New Hall School NEW HALL SCHOOL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 aft:. REGISTRATION NUMBER 5472420 (ENGLAND AND WALES) CHARITY REGISTRATION NUMBER 1110286 NEW HALL SCHOOL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 Contents Page Reference and Administrative Details Trustees, Report Strategic Report Independent Auditor's Report 23 Consolidated Statement of Financial Activities 26 Consolidated and Parent Charity Balance Sheets 27 Consolidated Cashflow Statement 28 Principal Accounting Policies 30 Notes to the Financial Statements 34 NEW HALL SCHOOL TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD ENDED 31 AUGUST 2024 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of New Hall School are the charity Iruslees under the charity law and the direclors of the charitable company, for the purposes of company law. The members of the Governing Body who seNed in office as Governors during the period and subsequently are detsiled below. 121 131 {4) (51 Dr M Edelslen {Chair, until 0611212023) Resigned 0611212023 J Aldridge Resigned 0611212023 D Buxlon Deceased 0710912023 M Calchpole Appointed 0110112024 J Croom MDay Reappointed for another term 04112124 K Fardell. Appolnled 0110112025 C Fischer Appointed 0110112024 K Jeffrey. {Principall ** N Khallar Appointed 0110112024 O Slater Resigned 0611212023 Y Sullon A Vvllliams Reslgned 0411212024 P M Wilson Reappointed for another term 04112124 P R Wilson {Chair, from 0611212023) (1) Education & Staffing Committee (2) Finance & General Purposes {3) Nominations Commillee {4) Remuneration Commlllee I'excepl with respect lo Principal's Remuneration),. (5) Bursaries and SGholarships Committee Parent of student at the School During the period the activities of the Goveming Body were carried out through five committees. The membership of these commillees is shown above for each Governor. Page I NEW HALL SCHOOL TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD ENDED 31 AUGUST 2024 Principal address New Hall School TheAvenue Boreham Chelmsford Essex CM3 3HS Audltor RSM UKAudil LLP 1st Floor,Plalinum Bullding Sl John's Innovation Park Cowley Road Cambridge CB4 ODS Bankers National Westminster Bank plc 4-5 High Street Chelmsford Essex CM1 1BL Solicitors Birkells LLP Providence House 141-145 PrIn￿S Street Ipswich Suffolk IP1 1aJ Webslte .newhallschool.co.uk Page 2 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 The Trustees present their slalulory report together with the consolidated financial statements of New Hall School Trust {'NHST") and ils subsidiaries. New Hall School Enterprises Limited l NHSE'I. 8 general trading company, and New Hall MulliAcademy Trust l NHMAT'I, an exempt charity, which operates Messing Primary School as an academy, for the period ended 31 August 2024. The accounting pe￿0d has been extended lo end on 31 August in line wilh the academic year. This report has been prepared in accordance with the Companies Act 2006 and conslilules 8 directors, report for the purposes of company legislation. The financial statements have been prepared in accordance with the accounting policies sel out on pages 30 to 33 of the allached financial statements and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles ofAssoclatlon. and the Charities Slalemenl of Recommended Practice I'charilies SORP')- TRUSTEES, REPORT CONSTITUTION AND OBJECTS New Hall School was founded in 1642 by the Religious Community known as 'The Regular Canonesses of the Order of the Holy Sepulchre of Our Lord In Jerusalem,. In 1799, the School moved lo ils present site of King Henry Vlll's former Palace of Beaulieu. In 2005. a new charity was formed lo continue the work of the School. New Hall School Trust was Incorporated as a company limited by guarantee on 6 June 2005 (Company Registration No. 5472420 (England and Walesll. On 1 July 2005, NHST was registered with the Charity Commission (Charity Registration No. 11102861. On 1 August 2005. the activities and nel assets of The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord in Jerusalem connected with Ihe operation of an independent school were transferred to this new charitable company. The buildings, grounds and facilities necessary for the functioning of the school thus form the assets of NHST. The School Is governed by ils Memorandum ofAssocialion and Articles ofAssocialion last amended on 22 March 2023. The S¢hooS aims.. to give students an experien￿ of life in a Christian community.. affirming each individual as a unique part of God's creation, and nurturing in each person a sense of dignity and self-worth fostering caring relationships, a sense of team spirit. and respect for others lo inspire students lo develop their God-glven gifts and talents lo their full potential.. intellectual spiritual social and emotional aesthetic and physical to provide a broad and balanced education, rooted in the School's Catholic foundation, which Is responsive to and supportive of the needs and aspirations of the individual.. fostering intellectual curiosity, a desire lo seek truth, and a life-long love of learning enabling students to discover their own strengths and we8knesses, to learn from 'failures'. and lo develop the self-discipline and delerminalion to persevere, in order to pursue their goals in a rapidly changing world lo enable slaff lo be aware of the values and vision of Ihe School and lo give them support and encouragement to carry out their professional duties and responslbililies in the pursuit of excellence, with pride and commitment The object of NHST, as sel out in the Memorandum and Articles, is 'lo advance Ihe Roman Catholic religion by Ihe conduct of Roman Calholic schools" The School shares ils leaching expertise and other resources and facilities with children in the local and wider community who do not allend the School. Educational inilialives include running NHMAT, through which NHST sponsors a primary academy. NHST is also commilled lo operate its school on the New Hall campus in Chelmsford, which is the sile of the magnificent former Tudor palace of Beaulieu. The main building is Grade I listed and the historic avenue of trees is also a listed park and garden. The charity, therefore, has a commitment lo maintain and enhance the heritage buildings and selling of New Hall, not jusl for the students bul for the wider community and public interest. New Hall is ranked by English Heritage in the lop 20A of heritage buildings in the country. Page 3 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 The ethos of the charity AI NHST, the ethos is inspired by the founding Religious Community, The Canonesses of the Order of the Holy Sepulchre.. their beliefs and values remain essential lo the character of the charity today. The dislinclive Catholic ethos of the School has a special emphasis on welcome. community. prayer and service lo others. The charity, in accordance with ils objects, founding ethos and aims, seeks lo support students. and those in the wider community, in their faith development. The charity also lives out Christian beliefs and values through community work. hospitality and voluntary and charitable service lo those in need. When selling the objectives and planning the work of the charity for the period. the Trustees have given careful consideration lo the Charity Commission's general guidance on public benefit and in particular lo its supplementary guidance on the advancement of religion, advancing educalion and fee charging. The principal work of the charity during the period was to own and operate an independent school for day and boarding students be￿een the ages of 1 and 18. In July 2024. there were 1,340 students, of whom 320 were boarders. The distinctive 'diamond model, school slrLJclure, established from 2006, is one in which students are educated in co- educational classes from 1-11, in single-sex classes from 11-16, and in co-educational classes al Sixth Form. The School continues lo believe that this model gives the best of both worfds, with the optimal combination of single-sex and co-educational leaching al appropriale stages of students, development. This academic year. New Hall was the winner of the Muddy Slilellos, Best Schools Awards for Best Experiential Learning IhAodern Languages learning through Cookery). The School was also a finalist for the Independent School Association Awards (ISAI Award for Oulslanding Engagement in the Community. the Independent Schools of the Year Awards 2024 for International student experience and Boarding School Association for Best Community Work. The School won the overall TES Independent School of the Year 2016-17 as well as the TES Financiallcommercial (Green Travel & Transport Strategy) Initiative of the Year. The School was also in the final shortlisls for Governing Body of the Year and Senior Leadership Team of the Year. Katherine Jeffrey, Principal, was shortlisled for the TES Headleacher of the Year Award in 2015. The School was on the national shortlisl In 2014. for the TES Independent School Award {ISA} for Boarding Initiative of the Year and for Best Independent-maintained School Collaboration {in relation lo the sponsorship of Messing Primary School). The School won the national Independent Schools Award {ISAI. 2011. for Oulslanding Strategic Inilialive, for the excellence of thls development initiative and the consequent suc￿Ssful expansion and improvement of the School. In 2024. the School was inspected under the new ISI framework. The ISI no longer gives single-word judgements. bul instead looks al whether its standards have been mel and provides commentary to support ils findings. This new style of inspection places pupil experience and outcomes, along with school culture, al the heart of the report and provides a rigorous and detailed judgement of the school. cenlred around the leslimony of the students and parents. New Hall School was found lo have met the standards in all areas and il is a particular honour that our New H211 Voluntary Service has been identified a 'significanl slrenglh,. This is the highest accolade of the new structure and for inspectors lo allribule this, any such strength musl result in clear, demonstrable and highly beneficial impacl for children. NHST provides the only Catholic independent school provision for senior school aged boys in the Dloeese of Bren￿Ood. AIMS, OBJECTIVES AND ACTIVITIES Incorporating feedback from students, staff and governors the Mission and Ethos Slalement of the School is as follows:. New Hall. a Catholic boarding and day school, provides the best start In Ilfe, enabling students to meet confidently the challenges of the wider world. Here academlc excellence is achieved in surroundings where relalionships are based on care. trust and respect. We welcome students from many Iradilions, building a Christian community that has al ils heart prayer and sen4lcè lo others. strateglc Alms of New Hall School {1) To promote the Catholic life of the School and provide oulslanding Rellgious Education 12} To be an outstanding and caring educator of all students 131 To recruit, support and develop outstanding staff 141 To provide outstanding learning opportunities through the co-curriculum 151 To promote New Hall's reputation as a dislinclive school of choice 161 To share our ethos. grow and innovate {71 To ensure the on-going secijrily of the School's financial future. and ensure affordability of fees. while continuing to Invest in improving the quality of eduealion Page 4 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Governing Body Details of Trustees Iwho are also Governors of the School), including those who served during the period and those in office at the date the financial slalemenls were signed, are listed in the "reference and adminislralive details" on page 1 of this report. Governors with children allending the School are on the same commercial terms as other parents. Al any one lime there musl be a mlnimum of six Governors, whilst the maximum number permitted is 13. New Governors are appointed by the full Governing Body following recommendations from the Nominations Committee of Governors. A majority of the Governors musl be Catholic. One third of the Governors musl retire each year. Retirin9 Governors shall be eligible for re-appointment for consecutive periods not exceeding in aggregate 9 years from the date of their original appointment unless the Governors consider that il would be in the best interests of NHST for a particular appointed Governor lo continue to serve beyond the end of their Third Temi. Recruitment and tralnlng of Governors The Charity's Governors are appointed al a meelino of the Board of Governors. following a selection prO￿s$ and recommendation from the Nominations Committee. The Governing Body requires breadth and depth of experien￿ to carry out its duties effectively. When recruiting new Governors, the Nominations Committee lakes into consideration eligibility, personal competence, specialist skills. representation of the diversity of the School community and local availability. New Governors are inducted into the WOTkings of the School, including the provision of key infomialion covering Board policy. School ethos and financi21 information. All Governors are encouraged to allend tralning courses and workshops run by specialist school organisalions. Charlty Governance Code The Governors are aware of the Charity Governan￿ Code published in 2018 and refreshed in 2020. which sets out the principles and recommended practice for good governance within the sector. The Governors are satisfied that the Charity applies the principles of the code within ils current governan￿ arrangements and reviews Ils performance annually to ensure practi￿ remains current. Fundralslng The majority of the School's income is from School fees and other associated income. NHST has not engaged with third parties lo raise funds and any direct approach lo members of the public for funding has been limited lo parents of pupils and alumni. and is financially insignificant. NHST'S ethos applies equally lo fundraising activity, including policies regarding protection of vulnerable individuals, intrusion of privacy or pressure lo donate. NHST is registered with the Fundraising Regulator. No complaints have been received in relation to our fundraising aclivilies. Organlsallonal management of the group New Hall School Trust has subsidiaries, New Hall School Enterprises Limited I'NHSE'I {Company Registration No. 3521688. England and Wales). a company carrying out general trading aclivilies, and New Hall Mulli Academy Trust ('NHMAT'I {Company Registration No. 08643881, England and Wales), a company limited by guarantee and an exempl charity. which operates Messing Primary School as an academy. NHMAT was incorporated on 8 August 2013 and look over the management of Messing Primary School when il converted lo academy status on 1 September 2013. The Governors. as charily Iruslees. maintain overall responsibility for the charity and ils subsidiaries and their assets. During the period, the Governors determined the general policy of NHST with regards to the provision of education. The Governors allended a wide range of School events. Govemors assisfrd in the management of the charity Ma the operation of five sub-commlllees.. the Educallon & Staffing Committee, the Finance & General Purposes Committee. the Bursaries and Scholarships Committee. the Nominations Committee and the Remuneration Committee. Remuneration policy for all staff induding senior management personnel Is set by the Board, with the objective of providing appropriate incentives to encourage enhan￿d performance and of rewarding fairly and responsibly individual contributions to the School's success. Page 5 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 During the period, the day-lo-day management of the charity was delegated lo the Principal. who was supported by a Senior Leadership & Management Team as follows as