Registered Charity No: 1103965 Company Number: 05114710 MOVALIS TRUST FWANCIALSTATeMEMTS FOR TrE YEAR EIIOEO 31 AUGUST 2025 1111111 Iilllli 'AE25CY60 02102026 COMPANIES HOUSE 164
DwJ$w En%*loFe ID." IW1ew85F4O27C>Ic8ADBF2F44o NOVAUS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 A[UsT 202$ COPffEKrs LEGAL AND ADMINISTRATIVE INFOTIoN TRUSTEES, REPORT STATEMENT OF TRUSTEES, RESPoNBILlEs INDEPENDENT AUDITORS. REPORT STATEMENT OF FINANCIAL ACTIVIMES 10- 11 BALANCE SHEET 12 STATEMENT OF CHANGES IN EQUITY 13 CASH FLOW STATEMEKr 14 NOTES TO THE FINANcL STATEMENTS 1s-24
NOVALIS TRUST LEGAL AND AOMINISTRAnvE INFORMATIOM FOR THE YEAR ENOED 31 AUGUST 2025 Ch•rity numbef 1103955 Company r•gl$trallon number 05114710 R8gister•d ollke EeY HrAJse 235 Rwl Eb1ey Stroud oucesler5hwe GL5 4SX ineipal offic• Ebley Hwse 235 Ro&J Eb1ey Strou(J GIoLKesr$h GLS 4SX Try$l¢•6 8enn8tt IrB5wJ 4th SEptemi*r2W251 E BucklaThJ Dwattc M Smrth D Rth (reSned 4th twir2025) G Moss laFfKJirnted 4 Septernber 20241 Stem {aFvointed 4 Septemtrm 20241 S•erntary &x Legal Limrt Chlel•xèeullv• J LaS Audltorn Wrtrjsor House ayshill Ro&J Chettenham GL50 3AT Lbyds Bank P 12 R(Mcrdt Stroud Gknuce5ter5hwo GL5 3BD
NOVAUS TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustee5, who are a150 director5 tor the wrFQ5e5 of ccmpaty law. P¥B5ent ReF aThJ thg Financi?1 St8tements forthe year eftled 31 AL5t 2025. STRUCTURE GOVERNAMCE AND W4NAGEMENT Goveming Document and Managqmont Nova1 Trust is a c<)rnpany limrted by guaTanteè is go¥em8d ty rf5 MemOrarKm and Arlides ofAssw'3W'on. It is registered charity wrth the Chatty Cc¥nmissw)n. The cnpanY wa5 preOus known a5 The No¥alis Trust Ljrnited. Cotswold Chin• S&)ool, aThJ later C(4s14okl & Pamdtsè HLws LMNl8d, balofè ad4ib.ng ts current narne. The CLpanY oJrTenty trdde5 a5." Cotswokj Chire SclKM)J 2. Parayise Hi)use 3. Ebley House 4. Wlliam Morrts School The fo110rvj Trustees lk1 &n( 1 SW•ir 2024". M Bennett {resbJrd 4m Sepitrntr 20251 E 8TrY D Walton M Smth larwnied 1 March 2023) D M {re$3ned 4th 20251 Martin Stern lapp>nted 4 Sepfemter20241 Greg Moss (apinted 4 Sepknber 20241 Appointh)•nt of Tr1••5 The appointrnenl OfTtee5 6 gove by the ArtKs ofAssctithn. TrLLSte8s are thorised to fill va¢8nrye$ ng through renation or death ofan exi5bTrJ TnL4e. Trust$. Induction and Trnlnlng New Trustee5 undertake an iTrYuctron process indudes tfirvj M 1r kgal ¢j8nS undw charity and o)mpany law, the Mernorandwn and Arbcs ofAsscKithn. charitys cwabors. decisth-making processes. future pla. rpcent fillamal perfryrnan. The tharity mwntaiTr5 fntslee irnlernnty irtsurance tr) wjleet agairot l¢)sses ari%TrJ from negknt ordefauh5 of Tntstee5 518[1. Organlsatlon The Twstees rneet re9ularfy to tts thanty's affairs. day-trH1ay manaJerrÉnt ofthe Trust ts delegated to th? ChEf ExtI. J Lukas. and the Emeojtive Lethhlp Tw. Trustses bnng a range ol professhjnal bgrouTrJs indJIrj actountsncy. law. education. clinical tsrapy, and health. They work dosdy the Chf EXetiJb ExecuD"* Leadership Team to oversee PargJtse House, Imlliam Morris SchocA. c0tsvd chi SchocA. a1 Trusfs ad office at EbY House.
N(WALIS TRUST TRUSTEES. REPORT {continuedl FOR THE YEAR ENDED 31 AUGUST 2025 R•gigt•r of Tntstw8' Int•rests The Secretary maintsins a Registèr of T. Intèrtsts. No matsnal oJnflKts of interest halp been tdentified. Rdated paty trar68¢'ons are di5¢1oJ in Ncts 19 to thè ffin•wl 51nents. Gov•mance Manual A GovemancE Manual is maintained by th• Sècrntary aThJ bwinrolty by the Board. It provid•s swid0 to Trustèès on govemancè arrar¥Jernents, owanisational structu, (cisiorFmakiTvJ resKN)rnSi"1es. ieR Prfnclp•l Risks Un¢ertainti•s The Trustees maintain a rok managernent strategy that indwles orwThJ rtsk id•nbficabon, the Thplamantation of mrtvJation measures. and procdure5 to miniwrnse the Inwati of thn.J nsk& The prinopal rtsks facry the Tntst irKkth.' A¢JèdinÈ i) Confidert in the organBatson. pOltialty tts plawnents Le<a aulhonts thcosiro aItemats or Icta aL#WI r0sKIn. inpacting fuTrJiryJ a1 su5tsinability A risk regtstèr is maintsined and arnualy by fv Pd. GoiThJ Concem Th8 Trustees have ppar forecasts for the rexi 12 rnonths whith iTrJic that the Trust will hav8 suffiry'¢nt Sourc to ¢ts"ne cperatiThJ as a goiThJ eontsm. The Twsttes a reasonab extectab.on Ihatlhe Trust wll continue in ratIOnal existence for the fweSeee luture. The Tntst mainta.ns cash reserves sufficient to co¥er at 5t Ihree rnonths ol Operatscal costs. indL#Jirg sal. 2 OBJECTIVES AND ACTMnES The charity s mission is to provK16 8(IucaiM)n. car8. #rapy hy chJWreo young people. and adults. pa.JIarJY those wth emotional, tehavityJral. aN1 Spal edub(nal 1$. This is ach1 th[c9h the ratIOn of lI(ntial and day schools. al0Tle l(lental care ts adults wrth arnIng ¢rfrtts. The Trusfs work is L¢TrYèrpnrteil by thè Novais M. a trm&infomed aThJ eJence-swrkd aFvroach that Core values- Kindnes¥. Empathy. Crnobvity. Curloslty. al PosSUvlty- guKItr Stsff recrurtment aThJ fftfo organssatwal praCe. The Trust OFerates iThJeFthlent specAI Sc15. Cotswold Chine school-0¥d ty the DeptrntN for for up to wpls •Jed 7-19. including up to 42 wdential F4acements. Son exceoj days per year, requirirKJ addrtw)nal Otsted r¢gistration as a children's hom•. 2. William Monls School- for to 9) aged 7-19. with boardwwj provi5v)n up to 14 putyls for up to 42 wed(s year. Tho Tfttst als¢ w$ I¥rates. Paradltye Hww. a rps•YentK?I care fr)r wrth IniTra diffthwps. 151¢[d the Care ¢knlity CcKnmi55K)n ICQCI for w lo 30 r•shdènts E•Y House, the TnJsYs heaquatss. IbJu5ThJ central inchjjing tr*nw. HR, finan, and conferenca fac1$
