DooJSvJn Envelope ID.. AO2FF81mC8MFO465M￿J1EA1Es3C7 Registered number.. 01)032983 * * * TRENT COLLEGE TRENT COLLEGE UMITED REPORT AND FINANCIAL STATEhlENTS YEAR ENDED 31 AUGUST 2021 CHARITY NUM8ER: 527180 *AB56NB28 3110512022 PANIÉS HOUSE A21 #73 DIKUS￿n Envekipe10.' A02FF81&6C8>48F[m6￿wjD1EAlES3C7 TRENT COLLEGE UMITED CONTENTS Year ended 31 August 2021 Page Officials and advisors Chairfs report Governors. report (including Strateg￿ report) 21 Independent audrf(off s report to the members of Trent College Limiteij 22-24 consolidat￿ statement of financial adivities 25 Consolidated and Company balance sheets 26 Consolidated slatement of cash fl(Y4VS 27 Notes relating lo financial staten￿ntS 2PA5 DocuS¥Jn Enveknpe ID.. A02FF81MC8>48FtM65￿D1EAlEs3C7 TRENT COLLEGE LIMITED OFFICIALS AND ADVISORS Year ended 31 Augusl 2021 Presldent The Duke of Devonshire Govemors Mr SC Anelay, BSC. FRICS. Dip BBM Mr GJ Bales Mr IF Bowness, BA. FCA Mr A Butler Mr G Crwker. MBE, DPhil, ACA Mr A Dokman, ACIB (resigned 9 September 2020) Miss J Ellis, BA (Hons) (resigned 14 March 2022) Mr DR Evans. BPham, CertVelPhami. MRPamiS{IPrescl, MRSPH Mrs D Evans, BSC, MBA Revd N Fenton, BATM, Bsc, PGCE (resigned 11 February 2021) Dr R Field, PhD, MSC, MA, DIC, PGCAP Mr N Finlay, BA, PGCE Mrs LA Gray. Cert Ed. MA {￿igned 17 November 2020) Mr l Grrffin Mrs L Hargreaves, Bsc IHon$l, ACA Miss EJ Lindblom, BA {Hon51, ACA Mr CP Nalhanail, MA, MSC, DIC. PhD. CGeol, EuroGeol. SILC Mrs DE Omissi {appointed 14 March 2022) Mr J Pygall lappoinled 30 November 20201 Mrs K Rai (appointed 14 March 2022) Dr K Raj (appointed 14 March 20221 Mrs S Rosser Mr C Swallow. Bsc (resigned 30 Novernber 2020) The governors are trustees of the charrtabk company for the purpose of Charrty Law and are directors for the purposes of charitable Company Law. Officers (key management Fersonnel currentty and throughout the year) Head Mr WJ Penty. BA {Hons} Bursaf. Cleth to the Governors and Company Secretary Mrs C AslelkCrc¢ker, Bsc (Hons). FCA lappoinled 1 November 20201 Mr SP Bumham. Bsc (Honsl. FCA IresvJned 31 October 20201 Head - The Elm5 Mrs F Potter, BA (Honsl, PGCE Deputy Head - Academic Mr D Brumby. 8Sc (Honsl Deputy Head - Pastoral Mr J Hallcpws, Bsc, PGCE Deputy Head - Q￿C￿rn¢u1ar Ms L Matthews, BA IHons}. PGCE D1￿clOr of Operations Mr JEC Gregory Dc¢JJSiw Envek)pe ID.. A02FF81&6c6>48FtM6W￿1£AlEs3C7 TRENT COLLEGE UMITED OFFICIALS AND ADVISORS Year ended 31 August 2021 Principal address and registered office Trent College Derby Road Long Ealc Nottingham NG10 4AD Registered number I￿32983 Charity number 527180 Bankers Lbyds Bank plc 8 Tamworth Road Long Eaton Noltingham NG10 1JJ Auditors Cooper Parry Group Limited Chartered A￿untantS and Statutory Auditor Sky View Arg05y Road East M￿lIand$ Airport Castle Doninglon Derby DE74 2SA Solicitors Eversheds Sutherland Ilnlemationall LLP Water Court 11&118 Canal Street Nottingham NG1 7HF Smbths {Solicitorsl LLP 4th Fthf Celtic House Friary Street Derby DE1 1LS Insurance Broker5 Marsh 4 Milton Road Haywards Heath Wesl Sussex RH16 1AH DocuSvJn Envelope ID.. A02FF8154c8>48FLw￿D1EAlEs3C7 TRENT COLLEGE LIMITED CHAIR'S REPORT Year ended 31 August 2021 Our annual report for 2021 demonstrates the dynamic nature of our schwls. our conNmilment lo excellence and the individual needs of e￿h pupil. and our desire lo provide an enwronment Ihal nurtures young people lo go further and be the best they can be in terms of both achievement and character. A5 Chairofthe Board of Governors, l am proud of our strong elh05 and well4eserved Teputation for providing a first class. all-round education for children from six weeks to 18 years of age, that enab￿ them lo progress through their educational ITves and become well equippe48FtY865&8￿1EA1E53¢7 TRENT COLLEGE LIMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORTI Year end￿ 31 August 2021 The g¢)vemors. who are the Charitab￿ twstees and directors of the parent charitable company and group for the purposes of Conyny Lw. present Ihwr annual report. thi¢h i￿ludeS the strategic report, and the audited financial Statements for the year ended 31 August 2021. The govemors confimi that the annual report, which includes the strategic report. and financ￿1 Stater￿n1$ of the parent Chantab￿ company comply with the Current statutory requirements, the requirements of the paTent chaniable company's goveming docLyrenl and Ihe provisions of the Chanties Statement of Recommended PraCt￿e I'SORP IFRS1021"1. REFERENCE AND ADMINISTRAMVE INFORMATION Trent College Limited is a charity registered with the Charity Commissk)n in England and Wales, number $27180. and is a company limited by shares. registered in England and Wa￿. number 00032983. The charity Iruslees and key management personnel are It5ted on page 1. The principal address of the charity and registered office of the parent charitable company. as well as a list ofthe charity's main professional adM$ors, is given on page 2. STRUCTURE. GOVERNANCE AND MANAGEMETr Governing d￿ment Trent College Limited is govemed by its Memorandum an(J Articles of Associat￿)n. 11 was incorporated as a company limited by shares on 17 December 1890 and changed its name to'Trent College Limited. on 14 December 1966. Under the current parent charrtable company s Art￿leS of Ass¢xk?lion Imosl re￿nIty updated in O¢lober 20201, the affairs of the parent charitable company shall be managed by a board of not less than five and not mo than thity governors, who are also directors for the purpose of the Companies Act The Chair or three governors may at any time summon a meeting of the governors. The minimum number of govemors required to meel in order to dispatch any aspect of the parent charrtable company and group's business is three. In accordarKe with the Artiths of Ass(ti81￿n no dNKlend shall be pawj to the M￿be1$ of the pa￿nt charlable company. Governing body The structure of the parent charrtable company ￿nSISts of one goveming body for the two schools, Trent College (the senior school). and The Elms Ilhe nutsery and jUn￿r 5chwl}, the details of which are explained on page 5. Any decisions in relation to the parent charrtable company s wholly owned subshliary. Trent College Enterprises Limited. are c0115NJered by the governing bLyJy but actioned by the directors of the company. Recruitrnent and appointrnent of governo The parent ¢harilable company and group's elected governor￿directOrS are considered and appointed at a meeting of the Board of GOver￿S on the basis of having either volunteered or been approached by individual governors and having been through a sele¢tK)n process overseen by the Extemal Rdations and Board Operations Committee acting as a nominations commtitee. whth includes an intervithv and consideration of iecommendalions and personal refefences. The nominalions commrttee 15 made up of a minimum of 3 people including the Chair of the Board of Governors and the Head plus one or more other serving govemor. Appointment5 are intended to ensure that the goveming body contains a balance and blend of skills from a wide spectwm of professional disciplines. Induction and training of governor5 New governors are induded into Ihe workings of the parent charitable company and group. including board policy and pro￿￿UreS, via an amalgam of written docuffEntation. pre-boaid meetings with the Chair of the Board of Governors. the Head and the Bursar. Governors are encouraged to tour the schools and attend event5 to meet staff and pupils. and attend govemor training ￿￿Tse$ and topical seminars fa¢ilrtated by Independent school organisations such as AGBIS. ISBA and BSA. Examples include. AGBIS 'Newty Appointed Governors, training, AGBIS'Preparing forlhe Unexpected, seminar, AGBIS'Chairs of Goveming Bodies, seminar, ISBA'Risks & Crises is your school prepared?, seminar and BSA'Better Boaiding Prowsion- seminarfor Govemors,. Further training on Child Protection, Safeguarding and Prevent is also provided by the schools. Designated Safeguarding Lead and 15 available online. The prc¢ess for both induction and on-going training is reviewed periodully to ensure Ihat goverrK)rs continue lo be fulty supported in discharging their corpor*e governance responsibi1rties. Doojsign Envdope ID.. AO2FF81&eLw8FN65￿o1EAlEs2c7 TRENT COLLEGE UMITED GOVERNORS. REPORT IINCLUIXNG STRATEGIC REPORTI Year ended 31 A￿Just 2021 STRUCTURE. GOVERNANCE AND MANAGEMENT ICONTINUEDI Organisatlonal managemeDt The Trent College govemors, as the governors of parent charitable company and group, are responsible for the overall management and control of each of ils schools. The Board of Govemors meets at least three times per year. The work of implementing m¢)st of their pol￿•e$ is carried out ty the folknving committees.. Child Protection. WeEfare and Boarding.. Compliance and Risk., Education, External Relations arwj Board Operntions.. Finan￿ and Estates. All committees are chaired by a goveTnor and Usual￿ meet at least orte per term in sufficient lime lo be able to forward a full committee report lo the Board. In addrtion, bespoke sub-Gommittee5 are fomied a5 and when required to deal with specific issues such as major caprtal pr(iects and recruitment of key staff_ While commillees exist lo manage specific areas. all committees report to the Board ancl the day to day running of the Schools is delegated lo the key m8nagernent personnel listed on page 1, supported by the sch￿1$. senior leadership teams. The Heads andlor the Bursar attend meeting5 of all the atx)ve ci)mmittees and other key managemenl personnel and members of senior leadership teams attend meetirrfjs rf appropriate. In response to the continuirvj global Covid-19 Pandern￿ and other matters. a number of additional committee meetings and Board of Govemor meetings were hekl during the year, to ensure robust and timely govemance. As part of the schools, Covid safe measures. since March 2020, some govemor meetings have been successfvlly arranged through a rernote plattorm. The remuneration of key management personnel i8 sel by 8 gr(MJP of governors who are nominated by the B08rd, and indudes the Chair of the Board of Governors. The poI￿Y objectrve is to provide 8ppropriale incentive to encourage enhanced performan￿, whilst providing tsir and ￿SPOnSible reward for individual contributions lo the schools, success. Appropriateness and relevance of the remuneration policy for key management personnel is reviewed annually wrth peri¢Jdic reference lo benchmarking analysi5 to compare with other independent schools. Risk management The Trent College Board of Governors is fesponsible for the managefflenl of the risks faced by the schools. Detailed considerat￿￿ of risk is delegated to all committees, who are assisted at an operational level by the schools, key managernenl personnel and senhji le8defship teams. Risks are Klenlrfied, assessed and controls established throughout the year. A formal review of the parent charitable company and group risk register is undertaken by the Board of Governors al the termly Board meeting. The key controls used by the parent charitable company and group include.. fomial ￿enda$ for all commrttee and Board activity.. detailed lems of reference for all committees wh￿h are rewewed pemdicalty: comprehensive strategic planning. budgeting and management a￿Unting.. established org8nisational structure and lines of reportng.. fO￿nal written policies", clear aulhorisalion and approval levels-, fomial risk register which 15 reviewed al the lermty Boanj meeting: use of expert external professional advrce". and vetting procedures as requir8(I by law for the protection of the vulnerable. DfyxJS*n Entseknpe ITr. A02FF81&6C8MFt￿￿9￿1EA1Es3C7 TRENT COLLEGE UMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORT) Yeaf ended 31 August 2021 OBJECTIVES AND ACTIVlnES Charitable Objects The Objects of the pa￿nI charitable company are to advance the educ8th)n ol boys and gids in England, Wales or elsewhere in ae¢ordanee wtth the Protestant and Evangelical prinCip￿S of the Church of England. Strategies for achieving objectives Trent College Limited's obiectives and public benefrt aim are lo provide a first class independent educaiKin, through outstanding academi¢ turtion, excellent pastoral care and through the development of W￿e¥ sporting, artistlc and social skills in all rts pupils. This is intended lo prowde an environrnent where each pupil can develop and fu￿11 his or her potential. thus building setf-confidence and instilling a desire to conth.bute to the wider community. Activities for achieving objectives Trent College Limfted operates schwls. Trent c￿lege for studenls aged 11 18 years and The Elms for children up lo 11 years. Trent College {11- 18 years) is a happy and flourishing HMC independent day and boarding school. The 45 acre campus is situated in beaulrful grounds an(1 is conveniently Iccated on the border of Noitinghamshire and Derbyshire. Founded in 1866 the school has a rich heritsge and tradition which 15 combined seamlessly with a contemporary and forward-looking approach. A fcKus on the indivkjual combined with high-qualily leaching and pa51oral care are pillars upon which the school stands. It prides tsetf on producing malure, well educated, rounded young men and women who are fully equipped to deal wrth the challenges and opportuniti.es of the world and workpl&e after school. The Elms lup lo 11 years) is the jUn￿r and nursery schwl to Trent College and is conveniently sttuated within the Trenl College campus thus allowing its pupils to lake advantage of the excellent facili(Es of the senior school including swimming pool, drama performance areas. all weather sports pitches and a slate of the art dining