Registered Charity No: 1103965 Company Number: 05114710 MOVALIS TRUST FWANCIALSTATeMEMTS FOR TrE YEAR EIIOEO 31 AUGUST 2025 1111111 Iilllli 'AE25CY60* 0210￿2026 COMPANIES HOUSE *164 DwJ$w En%*loFe ID." IW1ew85F4O2￿7C￿>Ic8ADBF2F44o NOVAUS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 A[￿UsT 202$ COPffEKrs LEGAL AND ADMINISTRATIVE INFO￿TIoN TRUSTEES, REPORT STATEMENT OF TRUSTEES, RESPoN￿BILl￿Es 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 FINANc￿L STATEMENTS 1s-24 NOVALIS TRUST LEGAL AND AOMINISTRAnvE INFORMATIOM FOR THE YEAR ENOED 31 AUGUST 2025 Ch•rity numbef 1103955 Company r•gl$trallon number 05114710 R8gister•d ollke E￿eY HrAJse 235 Rwl Eb1ey Stroud oucesler5hwe GL5 4SX ineipal offic• Ebley Hwse 235 Ro&J Eb1ey Strou(J GIoLKes￿r$h GLS 4SX Try$l¢•6 8enn8tt IrB5wJ 4th SEptemi*r2W251 E BucklaThJ Dwattc M Smrth D Rth (reS￿ned 4th twi￿r2025) G Moss laFfKJirnted 4 Septernber 20241 Stem {aFvointed 4 Septemtrm 20241 S•erntary &x Legal Limrt Chlel•xèeullv• J L￿aS Audltorn Wrtrjsor House ayshill Ro&J Chettenham GL50 3AT Lbyds Bank P 12 R(Mcrdt Stroud Gknuce5ter5hwo GL5 3BD NOVAUS TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustee5, who are a150 director5 tor the wrFQ5e5 of ccmpaty law. P¥B5ent ReF￿ aThJ thg Financi?1 St8tements forthe year eftled 31 AL￿￿5t 2025. STRUCTURE GOVERNAMCE AND W4NAGEMENT Goveming Document and Managqmont Nova1￿ Trust is a c<)rnpany limrted by guaTanteè is go¥em8d ty rf5 MemOrarK￿m and Arlides ofAssw'3W'on. It is registered charity wrth the Chatty Cc¥nmissw)n. The c￿npanY wa5 pre￿Ous￿ known a5 The No¥alis Trust Ljrnited. Cotswold Chin• S&)ool, aThJ later C(4s14okl & Pamdtsè HLws* LMNl8d, balofè ad4ib.ng ts current narne. The CL￿panY oJrTenty trdde5 a5." Cotswokj Chire SclKM)J 2. Parayise Hi)use 3. Ebley House 4. Wlliam Morrts School The fo110￿rvj Trustees l*k1 &n(* 1 SW•i**r 2024". M Bennett {resbJr*d 4m Sepitrnt*r 20251 E 8￿￿TrY D Walton M Smth larwnied 1 March 2023) D M {re$￿3ned 4th 20251 Martin Stern lapp>nted 4 Sepfemter20241 Greg Moss (ap￿inted 4 Sepknber 20241 Appointh)•nt of Tr￿1••5 The appointrnenl OfT￿￿tee5 6 gove￿￿ by the ArtK*s ofAssctithn. TrLLSte8s are thorised to fill va¢8nrye$ ng through re￿nation or death ofan exi5bTrJ TnL4*e. Trust￿$. Induction and Trnlnlng New Trustee5 undertake an iTrYuctron process indudes t￿firvj M ￿1r kgal ¢￿￿j8￿nS undw charity and o)mpany law, the Mernorandwn and Arbc*s ofAsscKithn. charitys cwabors. decisth-making processes. future pla￿. rpcent fillamal perfryrnan￿. The tharity mwntaiTr5 fntslee irnlernnty irtsurance tr) wjleet agairot l¢)sses ari%TrJ from negknt ordefauh5 of Tntstee5 ￿518[1. Organlsatlon The Twstees rneet re9ularfy to tts thanty's affairs. day-trH1ay manaJerrÉnt ofthe Trust ts delegated to th? ChEf Ex￿￿tI￿. J Lukas. and the Emeojtive Leth￿hlp Tw. Trustses bnng a range ol professhjnal b*grouTrJs ind￿JIr￿j actountsncy. law. education. clinical tsrapy, and health. They work dosdy ￿ the Ch*f EXetiJb￿ ExecuD"* Leadership Team to oversee PargJtse House, Imlliam Morris SchocA. c0tsv￿d chi￿ SchocA. a￿1 Trusfs ￿ad office at Eb￿Y House. N(WALIS TRUST TRUSTEES. REPORT {continuedl FOR THE YEAR ENDED 31 AUGUST 2025 R•gigt•r of Tntstw8' Int•rests The Secretary maintsins a Registèr of T￿￿. Intèrtsts. No matsnal oJnflKts of interest halp been tdentified. Rdated paty trar68¢*'ons are di5¢1o*J in Ncts 19 to thè ffin•wl 51*nents. Gov•mance Manual A GovemancE Manual is maintained by th• Sècrntary aThJ bwinrolty by the Board. It provid•s swid0￿￿ to Trustèès on govemancè arrar¥Jernents, owanisational structu￿, (*cisiorFmakiTvJ resKN)rnSi￿"1￿es. ieR Prfnclp•l Risks Un¢ertainti•s The Trustees maintain a rok managernent strategy that indwles orwThJ rtsk id•nbficabon, the Thplamantation of mrtvJation measures. and proc*dure5 to miniwrnse the Inwati of thn￿.￿J nsk& The prinopal rtsks facry the Tntst irKkth.' A¢JèdinÈ i) Confidert￿ in the organBatson. pOl￿tialty tts plawnents LeJs on stsff h•ath aThJ strèngt￿￿1Trj govemarte 1hr￿ ts reoiJitrTWrtofTrwkes wilh experbSO in L3w and psyc￿ltheraPY Env¥c¥)mental iThbatsve* incjuding inwovgj EV ¢*arwrwJ Infrastru￿ R•seryg pollcy Free ￿serveS at th¥ year end wwe £2.221.35912024- £1,826.5221. In¥e$lm•ni Pollcy Surplus fwd5 are plac8d in h￿3￿1r￿*resI sawng5 ￿0Jrts until reqmd. Twtson Slatu¥ Thè Ccfftparw is a Wiste￿ charty aTrJ c(wuentty 15 exwnpt from co￿L￿ti￿ Tax. AUDITORS Hazlew￿d5 LLP have acted as aL*￿torS 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 re￿afit audrt irfomiation ofwhTeh the ccmpany's a￿ una*dr•". Ibl the Tru5te6s have tsken all th8 stsps thattW OLfjht to have laken in order to make tt*mselve5 awar• of any relevant audit informatK)n and to estsblish thal ts cc*npany'$ 8wlitys a￿ aware ofthat information. O￿ar 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 ￿K￿Kable law regulalK)ns. Company Iw wuires the Tru5tee5 to Pr￿re finanaal Stateme￿ for each finanoal year. UnL*r that law the Twstees have dected to wepare the finane4al staten*nts 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 financ￿1 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 appIl￿t￿n of resour￿, induding the income and expeThjI￿lro. of the oynpany lor th* Fer￿￿. In prEpariThJ Ihos8 fina￿al 5tat*m•nts. thè Trustees wa rnquired to". select suitable aeeoJnts"ng F￿ll￿t$ aThJ apth I￿rn uJns6tenty'. observe methods and princ4F*s in ttE Chantw SORP {kI￿n1)Tha aThJ R￿rrf￿ng by Charitss- Ststgmont of Reo)mmended Practice).. make J￿garn•nts and eslm*s that a￿ reason*Jk an¢J pnJknt'. prepare the financKql statwnents ￿ tho wr¥J corwn basis unkss it is inapprcpriate to l￿￿ne that the Company conts'nue in busir*s. The Trustees a￿ respr￿￿b￿ for keeping *Jaquatè aCt￿n￿.￿3 retfj￿ that are sulfyjent to show and explain the company's transa¢*oThs aThJ dtsdose ￿lti reasonatAe aC￿r￿Y at any time t￿ fiTrancial positir￿ of the company and to enab￿ thern to ensure that th8 financial statements cornply with Ihe CL¥npan*5 Act 20C6. They are a responsiblè for sa￿auarding tt* assets ofthe company aThJ herte for lakirg wsonable steps for the preventson and deteCt￿n of fraud and crther Irre9ularib'e5 The Tn￿lee5 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 er*Jed 31 A￿￿$t 2025, whith cornprise the Ststerrent