Dttuwgn Et1 ID.. OOA)lfO0SF-4O3I%87E4caF2F44D NOVALIS TRUST TRUSTEES, REPORT Iconlinued) FOR THE YEAR ENDED 31 AUGUST 2025 Tho Lunchbox Calé and Shop. evie2 c(p)rtltE$. 1¢ Ter4)enl in January 2025. ilh a frgsh santhvich Lr and bakery The Trust (x)Ilaborates wilh acajemics aThJ ofenaL$ to advan uThrstan¢Jing 0ftraUm&fC[ny care. attachrnent.related diltrJJlk5. arKJ rEcoverythsed approaches. 3 ACHIEVEMENTS AND PERFORMANCE Tht Trust nb"nUeS to provKJe therapetht aTrJ nurturing eNronrnents lor vulneraw irKIwKlual$ thrOJh integrat&J education, socia care, and dinical t. Fry Uts. # provisi olkn speoali5l. rer50n-centrgJ SUPFQrt to enab fulfillmg and meaningfrjl li. Ywng pIe arKI re5#knts are to access local c(mmunty through mdeFeThJencE trainiro, appropriate ccfflmod"c. aThJ a range ofethJcalw)nal. occupat. recTraTraI ¢¥p)rtunities. Regulatory Outcom0# COt8vld Chlne se11 (January 2022}- RJ Gcrtx#. with Outslaihymg for rSonal de%eWnent Wllllam MorrL8 S¢h¢)ol (ju 20231- Rabj with lo Ir58 PUF41 MberS to SO from January 2025 Cotswokl Chlne &hool cl PvovFslon lJ¥rwry 21r251- Rated Gwd urthr Ihe ¢)tsted frwnew) P¥r•dl¥e HIMW (January 20221- mai1ttair its 2019 COC rkn"NJ of Gl1, wth OUtstandg for Ing Cllnk•l and Ther•pwlie SeThice¥ The therapy team indudes a Clinral Psychdcgist. Chikj arY Adoent Psychothera$t. Farnify Therapis( BthawourAnatyst. occupatral TheaSts. and Srwh aThJ Language TherarAsts. Ongoing $trfFtraining indLKles Trauma-lnformed Care. NeurCy3e¢Wen M(AJel ol (Nlffj. arKI ts Sock81 Resilwre Mje1 ISRMI. Worklort• D•v•lowMnt Training and wnthrce devewnent Ctinue to te a strorvJ aThJ theffe at Novalis Trust and a Cntral to fijtuwroofiry organisatw. )MIlrnent SUf4M)rts efferth SLKze$5Dn rAannng and the development ol a skilkd, professional. sustw.najk YkfoTce. The Trust has estatl$hed prcthcb¥e partnerships wth uni¥ersrbes aTrJ trainirg provKJers across s¢xkql w(Kk and health di5cplines. Students are SLPPOrted on pLrn $&n9 ¥aff are enabled to prcgre5s Ihrou9h apen"hi into qualified profe55K)nal ro5. Targèted roltr-sreofic ¢knlcynent is atso in pl across ¢rtments IndJing bjsiness adm1ntstrnft. human sources. play therapy. and &Jucaknal psycw. Staff are wrenlty urIakIr arenb.Ceship$, diplomas. undergraduate degrees. and masterfs4e¥EI prcsramrne5. This sustained inNestmerrt enhan510rce cap•. pracak2 qualty. and ertsUs the Tnkst is well posrtid to rneet future seL* demaThts.
NOVAUS TRUST TRUSTEES. REPORT Icontbnuedl FOR THE YEAR ENDED 31 AUGUST 2025 FINANCIAL REview Thg TTu$Y3 1)vwall Kthme was hJr than wa¥$ fmanTral y ith costs Ireas1 also Totsl income vms £15.297,66012024- £14,498,0901. with k¢tal cc6ts of £l5..41612024 - £14.717.9881. Net assets at the year end wère £21,054,05712024_ £20,819.8131. PLANS FOR FLrruRE PERIODS EXpar61 oflhfjliam M¢yris Schod boardiro pmvisi)n Ccffjtinued r9fvth.5hrt ofkn"lil¥es In(xeased fo>Js on stsff h•ath aThJ strèngt1Trj govemarte 1hr ts reoiJitrTWrtofTrwkes wilh experbSO in L3w and psycltheraPY Env¥c¥)mental iThbatsve incjuding inwovgj EV ¢arwrwJ Infrastru R•seryg pollcy Free serveS at th¥ year end wwe £2.221.35912024- £1,826.5221. In¥e$lm•ni Pollcy Surplus fwd5 are plac8d in h31rresI sawng5 0Jrts until reqmd. Twtson Slatu¥ Thè Ccfftparw is a Wiste charty aTrJ c(wuentty 15 exwnpt from coLti Tax. AUDITORS Hazlewd5 LLP have acted as aLtorS year. A resOlu)n to reappoint them wll te prcws&Y at the Annual General Méètsng. STATEMENT OF DISCLOSURE TOAUDITOR In so far as the Trustees are aware.. lal thwe is no reafit audrt irfomiation ofwhTeh the ccmpany's a unadr•". Ibl the Tru5te6s have tsken all th8 stsps thattW OLfjht to have laken in order to make ttmselve5 awar• of any relevant audit informatK)n and to estsblish thal ts ccnpany'$ 8wlitys a aware ofthat information. Oar of the Boanl L 8uekland-Trustee 2413/2026
NOVALIS TRUST STATEMENT OF TRUSTEES'RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 202$ The Trustees (w) a ts dire(10 of Novalis Trust kn the wrrthes of CLYnpany Lawl are reSporBIb for preparirrfJ the Trustees, Report and financial slatwnents in KKable law regulalK)ns. Company Iw wuires the Tru5tee5 to Prre finanaal Stateme for each finanoal year. UnLr that law the Twstees have dected to wepare the finane4al statennts in accordan UThted Kingdcrn Generally Accepted counting prath (United Kingdcmn AcccKJnting Starn1arrls and aFpl¢le lawl Under company law the Trustees must not approve the financ1 st3ternents unSe5s Ihey are sattsftd that they give a trL and tsir Mew ol the stste of atrairs ofthe company aThJ of rts Inctsmiro OUr and appIltn of resour, induding the income and expeThjIlro. of the oynpany lor th Fer. In prEpariThJ Ihos8 finaal 5tatm•nts. thè Trustees wa rnquired to". select suitable aeeoJnts"ng Fllt$ aThJ apth Irn uJns6tenty'. observe methods and princ4Fs in ttE Chantw SORP {kIn1)Tha aThJ Rrrfng by Charitss- Ststgmont of Reo)mmended Practice).. make Jgarn•nts and eslms that a reasonJk an¢J pnJknt'. prepare the financKql statwnents tho wr¥J corwn basis unkss it is inapprcpriate to lne that the Company conts'nue in busirs. The Trustees a resprb for keeping Jaquatè aCtn.3 retfj that are sulfyjent to show and explain the company's transa¢oThs aThJ dtsdose lti reasonatAe aCrY at any time t fiTrancial positir of the company and to enab thern to ensure that th8 financial statements cornply with Ihe CL¥npan5 Act 20C6. They are a responsiblè for saauarding tt assets ofthe company aThJ herte for lakirg wsonable steps for the preventson and deteCtn of fraud and crther Irre9ularib'e5 The Tnlee5 are akn resF4Jn5kn1e for ensuring that the a55ets are kwoperty applied in aGgydanr* wth charty lJ44.