room and pavilion. The Elms prides IlSe￿ in pro￿ding a nurturin9 and inspirational edu(31ion delivered by ded￿ated and h￿hlY professKJnal leaching staff. Trent College Enterprises Limrted carried out tradiNJ a¢tNities during the year. These activrtie5 look to rnaximise the use of the schools, facili(ies for edu¢alK)nal and other uses when not in use by ef(her school, and are rented out at cost or up 10 8 level not exceetling market rate. Activrties include the use of the schools, swimming pool by I￿al swimming clubs." theatre facilrtEs by Ictal arnateur dramatic scrietE5." Other campus f￿ArtES by Sp￿ts and youth based organisations. Promoting the success of the parent charitable company and group The governors have ¥ted in a way lh* they consider, in good fatth, promotes the SU￿$$ of the parent chartsble ¢ompany and the group in order to achieve its Charitab￿ purposes and in doing so has given regard lamongsl other matters) lo.. Our relationships viith our puplls Our continuing commrtment lo excellence and the individual needs of each pupil underpins Ihe su¢¢ess of the parent charitable company and the group. Our strategies are developed lo provide an inspirational environment that nurtures pupils to be the best they can be. by enabling achievement and opportunity across our supportive schwls. Further detail is included wrthin our strategic report from page 7. The wider community Both of our schools Welco￿ members of the wider communty through their docrfs, whether that be k)¢al school pupils sharing ourexpertise and facilrties oreommunty groups using the premises forevents. Pupils at our schools extend their reach outwards into the bcal and global community through fundraising and organised activiltes. These activities ￿timiSe the educational use of our facilrties but also generate social awareness amongst our pupils. Examples of activilies in the year a￿ induded on pages 13 and 14. Docusign En%*e ID.. A02FF81&6C8&48FO46WgDfEAIE53C7 TRENT COLLEGE LIMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORTI Year ended 31 August 2021 OWECTIVES AND ACTIVITIES Our employees The parent chaiitable company arKJ gfOUP a￿ commiited to a w0￿1ng environment that promotes equal opportunities and is free from any form of di￿riMInatIon. including on the grounds of colour, race, ethnicity, ￿ligIOn, sex, sexual orientation or disability. Ovr behamour is aligned with t￿￿ expectations of our community and we cognise the benefrt of effective communiCat￿n with employees. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Trent College Trent College has continued lo offer a high stsndard of le￿hing. excellent personal éevelopment ofthe pupils and wide range of educational opportunities and facilrties. The school aims to nurture all aspects of its pupils. characters offering the opportunty for every child lo reach their petsonal be51 within an inspirational environment. Trent College pupils are confident and artrulate leamers who demortstrate a wide range of skills. and who, as they progress through the school. develop an incxeased knowwge of the world about them. and become well equipped for adult life and the complex responsibilities needed in order lo make a pw)silNe contribution to today's society. Pupils benefrt from the highest stsndard of individual care. part￿1pate in a wide range of activities and gain impressive results both inside and outsKle the dassrocMn_ Wisrtots invariabty comment on the beaulrful campus and the friendliness of all within it. Pupils at Tfenl College continue to flourish ac•leM￿alty arKI all pupils. including those with learning dtfficutties, achieve hKJh marks in public examinations compared to other similar academically selective schools. International pupils simiLgrly performed well academically in the previous year. Ouring a second year in which external national examinations did not take place Trent College pupils were still awarded excellent grddes for the qualifications that they had been working towards. For pupils in Year 11, 65% of all GCSE grades were awarded at grade 7 or above. The very strong position (both regionally and nationally) Trent College aethieved in national value ad(led tables reflects the rapid academic progress made by pupils. Whilst A Level examinations did not lake place during the year, as a result of the Cowd-19 pandem￿, Trent College pupils were still awarded grades. All pupils achEved pass gfades. Out of the total entries, 65Ok wefe graded al A". A and 86% at A'_B. Departrnenl for Education Performance Table5 have not been generated for 2020 or 2021 results, bul tables released in January 2020 Show that T￿nt College achieved an above averdge A Leve5 progress score for 2019 of +0.19. In BTEC qualifThlions all pupils achieved a minimum of a DislinclKJn. the equivalent of an 'A' al A Level. with one ol those eaming the top Dislinclion" grade, equating to the top A" grade al A Level. 11 has also been another strong year for EPQ (Extended Project Qualification) resums wrth 48% of pupils earning A"_A grades in their independenl research prqects. Students conlinue lo take up pla￿ at many high ranking universrties and compditive courses. including Oxford, Durham, Bimiingham, Nottingham, Newcastle, Sheffield, Manchester. Liverpool, Leeds and WarwKk. A major St￿ngth of a Trent College education is the firsl dass pastoral care and guidanTr that is provided lor ils pupils. This gives support and encouragement lo ensure pupils achEve their wtential and thrNe in their relationships with stsff and their ￿e[s. The presentation and management of all aspects of the campus and grounds make a conSKIerab￿ impression on visit￿$ and all who study and woth al the schwl. Docusign En￿e￿￿ ID". A02FF81&6C8NeFD-86s￿go1EAlEs3C7 TRENT COLLEGE LIMITED GOVERNOR5. REPORT {INCLUDING STRATEGIC REPORT) Year ended 31 Augu512021 STRATEGIC REPORT ICONTINUED) ACHIEVEMENTS ANO PERFORMANCE ICONTINUEDI Tront Collggo Pupil numbers al T￿nI College have remained healthy and demand for places h8s been strong for both day pupils and b08rders, despite the challenges presented by Covid-19 at the start of and continuing through the year. Although most ol the school's boardets are from the local area and choose to board so they can play a fu11 part in the life of the school. there is also a strong demand from further afield. including a significant number of intemational pupils. Unfortunately, the impact of the pandemic has meant that some of the Schools. international pupils continued lo face restrictions in Iravelling btheen ￿h0o1 and home. Boarding enhances the pupil's academ endeavour, sport, music, art. drama and provides the opportunity lo take part in a￿d￿lonal aclivi(ies. Day pupils also benefrt from a much richer schwl experEnce as a Consequen￿ of the tx)arding ethos al Trent College, wrth all pupils continuing to benefit from exposure lo a dwersity of cuttures. Al Trent College's most recent 'educalK)nal qualty. inspection in November 2021. the Independent Schools Inspectorate found that the qualty of the pupi15' aoidernic and other achievements and their personal development are excellent. 'Pupils attrtudes lo leaming are excellent.- 'PUp￿.$ achievements in an ext￿n￿lY wide range of co4umcularand exlra-curncular activities are outstanding." "The college is hwhty suCCe￿f￿1 in fulf￿lIng its aim to nurture young people to be the best ¢h&y can be in ach￿vement and character.- At Trent Cdlege's recent 'regulalory compliartce. inspectK)n in November 2021. the sch￿1 was found lo be fully compltanl in all aspects of f(s operati(￿. The aspiration al Trent College is to help students ach*ve their absolute personal best in whatever they do. Trent is ￿nowned for a broad-based education and inspiring young people to develop their individual talents. Ils reSU￿S are, therefore, testament lo the hard work and enthusiasm of the students, and also lo the teaching staff who have supported them wrth such dedicatKJn. Allaining these academ￿ achievements did not prejudice the sporting, music, drama, extra-curricular and charitable activities. The school continues to successfulty provide a broad curriculum which balan￿5 the academic. extra)k place during the year, wth a 100% pas5 Tate and 88% of entries al merit grading orabove in the Assockqled Board {ABRSMI arnl Trinrty Col*e (TCLI sessions. 4 pupils achEved distinctions al Grade 8 level. The Drama Department were able to stage f8bubus Product￿nS as well as promding a range of opportunities for pupils across the schwl. In Michaelmas teim. 33 Scholars performed a showcase of sok) and ensemble pieces that were streamed out lo audiences las a ￿sponSe to Cowd-19 reslrth'onsl. In the Tnnty term, 34 Lower School pupils were able to get together lo bring 'Revolling Rhymes. to lrfe which was then Streamed to audiences. The department hosted a number of remote sessions with industry professionals over the c(yJrse of the year, including Wesl End Hamilton star Allyson Ava-Brown. Madeline Appiah, Steve Hughe5 and Emma Wee. as well as a remote digfcal theatre performance of DNA. The Tech Team continued lo meel as a co-curricular aclivily, gwing pupils the valuable opportunity to devek)p their backstage, lighting, set deswJn and slagecoft. Docu&gn Envelope ID." A02FF81MC8>48FN65￿￿lEATEs3C7 TRENT COLLEGE LIMITED GOVERNORS. REPORT {INCLUDING STRATEGIC REPORT) Year ended 31 August 2021 STRATEGIC REPORT (CONTINUED) ACHIEVEMENTS AND PERFORMANCE (CONTINUED) The London Academy of MUS￿ and Dramatic Art (LAMDA) lessons and examinations continue lo be a popular co- urricular activity wrth boys and girfs of all ages. Pupils beneffil from the* courses. devek)ping their confidence in arting. public speaking. debating and general communication, with evidence of their accomplishments clearto see. Of Ihe 55 pupils taking examinalK)ns. all pupils achieved either a Merit131 QAI or Distinction {690hl in their exams with a number al the hKJher Level 3 award ￿ve1. The Duke of Edinburgh Award (D of El worked on creative ways to continue wth pupil awards during national reslriclions for pupils engaged wrth Bronze, Silver and Gold Awards. October half temi saw the Bronze, Silver and Gold Groups complete pracllce expedrtion days OLrt in the fiehd in the Peak District, wrth Bronze and Silver completing qualifying expeditions as well Lent term saw online activf(ies and challenges taking place and in the latter end of the year the Silver and Gokl groups were able lo complete residential expediiions. The School's Combined Cadet Force (CCF) continued lo provKle excellent opportunity for the Cadets at Trent. Whilst the usual Michaelmas term fiekl day coukl not take place, cadels enjoyed worthwhile training experiences and outcomes through the Army & RAF syllabi. The Trinty tem saw a retum lo full corps training, with the Army section ¢)ffering activities such as cooking rations, camouflage. and basic weapon handling - with the addition of a painlb811 aclivty. The latter was included in the pr0grarnw￿ for the first time ever on campus. The RAF Section continued w(Ih a STEM challenge on drones. expert driH instruction frixn a visrting RAF Sergeant as w811 as continuing their leadership ITaining. Later in Trinity tem, Imo CCF Field Days were able to take place for pupils in years 10-13. The two lTrining days fecused on personal challenge and team development experiences. In the absence of an MOD-endorsed summer camp, the school delivered Summer Training Days which covered Weapon Training, Lwe Firing 8nd Adventure Training {kayaking down a Iccal river). During the year, one Year 13 boy from the Am)y Section (Head of Contingent) joined the Aimy Reserves and one year 13 girl from the RAF Section (Head of RAF} was nominated foi Ihe national Sir John Thomson Memorial Sword_ The continued restrictions of the Covid-19 pandemK rneanl that the school was unable to provide ils pupils with the usual wid& range of edu(3tional visits, holidays, tours and expedibons. However, enrichment activities and opportunities look Pla￿ throughout the year, wi(h hrghlrghls including a virtual lour ofCERN and a number of pupils joining and achieving successes in remote debating COMpetrt￿fts hosted by LSE. Oxford and Cambridge Univers+ties. Trent College's library c¥)nlinues to provNJe an inspirational hub at the heart of the school. The library boasts some Venty thousand ￿SourCes, including plenty of audio-visual material, peri¢)dicals and special collections, and caters for all academic subjects, abilty ￿velS and the dfierent types of leamers taught at Trent College. Staff and a dedicated team of pupil monitors maintain a welcoming. vibrant atmosphere. wh￿h is enjoyed by all. During the year, staff hosted remote 'Live Library Week, with local primary schools, as well as a library Open Evening. In the Trinty temi the Devonshire library was host to more than 40 visiting pupils for a Celebration Story Evening. The Careers and Higher EdUcat￿n cent￿ plays a pivotal role in preparing pupi15 for life beyond Trent College, and ea¢h year progress is made in building an ever-broadening programme lo support the pupils throughout their academic joumey. Careers staff work wrth Indivhjuals, tutor groups and Year groups. Whilst much of the yearfs activity was éelivered remote￿. h￿hlightS during the year included careers profiling interviews with all of Year 11, along with talks from a wide range of professionals. Pupils interested in working and studying abroad, and Ih05e Inte￿sted in apprenticeships, were also encouraged and supported through remote workshops and bespoke events. The Careers Department gwe invaluable adwce and practi￿ for pupils preparing ft)r interviews, whether for universty places of emploY￿Ent. The school's inspiring environment was fvrther enhanced in the latter part of the academic year by further investment into boarding facilit￿$ at the sch￿￿ and enhartcement of the indcti &tNity and assemb￿ space at The Elms. For the academic year 2020r21, Trent Cdlege's pupil numbers were 695 (2019120". 