DooJsign Envelope ID.. 55414E65-55384591-95E8-7FF7AB7D37C8 R8gi¥ternd Charity No: 1103955 Company Number: 05114710 NOVALIS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ADYtrllG9D 221031202S COMPANIES HOUSE A06
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Do¢xJsign En¥elope ID: 55414E65-S53s91-95E8-7FF7AB7037C8 NOVALIS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Page LEGAL ANO ADMINISTRATIVE INFORMATION TRUSTEES. REPORT STATEMENT OF TRUSTEES. RESPONSIBILITIES INDEPENDENT AUDITORS. REPORT STATEMENT OF FINANCIAL ACTIVITIES 10-11 BALANCE SPIEET 12 STATEMENT OF CHANGES IN EQUITY 13 CASH FLOW STATEMENT 14 NOTES TO THE FINANCIAL STATEMENTS 15-24
Oocusign Envelope ID: 55414E65-55384591.95EB.7FF7A87037C8 NOVALIS TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDEO 31 AUGUST 2024 Charity number 1103955 Company r•gistratlon numb•r 05114710 Registered offic• Ebley House 235 WestsvaTd Road Ebley Stroud GlouceSlehlre GL5 4SX Prlncip•l offic• Ebley House 235 WeSarf Road Ebley Slroud Glou¢e$lernhi GL5 4SX Tru8t••1 M Bennett E Buckland D Walton M Smith D Rice (Appointed 6 Septernber 2023) G Moss (Appointed 4 September 2024) M Stern (Appainled 4 September 2024) S•crotary P Furley (raSned 4 July 2024) Double Six Legal Limited (Appointed 4 July 2024) Chi•f •x•cutive J Lukas Aud5torn Hazlewoc¥J$ LLP Windsor House 8ayshill Road Cheltenham GLSO 3AT 8•nk•rn Lloyds Bank PIC 12 Rowcroft Slroud GIOuStehIre GLS 38D
Doosi9n Envelope ID". 55414E6&55384591-95E&7FF7A87D37C8 NOVALIS TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Tfuslees, who are also directors for the purposes of compary law, present their Annual Report and the Finanual Statements for the year ended 31 August 2024. STRUCTURE GOVERNANCE AND MANAGEMENT Govemlng Documont and Managemgnt Novali5 Trust i¥ a company limited by guaranlea and is governed by its memorandum and articles of association. It is a registered charity with the Charity Commission. Previousty, the company was known as The Nov81is Trust Limited. Cotswohl Chine School. and later as Cotswold Chine & Paradise House Limited before adopting its current name. The company currently trades as.. Cotswold Chine School Paradise House Ebley House 4. William Morris College The following Trustees have held office since 1 September 2022.. M. Bennett E. Bud(land O. Walton M. Smith IADPOinted 1 March 20231 O. M. Rice (Appointed 6 September 2023} Martin Stern (Appointed 4 S8plernber 20241 Greg Mos5 (Appointed 4 Seplembor 20241 J. Houlslon-Hope {Resne 9 January 2023) Appoinlm•nt of Tru•t• The appointment of Trustees ig governed by the articles of association, the Trustees being authorisqd lo fill vacancies arising through resignation or death of an existing Trustee. Tru•t••• Indu¢tlon •nd tr•lnlng New Trustees undergo an orientation prorAss lo brief them on their legal obligations under the chanly and company law, the conlenl of the memorandum and 8rticte$ of association, the charity's operations and the decision making proc83ses, Ihe fulufe plan8 and the mcénl flnancial perfom8nce of the charity. The charity has paid for insurance premiums to indemnify Ihe charity Irom any los$ arising from neglect or delaulls of Trustees or staff. OrgaDiJ•tlon The Trustees meet regulady to oversee the charity's affairs, the day to day op8ralion of which 18 in the hand9 of the Chief Executive, J Lukas and his Seniof Management Team. The Trustees have backgrounds in accountancy. law. educatson. clinical therapy, and health. They work closely with the Chief Executive and the Senior Management Team to oversee Paradise House. William Morris College, Cotswold Chine School. and the charity's head office at Ebley House Register of Trustees, Interests The secretary maintsins a Register of Trustees, Interests; no malenal Conflicts havo been identifièd. The related party transaclions are includgd in note 19 to these finanaal Statements.
Oocu$ign Enbplopg 10.. 55414E65.55384591-95EB-7FF7AB7037C8 NOVALIS TRUST TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 Govemance Manual A Govemanc Manual 1$ maintained by the secretary ond reviewed biennially by the Board. It provKles directson and guidanc£ to the Trustees on the organisation and structure of the charrty. Strate icRe Pflnclpal ri•k• and uncertalntieB The Trustees have a risk management strategy which comprises an onoing reviv* of the risks the charity may lac8,' the establishment of systems and procedure5 to mitigate the identified risks." and the implementation of proceduTrs designed to minimise any potential impact on the charity should those risks materialise. The Tru$tees' asse$$menl of specific risks facing the company going fopward are.. A decline in confidenrA in the organisation, leading lo a ieduction in placerDents. Aulhorits"es opting for other county or local qulhority stale provisions, impactin9 funding and the su51ainability of charitable actsvrties. A risk register ig maintained an reviewed annually by the Board. Golng concern The Trustees have prepared forecast5 for the next 12 rnonths that indicate that the Trust will continue lo have sufficient sources available to trade as a going concern. The Trustees, theTrfore, have a reasonable expectalion that the TnJ$t has adequalo resources to continue in operational existence lor the foreseeable future and have continued lo adopt the going con¢em basis in preparing the financial slatemenlj. The Trust m8inl8ins cash re8en488 to covoroperational costs. includlng salaries, for 8 minimum of six months. 2 OBJECTIVES AND ACTMTIES Tho charity's missionlg to provide educakn'on. core. and therapy for chdren, young people, and adults. particularly those with emotion81, behavioural, and 8pecial learning need8. 11 achieves this through residential and day 8chool8. al well a5 rosidential rAre for adults with leaining difficulties. The Novalis Model. a trauma-infomed and evidenctrsupported approach, underpins the charity's work. It foste positive relationships and secure attachments within a therapeutic, low.arousal environment. Our core values Kindness, Empathy, Creativity, Curiosty. and P08rtNltyU1de 8taff racruilmenl arKI infomi Iho organisation's practlces. The charity operates tsvo irKlependent special schools. Cotswold Chln• School - Approved by the Department for Education lo admit up lo 60 pupils (ages 7-19), with up lo 42 on $l¢JentIal placements. Some placements exceed 295 days per yeaf, requiring additional Olsted gIStratIon as a Child n's home. 2. William Morrls School - Approved to admit up to SO pupils la9es 7-191, with l)oarding available for up lo 14 pupils for up lo 39 weeks per y•ar. The charty also own8 and operates, Parndi8e House, a residential care home for adults with leaming difficulties. registered for up to 30 residents with the Care Quality Commission ICQC). Ebl•y Hou••, the charity'8 headquarters, which houses cèntral ieThiices guch as staff training, HR, finan. and conference faulits'es. Halfway Café and Shop, providing work experien opportunit, re-opened in 2024 with a fh sandwich bar and bakery. The Trust coll8borates with academi¢& and professionals to advance knowledge in trauma-inlomed coro, attachment- related difficultses. and recovery approaches.
