Ch)wS•3n Eth￿¢Ve ID.. crKcF07&3ECC49￿AAF￿cE674E39FlB 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 ETh￿10pe ID.. C(CCFD734ECC4￿AjE￿￿E674E39F1B NOVALIS TRUST FINANCIAL STATEIAENTS FOR THEYEAR ENDEO 31 ALtsUST 2023 CONTEIITS LEGAL AND ADMINISTRATNE INFORMATION TRUSTEES, REFflRT STATEMENT OF TRUSTEES RESR)NSI￿￿TlEs 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￿$￿￿n EfftWe10.. C(CCF07>3ECC-49JWIFg-8CE674EWIB NOVALIS TRItsT LEGAL ANO ADMINISTRATIVE INFORIAATION FOR THEYEAR eNoED 31 AUGUST 2023 Ch•rfty numb•r Company wl%tsatioTr number 05114710 Registsml offr Ebley Ho￿e Z35 Westr*ard Road Ebley rowj G10￿e$￿ShI GL54S Principal oific• Eb* HO￿%8 235 Westward Road Ebl StrO￿j GIOu￿5￿$h GLS &8X TNste•¥ M Bennett E Buckland D Walion &ntth INop0iThW 1 20231 D Rice IPppointe(16 Sep*mber 20231 Secrntiry P Fwley Ch••f •A¢¢uti¥e Aud•tts Ha¥ewtsods LLP WindsorHou5e Bayshill Roèj Cheltenham GLXI SAT B•nk•rs Lloyds Bank Fle 12 Rowcroft strowj Glou¢estershi GLS 38D Oowsbjn EnwloFe 10.. CIKCF07>3ECC4WAPF￿BcE674EWlB I￿vALl5 TRUST TRUSTEES. REPORT FOR THE YEAR EIIDED 31 AUGUST 2023 The TA￿le85. who We alsodirecknrsforthepurposèstsfcompany law. p￿￿tIhOIr knnual Rgport and thè Finan¢i state￿nts for the yearended 31 *wJust 3)23. STRUCTURE GOVERNANCE A14D IA4NAGEIIENT Go￿rnIng do¢um•nt •fid n¥n•9emnt Novali5 Trustis a company limitsy byguaranteeand iSgovern￿ ty its M￿Orandum8nd articles ofassociation. It 18 regi$*reil charitywiththeCharityCorniss*)n. Theconpany was preV￿￿￿Y caled The Noval&s Tru5tLirnited, CotrNJkl Chineschool. and then CotswobJChin+&Par*liseHovst 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 Septart*r 2022". M &nneti E 8uckland D Walton M Srnilh I￿pOinted 1 M8rch 20231 D M Rice IAppoin¢ed 6 Seplffr*or 2023) J Houlston-Hop• IRe51gn•d 9 Januwy 20rJi Appolntmgnt <)1 TNst• The appoinlrnentolTru5te85 is governed ty the wbcl050fa550uab'on.theTrus*tt ￿"n9 aulhorised to fill va¢ancitt5 ari$ing thrO￿Jh resignation ordeah of an exisb.ng Tr￿￿e Tru8tws induction and trnining New Tru5tee5 undergo an orionlab"w pro£￿ b) W Ih•m on Iheir1•9al otyi9ab"M$ 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 in5ur*ra prenwurns io ind￿nity Ihe charity from any105s arb5ing from neglect or d•laults of Trustees or sl•ff. Oryanisation The Trustees meet regularly to ove￿08 the chwitys atsr5, the day to day operab'on of which is in the handsof th• Chief Executive. J Luka5 and hi5 Senior Man4try*it Team. TheTrustees havea background inaccountang. educatson andheallh TO￿lheY4￿rkcl0setyW1th 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 f*en identifigj. The related party transath.ons ¥• in¢l￿ed in note 16 lo Ihwe finwcial staknwis. D￿s￿n Èn**p• 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 revie*ed b￿nn1￿￿ ty the Board. It pro¥ide¥ direction 9uidznce to th• Trustees on the organisab.on anL1 Str￿l￿re of Ihe chanty. icRe Principal ris*s and yft¢ert*intles The Truslees have a risk managerrent strategy which compri*s an on-g￿￿ revie*oftherisks 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 a￿laCk of confidence in the busin ulb.ng in a lack of placen*nts.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 Tr￿st. The 803rd maintains a gistsr that is revie*td by the ￿810 at least *nually. Golng concern TheTrustees ha¥¢ prepared fornca515forlh¢ngx112 months thal ind1cat•th*theTrU$t￿ll COnb"n￿l0 hav8srficwt esources avzilzbleto trade as a goin9coKem. TheTru$*es. there1¢￿. hayea rea50natA•expeEtab"on thallheTru5t has •Jegu* resour¢esto con*'nu8 in O￿ra￿.0na1eXIS1en￿forthef0￿eSe8zlAQfvtY￿ 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_dr*ts on the18test praciiceand ￿search by someof the w0￿d8' leading practstr>n￿s 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$htps fomi the fowdation ofour work. We strive to ¢ollaborak as a ￿1h each otrer. v*th the young peopleand &Jults inour care, Wlh th*rlarnilts and wthotherprofessRMals A ￿ned wlha shar•J ethos, vall and apprOach,0￿*hree0rgans3tsonsshafeManagelr*￿L fifiarte. admin$tratDn, rnaIntenar￿8, 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. t￿th ofWh¢ha￿l￿depende￿l5f*0I $ehoolsforchikJren and young Peopk￿1h complex leaming needsand associated $ocMg1.embon* and behavio difficulbes. Cotswold chir￿ Schod i5appThJ*d by Ihe DepartrnentforEdu¢ab"on lo admil w to 60 pupils (aged be￿ert 7 and 191 of*hich ￿ to 42 may te on widential p￿c￿*Thts. Beca￿ea nuftts Orthe￿IlJents.aI placwentsareformorethan 295 day5 pw y•ar, the school is also r•3i$*r*J ¥Jryth olsted as a children'* hoffe. William Morris S¢hool in EaS￿n910￿ is an in*wdent day and b)zrdry special 5chcol whrh has teen appro￿1 tw the Deparknent for Education to admit up lo 40 pupilsaged 7 10 19. The Xhool offws boardlngfor up to 14 p￿lIS 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￿.