MOVALIS TRUST (Company Numbèr: 05114710} FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 AUGUST2025 INDEPENDENT AUDITOR'S REPORT TO ThE MEMBERS Opinion have au¢'bY the finanual ststèmènts of Novalis Trust for thtr y•ar erJed 31 A$t 2025, whith cornprise the Ststerrent of Fina21 Activths, Balan SIEet. ststement ofchanges in Equty. Strtement ofcash Fl¢)ws. and Not&s to the Financial Statemants, induding a swnmary of sNJThftsnt actntir O¢ryes. The financial reportirrfj framewort that has teen applied in preparation is aFwIcle aNJ Unrttsd lQrylom AccoLFnting Stsndard5. including Financial RePo"n Standard 102 'Tr Finanoal Repoth"rKJ Slandard ¥plicthe in the UK ar¥J Rep)11¢ of Iland, (United KiThJdom Genèralty Accepted Accounb"ng Prath"cl. In our Lynran the final strmts.. give a and tsir vtew of the stste ol Ihe tharItab f£mp8nVs affaiT5 as at 31 AjUSt 2025 of its irttthing resources aNI apICatn ol restyJrces, irtlLwJing ts income aTrJ expenditu, for year then ended., have been propety prepa In acccdancs vh Unrted ngdryn Gweraly Accepted Practs"ce'. and have been wepared in a¢nce witb the requiremènts oflhe Cornpanes Act 20LK. easis for opinion coTrJu(tsd our audit in cordanCe wth 1ntemats.onal Slandarijs Audr0 {UKI IISAS IUKII and 8r4)lir2ble law. Our responsibilites uThYef those staThYards ao hjrthèr dexfiÈed AtyJitr¢s reSp&bIll"eS for Iha audit of the financial ststements seth.on ofThJr wort. are iTvjdent ofthe charrt3tAe fA)mpany in ac¢)ydaneewrth thèéthical reqU1ments that are releyant to our aIrt of the finanaal statements in the UK. inclvLJirg the FRC'S Elhical Standard, and we have fuffilled ourotherelhtal respOnlIrtS in act0rdare th these uireMents. IAÈ believe thatth• audrt eVIder we have obtained is suffioent and wropnate to a basi¥ for our opinion. Conclusions relatlng to going concem We have nolhing to rerxyt In respeca of fomowing mattels sn relatw)n to th• ISAS (UK) require to pryt to you where.. the dir&ctors' use of going concem b$ d xcountw in of th• financol statam•nts is not appropriate, or the direaofs ha¥t not dt5dosed in t fironcial Staternts any Jentkl material uncerlaintss that may cast sKJnificant abo¢)t the tharitth rnnpany'5 ability to Contin to ajcpt the gcing conrn basis of accouthng for a ped ol at ffonth5 frryn datewhen the financHI staternents are aUthored tDr issue. Oth•r InfonTHtlon The directors a respongbk other inforrnalion. Thè othèr infomi"on Ccmpnses the inlomiabon Included in the annual pOrt. otr than the finawal staterFTrants arKI our a"tOrS ¢ewrt thefeon. Our opinKJn on the financ1 statements does not ¢))ver the otrEr inforrnabon and. èxc to •tsnt Oth$e eilY stated in our rert. we do not express any fonn of assuran u51( Ihereon. In conn6ction wth our audit of the financial statemènts. tyjr responstilty ts to read the otheT infom)ation and, in doing so, con&der wttthr the olhef infcThation is materialy inconsistent wth the financial statements or our knowledge obtaird in lh• audit or crthery¥ise aryears to be materially mtsstat&J If wa ¥J8nbfy suth material Inconsistencies or apparentrnattiial mtsststements, we are rg]uired to iJeternir* whether tsre isa matèrial mtsstatement in the financial ststernent$ or 8 material misststement ofthe other infonnabon. If, based on lh8 work we hav• Fxrformed, cOrje that therè 15 a material mi$statent ofthis otsr inf(Mrnabon. ar¥ requi to repjrt that fact have 1hirs to reFQrt in ths rngard. Oplnion on other rnatt¢r presCrid by th• Companles A¢1 2WI6 In our Opin. based on uThJertaken in the oxJJ5e ofthe aud the inforrnatrjn given in Report ofthe TrLL8tees for the fThnt3al year for fina?1 Statements ar• ppared i8 c0[15tent11h Ihe ffin3r slatements: and the Repyiof the Trwstees hav& been prepar•J In aoxbrllarte t bjal rewir¢mgnts.