DO$10n Erwelope 10.. 55414E65-553&4591-95EB-7FF7A87D37C8 NOVALIS TRUST TRUSTEES. REPORT (continued FOR THE YEAR ENDED 31 AUGUST 2024 3 ACHIEVEMENTS ANO PERFORMANCE The charity continues to provide a therapeutic nurturing environment lor vulnerable people through the provision of education, social care and clinical therapy in a way that helps young people overcome barriers to their learning. In the case of adulls the pro¥is¢on offers specialist support to tead as perSonntIed and fulfilling a life as possible. Opportunities for young people and residents lo access the local community through the provision of independen training and suitable accommodation. A range of suitable activities that offer edutiOnal and occupational opportunities are provided, Of8tsd In8p•cllon•: Cotswold Chine School (Jan 2022}- Raled'Good.' with 'Outstanding' for personal d8velopment. Iliam Morris School (June 20231- Raled'Good,' with approval to incrnase sludenl numbers lo 50 in Jan 2025. Cotswold Chine School Carn Provision (Jan 2025)- Rated 'Good' under the new Ofsted framework. Paradise House {Jan 2022>- Maintained its 2019 CQC rating of 'Good' ovèrall. wilh 'Outstanding' for caring. Clinical and Therapeutic SeThices Expansion: o Therapy team includej a Clinical Psychologist. Child and Adolescent Psychotherapist, Family Therapist, 8ehavioral Anatysl Occupational Th8Ta'Sts. and Speech and Language Therapists. Ongoing training In Trauma-lnlormed Care. Neurosequential Mod81 of TherapeLttlcs {NMT), and Social Resil¢ence Model ISRMI. FINANCIAL REVIEW The TfusI'$ overall income was higher than the p¥108 financial year with costs in¢881n9 also. Total income was £14,498,09012023 - £13,594,892}, with lolal ¢osls 01 £14,717,98812023 - £13,311,806). N81 a$s61s al the year end were £20,819,81312023 . £21,039,711). PLANS FOR FUTURE PERIODS Expansion of lliaM Morris S¢hool'$ boarding provision in September 2025. Continued refurblshment of facilities, In¢ased focus on health and well-teing initiatives. Slrengthenirvj govemance through the recruitment of Trustees with expertise in law and child psychotherapy. Envlronmental inlllatives, including Improved EV Charying Infraslructurn.
Docusign Envolopg ID.. 55414E65.55384591.95E&7FF7AB7037C8 NOVALIS TRIJST TRUSTEES, REPORT lcontlnued) FOR THE YEAR ENDED 31 AUGUST 2024 Reser¥e policy Previously, deSnated lunds were sel aside for the purchasing of a propety lo use as holiday accornmodation lor students, r85idenls and young people. The Trust purchased this property during the year lo 31 August 2024, and therefore the ffj68Ne has been transferred into general funds. The Charity aims to hold a minimum of three months of cash reserves to cover operational Costs. including salaries. Free reserrfes at the year end We £1,826,52212023 - £2,035.019). Inv••lm•nt Pollcy The Trustees review the available resources, and any surplus is deposited in a high interest savings account until it is needed. T4x•llon Slatu• The Company is a regislerad chanty and consequenlty is exempt Irom Corpofalion Tax. AUDITORS Hazlewood8 LLP have acted a8 auditors and a resolution proposing that they b8 m-appointed will b• pul lo the Annual General Meeting. STATEMENT OF DISCLOSURE TO AUDITOR In 80 for as the Trustees are aware.. {al Ihere is no relevant audit infomiation of which the company's audilo(s are unaware.. and (bl the Trustse8 have taken all tho 8l•p8 that they ought to have taken in order lo make th•ns8lv88 aware of any relevonl oudil infornotion and to establish that th? company's auditors are aware of that infomation. y order of the Bo•rd M 8onn•tt Tru¥toe 12/3/2025 Date.. ..........................
tknoJsign Envelope ID: 55414E65-$5384591-95EB-7FF7AB7037C8 NOVALIS TRLIST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trusle8s (who are the directors of Novalis Trust lor the purpose8 of Company law) are responsible for pffjparin9 the Trustees. Report and financial statements in accordanc8 with applicabk law and r89ul8tions. Company law requires the Trustees lo prepare financial Slalements for each financial year. Under Ihat law the Trustees have elected lo prepare the financial slatem8nts in accordantx with United Kingdom Generally Accepted Accounting PracticE (United Kingdom Accounting Standard5 and applicable lawl. Under company law the Trustees must not approve Ihe financial Statements unles$ they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of re¥ourc85, including the income and èxpenditure, of the company for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then 8pply them ¢on$istenlly.' observe methods and prinwles in the Charities SORP (Accountlng and Reporting by Charities- Statemènt of Recommended Pr8Ctice)'. make judgements and e5tirnatss that are reasonable and pwdent., prepare the financial slalemenls on the go9 concern basis unless il is inappropriate to preJumo that th• company will continue in busines5. The Twslees a responsible for keeping adequate accounllng records that are sufficient to show and explain the company's transactions and disclose wilh feasonable accuracy at any time the fin•nci81 position of the company and to enable them lo ensure that the financial statements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the company and henc* for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustee8 are also fesponsibl8 lor ensuring that tho assets a properly applied in accordance wrth charity law.