7001 of which boarders stood al 10312019120.. 1201 10 Do￿￿g￿ Envdty ID". AO2FF81￿c&?48F￿￿89DlEA1E￿C7 TRENT COLLEGE LIMITED GOVERNORS. REPORT {INCLUDING STRATEGIC REPORTI Year ended 31 August 2021 STRATEGIC REPORT ICONTINUEDI ACHIEVEMENTS AND PERFORMANCE (CONTINUED) The Elms All pupils benefft from ex￿lIent leaching. a broad and enriching curriculum and a Safe and inspiring environment with the result Ihat The Elms. standards of pupils, achievements and the qualty of their leaming. attitudes and skills continues lo be outstanding. Excellence continues lo be delivered to the children who come here. allowing them lo flourish and grow into confident, well-rounded. happy and high-achieving girls and boys who can realise their personal be51 and be prepared for the next stage of their education, at Trenl College and beyond. In September 2021. 60 pupils {2020.. 65 pupils) out of a Year 6 cohort of 67 pupils 12020. 69 pupi151 joined Trent College in Year 7. Specialist leaching begins as eaty as Pre-school at The Elms. opportunitÈs for the children to experience Dance and Drama. Music and Modem Foreign Languages IMFLI wf(hin their setting. along with Forest School sessions. From Re￿ption to Year 6. sP￿taIrs1 leathers teach.. Musio. Sport, Dance and Drama and MFL wrlh specialist laughl Computing being introduced in Year 1 in the Computing Suite at the Elms Upper School along with swimming and some Art and Design &Technok)gy IO&T) specialist lessons. As pupils move into Year 3, they are laughl ID&T) and Art by specialist staff. Year 5 and Year 6 pupils benefrt from a specialist S¢ien¢e teacher and receive a weekty session. The Elm5 introduces a grammar and writing scheme called Rainbow Grammar for pupils from Year 2 to Year 6 and slaff are trained to deliver Math5 usin9 a Mastery approach. A systematic approach to lesson visits by membets of The Elms. Leadership Team is well established and the quality of teaching and leaming at The Elms remains of a consistenlty high standard. The Read. Write, Inc. phonics programme was introduced in September 2018 for pupils in Reception to Year 2. This has been very successful in improving pupils, phonic awareness and reading skills. This is follcAwed by the Read, Write, Inc. Comprehension scheme to allow Yeai 2 pupils lo develop higher reading skills. Read. Wnte, Inc. Spelling has been introduced for pupils from Year 2 to Year 6. a daity pr￿jramme to devel￿ urKlerstanding of spelling strategies and rules. At The Elms, most re￿n1'edUCational qualty. inspection in November 2021. the Independent Schoo15 Inspectorate found that the quality of the pupils. academ￿ and other aCh￿veMentS and their personal development are exceltenl. "Pupils make strorKJ pffjgress thnNJghout rhe school and rgach an excellent level of attainment.. 'Leaders have ensufftl that the school is extremely caiing and inclusrye.- Al The Elms. most recent 'regulatory compliance. inspecb.on in November 2021. the school was found lo be fully compliant in all aspects of its operalion. In the Earfy Years FouThJation Stage, proviS￿n in all areas was found to be'outstanding,. 'child￿n make excellent prcwJTrss in Ihewleaming and development. They are wellprepored forthe next stege of lheireducat￿n. Ch￿dTrn 8Te dearfy happy and contented in the settiw.- The Juniof Sch￿1 specialist music school'catterns" has dedicated cSassrcoms wih ensemble and practice rooms built around it. Pupils can hear each other perform and the youngest child at The Elms can aspire lo be as good as the musicians in Years 5 and 6_ Music is exceptional at The Elms with 82'h of pupil$1165 pupils) in Key Stage Two receiving individual instrumental lurtion on a wide variety of orchestral instruments from a team of 13 spe¢ialisl teachers. Theie ha5 been much indivK4ual success and many conceEts of a very high calibre. Many of the pupils attain high I￿elS in Trinrty College of Music and Associated Board Examinations and many have been awarded scholarships and exhibrtions at Trent College. Each year over 100 pupils from Years 4. 5 and 6 lake their Trinity College and ABRSM Instrumental exams in Voti. PercusshJn. Flute, ClarTnet. Oboe, Bassoon. Violin, Viola, Cello, Double Bass, Guitar. Cornel, French Hom. Trombone and Tuba. Grades achieved in the year ranged frc¥n Initial Grade lo Grade 6. In 2021. there were 71 Grade 1 entries up lo four Grade 6 entries. Al The Elms, Drama is not onty the shows and prodUct￿n5 that entertain each year, or a subject in the ¢￿￿1cUluM but is enhanced by the opportunity lo study LAMDA In Years 4. 5 and 6, which many ofthe pupiL8 choose lo follow. In total, 66 pupils entered tAMDA examinat￿n$ *￿th 42 distinctions and 24 n￿rIt$ achieved. The quality of drama this year has been impacted by Covid restrictK)ns". however remote perfomiances have been shared with parents whenever possible. 11 DocuSMJn EnVe￿pe W>. A02FF81&6c8mF￿￿-BgDlÉAlES3C7 TRENT COLLEGE UMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORn Year ended 31 August 2021 STRATEGIC REPORT (CONTINUED) ACHIEVEMENTS AND PERFORMANCE ICONTINUED) The Year 3 showcases and Choir singing at John Lewis in Nottingham were cancelled due to Covid restrictions. The Seasonal Sounds concert and Christingle Servi￿ were recorded and shared with parents remotely. The Elms is one of the most successful musical junior 5ch(K)Is in the region and the Director of Music has worked hard to ensure that remote individual music ￿550￿5 carried on through the Lent lem 2021. The Elms Sport Department wish to encourage all pupils to participate al the best level they can and equip every pupil wf(h the Confiden￿ and enthusiasm lo enjoy sport and a healthy and actwe lifestyle at The Elms. Trent College and beyond. The qualty and range of sport on offer at The Elms is exceptional and is eomplimented with Ihe drive to improve the resilience, stamina and wellbeing of every indivwjual. The m8jor competrf(ive sports for girts ale hockey, netball and cricket. For boys the major competitive SPK)rts are rugby, hockey and cricket. The'sport for all, culture peNades The Elms and, through toumamenls and fixtures, every pupil in Key Stage 2 is offered the opportunity lo participate. enabling pupils lo develop valuable skills. teamwork. honesty, appreciation and sportsmanship. The Sports department has been creative in providing h￿h quality remote provision throughout the pandemic school closures. wrth h￿h attendan￿ during INe virtual lessons. Qn¢e s¢hcy)I reopened in the Trinity temi 2021. an amended curriculum was delivered to ensure non-contacl sports and inter-school and house competitions and limrted local school competitions. The mosttslenled sporting chikiren have had IIMrt￿ 0p￿rtUnrt￿s lo compete against leading sCh￿IS and perfomi * the highest national levels. The Under 11 boys. football team reached the ISFA national finals, howeverthis was cancelled due lo Covid ￿$trIctIOns. Day trip5 have not taken pla￿ during Michaetfflas 2020 and Lenl 2021. A limited number of I￿al trips ran in the Trinity Iwm lo enhance the curllculum across the school. The Elms has a long tradrtion of running, and encouraging children to participate in, ￿sIdent￿81 visits. These provide an excellent opportunty to make newfriends. try new actmties and build confidence and independence. 2020r2021 residential trips were again postponed until 2022 due to Covid reslrKIK)ns but the following trips are planned for 202112022. Year 3 pupils to slay at PGL Caythorpe with outdc¢)r actNrties develcping independence and teamwork. YeaT 4 pupils lo visrt Cranedale with activit￿ centring on ecology and nature. Year 5 and 6 pupils to travel to the Isle of Wrghl lo enjoy actNit*s s￿h as abseiling, climbing, kayaking, archery, fencing and orienteering. along with a visit to Osborne House to link lo the History topic of the v￿lorians. Since opening ils doors in January 2012. the nursery and pre-schLX)I has gtown svjniftsntly. The nursery caters for children from six weeks lo four year5 old and ha5 a dedicated toddler and baby room Ilhe Buliertlies and Calerpillars}. Providing childcare during term-time and over 51 weeks. the nursery and Pre-￿h0o1 continues to be very popular and demand for places is high. The Pr&School has nw)ved lo new classro)n areas in Seplembef 2021 to enable the DWB Hall to be refurbished as an actNity hall. The Elms continues to be regarded by many as one of the best preparatory sch¢)ols in the area. For the academic year 2020121 pupil numbers at The Elms were 39612019r20." 3%). 12 Do¢uSign Envelope IO". A02FF8156C8N8FD46598K11EAIE53C7 TRENT COLLEGE LIMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORTI Year ended 31 ALP3USt 2021 STRATEGIC REPORT {CONTINUEDI ACHIEVEMENTS AND PERFORMANCE ICONTINUEDI Public benefrt The governors confirm that they have referred to gNen due regard lo the guidance contained in the Charity Commission's general guidance on public benefft when reviewing the schools. aims and objectNes and in planning future activities. 80th schools cooperate ￿th many local charrties in their on-going endeavours lo w￿n public access lo the schooling they can provide. Through this the aim is to optimtse the educational use of the cuY(ural and sporting facilrties and to awaken in the pupils an awareness of the social context of the all-round education they receive at our schools. This continues to be eV￿len￿d by the high priority given to subsNJising pupils. fees. h05ts.ng educational holiday c¢xJrses Iwhth PLrts the schools. facilities to gocKJ edUca1￿)nal use throughout the yearl and making many of the facililEs available for public use. L￿al schcols. the ￿MM￿nrtY and the environment are supported in a large number of ways as noled below. Educatlng Other Students Trent College remains committefj lo using its facilrties for the public benefit by hosting summer schcoks (Juring school holidays. atthough inevitabty this was hampered by Covid-19 this year. Each year pupib from local schLxJls attend a vanety of sports events and loumaments and many of the visiting speaker events {such as Careers events) are opened up to local 51ale schcKJls. In the current academic year a number of these events were delivered remotely. with a hKJhlight being the Short Story Competition for local primary schools. The schwls host a large number of 5POrting fixtu￿ lo which other schw15 (both from the maintained and independent sector) are invited. The school hosled primary school crthel c08ching Ihrou9houl the Trinity teim, culminating in a summer cricket festival for lttal schools. Trent College accommodates extemal ￿ndidateS requiring an eXaMinat￿n centre for GCSE, A Level, Music and LAMDA courses. Facilities such as the Fc8C8￿8F￿e6￿ssOlEA1ES3C7 TRENT COLLEGE LIMITED GOVERNORS. REPORT {INCLUDING STRATEGIC REPORT) Year ended 31 Athjust 2021 STRATEGIC REPORT (CONTINUED) ACHIEVEMENTS AND PERFORMANCE ICONTINUED) Trent Foundation Trent Foundation was estsblished in September 2008 to raise funds for the schcx)Is which could be allocated to future school iniliatives and lo further support and extend bursary provision through the Assisted Places Scheme. A variety of alumni events took Pl￿ during the year to build UF*Jn this and work continues lo enhance the alumni database for the promotion of the Trent Foundalion. Funds raise(l in the year were £13,000 (2020.. £11.0001 of which £S,OIX) (2020.. £6,000) was towards the Trent College 15￿ Anniversary Fund launched at the end of the academic year 2015116. In addition, donations and legacies of £27.000 (2020.. £40,DJO) were received in the year in SUPKK)rt of bursaries and expenditure across the school premises. 