NOVAUS TRUST Icofflpany NUrnr. 05114noi FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIJGUST 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS leontlnuedl IAatters on whlch ar• required to Trport by exception In the IvJht of our kno44kdge arwj undetstsMdiThJ olthe and charitsbk ¢xnpany aThY itsenvironmèntc&tsinod in the cr5e ofthe audrt. have not ¥Jenbfd maten.al mL8Staternents in ts Report ofthe Trustees. have nothing kn repc<( in resFect of th& lolffi"rrfJ mattth3 the Crynp¥s Act 2Q)6 regr¢S u5 to report to yw if. in our OFynic¥)'. adequgte attountyng record5 have fio¢been kept ty the ¢)Jmwy, orrelums J4uate for our aLJit have not been recelved frorn branth5 rK)t vBited by LS.. or the charitable cunpany financaal slatemenls aré not in 4rnement wrth the acc(¥Jnb"n9 recuds and rem$.. or cErtatn dthures ofdirector5' rèmuneration Spea by l¥ are not m•Ye. or we have not reCd all thè 1nlomiab. aThJ eXpnatn$ we requi lor our audst. Responsibilit8 of t1ir•ctors As explained MO fully in the Ststement of Dire5. Re¥x)rsitilitie5 set (yJt On P&38 9. thè sjsrectors arè fèsponsiblè for the pparati)n of the finanrial ststements and for "n9 sats.std that Ilw a Inje and frdlf wew. and for such internal control as the director5 (letemwne is rece5sary to enabl• th• FY•Pafatth ol financial stat•nents that are tree from material misstatement. whelherdue to fraud effj èrror. In pwaring th8 financd $tatwnents. the dir•#ots e spOnSlIe lor assessiro ts Caritrb cmipany's abilty to cx)nbnue as a gng ¢oncem. diScknJ. a5 aFpIKablè, matt4is rdated to going CM and Ing the gn9 concEm basis of accounting Un$$ the eilher inten¢J to Ik]uidate Ihe charrtYe crmnpany or ¢0 cease operations. or have no aliStiC aKemati%e tKrtto do 80. AudIt0¥ Sponsibl11t1eS forthe audit of thè finaneial stst•m•nts Our objecfyves are to obtain wsonatle rar£ about tthether the financial staterrents a5 a thye are free from material misstatement. due to fraj or error. arKI to i5SL an auditorfs report that includes our opinw. Reasonab assurance is a thel ol assLJf8rKe. bLrt 15 not a guaranteé that an audit conducted in aceordane with ISAS (UK} will aayS de¢ect a materk4 rnLSStatement when rt eSts. MIs5tsterrents can arise trom traud or error and are consider&J material if. Thaivhyualty or in agJre9ate. tW AlkI rea50naWy teexFe¢Xed t01nflue Ihe enorn decisH)ns of users taken on Ihe basis of these finarK4al statemenls. As part of an au<lit in 1h ISAS (UK). we exercisti protss"oftal mainiain wofessional scepticisrn Ihroughout thg aLKlit. a150" Identify a1 a$S tha iisks of matenal Mtss1aenI of ts fvwwl stalw. whethw ¢Je to frau¢J or error, d8svJn and ptsrfom audrt pr<edwes respow¥e to Ihose risks, and obtwn audrt evidence that suffirjent and 4Fy0pnatts provide a bass for wr On. The risk of Tr)t deWrMJ a material misstatement resulting frcrn trathy higher than one resu"n9 frrn err. a5 frJwJ may cdlusion. fry, intentnal omis5ion8. rntsrepresenlatK)n5. or th? overrth ol Intemal cjjntrd. Obtain an understanding ol Int•mal contrd rnkniant to the ajrt in oroer ty deson audit pyocedures that arè appropriate in the circumstancès. trrt not lor the puw of expressiThJ an cynion on the eifecveness ol the chanty's intemal nIrcl Evaluate the apwopriateness of acc(b"rj roliaes Ihe reaSOnabler of acc£1try 8$"MateS and related d1sdosuS made by the Injstees ConclLMJe on Ihe appropnateness of the tnjstees, use of Ihe cor ba515 of accountiThJ a1. based on the ay1t eviden obtained. whelher a material unrwtainty ext5ts Lted to e¥ents or COndrtnS that may 5t signifrant doubt on the charty's abilrty to continue a5 a g(xng concem. If we condude that a material uncertainty exist5. are required to drawattentn in Jr a10$ report to Ihe lated dtsdOsuS in tr financial statements or, if such d1sd0suS are in•Jequate. to m¢)Jfy our cVnN. Our condus)ns a bas on the audit evjenCe obtained up to the dak oftyJr audrtofs rep)rt. Htrhwer. ftItU nts or coThJthoThs may cause the chanty to ceas& to conb.nue as a going CA)nrn Evaluate the ovefall presentatk)n, $tw(au a1 tnt of ts finawal stateThts, ildI th• disdosures, and whether finarKxal Slaternts represent tranC5 arwj ebents in a marw that achieves fair presentats Obtain suffiaellt aFpropriate aUdrteVefiC8 regardry Ih8 financ4al infDrmation of ts erbtits¢5 or tsineSS activit within the thanty to express an opini) on the financ4al stsiements. rtswn5ible for Ihe direction. supervision and performan ofthe ¢*anty's at. Tnn sow [mstIe for our aJit opithKJn. V%È rmmUnte vthh those tharge(J wth go¥ernan(t regatding. amoThJ olher rnatters. the planned scope an¢J timing of Ihè audit gnrftsnt finding5. indudir9 any 5un1ficantdeficl5 in intsrnal otr( that we K1ath"fy thtring trJr audrt.