Do(AJsign Envdopè ID.. 55414E65-55384591_95E&7FF7AB7037C8 NOVALIS TRUST (Company Number: 05114710) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Opinion We have audited the financial statements of Novali$ Trust for the year ended 31 August 2024. which comprise the Statemént of Financial Athivities, Balance Sh•el, Slalement of Changes in Equty. Statement of Cash Flows, and Notes to the Financial Statements. includin9 a summary of significant accounting poli¢s. The financial reporting framework that has been applEd in their preparation is applicable law and United Kingdom Aecounling Standards, including Financial Reportin9 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Iland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial st8tem•nts.' give a true and lair view of the stste of the charitable MpanY'S affairs as al 31 August 2024 of ils incoming resources and application of resource5, including its income and expenditure, lor the year then ended," have been properly prepared in accordance with United Kingdom Generally Accepted Accountin9 Practice; and have been prePad in accordance with the requirements of the CoMpanS Act 2006. B••l• ft>r oplnlon We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAs IUKII and applicabl8 18W. Our reBponsibililie5 under those standards are further described in Ihe Audito¢s responsibilities for the audit of the financial slalemenls section of our report. We are independent ol the charitable company in a¢Prdance with the ethiul requirements that are relevant to our audrt of the financial statements in the UK. includin9 the FRC'S Elhical Standard, and we have fUilled our other ethical responsibilities in accordance with these requitemenls. We believe that the audit @vidence we have obtained is sufficient and appropfiale to provid8 a basis for our opinion. Conclu•lon• f•l•tlng to golng ¢on¢•rn We have nothing lo report in respect of the following matters in relation to which the ISA8 IUKI require us ID report to you where.. the directaTS' use of the going eonc4rn basis of accounts'ng in th& preparation ol tho financial 8latementS 18 not appropriate.. or the direclorn have not dk%c108ed in the linancial Statements any 1denlrf material unc•rtainlle¥ that may Cast $1gnificant doubl about the charitable company's ability lo conlinue lo adopt the going conGem basig of accounting for a p8riod of al least hvefve months from the date when Ihe financial slalemenls are authorised for issue. Other information The directors ore responsib for the other Information. The other information cnmpflS8S the infomiatson Included in the annu81 report, other than th• financlal Btatements and our auditols POrt thereon. Our opinion on the finon¢ial statements does not cover tho other information and, except lo the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion theraon. In connection with our audit of the financial slalements, our responsibility is lo read the other information and, in doing 80, consider whether the olher infomalion 1$ materially incon$i$tenl with the financial statements or our knowledge obtained in the audit or othep•vi$e appears to be malerlally misstated. 11 we rdenlify 8uch material incon8iStencies or apparent material mi58lalemenls, we are required lo delemine whether Ihere 1$ a material misslatemenl in the financial slalements or a material misslatemenl of the other informatson. If, based on the work we have Frfomied, we ¢on¢lude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinion on othor matter prnscrfb•d by the Companle8 Act 2006 In our opinion, based on the work undertaken in Ihe urSe of the audit.. the infoffnats'on given in Ihe Report of the Trustees for the financial year for which the financial stslements are prepared is consistent with the financial stalemenls., and the Report of the Trustees have beèn prepared in accordance with applble legal ffjquiremonts.
Do$Ign En¥elope ID". 55414E65-553B4591-95EB-7FF7A87037C8 NOVALIS TRUST Icompany Number: 051147101 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Iconlinu•d) Matters on which we are required to roport by exception In the light of our knowledge and understanding ol the group and the ¢haritsble cornpany and its environment obtained in the Course of the audit. we have not identified material misslatemenls in the Report of th8 Trustees. We have nothing to report in respect of the following rnattern where the Companies A¢1 2006 requires us to report to you if. in our opinion.. adequate accounting record8 have not been kept by the paffjnl company, or r•turn$ adequats for our audit have not been feceive(I from branches not visited by us.. or the charitable company ffinancial stslemenls are not in agfeemenl with the accounting e0S and returns.. or certain disclosures of directors. remuneration Specified by law are not made., or we have not received all the Informatlon and explanatlons we require for our audit. Rfr•pon#ibiliti•8 of dlrnctovs A8 explained more fully in the Slalement of Director8, Responsibilitie5 sel out on page 9. the dlrectofs are responsible for the preparation of the financial statements and for being sats"sfied that they give a true and fair view. and for such intemal control as the directors detemiine is necessary lo enable the pveparabon of financial statements that are free from matenal misslaternent, whether due lo fraud or error. In pieparing the financial statements, the directors are responsible for assessing the charitable company's ability lo conlinue 88 8 going concern, disclosing. as applicable. matters felaled to goin9 concern and using the going concern basis of accounling unless the directors either Intend lo liquidate the charitable company or to eease oper81ion$, or have no realistic allematsve but to do so. Auditor'8 re•pon•lbll1Oa lor th• •udlt of th• fin•ncl•l st•l•m•nts Our objeclive5 