of Fina￿￿21 Activths, Balan￿ SIEet. ststement ofchanges in Equty. Strtement ofcash Fl¢)ws. and Not&s to the Financial Statemants, induding a swnmary of sNJThftsnt act￿ntir￿ O¢ryes. The financial reportirrfj framewort that has teen applied in preparation is aFwIc￿le ￿ aNJ Unrttsd lQrylom AccoLFnting Stsndard5. including Financial RePo￿"n￿ Standard 102 'Tr Finanoal Repoth"rKJ Slandard ¥plicthe in the UK ar¥J Rep￿)11¢ of I￿land, (United KiThJdom Genèralty Accepted Accounb"ng Prath"c*l. In our Lynran the fi￿n￿al str*m￿ts.. give a and tsir vtew of the stste ol Ihe tharItab￿ f£mp8nVs affaiT5 as at 31 A￿jUSt 2025 of its irttthing resources aNI ap￿ICat￿n ol restyJrces, irtlLwJing ts income aTrJ expenditu￿, for year then ended., have been propety prepa￿ In accc*dancs v￿h Unrted ￿ngdryn Gweraly Accepted Practs"ce'. and have been wepared in a¢￿￿nce witb the requiremènts oflhe Cornpanes Act 20LK. easis for opinion coTrJu(tsd our audit in ￿cordanCe wth 1ntemats.onal Slandarijs ￿ Aud￿r0 {UKI IISAS IUKII and 8r4)lir2ble law. Our responsibilites uThYef those staThYards ao hjrthèr dexfiÈed AtyJitr¢s reSp￿&bIll￿"eS for Iha audit of the financial ststements seth.on ofThJr wort. ￿ are iTvj￿￿dent ofthe charrt3tAe fA)mpany in ac¢)ydaneewrth thèéthical reqU1￿ments that are releyant to our a￿Irt of the finanaal statements in the UK. inclvLJirg the FRC'S Elhical Standard, and we have fuffilled ourotherelhtal respOn￿lIrt*S in act0rdar￿e ￿th these ￿uireMents. IAÈ believe thatth• audrt eVIder￿ we have obtained is suffioent and wropnate to a basi¥ for our opinion. Conclusions relatlng to going concem We have nolhing to rerxyt In respeca of ￿ fomowing mattels sn relatw)n to th• ISAS (UK) require to ￿pryt to you where.. the dir&ctors' use of ￿ going concem b￿$ d xcount*w in of th• financol statam•nts is not appropriate, or the direaofs ha¥t not dt5dosed in t￿ fironcial Statern￿ts any *Jentk￿l material uncerlaintss that may cast sKJnificant abo¢)t the tharitth rnnpany'5 ability to Contin￿ to ajcpt the gcing con￿rn basis of accouthng for a pe￿d ol at ffonth5 frryn datewhen the financHI staternents are aUthor￿ed tDr issue. Oth•r InfonTHtlon The directors a￿ respongbk other inforrnalion. Thè othèr infomi*"on Ccmpnses the inlomiabon Included in the annual ￿pOrt. ot￿r than the finawal staterFTrants arKI our a￿"tOrS ¢ewrt thefeon. Our opinKJn on the financ￿1 statements does not ¢))ver the otrEr inforrnabon and. èxc￿ to •tsnt Oth￿$e e*￿ilY stated in our re￿rt. we do not express any fonn of assuran￿ ￿￿u51(￿ Ihereon. In conn6ction wth our audit of the financial statemènts. tyjr responstilty ts to read the otheT infom)ation and, in doing so, con&der wttthr the olhef infcThation is materialy inconsistent wth the financial statements or our knowledge obtair￿d in lh• audit or crthery¥ise aryears to be materially mtsstat&J If wa ¥J8nbfy suth material Inconsistencies or apparentrnattiial mtsststements, we are rg]uired to iJeternir* whether tsre isa matèrial mtsstatement in the financial ststernent$ or 8 material misststement ofthe other infonnabon. If, based on lh8 work we hav• Fxrformed, cOr￿￿je that