15 Docu&￿ Envelope ID.. A02FF81&6C0>48FD46W9D1EA1E53C7 TRENT COLLEGE UMrrEO GOVERNORS. REPORT IINCLUDING STRATEGIC REPORTI Year ended 31 August 2021 STRATEGIC REPORT ICONnNUEDI FINANCIAL REVIEW The results are shown on p￿e 25 of the ftnarLial statenEnts. Trent College Limiled's consolidated accounts reflect the ￿lI￿nce of the Sch￿1$ in an extremely adverse environment and careful managerrEnl of the schwls, finan￿ remain5 a priority in the uncertain p(Aitical and macro- econorn￿ period. Income for the year was £15.7 million {2020.. £15.6 million) wrth the Schools continuing lo offer a 51gnificanl level of scholarships and bursaries, deswned to wden access to the education that Trent provides. During the Lent penod ofthe national lockdown, whilst the school premises were ckxed to most ofour pupils. the govemors agreed an adjustment to reduce school fees for part of theterm. At the same time actionswere taken to signiFicanlly reduce costs where possible, including furloughing a large number of employees. enabling access to the HM Govemmenl'5 Coronaviius Job Relent￿n Scheme. The underfying financial hearth oflhe schools. whilst remaining sound, has been sKJnificanlfy impacted by the effects of Covid-19. fesurting in an operating surplus before pension provision movements, asset revaluations, depreCIat￿n of tsngible fixed assets and interest payab￿ for the year of £893.00012020." £601.0001, cakulaled bek)w. In the urcumstanos. the gove(r￿)IS are satisfÉd wlh the results for the year. Year ended 31 August 2021 £'ooo Year ended 31 August 2020 £'ooo Nel movement in fvnds (page 25) Re-measuremenl bss on defin￿ benefft pensicm ptan Revaluation gain on investment assets Depreciation of tar￿J1b￿ fixed assets Interest payable 14561 (8111 1791 1,124 136) 1.129 317 OperatI￿j surplus 893 601 Any surplus arising is ultimately invested back inlo the schools either in the major capital projects needed lo keep the schools in the forefront of independent education. or by fvnding the provision of subsidised education for children othe￿ise unable lo attend either school. Inevi(abty, the demand fof capital investment continues to put pressure on available resources and in setting the fees, the govemors have lo balance accessibilty and faimess to cur￿n1 parents with the requirements of a capital-intensive business. During the ye￿, expenditure of £83.1)JO {2020.. £643.CQQ} wa5 inCu￿ed on fixed assets. as part of the schools, continuing caprtal investment programme.. this included the completiC￿ of an inveslrnenl programme into boarding facilrties at the school and upgrades of machinery and equ￿ment Trent College Limited continues to promote the letting of f($ facilit￿e$ to third parties. the resuts ofwhich are covered within Trent col￿ge Enterpnses Limrted's financial statements and Consolidated in the statement of financial activities on page 25. Investment policy and objectives The govemots aim lo invest any Su￿1￿$ furKls so as to make a safe but reasonable retum in the face of market 16 00cvsl￿ Envdopelo." A02FF81MC8&48FD46WW1EAIE53C7 TRENT COLLEGE UMITED GOVERNORS, REPORT IINCLUDING STRATEGIC REPORT) Year ended 31 August 2021 STRATEGIC REPORT (CONTINUED) FINANCIAL REVIEW ICONTINUEDI Reserves policy The govemors Consider that unrestricted reserves should be held to rneet the objects of the parent charitable company and group, which includes a ¢ontingen¢y element to provide a degree of protection in the event of an unexpected revenue shorttall or S￿n￿l¢ant unforeseen expenditure. Restricted reseNes are held for the purposes specified by the donor, which ineludes the provision of burs8￿$. contributions towards academic departmental costs and capital projects. Total reseNes held at the year end of £31.4 mill￿n (2020.. t31.8 million) included unrestricted rese￿ of £31.3 million {2020'. £31.8 million) and restr￿ted reserves of £62.COO {2020'. £55.000) as represented below. 2021 £'ooo 2020 £'ooo Restricted reserves 62 55 Tangible fixed assets used for educalional purrxjses less bank ban Defined benefl pens*)n fundirvJ lia)ilty 'Free' reserves 30.589 1147) 872 31.428 11871 Unrestricted reserves 31,314 31,777 Total reserves 31.376 31,832 The governors consider that the level of 'free" re5er¥es should be sufficient lo ￿Ver planned and unforeseen variations in operational expendrf(ure and on a rolling twelve nKJnlh ba51s will fluctuate betw*n a lower limf( of £0.5 million and an upper limit of £4 million. The govemors monrtor the level of 'free" reserves on an annual basis and as part of the annual budgebng cyck by con￿deration of operational risks, external factors and cash flows projected to the end of the aca(lemic year. PLANS FOR FLrruRE PERIODS The schools. Visi(￿ i8 lo have an exceptional re?￿alKIn providiTrJ a first-class. alkround ed￿atIOn for Ws and girts wh￿h ensures the besl-Frf)ssible slart theirflrture and enables them to be the best Ihey can be. The schcKAs' eth)5 is to give the highest priorty to the qualty of aCadern￿ provision. Whi￿ aL80 being proud of their reputation for delivering a fulty round&Y cumculum, with stort, music, art and drama all being important elements of an education al Trent College and The Elms. This. cOUp￿d wth a frxus the strongest pasloral care, rnakes the schTh)Is an environment that nurtures young men and women lo ￿ the best they can be in lemis ofachievemenl and character. enabling them to fiourish in a ch￿gIng world. This is what stands at the very core of our schools. The ￿￿K)01$, aims are buitt around ffive strategic pdlars." Pupil AchEvemenl- pr¢)viding ￿ exceptional &lL￿1￿)n with eXed￿nI Outc(¥￿ for each pupil across a broad raThJe of f￿￿5. Pupil Developmerbt and WÈlIb￿ng - equipFMng every pw)il to achieve their PDtential, prepare for the next lrfe stage, and lead a fulfilled life in an evofving workl. Staff Development and Wellbeing- promoting a conffidenL eng•Jed and prwsNe corrmunty of professional staff. Communicaions and Engagement- engaging all the schcd5' slakeholders With the wsion, ethos and offer of the schools. Enab￿￿- offering an inspirational enwronment in which to ￿rn. twh. work and play. The schcK)Is' ftjlure plans, which underpin these Strateg￿ pillars. are subject to review by the governors, wrth a full Strateg￿ rewew ftsr the nexl 5 yeaT5 cU￿entlY onwng. 17 Oo¢u&w Envelope ID". A02FF81MC8&48FD465989D1EAIE53C7 TRENT COLLEGE UMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORTI Year ended 31 August 2021 STIIATEGIC REPORT ICONTINUEDI PRINCIPAL RISKS AND UNCERTAINTIES The governors ¢onsKler the Current pditieal and economic Iufbulence, particularty that caused by Covid-19, the affordability of fees by parents acr05S the independent sector. price competition from tival independent schools, and the possible impact on pupil numbers as state schools convert io academy 51alus, lo be among the principal risks and uncertainties facing the schools. Nots¥rthstanding the polrtical, ecOrK)M￿ and competitive situation, demand for places remains high in a number of year groups. The safeguarding of pupils and staff, and potential repulalional damage in the unlikety event of a high profile legal action alleging lack of due care over pupils as Vulnerab￿ beneficiaries, is always a significant area for risk management in the schools. The governo￿. focus on mibgating risks in thi5 area remains paramount through the provisKJn of suitable training to stsff and pupils. underpinned by the implementation of appropriate polrcies and procedures. Other significant risks facing the schools are the increasing competition for h¢gh-quality te￿hIng and support staff and f(s effed on succession planning. data protection and potential for business intemjption as a resutt of a data failure, and heatth and safety risks ranging from fire and infrastructure to personal rFsks {mosl notably when away fiom the campus on trips and expeditKJns). The governors are s*isffied that these and other risks and un(£rtainties have been mitigated wherevef possible through the detailed risk managernenl prLKesse5 estsblished for the schools. This includes maintaining effective internal controls, risk regi51er5. incident reporting and monitoring systems, poI￿leS and procedures and insurance coverwhere appropriate. It is acknowledged that 5yStern5 can only provide reasonable but not absolute assurance th81 major risks have been adequatety managed. Covid-19 pandemic The outbreak of Covid-19 developed into a global pandemtc during 2020 and continued through the year. The governors are naturally concemed about Ihe impaci this has had and will continue lo have on the schcM)Is' pupils, parents. staff and Suppl￿rS. and continue to assess whal those impacts rn￿ht be. The schools are well placed in lemis of business ￿ntinuIty. through the use of te¢hnobgy to deliver remote leaming solutions to ils pupils. the provision of financial assBlance lo parents adversety impacied by the economtc Ictkdown, and actions taken by the schools lo enable stsff to wor* safely on-sile or from home. Following the government announcernenl that schools should close their premises lo most chiklren in January and February 2021, the schools furfoughed a number of members of staff (enabling the schooL8 to access the Coronawrus Job Retention Scheme funding grant) and suspended any non*ssenlial expendrture. There is elearty and underslandabW eonlinued uncertainty around the impact of the virus on the gbbal economy and the resulting impact on the schools. community. This includes the impact on families whose income has been affected by the virus and the effect on overseas pupils who are still reslricled from travelling belween the UK and home. The governors are confident Ihat the parent charrtable company and group will continue lo operate through the uncertain times due to the slrong cash posilion al the stsrt of the pandern￿. access to Govemmenl supported lending, effective use of working capital Iwhich underpins the strength of the balance sheell, alongside continued support from the schools. existing parent brxjy. and ongoing demand for plaees from prospective parents. 18 OocuSvJn Envelope ID". A02FF81MC8>48FN65g89D1EA1E5X7 TRENT COLLEGE LIMITED GOVERNORS. REPORT {INCLUDING STRATEGIC REPORTI Year ended 31 August 2021 OTHER INFORMAMON Environmental The schools. arboretum is one of the largest in the East Midlands and outside of COVID-19 restrictions many visitors enjoy the regular guided tours aiound rt. The schools, conserve the site., all species of tree on si(e have been identified and new ones are ￿n9 continuously added. while careful husbandry is conserving a number of rare specimens. An energy review has been undertaken in line wilh Phase 2 of the Energy Savings Opportunity Scheme IESOSI and both schcM)Is continue lo remain conwliant. The schools seek opportunities lo i￿vIe￿ent energy reduction schemes and continue lo measure and monitor energy consumption every 30 minutes. Wherever possib￿ the s¢hwls instsll aulom*ed equipment lo assist in controlling lighting, lemperalure and general usage of energy. There is a rolling refurbishment programme operated ty the Maintenance Department so that a5 older equipment is update(1 rt 15 replaced by energy efficient Items. During the year this programme has included further replacement of ageing smaller boilers. the conversion of lighting lo LEDS in academic buildin9s and insulation upgrades in several roof volds. The schools operate a battery, paper and printer eart￿e rwcling Cent￿ for its staff and pupils. Regular waste audits are conducted by pupils with the help of the environmental group Global Action and non-recyclable waste was further reduced during this period. The majorty of raw food waste is composted and. as far as p058ible, cooking ingredients are sourced bcalty lo reduce fool miles and packaging. Reduction of single use plastics is a focus for the ¥ch¢)ols. Drinking water 5L*ions are fftted throughout all areas of the schools to allow pupils to fill up reusable w*er bottles. Environmental awa￿neSS is taught as part of the Personal, SC¢￿1. Heaf(h & Economic Education programme. Environmental action projects are regularly arranged within Biology and Geography. There is a regular weekly N81ure Conservation activity which supports bcal sites of interest through litter picking, stream elearing. bat box building. hedge planting projects etc. The creation of the Elms Eco Garden has been a point of focus throughout the year. Streamlined energy and carbon reporting UK greenhouse ga5 emissions and energy use data for the year ended 31 August 2￿21. 2021 2020 Energy consumption use(1 to cakulale emissK)ns (kwh) Scope 1 eMisS￿n$ in metric tonnes C02e gas consumption owned transport {mini buses) and non-owne(I transport (Schl￿ bus service) Seope 2 emiSS￿n5 in metric tonnes C02e purchased ele¢tricty Scope 3 emissions in melric tonnes C02e IMJsiness travel in employee own&J vehths 5,312,479 5,565.120 730.20 12.25 782.97 13.59 270.96 292.24 0.19 1.03 Total gross emissions In metric tonnes C02e 1.013.60 1.089.83 Intensity ratio Tonnes C02e per pupil 0.93 0.99 Quantification and reporting methodology: We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2020 UK Govemment's Conversion Factor5 for Company Reporting. Intensity rneasurement: The ehosen intensty measurement is total gross emissions in metric lonnes C02e per pupil, the recommended ratio for the sector. 19 CIO¢LKSign Enyekpe D. Ao2FF81&6C8>48FDW￿DlFA1ES3C7 TRENT COLLEGE UMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORTI Year erKI￿ 31 August 2021 OTHER INFORMATION {CONTINUED) Measures taken to improve eneryy efficiency: replacement of ageing smaller boilets, the conversion of lighting to LEDS in ￿ further academic buildings and insulation upgrades in a number of roof voids. We have continued video conferencing technol￿Y for govemor. employee and parent meetings to redu￿ the need for travel. Employees As an equal opportunty organisation. both schools are cornm￿ed to a workiNJ environment that is free from any form of discriminat￿n_ The schrx)Is make reasonab￿ adjustments lo meet Ihe needs of staff or pupils who are or becomg disabled. The schools wnlinue lo ￿COgnISe the benefrt of effective ￿MmUn￿ation wrth employees and achieving common awareness on the part of employees of the financial perfomance and economic factors affecting the perfoman¢e of e(ther sehool. InfomalKtin is available to employees through an intranet srte and weekly briefings, and regular meetings are hekd between operational Heads of Departmerrt and team members lo share and develop Kleas. The schools aim lo provide clear and fair terms aTrJ condit•)ns of employment and remunerat￿Jn. Employees are provided with training in order to give them the n￿S￿ry skills to perform their duts'es and where appropriate lo develop these skills and progress their ¢areer. The Board of Governors dt*S not lolethte any sexual, physK81 or mental harassment of the schools, empbyees. The schools promote equal opportunths for all present and potential employees and do not discriminate on grounds of colour, elhnt origin. gender, age. religion. Kh)lrtical or other opinion, disakn.lity or sexual orienlats"on. Funds held on behalf of third parties The parent charitable company and group holds cash of £13,00012020.. £18.0001 on behaff of third paty groups. The parent charitable company and group ensures that these MOn￿S are kept separate from the funds of the charity and are held for a number of small organisations i￿luding The 11t Trent Colbege S¢oul Group. Fundraising The schools raise funds across through communrty fundraising and from individua1 donors. We do not employ professional fundraising agenaes and our activities are planned and delivered by our small fundraising team, led by our Development and Alumni Relations Offi￿r, whose responsibilty includes ensuring that our fundraising work complies with the Fundraising Cc#Je of Praclv. This includes relevant legal requirements as well as the standards set by the Fundraising Regulator. We have not received any complaints about our fundraising practice and we regularty review the Code to ensure that our fundraising continues lo be legal. transparent and respecfful. DorJJ&gn Enve￿pe ID.. A02FF81Mc8348FtM65￿0lEA1£53C? TRENT COLLEGE LIMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORTI Yeai ended 31 August 2021 OTHER INFORMATION (CONTINUED) Directots and dlrectors. interests The names of the statutory ￿1￿CtOrS. who are also govemors and comprise the trustees for the purposes of Charity Law, of the parent charbtable company and group are set out on page 1. The directors are appointed in accordan wrth the ￿quirements of the parenl tharitable company's Artic￿ ofAs50ciation. No govemor received any remuner*w during the year, ar>d no expenses12020.. £1,000) were rewnbursed to any direclors12020". 