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
#151

Do¢xJsign En¥elope ID: 55414E65-S53￿s91-95E8-7FF7AB7037C8
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
GlouceSle￿hlre
GL5 4SX
Prlncip•l offic•
Ebley House
235 WeS￿arf Road
Ebley
Slroud
Glou¢e$lernhi
GL5 4SX
Tru8t••1
M Bennett
E Buckland
D Walton
M Smith
D Rice (Appointed 6 Septernber 2023)
G Moss (Appointed 4 September 2024)
M Stern (Appainled 4 September 2024)
S•crotary
P Furley (raS￿ned 4 July 2024)
Double Six Legal Limited (Appointed 4 July 2024)
Chi•f •x•cutive
J Lukas
Aud5torn
Hazlewoc¥J$ LLP
Windsor House
8ayshill Road
Cheltenham
GLSO 3AT
8•nk•rn
Lloyds Bank PIC
12 Rowcroft
Slroud
GIOu￿Ste￿hIre
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 {Res￿ne￿ 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 on*oing 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$t
has adequalo resources to continue in operational existence lor the foreseeable future and have continued lo adopt the
going con¢em basis in preparing the financial slatemenlj. The Trust m8inl8ins cash re8en488 to covoroperational costs.
includlng salaries, for 8 minimum of six months.
2 OBJECTIVES AND ACTMTIES
Tho charity's missionlg to provide educakn'on. core. and therapy for ch￿dren, young people, and adults. particularly
those with emotion81, behavioural, and 8pecial learning need8. 11 achieves this through residential and day 8chool8. al
well a5 rosidential rAre for adults with leaining difficulties.
The Novalis Model. a trauma-infomed and evidenctrsupported approach, underpins the charity's work. It foste
positive relationships and secure attachments within a therapeutic, low.arousal environment.
Our core values Kindness, Empathy, Creativity, Curiosty. and P08rtNlty￿U1de 8taff racruilmenl arKI infomi Iho
organisation's practlces.
The charity operates tsvo irKlependent special schools.
Cotswold Chln• School - Approved by the Department for Education lo admit up lo 60 pupils (ages 7-19),
with up lo 42 on ￿$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 f￿h 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￿$10n Erwelope 10.. 55414E65-553&4591-95EB-7FF7A87D37C8
NOVALIS TRUST
TRUSTEES. REPORT (continued
FOR THE YEAR ENDED 31 AUGUST 2024
3 ACHIEVEMENTS ANO PERFORMANCE
The charity continues to provide a therapeutic nurturing environment lor vulnerable people through the provision of
education, social care and clinical therapy in a way that helps young people overcome barriers to their learning. In the
case of adulls the pro¥is¢on offers specialist support to tead as perSon￿ntIed and fulfilling a life as possible.
Opportunities for young people and residents lo access the local community through the provision of independen
training and suitable accommodation. A range of suitable activities that offer edu￿tiOnal and occupational opportunities
are provided,
Of8tsd In8p•cllon•:
Cotswold Chine School (Jan 2022}- Raled'Good.' with 'Outstanding' for personal d8velopment.
Iliam Morris School (June 20231- Raled'Good,' with approval to incrnase sludenl numbers lo 50
in Jan 2025.
Cotswold Chine School Carn Provision (Jan 2025)- Rated 'Good' under the new Ofsted framework.
Paradise House {Jan 2022>- Maintained its 2019 CQC rating of 'Good' ovèrall. wilh 'Outstanding'
for caring.
Clinical and Therapeutic SeThices Expansion:
o Therapy team includej a Clinical Psychologist. Child and Adolescent Psychotherapist, Family
Therapist, 8ehavioral Anatysl Occupational Th8Ta￿'Sts. and Speech and Language Therapists.
Ongoing training In Trauma-lnlormed Care. Neurosequential Mod81 of TherapeLttlcs {NMT), and
Social Resil¢ence Model ISRMI.
FINANCIAL REVIEW
The TfusI'$ overall income was higher than the p￿¥10￿8 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, deS￿nated 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 go￿9 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 I￿land,
(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 prePa￿d in accordance with the requirements of the CoMpan￿S 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¢P￿rdance 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 fU￿illed 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 F*rfomied, 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 appl￿ble 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 ￿e0￿S 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$, or
have no realistic allematsve but to do so.
Auditor'8 re•pon•lbll1￿Oa lor th• •udlt of th• fin•ncl•l st•l•m•nts
Our objeclive5 are lo obtain reasonable a$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$ulling from fraud
18 higher than for one resulting from error, a3 ffaud may involve collusion, forgery, intentional oml88ion8,
misrepresentalion5, or the overr￿e of internal control.
Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are
appropriate in the circumBtancas, but not lor the purpose of exprnssing an opinion on the effeclivene88 of the
charity's internal control.
Evaluate the appropriateness of a¢￿Un￿n9 polictes used and the ￿asonab￿ne$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 a￿11 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.