ofAugust 2024.. Principal, Governor and Executive Head & Accounting Officer of New Hall Mulli Academy Trust Deputy Principal Vice Princip81 and Chalr & Direclor of New Hall Mulli Academy Trust Vice Principal Vice Principal Assislanl Principal land Lead DSL) Head of Finance and Chief Financial Officer of New Hall Mulli Academy Trust Head of Human Resources Head of Nursery Divislon Head of Pre-Prep Division Head of Preparatory Division Head of Sixth Form Deputy Head of Sixth Fomi Head of Middle Oivislon Head of Upper Division Director of Leaming & Teaching Head of Theology Head of Digital Technology Executive Assistant & Clerk lo Governors There is an overall Lead Designated Safeguarding Lead {Lead DSL). The Head of each Dlvislon is also the DSL for their respective Division. Members, Ilablllty NHST is consliluled as a company Ilmlled by guarantee. In the event of NHST being wound up, members are required lo Contribute an amount not exceeding £1. Employment pollcy Al the heart of our School is the faith that is essential lo ils characler. While the School Is a Catholic community, il welcomes students and staff of different religious beliefs who support ils ethos. The spiritual and failh development of all those at NHST is of the highest importance. As a Catholic school, the School reserves the right lo reserve eertaln posts for praclising Calholics, in accordan￿ with Diocesan guidan￿, and seeks to ensure that all staff support the School's ethos. as a Calholic independent boarding & day school. The School supports the principle of equal opportunities and opposes unfair discrimination on the basis of age, sex. marriage and civil partnership, gender reassignment. race. disabilily, sexual orienlalion, religion or belief, pregnancy and malernily and part-time or fixed-lerm employment (defined as 'Protected Characterislics'l. Being a commilled equal opportunili&s employer, the School will take every possible slep lo ensure that employees are Irealed equally and fairly. Policies and practices will conform wilh the principle of equal opportunities in terms of recruilmenl, selection, training. promotion, career development. discipline, redundancy and dismissal. taking into account that the Catholic ethos is upheld and supported {e.g. through the provision of specified reserved posts for praclising Calholicsl. The mean gender pay gap measures the difference be￿een the average pay of all women and all men. Our mean gender pay gap is 6.25%. This compares favourably with the National Average of 13.80A. When analysed further by employee category, al senior management level the mean gender pay gap Is 3.2%. Among leaching and educational professionals, where women make up 66°A of the worklorce12023 - 63%), the mean pay gap is 9.1'kn. Of our support employees, 67% are women and the mean gender pay gap is 6.5% {2023 _ 2.1 oAI- Page 6 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 The median gender pay gap measures the difference in pay between the 'middle man. and 'middle woman, if you rank employees according lo pay. Our median gender pay gap is 8.90/0 compared lo the National Median pay gap for all employees of 13.1 %. The steps taken lo make the School a welcoming environment for female employees include the opening of our own Nursery on the School sile, assisting staff lo return lo the workplace following parental leave. All staff are provided with an Employment Manual detailing all policies and procedures relating lo employment. The Employment Manual lemplale is provided by Veale Wasbrough Vizards, a leading law fim. that ensures that the School is provided with any changes required as a result of changes lo legislation. The School communicates with all employees regularly through normal management channels which include fyviee weekly staff briefings. half lermly staff meetings for all staff, email communication and team meetings. Staff are informed of any decisions that are likely to affect their interests and are consulted on any significant changes. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Academlc Standards and Perfomiance In 2024 al A Level, S2.￿ of all A Level grades were at A'IA, with a quarter of the cohort earning a full sel of A'IA grades. 81°k of all grades awarded at New Hall were A'_B. In 2024 al GCSE, 76% of grades were al 6-9, 53% at 7-9 and 320A al the lop grades 819. In the KS2 SAT examinatlons 2024. 950A were at or above average in Mathematics, 980/0 In Reading and 98% in Grammar, Punctuation & Spelling. Other success: In addition to examination achievements, our students have had success in competitions throughout the year. These have included: NHVS Awarded 'signilicanl strength, by ISI 2024 Shortlisted for BSAAward for Best Community Work in Iheir'on Board, Initiative 2024 Modern Languages winner of Muddy Stilettos Best Schools Awards for Best Experientlal Learning (Modern Languages leaTning through Cookery) 17 students passed their A1 DELF French Language Diploma. In addition three students passed A2. 1 passed B1 and 1 passed 82 Three students passed theirA21B1 DELE Spanish Language Diploma Culture Day shortlisted for the ISAAward for International Student Experience 2024 Art 4 First places, 6 Second pl8¢es and 6 Highly Commended in the Eastern Region ISAArt competition 2024 Wynter M awarded First place in the Junior section of the CISC Christmas Card Competition Biology 1 Silver, g Highly Commended and 5 Commended in the British Biology Olympiad 2024 6 Gold. 8 Silver. 27 Bronze. 30 Highly Commended and 32 Commended in the British Biology Challenge 2023 Page 7 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Malhemalics 4 Gold, 17 Silver and 27 Bronze Awards In the UKMT Senior Mathematical Challenge 2024. 4 students qualified for the Senior Kangaroo. 12 Gold, 24 Silver and 34 8ronze Awards in the UKMT Intermediate Mathematical Challenge 2024. 8 students quallfied for further rounds, Including one sludenl for the highest Maclaurin Olympiad achieving a Dislinclion. 7 Gold, 14 Silver and 33 Bronze Awards in the UKMT Junior Malhemali¢81 Challenge 2024. Two students qualified for the Junior Kangaroo. Poetry Two students won Ihelr sections of the Chelmsford Garden Community Armistice Day Poetry competition 2024 Film-making New Hall's "Prison Break" short film won the Years 7-9 Category of the 10 Shot Film Awards 2023 LIST BEST SCHOOLS AWARDS 2024 INII)LVI,.:_NI.)I'N'I' WINNER ,%c'il(_)(_)T.,£i ASSOCIA TION BEST EXFEBJENrtAL I￿All￿N0 S￿￿[￿Ji&C.H00L ( )1, I'l-l I, .AWARDS. ISA Aii'ards2O24 li.4Ai¥JidfoTthisl,thOingEysemenlinthiCommuNh. Muddy Slileltos 88sl Schools Awards for Best Experienlial Learning (Modern L8nguages learning Ihrough Cookery) SEND Provislon Independent Schools ofthe YearA wards 2024 Intemational student experience Independent SchoolAssocialion Awards (ISAJ for Outstanding Engagement in th6 Community During the 2023124 academic year, New Hall School supported 304 children with Special Educational Needs and Disabilities ISEND)- The focus of provision for all children with SEND was quality first teaching. supported by tsrgeled inlervenlion. This support was directed and monitored by the Nursery Division Manager, the SEND Co-ordinator ISENDCO) {Preparalory Divisions) and the Head of Learning Development (Senior Divisions), each ol whom acted as SENDCO for their Division. In addition lo this, children were supported by a team of live Learning Support & CoverAssislanls {LSCAsl and fourTeaching & Cover Assistants ITCAS). We have also worked with a Speech & Language Therapist and a Dyslexia Tutor who have provided specialist support for children within the Preparatory Divisions. All staff receive SEND training as part of the annual inknservice training IINSETI Programme. This year, the focus for all slaff was on the idenlificalion and SLJPPOrt of students wilh ADHD. In addilion to this, staff within the Nursery and Preparatory Divisions re￿Ived further training on the new Phonics scheme and all Senior Divisions staff received further training on the accessibility SOf￿are that is available on iPads lo assist children with SEND. A number of staff re￿iVed training lo further support children with SEND across the School. The Head of Learning Development completed the National Award for SEN Coordination INASENCol. All training is fully funded by the School. Page 8 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Cathollc Ilfe New Hall is the one of the laroest Catholic independent boarding and day schools in the UK. New Hall also provides the only Catholic independent senior school provision In the Diocese of Brentwood, which covers all of Essex and five East London boroughs. 111!iuiiiiiiiiiiii New H811 has a flourishing Chaplaincy Team, comprising the resident Priest Chaplain, the Head of Chaplaincy, and four Chaplaincy Assistants. Over the last year, the School has created the Chaplaincy Chambers, which are the home for a rich variety of aclivilies. In addition lo celebrations of the Eucharist and other Chapel liturgies, these aclivilies include sacramental preparation, 'Knitling & Knowino,, Bible study and movie nlghts. The Chaplaincy Team runs a programme of retreat days for pupils in the Catholic preparatory and maintained schools in the DI0￿Se and for Messing Primary School. Boardlng Boarding life is thrivino and has grown in re￿nt years. The number of flexible boarders continues to grow. Boarders enjoy a full programme of cultural, sporting and recre81ional aclivili&s in the evenings and al the weekend. Wilhin the boarding community are.. students on fee remission.. students who require boarding promsion because of parental work commitments le.g. medics, armed forces). klll Page 9 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Porformlng Arts Iillt UL'I Production of Whlslle Down rhe Wind G818 Concert at Chelmsford Cathedral Annual Dance Show This year, 113 sludents particlpated in large-scale drama praduclions.. Whistle Down the Wind and Lion Boy. 284 students from Year 5 upwards have taken Trinity examinalions in the following options., Speech and Drama, Acting Skills, Communication Skills, Performance Arts and Musical Theatre. The￿ was a lo0.￿ pass rate and 87% of students achieved a distinction or merit grade. New Hall was also awarded Trinity Champion Centre status for 2023 to 2024. A Year 9 student won the ISA Public Speaking Competition earlier this year at Gonville and Caius College, Cambridge. She was chosen as one of 12 finalists from over a hundred entries. The School provides many opportunities forthe students lo demonslrale their muslcal lalenls. There have been a nijmber of concerts each lem including the Sl Cecilia's Day concert, a Gala concert in Chelmsford Cathedral, a Musical Theatre Extravaganza, lunchtime and tealime concerts as well as half lermly Live Lounge concerts. 423 individual music lessons lake place each week and this year 100 students undertook an Associated Board of the Royal Schools of Music IABRSMI or Trinity Music examinations. The New Hall School Band achieved first place in the KS415 category of the ISA Band Competition and a student achieved second pla￿ in the KS415 category of the ISA Young Musician Competition. The New Hall Piano Quartet was finalists at the Pro Corda National Chamber Music Festival. Dan￿ continues to be a popular co-curricular activity. 250 Nursery to Year 13 students allend dance lessons throughout the week and on a Saturday. 89 students completed Dance examinations this year. 810kn achieved distinctions and 19% achieved merits in Ballet, Tap and Modern. From Pre-school lo Year 4, all puplls have a dance class as part of their curriculum time. In the Senior Divisions. six weeks of dan￿ lessons are offered during the PE curriculum and dance Is an option in Games from Year 11-13. 83 dancers compete regularly for the Dance Festival Team. In November, the Dan￿ Department won the ISA dance competition for KS3 and KS415. A Year 8 student was awarded a performance award from the ISTD examination board al the Janet Cram Awards. Sport Sport at New Hall continues to go from St￿ngth-to-Strenglh. Each sport has a dedicated Head of Sport, which enables students lo gain specialist coaching in all sports throughout the year. Notable achievements include.. Athletics Our girts, relay team won the Klng Henry Vlll XC Relays, and became the 11 th faslesl team of all-lime on debut. Al this event, a student ran the faslesl leg and became the third faslesl of all lime. Both our girls, and boys. teams were winners of the Prep Quad Kids Championships ERRA Relays.. Two students both Southern and National Road Relay Champions13x U13G Team) A Year 11 sludenl ran 9,32" for 3KM. placing her 3rd all-lime in the UK U15 list. and 16,38" placing her fourth all lime in the UK U15 list. She was selected lor the UK team al the U18 European Alhlelics Championships. despite being just 15. A sludenl qualified for the National Mulli-Event Championships Cricket The U14 cricket team were crowned County Cup Champions The U15 girls. cricket team are ISA National Winners The U13 boys. cricket team are ISA National Winners A sludenl represented Scotland U19 al the U19 World Cup Qualifiers and they have qualified for the World Cup in Sri Lanka in 2024. He Tepresenled the Scotland Xl al the European Championships in Spain. He also made his Essex 1 sl Xl debut against Bedfordshire CCC. A student was selected for the Essex U16 Squad Page 10 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Equestrian A sludenl won the NSEA National Championships Jumping with Style 80-85cm. She also placed 3rd on another horse. Football Our U11 football team became ISA Champions A sludenl was selected for the Independent Schools national team. She also plays for Charllon Alhlelics U15 Girls, team and the Republic of Ireland's U16 National team. A sludenl was selected for the Essex County Girls, team Two sludenis were signed by Ipswich Town FC Golf A sludenl signed a 4-year full golf scholarship to the Unlverslly of San Francisco A sludenl won the U16 Faldo Series event at Brocket Hall, qualifying lo play in Abu Dhabi18ter in the year. She has also been awarded a Scholarship to the University of South Carolina. Hockey U13 boys. hockey team are IN2Hockey Essex County Champions U12 boys, hockey team are IN2Hockey Essex County Champions Netball U13 netball team are Regional Champions U14 netball team are Essex Cup Champions An Old Fish was selected for U21 Ireland Netball Squad Rugby Four players were all selected to play for Essex U17 Elile Pathway U13 rugby team reached the Essex final Skiing A Year 13 student was crowned British Interschool Overall Male Champlon 2023. Gre81 Britain Overall Combined Indoor and Outdoor Champion 2023. Brillsh Championships Overall Winner 2023, Welsh Championships Overall Winner 2023 A YeaT 11 student won Bronze al the British Schools Indoor Race Swimming Our Year 7&8 4x50m Medley Relay Team achieved first pla￿ al 65th English Schools. Swimmlng Association Championships At the East Region Long Course Championships 2024, New Hall finished 15th overall out of 45 clubs and were the 3rd highest swimming club in Essex A Year 11 sludenl and a Year g sludenl qualified for the British Summer Championships Our swimmers broke 4 National records in the ISA Finals Al the Essex County Championships 2024, our swimmers broke four County Records & six School records 17 swimmers were selected for the Essex Swimming Team Tennis EISTT champions with the U18's Girls and U15 Boys ISA National U15 Girls Singles and Doubles winners Boys U18 Schools National Finalists Nathaniel H has won six men'slboys U18 LTA lilles ISA National U15 Boys Singles and Doubles winners Runners-up at Mini Wimbledon. out of 30 teams Our Boys U18 team reached the National finals, ranking them in the lop 16 teams in the UK 4,IA Team GB represgnlation in the European Athlelics U18 Ch8mplonships NSEA Nal ISA Utl Foolball Cham ional Champlon Page 11 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 pions