5ixI. The parent Charitable company hO￿JS prOfeSs￿nal irKlemnty insurance on behalf of the directors. The cost of the insurance was £2,000 {2020.' £2.OC(I). None of the directors h￿{ any benthial interest in the shares of the parent ch*tabb company according to the register of such interests. SC Anelay, IF Bowness, A Butler. G cr￿ker. D Evans and L Hargreaves joint￿ hekl 18.977 shares in the parent charitsble company on tn3sI for the parent charitable company * the year end. Govemors. responsibilitie5 Statement The govemors Iwho are also directors of Trent College Limited for the purpose of Company Lawl are responsible for preparing the govemors. report, which incjudes the strategic report, and the financial slalements in accoidance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company Law requires the govemors lo prepare hnanck81 st*emenls for each financial year, which give a true and fair view of the state of affairs of the parent Charitab￿ company and the group and of the incoming resources and applicat￿n of reSoU￿s. including the income and expenditure. of the group for that year. In preparing these financial statements, the governors are required lo.. select suitable accounting policies and then apply them consislently,. observe the methods and principle5 in the Charities SORP 2019 IFRS102)'. make judgements and estimates that are reasonable and prudent". slate whether 8pplicable Unrted Kingdom accounting standards have been folk)wed. subject to any material departures disclosed and expkined in the financi?1 slatements", prepare the financial slalements on the going concern basis unkss il is inappropriate to presume that the group will continue In c4)efati)n. The governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the groLSP and the parent charitable company and lo enable them lo ensure that the financial statements compty with the Companies Acl 2006. The govemots are also responsib￿ for safeguarding the assets of the group and the parent charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularit￿S_ In so far as the govemors are aware.. there is no relevant audrt information of wh￿h the group and the parent chartsble company's a￿jItorS are unaware., and the governor5 have taken all steps that they otjght to have taken to make themselves aware of any relevant audit infomation and lo estsblish Ihat the audrtor is aware of Ihat information. The govemofs, rep￿, which includes the Strateg￿ report. was approved by the Board of Governors on 14 March 2022 and was signed on its behalf by.. DoFuSkJDod br. EFEIEFP388OOICe... D EVANS Governor IF BOWNESS Govemor 21 0￿uSign EnveK)¢e10.. Ao2FF81$eL8￿Fcl-86S&￿Il£A1Es3C? TRENT COLLEGE LIMITED INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITED Opinion We have audited the financial ststemenls of Trent College Limrted I'the company'l and ts subsidiary I'the group'l for the year ended 31 August 2021 which comprise the Consolidated Statement of Financial Activrties, the Consolidated and pa￿nI Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows and the related notes including a summary of signrficanl accounting policies. The finan¢ial reporting framework that has been applied in their preparation is appluble18w and Unrted Kingdc*n Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK aNI Republic of Ireland, and the Charrties SORP 2019. In our oplnloD. the financial statements: give a true and fair view of the stsle of the group'5 and the parent Charitab￿ company's affair5 a5 al 31 August 2021 and of the incoming resources and application of resources. including its income and expenditure. for the year then ended., have been properly prepared in accordance wrth Unrted Kingdom Generalty Accepted Accounting Practice,. have been prepared in accordan￿ with the r&]uirements of the Companies Act 2006. Basls for Opinion We conducted our audit in accordan￿ with Intemalional Standards on Audtiing IUKI IISAslUK)l and applicable law. Our respon￿bIlIt*S under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant lo our audrt of the financral statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in ¥cordance wrth these requirements W& believe that the audit evidence we have oblained is sLrf￿lent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial st*ements. we have COr￿l￿ded that the Govemors. use of the going concern basis of accounting in the preparation of the fina￿la1 statements is appropriate. Based on the wod( we have perfomEd. we have not identffied any material uncertainties reL4ting lo events or conditions th81, individually or collectivety. may cast signrf￿nI doubl on the company's ability lo continue a5 going concern for a period of al least twelve months from when the financial slalemenls are authorised for issue. Our responsibilrties and the responsibil"rties of the Governors wrth respect to going co￿eM are described in the relevant seclM)ns of this report. Other information The governors are responsible forthe other infornwtion. The ther infomiation comprises the informalw included in the Governofs, Report. other than the financial statements and our audit report Ihereon. Our opinion on the financial stslemenls does not cover the other infomalion and, except to the extent otherwise explicitly slated in our report, we do not expres5 any form of assurance conclusion Ihereon. In connection wrth our audr( of the financk?I statements, our responsibilty is to read the other information and. in doing so. consider whether the other infomiatKtrn is m*erially inconsistent with the financial statements or our kno￿edge obtained in the audit or otherwise appears lo be materialty misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstslement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to ￿pOrt in thi5 regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinKJn. based on the work undertaken in the ¢￿￿r$e of the audrt". the inlomiation gwen in the Governo￿. Report Iincorporaling the Strategic Reportl for the financial year for which the financial slalemenls are prepared is consistent wrth the financial slalements", and DoDJSign En￿lOpe ID". AO2FF81Mc8￿8FD4&fj￿￿1EA1E5￿7 TRENT COLLEGE LIMITED INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITED the Governors. Report arKI Strategic Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and parent charitable company and rts environment obtained in the course of the audrt. we have not idenljfied rnalenal misststemenls In the Governors. Report and the Strategic Report. We have nothing to report in respect of the folkAwng matters in retation to which the Cownies Act 2006 requires us lo report lo you if, in our (¥ynw'. adequate accounting records have not been kept by the parent chariiable company, or retums adequate for our audrt have not been received from branches not visited by us.. or the parent charrtable company's financial state￿EntS are not in agreement wrth the accounting reeords and returns," or rtain disclosures of govemors. rem￿nerat￿n specified by law are not made,. or we have not received all the inform*ion and explan*ions we require for our audit Responsibilities of governors As explained more ftjlly in the Statement of Trustees. Responsibilities sel out on page 21. the govemors (who are also the directors of the chantable company for the purposes of company lawl are iesponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the governors delemiine is necessary lo enable the preparation of financial statements that are free from material misstalernent. whether due lo fraud or efftv. In preparing the financial stalemenls. the goveirhLWS are re5pon5ible for assessing the group's and company's ability to continue as a going concem. disclosing. as applicable, matters rel*ed lo going concern and using the going concem basis of Sccounting unless the govemors either intend lo IiquKlate the group or the company or lo ase operat¢ons, or have no realist￿ altematwe but to do so. Auditor's responsibilities for the audit of the financial sL*ements Our objectives are to obtain reasonable assura￿ a￿ut whether the financial slalernents as a Who￿ are free from material misstatement, whetherdue to fraud or error. and to issue an Audf(or's report Ihat includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audrt conducted in accordance with ISAS IUKI ￿11 a￿ayS delect a material misstatemenl when it exists. Misstatements ¢an arise from fraLJd or error and are considered material if, indmdually or in the aggregale. they could reasonably be expected to influence the economic decisions of users tsken on the basis of these finan¢ial statements. Irregularities, including fra￿1, are instances of nOn-c￿p1Iance wrth laws and regulations. We design PrO￿￿ureS in line with our responsibilrties, outlined above, to delect material misslalemenls in respect of irregLJlarrties, including fraud. The extent to Wh￿tt our prctedures are capabbe of detecting irregulari(Ès, including fraud, is detailed below.. Our assessment focussed on key laws and regulations the C￿panY has to comply with and areas of the financial statements we assessed as being MO￿ susceptible to misslalemenl_ These key laws and regulations included bul were not limited to Complian￿ wrth the Companies Act 20(￿. Chanties Act 2011. laxalN)n legislation, data protection, anti-bribery and employment legislat￿n. We are n¢X res￿SIble for preventing irregularities. induding fraud. Our approach lo detecting irregularities, including fraud, included. but was not limrted to, the follcv•ving'. obtaining an understanding of the ￿al and regulatory fram*ort( applicable lo the company and how the company is complying with that framework. includiThJ agreement of financial statement disclosures to underlying documentation and other e￿den￿.. obtaining an understanding of the company's control environment and how the company has applied levant control prrKedures. through discussions with Govemors and other management and by performing walkthrough lesling over key areas.. obtaining an undetstanding ol the C40Ft>865￿W1EAlEs3C7 TRENT COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITED reviewing meeting minutes of those charged wrth govemance throughout the year. and performing audit lesling to ad¢Jress the risk ol management overrKle of controls. including testing joumal entries and other adjuslmenls for approprk8leness, evalu*ing the business r*ionale of si9nifr¢anl tr8ns&tions C￿lde the nornal course of business and rewLwing &counting estimate5 for bias. Whilst considering how our audit work addressed Ihe detection of irregularil*s. we a150 considered the likelihood of detection of fraud based on our approach. Irregular((￿$ arising from fraud are inherently more difficuli to delect Ihan those arising from error_ Because of the inherent lim(t8lions of an audit, there is a risk thatwewill not detect all irregularilie5, including those leading lo a material misslalemenl in the financial statemenls or non-¢omplian¢e wrth regulation. This risk increases the more that compliance wrth a law or wulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likety to be¢LYne aware of instances of non•compliance. The risk is also greater regarding irregularrties occurring due lo fraud rather than error. as fraud involves intentional concealment, forgery. collusion. omission or misrepresentation. A further desciiption of our responsibilities for the audit of the financial statements is located on the Financial Reporting Counryl's website at.. WAV.frc.org_uklauditorsresponsibilf(ies. This deSCript￿n forms part of our Auditors, rep(￿1. Use of our report This report is Made solety to the parent charitable company's members. as a body. in accordance with Chapter 3 of Part 16 ofthe Companie5 Act 20(￿. Our audrt work has been undertaken so that we might slate lo the charrtable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent perniitted by law. we do not accept orassume ￿ponsibIlityt0 anyone otherthan the Charitable company and the charrtable company's members as a body. for our worf(. for this report. or for the opinions we have fomed Simon Al(ins ISenKK Slalutory Audrtor) For and on behalf of COOPER PARRY GROUP LIMITED Chartered Accountants Stalulory Auditor Sky View Argosy Road East Midlands Airport Castle Doninglon Derby DE74 2SA Date". 