 of benBfts in rnspect of that service. Se¢ondly. a SpleMen18ry contritrJbon 15 payzblè if, as a result of thè actuaNal lnve$tsga., Il is fouThJ Ihal aCcwnaIed Iiablth"e5 of the kcount for benefits to past and present te8chaE, are notfullycovered ty Staftda contrit•Jtions k) tepaid In lulure and ty the nots0n fimd lItuP from past ontribubon5. The last valuatson of the TPS related b) th• period from 1 •ril 2022 10 31 M¥ch 2023. The GAS report of March 2023 revealed thalthe 10t aggwate scheme li"lib"es of the TPS amunts(I to £303.2 billign The value of Ihe aggre9atesChe assets wa5 £Nil TheassuNd teal rate of r4um 1$ 2 4% in excess of prics and 3.65% in excess of eamings. The late of wl eamin9S 9rowth is assurngd to t¢ 0.5%. The 8$5urKd gross rate of luM Is 3.65% Eftw1oyer¢ontrilwli aCUrrendypa•dat8 r* Of23.. EIloYerslso pay a ch¥9eequivaèntto 0.0 OfpensioneSg1ary costs to cover aministration expenses.
Dow$ En¥knFe ID.. cOCCF073-3ECC4W&EG74E39F1B NOVALIS TRUST NOTES TO THE FINANCIAL 5TATEthIEMTS {tontinwedl FOR THE YEAR ENDED 31 AUGUST 2023 11 RENCILIATION OF NET IAOVEMEMT IM FUNDS TO NET CASH FLOW FROIA OPERATWG ACTMTIES 2022 Nel income before other I09n1$ed gains and 1tssse5 Nel interest Depreciation Profiton Ji5POs31 of langit48 fixed assets Decrease in stock Ilncroasellt*rrvase in deblors knase In ¢ra1ibrs 286,rh96 127.1651 81M.925 {8.4011 1.192.218 19.9161 6.393 1319.7621 I,570,9 173.341 19)7.2771 1.028,057 2..695 1.679.713