￿currlC￿1￿e￿Sures thatev8ry child rnakes the b88t possible progress in th￿r ed￿atrOn. wha*ver th￿r 5tsrtyng point. Thecharity a150 own5and operatss Par•JiseHouse.which is a widenb"al¢arthoA*ftsradults wth leamingdifficult&, situated justoutside Painswllck, Glcwestetsh*e. Itis regi$t¢red forup to 30residents thecareauality Commis5xJn. There is a ¢afé and **rk$hops on sitelor the￿id￿ts to access. ParaJ15eHQ￿eQff￿s a $tron9 senseofcoftwrunty an¢J all resilents a￿SuPpOrted to li%*lifetO ihelLdl ank1 parts￿pateln a*iderangeofcreab"¥eantl l&sureacb"vib"es both on$ite and in the wider cornunity. DOu￿19n 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 headq￿rt¥S and provid•5 central Strvices s￿h as stsff training, human our¢es. fin￿et *)d a conference witre. The Tru5f$ Clinical and Therryy Support Is aww1￿e 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 Inform*l.Attachmt Focused and Relztion5hp 8ased, delivered through a lowar0￿al 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 encomp￿1￿j attXhment￿5ateJ 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 IhatPrOr￿t£9 saf*ty and pos￿1¢r￿a￿"Qh$hQ$. Th¢Tr￿¢s¢$I?bIl$￿ed approach. atitscore. promotes Safety and recovery from advwsity Ihrough Ihe cre*ion of a Irawna Inlorn￿j'. trawna Specific, #nd * trauma r*spo￿Tr environment and social group. The Edueaiion, Health and Care Hanning IEHCPI pro¢ess is seen as ￿ inyortanl holistic way of considering the complex n*Js olyoung people.which 15 Corrfjn￿Dl￿Lh theNovalis P•od•l ofapproach Thi$ ensu￿$ theeducation. care. clinical andtherapeub'c health needscontinuelts befi￿ by Cotswold Ch1neSchool and WI￿arn Morris School and provides posib.veou￿omeS and expe￿ces. Safeguarding ￿rI￿ainS Integra1.￿Ih fivetrained Designated ￿uardiry Olficers across various ro*s. The Trusthos& uni¥ersitystud8ntsforworkexperienoin avariety ofare3s. foslering kn¢ywl**e-tharirs and rel8tion$hipswith h9h educabon providws. TheTru$tees ¢onfirrn thatlhey havecomplied IherequirerrnntsoftheCharib"esA¢12022 to havedue r￿ard to the Charity Cornission s general guidance on putlic benefit. ￿$ts. they confimi that Ihe charitsble pwposes of the organisalion. parbculady in the a￿a5 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¢ $¢hoobproffolrg an understanding of trauma and its effects on ¢hiléren. youn9 people and . Worklngcollqt￿rkn￿Y￿th connected profes$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 ch*t*Jle PLwposes fr*r Ihe public benefit 3 ACtrIIEIIEMENTS ANO PERFORMANCE The charity conlinue5 to provide a Iherapeuts"¢ ￿vil?Am￿t (orvulneratye peop￿ th[0￿dh the provisbjn of education. $o¢ial ¢a￿aTrO ¢lini¢* therapy in away that hdpsyoung peo*overcomebarriers to therleaming. In the ¢ase oladults the provision offers specialist support to le*J as person-tentred and tulfillin9 a life as possibl&. Opportunth'es for youn9 peopk and ￿SIdents lo a¢￿$ Ih? loc￿ coff*munity throwh the provtsvn of Independ￿r8 training andsultablex￿m0d¥ts.W Arangeo15uilalAeacbvitsesthatollereducabonal and ocoJpatioTral opportunr a￿ provided. TheCotswoKI ChineSc*oc4 EdI￿tic￿ 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￿&AAF￿￿4EJSF1e 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 J￿g￿ent0t.reqYIres in¥Jro¥err*ntto be 9ood'. Inspectorn and leaders recogn*aJ that the Covid 19 pandemic resulted in more inlornation btrng hdd centralty rather than in the h(thes iurn zff8Cted the levd ofinfomiab.on avail*Aelo son*staffvffjrt1n9￿th 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 rt*t OFSTELYS 3-day full inspecb"M ofcotswokl Chir*SChoofs¢a￿pr0vl9l￿ 0fi241h January 2024 re5ult*J in a 9wd' judgrr￿At0¢ross all areas, Vlilh an'oulstandin9' rab.ng forle&Jershipand ffl•na9e￿nI. Thefull report is pefidin9. txl inspectors highligthted Ihe schoofs pro1rnti￿ of a relationship-based ¢ullure invdbir%J strong farnily invol¥*m￿t day-lo-day care. therapy, and support. Paradise Housewas last inspected ty Ihecao Ouality Commission on 26th January 2022 where they inspec￿1 fr? hoffe but dié not provKle a new r*ing. 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 ottse￿8d Ihe peop* using the sevvice r￿Ve￿ planr%d and eo-ordinated p•wft- tentred supportthatwa5 appropriateand 1ncFJsi4Eforth￿. People**re swported ￿ accessthtirlocal communty to lollow th•r intewts. People. relabves an*J $trff told Lts Ihe servi¢Èwas **ll ￿,. Willi*n Morris Schoolwas inspea&l by OFSTED on 13th to 151h June 2023 and receiv￿ the overall ratin9 of9Q(*J. The inspectors ¢(￿mented duriThJ the 5chod'$ fi(st year, leaders have $u¢ceeded in eslalishYb9 a po$iti4e stho culture.. The chanty continues to enhan￿ ils Clintal, TheraF*Jb"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 strategYn￿ting and Ihey offersupport5ervtesto care3nd IEachirYJ $taff. Thetearn 15 rnanagal by an 0¢¢￿a￿ONal Therapistwhowa$81so appom￿ by ¢heChiefEKe¢u*¥eanL1 Truslgesa5 t*uty chie1Ex￿b. The neurodevelop￿ntcIInlc￿hIch wa5 launched In February2021 to a55ess the young peopleforautismspeclrum disorder and neur(*Sevel)pn*niaJ cl￿￿1"0￿5 wilh inwt from t*lh the young pewn and Iheir families orcare glbe3 as part of this process. Staff training remains a priority. a part1cu1arfoc￿ on the Trauma InfDrrn•d ca￿ qualifica￿'On. The Trust is an accredited centre for the provis￿ of training in Neurosv4U￿tsal Model olTherapeuts"cs INMTI and Collaborafve ollem Solving. The NeurO5eqUenti￿ Modd of Therapeuts"¢5 (Nkffi. 