19 May 2022 24 Docuslgn Envelope Tr. AO2FF81$6C8￿aF￿￿￿IEAfjEs3C7 TRENT COLLEGE UMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT Year ended 31 August 2021 Restricted Unrestricted fund5 furm Year ended 31 August 2021 £000 Year ended 31 August 2020 £000 Notes £000 Income from: Charrtable activities Other trading activities Inveslmenls Donalk?ns and kgacies 15.501 15.5Q1 107 29 27 15,385 127 32 40 13 29 27 Total income 40 15.624 15,664 15,584 Expenditure on-. Charitable 8clivilies Raising funds 27 15,845 327 15,872 327 15.862 567 Total expenditure 27 16,172 16,199 16.429 Net incoTnellexpenditur•l beft)re investment gains and other gains and losses 13 (5481 15351 18451 Gainlllossl on securities investments Gain on investment properties 16 13 141 40 75 75 Net incomellexpenditurg) for the year 13 14691 (4561 18091 Transfers btheen furKIs 24 (6) Other recognised gains and losses Re-n*asurement loss on defined benefrt pension plan 121 Ngt movgment in funds (463) 1456} 18111 Fund balance5 brought forward 31.777 31.832 32.643 Fund balances Carried forward 31.314 31.376 31.832 The statement of financial activths indudes all gains and k)sses in the year. All income and expenditure derives from continuing activf(ies. The College has taken advantage of the exemption allowed under seth'on 408 of the Companies Act 2006 and has not presented rts own stalemenl of finanual activities in these financial statements. Total income of the parent Charitab￿ company was £15.659,000 including grft aid from its Svbshg￿ry of £3,00012020.. £15,570.000 including gift aid of £2,000). The net decrease in funds of the parent charitable company was £456,000 {2020". decrease in funds £811.0001. The notes on pages 28 10 45 fomi part of these ffinan￿aI statements. 25 DocuSvJn Envdope ITr. AO2FF81&6c8MF￿06S￿￿1EA1Es3C? TRENT COLLEGE LIMITED Registered number. IX)032983 CONSOLIDATED AND COMPANY BALANCE SHEETS As al 31 August 2021 Group 2021 Group Company Company 2020 2021 2020 £000 £000 £000 Fixed assets Tangible assets Propety investments 12 13 37,463 7g) 38,504 715 37,463 790 38,504 715 38,253 39,219 38,253 39.219 Current assets Stocks Debtors Securities investments Cash al bank aThJ in hand 14 15 16 17 18 678 21 2.819 17 613 17 883 18 662 21 2.809 17 592 17 879 3,536 1.530 3,510 1,505 Credito￿. amounts falling due within one year 18 13,646) (3.1311 13.6201 {3,1C61 Net current Ilabllities 1110) {1.6011 1110) {1,6011 Creditots- amounts falling due after one year 19 {6.620} (5.5991 16,620) (5,5991 Total assets less liabilities excluding pension liability 31.523 32.019 31.523 32.019 Defined benefrt pension liability {1471 {1871 1147) 11871 Net assets 31,376 31,832 31,376 31.832 Funds Restricted funds 24 62 55 62 55 Unrestricted funds Called up share capitsl Revaluation fund General fund Pension fund 23 24 24 24 19 23.044 8,398 {14n 19 23,(144 8,901 (1871 19 22.275 9.167 11471 19 22,275 9,670 {187) Total funds 31,376 31.832 31.376 31.832 These financial statements were approved by the Board of Govemors on 14 March 2022 and were signed on rts behalf by.. E7E1EF?38EODIC&. D EVANS Governor IF BOWNESS Governor The notes on pages 28 to 45 fom) part of these financ￿1 statements. Oocuslgn Enveiwe ID." A02FF81Mc8WFM￿￿8lrj1EAlES3C7 TRENT COLLEGE UMITED CONSOUDATED STATEMENT OF CASH FLOWS Year ended 31 August 2021 Notes 2021 £000 2020 £000 £000 £000 Net cash inflow from operating activities 26 1.080 136 Returns on investments and servlcing of finance Interest re￿Ned Dividends receiv Rents received from propety investments Interest paid Property investments management costs paKI 28 13041 171 28 13171 161 1282) 12911 Capitsl expenditure and financial investment {other than fees in advance scheme) Payments to acquire tangible fixed assets 1831 16431 1831 {6431 Net cash Inllow before financing {798) Financing Repayrnenl of loans Advance fees new contracts Advan￿ fees ulilised Coronavirus Business Interruption Loan 11891 423 14131 1,400 11791 216 14771 1,221 14401 Inereaselldecreasel In cash in the year 1,936 11,2381 Reconciliation of net cash flow to movement in net debt Increase1(dec￿a$e) in cash in the year Coronavirus Business Interruption Loan Repayment of loans Nel fees in advance 1,936 {1.4￿) 189 1101 11,238) 179 261 Change in net debt 27 715 7981 Net debt at start of year 27 {4,877) 14,0791 Net debt at end of year 27 {4.162) 14.8771 The notes on pages 28 to 45 fonn part of these financial stslements. 27 Dcu&gn Envek)pe ID". A￿2FF81Se£8>48FCkeo5￿￿If&I1E53c? TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year erKled 31 August 2021 Accountlng pollctes The following accounting policies have been applied consislentty in dealing wth items which are considered material in relat￿n lo the parent charitable company and group's financial statements. General information and basis of preparation Trent College Limi(ed is a Charitab￿ company limrted by shares and registered in England and Wales. The principal address and registered office is gNen ￿ page 2. The charity's objecls and nature of ils activities is detsiled in the govemors. report on page 6_ The financial statements have been prepared under The Companies Act 2006 and in accordance with the Charities Statement of Recr￿Mended Practice {'SORP IFRS1021"l and Financial Reporhng Standard 102. The charty conslilutes a public benefit entty as defined by FRS102. The financial statements have been drawn up under the historical cost convention. wf(h the exce property investments and other investments which are included al market value. The 51alemenl ofl lion of Inancial activities (SOFA) and balance sheet consolidate the financ￿1 slalements of the parent charitable parent company and ils wholty ¢Jwned subsidiary undertaking Trent College Ente￿rises Limited. The results of the subsidiary are consdidated on a line by line basis. The Coll 20l￿ and e has taken advantage of the exem as not presented rts ¢)wn statement ion allcfived under section 408 of the Com financial activities in these financial statemen anies Act Going Concem The financ￿1 statements have been prepared on a going concem basis. The governors acknowledge the uncertainty posed by the continuing global Covhd-19 pandemic, which is having a signfficant econom impact gkjbally. It is clear there ￿11 continue to be a significant level of uncertainty in all economies around the worfd for 8 sustained period of time. However. the govemors cOns￿er that the parent charitable compan Cowd-1 and group are well placed lo continue operating through the uncertain limes Caused by the pandemic due to the free cash position. access to a Coronavirus Business Interruption Loan ané effective use of working capital Iwhth underpins the strength of the balance sheet). This is alongside Continu￿ support from the schools. existing parent body and ongoing demand for pla￿$ from prospective parents. On this basis the governors are confident that Ihe parent charilable company and group have adequate resources to continue in operation and. ￿COrdIngly. have adopted the going ncorn basis in preparing the financial statement& Funds The parent charitable company has a sThll numberof restricled funds for situations Whe￿ 8 ￿nor requires that a donation must be spent on a part￿ular purpose. All other funds are unrestricted and are used for meeling the charilable objects of the parent charitable company arKI group. Income School fees receivable and anallary traling income represent the invoiced fees for educational services svpplied during the year and are reco9nised in the year to which they relate. School fees receivable are shown net of any scholarships, bursanes or other allowances granted by the $¢hcols against those fees. but including contributions received from restr￿ed funds. Income from other trading actmlies. including non-ancillary trading income and trading income from the subsrdiary company, is recognised as rt is eamed (as the related se￿iceS are supplied). Investment income. including incorre from pryrty in¥estsnents. i% recognised on a receivable basis. Donations and legacy incLxne are credrted lo the restricledlunrestricted funds dependin on any re5trictiOn5 applied by the donor. The revenue is re¢ognised when the group is legall enlil ed to the income. the amount can be quanlrfied wilh reasonable *curacy and the e(tsnomic bene il lo the schools is conside￿d probable_ Grants Grants includrn Govemment support made available durin Statement of inancial Activities on a recewable basis. r￿e1ved. the income is ac¢rued. the Covid-19 pandemic are included in the ere entillemenl occurs before income is 28 DocJJ&9n Er￿e￿pe ID. Ao2FF81mC8￿F￿65￿01EAIE52C? TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Accounting policies (continued) Expenditure Expenditure is accounted for on an accruals basis as soon as a liability is considere(I probable, discounted lo present value for longer term l￿bIlIties, and is allocated directly to the cost heading to which il relates. Overhead and other costs not directly aliribulable to part￿ulaT functional activity categories are apportioned overthe relevant calegoTies on the basis of management estimates of the amount attributable to that activity in the year. erther by referen￿ lo staff lime or space occupied. as appropriate. The recoverable element of VAT is included with the rtem of expense lo which il relates. Chaniable activities include expendrture associated with the provisM)n of education and boarding and includes both direct arKI support costs relab.ng to these actNities. Governance ￿$1$ comprise the costs of running the chanty. including intemal and extemal audit. any legal Wi￿ and all the costs of ¢omptying wth constitutional and statutory requirements. Intra group sales and charges between the parenl charilable ￿rnpanY and ils trading subsidiaries are excluded from consolKlated trading inc(Mne and expendrture. Operating leases es in Tespect of operating leases are recognised in the statement of financral activities over ease agreement on a straight line basis. Leasing char the life of the Tangible fixed assets and depTttiation All tangible fvxed assets are hekl at cost wrth the exceplron of freehokj land and buildings, which as at 1 September 2014 were held al deemed cost in ￿OrdanCe wth the provisions of FRS102. Included in that deemed cost of freehokl land and buildings category is land tolalling £19.OOD.000 which is not depwiated. Expenditure on the acquisition. eon5truction or enhancement of land and buildings together with furniture, fittings and equipment. and motor vehicles costing more than £1.000 are capitalised and carried in the balance sheet al histor￿1 cost. Depreciation is provided to write off the cost less Ihe ests"maled resKlual value of tangible fixed assets by equal instalmenls over their estimated useful economt lives as folbws.. Specialised s¢hool buildings 30-50 yea Furniture and fittings 20% per annum Musical Instruments, krtchen eqU￿￿￿ent and sports equipment 10¥u per annum Motor vehicles 20¥0 per annum Computer equipment 33°A per annum Investments Property investments are included on the balan￿ sheet at their open market value. Securities investments are slated at market value. Gains or losse5 arising on revaluation are recognised in the statement of financial activities as unrealised gains or losses. Gains or losses arising on disposal are recognised in the statement of financial actiVit￿S as realised gains or losses. Stock Stock is valued at the knver of cost and net realisabk value. Debtors and creditors receivablelpayable within one year Debtors and creditor5 with no ststeé Knterest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Provisions Provisions are reeognised when the parent charitab￿ CLYn dale as a resull of a past event, r( is probable that an ou settlement and the amount can be reliably estitnated. any has an obligation at the balance sheet 4 of economic benefrts will be required in 29 Dowsrgn Envel)￿10.. AO2FF81&6c8￿8Fl￿86￿￿l£AIE5aC7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Accounting policies leonlinued} Pension schemes Retirement benefrts lo leaching staff of the parent chariiable company are provided by the Teachers. Pension Seheme and to other membets of staff via TPT Retirement Solutions, Growth Plan or via employees, own penS￿n schemes. The pension costs charg￿ in the statement of financial aclwilie5 are determined as follows". al Teachers, Pension Scheme The Teachefs, Pension Scheme I"TPS' is a defined benefrt multi-employer pension scheme. It is not Possible to identrfy the schools. share the undertyin assets and liabilities of the TPS on a consistent and reasonab￿ basis and therefore, as requiretl by FR 102, the parent ¢haniable company accounts for the scheme as rf it were a defined contribution scheme. The parent charitable company's contribution5. which are In accordance wrth the recommendations of the Govemmenl Actuary. are charged in the ear in which the salaries lo which they relate are payable_ The conlribubons a￿ determined by qua luaries every four years. b) TPT Retirement Solutions. GrovAh Plan The TPT Rel1￿ment Solutbons, Growth Plan I'the ScherrE'I 15 a multi-employer pen5K)n scherne.11 15 not possible to ￿entify the schools. share of the underlying assets and liabilities of the Scheme on a consistent and reasonable basis and therefore, as required by FRS102, the parent charitable company ac¢ounls for the Scheme as rf il were a deffined contribution scheme. The parent charitable company's contributions are charged In the year in which the salarie5 to wh￿h they relate are payable. The contributions are determined by qualified actuaries every thr& years. The Scheme was a defined benefit scheme for contnbutions up lo and induding September 2001 and became a defined conlribulion scheme thereafter. The Scheme is cL4ssifI￿ as a'last-man standing arrange￿n1'. Therefore the parent ¢harrtable company is potentially liable for other participating employers. obligations rf those employers are unable to meet their share of the Scheme deficit folkming wthdrawal from the Scheme. Participating employers are legally required to rrttt their share of Ihe Scheme de[￿rt on an annuty purchase basis on withdraw81 from the Scheme. Where the Scheme is in deficit and where the parent charitable eowny has agreed to a deficit funding arrangement. the parenl charilabfe company recognises a liability at the balance sheet date for this obligation. The amount recognised is the net present value of the deficf( reduction contributions payable under Ihe agreement that relates to the deficit. The present value is cal¢vl*ed using the discount rale detailed in note 30. The unwinding of the dbscount rate is recognised as a finance cost in the statement of financ￿1 actMI*s. c} Empbyees. IY•¥n pension schemes. Empbyerfs pensions costs are charged in the year in which the salaries to which they relate are payable. Tax The parent charitable company meets the definitiC￿ of a charity within the meaning of schedule 3 of the Charites Act 2011 and is conSide￿d to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore rt meets the definrtion of a charitable company for UK corporation lax purposes. 