therè 15 a material mi$stat￿ent ofthis otsr inf(Mrnabon. ar¥ requi￿ to repjrt that fact have ￿1hirs to reFQrt in ths rngard. Oplnion on other rnatt¢r presCri￿d by th• Companles A¢1 2WI6 In our Opin￿￿. based on uThJertaken in the oxJJ5e ofthe aud the inforrnatrjn given in Report ofthe TrLL8tees for the fThnt3al year for fina￿￿?1 Statements ar• p￿pared i8 c0[￿15tent￿11h Ihe ffin3r￿ slatements: and the Repyiof the Trwstees hav& been prepar•J In aoxbrllarte ￿t￿ bjal rewir¢mgnts. NOVAUS TRUST Icofflpany NUrn￿r. 05114noi FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIJGUST 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS leontlnuedl IAatters on whlch ￿ ar• required to Trport by exception In the IvJht of our kno44kdge arwj undetstsMdiThJ olthe and charitsbk ¢x*npany aThY itsenvironmèntc&tsinod in the c￿r5e ofthe audrt. have not ¥Jenbf*d maten.al mL8Staternents in ts Report ofthe Trustees. have nothing kn repc<( in resFect of th& lolffi"rrfJ mattth3 the Crynp¥*s Act 2Q)6 reg￿r¢S u5 to report to yw if. in our OFynic¥)'. adequgte attountyng record5 have fio¢been kept ty the ¢)Jmwy, orrelums *J4uate for our aL*Jit have not been recelved frorn branth5 rK)t vBited by LS.. or the charitable cunpany financaal slatemenls aré not in 4rnement wrth the acc(¥Jnb"n9 recuds and re￿m$.. or cErtatn dthures ofdirector5' rèmuneration Spea￿ by l*¥ are not m•Ye. or we have not reC￿￿d all thè 1nlomiab.￿ aThJ eXp￿nat￿n$ we requi￿ lor our audst. Responsibilit*8 of t1ir•ctors As explained MO￿ fully in the Ststement of Dire￿￿5. Re¥x)rsitilitie5 set (yJt On P&38 9. thè sjsrectors arè fèsponsiblè for the p￿parati)n of the finanrial ststements and for ￿"n9 sats.st￿d 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 ￿spOnS￿lIe lor assessiro ts C*aritrb￿ cmipany's abilty to cx)nbnue as a g￿ng ¢oncem. diSckn￿￿J. a5 aFpIKablè, matt4is rdated to going C￿￿M and ￿Ing the g￿n9 concEm basis of accounting Un￿$$ the eilher inten¢J to Ik]uidate Ihe charrt*Ye 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 t*thether the financial staterrents a5 a thye are free from material misstatement. due to fra￿j 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 a￿ayS de¢ect a materk4 rnLSStatement when rt e￿Sts. MIs5tsterrents can arise trom traud or error and are consider&J material if. Thaivhyualty or in agJre9ate. tW ￿AlkI rea50naWy teexFe¢Xed t01nflue￿ Ihe e￿norn decisH)ns of users taken on Ihe basis of these finarK4al statemenls. As part of an aurw8rd 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 finar￿al statements. the Statem•nt of FwiaKial ActivitEs separately nbfi•s the I￿oM& 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¥￿a￿e10.. C#14n1￿m85F402m7LY￿￿&￿￿2F440 NOVAUS TRUST BALANCE SHEET (COM￿nY Nwnber. 