11 is a developffl8ntdly sensitve. neurobiok)gralty inloffT& approach fo Clinical ￿r￿ Ihatintegratssseveral c0reprincp￿O￿nÈUrod￿T1Oprr￿t1rtIo4 cOmpreheThsi￿app 'b) ihe child. family and broajer communty. We have a nwfiber olsiaff on the RQF4 Cerltfi¢* In Family Workcourse. this Is a ¢our5ewe helped lo create. The quo1ifi¢alion introju￿ learners to the key knowle(Ige. understanding and skil$ Invo￿ad in Sy$terni¢ Family Work. what il look5 likeand why il is a vital partof caring forch11d￿n.Y0urtg peo￿e3nd adultswth lik histories orlossor $epar8bon fromfamily w￿rnbe￿. attachrrenl d15ruption or oihw rela￿O￿al rupiures, andlor deVelOpr￿la1 trauma.. In tsrdtr to continiA tts ensurt sale9uarding rtrn*n$ art imb3ral ele￿￿1 ￿thiffi Ihe Ch￿ty, theo are five tr8intsJ Designated Safe9uarding offi¢ers Cotswold Chir* School h85 ade51gnaled sthguarding le&J forcarewho 1$ also a Men￿1 Health FirsiAderforslaff. young peopkand ad￿ts 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 s￿11 subject to 50rre Covid 19 re5tricfjons Howeverlhey are able lo parbcipatein training forlhe residents in first￿d. healthy lifB5tye5 antj life5kil& and althe •nd of each unitihe residents are P￿en￿￿ wilh a tytificateand all residents invDlbTd havegained new5kill$ from th6s•ses$ions. AParadisenLw41eryer is prod￿ ty wulatyymth Ihe ho1po1resi￿nts and staff at Paradise House. DooJ&gn EmWcw10.. c￿¢FO7￿3ECc4￿)￿mcE674E39FIb NOVAL15 TRUST TRUSTEES. REPORT Icontbnu•dl FOR THE YEAR EP4DED 31 AUGiK8T 2023 The acgw$ilion ofaproperty in Walesfoi hOl￿aY a¢commdats'onha$t￿ ￿ryle￿. providing oppO￿nI￿.es for studenls, r85idents, and young P￿￿et0 $tayth•A•. Furtherwork r6 bwng done to upd819 Ih? property lo a $imilar style lo the rest of Ihe TrusL Throughouttheye¥*e a numter of univetsitysl￿18ntsPlaCed atthe NovalisTrustforwork expertence, ￿ feel thi5 gives an opportunity to share knoT￿edge and experb5e and build rdabonships with higher education providers. Ilalso givesothersan wderstsndiig oftheworkwedo and help5 to pror￿te the social CaTe sector and theirfresh perspecbveheJps*ith oUrcontinuo￿ de¥elopwt We plan to eNhart￿ Ihis 8nd invite MO￿ Students from other disciplines. FINANCIAL RE¥IEW The Trus¥5 over411 incm was hi9her Ihw Ihe prthfiOUS year costs incre85iry also. Occupanorf and pupil nurnbBf5h4¥e fallen 4urin9 theyeard￿ to Williarn kk)This tran5ferriry fromacollegeio a School. ItiSexp￿tsJ lo increase Ihe 1¥urt￿ of pupils into FY24. PLANS FOR FUTURE PERIODS The therapeutic ¢ufri¢LAum launched In Septernt•r 2021, inclwJe5 lour different P8thway5 (Seedling. Saplin9. Sycamore and ￿0$sOm). ali9ned¥Jrylh the Neurosquenb"al modelofTherapeutics. The therapy and education t¢anK8 * Cotswold chil￿*hO￿ Willw k4)rri$S¢hool*ill un¢JergoneurolcsictrainiNJto explo¢additional regulatic strategies. To elevate Iheioleof $gtsalwoth aiNovali$Tws( qualIffi￿ SOCI￿ worker5wII have key responsbi1ts5 in children's hoff*s and the caredepartrnenl. Staff who are notalrea(ly qualifi￿ &¢ial wo￿tr$￿Il￿e$￿pptsrted Ihiough $oeial apprenbc8ships and Open University progr•1￿. Collaboraiionwrith ac&lwics and prOfess"onals￿lI res￿11￿ p￿iShed arbcle5 docurr*nbng the integrated holi$ti¢ approa¢h in edu¢abon.therapy. and $o¢ial rare. Ongoing devolopmeni of partnerships with other OTganigabons, prof8s5ional4 and ￿adeMic5. parts'ujlarty in traTha-Inform*J cwe.wMII raY*ain a locus ollhe overall ¢hanbes work. The Trust YMII focus on pron>)bng heallh and 7h*llbeing for children. •Ju115. and staff. A 5-year environff*nt refurbishrnentand renOVa￿On program will bring the smaller how up to the SthAdard as Ihe schools. other hoff￿8. Williamfv%)rri$ S¢hoofs mveto offerboarding Irom&p*rtw 2U24 ￿11 ptompt a Social Ca￿ OFSTED insp•ction, requiring careful Prepara￿on in areas like recruilment poliLy and •Jmi$$ions. The Trustwill Conb"n￿t￿ 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 Improv￿91hequ￿ltyofc8re. edLKafron. clini￿1 an*Y the￿Y $Upportlhro￿h conbnued colla￿￿tson 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 infrasinxtwelor*tricvehic*s*d explor• othw environmntal frien¢Jly changes. The Trust will conlinudly rwie* exisbng hOTh￿ for lurthw inyrov*wts kn ensure Ihat Cotswrld Chine School. Paradise House. and William School mainlw'n or irnproving Iheir ovewl OFSTED CQC gcades. The HaI￿aY 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 P￿1¢ 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>3ECC4W￿￿E674￿1B 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 peo￿e. The Tr￿1 purchased ihis propwty duriryJ Ihe year lo 31 fvjjyusi 2Q3. the￿fore the reserve has t*•n transferred inlo general IuA*J$. 