30 DowSKJn Envel￿ ID.. AO2FF81MCW8FD-86￿8￿1EAlEs3C7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Income from charitable activities Year ended 31 August 2021 £000 Year ended 31 August 2020 £000 School fees receNable Funds and bursaries Ancillary Irading incorr 14,553 13,954 1,424 15.501 15,385 All income from charitable activities in both years is classrfied as unrestricted. School fees received in the year then ended August 2020 were reduced in recognition of discounts given in recognition of the Covid- 19 pandemr. Year ended 31 August 2021 Year ended 31 August 2020 £000 School fees T￿e1vable consist ot. School fees Less." total ￿hOlarshIpS and bursaries Less.. other f& reductions 16,437 11,2221 1689} 15,609 11.(￿0 {622 14.526 27 13,927 27 Add back." bursarie5 paid for by restricted fvnds 14,553 13,954 Scholarships and bursaries are awarded to individuals. Scholarships are awarded throu h competition on academic, Mus￿, drama and artistic mwit. Bursar*s We￿ awarded to 171 pupils120 0.. 174 pupi1s} at varying levels according to ffinancial need. Fee reéuctions are availabk to leaching and non-teaching staff. Year ended 31 August 2021 Year ended 31 August 2020 £000 Ancillary trading income consists ofr. Extra-curricular activilEs Disbursements School Iransport Coronavirus Job Retention Scheme grant inc(¥ne Other coronavirus grant income Other 351 323 97 131 738 10 125 162 941 1.424 Income from other trading activities Year ended 31 August 2021 £000 Year ended 31 August 2020 £000 Non ancillary IraLling inwme Trading income of subSid￿ry (see note 291 Fundrdising income 22 72 13 24 92 107 127 Fundraising income includes restricted inc(the of £13.0(KJ {2020". £11.000) (see note 251. 31 Do¢￿sign Envelope ID.. A02FF81MC8>48FtM65949D1EA1E53C7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Income from Investments Year ended 31 August 2021 Year ended 31 August 2020 £000 Interest ￿ceNe{l Oividends re￿Ned Rents received from investment properties 28 28 29 32 All investment income in both years rs unrestricted. In¢om* frorn donations arml legacies Year ended 31Au ust Year ended 31A ust £000 Donat￿n$ and legacies 27 40 Donat￿￿5 and legacies ￿Clude £27,OCO of restricted donatKJns (2020.. £20,000) (see note 25). Expendi￿re on charitable activities Staff Depreciation Other Costs Year ended 31Au ust Year ended 31Au ust £000 £000 £000 £000 Teaching Welfare Premises Support costs Govemance costs Bursaries 8,540 879 576 783 67 274 989 587 1.504 569 79 27 10.312 1,533 2,354 1.567 79 27 10.626 1,501 1,997 1.638 73 27 10.993 1.124 3.755 15.872 15,862 Expendrture on charitable aclwitses indudes expenditure from restiicted funds of £27.00012020". £28,000) (see note 25}. Expenditure on rdising funds Staff costs Other Costs Year endetl 31Au ust Year ended 31Au ust £000 £000 £000 £000 Trading ￿St$ Finance costs (see note 8) Property investments management costs 29 30 290 35 526 290 29 298 327 567 All expendf(ure on raising funds in both years is unrestricted. Trading costs incIL￿jeS trading costs of subsidiary of £2,00012020. £9,000) (see note 29). 32 Docusign Envelope ID.. A)2FF81MC8MF[I-865￿lEA1ESJC7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Flnancing costs Year ended 31 August 2021 £000 Year ended 31 August 2020 £000 Interest payable on loans (see note 20) Other finance costs 304 1141 317 209 2￿ 526 Included within other finan￿ costs is a ¢￿it of £42,000 {2020'. nil) reLatino to the release of a provision for residential trips cancelled due to CovKI-19.11 also includes an amount of £1.00012020. £2,000) relating lo the unwinding of the pensKfyn provish￿ discount factor {s* note 30). Net Income Nel income is ststed after chargirvj.. Yearended 31 August 2021 £000 Year ended 31 AugLSSt 2020 Depreciatw of tangibte fixed assets- owned Audrtorfs remuneration.. Group - audrt wo - taxalKJn wo 1,124 17 1,129 17 Operating lease rentals 170 172 Included within the group audit fee above is an ar￿Unt of £S.￿o (2020." £5,000) reming to the audit of the subsidiary company. Trent College Entefprises Limited. 10 Staff numbers and costs The average number ofemployees dufing the year were as folk)ws.' Group 2021 Number Group 2020 Number Teaching staff lull time part tsme full time part t￿e 105 60 98 113 113 57 109 128 Non-leaching staff 376 407 The aggregate staff costs of the Charitable group were as foll￿S. Year ended Year ended 31 August 31 August 2021 2020 £000 £000 Wa9es and salaries Social security costs Other pension wsts 8.872 743 1.407 9.101 769 1,455 11.022 11,325 During the year no remuneratK)n was paid to any of the governors and £nil (2020." £1.0001 was paid to 8ny12020". six} govemor in respect of re1mbu￿eMent of eypenses. Pension costs of £20.00012020.. £23,LKJO) were payable lo pension funds included in note 30 al the year end and have been included within creditors due wthin one year. 33 Docusign Enveknpe ID." A02FF81&fL8MFN6W8£O1EA1E53C7 TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 10 staff numbern and costs (continued) Group 2021 £000 Group 2020 £000 Aggregate employee benefrts of key managerrent personnel 779 The number of empk)yees who eamed over È60,C#XI and associated employer's pension contributions were split as follw.. Pension Contributions Year ended 31 August 2021 £000 Pension Contributions Year ended 31 August 2020 £000 Year ended 31 August 2021 Number Year ended 31 August 2020 Number £60.001- £70,000 £70.001 - £80,C4)0 £80.001 - £90.¢J)o £100.001- £110,000 £130,001- £140,000 £140.001- £150.000 62 17 20 17 27 20 32 11 Taxation No liability to corporation tax arises in view of the charrtable st*us of the parent ¢harilable company. The parent Charitab￿ company's wholly owned subsidiary undertaking. Trent College Enterprises Limrted, pays the whole of rts taxable profrt to the parent charilable company under the Gtft Aid scheme and therefore has no profrts subject to corwrat*)n lax. Docusign Envebpe ID.. A02FF81MC8&48F￿6S9BgD?EA1ESJ¢7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 12 Tangible fixed assets Freehold Fumiture, land and fittings and building5 equipment Motor vehi¢les £000 Total £000 Group and Company Al 1 September 2020 Additions 37,461 7,220 83 40 44,721 Al 31 August 2021 37.461 7.303 40 44,804 Accumulated depreclatlon At 1 September 2020 Charge lor the year 1,616 274 4.$66 35 6,217 1,124 At 31 August 2021 1.890 5.415 7,341 Net book value Al 31 August 2021 35.571 1.888 37,463 At 1 Seplernber 2020 35.845 2.654 38,504 The parent charitable company has dected, in accordan￿ with S35 10ld} of FRS 102. to use the earrying value on 1 September 2014, the date of tranSit￿n to FRS 102, of any ofthe above freehold land and buildings previously carried at 8 ValUat￿n as their deemed cost. Freehold land of £19.000.000 is included in freehokl larKI and buiklings and is not dep￿CIated. 35 Do¢￿519n Ens*k)k* rtr. A02FF81&eC8&48FN&fj94gJ1EA1E53C7 TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 13 Fixed asset investments Property investments Total £000 £000 Group Valuation At 1 September 2020 Revaluation in the year 715 75 715 75 At 31 August 2021 790 790 Shares in roup ings Propety investments £000 underta Total £000 Company Valuation At 1 September 2020 Revaluation in the year 715 75 715 75 Al 31 August 2021 790 The investment in the subsidiary undertakings represents the entire ordinary share capital of £2 of Trent College Enterprise5 Limrted, a cornpany registered in England and Wales (see note 29 forfurther details). Investment properties consist of those of the schcols. kind and buildings that are held for investmenl purposes and which are nol used in Ihe schools. thvn activrties. primarily ￿S￿lentla1 houses hekl on Ekn Avenue which are let out on the open ma￿et. The properties wefe valued as at 31 August 2021 by Wall￿e Jones. an independent local eslale agent and valuer, on the basis of open market value. in aceordanee %wth the Appraisal and Valuation Manual of the Royal Inststution of Chartered Surveyors. 14 Stocks 2021 2020 £000 Group and Company Maintenance department Other provisirms and stores 10 18 17 Docwsign Enveli)pe ID". AO2FF81$6c8>48FN￿￿Bgo1EAlES3C7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year e￿Ied 31 August 2021 15 Debto Group 2021 £000 Group Company 2020 2021 £000 £000 Company 2020 £000 Traile debtors Other debtors Prepayments Amounts owed by group undertaking5 451 18 209 214 260 139 430 193 260 139 209 678 613 662 592 16 Current assets investments Securitie$ investments £000 Group and Company Valuation Al 1 September 2020 Revaluation in the year 17 At 31 August 2021 21 Securities investments are al unlisted seCUnt￿$ hekl in Unrted Kingdom. 17 Cash at bank and in hand Included within cash al bank and overdrafts is £13,000 of monies hekl on behalf of third parties {2020.' £18,000). Creditors: amounts falling due wrthin onè year Group 2021 Group Company 2020 2021 £000 Company 2020 £000 Bank loans and overdraft Isee note 201 Fees receNed from parents in advance of term Fees in advance scheme Isee note 21) Trade creditors Taxation and social securty Other credrtors Accruals Amount5 owed lo group undertakings 367 1,248 430 665 196 147 593 192 648 298 435 704 146 367 1.248 430 665 193 130 587 192 298 43S 704 123 704 3.646 3.131 3.620 3,106 The bank loans are secured by way of a first and second ￿gaI charge over the assets of the parent charitable company. Further details are provided in note 20. 19 Creditors: ￿C1jnIS falling due aftef one year 2021 2020 £000 Group and Company Bank loans (see note 201 Fees in advance scheme Isee note 211 Acceptan￿ deposits from parents 5.622 562 436 4,586 684 329 6,620 5.599 37 DouJSign Envelo￿ ID.. A02FF81&6C&WFtkWW01EA1E53C7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 20 Analysis of debt Repayments are due as follows.. 2021 £000 2020 £000 Group and Company Amounts falling due.. within one year - belween one and year5 - beiween hvo and fNe years - after five years 367 499 1.589 3,534 192 203 703 3,680 5.989 4,778 The group and the parent charrtable company has hvo bank bans. details of which are as follows.. Lender Term Security Interest rate Royal 8ank of Repayable over 23 years fr￿n S￿lIand Pt September 2012 Main school building and 6.52% per annum grounds Lloyds Bank Pk £1.4m repayable over 5 years from Main school building. February 2022 grounds and debenture 1.55¥0 above base rale per annum 21 Fees in advance s¢heme The balan￿ represents the group and the parent eharitable cornpany's liabilities for fees paid in advance. The movements during the year were.. Group and Company £Doo Balance 81 I September 2020 Amounts ulilised in payment of fees Amounts re￿iVed in the year 982 {4131 423 Balance at 31 August 2021 992 The above arrK)unl is shown as £430.000 {2020". £298,0(M)I due With￿ one year (see note 181 and £562,00012020'. £684,000) due in more than one year {see note 19). 22 Defined benefit pension liability The balance represents the group and the parent charitsble company's liabilities for a funded multiemployer pension plan. TPT Retirement Solutions. Growth Plan (see note 301. The movements during the year were- Group and Company £000 8alance al 1 September 2020 Unwinding of the dI￿Ount factor linteresl eypensel Deficit contributions paid 187 141) Balance at 31 August 2021 147 ovJSign Envelope ID.. Ao2FF81S6C8>48FDW￿lEA1E￿C7 TRENT COLLEGE UMITEO NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 23 Called up share capital 2021 £000 2020 £000 Allotted. issued and fully paid 19,000 ordinary Sha￿ of£1 e&h 19 19 24 Reconciliation of movement in total restricted and unrestricted funds Group 2021 £000 Group Company 2020 2021 £000 Company 2020 Restricted funds Balance brought fonward Surplvs in the financi81 year Transfers 55 13 (61 52 55 13 16) 52 Balance at year end 62 55 62 55 Unrestricted funds Called up share capital 19 19 19 19 Rwaluation fund 23.044 23.044 22.275 22,275 General lund Balance brought fO￿ard Deficit in the financial year Transfers 8.901 (5091 9.751 (8501 9,670 15091 10,52D 18501 Balance al year end 8.398 8.9)1 9,167 9.670 Penslon fund Balance brought foThvard Movements in the financial year {1871 (2231 1187} 40 1223) 36 Balance al yeaf end {1471 {1871 1147 1187} Closing total lunds 31.376 31.832 31.376 31,832 During the year funds tolalling £6,00012020". £nil) were transferred from restricted funds lo unrestricted funds, representing a dOnat￿n from the Elms Parent Association for the creation of a wild garden. 