I,IAI, First place at English Schools, Swimming Associalion finals British Inlerschool Overall M81è Ch8mpion 2023, U15 Nelball Team qu81ified for tho Worfd School Games Great Britain Overall Combined Indoor and Outdoor Champion 2023 Equlty & Dlverslty In 2020, the School launched a sludenl group.. Corpus, a group designed lo celebrate and discuss equality & diversity. This year, students delivered presentations on their countries of heritage. We had exeellenl presentations on places such as Kenya, Nigeria. South Africa and Ghana. Students had the opportunity to learn about different cultures by lasting new foods, learning new dance moves and learning about various festivals and celebrations. A particular highlight was the celebration of World Afro Day when students learnt about the hlslory of different African hairstyles and engaged in meaningfijl discussions about the importance of hair in regards lo identity. Students also had the opportunity to learn about microaggressions and unconscious bias. Throughout the year Corpus members explore various issues relating to discrimination and they have the chance lo ￿lebrate diversity. The brainchild of a Sixth Form sludenl, International Culture Day was cOn￿1Ved as a Celebration of the diversity of pupils in the Preparatory Divisions al New Hall. This year's event involved students from across the Preparatory and Senior Divisions. Colourful inleraclive displays, created by students representing their cultural heritage, gave pupils an insight into a variety of Iradilions from China, Kenya, Iceland, Sri Lanka. India, New Zealand, The Netherlands, Slovakia, Fran￿, Spain, Italy and Belgium. Many pupils also dressed in clothing from countries around the world. New Hall was a finalist in the Independent Schools of the YearAwards 2024 in the International student experience category. rrii Inlemalion81 Culture Day Page 12 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Eco and Sustalnablllty Afocus for the School Ihls year has been eco and sustainability. We are working towards a largel of 'zero waste lo landfill,. The School has adopted a recycling system. where all waste is collected and separated al a large recycling ￿ntre. This also includes food waste, which is collected in a newly installed facility, lo be used for both bio-gas and fertiliser. The Year 12 Eco Council Leaders act as champions of ecology. The Eco Councll conlribules lo plans and efforts lo create a more suslainable and eco-friendly environment and community. t@ Wortd Fo(Id Day- Eco Council New Hall Personal Development Award At New Hall, we aim to help all students develop themselves through the promotlon of an 811-rouné education. Our broad co-currlcular programme plays a signlficanl part In this development and we encourage all students to play an active role across a balanced range of aclivilies. The New Hall PDAprovides a structure for the recording and evaluation of a student's personal development through Key Stage 3. The Award has three levels,. Bronze, Silver and Gold. To achieve the Personal Development Award. students must complete activities in all five of the following personal development aspects.. Spiritual, moral & emotional development Cultural development Physical development Intellectual development Performance In 2023124. 40 students completed the Bronze Award, 41 students achieved the SilverAward and 4 students achieved the GoldAward. Key targets of tho 2023124 Dèvelopment Plan The following targets were completed.. lo reach Complian￿ with the new Religious Education Directory IREDI inspection model. including curriculum plan lo introduce and monitor the new Politics scheme for Year 10 lo introduce football across the School lo improve the Sixth Fomi study area In addition lo the above, the senior staff and Governors have created a draft Maslerplan for the School's medium and long- term development and are undertaking strategic reviews, to assess priorities. A number of feasibility studies have been commissioned in relation lo expansion of facilities, including acquisition of additional landlproperty. NHST'S establishment of a Mulli Academy trust INHMATI enables it lo sponsor further academies. where this is considered appropriate and beneficial. These options are kept under annual review. School Roll The roll reached 1,350 by the end of the academic year 2023124. 1,361 students were confirmed on roll from September 2024. Prèmlsos The main building al New Hall Is Grade I listed and the grounds are a Grade 11 Registered Park & Garden. They are a magnificent selling for a school. The extensive facilities and grounds continue lo need careful maintenance and, durlng Ihe period, a thorough programme of improvement and refurbishment continued. Page 13 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 The School prides itself on ils rich heritage. magnificent main building and stunning campus. It is a major priority for the School that the campus is developed in a way that enhances ils beauty and emphasises ils hisloiical features for the benefit of the local and wider community. The School does not receive grants from heritage bodies for essential works to maintain the main building, and so relies on funding the works through fulure financial stability, which can be achieved best through the School's re￿nI expansion. Within the grounds, the School has excellent sports facilities, including a 25-melre, 6-lane healed indoor swimming PODI, ten tennis courts and eight netball courts Icomplelely relayed in summer 20231, two Aslrolurf hockeylfoolball pitches, 8 3G pitch, five cricket wickets. eight rugby pitches, basketball courts. a 400-melre national standard alhlelics track and a purpose-built fitness suite, fully equipped with state-of-the-art gym equipment. Most outdoor facilities are now floodlit. In 2020, the School built tsvo canopies lo enable outdoor learning and co-curricular activities lo continue throughout the pandemic. The Walkfares canopy accommodates a variety of core School aclivilies. including Mass, assembligs. concerts, productions. shows and meetings. Open Day Care8rs Convenlion World Music FestlV81 Another popular addition lo the sile is the New Hall Farm. Students, from the Nursery lo Year 13. use the fam either as part of the curriculum or co-curiiculum. The School continues lo face challenges due to the planned development around the campus within the North East Chelmsford Area Action Plan INECAAPI. The School worked closely throughout the period with professional advisers, Chelmsford City Council and the property developers for NECAAP, lo ensure that our concerns over the impact that the proposed development is having on New Hall are taken into account. The Planning Inspector had previously confirmed the requirement that the potential erosion of the selling of New Hall should be balan￿d by Compensatory Measures. to be achieved via a comprehensive Land Design & Management Plan. The School. therefore. continues lo engage with the planning process and development of the scheme, lo protect NHST'S interests and lo ensure ways are found lo enhance the selling of Grade l Listed Building and Grade11 Registered Park & Garden. In accordance with the key 2023124 targets in the School Development Plan, the following range ofpremises improvements and new developments have been achieved, to enhance the facilities and the sile, these include.. International Business & Language Centre Sixth Form Silent Study Room st Francis Woodland New suite of rooms for Chaplaincy'chaplaincy Chambers" Renovation of windows and brickwork in Hawley Quad Heritage wall repairs New Dennell roof Refurbished Campion kitchen Sludenl laundry Page 14 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Internat￿nal Business & Languago Contre Sl Franc￿ Woodland New Hall has recently acquired New Hall Park Fami, a 70-acre sile in Little Baddow. 11 is an Equestrian Cenlre and livery yard. Students will use the sile for outdoor pursuits, from ecology and sustainability projects, camping. New Hall Voluntary Setvices {NHVS) aclivilies, boarding events- and maybe even football, for all of our Divisions. Work has also continued on a number of further projects for the future, for which feaslbilily sludles have been completed or are in process. These include: A Learn-ta-Ride Centre Redevelopment of the historic Hawley Quad area Improvements to historic gardens Charlty Fundralslng for those In Need The students and staff of the School engage in a wide range of charitable work, including raising substantial funds for local, nalion81 and international charities. Charitable fundraising continued lo have a high profile in School activities, supported by students, staff and parents. In 2023124, funds were raised for a number of charities including.. Pralham UK. Little Edi Foundation, the Diana Award, Tiny Tickers, CHESS. Trussell Foodbank, WWF Climate Crisis. Kids Inspire, Mental Health Foundalion, the Riding for the Disabled Association. Cancer Research UK, Hosanna House and Children's Pilgrimage Trust. Bren￿OOd Catholic Children's Society, Movember Foundation, Mcmillan Cancer Care and the Mizen Foundation. Page 15 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Chelmsford Fo(xJ 88nk Donations Students vs St8ff Charily Hockey Malch PUBLIC BENEFIT Communlty Servlce & Charitable Work Key examples of how the charity provides public benefit through its values and aims.. New Hall Multl Academy Trust INHMATI- academy sponsorshlp NHST has undertaken sponsorship of a primary academy, which was in special measures in 2012, to help enable that school to improve its performance and grow the roll. NHSTwas the first independent school nationally lo agree to sponsor a primary school. For this pioneeTing work with Ihe maintained sector, NHST was commended by Rl Hon Michael Gove MP {Secrelary of Slate for Education 2010-20141, Lord Nash and by the Department for Education IDfEI. NHST established 8 Mulli Academy Trust INHMATI from 8 August 2013, having worked closely with the primary school over the previous 18 months, including involvement in the appointment of the new Headleacher. New Hall School shares members of staff and facilities with Messing Prlmary School., a member of staff is a member of the Local Governing Body of Messing Primary School., specialist teachers from New H811 School teach PE, Languages and swimming lo the primary school pupils,. and New Hall School staff have assisted with the primary school's educational, IT, payroll, financial, markelinglPR and premises developments. The implicit cost of this support by NHST of Messing primary school is In eX￿$S of £10,000 per year. In the 2023124 academic year, Messing Primary School's roll remained steady, with 87 puplls by September 2024. Messing Primary School was rated by Ofsled as 'good with outstanding leadership and management, outslanding personal development, behaviour and welfare, and oulslanding Early Years, provision, in September 2018. During the year New Hall continued to work lo support Messing Primary School and to ensure il Is 8 vibrant and Suc￿sSfUl, small village school. NHMAT'S key objectives for 2023124 were lo continue lo look for opportunities lo sponsor other Ioc81 Primary schools and lo extend the current sustainable 3-year financial plan. Advance of the Roman Cathollc Rellglon The School welcomes members of the Catholic parish of Sprfngfield to allend the Sunday evening boarders, Mass in the New Hall Chapel. The Chapel is licensed for weddings and a number of Old Fishes (New Hall alumni) and staff have been married al New Hall. The School prepares students and staff for Confirmation. and this Sacrament is celebrated by the Bishop of Bren￿ood in the School Chapel. The School maintains strong links with the Canonesses of the Holy Sepulchre, who celebrate their Mass for the Dead al New Hall. Additionally the School hosts the annual Foundation Day lecture, which focuses on an area of Catholic life and history. New Hall offers training to the other Catholic schools in the DI0￿Se on the new Religious Education Directory launched by the Catholic Education Service and which is to be used from 2025. The School has hosted retreats for the Catholic independent schools within the Diocese, Our Lady Immaculate maintained school in Chelmsford and Messing Primary School. New Hall supports the preparatory schools within the Diocese lo be part of the Catholic Independent Schools Conference ICISCI and in February 2024 facilitated the allendance of two of these schools al the annual conference in Cardiff. Page 16 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Messing Primary Retre8t Day Loyola Preparatory School st Marrfs Hare Pérk Preparatory School and Ursuline Preparatory School New Hall Voluntary Service (NHVS} Through the voluntary Wa￿ of NHVS and other charitable work, help is given lo those in need in the local and wider community. From Year 8, students are invited lo join NHVS Action Groups which are appropriate to their age, lo give them the opportunity lo experien￿ one*lo-one contact with those in need in the community- on￿ they are in Year 12. many of these same students volunteer lo become leaders of the Action Groups. This involvement encourages many students to offer voluntary work in their adult lives. Parents. staff and other adults support the activities of the Action Groups in many ways. The current Action Groups are detailed on the School website. NHVS is important lo the educational work of the School and lo Ils religious purpose as a Catholic school. A major feature of a New Hall education, commended by the Di0￿san Section 48 inspectors. is the caring ethos and spirit of Servi￿ lo others. The School invested around £45,000 in 2023124 in NHVS aclivilies. Pacha Club Easter Lunch Slrawberry Tea New Hall hosts a number of charity days including for the Little E¢Ji Foundation and a Community Fun Day organised by the Canonesses of the Holy Sepulchre. [/ Lillle Edi Foundation Community Fun Day Page 17 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Trusteeshlp of Heritage Campus for the Local Communlty The beautiful heritage campus is enjoyed by the local and wider community.. in the last year the School organised a Christmas market and summer fete which were attended by parents, staff and members of the Beaulieu, Boreham, Springfield and wider Chelmsford communities. The School shares ils firsl-class facilities with a variely of educational and religious groups. These facilities are often provided eilherwilhoul charge or at minimal cost. NHST seeks lo protect and enhance the heritage of the Grade l Listed Building and Grade11 Registered Park and Garden {The Avenue), as the setting for the running of New Hall School and for the benefit of others. In the p881 year, £1,752,336 was spent on resloralions, mainlenan￿ and enhancements of the herila9e sile. This includes investment in the first phase of a major project to redevelop the historic Hawley Quad into the heart of our thriving Chaplaincy provision. Organisations Uslng New Hall Facilities Many of the New Hall facilities are made available for use by the public. A number of local. regional and national groups have made use ofschool facilities during the period, including weekdays, evenings, weekends and school holidays. These are detailed on the 'public benefit, section of the New Hall School website. Bursaries and Fee Remlsslons NHST has made significant bursaries. grants and fee remissions available. These help students whose parents would otherwise be unable to afford a New Hall education. Bursaries are widely advertised, including on the School website, in the prospectus. in mailings to schools, In parish newsletters, in regional newspapers and magazines, in national papers and by word-of-moulh. Bursaries and hardship funds are 8vailable for current families experiencing financial dllficullies. These bursaries and awards can also be for up lo 100% of the fees. During 2023124, 29139 in 20221231 