NOVAUS TRUST (Company Pthr. 051147101 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 INDEPENDENT AUtXTOR'S REPORT TO THE MEMBERS l¢onllnuedl A turlherdescfiptsC ol tyJr oswnsbll.es fDr aIrt of lh8 finantsal statemerbts 15 locate(S on thg Finanrial Reporting Counafs websrte at vVM.frc.org.ukJaudrtorsreSwnsA.Ith.e$. This ts$uptn lomis pwt ofour audtht$ wort Extent to which thè auditwas eon•id#f•d capabk of dthting irr•gularilies. including frwd th¥iTrJ to the inherent lirnitsb"on5 of an 3LKltL tsre 15 an unavoidable risk that material m155taterngnts in th? financial ststsments may nol be detected, eben th0)h Ihe ¢t is planned aThl Ferfomied in accordantè wih ISA'S IUK). In IdtifyirS a1 assessing risks tsf rnnal mi5-513ternenl in rE5Fect of fr¥wl. irr¢wl8ribes wn- pIlar wth laws regLlats"ry6. our edureS indud8d the 1Dlk"nu.. obtained an U181.ng of the legal rewlatory [e1¥0$ aFpltsble b the company finafyi81 staternents or that had a fvrKlamentsl effed on the company s 4)eraiions. determined that Ihe most signiftant lèws and regulations Included UK GAAP, UK Ccmpans Act 2006 and taxation laws. We underst(x)J the ccrnpany is e¢mF4ying with those legal arnd frameworks by making ilneS of rnanawent, th05è respK)nSIb lor Wl aThJ CMpliance prctedures. We assesse5 the SLwts"tM"lity of the ftanY s financyal ststements to matorial misstst8m8nt, including how fraLhd rnit (Kr. Art prcttdus [erfMj try ergagewt kam I10J.. Identing arKI ¥55tssing thè dèsw 8ffedJ"¥n8ss d c(th15 management in pl to prevent and detect fraud.. Understanding how those charged gOvwThar ccwJereLJ addressed the poteThtial for override of controls orothèr inap¥Yopriate influertt overfv finan(aal reporbThJ process Oelw'led anatysis ofjoumats po5t8d through Ihe accounting system during tre year to 31 August 2024 ha5 been undertaken". Understanding the controLs in pla to prevent arky detect fraLkd. RdiarKe was not placed on contrds for entirety of the audiL insteaj taking a substantive testing aFvoath. contrds wer8 in pL4ce to pr•v•nt fraud, and thèy appea to te el'¥ely. ChallèNJing assumptior6 ju(hwents mth by managnnt in its snfftant Ounts"ng estmates. of our report Thi5 repDrt is mado sowy to Ihe tharity$ truste as a bts. in aCCL¥l thith ts Charits Act 2011. Our audit work has ten undertaken sothatwe might 5t8te to the Irustees those matters a reyuire(I to stste to Ihem in an audtiors. report and no otrr purF¥)se. To Ihe exlent kEmirtted by W. we do rK&t xcept or assume responsibilty to anyone other than the tharty and thè thanty's truskes as a t. our &xlrt wk. ttsr thts ffjF#Yt. or for the opinions * have fom)ed. Martin Hclward (Senvy Statutw Au¢*lorl For a1 on behalfof Hazlawoots LLP. Siatutryy Wndsor House Bayshill Road Cheltenham GL50 3AT 24/312026
NOVALIS TRUST STATEMENT OF FANcIAL ACTMnES FOR THE YEAR ENDED 31 A1usT202S Restrleted funds UnreBtrl¢led funds Totsl funds 2025 Tolal fund¥ 2024 INCOME AND ENDOWMENTS Iorne and •ndovffli•nts from: Donatlom and 1ogaci88 - R85idenb"al care donab.on 1.341 1.341 1.164 1.341 1.341 1.164 Ch•ritable activities." - SFecia1 need5 school f8es - Residential care lees 12.032.014 3.142.& 12.032.014 3.142.9J6 11.429.S25 2.955.177 15,174,520 15,174,520 14,384,702 Incoming I•U*S fft)m .generated funds: - Inve51fflent Income 54,6 54,6SS 57,542 Other In¢omw resource¥ 67.143 67.143 TOTAL INCOME AND ENDOWME14TS 15.296.319 1S.297.660 14.498.090 EXPENDMJRE ON Ch•rftslAe actlvllleB {1,67n I15,,523) 115,088,200) 114.726.497) PrDfit on Sa of fixéd assets 24.784 24.784 TOTAL EXPENDITURE 11.677) {15.061.739Tr 115.1163.4161 114,717.988} 10
DorJJ$rgn Errtcw D.. (1&085F4o3N7lX4c&AW2F4IO 14flVAUS TRUST STATEMENT OF FINANcIALACTIVmES{¢ont•ndl FOR THE YEAR ENOED 31 AUGUST 2025 Totsl fvnds 2025 Totsi funds 2024 funds funds Pknt rno¥trftt in funds qJ36) 1219.8981 Total ftjwth bUght fr>rw8rd 20.729,816 20.819,813 21,039,711 Total fuTrJ$ carried kffwwd 14 89.e61 20.964, 21,054,057 20,819.813 Al gains aThJ lossès reccyJ¢wwJ in ttE year a *Awe 01 orerabon5 arp continuing. To ?nabk a b8tter under5taTrJing ofthe finaral statements. the Statem•nt of FwiaKial ActivitEs separately nbfi•s the IoM& and costs of nmnir9 Ihe m•n XMES. Note of hl$tori¢al ¢ost in¢ww and •xpendityr• 2025 Reported nèt movement in ndS 234.244 1219,898) DiffereTh befvfftn Ihe historical cc6t depr8ciation tharge aThY actual depreciabon charge of Ihe year calculated on revalued 5,367 57,631 Historital eost net mov•m•nt in Iw 239.611 1162.2671
DocLJslgn En¥ae10.. C#14n1m85F402m7LY&2F440 NOVAUS TRUST BALANCE SHEET (COMnY Nwnber. 051147101 AS AT 31 AUGUST 2026 2025 2024 FIXED ASSETS Tangible assets Investments 18.317,578 I8,93,293 18,317.579 18.903,294 CURRENT KSSETS Stocks Debtors.. Arnounls falling wilhin one year Debtors.. Amounts falling after than one year Assets held for Sale Cash at bank and in haTrJ 3C(I 3.383,238 10 2.688,701 10 239.093 425,458 4.737.e65 237.059 3.978.fj87 8,785,754 6,904.747 ¢REOITORS Dug within om yr {6.049.2761 {4.988.2281 NET CURRENT ASSETS 2.736,478 1,916,519 TOTAL ASSETS LESS UA8ILmES 21.054.057 20.819,813 CAPITAL ANO RESERVES Funds R8Stncted furNJs Unre5tri¢ted fijnds." Operatthal general fijnd Property valUation 15 14 89.661 89,997 14.ICe,808 6,855,588 13,868.861 6.860.955 CHARITY FLAIOS 21.054.057 20,819,813 24/312026 roved by the Board for issua ................................ L BknI1-T1&l•¢ 12