39 Do¢uSign Enveknpe ID.. A02FFR1Mc8MF(M65￿￿1EAlEs3C7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 Augusl 2021 25 Reconeiliation of movement in restr•cted funds Opening Balanc8 £000 Closing Balance £000 Income £000 Expenditure £000 Transfe £000 Group and Company Anniversary Fund Old Trident One Thousand Club Scholarship and bursaries Friends of Old Trident Elms PSA Is) {3) {18) 55 25 62 161 55 40 (27) {6) 62 Reslncled funds are represented by cash al bank of £62.OtKJ (2020.. £55.0001. Restricted income of£40,000 12020.. £31,000) includes £13.OCM) fundraising income 12020.. £11.0001 and £27,000 donations 12020". £20,OfX)I. Reconclllatlon of Det Income to net cash Inflow from operdting activities Year ended 31 August 2021 £000 Year ended 31 August 2020 £000 Net expenditure ft)r the year before investment and other gains and bsses Dep￿ciatIon of tangible fixed assets Ilncreaselldecrease in St￿kS Ilncrease}Idecrease in debtors Increaselldecreasel in creditors Decrease in tjefined ￿nerrt pension provis¥)n from deficTt reduclp)n contributions payable Interest receivable Dividends ￿ceNable Rents receivab￿ from property investments Interest payable Unwinding of the discount factorwithin the defined benefrt pension provision Property investments managemenl costs payable {5351 1.124 18451 1.129 {651 315 {41) 57 (4631 140) {3) {1) 1281 317 128 304 Net eash inflow from operating activities 1,080 136 Analysis of changes in net debt At 1 Seplember 2020 At 31 August 2021 £000 Non cash Changes £000 Cash flo £000 Cash at bank and in hand Debt falling due within one year Debt falling due after one year Advance fees falling due wrthin one year Advance fees falling due after one year 883 11921 {4.5861 12981 (6841 1.936 29 {1.2401 298 (3081 2,819 1367} 15.6221 14301 15621 12041 204 14301 430 Net debt (4,8771 715 14.1621 The non-cash changes relate solely to the change in ageing of bank loans and advance fees. 40 nO￿JS￿Jn Enve￿pe ID.. AO2FF8l￿&￿tk065￿BgO1EAlEs3C7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Operating lease commitments The group and parent charrtable ￿panY have total future minimum lease payments under non-￿n￿lIable operating lease5 as follows.. Group 2021 £000 Group 2020 £000 Company 2021 £000 Company 2020 £000 Not l*er than one year Later than one and not later than fve years 146 274 104 52 146 274 104 52 420 156 420 29 Subsidiary undertaking Trent College Enterprises Limited The parent chaThlable company's subsidtary. Trent College Enterprises Limrted, has as ils principal aclwity the running of extemal funth'ons and courses and pays rts taxable profrts to Trent College Limited under the Gfft Aid scheme A summary of its trading reSU￿S are shown below. Audrted financial statements will be filed wrth the Registrar of Companies. Year ended Year ended 31 August 31 August 2021 2020 £000 £000 Profit and loss account External turnover Cost of sales 72 12} 92 {9) Gross profit 70 83 Administratwe expenses 1671 1811 Profft for the financial year Profit and Ioss account brought fornvard Amounts transferred to Tfenl College Limi(ed uThJer Gfft Aid (31 (21 Pmfrt and Ios5 account carried forward Net assets DLFring the course of the year. Trent College Limited made sales and recharges to Trent College Enterprises Limited of £64,000 {2020.. £85,000). As at 31 August 2021, Trent College Enterprises Limited owed Trent College Limited £S.00012020.. Trent College Limrted owed Trent College Enterprises Limited £2.0001 41 DocuSvJn Enve￿pe ID.. Ao2FF81mC&￿FrM￿B50lEAIESJC? TRENT COLLEGE LIMITED NOTES RELAMNG TO FINANCIAL STATEMENTS Year ende(131 August 2021 30 Pension and similar obligations The parent charrtable conTJany's employees mainty belong to two principal pension schemes, the Tea¢hers' Pension Scheme and TPT Retirement Solutions. Growih Plan. a leading multi-employer occupational PenS￿n fund for employees of charities and volunlary organisations. The remaining pension payments relate to payments maée to employees. LY4Yn peftsion schemes. The total pension contributions for the year were.. Year ended 31 August 2021 £000 Yearended 31 August 2020 £000 Teachers, Pension Scheme TPT Retirement Solutions. Gr￿ PLqn Other 1,238 152 17 1.269 154 32 1,407 1,455 Contributions amounting to £20.01￿ were payable on 31 August 2021 (2020.. £23.0001 and are included within Credrtors. Teachers. Pension Scheme The SchcM)I participates in the Teachers. Pension S¢heme1lhe TPS") for i($ leaching staff. The pension charge for the year includes contn'butions payable to the TPS of £1,238.00012020." £1,269.0001 and al the year*nd £nil12020- £nill was accrued in respèct of contributions lo this seheme. The Teachets, Pension Scheme ITPSI is a statutory. cA)nlributory. defined benefit scheme. governed by the Teachers. penS￿n Seheme Regulations 2014. Membership is automatic for teachers in the school. All leachers have the oplron lo opt-out of the TPS followng enrolment. The TPS is an unfunded scheme to which both the member and employer makes Contributions. as percentsge of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits a￿ paid by public funds provided by Parfiament. Valuatlon of the Teachers. Penslon Scheme The Govemmenl Actuary. usiNJ nomial actuarial principles. conducts a fo￿1 actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. Theaim of the reV￿W is10 specify the level offulure conlribulions. Actuarial scheme valuations are dependent on assumpts.ons about the value of future costs, design of b8nefils and many other factors. The latesl *uarial valualion of the TPS was carried out as al 31 March 2016. The valuation report was published by the Department for Educalion on 5 March 2019. The key elements of the valu*ion and subsequent consutstK)n are.. emph)yer contribution rates set at 23.6￿￿ of pensionable pay {induding a 0.08% administration levy) total scheme Ikgbilities {pensions cijrrenlly in payment and the eslim*ed ¢ost of future benefrtsl for service to the effective date 01 £218.1 billion and notional assets (estimaled future contributions toJether with the nots.onal investments hekj al the valual¥)n datel of £1%.1 billion, giving a notional past serwce def￿￿( of £22 billion. the SCAPE rate, set by HMT, is used to detemiine the notional investrrEnt retum. The current SCAPE rale is 2.4% above the rate of CPI. assuffEd real rate of retum is 2.4% in excess of prices and 20kn in excess of earnings. The rate of real eamings growlh is assumed to be 2.2%. The assumed nominal rale of retum including eamings grovrth is 4.45%. 42 DoaJSHJn Envelope IO". A02FF81MC8348FLU65WDfEA1E53C7 TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Pension and similar obligations (continued) Teachers, Pension Scherne {conts"nuedl The next valuation resuli is due to be irylemented from 1 April 2023. A copy of the valuation reFKJrt and supporting dcrumentstKJn is available on the website ww.teachers ensions.cA).uk. The TPS is a muki-employer pensK)n scheme and as such I￿nTh?t identify on a consistent and reasonable basis the share of undedying assets and liabilittes belonging lo indivtd4Jal employers. Accordingly the paienl charitable company, as require(J by FRS102. has accounted for rts contrbbulion as if il were a defined contribution Scheme. TPT Retirement Solutions. Grovrth Plan Trent College Limited participate5 in TPT Retirement SdLrtK)ns' Growth Plan I'lhe Scheme") which is a fun¢Jed mulli-employw pension scheme providing benefits to 950 non-associaled participating employers. The &heme is r￿t eonlractedthout of the State scheme. Contributions paKI in to the Scheme up to and including September 2001. as part of the Series 1 and Series 2 elements ofthe Growth Plan. were converted to defined amounts of pension payable from Normal Retirement Dale. Ffom October 2001 contributions were invested in personal funds which have a capital guarantee and which are c(￿Verted to pensM)n on reliremenl. ef(her wrthin the Scheme or by purchase of an annuity. It is not possible in the normal course of evenls to on a consislent and reasoTrab￿ basis the share of underlying assets and liabilities klonging to individual participaling employers. This is because the Scheme is a mutti-empbyer s¢heme where the assets are ¢o-mingled for investment purposes and benefits are paid from the Scheme's lolal assets. Accordingty the parent charitable ￿Mpany, as required by FRS102, has accounted for ils C￿tributIon as if it were a defined contribution ￿heMe. The Scheme is subject to the funding legislation OLrtlined in the Pensions Act 2D04 which came into force on 30 December 2005. This, together with d￿uMentS issueil by the Pensions Reguktor and Technical Aetuarial Standards issued by the Financial Reporting Council. set out the framework for funding defined benefit occupational pension schemes in the UK. The Scheme is classified as a 'last-man standing arrangemenf. Therefore the parent charitable company is potentially liable forother part￿ipatIng employers. obligation5 if those employers are unable to meet their share of the Scheme deficrt following Withdrawal from the Scheme. Participatin9 employers a￿ legally required lo meet their share of the Scheme def￿(( on an annuty purchase basis on w¢(hdrawal from the Scheme. The latest fvll actuarial valu*ion for Ihe Scheme was carried out al 30 September 2020. Thi5 valuation shcwed assets of £800 million. liabilities of £832 mill￿n and a reduced deficit of £32 million. The previous full actuarial valuation for the Scherne canied out al 30 September 2017 showed assets of £795 million, liabilitie5 of £926 million and a def￿rt of £131 millK)n. To eliminale the funding shortfall, the TnJstee has asked the participating employers to pay addrtional ¢￿tributIonS lo the Scheme as follows." Def￿rt contributions from 1 Apn'l 2022 10 31 January 2025.. reduced lo £3.3 milliorb pef annum. Ipayab rnonth￿ and with no annual increase) and separately identrfied expenses payable al £3.7millh?n per annum Ipayabie monthty and increasing by 3°A each year on 1 April). Th￿ is an updated position to the prewous defKrt contribution plan r￿ted below". Deficit ¢ontribulions linc5uding expenses} from 1 April 2019 10 31 January 2025." £11.2 million per annum {payable monthly and increasing by 3% each year on 1 April). 43 Dr*uSign EnvekJpe10." Ao2FF81&6C8>48FtK865>￿1EXfjEs3C7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Pension and similar obligalions (continued) TPT Retirement Solutions, Growth Plan (continued) The recovery plan contributions are allocated to each part￿ipatIng employer in line with their eslimaled share of the Series 1 and Series 2 scheme liabilities. Where the Scheme is in defKit and where the parent charitable company has agreed to a deficit funding arrangement, the parent charitable company rec(NJnises a liabilty for this obligation. The amount recogniseil i% the net present value of the deficit feduclion contributions payable underthe agreemenl that relates lo the deficit. The present value is calculated using the diseount rale detailed in these disclosures. The unwinding of the discount rate is reCOgn￿ed as a finan￿ cost. al The amounts rKognised in the balance sheet are as follows: 2021 £000 2020 £000 Present value of the deficrt reduction contribulK)ns payab 147 187 b) Changes In the present value of the dellclt redudlon ¢ontrlbuUons payable: 2021 £000 2020 £000 Provision al the stsrt of the year Unwinding of the discount factor {inteTest expense) Def￿11 contnbulions paid Rerneasurements - imp&t of any change in assumptions 187 223 {411 (40) PrOvis￿n at Ihe end of the year 147 187 cl Amounts included within Ihe statement of financial activities- Year ended 31 August 2021 £000 Year ended 31 August 2020 £000 Interest expense Remeasurements- impact of any change in assumptions Contributions paid in respect of futuie ser¥i¢e 152 154 Total amount charged to the statement of financial actNit 153 158 dl Assumpti¢)ns: Year ended 31 August 2021 % perannum Year ended 31 August 2020 % per annum Rate of discount 0.63 0.55 The discount rates shown above are the equNalenl Single discount rale5 Wh￿h. when used to discountlhe future recovery plan contribylions due. would give the same results as using a full AA corporate bond yield curve to discount the same recovery pLqn contributions. Docus￿￿ EnveloFe ID.. AO2FF81S6C8MF￿￿9*￿1EA YE53C7 TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2021 Penslon and similar obligations I￿ntinued) Employees. own pension schernes In addition to employer pension contributions to the TPT Retirernenl Solutions. Growth Plan, the parent charitable company contributes to the petsonal pension plan5 of ils employees. The employerfs contributions are charged in the state￿￿nt of financial activilies in the year in which the salaries to wh￿h they relate are due. 31 Related party transadions No ￿lated party transacthjns t(K>k plxe in the perK)d of account other than transactions with the parent charitable company's wholly owned Iraling subsidiary as disclosed in Note 29. None of the govemors had any ￿neficIal interesl in the shares of the parent charilable cornpany. SC Anelay. IF Bowness. A Butler. G cr￿ker. D Evans and L Hargreaves jointly held 18,977 shares in the parent charitsble company on trust for the pwenl tharitsble ￿￿npanY at the year end. 32 Controlling party The day404ay activities of the parent charitable ￿MpanY are controlled by Ihe govemors. As detailed in note 31. the shares in the parent Charitab￿ company are held on trust for the parent ¢harrtable company. The governors are of the opinion that there is no uttimale controlling party. 45