students in the School benefllled from means-lesled bursary grants towards Ihelr school fees. Of these 10117 in 20221231 received 1000￿ fee remission. In order to maximise the funds available lo existing students, only three new bursary awards were made lo students joining the School at the start of 202312413 in 20221231. The School also offers other forms of fee discounts lo make a New Hall education more accesslble to those who would not olheNise be able lo join. Sibling discounts are applied from the third child onwards. Grants were also made to cover boarding charges for students who cannot afford this provision. During 2023124, 8 total of 3131319 in 20221231 students in the whole School did not pay full fees. In 2022, the School admilled six Ukr8inian refugees, as students on fully funded places. One remains in the School. Trainee Teachers Over the last 3 years, the School has trained and mentored 13 teachers. The School has also funded the Early Career Teachers {ECTI programme for 16 teachers. The cost lo the School of training and mentoring these staff is £205.970. Many of these staff have gone on to work al maintained and independent schools elsewhere. New Hall is therefore providing significant public benefit in inspiring. training and mentoring new teachers. FIAIAAICIAL REVIEW Total group income for the period was £29.084.970 {£27,256,171 in 2023) whilst 10181 group expenditure amounted to £29.708.4351£26.280,976 in 20231, giving rise lo nel expenditure of £623,465 {£976,195 nel income in 20231, largely as a result of the extended accounling period covering an additional month of maintenance works over the summer. The nel movement in funds, after inveslmenl gains of £1,632 (losses of £6,257 in 20231, and an actuarial loss of £12,000 {£76,000 gain in 20231 in respect of New Hall hAulli Academy Trust's Local Government Pension Scheme deficil. was a deficit of an increase of £633,833 {£1.044,938 surplus in 20231. This included an decrease in general funds of £482,8221£1.100.667 increase in 2023). Group tangible fixed assets have increased by £4.092,624 (£5,734,383 in 20231 with completion of the new Laundry, PE Classrooms and School Shop as part of the redevelopment of the historic Hawley Quad, creation of the International Business & Language Centre and Sixth Fomi Silent Study Room and general refurbishment of areas within the Senior and Prep Divisions and in Ihe Boarding Houses. Page 18 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Net current assets have increased by £831,136 {£1.077,532 reduction in 20231- Cash has increased by £4,378,674 (£32,772 increase in 20231. Debtors have increased by £155.902 (£130,940 increase in 2023). Debtors and Creditors are subject lo fluclualions arising from the liming of receipts and payments and Ihe extended accounting period has also had an impact. Long term liabilities have increased by £5,562,225 {£3,678.656 increase in 20231 due lo the final drawdown of the new long-lerm bank loan and increased lake up of the composilion fee scheme. New Hall School Enterprises Llmlted New Hall School Enlerprlses Limited carried out trading activities during the period including the operation of the swimming pool complex at the School. These aclivilies, for legal and tax reasons, are carried out by a commercial company rather than a charity. In the period 2023124, New Hall School Enterprises Limiled generated a profil of £5,75012022123 £22,437). However, due to the losses during the pandemic. the enlily remains In 8 position of cumulallve loss. Consequently. as in the prior year, New Hall School Enterprises Limited did not make any distribution lo New Hall School Trust. Going Concern The cash position of NHST remains strong, with a return lo a positive nel current asset position al the perfod end. Overall, the Trustees consider the affairs of the charity lo be salisfaclory, but they are aware of the level of risk associated with the School's borrowing. Initially. this debt was incurred lo finance the acquisition of the nel assets of NHST and subsequent loans have been required lo finance the School's expansion. Al the end of the 2022-23 year. with historic loans close lo being paid down, Trustees approved a further loan of £5m, repayable over 25 years, to fund the development plan. A £3.5m tranche was drawn down in July 2023 and the remaining £1.5m in January 2024. The Trustees Continue lo be aware of the need lo monitor budgets and cash flow forecasts carefully and lo ensure that all conditions of the loans continue to be satisfied. The Trustees have prepared forecasts that consider the cash position, SoUr￿S of income and planned expendllure of the charity and the group. These forecasts consider anticipated student numbers, delayed fee payment. reduced fees and other income. bursary support and potential bad debts and the likelihood of downside impacts on the School's financials. Resulis of the financial forecasts and expected future cashllows indicate that the cash reseNes of the charily and the group are adequate to meet their obligations as they fall due. Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial slalemenls. Reserves level and pollcy Al 31 August 2024. NHST had total consolidated reserves of £27,309,190 {£27.943,023 in 20231, comprising pemanenl endowment funds of £2,739,601 {£2,827.975 in 20231, unreslricled funds of £23,203,885 {£23,686,707 in 20231 and restricted funds of £111,118 (£97,919 in 20231. The pemianenl endowment fund of £2,739,601 is the net book value of the freehold land and buildings gifted to NHST by The Regular Canonesses of the Order of the Holy Sepulchre of Our Lord for use in furtherance of the charity's objectives. The reslricled funds of £111.118 of the School include unexpended balances of donations and grants held on Irusl. These have either been raised for, and thelr use reslricled lo, specific purposes or they comprise donations subject lo donor- imposed conditions. There is also 8 restricted fund balan￿ of £1,254.586 (£1,330,422 in 20231 which represents the funds of New Hall Mulli Academy Trust. Full details of these reslricled funds can be found in note 19 lo the financial statements together with an analysis of movements in the year. The total free reserves of the Group are considered to be £{4,772,92511£11.046.0941 in 20231, after deducting reslricled and endowment funds within the group and tangible fixed assets {nel of related loans and fixed assets wilhln the endowment and reslricled fixed asset funds) of £32,082,1161£28,989,117 in 20231. The Trustees have considered carefully an appropriate target level for the Group's free reserves, albeit they acknowledge that the need to continue lo invest significantly in the School's facilities may mean that any largel Is a long-term aim. Having regard lo the likelihood of financial risks and mitigating factors, the Trustees consider the target level of free reserves should be approximately 6 to 8 weeks expenditure Icurrenlly £2.4 million lo £3.2 million). At 31 August 2024, free reserves are significantly below this range. bul cash reserves are significantly above it. In essence. this is due to capital spend in the year being significantly in excess of the deficit for the period. In response lo the economic climate, the imposition of VAT on School Fees and the increase in the Teachers, Pension Scheme contribution rate, the School has scrulinised the scope of capital projects and is amending these to focus spend on areas which add the most value for the size of spend. This will have the effect of decreasing capital spend. hence also depreciation. The effect of an increase in surplus and a decrease in capital spend will be lo raise free reserves back to the Trustees, largel in the near medium term. Page 19 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 The policy. therefore. remains lo continue lo hold free reserves within the target range, subjecl lo the need lo undertake capital projects required lo enhance and maintain the educational facilities. The largel level will, as before. remain under review by the Trustees, particularly with regard lo the impact of lax or regulatory changes and any resulting impact on cash flow. Donatlons Donations re￿Ived by New Hall School for the period lo 31 August 2024 were £30,652 (£55.054 In 2023). Investment policy. oblectlves and performance The charfty has one holding invested in a Common Investment Fund, representing funds donated to support scholarship awards. The charity's investment objectives are lo senerate income to support these awards, while providing security of the capital sum. The Trustees are salisfied with the overall performance of the charity's investrnents. Carbon emisslons reporting The Companies IDireclors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 came into for￿ on 1 April 2019 for accounting periods commencing on or after that date. UK Greenhouse gas emissions and energy use for the Group.. Energy Consumption used to calculate emlsslons I September 2023 to 31 August 2024 Total Consumption.. Consumptlon Measure 2024 2023 Electricity per kvvh 2.043,823 1,985,996 Liquid fuels per litre 335,022 483,218 Gas per lilrelkwh 97,962 101,059 Transport Fuel per lilre 34,478 41,730 Scope 1 Emissions Metric lonnes IC02e'. Metric tonnes tC02e: Llquld fuels 852.2 1.234.7 Gas 72.5 68.9 Transport Fuel 86.2 104.2 Scope 2 Emlsslons Purchased Electrlclty 423.2 384.1 Total Intensity Ratlo 1.00 IC02e per pupil 1.26 IC02e per pupll Average number of puplls 1,429 1,419 Page 20 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 Emissions have been calculated with reference to the 2019 HM Government Environmental Reporting Guidelines and GHG Reporting Protocol - Corporate Standard and using the 2024 UK Government's Conversion Factors for Company Reporting. Data have been drawn from invol￿S from suppliers in all cases. The chosen intensity measurement ratio is lolal gross emissions in metric lonnes C02e per pupil. the recommended ratio for the school sector. The Governors take the impact ofgreenhouse gas emlssions on the environment seriously and consider inilialives across the Trust and ils subsidiaries, lo redu￿ the impact. As a Grade 1 listed sile, significant alleralions to miligale energy usage are limited, however opportunities continue lo be explored to reduce energy usage. The following energy efficiency measures have been undertaken.. Inclusion of energy-efficienl equipment and solar panels at the new Laundry I PE Classroom buildings Rolling programme lo install Passive Infra-Red IPRI) lighting across the School Rolling programme lo replace all general and display lighting with LED equiv8lenls Rolling programme to improve energy efficiency of heating systems. including inslallalion of air source heal pumps lo all new builds. and on refurbishment of classrooms. offices and communal areas. In the Barn I Cookery area of the School, this resulted in the removal of an oil-fired healing system. Rolling programme to implement new buildlng management systems lo improve energy monitoring facilities and variable lemperalure controls. FUTURE PLANS Key Targets for the 2024125 Academlc Year To develop stronger links with Catholic universities and universities, Catholic chaplaincies with a focus on London universities and Durham To open the International Business & Language Centre and the Chaplaincy Chambers To broaden the options for Sixth FOTM curriculum through the successful introduction of the vocational course.. BTEC Diploma in Sport To launch the New Hall Equestrian Centre and LeaTn-to-Ride Centre To find a solution lo the prep capacilylspace issue To find a solution lo the Sixth Fom capacllylspace issues RISK MANAGEMENT Principal rlsks and uncertainties The principal risks to the School at present are.. Reduction In income due lo falling students roll due to e.g. affordability of fees (Inc VAT on school fees), changes in School provision Future changes creating financial pressure due to increase in costs e.g. changes lo laxalion rates, business rates, TPS increase, Nl increase Development risks - traffic congestion, parking, planning constraints, pa￿ of change The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charily, ils assets, ils investments and ils finances. The Trustees believe that by monitoring borrowing and reseNe levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity. they have established effective systems to miligale those risks. Emphasis has been placed on certain key risks so that the chan￿S of occurrence are minimised al source. In relation lo the charity's heritage campus, the Trustees have sought lo prolecl the interests of the charity in relation to the City Council's North East Chelmsford Area Aclion Plan {NECMP). Over recent years, development risks including traffic congestion, parking, access & egress have been miligaled by.. Building an Easlem Access Road, New Hall Lane Building a foolpalh along The Avenue Conducting a travel suNey including a traffic management plan Appointing a specialist School Transport Management company who revlew and monitor the School bus routes Introducing a zonal parking system on site Offering breakfast and supper club for day students Encouraging green travel including investing in a fleet of bikes lo be18nl lo staff and students Building a Notthern Access Road, New Hall Way Page 21 NEW HALL SCHOOL TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 AUGUST 2024 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STA TEMENTS The Governors as Trustees (who are also directors of New Hall School Trust for the purposes of company lawl are responsible for preparing the Annual Report lincorporaling a slralegic report) and the financial slalemenls in accordance with applicable law and regulations. Company law requlres the Trustees lo prepare financial slalements for each financial period. Under that law the Trustees have elected lo prepare the financial slalemenls in accordance with United Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Slandardsl and applicable law. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and the group and of the result of the group for that period. In preparing these financial sialemenls. the Iruslees are required lo.. select suitable aecounling policies and then apply them consislenlly., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charitable company and the group and enable them lo ensure that the financial slalemenls Comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each Trustee confirms Ihal.. so far as they are aware, there is no relevant audit information of which New Hall School Trust's auditor is unaware.. and the Iruslee has taken all the steps that they ought lo have taken as a trustee in order lo make themself aware of any relevant audit information and lo establish that New Hall School Trust's auditor is aware of that information. ThisAnnual Report, prepared under the ChariliesAcl 2011 and the Companies Act 2006, was approved by the Governing Body of New Hall School Trust on i J (LL 2025, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on ils behalf by.. Mr P R Wilson Chair of Governors & Trustee Page 22 NEW HALL SCHOOL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE 13 MONTH PERIOD ENDED 31 AUGUST 2024 Mulli Academy Pemianent Unr8Stdcled Resltlcled Re51ricled Endowment Funds Funds Fund Fund Total 2024 Total 2023 Note5 Incoma and endowmonts from: Donatlons Charitablè actlvltias School fees and other charges Funding for educallonal purposes Other Othar tradlng actlvltl8s Investm6nts 30,852 17,513 48.165 130,451 27,850,198 27,850,198 26,110.559 571,831 571,831 568,317 70,105 331,275 45.464 47.147 346,965 182.547 13 28.900 2.372 375,865 191,751 6,832 Total Income 28,428,857 37.497 820,616 29.084.970 27,256,171 Expendlture on: Charltable activit19S Provision of education Ralslng funds Ralslng donations Trading= cost of goods sold and other costs 28.539.268 25,850 701.872 88.374 29,355,164 25.985.827 1,772 80 9,475 11.327 4,638 341,944 341,944 290.511 Total expendlturg 28,882,984 25,930 711.147 88,374 29.708,435 26,280,976 Nel gaSn8lllosses) on investments 12 1,632 1,632 (6,2571 Net lexpendlturolllncome {456.1271 13,199 190,5311 188,374} 1621,8331 968.938 Transfers be￿een lunds Actuarial Ilossesygains on defined benefit pension scheme (26,6951 26,695 21 112,0001 112,0001 76,000 Net movemgnt In funds 1482,8221 13,199 175,8361 (88.3741 1633,8331 1,044,938 Balances brought forward al 1 August 2023 23,686,707 97,919 1,330,422 2,827,975 27,943,023 26,898,085 Balancgs carrlpd forward at 31 August 2024 23.203.885 111,118 1,254,586 2,739.601 27,309,190 27.943.023 Th8 notes on pages 30 10 50 fomi part of these finanèial slalemenls. Page 26 NEW HALL SCHOOL TRUST CONSOLIDATED AND PARENT CHARITY BALANCE SHEETS AS AT 31 AUGUST 2024 Group Charity 2024 2023 2024 2023 Notes Fixed assets Tangible assets Investments 11 12 37,443,950 39,719 33.351,326 38,087 36,356,241 39,721 32,228,829 38,089 37,483.669 33,389,413 38,395,962 32,266,918 Current assets Stocks Debtors Cash al bank and in hand 44,568 1,039.968 10,529.926 94,886 884,066 6,151.352 44,028 1.027,331 10.185,073 44,028 845,544 5,873,130 13 11,614,462 7,130,304 11,256,432 6,762,702 Current Ilabllltles Credllors payable within one year 14 110,916,000} 17,262,978) {10,722,6711 {7,095,375) Net current assetsl{liabilities) 698,462 {132.6741 533,761 1332,673) Total assets less current liabilities 38.182,131 33,256.739 36,929,723 31.934,245 Long term liabilities Creditors payable after one year Pension scheme liability 15 21 {10,872,941) {5.313.7161 110,872,941) 15,313,716) Total net assets 27,309.190 27,943,023 26.056.782 26,620.529 Represenled by.. Funds and resarves Capital funds Permanent endowment fund Charitable income funds Unrestricted funds General fund Reslricled funds Mulli Academy reslricled fund 17 2,739,601 2,827,975 2,739,601 2,827,975 18 19 19 23,203.885 111,118 1,254,586 23.686,707 97,919 1,330,422 23.206,063 111,118 23.694.635 97,919 27,309,190 27,943,023 26,056,782 26,620,529 The deficit for the financial period dealt with in the financial slalements of the Parent Charity was £563,74712023: surplus £972,229). Approved by the Governors of New Hall School Trust {Company Registration No. 5472420 {England and Wales)) and signed on their behalf by.. Mr P R Wilson Governor Approved by the Governors on i J 2025 The notes on pages 30 to 50 fomi part of these financial slatemenls. Page 27 NEW HALL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 AUGUST 2024 Total 2024 Total 2023 Notes Cash flows from operating acllvltles Nel cash provided by operating activities 2,345,212 3,439,143 Cash flows from Investlng activities Interest and investment income received Proceeds from sale of tangible fixed assets Payment for tangible fixed assets Capital grants from DfE 191.751 402 16,860,538) 4,889 45.464 17,415,126) 16,681 Net cash used in investing activities (6,663.4961 {7,352,9811 Cash flows from financing actlvltles New bank loan Repayment of bank loans Repayment of finance leases New composition fees Composilion fees ulilised 1,500,000 1526,0521 1147,8731 9,401,324 11,530.5411 3,500,000 {498,6151 {165,1461 2.403.211 {1,292,840) 8,696,858 3,946,610 Change in cash and cash equivalents In the reporting perlod Cash and cash equivalents al the beginning of the reporting period 4,378,574 32,772 6.151,352 6,118.580 Cash and cash equlvalents at the end of the reporting perlod 10,529,926 6,151,352 The notes on pages 30 to 50 form part of these financial slatemenls. Page 28 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 Reconciliation of net Income to net cash flow from operating activities Total 2024 Total 2023 Nel lexpendilurellincome Nel Igainsll losses on investments Deprecialitsn charge Profil on disposal of tangible assets Capital grants from DfE and other eapilal income FRS 102 pension cost less contributions payable FRS 102 pension finance cost Investment income Decrease in stocks Ilncreasel In debtors Increase in creditors (621,833) 968.938 11,6321 2,570,583 {4021 (4,8891 {11,0001 (1,000) 1191.751} 50,318 (155,902) 712.720 6,257 2,122,925 {16,6811 1.000 2,000 {45,4841 15.690 {130,9401 515,418 2,967,045 2,470,205 Net cash provided by operating actlvltles 2,345,212 3,439,143 Analysls of changes In net debt Non-cash changes New Other non- flnance cash leases changes At31 August 2024 At 1 August 2023 Cash flows Cash at bank and In hand 6,151,352 4,378,574 10,529,926 Bank loans 1433,1721 (973.9481 993,586 1413.534) Debt due wlthln 1 year {433,172) {973,9481 993,586 1413,534) Bank loans {4,234,8811 (993,5861 (5,228,467) Debt due after l year 14,234,881) {993,5861 {5,228,467) Obligatlons under flnance lease 1223,3571 147.873 1111,214) 1186,698) Total net debt 1,259,942 3,552,499 1111.214) 4,701,227 The notes on pages 30 to 50 form part of these financial statements. Page 29 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 ACCOUNTING POLICIES The financial slalements have been prepared under the historical cost convention, as modified by the Inclusion of investments at market value and freehold land and buildings al a valuation, and in accordance with the requirements of the Cornpanies Act 2006 and the Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Consolidated accounts have been prepared on a line by line basis for the charity and its wholly owned subsidiary. New Hall SchoolTrusl {"NHST"I has the powerunderits sponsorship agreementwilh New Hall Mulli Academy Trust I'NHMAT I lo appoint Governors and to govern the financial and operating policies. As a consequen￿, il is considered under FRS102 to have control and therefore NHMAT has been consolidated into these financial slatemenis. The audited 8ceounts for NHMAT have been consolidated for the year ended 31 August 2024 in line with NHMAT'S academic year end, as il is not considered that the differing reporting dales will have a significant impact on the position reported,. following the change in accounting referen dale. the accounting periods will be aligned in the future. As a qualifying enlilywilhin the meaning of FRS102, the charitable company has chosen to lake advantage in ils individual financial slalemenls of the following disclosure exemptions.. Section 7 Slalemenl of Cash Flows, Section 11 Basic Financial Instruments and Section 12 Other Financial Instrument Issues. The School Is 8 Public Benefit Enllty registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 6 June 2005154724201 and registered as a charity on 1 July 2005 {charily number 1110286). These financial slalements are presented in pounds steding and are rounded lo the nearest £. The current reporting period has been extended lo end on 31 August 2024 to align with the end of the academic year and the sponsored mulli-academy Irusl. The comparative amounts presented in the financial statements are for the year lo 31 July 2023 and are not entirely comparable. GOING CONCERN BASIS OF ACCOUNTING Sludenl numbers al New Hall School remain strong for the academic year 2024125, as do offers for 2025126, supported In part by the School's expansion of ils co-curricular provision to include foolball, equestrian and basketball. The Charily returned lo a nel current assets position al 31 August 2024 and currently holds significant cash balances. Cash flow modelling with sensitivity analysis in the year lo 31 August 2025 and budgets for the year to 31 August 2026 indicate that the cash reserves are adequate to meet the charity's obligations as they fall due. The charity has investigated the option to borrow funds to support any future strategic capital purchases as they might arise, whilst not affecting ils ability lo meet its ongoing operational and financial obligations, and these funding seenarios are included in the financial scenarios reviewed by Governors. The Governors therefore continue to have a reastsnable expectation that the Group and Charity have adequate resources lo continue in operation for al least 12 months from the dale of approval of the financial slalemenls and that there are no material uncertainties about the group and charity's abilily to continue as a going concern. Thus they continue lo adopt the going concern basis of accounting in preparing the financial slalemenls. CRITICALACCOUNTING JUDGEMENTS AND KEYSOURCES OF ESTIMATION UNCERTAINTY In the application of the accounting policies, Governors are required to make judgements, eslimales, and assumptions about the earrying value of assets and liabilities that are not readily apparent from other SoUr￿s. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimales and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised if the revision affecis only that period. or in the period of the revision and future periods if the revision affects current and future periods. Crltlcal Judgements The eslimales and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.. Useful economic Ilves of tangible flxed assets The annual depreciation charge for tangible fixed assets is sensitive lo changes in the estimated useful economic lives and residual values of the assets. Useful economic lives and residual values are reviewed annually and reassessed where necessary lo beller reflect the actual usage of the assets involved. Provision for fee debtors The Governors consider whether fee debts are recoverable. Where there is an indication that recovery is unlikely. the amounts involved are recognised as a provision for bad debts. This assessment requires an eslimalion of future likely receipls in order lo calculate the appropriate amount of any provision. The Governors do nol consider there to be any significant sources of eslimalion uncertainty giving sionificant risk of causing a material adjuslmenl to Ihese finanual slalements. Page 30 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 INCOME Income is recognised in the period in which the group Is entitled lo re￿Ipt and the amount can be measured with reasonable probability. Fees receivable and charges for services and use of premises are accounted for in the period in whlch the seNices are provided. Fees receivable are slated after deducting bursarfes, scholarships and other remissions allowed by the School. bul include contributions received from reslricled bursary funds and third parties. Registration fees are non-refundable and are credited to Income when received. Deposits are included as a liabllity until refunded or, on ceasing to be refundable, are credited lo income. Advan￿ fees are credited lo income as and when they fall due. Funding for Educational Purposes are grants received from Education & Skills Funding Agency and Local Authority for the operation of Messing Primary School. Rents are staled gross and are included on an accruals basis. Interest is included on an accruals basis. Dividends from Investment funds are included as receivable on the due dales. Donations are accounted for in the financlal period in which they are received. Donations received for the general purposes of the School are credited lo Unrestricted Funds. Donations subject lo specific wishes of the donors are credited to the relevant Reslricled Fund, or lo Endowment Funds where the amount is held as expendable capital. GRANTS RECEIVABLE FOR REVENUE EXPENDITURE Grants are recognised in the Slalement of Financial Activities I'SOFA") when the conditions for re￿Ipl have been mel. Where a grant is perfomiance related, i.e. linked lo specific volumes of oulpul, the grant income will be recognised lo the extent that the Sewi￿ has been provided. General Annual Grant is recognised in full in the period for which is receivable and any unspent amount is reflected as a balan￿ of the Mulli Academy Trust restricted fund. Grants wilhoul preconditions are recognised immediately in the SOFA. GRANTS RECEIVABLE FOR CAPITAL EXPENDITURE Grants in respect of capital expenditure are recognised in the SOFA when receivable and not deferred. Once the capital asset is acquired, the asset is then used in line with the fundevs requirements. Where the reslriclion remains, the asset is allocated to a reslricled fund and shown as restricted capital reserves. The reserves are then reduced each year by the amount of the annual depreciation charge to the asset. EXPENDITURE AND THE BASIS OF APPORTIONING COSTS Expenditure is included in the SOFAwhen incurred and includes any allribulable VAT which cannot be recovered. Expenditure comprise the fallowing.. The costs of charitable activities include direct costs and overheads associated with generating donations and trading income. Expenditure on raising funds comprises expenditure on the charity's prlmary charitable purposes as described in the Governors. report. Such costs indude provision of education. This comprises.. Teaching costs i.e. the cost of salaries, pension, and nation81 insurance costs for leachin9 and support staff. including CUTriculum technician and Preparaltsry School classroom assislanls, books and other luilion expenses, and the cost of games and aclivilies. • Welfare costs l.e. all domestic and sundry costs relating to boarding including house staff and domestic staff employment costs for boarding houses, school health centre costs. consumables. laundry and catering costs. Welfare costs also include costs of Preparatory School nurses and after school care assistants. Premises costs i.e. all costs associated with the premises, grounds and estate belonging lo the charlty and used for the purposes of edLJcation. including the salaries elc. of certain domestic staff and the estate slaff. Support costs of schooling l.e. costs of directly administering and supporting the School operations including the cost of the Admissions and Marketing department, Bursary and School Office. Governan￿ costs include expenditure on compliance with conslilulional and slalulory requirements. The malorily of costs are directly attributable to specific activities and any apportionment between headings is negligible. Page 31 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS All individual assets or sels of assets costing more than £2,500 and with an expected useful life exceeding one year are capilalised. Freehold land and buildings, furniture and equipment and motor vehicles purchased on or prior lo 1 August 2005 Ibelng the date the nel assets and operations of the School transferred lo the Trust) are included in the accounts al Iheir deemed cost al that dale based on valuations determined by the Governors as at that dale with professional assistance, based on their open markel value for existing uso. All assets purchased after 1 August 2005 are shown on the balance sheet al cost. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal. the differen￿ between the net disposal proceeds and the carrying amount is recognised in income receipts in the relevant year. Impairment reviews are carried out as and when evidence comes lo light that the recoverable amount of an asset is below its nel book value due lo damage, 0bso1es￿nCe or other relevant factors. If the recoverable amount is eslimaled lo be lower than the carrying amount, the carrying amount 18 red￿￿d to ils recoverable amount and an impairment loss is racognlsed in the SOFA. Freehold land and bulldlngs Wlh the exception of freehold buildings under conslructlon and land, neilher of which are depreciated, buildings are depreciated al a rale of 20A per annum on a straight line basis or depreciated over their eslimaled useful life where the building is classed as a temporary structure. Modifications to existing buildings are depreciated over a 15 year period on a straight line basis in order lo write the modifications off over their estimated useful life. Flxtures, furniture and equlpment Flxlures, furniture and equipment are capilalised and depreciated at a rale of between 10% and 33.33% per annum on cost In order to write off each asset over ils eslimaled useful life. Motor vehicles Motor vehicles are capilalised and depreciated al rates of belween 20•A and 25% per annum on cost in order lo write off each asset over ils eslimaled useful life. INVESTMENTS With the exception of investments in subsidiary companies, investments are included on the balance sheet al their market valve al the end of the financial period. Realised and unrealised gains lor losses) are credited {or debiledl lo the SOFA in the period in which they arise. less impairment. Investments in subsidiary companies are Included in the financial slalements at cost. STOCKS Stocks of mlscellaneous supplies are valued al the lower of cost and nel realisable value. FUND ACCOUNTING The permanent endowment fund comprises freehold land and buildings gifted lo the Trust by The Regular Canonesses of the Order of the Holy Sepulchre of Our Lord for use in the furtherance of the charity's objectives. The fund is reduced each year by the depreciation allribulable lo the underlying bulldings. The general fund comprises those monles which may be used towards meeting the charitable obleclives of the charity and which may be applied at the discretion of the Governors. The designated fund comprises unreslricled funds of the charity which have been designated by the Governors for particular purposes consistent with meeting the charitable objectives of the charity. The reslricled funds are monies given for, and their use reslricled to, a specific purpose. or donations subject lo donor Imposed conditions. Non-charilable trading funds consist of the retained profits or accumulated losses of 8clivilies conducted through non- charitable trading subsidiaries. Page 32 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 FINANCIAL INSTRUMENTS Basic financial instruments are inllially recognised al transaction value and subsequently measured al amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Inveslmenls, excluding those in subsidiary undertakings which are held al cost, are held at fair value at the Balance Sheet dale, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except SOCI81 security and other taxes, deferred income and provisions. Assets and liabilities held in foreign currency are translated to GBP 81 the balan￿ sheet dale at an appropriate period end exchange rate. LEASED ASSETS Assets under finance lease agreements are capilalised and disclosed under tangible fixed 8SS61s al their fair value. The capital element of the future payment is Irealed as a liability and the interest charged lo the SOFA on a straight line basis. Under operating leases, the lessor effectively retains subslanlially all of the risks and rewards of ownership. The rentals are charged on a slraighl-line basis over the lease term. PENSION COSTS The Charity contributes to the Teachers, Pension Defined Benefits Scheme al rates set by the SchemeAcluary and advised to the Board by the Scheme Adminislralor. Contributions are charged in the period in which the salaries lo which they relate are payable. The scheme is a mulli-employer pension scheme and il is not possible to identify the assets and liabilities of the scheme on a consislenl basis and therefore, as required by FRS102, the Charity accounts for the scheme as if it were a defined contribution scheme. Contributions are paid, in respect of support staff of the School, to the Standard Life Stakeholder Pension Scheme. a defined contribution scheme. Contributions are charged lo expenditure when falling due. Retirement benefits lo non-teaching staff of New Hall Multi-Academy Trust are provided by the Local Government Pension Scheme {'LGPS'). This is a defined benefit scheme and the assets are held separately from those of NHMAT. The LGPS Is a funded scheme and the assets are held separately from those of the academy trust in separate trustee adminlslered funds. Pension scheme assets are measured al fair value and liabilities are Metssu￿d on an actuarial basis using the projected unil credit method and discounted al a rate equivalent lo the current rale of return on a high quality corporate bond of equivalent term and currency lo the liabilities. The actuarial valuations are obtained 81 least Iriennially and are updated al each Balance Sheet date. The amounts charged lo operating surplus are the current service costs and the costs of scheme inlroduclions. benefit changes. selllemenls and curtailments. They are included as part of staff costs as incurred. Nel interest on the net defined benefit liabililylassel is also recognised in the SOFA and comprises the interest cost on the defined benefit obligation and inlerest income on the scheme assets, calculated by mulliplying the fair value of the scheme assets al the beginning of the period by the rate used lo discount the benefit obligations. The difference between the interest ineome on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and10s5es. Page 33 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 SCHOOL FEES AND OTHER CHARGES Mulli academy reslricled fund Unreslricled funds Restricted funds Total 2024 Total 2023 Gross fees Less.. Bursaries. scholarships and other discounts Add back.. Scholarships and bursaries paid for from Reslricled Funds 27,579,508 27,579.508 25,947,897 12,065,364) {2,065,3641 12,117.5851 2,346 2.346 2,415 25,516.490 2,333,708 Other school charges 25.516,490 23,832,727 2,333,708 2,277,832 27.850,198 27.850,198 26,110.559 FUNDING FOR EDUCATIONAL PURPOSES Mulli academy restricted fund Total 2024 Total 2023 DfEIESFA revenue grants: General Annual Grant (GAG) Other DfEIESFAGrants Other government grants: Local authority grants 441,697 82,172 441,697 82,172 457,076 80,323 47,S62 47,962 30.918 571,831 571.831 568,317 INCOME FROM INVESTMENTS Mulli academy reslricled fund Unreslricled funds Restricted funds Total 2024 Total 2023 Investment income Interest re￿1vable Pension income 1,632 5,200 1.632 189,119 1,000 1,269 44.195 182,547 1.372 1.000 182,547 6,832 2,372 191,751 45,464 PROVISION OF EDUCATION Mulli academy Permanent reslricled endowment fund fund Unreslri¢led funds Reslricled funds Total 2024 Total 2023 Teaching Welfare Premises Support costs of schooling 12,582,275 3,528,492 7,022.775 5,405.726 2,346 19,364 446,428 13.031.049 12,209,643 3,547,8S6 3.041.128 7.111,149 6,127,745 5.665.110 4,607,311 88.374 4,140 255,244 28.539.268 25,850 701,672 88,374 29,355.164 25,985,827 Page 34 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 PROVISION OF EDUCATION ICONTINUEDI Staff Depreciation costs & impairment other costs Total 2024 Total 2023 Teaching Welfare Premises Support costs of schooling 10,524,658 2,231,467 1,260.356 1,694,494 311.368 10,434 2,169,234 79,547 2,195,023 13.031.049 12.209,643 1,305,955 3,547,856 3,041,128 3,681,559 7.111.149 6,127,745 3,891,069 5.665,110 4.607,311 15,710,975 2,570,583 11,073,606 29,355,164 25,985,827 EXPENDITURE ON RAISING DONATIONS Mulli academy reslricled fund Unreslricled Reslricled funds funds Total 2024 Total 2023 Fundraising expenses 1,772 80 9,475 11,327 4,638 EXPENDITURE ON TRADING.. COST OF GOODS SOLD AND OTHER COSTS Mulli academy restricted fund Unreslricled Reslricled funds funds Totsl 2024 Total 2023 Trading expenses 341,944 341.944 290,511 7 GOVERNANCE INCLUDED IN SUPPORT COSTS Multi academy reslricled fund Unrestricted funds Reslficled funds Total 2024 Total 2023 Remuneration paid lo Auditor for audit of the Charity's financial statements Fees payab5e lo the Auditor for other services.. Audit related assurance services Audit of the financial statements of subsidiaries Tax compliance services Other advisory servI￿S Governors, trainin9 and expenses Other governance costs 34,250 34.250 32.000 1,350 1,350 1,200 3.850 1.175 6,000 1,875 40,266 3,850 1.175 6,000 1,875 53,291 3,600 2,535 1,342 53,627 13,025 88.766 13,025 101,791 94,304 Page 35 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 STAFF COSTS Total 2024 Tot81 2023 Staff costs during the period were as follows.. Wages and salaries Social security costs Other pension costs (see note 211 Defined Benefit Schemes Defined Contribution Schemes Life assurance 11,481,739 1,231,509 10,682,472 1,109.676 1,414,088 220,677 {9591 1.216,264 185,426 2,026 1,633,806 1,403.716 14.347.054 1,291.133 72,788 Contract catering staff costs Other staff related costs 13,195,864 964,970 78,440 15,710,975 14,239,274 The average number of employees, excluding contract catering staff, analysed by function during the period was as follows.. Total 2024 Full time Equlvalent number 180 24 33 44 Total 2023 Full lime Equivalent number 178 27 39 39 Total 2024 Actual number 209 28 38 49 Total 2023 Actual number 211 35 48 47 Group Teaching Welfare Premises School adminislralion 281 324 283 341 The key management personnel of the group comprise the Governors. the Principal and Executive Head & Accounting Officer, Headleacher INHMATI, Depuly Principal, Vice Principals. Head of Financelchief Financial Officer (NHMATI, Project Manager & Heallh & Safely Co-ordinator, Head of HR, Heads of Divisions, Directors of Learning and Teaching. Head of Theology, Head of Digital Technology and Executive Assistant & Clerk lo Governors. The total employee benefits of the key management personnel of the group were £2,108,88612023- £1,873,055). The number of employees who earned £60,000 or more (including taxable benefits bul excluding employer pension conlribulionsl during the period was as follows.. Total Total 2024 2023 Number Number £60.000- £70,000 £70,001- £80,000 £80,001- £90.000 £90,001- £100.000 £100.001- £110,000 £110,001- £120,000 £120,001- £130,000 £140.001- £150,000 £320,001- £330,000. £350,001- £360.000' 17 'Includes employer's pension contributions taken as salary. Following a reslrucluring prO￿S8. termination payments lolalling £21,987 {2023- £104,182) have been made. The full liabilily due has been included in these financial stalemenls. Page 36 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 GOVERNORS, REMUNERATION No trustee or governor re￿iVed any remuneration in respecl of these voluntary services during the period from either the charity or the group {2023 - none). £1,396 {2023 - £1.3421 was reimbursed lo five Governors 12023 - five) for travel and incident81 expenses incurred in the course of their dLJties during the period. The general insurance policy of the charity includes professional indemnity insuran￿, which includes cover for the personal liability of Governors. The premium paid in respect of this cover is not identified separately. The Principal was appointed lo the board of governors from 1 July 2008, in accordance with the Memorandum and Articles of Association-, no payment was received for governance work undertaken throughout the peTiod12023 - £nill. During the 13-monlh period. salary payments were made in accordan￿ with the contract of employment for services as Principal of New Hall Schoo 11,340 students, aged 1-19., 324 slaffj and Executive Head & Accounting Officer of NHMAT187 pupils, aged 4-111. The salary was £344k, including pension contributions tsken as salary {2023. 12 months. £307k).' standard TPS employer's pension contributions of £nil {2023'. £nill were made. Benefits in kind were £16k {2023- £16kl. 10 TAXATION New Hall School Trust is a registered charity and. therefore, is not liable lo income lax or corporation tax on income or gains derived from ils charitable aclivilies, as they fall within the varfous exemptions available to registered charities. 11 TANGIBLE FIXED ASSETS Grounds improvements & buildings under construction Fixtures, fumilure and equipment Freehold land and buildings Motor vehicles Total GROUP Cost or valuation Al 31 July 2023 Additions Disposals Reclassification 44,049,154 5,960,574 1,827,500 7,367,996 516,566 178,023) 160.620 186,067 120,7601 53,405.270 6.663.207 {98,7831 1,827,500 11,827,500) At 31 August 2024 51,837.228 7,806,539 325.927 59.969,694 Cost Valuation {20051 45,837.228 6,000,000 7.806,539 325.927 53,969.694 6,000.000 51,837,228 7.806,539 325,927 59.969,694 Depreclatlon and Impalrment Al 31 July 2023 Disposals Depreciation 13,402.781 6,511,307 178,0231 475,661 139.856 120,7601 51,066 20,053,944 {98,7831 2.570,583 2,043,856 At 31 August 2024 15,446,637 6,908.945 170,162 22,525.744 Net book values At 31 August 2024 36,390,591 897,594 155,765 37.443,950 At 31 July 2023 30.646,373 1,827,500 856,689 20,764 33.351,326 Page 37 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 11 TANGIBLE FIXED ASSETS {CONTINUED) Grounds improvernenls & buildings under construction Flxlures, furniture and equipment Freehold land and buildings Motor vehicles CHARITY Total Cost or valuation Al 31 July 2023 Additions Disposals Reclassifiealion 42,697,193 5,960,574 1.827,500 7,266,724 508.189 {78,0231 160,620 186,067 120,7601 51.952.037 6,654,830 {98,7831 1,827,500 11,827,500) At 31 August 2024 50,485,267 7,696.890 325,927 58,508,084 Cost Valuation (2005) 44,485,267 6,000,000 7,696,890 325.927 52.508.084 6,000,000 50.485,267 7,696.890 325,927 58,508.084 Dèpreciation and Impalrment Al 31 July 2023 Disposals Depreciation 13,170,237 6,413,115 178,0231 471,691 139.856 120,760) 51,066 19,723,208 198,7831 2,527,418 2,004,661 At 31 August 2024 15,174,898 6,806,783 170.162 22,151,843 Net book values At 31 August 2024 35.310,369 890.107 155,765 36,356,241 Al 31 July 2023 29.526,956 1,827,500 853,609 20,764 32,228,829 The charity's freehold land and buildings are subject lo a legal charge in favour of the charity's bankers as security for bank loans (see note 151. They are also subject to reslriclive covenants relating lo their future disposal. Fixtures, furniture and equipment includes assets under finance lease al nel book value £185.683 and depreciation charge for the period £148,611 12023.. £223,079 and £137,547 respeclivelyl. Future commitments are included In creditors amounts due within one year of £148,885 and after one year £37,813 {2023'. £111.539 and £111,818). 