DocustyJn £thC9e ID.. CO4018SF40307c¥HCa8F2F44D NOVALIS TRUST STATEMENT OF CHANGES IN EQUtTY FOR THE YEAR ENDED 31 AUGUST 202$ Operational neral nd Property rw41u•tfjon RtrICted fur Totsl funds Funds brought Iward at 1 Septemter2024 13.868.861 6.860,955 89.997 20.819,813 Net outgoing ts$oUe5 before fransfé 234,SgJ (3361 234,244 Depreaatth revau amounts s.7 15.%7) FuTrJs cam•d foward at 31 August 2025 £14.108. 6.855.588 a9,1 21.054.057 Owratyonal 9trnèrnl fund Propgrty reluabl>ll R•strict•d lund Tolal funds FuThJs brought forward at 1 September 2023 14.03J.578 6,918,5e6 9).547 21,039,711 Net ouiqoiryj resour before transfe {219,3481 15501 {219.898 Depreoalion on revalued arnounts 57,631 {57,6311 Funds (an5ed forward al 31 Au9USt 2024 13.ee4,861 6,860,955 20,819.813 13
DO3Jn En¥elope ..00AD18cO85F403m7CC&•8F2FlIo NOVALIS TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Cash gtnerated frorn operating •¢livlUes 18 1.384.014 123,790 Cash IIow8 fr¢Yn in¥esting aetivit Interest incorne Purchase of taThJible fixed assets Proceeds frorn the sab ol laThJIb fixed assets 57,542 1919,5821 37,225 1749.7711 70.079 Cash ed In Inve81in9 actl¥itl•s lff25.0361 1824,8151 Increaselldecrea3el 5h arKI cash eqiMvaents' th? year 758.978 {701,0251 Cash and cash equwalents atthe WinnirffJ of the year 3.978.e47 4,679.712 Tolal cash #nd •quivJ•nts at thè •thd of the year 4737.665 3.978,687 14
NOVALIS TrUST NOTES TO THE FINANCLAL STATepAENTS FOR THE YEAR ENOED 31 AUGUST 2025 ACCOUNllNG POUCIES Thè financaal 5t81emeNs ha4E teen prepat&J uTrJef th& htsttffital tQ8t (vention. as modtfd by revaluation ol certain fixed assets, adopb'ro the foljowirg wnopal accounting p[e$ all ofwh a in accordan Y¢ith Aecwntsng and RerxJrbr4 by Charibes. Stalement of Rerfjrnrrndec1 praCti- Accounting and Re[ing by chaleS ISORP FRS1021 is5wI in Jity 2014 and The Compan5 Act 2(M)6. The finaroal slatemenis are presented P(¥JThJs St8rtiNJ. in these knrrial stMty are rounded to reat PouThJ. Cidnpany stats The company is limrted by guarantee aThJ has no sharè ca1. The liability ofeath member in e¥entof winding up is limited to £1 company is sutPLtt to r8qUlrets gfthe C¢>mparMes Act 2006 with regds to th¢ form otent ofts financial statemen The company is a private CLyny, h.rnrtj by guaranteo Share camal. irKoffjorated and 11cmSed in En9land and waS. The •ddrg$5 ofits regi$tered Offi is". Ebley Haus• 23S sArd R¢)ad Ebley StroL Gbutsstershire GLS 4SX Judgements The Trustees consider that a rKJ key areas ofjwjgwnwt Qrestsnatl urKertaty to be disdosed in these financial Statents. Consolidated financial $tal•ments finarKial slaternents do ncl KidL•Yè thè ¢crtsolidd finarrial regjms olthe Chanty and rts sLthpJiary cornpany, Novalis ProyèssKal Limrt&1. on the thatts CLJmpany's resutts are iMmarIal to the group. Funds Funds held by the dprity are erttw. Unresthrtsy general fund5. wlith can bè ed in acoydarts with chanlable rtjjects atthe dIsUet ol tts Trylees: or Unre51rKted dwnated fu¥Js. wfv.ch can be ac£Ordan wrth Charite objects, in sFrtI olspeak prqects ear-marked by ts TrL' Rèstrici•d hjnds, whic can lY te used for parbcular InCted purrKJse5 witrun Ihe tÈds ol e charty. RestridM)ns are specified by the ¢k•Mr or wln hjnds a raised partKyJkr stricted wrp05•s. AJI frJThJs r•eewed to date have teen 4WigJ against captsl proierts. IomIng r9w1e6 All ino)miry resources are Ind in Statement of FMHrnial Ath"vit*s fsoFA"I when the Charity 15 lega entitled lo ts mcom8 tha aM0)l be qUtifi&Y vAh lSon• xoJracy. 15
DDcun Envelo ID". oOA01BC&085F403047LY>4C82F14o NOVAUS TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnwll FOR THE YEAR ENOEO 31 AUGUST 2025 RloUrc èxp•n¢l•d All exprKliture ts attounted lor on an acc•Jals basis. OVerhj5 and othero)sts notdirecty attributabb to particular functional categorw are aFoOrtid overts rekvartcategories on the basis of managementestirnates of Ihe arno1 attrilbIÈ tothat in thè ye¥on a ba%s oJnstent wth use of the resour. Governa ccsts indLle strg F4amiTrJ cg15ts kn Ihe Charity's futur• dèvelopm[ èxtwnal audit aTh all costs of CCffjF4yirffJ wrth ct)nsb"tutronal and ststuw requirements. such as costs of 8oafd and Cornmittee mEets"ng5 arvj for prepanrg stalutory finanoal Strents arky satisfyry wt4ic acc4Juntability. Taxatlon The Ccmpary is an Exempt Charity v11th the meanirvJ of Schgjule 2 of ChaiTti8s Act 1993 and as such 15 a charity within thè mèanirng ol Se(on 519 ofll Incorne Tax Acl 27 Ifomedy Section 50611101 th8 Tames Act 19881. Accordingly, the ccmpany s potenbalty exempt frcm tsxatron in respect of ino)rne or capital gairb recaved wilhin caiegcmies covered by Sethon 524 of the Tax Act 2007 If0erlY Secb'on 9)5 ofthè Taxes Aci 19881 or Sethon 256 of tre Taxon of Chaoeabk Gains Tax IW2 to the extent that slth iwxre or gairts are lo eXdusty dwtatAe wrposes. Tanglbl• fix•d assots There is r¥J set lintl tor Ihe LPrta"Sal1Cffi of exrenljtu on aCts"0n. enharthnent. prc#luct arn1 instaltstion offixed assets. Tangible fixed assets a slat8Y in the balaw sheet at cx)st d8kYecthw. exwt for freehold land and building5 whKh are slated at thar open marketvalue. Deprecial)n is calraJL3ted to wnte off ¢rAt or vJuabon less esbmated resJual value of tarrfjibk assets over thw'r o5b'mad wlul li at Ihe followiThJ rat¢S". Fr88hokl Land Fh0j txJik1irrtJs FNtures aTrJ equirynent totor vehides 1% ofcc6t rer annthn 10%- 50% of cost per ann 12.5%- 9)% of cosl per anrrt In¥trents Irwestrnents arE stated at rnathet value at the balar 5httl date The SOFA indLbJÈs the nètgairs losses arisiThJ on revaluabons aTrJ thrLwhout year. Sk ts valued atthe Imr ofcrnl and real6th ¥ak. Opèrating lèas•s Rentsls arplb to operatiro ases wthere substantslty all Of befrts and risk ofowrer5hip remain ¥wth the lessor are drged to the Staterrent of Finanryal A¢bvilES. Ca8h and equivalents Cash equivalents on hand * cal depcffjits, otsr short4erm highty IqLMd investrnents that are readily C£5"bIe lo a krthvn ofcash aThJ suty'eLt to an inggntfic¥rt risk ol charoe In value Trdè r8e•ivablo9 Trade tjebtors are wnounts due frorn mwrh•Nlise 50kJ or Servi perfryj in ordinary OU of Trade debtors are rec(9n inth.alty at the tran5aLknn priTr. debtor5 are repayat)le t"n e year and are honc• induded at th8 uThJ'5ctyJnted amourrt of ihe $h extec*d to te r1ved. A for the Impairment ot traje debtors Is establtshed when there i$ 0tr4eclive that the Trust wrill rt be abl? to olkctau amounts due a¢xcxthng to the orKJinal temis ol IhE rKe4vabks. 16