are lo obtain reasonable a$suranr£ about whether the financi81 statements as a whole a Iree from material misstatement. whether due lo fraud or error, and to issue an audilo¢s report that include5 our opinion. Reasonable assurance is o high level ol 8¥8uran¢e, but 1$ not a guarantee that an audit conducled in a¢cord8nce with ISAS IUKI will always delecl a material misstatement when it exists. Misstalemonts Can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic docisions of us•r8 taken on thè b0818 of these financial $t8lement*. As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional •cepticism throughout the audit We also.. Identsfy and a$$e$$ the risks of maleriol misslalemenl of the finon¢ial $lalemenl8. whether due to fraud or error. design and perfom atsdit procAdures sponSive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material mi$stslement re$ulling from fraud 18 higher than for one resulting from error, a3 ffaud may involve collusion, forgery, intentional oml88ion8, misrepresentalion5, or the overre of internal control. Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumBtancas, but not lor the purpose of exprnssing an opinion on the effeclivene88 of the charity's internal control. Evaluate the appropriateness of a¢Unn9 polictes used and the asonabne$S of accounting eslinates and laled disclosures made by Ihe Iru$lee$ Con¢lude on the approprialene8s of the Iruslee8' use of the going concern b8S18 of 8ccounllng and. b88ed on the audit evidence obtained, whether a material uneertainty exists related lo events or condrtions that may cast significant doubt on the charity's ability to ntinUe as a going concarn. If we conclude that a material uncErtainty exists, we are required lo draw attention in our audilols report lo the felaled disclosures in the financial slalements or. if su¢h disclosu$ are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our audilols report. However, future events or conditions may cause the chanty to ¢e05e lo ¢onlinue as a going coneArn. Evaluate the overall presenlatson. Structu and content of the financial slalements. including the disclosures, and whether the finanaal statements represent the undedying transactsons and events in a manner thal achieves fair presenlalion. Obtain sufficient appropriate audit evidence regarding the financial information ol the entities or business activities within the charity to exp$9 an opinion on the financial statements. We are responsible for the direction, Supèrvision and p8rformanc8 of the charity's audit. We remain sotely sponSible for our a11 opinion. We communicate with those charged with governance garding. among other matters, the planred $¢ope and timing of th8 audit and significant audit findings, including any Significant deficiencies in intemal control that we identsfy during our audit.
DocusTr En¥elope10.' 55414E65-55384591-95E8-7FF7AB7D37C8 NOVALIS TRUST (Company Numb•r: 05114710) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS (continu•dl A furiher de5cripts.on of our responsibilities for the audit of the financial slalemenls 15 l¢xated on the Financial Reporting Council's website at www.frc.org.uklaudilorsresponsibilitses. This description loms part of our audilorf$ report. Extent to which the audlt wa8 considered capable of detecting irr•gularitie$, Includlng fraud (hving lo the inherenl limilaliong of an audit. there is an unavoidable risk that material mi88lalements in the financial ststements may not be dolected, even though the audit i8 properly planned and perfomed in accordance wilh Ihe ISA'¥ (UK) In identifying and assessing risks of mateNal mis-statement in respect of fraud, including irTegularities and non- compliance with laws and regulations, ¢Jur procedu8 included the follcMing'. We obtsined an understanding of the legal and regulatory frameworks applicable to the company financial tststements or that had a fundamental effect on the company's operations. We delemined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws. Vve understood how the company is complying with Ihose18gal and regulatory frameworks by making inquiries of management, those responsible lor legal and compliance procedures. We assesses the suscplibility of the company's financial statements lo material misststement, includiThJ how fraud might occur. Audil procedu5 performed by the engagement team included.. Identifying and assessing the design effectiveneM ol controls management has in place lo wevent and delect frnud., Und8rstandlng how those charged with govemance considered ond addressed the potential lor overT¢de ol conlfols or other inappfopnale influence over th8 financial reporting prorA8$S. Detailed analysis oljournals posted through the accounting system during the year to 31 August 2024 has been undertaken. Understanding the contfols in place to prevent and delect fraud. Reliance wa5 not plad on ntrOl$ for the entirety of the audit, instead taking a subslantr¥e testing approach. however controls were in place lo prevent fraud. and they appeared lo be working effeclively,. Challenging assumptions and judgements made by managennt in its 8ignifficanl accounting e8timalès, Use of our report Thi5 report is made solely to the Charity's trustees, as 8 body, in accordance with Ihe Charities A 2011. Our audit work has boen undertaken $0 that we might slate lo the Iru5tees those matters we a wquir¢d lo slate lo them in an audrtor8' report and for no other purpose. To the fullest exlenl pemiitted by law. we do not accept or assume responsibility lo anyone other than the charity and the chanty'$ Iruslees as a body. for our audit worft, lor this report, or for the opinions we have fomed. Martin Howard {Senior Slatulory Audrtor) For and on behalf of Hazlewoods LLP. Statutory Auditor Windsor House Bayshill Road Chellenham GL50 3AT 13/3/2025 Date..