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 ¢onwL*nOy is ex￿pt fvom Corporation Tax. AUDITORS Hazlewood5 LLP have *led 85 auditors a wlub.on pr￿0$1￿9 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 ￿ ￿n￿re." and the Trustee5 have tsken all ihe step$ tha¢ thty ts￿3h1 to have taken in tr￿er ￿ m&ke themsetves aware olwy ￿¢v?n1 audit irtlomiab.on lo est￿lSh 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 Stslem￿ts 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 p￿pa￿the finanryal Stat￿)ell154n aCcordars￿wIlh United ￿ngd0mGenera1IY Accepted kcounbn9 Pr8cbcelUnited ￿n9￿•MAtc0Un￿.rt9 SlandaTdsalld ap￿Thble1aW1. Undercornpany I￿theTrU5teeS Must notapprove th8 fiTran￿81 statwnents unless Ihey are sabsfied that they give a and fair vbew of the stste of affairs of the cornpany and of its Incoming ￿50￿r￿ and appli¢ats"on ol resour¢es. inelthling the and expenditvre.ofthecompwy knrth*period. In pw¥ing Ihose financi4 sia*m&its, the TnJstees are required to.. selKI 5uitsble xcoun￿￿9 policie5 and then wply Ihem consistentty,. observeff*thod5 and princW8sin theChwiliesSORPlknunting and Reputing by Charities- Ststernent of Recomrrended PraEbc•l, make judgen*nts and esb"ma*s thai We teasonable prudent p￿Par&Ihe financial slatefflentson thegoingcorwn b￿8 unless ills inapprwatelo presume that the Company will ¢•ntinue ift b￿1N*$$. 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 slat*nents 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. DD￿S￿n En¥eknp8 ￿. cr￿CF￿T&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 $tsternents of NoV￿lS Trust l)r ihe year ended 31 knJust 2023. which comprise Stalem¢fit of Fiftanclzlk￿'¥lIEs, BalanceSh•rt Stale￿nt ofchanges in Equity, &atemenlof Cash Flow5, and NoÈ5 to the Financial Statements. Includin9 asvnNnary of si9nif¢ant8c¢ouThbng polties Thefinanual ￿porknn9fr8rn￿Olk thai has ￿en applied in their preparots.on 1$ appli¢aNe law and Unitel ￿Tr9d￿rn knounbng Stsndar¢J$. in¢bA5ng Financial Reportin9 St3ndard 1(r2 The Finanual Reportmg Standartl appl￿ble in Ihe UK and RePU￿1C of Ireland. (United ￿n9dorn Generally kcept•J knunb.ng Prxts'cel. In our opinion the financial give a true and fair vitrw ol Ihe sla* offth* ¢harit*Jle ¢ompany'$ affairs as at 31 A￿￿$t 2023 of its inwfir¥J sources ané appli¢*ion of resources. IncI￿ain9 its Income and expenditure. lor Ihe yew then ended", have been properly prepared in ￿CC￿Ce with Unibj ￿ngdCffiGener￿ly kcepted kcountin9 Practice., and have been prepared in arxorrf￿￿ with the requirements ol the Cornpanies kl 20C6. B••is foropinion We conducted ouraudit in accordance￿7th Intemabonal Standard5 Nudi*"ng (UK) IISAS IU Kpl and appliublelaw. Our respon$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 Includir*J the FRC'S Ethical &ant¥ard. and we have fulfilled ourolherethical respon&blrties in aCCo￿lance￿th these requirement5. We bBlie¥•lhaltheaudit Idence we have obt¥ntrJ is sufficient and appropnate ￿ provbde a basis ft*rour 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 Of￿￿ts"n9 in theprepw&"on ofthefin8ncial $taten*nts is not appropriate. or Ihe director5 have not dixkns•J in the financsal 5ta*ments any idenithed material uncertainb"e$ that may cast significant doubt abjut the chatitable companys ability to continL* to •Jopl the 9oin9 conwn basis or accounb"ngfr*ra period olatleasttrtlv• rnonthsfromthedth when the financi¥ stat*nents arewthoriseo frJr Oth•r infomwiitin Thedireclors are responst4eforth*otherinlornatioA. Theoiherinftyma*oncomwisestheinlomiab"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. ex￿ptIO the extenl other*iseexplicitly stated in ourreport, we do not expres$ any forrn of aJ$urance conclltsion thereon. In conneciion with OLff aLK3irolihe financial stare11￿1$. our responsib%ty isto reaj theotherinformation ￿d. in doKvJ so. con5iderwhether the other irtfomiab.on is ma*rially inconsskntwilh the financial slalements or our kno￿&￿ge obtained in the aL*Jil or otheM$e appears to be materially m155tsled. tf iderlify such rnaterial inconS￿lenaes or apparentmaterial mi5stalernents.we are required to deierrrinewhetherlhbye is a matenal mi551atement in thefinanaa staten*nts 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 a￿lit the infomiab.on 9ivefi In Ihe Reportofthe Trustees lor the finwcial yearfor *thi¢tt Ihefinancial sta*rrents are prepared is ¢onsi$knl Wilh the financial stat￿￿Tr￿.. and Ihe Reportol the Trustees have Prepar￿ in ￿C0rdanCe￿th applicable *al rn4uiremnts. DorJJSvJn En*k)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 under*ndiryJ ofthegroLW and thechanlablecortyany and its environThwtot4aw in the course of the audit. we have noi idenb.fied rna*rial nH5ststements in the Report of the Trustees. We havè to report in ￿P￿t0fth& follo¥Mrg matt•ts whets the Compani85 kt 211]6 ie4UiQS ￿ to report b you if, in our opinion.. adwuale accounting r¢cordshavgnotbeen kepltylheparw1￿fflpanY.or r&um$adequ*eforouraudilha not been received trom branches not V15i*d by u5.. or the charitablecompany financi￿ slat￿ntsarenot1fi a3reement¥rith ihe accounbng records and returns,. or certain disclosures of d1￿CtOrS. 