DOOJn EnlOpe 10.. (W1&&08Se403fy87CKcBhDBF2FI4D NOVAUS TRUST NOTES TO THE FINANCIAL STATEMENfs{¢ontlThMdl FOR THE YEAR ENOED 31 AUGUST 2025 Tr4d• payablas Trade creditors are obligats(s to pay frjr gwjs or SeN1 that have teen a(4U1 in tre c%dinary cwr5e of busi55 from supplrs AcccMJnts payab are daSsifj as rrent Ikqbilities ifthe wmpany dce5 not have an unconditional righl. at the erKI of the reporb'TrJ Feri¢)#. to (Jefer 5etllernènt of the creditor fDr at kast 1v• months after ¢he reports.ry ¢Jate. If Iherp 15 an Uncondit1 nght to defer setlerrEntlor at kast twdve months after the r0En9 datè. thoy are presentsd as rrrent li"ltss. Trade creditor5 are reCc¥jnL inibally at IhE Ifdrisac"on prKz and all are repayable wilhin ona yaar and e are Iuded uTraC0b1èd annt ol cth èxp8ded to te pa¥J. Flnanclal Instwrnents The trust only ha5 finanual a55et5 ar financial Ikabilithe5 of a kir¥J t?t quaFfy as bast finantial instruments. Basic finarja1 instrunnts a In"al recc4Jnised at tranwticffi value and subsg]uenOy measured at tsr settlement ue with Ihe eXFthn of bart( lo5 whth subsequenty rneasured at orbsed cx)st using the effethe InterESt methcJ. P•rffjlon costs Conth'bLrt arè made on btshaoI ieath.ng staff to the Gr1rTrerrt pensicffl sdwne torteacers, %thich ' a mum1-1pknYW defined tnefft stherne Inole 171. th ward to non.ieachir¥J ernploy8es. contritKJtions are made b) the defined contrL)uiion pension sthem?. All contribubws chatg•d to SOFA as t ttt(me pay*te in OrdanCe with the rules of Iht schemes. WIESTIAENT INCOI R•strlct•d funds Unr•strld¢d funds Total lund¥ 2025 Totsl lunts 2024 Bank interest 54.6 $1.6 57.542 ANALYSIS OF TOTAL RESOURCES EXPENDED Staff Total 2025 Total 2024 ¢ts Charttable actFvitres: - SFecial needs edUlL - Residenbal care - Support costs 8.029.879 1.749.978 1.140.225 2,660,437 498.849 10,69),316 2,248,&27 2,124.273 10,437.939 2,023.545 2,256.504 10,Y20.W2 4.143,334 15,C63.416 14,717.988 17
NOVAUS TRUST NOTES TO THE FINANCIAL sTATEMENTS{eontiM) FOR THE YEAR ENDED 31 AUGUST 2025 ANALYSIS OF SUPPORT COSTS SpKlal needs Total 2025 2024 Stsff costs 1.140,225 Profe5sicfflal fees 115,263 Commun3tH)n aNJ infomaiTh te(thnc#w 68.382 Offire SUPFAK8s and Frf)Sts 118. Olher costs 350.149 1,140,225 214.513 122.2S5 232.746 414.534 1.164,698 216.757 135,498 270,3)2 469,249 99,29) 53,873 113,778 1.792.987 331.286 2.124.273 2.256,S04 AUDifoRS ftEMUNERAN 2025 2024 F5 payat40 to thè Cempanls aaitOr ts tr audrt ofthe CL)TrpanYs Annual accc¥Jnts 15.79) 15,79J Fees payatAe to the Crynpany's aLKlitor in re5Wot. I n-audi1 seKe$ not indL¥Jed abob 23.101 16,422 38,851 32.172 EMPLOYMENT COSTS 2025 2024 Wages and salaries Social secunty costs Other pension cc6ts 9.C66,234 .477 798.327 185.989 8.683.238 811,817 682.361 148.412 11.011,027 10.325,828 The ara9& monthty nwnb&rs ofèmpwes thjring year is (Jisdosed tk)w. Trre ts no rnatèrial differerKe behveen thLs and the ua1errt abtr4e rwmterofwJFloyees calojated the basis offvll ts.mt equival8nts'. 2025 2024 Special needs education Resident1 care Admmistrabon maintenarKe 163 150 97 103 318 309 No TN51ee receive(l orwawl any emolLmerts ¢thyeararKI £nil121r24- £nill of expense5 re1MrSe(I to Trustees. 18
NOVALIS TRUST NOTES TO THE FINANCIAL STATEMEPn l¢oftllnuedl FOR THE YEAR ENDED 31 AUsT 2025 11 CREDITORS- du• TIthOn one year 2025 2024 Trade ClitOrS Taxes and srnal sethrity (tsts Accruals anLI deferred IrKxyre Olher creditors 30), 135 1.029,820 4.413.e60 305,e61 503,495 281,839 3,986,571 216,323 6,049.276 4.988,22 Irluded in aCcAlS deleff8d inct)7)e is £4.159,9C612024- e3.745.0411 in rtKJn to deferred income on sthocA fee5 invoiced In than. 12 FINANCIAL COAlAIITI1rS Operating L•ass The total of frjture rrtinifflum lease p8ymènts rs as blbv&S." 202$ 2024 Not later than on8 year Later than ty)e arbul nc¢ later than Jtar5 22.551 25.612 13.2 7.312 48,163 20,572 The amourrt ofTrJn-carYalable OFerntw)g kase payments reccgn¢e(l as an eyroe duriryj the year was £13.26012024- £41,091). 13 SHARECAPITAL Thé chaity does nol have a share w¢al as il 15 limrted by guararrtee. Eath ol r[)LS ts a guarantor to Ihe extent of £1 in Ihe event of the company w)unrJ up whiLgt thw are memb8fS, CK within one year of Ihem ceasiry to bè member5 Jn rèspect oltlebts aThJ Ik?ts"lrtes ccffitracied befo tw 8$ed to bè a nrnber. 21
NOVAUS TRUST NOTES TO THE FINANCIAL sTATEMENTS{eontlrdj FOR THE YEAR ENDED 31 AUGUST 202$ 14 FUNDS At 1 S•ptember lTrcomlng Ouigolng 2024 r•sourus resour¢e$ At 31 Augu$t 2025 Transfer in the year General hjnd Resthcted fthj R6valuab"on reserve 13.868.861 89.997 6.860,955 15.2,319 115.C61.7391 1.341 11.6771 5,367 14,108,808 89.661 6,855,586 {5.3671 20.819.813 15.297.6FM) 115.(63,4161 21.054,057 15 RESTRICTED FUNDS At 1 S¢ptsrnber In¢t)mlng Outgolng Trnn¥f•r 2024 rn$our$ Inth¢year At 31 August 2025 MuuTrYe donatior Paradise House olr 12.078 76,012 1,gJ7 13.419 74,335 1.7 11.677} 1.341 11.6ni 89,e61 16 INDEMNITY INSURANCE The charty has paKa ran eMIUm$) indwnTrfytr charty from any k)ss )SirJ from rngleciord•trd5 0fTnst9 or strff.
