DocuSign Envelope ID: 246D9CD2-D9A8-4904-9BD8-7F5E8B19180F **Registered number: 00032983** ## **TRENT COLLEGE LIMITED** ## **REPORT AND FINANCIAL STATEMENTS** **YEAR ENDED 31 AUGUST 2022 CHARITY NUMBER: 527180** DocuS¥n En¥¢kn￿ ￿.. 24&D￿?.09￿904-9ETh 7FSE8BfgJWIF TRENT COLLEGE UMITED CONTENTS Year ended 31 Augvsl 2022 Pag•. Officials and advisor5 Chaies report Govprnnrs. re.￿rt (indudinq Strateg￿ rewrti 4-20 Indeyen¢Jeril A[￿J11￿￿.-? rcport to the memhpr8 of Trent C¢Jl¢qe Limrtea 21-23 Consolidaled slatement of financial actiwlies 24 Consolidated and Company balance sheets 25 Lonsdidated $tatemenl of cash fk)ws Notfft8 r￿aling lo financial st•ement$ 2746 DocuSbJn Envefope ID". 246D9C02-Dw4W￿￿7FsE8BI9lwF TRENT COLLEGE LlkllTED OFFICIALS AND ADVISORS Year ended 31 August 2022 President The Duke of Devonshire Governors Mr SC Anelay, 8Sc. FRICS, Dip 88M Mr GJ Bates Mr IF Bowness. BA. FCA Mr A Butler Dr G Crocker. MBE, DPhil, ACA Miss J Ellis. BA (Honsl Iresigne(114 Mar¢h 2022} Mr DR Evans, BPham. CertVetPharm, MRParmSIIPrescl. MRSPH Mrs D Evans. Bsc, MBA Dr R Field, Pho. MS¢. MA, DIC, PGCAP Mr N Finlay, BA, PGCE Mr l Grffin Mrs L Hargreaves, Bsc (Honsl. ACA Miss EJ Lindblom, BA IHonsl, ACA Dr CP Nathanail, ￿, Msc, DIC, PhD, CGeol. EuroGeol. SILC AArs DE Omissi lappointed 14 Mar¢h 20221 J Pygall AArs K Rai (appointed 14 March 20221 Dr K Raj {appointed 14 March 2022) Mrs S Rossef Chair of Governo The govemors are trustees of the charitable c¢)mpany for the purpose of Charity Law and are directors for the purposes of charitable Company Law. Officets (key management per￿ne1 currentty and through(￿rt the yearl Head Mr WJ Penty. 8A (Honsl Bulsar. Clerk to the Govemors and C(Mnpany Secretary Mrs C Astell£rccker, Bsc {Hons), FCA Head- The Elms Mrs F Potter, BA (Honsl, PGCE Deputy Head - Academic Mr D Brumby. Bsc {Hons) Deputy Head - Pastoral Mr J Halk)ws. BSC. PGCE Deputy Head - Wurricular Ms L Matththvs. BA {Honsl. PGCE Dire¢tor of Operations Mr JEC Gregory Oocusvjn Envdope ID.. 246D9CD2-D9ANg0d-9B￿1FSEaP1g1B0F TRENT COLLEGE LIMITED OFFICIALS AND ADVISORS Year erKled 31 August 2022 Principal address and registered office Trent College Derby Road Long Eaton Nottingham NG10 4AD Registered number (XK)32983 Charty number 527180 Indgpendent Auditors Cocper Parry Group Limiied ststutory Audilor Sky View Argosy Road East Midland5 Airport Castle t)onington Derby DE74 2SA 8ankeTS Uoyds 8diik yk 8 Tamworth Road Long Eaton Nottingham NC.10 1JJ Solicitors Eversheds Sutherland {Intemational} LLP Water Court 11&118 Canal Street Nottingham NGI 7HF Smrths {Solieitors) LLP 4th Floor Celtic House Friary St￿1 Derby DE1 1LS Insurance Brokers Marsh 4 Mitton Road Haywards Heath West Sussex RH16 1AH Docusign Envelope ID". 246D9CO2i>9A84W-9B￿7FSEeBl918Cf TRENT COLLEGE LIMITED CHAIR'S REPORT Year ended 31 August 2022 Our annual report for 2022 wrtrays the dynamic natu￿ of our our commitment to excellence and the individual needs of each pupil, and our desire to provide an environment that nurtures young people to go further ané be the besl they can be in tems of both achievement and character. As Chair of the Board of Governors, l am proud of our strong ethos and well-deserved reputation for providing a first ckss, all4ound education for children from six weeks to 18 years of age, Ihal en8bles them to progress through theiT educational Irves 8nd become well equipped to ljourish in a changing wodd. Al Trent College and The Elms we aim lo support the devekjpment of 811 thildren who pass through our doors. We build on academic capability. wider talents and interests. the understanding of the diversTty of people and reLgtionships. Ihe resilience, the independence, the enouiring mind, the ethical heart. and the sense of social responsibility. We welcome every child into a supportive and caring schwl community. taking them on an engaging ioumey of growth and devek)pmenl to go further Ihan they ever thought possible". to gwe them the skills required to thrive in a worfd of fast paced Change. Pupils at our schkxjls are provhled acce5S to an excellent education that has breadth, deplh and opportunity, and is holistic in rts preparation for posl-school fLrtures. l am continually impressed by the qualty and depth of pastoral care. which is at the forefront of our provision. and supports our pupils in their personal joumey. We conts.nue to build upon our commitment to excelbence across the whole sch(KJl, relaining the strong foundations and'regulatory compliance, that were validated by the Independenl Schools Insp￿tOrate in November 2021, when r most recent 'edu¢ational qualty. and.