051147101 AS AT 31 AUGUST 2026 2025 2024 FIXED ASSETS Tangible assets Investments 18.317,578 I8,9￿3,293 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 y￿r {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 B￿k￿nI1-T1￿&l•¢ 12 DocustyJn £th￿C9e ID.. CO401￿8SF4030￿7c¥HCa￿8F2F44D NOVALIS TRUST STATEMENT OF CHANGES IN EQUtTY FOR THE YEAR ENDED 31 AUGUST 202$ Operational neral nd Property rw41u•tfjon R￿trICted fur Totsl funds Funds brought Iward at 1 Septemter2024 13.868.861 6.860,955 89.997 20.819,813 Net outgoing ts$oU￿e5 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 re￿luabl>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 DO￿3￿Jn En¥elope ￿..00AD18c￿O85F403m7C*￿C&•￿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 •quiv*J•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 modtf*d 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 Rerfjrnrr￿ndec1 praCti￿- Accounting and Re[￿ing by chal￿eS ISORP FRS1021 is5wI in Jity 2014 and The Compan￿5 Act 2(M)6. The finaroal slatemenis are presented ￿ P(¥JThJs St8rtiNJ. in these knrrial st*M￿ty are rounded to ￿ rea￿t PouThJ. Cidnpany stats The company is limrted by guarantee aThJ has no sharè ca￿1￿. The liability ofeath member in e¥entof winding up is limited to £1 company is sutPLtt to r8qUlre￿ts gfthe C¢>mparMes Act 2006 with reg*ds to th¢ form o￿tent ofts financial statemen The company is a private CLyn￿y, h.rnrt￿j by guaranteo Share camal. irKoffjorated and 11cm￿Sed in En9land and wa￿S. The •ddrg$5 ofits regi$tered Offi￿ is". Ebley Haus• 23S ￿s￿Ard 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 Stat￿ents. Consolidated financial $tal•ments finarKial slaternents do ncl KidL•Yè thè ¢crtsolid*d finarrial regjms olthe Chanty and rts sLthpJiary cornpany, Novalis ProyèssK￿al Limrt&1. on the thatts CLJmpany's resutts are iMma￿rIal 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 Try￿lees: or Unre51rKted dwnated fu¥Js. wfv.ch can be ac£Ordan￿ wrth Charit￿e objects, in sFrtI olspeak prqects ear-marked by ts TrL*' Rèstrici•d hjnds, whic* can ￿lY te used for parbcular ￿InCted purrKJse5 witrun Ihe t*Èds ol e charty. RestridM)ns are specified by the ¢k•Mr or wl*n hjnds a￿ raised partKyJkr stricted wrp05•s. AJI frJThJs r•eewed to date have teen 4WigJ against captsl proierts. I￿omIng r9w1￿e6 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 qU￿tifi&Y vAh ￿lSon￿• xoJracy. 15 DDcu*n Envelo￿ ID". oOA01BC&085F403047LY>4C8￿2F14o NOVAUS TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnwll FOR THE YEAR ENOEO 31 AUGUST 2025 R*loUrc￿ èxp•n¢l•d All exp*rKliture ts attounted lor on an acc•Jals basis. OVerh￿j5 and othero)sts notdirecty attributabb to particular functional categorw are aFoOrti￿d overts rekvartcategories on the basis of managementestirnates of Ihe arno￿1 attril￿bIÈ tothat in thè ye¥on a ba%s oJn*stent wth use of the resour￿. Governa￿ ccsts indL*le str￿g￿ 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 Str￿ents 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 2￿7 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 If0￿erlY Secb'on 9)5 ofthè Taxes Aci 19881 or Sethon 256 of tre Tax*on of Chaoeabk Gains Tax IW2 to the extent that slth iwx*re or gairts are lo eXdus￿ty dwtatAe wrposes. Tanglbl• fix•d assots There is r¥J set lintl tor Ihe L*Prta￿"Sal1Cffi of exrenljtu￿ on aC￿ts￿"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 res*Jual value of tarrfjibk assets over thw'r o5b'ma*d wlul li￿ at Ihe followiThJ rat¢S". Fr88hokl Land