12 FIXED ASSET INVESTMENTS Listed Investment Group Market value at 1 August 2023 Nel unrealised Investment gain 38,087 1,632 Market value at 31 August 2024 39.719 Historical cost of investments al 31 August 2024 and 31 July 2023 47.577 Page 38 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 12 FIXEDASSET INVESTMENTS {CONTINUEDI Shares in subsidiary ompany Listed investments Total Charlty Market value al 1 August 2023 Net unrealised investment gain 38,087 1,632 38.089 1,632 Market value at 31 August 2024 39.719 39,721 Cost of investments al 31 August 2024 and 31 July 2023 47,577 47,579 Shares In subsldlary company At 31 August 2024 New Hall School Trust owned the entire called up share capital of New Hall School Enterprises Limited. New Hall School, The Avenue. Boreham, CM3 3HS, a company incorporated in England INo.35216881 and carrying out commercial trading activities, including letting of educational and sports facilities. Charlty A summary of the results ol New Hall School Enterprises Limited for the period ended 31 August 2024 is given below. Audited financial ststements will be filed with the Registrar of Companies. Total Total 2024 2023 Profit and Ioss account Turnover Cost of sales 485,121 {449,157) 436,398 1396,5131 Gross profil Administrative expenses 35,964 (30,2141 40,885 118,448) Net profil (net Income) 5.750 22.437 Profil for the period before GiftAid 5.750 22,437 Retained profil for the financial period 5,750 22,437 The assets and liabilities of New Hall School Enterprises Limiled were as follows.. Fixed assets Current assets Current liabilities 2,172 248,296 1252.6441 187,527 1195,4531 Total net Iliabilitiesl 12,176) 17,9261 Share capital and reserves 12,1761 {7.926) Turnover includes £138,156 in respect of commission charges lo the School12023- £123.4951. Al 31 August 2024 the lolal capital and reserves of New Hall School Enterprises Limited amounted to £{2.176)12023 - £17.92611. New Hall Mulli-Academy Trust I'NHMAT'I is an exempt charity regulated by the Secretary of Slate for Education through the Education Funding Agency, and a company limited by guarantee, incorporated in England (No. 86438811 on 8 August 2013. Its charitable purpose is the advancement of education. Ihthilst its assets are not wholly owned by New Hall School Trust, the charity does exercise control over its affairs and its accounts are therefore consolidated with those of the charity. NHMAT operates Messing Primary School as an academy. Asummary of the results of NHMAT for the year ended 31 August 2024 is given below. Audited financial statements will be filed with the Registrar of Companies. Page 39 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 12 FIXED ASSET INVESTMENTS ICONTINUED) Total 2024 Total 2023 Total income Total expenditure 647,311 {711,1471 662,912 {688,6401 Nel (expenditure) for the year Actuarial gainl{lossl on defined benefit pension scheme 163,836} {12,0001 {25,7281 76.000 Nel movement in funds 175.8361 50,272 The assets, liabilities and funds of NHMAT were as follows.. Fixed assets Current assets Current liabilities Defined benefit pension scheme liability 1,085.537 225,474 (56,4251 1,122.497 252,185 (44.2601 Total net assets 1,254,586 1,330,422 Funds-. Total reslri¢ted funds Unrestricted income funds 1.118,010 136,576 1.171.178 159,244 Total fijnds 1,254,586 1.330,422 13 DEBTORS Group 2024 Charity 2024 2023 2023 School fees and related charges Amount due from subsidiary company Sundry debtors Prepayments and accrued income 225,662 368.696 225,662 115.740 31.342 654,587 368,696 72.109 21,240 383.499 35,047 779,259 51,113 464,267 1,039,968 884,066 1,027,331 845,544 14 CREDITORS amounts falllng due within one year Group Charity 2024 2024 2023 2023 Bank loans Inole 151 Trade creditors Taxation and soclal security Other credilors and accruals Finance lease Tuition fees received in advance Returnable fee deposits from pupils Composition fees scheme Inole 161 413,534 656,523 291,050 1,067.920 148,885 2,480.602 1,426,117 4,431,369 433,172 1,204,559 308,558 1,642.839 111,539 790.853 1,571,228 1,200,230 413,534 612,769 262,363 947,032 148,885 2.480,602 1,426,117 4.431,369 433,172 1,170,243 266,339 1,551,771 111,539 790,853 1,571,228 1.200.230 10.916,000 7,262,978 10,722,671 7.095,376 Page 40 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 15 CREDITORS amounts falllng due after more than one year 2024 2023 Charity and Group Bank loans Isee below) Finance lease Composition fees scheme {nole 16) 5.228,467 37.813 5,606.661 4,234,881 111,818 967,017 10,872,941 5,313,716 The charity and group have three bank loans secured by way of a first legal charge over the charily's freehold land and buildings and associated assets. Loan terms and repayments are as follows.. At 31 August 2024 Al 31 July 2023 Charlty and Group Loan 1 Loan 2 Loan 3 After 5 years Within 2 to 5 years Within 1 to 2 years 4,332.499 335,481 98,192 4.332,499 443,978 451,990 3,155,504 692,145 387.232 94,252 92.836 14.245 260.962 187,088 86,001 275,207 241,132 4,766,172 86,401 5,228,467 413,534 4,234,881 433,172 thin 1 year 273,089 516,339 4,852.573 5.642.001 4,668,053 Interest rate Base rate plus: 0.95% 1.35% February November 2013 2013 January October 2033 2033 August 2023 Repayments commenced Final repayment July 2048 16 COMPOSITION FEES SCHEME Parents may pay to the School up lo the equivalent of seven years, luilion fees in advance. The money may be retLJrnÈd subject lo specific conditions on the re￿Ipl of one term's notice. 2024 2023 Charity and Group Al 1 August 2023 New contracts Fees paid Discount allowed 2,167,247 9,401,324 {1.589.6521 59.111 1,056.876 2,403.211 {1,308,5801 15,740 At 31 August 2024 10,038,030 2,167,247 Assuming pupils will remain In the School the fees will be applied as follows.. After 5 years Wilhin 2 to 5 years Within 110 2 years 44,788 3,052.771 2.509.102 88,258 539,629 339.130 5,606,661 4,431,369 967.017 1,200,230 Within one year 10,038,030 2,167,247 Page 41 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 17 PERMANENT ENDOWMENT FUND 2024 2023 Charity and Group At 1 August 2023 Movement in fund for the period.. Depreciation charge 2,827,975 2.916.349 {88.3741 188,3741 Al 31 August 2024 2,739,601 2,827,975 The permanent endowment fund comprises freehold land and buildings gifted lo the school on 1 August 2005 by The Regular Canonesses of the Order of the Holy Sepulchre of Our Lord. for use in the furtherance of the charity's objectives. The fund is reduced each year by the depreciation allribulable lo the underlying buildings. 18 GENERAL FUND 2024 2023 Group At 1 August 2023 Income Expenditure Gains, losses and transfers 23,686.707 28,426,857 {28.882,9841 {26.6951 21,066,574 26.581,286 {25,476,1191 1,514,966 At 31 August 2024 23,203,885 23,686,707 Charity Al 1 August 2023 Income Expenditure Gains. losses and transfers 23.694,635 28,078,120 128,566,692) 21,096.939 26,268,382 125,185,652) 1,514,966 Al 31 August 2024 23,206,063 23,694,635 19 RESTRICTED FUNDS The income funds of the charity Include reslricled funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes.. Charlty Galns, losses and transfers At 31 August 2024 At 31 July 2023 Income Expenditure Scholarship funds Other restricted donations New Hall Voluntary Services New Hall Association 41,025 8,668 22.356 25.970 1,632 906 29.747 5,212 {1,6831 {6631 {19,3641 14,220) 1,632 42,606 8,811 32,739 26,962 97,919 37,497 125,930) 1,632 111,118 Page 42 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 19 RESTRICTED FUNDS ICONTINUEDI Gains, losses and transfers At 31 July 2023 At 31 August 2024 Income Expenditure NHMAT funds General Annual Grant {GAGI Start Up Grants Other DfEIESFA Grants Pupil Premium Local authority grants 16,681 20,355 6,638 5,007 444,468 1537,0291 75.880 20,355 7.432 4,686 58,406 23,077 47.962 {57,6121 123,3981 {47,9621 Other reslricled funds.. Pension resetve Fixed assets transferred on conversion Capital expenditure Unreslricled funds 1,000 4.889 11,000 {42.6211 {12.0001 772 958,079 164,418 159,244 921,119 164.418 136.576 40,814 {13,5251 149,9571 1,330,422 620,616 {711,1471 14.695 1,254,586 Totsl Charity and Group 1,428.341 658,113 {737,0771 16,327 1,365,704 The specific purposes for which the funds held al 31 August 2024 are lo be applied are as follows.. Scholarshlp funds Monies received towards the funding and payment of scholarships ané School prizes. • Other restricted tunds Donations received to support Hardship Bursary awards and for other specific purposes. New Hall Voluntary Setvlces {NHVSI Monies re￿iVed include donations lo be applied lo various charities and towards the promsion of community lunches and an annual summer scheme for deprived children. New Hall Assoclatlon (New Halllanlold Fishes) Monies received lo be applied lo maintain contact with fom)er students of New Hall School and to promote the aims of the School. NHMAT funds GeneralAnnual Grant IGAGI grant fund- Funds recelved from the ESFA under the General Annual Grant arrangements for the recurrent expenditure of the School as defined in the Funding Agreement. Start Up Grants- Thls represents one off funding re￿iVed from the ESFAlo contribute to the cost of selling up the Mulli Academy Trust and lo support the academy following the transition lo academy slalus. Other DfEI ESFA grants Other government grants received for reslricled educational purposes not forming part of General Annual Grant. Local authority grants - Grants received from the local authority for reslricled educational purposes. Pupil Premium Funds received from the ESFA under the Pupil Premium grant arrangements for the recurrent expenditure of the School as defined in the Funding Agreement. Pension reserve- The pension reserve recognises the deficil of the local government penslon scheme. The purpose of the Restricted Fixed Asset Fund is to hold the Academy's fixed assets recorded nel of depreciation. Included in the above are transfers between general funds, reslricled fixed assets and GAG. These transfers were made to move the GAG balance from a negative balance lo nil and to agree the reslricled fixed asset resetve lo the nel book value of fixed assets. Page 43 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS NHMAT Permanent restricted endowment funds fund General Restrlcted fund funds Group Total funds Fund balances at 31 August 2024 are represented by.. Tangible fixed assets Fixed asset investments Nel current Iliabililiesllassets Creditors.. amounts f811ing due after more than one year Pension Scheme liability 33,618.812 1,085,537 2,739,601 37,443,950 39.719 698.462 39.719 71,399 458.014 169,049 110,872,941) (10.872.941) Total net assets 23,203,885 111.118 1,254,586 2.739,601 27,309,190 Permanent endoMient fund General Reslricted fund funds Charity Total funds Fund balances at 31 August 2024 are represented by.. Tangible fixed assets Fixed asset investments Nel current Iliabililiesllassels Creditors.. amounts falling due after more than one year 33,616,640 2,739,601 36,356,241 39.721 533,761 39,719 71,399 462,362 {10,872,941} {10,872,9411 Total net assets 23,206,063 111.118 2,739,601 26.056.782 21 PENSION COMMITMENTS Teachers, Penslon Schemg The School and the Mulli-Academy Trust participate in the Teachers. Pension Scheme I'the TPS I for their teaching staff. Al the period-end £166.219 {2023 - £138,306) was accrued in respect of contributions lo this scheme. The Teachers, Pension Scheme ITPSI is a slalutory. conlrlbulory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-lime teachers academies. All teachers have the option lo opl-oul of the TPS following enrolmenl. The TPS is an unfunded scheme and members contribute on a 'pay as you go. basis - these contributions along with those made by employers are credited lo the Exchequer. The School and the Mulli-Academy Trust have accounted for their contributions lo the scheme as if il were a defined contribution scheme. The School and the Mulli-Academy Trust have sel out below the infomiation available on the scheme. Valuation ofthe Teachers. Pension Scheme The Government Actuary, using nomial acluarlal principles, conducts a fonnal actuarial review of the TPS in accordance with the Public Service Pensions Ivalualions and Employer Cost Capl Directions 2023 published by HM Treasury every 4 years. The aim of the review is lo specify the level of future conlribulions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as al 31 March 2020 in accordance with The Public Service Pensions Ivalualions and Employer Cost Capl Directions 2023 and the Employer Contribution Rate was assessed using agreed 2ssumplions in line wllh the Directions and was accepted al the original assessed rale as there was no cost control mechanism breach. Page 44 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 21 PENSION COMMITMENTS {CONTINUED) Teachers, Pension Scheme Icontinued) The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are.. Total scheme liabilities for service {Ihe capital sum needed at 31 March 2020 to meet the stream of future ash flows in respect of benefits earned) of £262 billion Value of notional assets {eslimaled future contributions together wllh the proceeds from the notional investments held al the valuation datel of £222 billion Notional past service deficit of £39.8 billion12016 £22 billion) Discount rale is 1.7% in excess of CPI {2016 2.4¥0 in excess of CPI) {this change has had the greatest financial significance) As a result of the valuation, new employer contribution rates have been sel al 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 {compared lo 23.680/0 under the previous valuation including a 0.080k administration levyl. The employels pension costs paid to TPS in the period amounted lo £1.488.773 {2023 - £1,186,265). Standard Llfe Stakeholder Penslon Scheme The School contributes lo the Standard Life Stakeholder Pension Scheme for ils support staff. This is a defined contribution scheme towards which employees can choose their level of contribution. For employees who ComMen￿d employment before 1 January 2010, contributions up to 9.kn of gross salary are matched by the employer,. if 9Yo or above, employer conlribLJlions are 9.1.. For employees who commenced employment from 1 January 2010, the maximum employer conlribulion is 4QA of gross salary. The cost of contributions paid to the Scheme during the period was £220,677 12023: £185,426) and al the period-end £34,701 {2023 - £33,740) was accrued in respect of contributions lo this scheme. Local Government Penslon Scheme {LGPSI The Mulli-Academy Trust participates In the LGPS for support staff. This is a funded defined benefit scheme, with the assets held in separate Irustee-administered funds. The total contribution made for the year ended 31 August 2024 was £43,000 12023 £36,000), of which employerfs contributions tolalled £35,000 12023 £29,000) and employees, contributions lolalled £8.00012023- £7,000). The agreed employers, contribution rate for future years is 25°k. Parliament has agreed, 81 the request of the Secretary of Slate for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for EdLJcation. The guarantee came into force on 18 July 2013. and on 21 July 2022. the department for Education reaffirmed ils commitment lo ouaranlee, with a parliamentsry minute published on GOV.UK. Principal Actuarial Assumptions At 31 August 2024 Al 31 August 2023 Discount rate for scheme liabllitles Rale of increase in salaries Rale of increase for pensions in payment l inflation ICPII Inflation assumption IRPII 5.10°/0 3.75'/0 2.75°/0 3.05 /0 5.30Yg 3.90¥(5 2.90° 3.20% The current mortality assumpllons Include sufflclent allowance for future Improvements In mortality rates. The assumed life expe¢lallons on retirement age 65 are.. At 31 August 2024 At 31 August 2023 Retiring today Males Females Retiring in 20 ye8rs Males Females 20.7 23.3 20.7 23.2 22.0 24.7 22.0 24.6 Page 45 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 21 PENSION COMMITMENTS {CONTINUED} Local Government Penslon Scheme Icontinuedl Sensitivity analysls 2024 £000 2023 £000 Discount rale +0.1 % Discount rale -0.1% Life expectancy- 1 year increase Life expectancy- 1 year decrease Salary increase +0.1% Salary decrease -0.10 376 392 393 375 384 384 331 345 348 328 338 338 The academy's Share of the assets In the scheme was.. Falr value at 31 August 2024 £000 Falr value al 1 September 2023 £000 Equllies Gills Property Cash and other liquid assets Allernalive asselslolher managed funds 238 201 30 27 10 103 141 Total market value of assets 423 345 The actual return on scheme assets was £23,000 {2023 - £NILI. The amounts recognised in the Statement of Financial Activities are as follows.. 2024 £000 2023 £000 Current Service cost Interest income Interest cost 1241 19 118) {301 (101 Total amount recognlsed in the Statement of Flnanclal Activitlgs 123) (321 Changes in the present value of the defined benefit obligation were as follows.. 2024 £000 2023 £000 At I September Current service cost Interest cost Employee contributions Acluarial losses Eslimaled beneflls paid nel of transfers in 338 24 18 247 30 10 50 {61 171 At 31 August 384 338 Changes in the fair value of the academy's share of scheme assets were as follows: 2024 £000 2023 £000 174 At I September Interest income Return on assets less interest Employer contributions Employee contributions Eslimaled benefits paid plus unfunded net of transfers in Other actuarial gains 345 23 35 29 {71 (61 132 At 31 August 423 345 Page 46 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 21 PENSION COMMITMENTS {CONTINUEDI Local Government Penslon Scheme Icontinuedl The Mulli-A¢ademy Trust is aware that the Court of Appeal has recently upheld the decision in the Virgin Media vs NTL Pension Trustees11 Limited case. The decision puls into question the validity of any amendments made In respect of the rules of a conlracled-oul pension scheme between 6 April 1997 and 5 April 2016. The judgment means that some historic amendments affecling s.9{2BI rights could be void if the necessary actuarial confirmation under s.37 of the Pension Schemes Act 1993 was not oblalned. Until further investigations have been completed by the UK Government's Actuary's Department andlor any legislative action taken by the government, the potential impact if any, on the valuation of scheme liabilities remains unknown. 