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 Ststerr*nl 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 thedl￿t￿lS dewnxne is necessary tts enatA• th• preparabon offinancial 5tat*nBn15 Ihat ar• fie from material rni$s18ternen( *helher due to fraud orerror. In preparing the finwcial Stat•r￿nts. the directors ar• r•5POnSt48 6)r a55e551ll9 the charit*le compwls aL¥'lity b conbnue as a 9oin9 concern. Oiscb$rg. asappli¢aNe. matws ￿18￿ Io going con￿r￿ 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 rnis5taterr*Trl, whether due to fraL*4 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 fra￿1 or error are considered rnaterial if. indiv*Juallyor 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 ￿or0￿ce *ith ISAS IUIQ. T*e exercise PfofessionJl jud9meni•n•J maintsin professional scepli¢i$rn througho1￿ Ihe a￿11( We also". Identify and asse55 the nsks of material misstatwrnnt ofthe finan￿al statemnts. whether due to tra￿ or error. design and perforrn a￿11 proc•Jur85 responsbe lo ihose risks. and oblain a￿lIt eviden￿ that is suffici8nl and appr•pr•teto ptovbJea basis forouropinioA.Th* r1sk0fnotde￿trry amaterial misst¥temenlresults"ng fromfrauj is higher Ihan for one resuI*"ng from error, 0$ frawj may involve ￿11￿1￿. lor9ery. inthb.onal orThssp)n& misrepre5enlatsons, or the override of internal ry>ntrol Obtaifi an understand￿9 ol internal control rdevant to the a￿lIt 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 reason*kne6s of arxounth.ng e6tim8tes and rdaled disdosures rnade by the Irusiees Concludeon theappropnateness0fthetr￿S￿8S. US8 of the going coTh￿rn 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 golngcon￿rn Ifwe Concl￿￿ethat3 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 conc￿S1on5 are based Dn the audit eviden Oblain￿ up to Ihedakofouraudito¢$feport. Ho*vw. lutyreevents Or￿n￿lI￿n$ maycausethecharity to cease to continue as a going concern. Evaluate the overall presenlalion, str￿￿1?and contenlolthefinancial staternents, includ￿gthedIsCb)￿res, whethe¥ the financial stateryEnts rEpre5entthe undertying tran5*xJn5 and events in a mwnerthat achieve5 fair p￿sentatIOn. Obtain suificiefitappropriate aLMlitevi*JenceregardirvJ thefinancialinformab.onof theentitiesortrwsinessactivitQ5 within the charity to express an opinion on Ihe financial stateTr*nts. 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 Ch￿ed wilh 9ovemancè warding. ar￿)rt9 other n4ttws, the planned scope and b"min9 of Ihe aL#lit and significant a￿lilfindiN9S. IncI￿1n9 any si9nifi¢ant deficiencies In intwnal control that we identify during our audic 10 DooJSlgn Eth￿￿10." C(ccFD7>3ECC4￿￿E674EJ9F1B NOVALIS TRUST (Company Numb•r. 05114710) FINANCIAL STATEMENTS FOR THE YEAR ENDED J1 AUGUST 2023 INDEPENOENT AUOITOR'S REPORT TO THE IAEIIBERS Icontinuqdl Alurlher descnptiry7ofow￿p0n$0IbI*5f0Tth8 awjltoflhefin￿￿d slAt•T￿tsis locaby on theFinanc¢l Reporfng Coun¢il'$ website at www.frc.0rg.ukla￿jIt0r5r8SPOn5i￿.lIfreS. This de5cripbon pari of our audilorfs report. Exthnt to whlch lh• audil was Co￿ld•￿d ¢ap•lH• •f d•t•¢llng 1ff•gUW￿ in¢ludiny fmd Owing to the inherenl limitations of an aL*li( there is an unavoidajle risk that Ma￿la1 misslatement5 in the hnan¢d Statements may notbedetectsd. even Ihough thea￿￿111$ prCVer￿ pknr*d ￿dpert0rtTh8d in accordantswith thelSA's (UK). In idenbfyiry and asses$ihg risks of mawial Mis-slaleft￿t in ￿pect of fraud, ind￿11￿ irregularities and non- ¢oftwlian¢e with laws and regul4tion$. our procedures In¢1￿￿￿ Ihe follo￿n9.. We obiainèj * underslanding ol the legal and re9ulatory frarneA*rks appliCa￿e to Ihe Company finano st*ments or Ihat had a lundaffenki eff￿1 om Ihe ¢arnpany s opera￿On$ We deten￿in￿j Ihat the most $19nificani laws and regulations indud*J UKGA4P. UK Companies kl and taxabon laws. VV& undbystogd howth&¢ompanyis ¢on¥JlwThJ*7th Iho$elegal and ￿ulatory110r￿*thSby making inq uu of ￿nag￿ent 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 eAga9*Th*tte￿ ind￿￿0￿.. Idenb"tyin9 and a$$essin9th•desi9n dk¢b"V￿essofconIrdsrnan¥Jelr￿nlhOsln plx•w preventand dgla¢t fra￿". Understandin9 17ow