Docus￿Tr 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$, Includlng fraud
(hving lo the inherenl limilaliong of an audit. there is an unavoidable risk that material mi88lalements in the financial
ststements may not be dolected, even though the audit i8 properly planned and perfomed in accordance wilh Ihe ISA'¥
(UK)
In identifying and assessing risks of mateNal mis-statement in respect of fraud, including irTegularities and non-
compliance with laws and regulations, ¢Jur procedu￿8 included the follcMing'.
We obtsined an understanding of the legal and regulatory frameworks applicable to the company financial
tststements or that had a fundamental effect on the company's operations. We delemined that the most
significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws.
Vve understood how the company is complying with Ihose18gal and regulatory frameworks by making inquiries
of management, those responsible lor legal and compliance procedures.
We assesses the susc*plibility of the company's financial statements lo material misststement, includiThJ how
fraud might occur. Audil procedu￿5 performed by the engagement team included..
Identifying and assessing the design effectiveneM ol controls management has in place lo wevent and delect
frnud.,
Und8rstandlng how those charged with govemance considered ond addressed the potential lor overT¢de ol
conlfols or other inappfopnale influence over th8 financial reporting prorA8$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 pla￿d 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 managen*nt 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 r￿ed 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

DO￿51gn 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 ffur￿5
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 mc*lif*d 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..
Un￿strIcted 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 •$￿ts
There is no sel Iimrt for th8 captslisation of expondilure on acquisrtion, enhancemènt, production and installation
of fixed assets. Tangible r￿ed assets are 81aled in the balance sheet at cost 18s8 depreciation, except for
I￿ehOld land and building5 which are slated at their open market value.
oepreci8tion is calculated to wri18 off the cost or valuation ￿8& estimated residual value of tsngible assets
over Iheif estimated useful lives al the following rates..
Ffeehold land
Freehold buildings
Fixtu￿$ 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 Pr￿e. 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.. s5414E￿55384591-95E8-7FF7Ae7D37Ca
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 unCOnd￿0nal 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
mulli*mployer 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_$5384591-95E8-7FF7A87D37C8
NOVALIS TRUST
NOTES TO THE FINANCIAL STATEMENTS (Con￿nued)
FOR THE YEAR ENDED 31 AUGUST 2024
ANALYSIS OF SUPPORT COSTS
Special needs
•du¢ation
Residontiol
care
Total
2024
Total
2023
Staff costs
1,164,698
Professional lees
115,199
Communication and infomialion technology 67,826
Office supplies and postage
138,735
Othef Costs
425,779
1,164,698
216,757
13S,498
270,302
469,249
1,144,248
212,147
107,755
343,586
452.736
101,558
67.672
131.567
43,470
1,912,237
344,267
2,256,S04
2,260.472
AUDITOR'8 REMUNERATION
2024
2023
Fee8 payable lo the Company's auditor for the audit of th8 Company's
Annual accounts
15.750
15,500
Fee$ 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 eX￿sS 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.
Dep￿Ciall0n 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 899￿gate 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.. 554l4E65-553￿S91-95E￿7FF7A67D37C8
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

Docus*Jn 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$trnent8 that produce that mal rate of return.
Not less than every four years, wrth a supporting interim valuation in betsveen. the Government Actuary I'GA,).
using normal actuarial principles. conducts a lo￿al actuarial review of the TPS. The aim of the ieview is to
specify the level of future contributions. Conlnbulions are assessed in two parts. First, a standard contribution
s determined. This 1$ 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 $8P4ice. Secondly, a supplementary conlfibution is payable il, as a result of the actuarial
inves1i9ation, it is found that accumulated liabilitieF* of the Account for benefits to past and presanl te8chers.
are not fully cove￿0 by slandard conlribulions lo be paid in lulure and by the notional fund built up from past
contributlDns.
The last valuation of the TPS related lo the period from 1 April 2023 to 31 March 2024, The GA'S report of
Mafch 2024 reve8led Ihal tha total ag9regale scheme liabilllies of the TPS amounted to £278.8 billion. The
value ol the aggregate s¢heme assets w8s £Nil. The assumed real rale of retum is 2.55% in excess of prices
and 3.55•A in excess of eamin9$. 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 Profess￿n31 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.
maU￿n 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