2024 £000 2023 £000 Present value of defined benefit obligation Fair value of scheme assets 13841 423 13381 345 Net asseV{liabilityl Effect of asset ceiling 39 {391 {7) Net asseV{liabilityl recognised in the balance sheet The value of the Mulli-Academy Trust's share of nel assets has been restricted due lo the effect of the asset ceiling being the maximum of the present value of the economic benefits available in the form of the unconditional right lo redueed contributions from the plan. A corresponding charge has been made to other Gomprehensive income in the period. 22 FINANCIAL INSTRUMENTS 2024 2023 Financial assets measured at falr value 39,719 38,087 Financial assets held 81 fair value include assets held as investments. 23 CAPITAL COMMITMENTS At 31 August 2024 the group and charity had the following capltal commitments.. Total 2024 Totsl 2023 Charity and Group Contracted bul not provided for'.- Buildings 139,510 788,237 24 OPERATING LEASES Al 31 August 2024, the charity had commitrnenls under non-¢an￿lIable operating leases as follows- 2024 2023 Land and bulldlngs Land and buildings Charlty and group Equipment Equipment Operating leases payments in the following periods.. Within one year Within two lo five years After more than five years 28,821 57,882 205,457 58,563 63.349 36,621 65,782 219,878 69.876 93,098 291,960 121,912 322,281 162,974 Expenditure for the year includes operating lease rentals.. 39,716 93,157 58,996 90.492 Page 47 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 25 MEMBERS, LIABILITY The charity is consliluled as a company limited by guarantee. In the event of the charity being wound up, members are required lo contribute an amount not exceeding £1. 26 RELATED PARTY TRANSACTIONS During the period. NHST paid NHSE £138,156 + VAT {2023- £123,495 + VATI in respect of recharged pupil agency commission charges and £87,771 + VAT {2023 - £45.468 + VATI recharged eleclricily. NHMAT received adminislralive support. payroll services, leaching support and senior management oversight during the period on an ad hoc basis. No material financial Iransaclions occurred during 2023-2412023 - nil}- During the period, tsvo Governors each had one child studying al the School. Al the period end, the Principal held foreign currency floats of US$152 and É800 on account of cash expenditure on School trips undertaken over the summer holidays. 27 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND TYPE Mulli Academy Permanent Reslricled Endowment Fund Fund Unreslricled Funds Reslricled Funds Total 2023 Income and endowments from: Donatlons Charitable actlvltles School fees and other charges Funding for educational purposes Other Other tradlng actlvltles Investments Other Income 47.000 8,054 75.397 130,451 26,110,559 26,110,559 568.317 70,105 331,275 45.464 568.317 70,093 312,903 40,731 12 18,372 826 3,907 Total Income 26.581,286 11,973 662,912 27.256.171 Expendlture on.. Charitable activltles Provision of education Ralslng fund5 Raising donations Trading.. cost of goods sold and other costs 25.185,608 24,484 687,361 88,374 25.985,827 3.359 1,279 4,638 290,511 290,511 Total expenditure 25.476,119 27,843 688.640 88,374 26.280,976 Net (losses) on investments (6.2571 {6,2571 Net Incomellexpenditure) 1,105.167 122,1271 125,728) 188.3741 968,938 Transfers between funds Actuarial gainslllossesl on defined benefit pension scheme 14,5001 4,500 76.000 76,000 Net movement in funds 1,100,667 {17,6271 50.272 188,3741 1,044,938 Balances brought forward al 1 August 2022 22.586,040 115,546 1,280,150 2,916,349 26,898,085 Balances carrled forward at 31 July 2023 23,686,707 97.919 1,330,422 2,827,975 27,943,023 Page 48 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 28 COMPARATIVE FUND NOTES General Fund 2023 2022 Group Al 1 August 2022 Income Expenditure Gains, losses and transfers 21,066,574 26,581,286 125,476,119) 1,514,966 19,882,800 24.998.197 123,783,665) 130,758) Al 31 July 2023 23,686.707 21,066.574 2023 2022 Charity At 1 August 2021 Income Expenditure Gains, losses and transfers 21.096.939 26,268,382 125,185,652) 1,514,966 19,934,437 24,743,598 {23,571,5961 19,5001 At 31 July 2023 23,694,635 21,096,939 Deslgnated Fund Al 31 July 2022 Grains. losses and transfers At 31 July 2023 Charlty and group Income Expenditure Building development fund 1,519,466 (1,519,466) Building development fund.. Donations received in previous years sel aside to help fund planned future buildlng projects have been ulilised during the period., the balance has therefore been transferred to the general fund. Restrlcted Funds The income funds of the charity indude restricted funds comprising the following unexpended balances of donations and grants held on trusts lo be applied for specific purposes.. Galns, losses and transfers At 31 July 2022 At 31 July 2023 Charity Income Expendlture Scholarship funds Other reslri¢led donations New Hall Voluntary Services New Hall Association 47,365 8.319 32,283 27.579 1.270 6,311 1,742 2,650 11.3531 11,0621 {21,1691 14,259) 16,2571 15,0001 9.500 41,025 8.568 22.356 25,970 115.546 11,973 127.843) (1,7571 97,919 Page 49 NEW HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024 28 COMPARATIVE FUND NOTES {CONTINUEDI At 31 July 2022 Gains, losses and transfers At 31 July 2023 NHMAT funds Income Expenditure General Annual Grant IGAGI Start Up Grants Other DfEIESFA Grants Pupil Premium Local aulhorily grants Other reslricled funds.. Pension reserve Fixed assets transferred on conversion Capital expenditure Unrestricted funds 457,076 (522,1881 81,793 16,681 20.355 6,638 5.007 20.355 6,638 5.007 52,332 27.991 30,918 {52,3321 127,9911 130.918) {73,0001 995,686 170,872 154,592 (3,0001 {37,6071 16,4541 18,1501 76,000 (16,6811 16,681 958,079 164,418 159.244 77,914 (65,1121 1,280,150 662.912 {688,640} 76,000 1,330,422 Total Charity and group 1,395.696 674,885 1716,4831 74,243 1,428,341 Analysis of Net Assets Between Funds NHMAT Permanent restricted endowment funds fund General Restricted fund funds Total funds Group Fund balances at 31 July 2023 are represented by: Tangible fixed assets Fixed asset investments Net current assets Creditors.. amounts falling due after more than one year Pension scheme liability 29,400.854 1,122,497 2,827.975 33,351.326 38,087 {132.6741 38,087 59,832 1400.4311 207,925 (5,313,716) 15,313,716) Total net assets 23,686.707 97,919 1,330.422 2,827.975 27,943,023 Permanent endowment fund Total funds General Restricted fund funds Charity Fund balances at 31 July 2023 are represented by.. Tangible fixed assets Fixed asset investments Nel current assets Creditors.. amounts falling due after more Ih8n one year 29,400,854 2,827.975 32,228.829 38,089 (332.6731 38,087 59,832 (392,5051 15,313,716) 15,313,716) Total net assets 23,694,635 97.919 2,827,975 26,620,529 Page 50 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW HALL SCHOOL TRUST Oplnlon We have audited the financial slalemenls of New Hall School Trust (the 'parenl charitable company,) and ils subsidiaries {Ihe 'group'l for the period ended 31 August 2024 which comprise the consolidated Statement of Financial Activities, the consolidated and parent charity Balance Sheets, the consolidated Cash Flow Slalemenl and notes lo the financial slalements. including significant accounting policies. The financial reporting framework that h85 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalements.. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 August 2024 and of the group's incoming resources and application of resources, including ils income and expenditure, for the period then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We coi)ducled our audit in accordance with International Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordanee with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In audiling the financial slalemenls, we have concluded that the Iruslees, use of the going concern basis of accounting In the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the group's or parent charitable company's abilily to continue as a going concern for a period of at least ￿e1ve months from when the finandal stalemenls are aulhorised for Issue. Our responsibilities and the responsibilities of the trustees wllh respect to going concem are described in the relevant sections of this report. other information The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial slalements does not cover the other information and, except lo the extent olhemise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other Information and. in doing so, consider whether the other infoTmalion Is materially inconsistent with the financlal statements, or our knowledge obtained in the course of the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls. we are required lo determine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the wort( we have performed, we conclude that there is a material misstalemenl of this other infomialion, we are required lo report that fact. We have nothing lo report in this regard. Opinions on othor matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audll.. the information given in the Trustees, Report, whlch includes the Directors, Report and the Strategic Report prepared for the purposes of company law. for the financial period forwhich the financial statements are prepared is consislenl with the financial slalemenls.. and the Directors, Report and the Strategic Report included wllhin the Tru81ees' Report have been prepared in accordance with applicable legal requirements. Page 23 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW HALL SCHOOL TRUST (CONTINUED) Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misslatemenls in the Directors, Report, or the Strategic Report included within the Trustees, Report. We have nothing to report in respect of the following mallers where the Companies Act 2006 requires us lo report lo you If, in our opinion: adequate accounting records have not been kept by the parent charitable company, or relurns adequatè for our audit have not been received from branches not visited by us., or the parent charitable company financial s181emenls are not in agreementwilh the accounting records and returns., or certain disclosures of Iruslees. remuneration specified by law are not made-, or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Slalement of Trustees, responsibilities set out on page 22 the trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial slalements that are free from material mlsslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but lo do so. Audltor's responsibilltles for the audit of the financlal statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl. whether due lo fraud or error, and lo Issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance bul is not a guarantee that an audit conducled in accordance with ISAS IUKI will always delect a material misslalement when il exists. Misstatements Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economlc decisions of users tsken on the basis of these financial statements. The extent to which the audit was considered capable of detecting irregularltles, Including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are lo obtain sufficient appropriale audit evidence regarding compliance with laws and regulations that have a direct effect on the delemiinalion of material amounts and disclosures in the financial stalemenls, lo perform audit procedures lo help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial slalemenls, and to respond appropriately lo identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are lo identify and assess the risk of material misslalemenl of the financial slalemenls due to fraud, lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalement due to fraud through designing and implementing appropriate responses and lo respond appropriately to fraud or suspected fraud identified during the audit. However, il is the primary responsibility of management, with the oversight of those charged with governance. to ensure that the enlily's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In idenlifying and assessing risks of material misslalement in respect of irregularities, Including fraud, the group audll engagement team.. obtained an understanding of tho nature of the sector, including the legal and regulatory framework that the group and parent charitable company operates in and how the group and parent charitable company are complying with the legal and regulatory framework., inquired of management, and those charged with governance, about their own idenlificalion and assessment of the rlsks of irregularities, Including any known aclu81, suspected or alleged InStan￿S of fraud.. Page 24 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW HALL SCHOOL TRUST (CONTINUED) dlscussèd mallers about non-compliantE with laws and regulallons and how fraud might Occur including assessment of how and where the financial slalemenls may b¢ susceptible to fraud. A5 a result of these procedures. we conslder the most signiflcanl laws and regulations that have a dlrect Impact on the financial slalemenls are FRS 102, Charities SORP (FRS 1021, Companles Act 2006. Charities Act 2011. the parent charllablé company's govemlng document, tax legislation and Charities (Proleclion and Social Investment) Act 2018. Wa performed audit procedures to delecl non-compliances which may have a material impact on the financial slalements which included revI￿1n￿ the financial slalemenls including the Trustees, Report. remaining alert lo new or unusual transactions which may not be In accordan￿ with the governing documents, inspectin9 coriespondence wlth local lax authorities and evaluating advice re￿iVed from external advisors. The most significant laws and regulations that have an indirect impact on the financial ststements are Ihe Educallon Ilndependenl School Stsndards) Regulations 2014. Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Régulation (UK GDPRI. We performed audit Pro￿dureS lo inquire of managemènt and those Charged with governance whether the charitable company is in compliance with these law and regulations and insp8cl8d correspondence wlth regulatory aulhoriligs. The group audll engagement team Idenllfled the risk of rnanagement overrlde of controls and completeness of certain Income streams as the areas where the financial slalemenls were most susceptible lo material misslalemenl due lo fraud. Audit procedures perfomed included but were not limlted to lesling manual Journal entrie5 and other adjuslmenls, evaluaung the buslness rationale in relallon to slgnificanl. unusual Iransa¢lions and transactions Èntered into outside tha nom]al course of business, d)allenglng judgm@nls and estimates and performing tests of d8lalls In relation lo the complaleness of income. Afurther descrlplion of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's wèbslle al htt '.Ilww.fr¢.o .uklaudllorsres on8ibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charilabl@ company's memb8rs, 8s a body, in a¢cordanc8 with Chapter 3 of Part 16 of the Cornpanles Act 2006. Our audit wort( has been undertaken so th81 we might slate to the charitable company's members those matters we are requlred lo stale lothem In an auditor's report and for no other purpose. To the fullest exlentpermitted by law, we do not accept or assume responsibility to anyone other than the charitable cornpany and the charitable company's members as a body, for our audit work. for this r8POrt, or for the opinions we have tomied. CLAIRE SUTHERLAND (Senior StalutoryAudttorl For and on bahalf of RSM UK AUDIT LLP, SlaluloryAudilor Chartered Accounlanls 1st Floor,Plalinum Building Sl John's Innovafjon Park Cowley Road Cambridge CB4 ODS Date 20 March 2025 Page 25