Dotyjsign En*lope ID.. 55414E65-55384591-95EB-7FF7A87D37CB NOVALIS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST2024 Restricted funds Unmtrlctod funds Total funds 2024 Total nds 2023 Note INCOME AND ENDOWMENTS Income and endowm•nts Irom: Donation• and l•gacie• Residential care donats'on 1,164 1.164 4,823 1,164 1,164 4,823 Charlt•ble actlvltle•: - Speoal needs School fees - Residenbal Co fees 11,429,525 2,955,177 11,429,525 2,955.177 10,621,928 2.812,017 14,384,702 14,384.702 13,433.945 Incomlng resource8 frc g•nor•tsd lund•'. - Inv88trment income 57,542 57.542 27.165 Other incoming re8oiir¢o8 54,682 54,682 128,959 TOTAL INCOME AND ENOOWMENTS 14.496.926 14.498.090 13.594.892 EXPENDITURE ON Char•t•bl• •ctivitie8 (1,714) 114,724.783) (14.726,4971 {13,320,2071 Profil on 8ale of red assets 8,509 8.509 8.401 TOTAL EXPENDITURE 114,716.274) (14,717.9881 (13,311,806> 10
Oocusign En4Elope ID.. 55414E6&55384591-95EB-7FF7A87D37C8 NOVALIS TRUST STATEMENT OF FINANCIAL ACTIVITIES Iconlinued) FOR THE YEAR ENDED 31 AUGUST 2024 Restricted nds Unfostricted funds Total nd8 2024 Total funds 2023 Nots Net moveffl•nt in funds Isso) 1219,348) 1219,8981 283,086 Total lur#d8 brought foThYard 90,547 20,949.164 21.039.711 20,758,625 Total funds Carried foTh¥ard 14 89,997 20,729.816 20.819.813 21,039,711 All gains and losses recognised in the year are included above and all operatsons are contsnuing. To en8ble o better understanding of the financial slatemenls, the Statement ol Financial Activities separately identifies the income and costs of Tunning the main activili85. Not• of hl•torlcal cost Incom• •nd •xp•ndltur• 2024 2023 Reported n•t mov•m•nt In lund• {219.898) 283,066 Oifference betsveen the historical cost depreualion charge and the actual depreejation charge ol the year calculated on the valued amount 57.631 41,387 Historical cost net rnov•ment In funds 1162,267) 324,473 11
DO51gn Erwelope ID." 55414E65-553PA591-95EB-7FF7A87037C8 NOVALIS TRUST BALANCE SHEET (Company Number: 05114710) AS AT 31 AUGUST 2024 Note 2024 2023 FIXED ASSETS Tangible assets Investrnents 18.903,293 18,914.144 18,903.294 18,914,145 CURRENT ASSETS Sto¢k$ Oeblors.. Amounts falling due within one year Debtors.. Amounts falling due after more than one year Cash at bank and in hand 962 1,715,505 10 2.688.701 10 237.059 3,978,687 234,348 4,679,712 6,904,747 6,630.S27 CREDITORS Due wlthin on• year 11 14.988.228) (4,504.961) NET CURRENT ASSETS 1.916.519 2.125,566 TOTAL ASSETS LESS LIABILITIES 20,819,813 21,039,711 CAPITAL AND RESERVES Fund• Restricted ffur5 Unrestricted funds.. Operational general fund Property revaluation reserye 15 14 89.997 90.547 13,868.861 6.860.955 14,030,578 6,918,586 CHARITY FUNDS 20.819,813 21,039.711 12/3/2025 Approved by Ihe Board for issue on . B•nn•tt- Trust•• 12
Oocuslgn En¥elopg ID.. 55414E65_553N591_95EB-7FF7A87D37C8 NOVALIS TRUST STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2024 Op•ratlon•l genernl nd Property r•valuation re8eThe De8ignat•d lund Rutricted fund Totsl fund• Funds brought forward at 1 September 2023 14.030,578 6,918,586 90,547 21,039,711 Nel outgoing re5011rce$ before transfers 1219,348) Isso) 1219,8981 Depreciation on revalued amounts 57,631 157,6311 Funds carried forward at 31 August 2024 13,868,861 6,860,955 89.997 20.819,813 Operational genernl fund Proporty r•valuation r•8orv• D•8ign•t•d fund Re•tricted lund Total nd• Funds brought foThv8rd 811 September 2022 13.155,922 6,959.973 550,000 ,730 20,756,625 Nel incomingl{oulgoing} resources before Iransfe 283,269 {1831 283,086 Tran8fer in the year 550,000 1550.0001 Depreciation on revalued amounts 41,387 (41,387) Funds carried lorward al 31 August 2023 14.030,578 6,918,586 90,547 21.039,711 13
[rjJ$Ign Envelope ID.. 55414E65-55384591-95EB-7FF7AB7D37C8 NOVALIS TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Noto Ca8h gen•r•tsd from operntlng •¢llvltlg5 18 123,790 2,800.695 Cash Ilowi from inv•sting •Gtiviti•8 Interest income Purchase of tangible fixed assets Proceeds from the sale of tangible fixed a88et8 57,542 {919,582) 37.225 27,165 11,918.5141 74,511 Ca8h u8•d in invo•ling {824,8141 11,816,838) IOecr8asellin¢rease in ¢osh and ca•h equivalents in the year {701.0251 983.857 Cash and cash equivalent$ al the beginnlng of Ihe year 4.679,712 3,695.855 Total c••h and calh •qulv•l•nts al th• •nd of th• year 3,978.887 4,679.712 14
Doojslgn Envdop810'. 55414E85-55384591-95E8-7FF7A87D37C8 NOVALI8 TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES The finanaal statements have been prepared under the historical cost convention. as mclifd by the revaluation of certain fixed assets. adopting the following principal accountsng policies all of which are in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice- Accounts"ng and Reporting by Charities (SORP FRS1021 issued in July 2014 and The Companies Act 2006. Tho financial statements are presented in Pounds Sterling. Monetary amounts In these financial statements are rounded lo the neare81 Pound. Company st•tU8 The company is limited by guarantee and has no share capitsl. The liability of each member in the event of winding up is limited lo £1. The company is subject lo th? requirements ol the Compani98 Act 2006 with regards lo the form and Gontonl of the financi81 statements. The company is a private company, limited by guarantee without share pItal, incorporated and domialed in England and Wales. The addr8ss of its regi$l•red office is.. Ebley House 235 Westward Road Ebley Stroud Glouceslernhire GL5 4SX Judg•m•nts The Trustees consider that the are no key affjas ofjudgement or estimation uncertainty to be disclosed in these financial statements. Con801id•t•d fin•ncknl •lAt•m•nt• The fin•no81 statements do not indude the consolidated ffinancial results of the Charity and its subsidiary company, Novalis Professional Servic88 Limited, on the grounds that the subsidiary company's results a immaterial lo the group. Fund• Funds held by the Gharty are either.. UnstrIcted general funds, which can be used in 8ccordance with the charitable obiects at the discretion of the Trustees,. or Unrestricted designated funds, which can be used in a¢Idanc* wllh the Chanlable obs8CtB. in resFeCt of speufic projects ear-marked by the Trustees.. or Reslricled funds. which can only be used for particular restricted purposes within the objects of the charity. Reslrictions are spocified by the donor or when funds are raised for particular restricted pury)08es. All funds received lo date have bgen applied against caprtal projects. Incoming v•source8 All incoming re50uros are included in the Statement of Financial Activities {"SOFA") when the Charity - le9ally entitled to the income and the amount can be quantified with reasonable accuracy. 15