NOVAUS TRUST NOTES TO THE FINANCIAL STATEMENTS {¢MOndI FOR THE YEAR ENDED 31 AUGUST 2025 17 PENSION COMIAITMENTS Defined contribution: The company operates defjn&Y COnbthtic sclvrEs &y its r#)n.teachmg wnployees. The assets art hthj separatety from those of the crynpany in dedenty aYmLSteI&y fv[. and the amount charged to th SOFA for the year wa5 £293.5&112024- £293.0411. Dgfined ngfit. The Teachers. pens)n Sckne ITrS'I ts a statutory. contribut(ry. tsfined fil scheme. The regulab.ons un(l&rwhich the TPS operates are the Teachers. PenS)r6 RegulatioTrs 1997 as amended. These regulabons apply to teachers in schcx)b and other edati(Ma1 eststs4ishments in ENJknd and Wa5 maintsinéd by local authoritw. to teather5 in many widewident and voluntary4hled sdKJds. to teachers and lecturers in eStablh[rnts offvrthef aThJ hhefeducats0n. Membership ts automatsc lorfvll- time tea$ or lecturers and from 1 January 2[7 autfwnabc tw lo( teacher5 or kcturers in part-time Wnpbyrnt trAl¢Ming aFpryntment or a ehangè of contract Teathrs aTrY kthrers are ab to 11 oul of TPS. TPS is in such a way Ihat t Chanty is unable to Nlentify rts share of ts undgrtying 855ets aTrd lia"1. Trreknè, thè chargè in Ihè SOFA of £504.765 12024- £389.3201 is the amnt payat4e in the year as Chty ac£ounts for the TPS as il it pre a dtrfined conthbutK)n scheme. Althothjh teachers and aro emfw by vari¢M t$. thwr lIent a1 other Fen%on benefib. including annual inu•as•s paYae urthr the POrts Ilncreasel Acts a. a8 provKled for in the superannuati 1972. paKY Lmrt of rnonies promdgj by ParlsatnenL UrKJer Ihe unfijndj TPS. teachers, contributs)ns on a 'pay-as-yOU-go' bays. and employers. contnbubons. are credited to the Exchequer under arrangernent5 go¥erTd by above Acl. The Teachers. Per6ion Regulatiorts requir8 an annual account, the Teache, PensK)n AcccwJnt, to be kepl of receipts and exFéndrturè linduding the cost of tensions. increases) From 1 ri$ 2001. the Acccmjnt wll crédit&J Wbth a al rate of urn lin ex$$ of pncE increases and currenuy set al 3.0%). whi¢h 15 eqUant to ass71 that balan in Ihe Account t5 invested in noticfial inveslments Ihat prgSur£ that real r of retum. Not 5$ than •very four years. th a $UFPthr i1enM valuaiKJn in tetsveen. the Govemment Actuary I'GA'I. using normal actuarial pnncirAg5. cOndts a lom)al acbjarial revw of the TPS. The aim of thg review 15 to speofy the of fvture Coniributns. ctritlI$ are asse55ed in parts Fitsi, a standard tontritxrti is deterrninéd. This is Ihe controution. expressed as a p8rcen ofthè salanes ol teathers and lecturers in Servi (w enterirg Servi dunTrJ the pencrfj ¢)vw%thi¢h th• ciwln'txrtw rate aprAies. which if itwere paid ov•r the en"re adive service FerirJ of these teachws and leduw wxJkY broad detray costs of bènèfits In resrect gf that seryi£%. Secondty. a supFAernentsry contnbubon payable if, as a result of the tUarial investigatson, rt is found that aQwMa1ed k"abilthS of tr Ac£oJnt for benefits to past and present teachèrs, a Thjt fvlly covere(I by ¥taTrJard COntM. to be paJ in arkj ty Ihe Trjtional fijnd buitt up from past contributions. Th• last valuatim ol ts TPS rdat&J to thè Pts frun 1 Awl 202Y to 31 March 2024. Tr GA'S port of March 2024 tal&l that the totsl aggrègatè scheme liabilrtes of fv TPS amounted tg £276.8 billn. Th8 value ol the a9Jregate a5Séts was £Nil. The assurn 81 rate ofretum is 2 55% in excess Ofpri$ and 3.55% in excess of eamir¥Js. The rate of rea eamings gro is assuméd to te 1.45%. assum gros¥ r4te of rEtuin is 3.55%. Employer coniributiors are QJrnty pavj at a rate of 28.68% (th5 ncreased in April 2024 from 23.6%). Employers also pay a charye equNaW to 0.(% crf perlab salary cc6ts to cnver &Jmini5tratKJn exFenses.
NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (Conlinl} FOR THE YEAR ENDED 31 AUST 2025 18 RECONCILIATION OF NET MOVEMEKf IN FUNDS TO IET CASH FLOW FROM OPERATI1 ACTIVITIES 202$ 2024 Nel inJMe before thr rec£gnwl gain5 awKI IJ51•S Net interest Depreoalion Profit on disposal of taNJib fixed ass81s Decrease In stock (lnueaseVDec5e in debto Incraasè in creditors 234,244 I54,6) 864.315 124.7841 1219,8981 157,5421 901.717 fA2 1975.W)71 483.267 I697.> I.¢.745 1.384.014 123.790 19 RELATED PARTYTRANSACTIONS During the year. Novalis Trust [¥KIed managernent seivice5 10 its subsidiary. Novalis Prole59onal SeNices mrted an anns-length basis for£16,18512024. £22,811). Attr balance shetrtdattr. the tharity was owed £222.90812024. £262.7481 ty N¢)valB Professonal See5 Lvnrteo. Interest va not ctsrged Ihe k)an as rt is imrn8teiial and there ar8 no fixed repayment temis. Maureen Smth. a Trustee ol Novaks TnJs( is an Th1epeTh1ent conStant MAS Educatb)nd Ctsn5ultan Ltd. An eXpee of£67512024. £9.CiXII wa5 recrsThsed forservw reTrJeraY the yearto 31 ALVJUSt 2025. Elizateth Buand. a Trtee of Novalis TnJst. has a daughter WIM) cuirnnty has a z•rtrhour conlr3Ct Wlth Novalis Trust to opwate in tsinin9 (pwtmenl eamiry a salary 01 £2.31212024- £2.5801 Daniel tsIt0n. a Twstee of Ntyalis TrusL has a $kKSe Rachl Walon is tsJrr•nlly 8mpW by Novalis T&t at M4S and CCS in admissicS team. as a wniseLI Confi ol Inte$t Daniel Walton. it ha5 b2en agrewj that Y woukj not be nvoJv*J in any dècis•Jn diredy affpctyThJ his wfe's re as an emFkJyee. 24