F￿h0￿j txJik1irrtJs FNtures aTrJ equirynent totor vehides 1% ofcc6t rer annthn 10%- 50% of cost per ann 12.5%- 9)% of cosl per anrrt In¥￿tr￿ents Irwestrnents arE stated at rnathet value at the balar￿ 5httl date The SOFA indLbJÈs the nètgairs losses arisiThJ on revaluabons aTrJ thrLwhout year. S￿k ts valued atthe Imr ofcrnl and ￿ real6th ¥ak*. Opèrating lèas•s Rentsls arpl￿b￿ to operatiro *ases wthere substantslty all Of￿ b￿efrts and risk ofowrer5hip remain ¥wth the lessor are d￿rged 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 Tr*dè r8e•ivablo9 Trade tjebtors are wnounts due frorn mwrh•Nlise 50kJ or Servi￿ perfry￿￿j 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 r￿1ved. A for the Impairment ot traje debtors Is establtshed when there i$ 0tr4eclive that the Trust wrill r￿t be abl? to olkctau amounts due a¢xcxthng to the orKJinal temis ol IhE rKe4vabks. 16 DOOJ￿n En￿lOpe 10.. (W1&&08Se403fy87CK￿cBhDBF2FI4D 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 busi￿55 from suppl*rs AcccMJnts payab* are daSsif￿j 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 Uncondit￿￿1 nght to defer setlerrEntlor at kast twdve months after the r0E￿n9 datè. thoy are presentsd as r￿rrent li*"ltss. Trade creditor5 are reCc¥jnL￿ inibally at IhE Ifdrisac*"on prKz and all are repayable wilhin ona yaar and e are I￿uded uTra￿C0￿b1èd an￿￿nt 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 finar￿ja1 instrun*nts a￿ In￿"al￿ recc4Jnised at tranwticffi value and subsg]uenOy measured at tsr settlement ￿ue with Ihe eX￿Fthn of bart( lo￿5 whth subsequenty rneasured at orbsed cx)st using the effethe InterESt methc*J. P•rffjlon costs Conth'bLrt￿￿ arè made on btsha￿oI ieath.ng staff to the Gr1￿rTr￿errt pensicffl sdwne torteac*ers, %thich ' a mum1-￿1pknYW defined t*nefft 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 edU￿lL - 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 Commun￿3tH)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 ftEMUNERA￿N 2025 2024 F￿5 payat40 to thè Cempanls a￿aitOr 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 se￿Ke$ 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 a￿ra9& monthty nwnb&rs ofèmpwes thjring year is (Jisdosed t*k)w. Tr*re ts no rnatèrial differerKe behveen thLs and the ￿u￿a1errt abtr4e rwmterofwJFloyees calojated ￿ the basis offvll ts.mt equival8nts'. 2025 2024 Special needs education Resident￿1 care Admmistrabon maintenarKe 163 150 97 103 318 309 No TN51ee receive(l orwawl any emolLmerts ¢th*yeararKI £nil121r24- £nill of expense5 re1M￿rSe(I to Trustees. 18 NOVALIS TRUST NOTES TO THE FINANCIAL STATEMEPn l¢oftllnuedl FOR THE YEAR ENDED 31 A￿UsT 2025 11 CREDITORS- du• T*IthOn one year 2025 2024 Trade C￿litOrS 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 Ir￿luded in aCcA￿lS deleff8d inct)7)e is £4.159,9C612024- e3.745.0411 in r*tKJn to deferred income on sthocA fee5 invoiced In than￿. 12 FINANCIAL COAlAIITI￿1￿rS Operating L•as*s 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[￿)L￿S 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 n*rnber. 