Dorwsign Envelope 10.. 55414E65-55384591-95E8-7FF7A87037C8 NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS {contlnu•dl FOR THE YEAR ENDED 31 AUGUST 2024 Resour¢es expended All expenditure is accounted for on an a¢crual$ basis, Overheads and other costs not directly attributable lo particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the arnounl attributable to that activity in the year on a basts consistent with use of the resources. Governance c05ts include strategic planning cost5 lor the Chanly's future development, external audit and all costs of complying with constitutional and statutory requirements. such as costs of eoard and Committee meetsngs and for prepariThJ slalutary financial statements and satisfying public aGGountability. Taxation The Company is an Exempt Charity wllhin ltte meaning ol Schedule 2 of the Ch8nlies Act 1993 and as such is a charity within the meaning of Section 519 of the Income Tax Act 2007 (formerly Section 50611) 01 the Taxes Act 19881. Accordingly, the company is potentially exernpt from taxation in respect of income or capital gains received within calegoneg covered by Section 524 of the Income Tax Act 20071lorrn8rly Section 505 of the Taxes Act 19881 or secb.on 256 of th8 Taxation of Chargeable Goins Tax 1992 to the extent that such income or gains are appled lo exdusively charitable purposes. Tangibl• flx•d •$ts There is no sel Iimrt for th8 captslisation of expondilure on acquisrtion, enhancemènt, production and installation of fixed assets. Tangible red assets are 81aled in the balance sheet at cost 18s8 depreciation, except for IehOld land and building5 which are slated at their open market value. oepreci8tion is calculated to wri18 off the cost or valuation 8& estimated residual value of tsngible assets over Iheif estimated useful lives al the following rates.. Ffeehold land Freehold buildings Fixtu$ and equipment Motor vehicles 1% of cost p•r 8nnum 100A_ 50% of cost per annum 12.5%- 50% of cost per annum Inv08trn•nl• Investments are slated al market value al the balance 5heel dale. Tho SOFA include$ the n8t gains and 105sos arising on revolualions ano disposals throughout tho year. Stock• Stock is valued at the lower of cost and ngt reallsoble value. Operntlng l•a••• Rentals applicable lo operating leases Whe substantially all of the benefits and risk of ownershlp remain with the lessor are charged to the Slalement of Financial Aclivilies. Cash and cash •quival•nts Cash and ¢ash equivalents comprise cash on hand and call deposits, and othei short-lerm highly liquid inveslments that are readily convertible to a known amount of cash and are Subject to an insignificant risk of change in value. Trnd• r•¢•ivabha Trade debtors are amounts due from customers for merchandise sokl or service5 performed the ordinary course of business. Trade debtors a recognised initially at the transacb.on Pre. All debtors are repayable within one year and are hence included al the undiscounled amount of the cash expected lo be received. A provision for the irnpairrnenl ol trade debl0r5 13 established when there is objective evidence that the Trust will not be able to collect all amounts due according to the original lem$ of the receivables. 16
OocLty9n Envelope10.. s5414E55384591-95E8-7FF7Ae7D37Ca NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS {¢ontinuod) FOR THE YEAR ENDED 31 AUGUST 2024 Trade payables Trade credrtorn are obloatlons lo pay for 9ooJs or 8er¥ic¢$ that have been ac4u1 in the ordinary course ol business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unCOnd0nal ri9ht. at the end of the reporting period. lo defer settlement of the creditor for at least Iwelve months after the reporting date. If there is an unconditional right lo defer settlement for al least e1Ve months after the reporting date. they are presented a8 non-current liabilities. Trade ¢itors are re4wnised initially at the transaclion price and all are repayable within one year and hence a included at the undiscounted smount of cash expected to be paid. Flnanclal In•trum•nts The trugt only has financial assets and financial liabilities of a kind that qualrfy as basic financial nstrumenls. 8asic financial instruments afe initially recognised al transaction value and subsequently measured Bl Iheir settlement v8lue with the ex¢eplion ol bank loans which arg sub50quently measured at amortised $1 using the effective interest method. P•n•lon co•ts Conlnbutions are made on behalf ol teaching staff to the Government penoion scheme for le8chers. which18 mullimployer defined benefit scheme Inote 17). With regard to non-teaching employees, contributions are mad? lo the defined contribulion pension scheme. All contribution5 aro charged to th8 SOFA as they b8come payable in acGordanc with the rules of the schemes. INvesTMENT INCOME R•8trScted fuDd• Unrestricted do Total fund• 2024 Total fvnd8 2023 Bank interest receivable 57,542 57,542 27,165 ANALYSIS OF TOTAL ResouRCE8 EXPENDeD staff Costs Other ¢osts Total 2024 Total 2023 Charitsble actlviti••: Special needs educaty'on Residential care - Support costs 7,533,181 1,540,780 1,164,698 2.904.758 482.765 1,091,806 10,437,939 2,023,545 2,256,504 9.324,494 1,726,840 2.260,472 10,238.660 4.479,329 14,717.988 13,311,806 17