those char9&1 governan￿ Considered and •adresS￿ Ihe polents.al far override of nirolsorolher inapprowiateinflL*n￿OVerthefinOnCd reportilgpr0￿s5. Oetsile(l anatys$ ofiournalspo*J 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 managw*nt in ils $ignifiwt a¢counb"n9 esb"mates. Use of our report This report15madg solely to th&charity¥trustees. as a ￿dy. in %cotdance*ilh theCharitièsPLt 2022. Our audit has teen undert*en so thai*e n*9ht$t* to the trustee¥ thosematk¥s ￿ are requir&J W State to Ihern in an auditors. report and lor no olher purpo$e To the fullest extent perrrutted by I￿. w8 do not accept or assume responsbilty b anyone olherthan the charity and the ch￿ty¥trUs￿e$ as a b)dy,knrow a￿111￿0￿. lor thi5 report. orfor the opi11￿5 we have form*J. Martsn Howard (Senior Ststutory A￿lIOrI For and on behalf of Ha￿￿0[1$ LLP. Statutory AwJik)r Wind50r Hous• Bayshill Road CheltenhAm GW 14T 191212024 11 Oow&"w Er￿*lope 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 - ReSId￿ts"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 Exp￿401TuRE 113,X6.PIJ)1 {13,311.8C61 111.792,8061 12 DooJSvdn en¥elope ID.. CLfCFDT&3ECC4S¥)mAF￿EG?4EWlB NOVALIS TRUST srATEMENT OF FIPIAIKIAL ACTMTIES {contin￿ed1 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 ca￿lad loThvard 13 .547 a).949.164 21.039,711 20,756,625 19ains and los￿ re￿gniSed in th8 year are ind￿je￿ above aAd all operab"ors$ are continuing. To •nabl• a i*tter underslandin9 of the financid ststefflents, the Stalernunt Of Finartci•l kbvib.es separalely idents.fies Ihe Income and c08ts ofrnnning Ihe m*n aebvibÈS. Note of hl8torkal cost iTrcofflo and exp8ndits 2￿) 22 Reported not mo¥•rnnt 283,086 1,1¥2,218 Diffvr8ncv be￿en the historical costdepreciabon charge and th¢ actual depreciatiofi chargeoftheye3r ra1culato¢ on the r8¥alued ￿ts￿l 41,387 28,494 Hi8ttiric81 eost net movements fvnd 324.473 1.220.712 13 ODGuSwJn Enb*knp8 ID.. CIK¢F07>3ECC4￿VF￿Es74EJ$FlB NOVALIS TRUST 8ALAN¢E SHEeT (Conwany Mumbv. 051147101 AS AT 31 AUGUST 2023 Not• 2022 Tongible assets Investments lQ914,144 17.870,664 18,919,145 17,870,665 CURRENT ASSErs Stocks Debtor5'. knunts laliig due YAilhYtr vbe year Deblor$." An￿￿nIS 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.$04.9611 14.331,6191 GURRENT ASSErs 2.125.566 2.885.960 TOTAL AsseTS LESS LIABIUTIES 21.039.711 20.756,625 CAPITAL A14D RESERVES Fund8 Restrictsd l￿d$ Unrestricted knds.. Operzts'onal ga)eral fuTr1 Property revaluai*n 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 operatio￿*1 Prnp•rty D￿19n•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¥alL*d 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 bro￿h1 forwaTrJ at 1 September 2021 11,917.813 6.988.467 Sg),OL 108,127 19,W,407 Net incofftsng r&ou￿8 for¢ transfer5 13)9,615 117,39n 1.192,218 reciaiion on ￿¥01￿1 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 Er￿1¢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 f￿rn 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 Inb*stino 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 STATy￿T8 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¥￿yO￿On of rertain fixed assets. aJopb"n9 the lollowing principal accounb.ng policie5 all of which are in accordancewith knoMb'ngand A￿orting by Charib"es." stat￿￿t 0fReCo￿8nded Pracbc8-P%￿￿ntlng and Reporting by Chanbes ISORP FRS1021 Is$￿ ifi July 2014 and The Cornpanies kl 2￿6 The thnancial $tstenwts we presenw in Pounds SWing. Cornpany 4tst￿¥ The company 1$ limited by guaran*a 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 rMuiren*nts oflhe Companiespd %X6 regards to the lomi ènd conwni olthe financial stat￿7￿. The company 1$ aprivaie corty>*y, limi￿ ty guaranits*ithout$hwecapilal. Incow￿*d and domi¢Aled in England and Wale5. The addres$ of ib re9iStered office is." Ebley Housfr 235 Westr*ard 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 slate￿nts The ffinancial ststerr*nls do noi INd￿Je 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. UnrestriC￿j genwJ fvnds.whichcw be in axordwo￿1h 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$p￿lfi¢ proje¢t5 ear-marked by the Trustees." or R£stricted lund5. whirh can onlybe used fprparticulwre5kncted purposesl￿lhIntheQbJ•cts ol. the charity. Restrictions are speufied by the donor orwhen fvnds are raised for pa￿cular restricigj purposes. Al lunds received to date have ￿en applied againstcapital projects. Incoming Wo￿1¢*$ 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 ￿ qU￿tified wlh rèasonable accurxy. 