21 NOVAUS TRUST NOTES TO THE FINANCIAL sTATEMENTS{eontlr￿dj 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 ol￿r 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 ￿)Sir￿J from rngleciord•trd￿5 0fTnst￿9 or strff. NOVAUS TRUST NOTES TO THE FINANCIAL STATEMENTS {¢MOn￿dI 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 ￿de￿denty aYm￿LSteI&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 ed￿ati(Ma1 eststs4ishments in ENJknd and Wa￿5 maintsinéd by local authoritw. to teather5 in many widewident and voluntary4hled sdKJds. to teachers and lecturers in eStabl￿h[r￿nts offvrthef aThJ h￿hefeducats0n. Membership ts automatsc lorfvll- time tea￿$ or lecturers and from 1 January 2[￿7 autfwnabc tw lo( teacher5 or kcturers in part-time Wnpbyrn￿t 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 am￿nt 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 ￿lI￿ent a￿1 other Fen%on benefib. including annual inu•as•s paYa￿e urthr the P￿￿Orts Ilncreasel Acts a￿. a8 provKled for in the superannuati￿ 1972. paKY Lmrt of rnonies promdgj by ParlsatnenL UrKJer Ihe unfijnd￿j TPS. teachers, contributs)ns on a 'pay-as-yOU-go' bays. and employers. contnbubons. are credited to the Exchequer under arrangernent5 go¥erT*d 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 eqU￿a￿nt to ass￿71￿ 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 $UFPthr￿ i1￿enM valuaiKJn in tetsveen. the Govemment Actuary I'GA'I. using normal actuarial pnncirAg5. cOnd￿ts a lom)al acbjarial revw of the TPS. The aim of thg review 15 to speofy the of fvture Coniribut￿ns. c￿trit￿lI￿$ 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 Ferir*J 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 aQwM￿a1ed k"abilthS of tr* Ac£oJnt for benefits to past and present teachèrs, a￿ Thjt fvlly covere(I by ¥taTrJard COnt￿M￿.￿￿ to be pa*J in arkj ty Ihe Trjtional fijnd buitt up from past contributions. Th• last valuatim ol ts TPS rdat&J to thè P￿ts￿ 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 bill￿n. 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 QJr￿nty pavj at a rate of 28.68% (th5 ncreased in April 2024 from 23.6%). Employers also pay a charye equNaW to 0.(￿% crf per￿l￿ab￿ salary cc6ts to cnver &Jmini5tratKJn exFenses. NOVALIS TRUST NOTES TO THE FINANCIAL STATEMENTS (Conlin￿l} FOR THE YEAR ENDED 31 A￿UST 2025 18 RECONCILIATION OF NET MOVEMEKf IN FUNDS TO IET CASH FLOW FROM OPERATI1￿ ACTIVITIES 202$ 2024 Nel in￿JMe before thr rec£gnwl gain5 awKI IJ51•S Net interest Depreoalion Profit on disposal of taNJib￿ fixed ass81s Decrease In stock (lnueaseVDec￿5e 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 Se￿￿e5 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 conS￿tant ￿ MAS Educatb)nd Ctsn5ultan Ltd. An eXpe￿e of£67512024. £9.CiXII wa5 recrsThsed forservw reTrJeraY ￿ the yearto 31 ALVJUSt 2025. Elizateth Bu￿and. a Tr￿tee 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 $kK￿Se Rach*l Walon is tsJrr•nlly 8mpW by Novalis T￿&t at M4S and CCS in admissic￿S team. as a wniseLI Confi￿ ol Inte￿$t Daniel Walton. it ha5 b2en agrewj that ￿Y woukj not be *nvoJv*J in any dècis•Jn diredy affpctyThJ his wfe's r￿e as an emFkJyee. 24