00¢SIgn En4*lo ID.. 55414E65_$5384591-95E8-7FF7A87D37C8 NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (Connued) FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF SUPPORT COSTS Special needs •du¢ation Residontiol care Total 2024 Total 2023 Staff costs 1,164,698 Professional lees 115,199 Communication and infomialion technology 67,826 Office supplies and postage 138,735 Othef Costs 425,779 1,164,698 216,757 13S,498 270,302 469,249 1,144,248 212,147 107,755 343,586 452.736 101,558 67.672 131.567 43,470 1,912,237 344,267 2,256,S04 2,260.472 AUDITOR'8 REMUNERATION 2024 2023 Fee8 payable lo the Company's auditor for the audit of th8 Company's Annual accounts 15.750 15,500 Fee$ payable lo the Company's auditor in re$paet of,. All non-audil ser4ice8 not included above 3,375 3,300 19,125 18,800 EMPLOYMENT COSTS 2024 2023 Wage8 and 88laries Social secunly costs Other pension costs Other costs 8,683,238 811,817 682.361 148,412 7,825,946 722,888 568,432 166,205 10,325,828 9,283,471 The average monthly numberyJ of employees during the year is disclosed below. There is no material difference betsveen this and the equivalent average number of employees calculated on the basis of full lime equivalents.. 2024 2023 No. Special needs education Residential care Administration and maintenance 150 56 103 67 103 309 304 No Trustee 1ved or waived any emoluments during either year and £nil12023 - £nil) of expenses were reimbursed to Trustees. 18
DorJJsKJn Envelope10.. 55414E6&55384591-95E8.7FF7AB7D37C8 NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Emoluments of £97,000 {2023- £97.0001 were made to the Chief Executive Officer. Paymènts for rédundancy or téminalion of contracts madè in the year amounted to £nil12023 - £nil). The number of higher paid employees who received emoluments in eXsS of£60.000 We in the following bands.. 2024 2023 No. £60.IM)1- £70.000 £70.IX11- £80.000 £80.001- £90.000 £90,QKJ1 - £100.000 £100.001 - £110,000 £110,001- £120.000 TANGIBLE FIXED ASSETS Land and buildlngj Motor v•hicl•• Flxtum and gqulpmont Total C08t or valuatlon Al 1 September 2023 Additions Disposals 18.446,138 1.270,019 142,150 1102.925) 6,322,555 777,432 28,038,712 919,582 1102.9251 Al 31 August 2024 18,446,138 1,309,244 7,099,987 26,855.369 D•prnclallon Al 1 September 2023 Charge for yoar Disposals 1,804,877 148,626 720,716 164,870 {74,2091 4,798.975 588,221 7,124,$68 901.717 {74,2091 At 31 August 2024 1,753,503 811,377 5,387.196 7,952,076 Not book v•ly• At 31 August 2024 16,692.635 497,867 1.712,791 18,903.293 Al 31 August 2023 16,841.261 549,303 1.523.580 18,914,144 Freehold property includes £4.967,80712023- £4,967.807) in respect of land which has nol been depreciated. The freehold properties of the Trust were valued by Bennett Jones & Jones Lang Lassalle IP Inc, both Chartered survey0, as al 31 August 2016. The open mafket valuation. for existing use, was £15.195,000. DepCiall0n in th8 year on a hislofic cost basis would have been £107.23912023- £107,239). On a historical cost basis the cost of the re5Klenlial property would have been £10,723,911 12023 £10,723.9111 and 899gate depreciation Ihereon would have been £3,195,205 12023 - £3.087.9661 Tho aggregate carrying value of the proFerty at histori¢al cost would have been £7,528,706 {2023 - £7,635.945). 19
Doatsign Envelope ID: 55414E65-$5384591-95E8-7FF7AB7D37C8 NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 INVESTMENTS Interest in Sh•re• Cost and n•t book valu• At 1 September 2023 and al 31 August 2024 Investments represent a £1 investment in Novalis Professional Services Limited. Subsidlary holdlng• The company hold8 100% of th• ordinary Sham capital in Novalis Profe88ion81 Service8 Limit8(1 (Company number 079795231. a company incorporated in England. The company's profil for the year is £26,31312023 loss - £14,108) and the capital and reserves afe1£210.635112023 -1£236,9481). Novalis Professional Services Limited has the same registered office as Novalis Tnjst. STOCKS 2024 2023 Goods for resale 300 962 10 DEBTORS Nots 2024 2023 Trad8 debtors Cxher debtors Prèpayments Amounts owed by gioup undertakings 2,375,625 44,472 268,604 237,059 1,592,901 38.414 84,190 234.348 18 2.925.760 1,949.853 Less non-current portion 18 1237,059) {234.348) 2.688,701 1,715,505 20
Docuslgn En%*lope 10.. 55414E65-55384591-95EB-7FF7A87D37C8 NOVALIS TRLIST NOTES TO THE FIIIANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 AUGUST 2024 11 CREDITORS - du• wlthln one y•ar 2024 2023 Trade creditors Taxes and soaal security costs Acuuals and deferred income Other credito 503.495 281.839 3,986,571 216.323 173,095 256,045 3.679.003 393.818 4,988,228 4.504.158 Included in accruals and defefred income is £3.745,04112023 - £3,505,434) in relation to deferred incomè on school fees invoiced in advance. 12 FINANCIAL COMMITMENT8 Op•rating Leas Tha total of future minimum 188s• paymants is 0$ follows: 2024 2023 Not later than one ye8f Later than one year but not l•tef than five yearn 13,260 7,312 27,959 29,007 20,572 56,966 The amount of non-¢ancellabkn operating lease payments fecognised as an expense during the year was £41.091 12023- £18,916). 13 SHARE CAPITAL The charity does not have a share capital as rt is limited by guarantee. Each ol the members is a guarantor lo the extent of £1 in the event of the company being wound up whilst they are member5, Of Wrthin one year ol Ihem ceasing to be membefs in respect of debts and liabilities conlracted lOre they ceased to bo a member. 21
tYooJsign Envelope ID.. 554l4E65-553S91-95E7FF7A67D37C8 NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued FOR THE YEAR ENDED 31 AUGUST 2024 14 FUNDS At I S•ptornber 2023 At 31 August 2024 Incoming re8ourc•8 Oulgolng r•sources Transfor in Ihe yeor General fund Reslri¢ted fund Revaluation reseNe 14.030,578 90.547 6,918.586 14.496.926 {14,716.274) 1.184 11,714) 57,631 13,868,861 89,997 6,860.955 157,631) 21,039.711 14,498.090 (14,717,988) 20.819.813 15 RESTRICTED FUNOS At 1 Sgpternb•f 2023 At 31 August 2024 Incoming r••ourG•• Outgoing r••ource• Tr•nsf•r In th• y•ar Muundè donation$ Paradise House Other 11.570 77.726 1,251 3,180 12,6721 11,7141 12.078 76,012 1.907 656 90,547 3,836 (4,3861 89.997 16 INDEMNITY INSURANCE The charity has paid insurance premiums lo indemnify the chaTity from any loss arising from neglect or defaults of Trustee8 or stsff. 22