17 DgcuSwJn En*loF• ID. C￿¢Fo7&3EC&4￿AAF￿BcE674￿39Flts 140VALIS TRUST 140TES TO THE FINANCIAL STATEMENTS l¢ontinu8dl FOR THE YEAR ENDED 31 AUGUST 2023 R•oOUr￿ txpended l e*penditureis *coun*d 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 man2gerr*nt esb"mate$ ol Ihtarnount attributatAe to Ihatactivity In theyear on a basis consislent wth use of the ￿sOUrCeS. Governance costs Ind￿je $tr*gic 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 StatU￿ry fiDaneial ststtrnents and satssfying pulAic accountability. Taxatlon The Company is an Exempt Chanty *ilhin the n*anin9 of Schedulè 2 01 th• Charib"05 Act 1993 and a5 such 15 a charity *rythin ihe ry￿101ng ofSvc*'on 519ofthe Incon*Tax 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 2￿7 (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 eXcI￿l¥elY charilable purpose5. Tangible fixed a•8ets There is no Set limitlorthe witali$ab"or*ol*xpwd1￿rooll acqvi5ition,enhancem8nt, productionan¢J instalkfon of fixed a55ets. Tangible fixed assets are $tsted in the l)alance sheet at cost less depretyab"on. except ft*r freehold land and buildin9s which are 5ts1•J al Lh•r open market ¥alue. oepreciats.on is ulculated to wrile off the cost or valu*bon less esiim*d 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 inclL*les the netgains and losses arising on revaluab"on$ on(F dispo$al$ thrc+wJhoul Ihe year. Stock# odK is Val￿￿ at thè lo**r of cost and n81 realis*48 val￿. ¢)p•r•lin9 le•$ Rentals ￿91$Ca￿et00pelaD.n> leases T*thtresut6tanlially ￿1 of the LEnefits and risk of 0￿erShiP 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 an￿￿nt01¢0$h and We $ut4"ect b an lnsi9niffi￿ntr1$k of change In valw. Trnde rncei¥4bl•¥ Trade*Jeblors are due from CLtslomers for merchandise sctld or sw¥ice5 perforrrnd in th• ordinary cou￿• vl b￿1n•$$. 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 ￿$h expected to be Teceived. A provision for the impairmentoltrnoe debtors 15 e5tat4i5hed *then there 15 otyecbveevidence that the Trust will not t* able to coIIKt all amounts due accoréing to the original teffn5 of Ihe receiva￿¢9 18 Docws'gn En*knpe ID. C0CCF07>3ECC49￿AAF￿BcE674E￿1& NOVALIS TRUST NOTES TO THE FINAl4C￿L STATEMENTS l¢ofjtinued) FOR THE YEAR ￿DED 31 AUGUST 2023 Trnde payablBs Trade cr•dilpr$areoty1gab¢￿t0 pay fr*r9oo*J$orswvi￿th8th￿tth1 acqui￿ In the ordinary cour50 of business from suppliers knunts Pay8￿¢are classified 85 current li8bilits.es If Ihe company doe5 not have an uncondrtional right. attheend of the reporbng penc4I. to defer settlemenl of the credilot for at least h¥elve months after the reporting date. Ifthere is an unconditK)nal rightio dekn5etUerrent for at least iwelve months after Ihv ieportin9 dale. Ihey are pr￿￿ted a$ 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 a￿0￿1 ofcash 4¥pe¢W lo te pwd. Financial ￿$trUM¢n￿ The trust only has financial assels ffinancial liatslibes ola kind thalqualify a5 basic financial Instru￿￿1$. 8851c financial instruments are initi¥ly recogni$&l attran5acb.on value and subswjuwlly asured at their 5elllerr*n¢ valup with ihe exreption of bank loan$ T*thi¢h are $thequwly rtW8ure(l at artsjrbsèj Cost ￿Ing the effe¢b"ve Inte￿$t nwhod. Penslon costs ContributiDnsar•made OA behalfof t•KhiA9 $taffh) IheGo¥ernff*ntpeA$ion s¢P*￿fr+I teachers, which is multi-ery)1oyer defined t¢Th￿t scheme Ino* 171. With regard to non-Whin9 wpIoye8S. COIltrit￿llOns 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 $Ch￿e$. INVESTMENT INCOME Totsl fundg Tot•1 funds 2022 lund8 funds Bank In￿￿1 rrf&vable 27.165 27.165 9,916 AIIALYSIS OF TOTAL RESOURCES EXPENDED Tolal Totsl 2022 charitab￿ ¥cthvitiqs: - Special needs 8Juc*iy) ReSidW￿al care - s￿￿port 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>3ECQ4￿AAFwEB74E3yFIB NOVALIS TRiIST NOTES TO THE FINANc￿L STATE*NTS {¢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 $alwies Social security costs Other pension costs Olhw ¢3ECc4sWAAF￿E674E￿1￿ 140VALIS TRUST NOTES TO THE F￿ANCIAL 5TATEIENTS l¢ontinued} FOR THE YEAR ENDED 31 AUGUST 2023 Sh•r•s Co•t tsook tAlue A 1 Septemter 2Q2 and at 31 2023 Investr)*nts wresénta £1 invesbnwtin Novalis Fwokssion￿ S8rvice5 Limited. Sub8idi•ry hoklin9• The company holds 100% olihe ordin¥y share in Pkn¥ali5 Professional SeNice5 Limited, company in¢orporaied in En9land. The ¢ompany$ loss frjr th• yw is £14.10812022- £21.6101 and th• capitsl and reswves areI£236.948112￿2-1£222.840)1. Novalts Prolessional s￿iCe$ ￿mile￿ has the swre fegisiwed office as Novalis Trusl STOCKS 2023 21122 Goods hr res*¢ Note 2023 X122 Trade debt￿5 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 En￿1C￿e ITr. CICcFD7>3EcC4￿AAF94cE674E39FlB 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 an*Y 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 Incl￿1￿ in ¥¢crual$ deferrekl inc(¥Te is £3.505.434 (2022- £3,15T,JJ51 in relation lo deferros incorreon $chool fee5 invoi¢gJ in •Jvance. 