DocusJn Envelope ID.. 55414E65-55384591-95E8-7FF7A87D37C8 NOVALIS TRUST NOTES TO THE FINANCIAL STA TEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 17 PENSION COMMIThIENTS D•fined contrlbution: The company operates defined contribution schemes for its non-teaching employees. The assets are held separately from those of the company in independently administered funds. and the amount charged to the SOFA for the year was £302,48412023 - £335.389). Defined benèfit: The Teachers. Pension Scheme I'TPS'I is a statutory, contribulory, defined benefit scheme. The regulations under which the TPS operates are the Teacher¥, Pensions Regul8bons 1997 as arnended. These iegulalions 8ppty to teachers in schools and other educational establishments in England and Wales maintained by local authorities. to teachers in many independent and volunlary-aided schools. and to teachers and lecturers in establishments of further and hyher education. Membership is automatic for lull- ts'ma leathers or lecturers and from 1 January 2007 automatic 100 for teachers or lecturers in part.lime employment following appointrnent or 8 change ol contract. Teacheryd and lectumrs are able lo opt out of TPS. TPS is run in such a way that the Charity is unable to identify ts share ol the undedying assets and liabilities. Therefore, the charge in the SOFA 01 £379.877 {2023 - £233,043) is the amount payabl8 in the year as the Charity accounts for the TPS as if it were a dofined contribution scheme. Although teacher8 and lecturers are employed by various bodies, their retirement and other pension benefsts, including annual increas85 payable under the Pensions Ilncrease) Acts are, as provided for in the Superannuatson Act 1972, paid out of monies provided by Parliament. Undef Ihe unfunded TPS, teachers, contributions on a 'p4y-as-you-go' basi8. and employers, conlrlbulions, are credited lo tha Exchequef under ngernenls governed by the above Ath. Th• Teachgr5' Pension Regulallon$ loquire an annual Yccount, tho Teachers, Pension Account, lo be kept of receipts and expenditure {including the cost of pensions, increases). From 1 April 2001, the A¢¢ounl will b8 credited wrth o ¥1 rale of return lin excess of prirA increases and ¢vrrenlly set at 3.0%). which 1$ equivalent lo assuming that the balance in the Account 16 invested in notional inve$trnent8 that produce that mal rate of return. Not less than every four years, wrth a supporting interim valuation in betsveen. the Government Actuary I'GA,). using normal actuarial principles. conducts a loal actuarial review of the TPS. The aim of the ieview is to specify the level of future contributions. Conlnbulions are assessed in two parts. First, a standard contribution s determined. This 1$ the ¢onlribulion, expressed as 8 percentag8 of the salaries of teachers and lecturers In seNice or entedng service during the period over which the contribution rale applies, which if it were paid over the entire actNe seTrice period of these teachers and lecturers would broadly defray the costs of benefits in respect of that $8P4ice. Secondly, a supplementary conlfibution is payable il, as a result of the actuarial inves1i9ation, it is found that accumulated liabilitieF of the Account for benefits to past and presanl te8chers. are not fully cove0 by slandard conlribulions lo be paid in lulure and by the notional fund built up from past contributlDns. The last valuation of the TPS related lo the period from 1 April 2023 to 31 March 2024, The GA'S report of Mafch 2024 reve8led Ihal tha total ag9regale scheme liabilllies of the TPS amounted to £278.8 billion. The value ol the aggregate s¢heme assets w8s £Nil. The assumed real rale of retum is 2.55% in excess of prices and 3.55•A in excess of eamin9$. The rate Of real eamings growth is assumed to be 1.45%. The assumed gross rale of return is 3.55%. Employer contributions are currently paid al a rate of 28.8% (this increased in April 2024 from 23.6%). Employers also pay a charge equivalent to 0.08% of pensionable salary cost5 10 o)ver administration expenses. 23
DO¢19n Envelope ID.. 55414E65-S53&4591-95E&7FF7AB7037C8 NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS Icontintsed) FOR THE YEAR ENDED 31 AUGUST 2024 18 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income tef0 olher recognised gains and losses Net Inte$1 Oeprecialion Profit on disposal of tangible fixed assets Decrease in $to¢k IlncreasellDecrea88 In debtors Increase in creditors (219,898) 157,$42) 901,717 18.5091 286,086 127.1651 808.925 {8.4011 (975,907) 483,267 1.570.909 173,341 123.790 2.800,695 19 RELATED PAR TY TRAN8ACTION8 Ourin9 the yaar, Novalis Trust provided monagemenl seryieas to rts subsidiary, Novalis Professn31 SeNi¢es Limited on an arms-18ngih basi5 for £22,81112023. £25,689). Al the balance Sheet date, the charity was owed £282.74812023- £234.348) by Novalis Professional Services Limited. Interest is not charged on the loan as il is immatenal and there are no fixed repayment teryns. maUn Smilh. a Trustee ol Novalis TNst, Is an ind8pend8nt consultant for MAS Educational Consultancy Ltd. An expense of £9.00012023 £9.4501 was recognised for servic£s rendered In the year to 31 August 2024. Elizabeth Buckland, a Trustee of Novalis Trust. has a daughter who currently has a zero-hour contract with Novalis Trust lo operate in the training department, eaining a salary of £2,580. Daniel Walton, a Trustee of Noval6 Trust, has a spouse Rachael Walton who is currantly employed by Novalis Trusl at WMS and CCS in the admissions team, as a recognised conflict of interest Oaniel Walton, il has been agreed that they would not bg involved in any decision ¢Jireclty •ffe¢ling his wrfe's role #8 an employee. 24