11 FINANCIAL CoMI￿TI￿E14Ts Opernting Lqa5V4 The ￿181 01firt￿ minimmi lease p•yn*nts is as folk)ws: 2023 2022 Not laler than one year L*r than one year tArt not laÈr lh￿ five yea5 27.959 29,DJ7 12 SHARE CAPITAL The charity does nolhavea share capiial as it 1$ lirrmted by 9￿ar￿tee_ 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 En*W ID.. C¢KCF07>3ECC4ThW￿E674E39Fl8 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 ￿80￿ree8 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￿.8￿J) $91,387 13.480,578 90.547 6.916.5e6 550.000 141.3871 1550,0001 20.758.625 13.$94.892 I13.311.￿) 21.039.711 The desi9n*d fund was set•sideforthe pur¢haseof• new holiday ￿￿11￿¢•bOn. This was purcha$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 rtsourt*s ￿$0￿￿e9 At 31 August 2023 Trnnsfvr the ye•r lknjunde donafons Era5rnus link Paradise House Other 3.572 11.570 82.n2 (s.c￿l 77.726 1,251 15,( ,$47 IS INDEMNITY INSURANCE Thecharity ha5 p￿d i￿￿ra1￿ePrern1￿￿￿ io iTrJemnify Ihecharityfr￿nafjy loss avisngfromnegl8Ctord8fau ol Tru5tee5 or strN. t8 RELATED PARTY TRAN&4CTIONS t￿ring theyear. Novali5Tru5tprovId￿ rnan4￿￿ntSerV1res lo its subsidiary. NOV￿1$profeSSIonal Servi Limited on an arff6-len9th basi$for£25.68912022 -£25.6341. A th*W8n￿$he￿Ido*. 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 C*JDJSpJn Er￿ty￿ 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￿ 5cl*w lor its non-*a¢hirvJ eTryJlwees. The asset5 are hebj separalely frorn Ihose of th• cornpany In Indepen￿nUy •lminstere4 fvnds. and the amount charged to the SOFA for Ihe yearwas £335.389 I2022- £339.4￿1. Oefined benefiL" The Teachers, PEn5ion sche￿ ITPS) is a statutory. ¢ontributQry. L1effi￿ t¢nefit $¢henw. Th* ￿gulatK*n8 underwhich theTPS operates are the Teachers. Pensions Regulabons 1997 85 affended. These regulations apply lo teachers in schools and olhereducats.onal establishments in England andwales rnaint2ined by loca authotsties. lo teachers in many irsdependenl and v0lun1ary-a￿ed schoo15. and to teathers and lectUTers in estatyishments offurth8rand highereducaton. Mvmbwship Is automab.cfor fvll. ts"ft*teachersor I￿l￿ref$ wd from l January 2￿7 automab"c too lorwchersor le¢lU￿r5 in p8rt-ts"n* erysloymentfollowiry appc4nlmentor a Change of contra¢L Teachers I￿lur￿$ are able to opt out of TPS. TPS Is run in 5uth a way that ¢h• Charity is unobleto i￿en￿fy 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 ￿lI*￿￿tand othwpen$ion tenefi including annual increases pay*e undw Ihe Pensions lInc￿Ose) are. as provided for in the SuperannuaDon kt 1972. paid out of rTh)nies provided by Parli7￿8n1 Under lh• unfunded TPS. teachers. ¢ontributs"ons on a'pay-a5-yOU-go' bas15. and employers. contrit￿￿"0(6. we cr￿lted 10 the Excheqwr tsnd arrangen*nts governedby the above kl TheTeacher5' Pension Regulatior6 requi￿ an annual a¢¢ount. the Teacher5, Pension Accounl, to be kept ofreceipts and expen4l1ureli￿1lmIln9the costofpen5iOn5' Inc￿ases1 From 1 Npril 20J1. Ihe kcount W￿11 be C￿sited with a real rate ol rÈbJrn (in excess ol piice Increases and currently set ai 3.0%). which Is eq uiva18ntto 3ssurning ihat the balance in the kcountis invested in nobona inveslmenls Ihal prodwe thal real rale of rEturn )1 less than every louryear5.YMth a supportin9 inierinvaluation in bewn. theG0vernTh￿￿Ip£tuzry I'GA), using normal actvarial prinwes. conducts a forrnal acluanal re¥¢￿ ofthe TPS. Th8 ofthe reviw is b specify Ihvlevel of fvlyre ¢ontributions.Contrbutiors areas5essed in parts. First, a s¢andard contrbutson isdetermined. This is lh8 contsibub"on. exp￿sed a$aper¢en￿eOfthe $alariesof¢eacher$ and le¢turers in servic8orenlering 5ervioduringtheperic&l o*rwhichlhe 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 S￿pleMen18ry contritr*Jbon 15 payzblè if, as a result of thè actuaNal lnve$tsga*.￿, Il is fouThJ Ihal aCcwn￿aIed Iiablth"e5 of the kcount for benefits to past and present te8chaE, are notfullycovered ty Staftda￿ contrit•Jtions k) tepaid In lulure and ty the nots0n￿ fimd ￿lItuP from past ontribubon5. The last valuatson of the TPS related b) th• period from 1 *•ril 2022 10 31 M¥ch 2023. The GAS report of March 2023 revealed thalthe 10t￿ aggwate scheme li*"lib"es of the TPS amunts(I to £303.2 billign The value of Ihe aggre9atesChe￿* assets wa5 £Nil TheassuN*d teal rate of r4um 1$ 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$5urKd gross rate of ￿luM Is 3.65% Eftw1oyer¢ontrilwli￿ a￿CUrrendypa•dat8 r* Of23.￿￿. E￿IloYers￿lso pay a ch¥9eequivaèntto 0.0 Ofpension￿eSg1ary costs to cover aministration expenses. Dow$￿￿ En¥*knFe ID.. cOCCF073-3ECC4￿W&￿EG74E39F1B NOVALIS TRUST NOTES TO THE FINANCIAL 5TATEthIEMTS {tontinwedl FOR THE YEAR ENDED 31 AUGUST 2023 11 RE￿NCILIATION OF NET IAOVEMEMT IM FUNDS TO NET CASH FLOW FROIA OPERATWG ACTMTIES 2022 Nel income before other I￿09n1$ed gains and 1tssse5 Nel interest Depreciation Profiton *Ji5POs31 of langit48 fixed assets Decrease in stock Ilncroasellt*rrvase in deblors kn￿ase 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