￿gUlatOry compliance. inspections We￿ undertaken. We were delighted thal the Independent Schools Inspectorate found th* the quality of the pupils. a¢adern￿ and other achievements and their personal development were excellent al Trent College and at The Elms and our Elms, Early Years Foundation Stage provision was found lo be 'Outstanding' in all area We remain proud of our pupi15' athievements that span excellent academic results as well as sU￿e$S in sport, music, dr8ma, co3n Envelo￿ ￿.. 24609CD2-DgAIA*M-98￿7FSF8fil9lBOF TRENT COLLEGE LIMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORTI Year ended 31 August 2022 OWEcnvES AND ACTIVlnES Charitable Objects The Objects of the parent charitsble company a￿ lo advance the educJtion of boys and girts in England, Wales or elsewhere in ac¢ordan¢e with the Proleslanl and Evangelical principles of the Church of England. Strategies for a¢hieving objectives Trent College Limrted's objectives and public benefrt aim are to pwde a first class independent education, through oulstsnding academic lurth)n. excellent pastoral care and through the deveknpment of wider sporting, artistic and social skills in all ils pupi15. This is intended to prowde an environment where each pupil can develop and fulfvl his or her pnle.ntiAI, Ihus byildinq self-cOnfiden￿ and instilling a desire to contribute to the wider community. Activities for achieving objectives Trent College Limited operates schools. Trent Colege pupils aged 11- 18 years and The Elms for children up lo 11 years. Trent College (17 - 18 yeaTsI is a happy and flourishing HMC independent day and boarding school. The 45 aeTe campus is situated in beautsful grounds and is conVen￿ntIY thaled on the border of Nottinghamshire and Derbyshire. Founded in 1866 Ihe school has a rich heritage and tradition which is combined seamlessly with a contemporary and fo￿ard-lOOkIng appro￿h_ A f￿￿S on the indwidual combined with high-quality teaching and pastoral care are pillars upon wh￿h the school stands. It prides itself on producing mature. well educaled, rounded young men and wornen who are fully equwed to deal wlh the thallenges and opp)rtunilhes of the world and workplace after schcol. The Elms lup lo 11 years) is the junior and nU￿ry ￿hor￿ to Trent Col￿ge arvj is convenienlty situated within the Trent Coljege campus thus alkThiing its pupils to take advantage of the eX￿￿ent facilities of the senior scho including swimming pool, drama perfomiance areas. all wealher sports pitches and a stste of the art dining room and pavilion. The Elms prides itself in prowding a nurturing and inspir*K)nal education ¢Jelivered by dedicated and highby professvJnal leaching staff. Trent College Enterprises Limrted carried out trajing actwitEs during the year. These actwities k)ok lo maximise the use of the schools, facilities for edUCat￿nal and other uses %then not in use by either schod, and are rented out at Cost or up lo a level not exceediro market rate. Actmties include the use of Ihe schools, swmming pool by I(￿[ swimming clubs", theatre faaIrt￿$ by ktal amateur dramabc scoetw. t)thpJ campus facilities by SFXJrts and youth based organi5ations. Promoting the success of the parent charitable company and group The governors have acted in a way that they consider. in gcod faith. prrmotes the suC￿$S of the parent charitable ompany and the group in order lo a¢hieve its ¢haritab]e purposes and in doing so has gNen regard (amongst other matters) to.. Our relationships with our puplls Our continuing ￿nMitrnent to excellence and Ihe irxlividual needs of each pupil underpins the suceÉss of the parent ¢harilable company and the group_ Our strategies are developed to provide an inspirational environment that nurtu￿$ pupils to be the best they can be. by enabling aCh￿vement and opportunity across our supportive schools. Further del¢iil Is indudcd within our slrategir. rppnrt from paqe 7. The wider community Both of our schoo15 welcome members of the wder communrty through their doors. whether that be local school pupi15 sharing our expertise and faaIrt￿S or community groups using the premises forevents. Pupils at our schools extend their reach outwards into the local and global community through fundraising and organised actimlies. These activities oplimise the educational use of our facilities but also generate sociql awareness amongst our pupils. Examples of activrties in the year are i￿l￿ded on pag&s 13 and 14. DowSYJn En¥ekpe ID." 246DgcD2￿S49￿9￿￿7F5E8B191fjOF TRENT COLLEGE UMITED GOVERNORS. REPORT {INCLUDING STRATEGIC REPORT) Year ended 31 August 2022 OBJECTIVES AND ACTIVITIES {co￿nNuED) Our employees The sch¢)ols aim to provide C￿ar and fair temis and conditions of empkjyment and remuneration. The parent charrt8ble company and group a￿ committed to a working environment that promotes equal opportunities and 1$ free from any form of di%rimination. induding on the grounds of cok)ur. race. ethnicity, re]￿lon, sex, sexual orientation or dis8bilty. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Trent College Trent College has continued to offer a h￿h standard of leaching, excellent person81 deveyowenl of the pupils and a wide range of educalional opportunrties and facilrties. The schwl aims to nurture all aspects of ils pupils. characters offering the opportunity for every child to Teach their personal best wthin an inspirat￿n81 environment. Trent College pupils are eonffdenl and artieu18te leamers who demonstrate a wde range of skills. and who, as they progress through the school, develop an increased knOw￿dge of the world about them, and become well equipped for adult life and the complex respwsibilth.es nee¢Jed in order to make a posilwe contribution lo today's society. Pupils benefit from the highest standard of indivKlual care, partiClP8te in a wide range of activities and gain impressive resutts both inside and OLrtsiOe the classr(x)m. Visrtors rnvariabty conwnent on the beautiful campus and the friendliness of all within rt. Pupils 81 Trent College continue to flourish academrcalty and all pupiL8, including those with leaming drfficulties. achieve h￿h marks in publie examinatsons compared to other similar academully selective schods. Intemational pupils similarly perfomied well academically in the year. Trent College pupils were awarded excellent grades for the qualtfic8tions that they had been working towards following a retum to exiemal public examinations in the summer of 2022. Trent College's A Level results this year achieved an overall exam pass rate of 1(K)OA wth over 51% of entries graded 81 A'_A and almost 80% al A'_B. Pupils wll be tsking up their Pla￿ at high-ranking universities including Cambridge, Oyford, Durham, Imperial, Bristol. Bath, Exeter. Newcastle. Nottingham. Manchester, and Wawick. It has also been another strong year for EPQ (Extended Project QualfficatKJn} results With all 14 pupils passing the qualification and 86.kn of pupils eaming B grade or above. The success of the Sixth Form at Trent can be seen from the very healthy number of pupils who joined this year lo begin their A Level sludies. making it one of the area's largest Sixth Fom)s. Trent Cdlege is also immensely proud of the GSCE resums this year wlh 47% of pupils achieviThJ grades 7-9, with an overall exam pass rate of 960A graded * 4-9. A major strength of 8 Trent College education is the first class pastoral care and guidance th* is provided for tts pvpils. This gNes support and encouragement to ensure pupils achieve their potential and thrive in their relationships wth staff and their peers. The p￿sentatIOn and management of all aspects of the campus and grounds make a considerable impression on vi8itors and al who study and work at the school. Pupil numbers at T￿nI College have remained healthy and dernand for pLgces has been strong for both day pupils and boarders. despite the challenges presented by Covid-19 in prKJr years. Allhough most ofthe schcK)I's boarders are from the local area and choose lo board so they can play a full part in the life of the schooj, there is also a strong demand from further afield. including a healthy number of international pupils. Boarding enhances the pupil's academic endeavour, sport, music. art. drama and provides the opportunity to lake part in additional activities. Day pupils also benefrt from a much nther scho)l experien￿ as a consequence of the boafding ethos at Trent College, wtth all pupils continuing to benefit fr￿ exposure to a diversrty of cuttures. OoGuSgn Envetope10". 24609CD2-0gA&4sWB￿7F5E8BlgI8OF TRENT COLLEGE LIMITED GOVERNORS, REPORT {INCLUDING STRATEGIC REPORT) Year ended 31 August 2022 STRATEGIC REPORT (CONTINUED) ACHIEVEMENTS AND PERFORMANCE {CONnNUEDI Trent College (continued) Al Trent College's mst recenl 'eduealional quality. inspection in November 2021, the Independent Schools Inspectorate found that the quality of the pupils. academic and other aehievements and their personal development e exeellent. °Pupils attitudes to leaming are &xcellent.- "Pupil's 8chpvements in an extremely w￿e range of co (791 1,124 304 1,0 310 Operating surplus 2,314 893 Any surplus arising is ultimately invested back into the schools either in the major capilal projects needed lo keep the schools in the forefront of independent eduealion. or by funding the prowsion of subsKJised ￿uCAtIon for children otherwise unable to altené either school. Inevitsbly. the demand for capital investment ¢ontinLJes Io PLrt pressure on aVaila￿e resources and in setting the fees. the governors have to balance accessibility and fairness to current parents wilh the requirements of a capital-intensive business. Duiing the year. experKliture of £491.000 12021. £83.0001 was incuried on fixed assets. as part of the schools, continuing caprtal inveslrr*nl proyramme", thi% rnduded refv￿1$hMent of ¢L4ssr(M)m facilities and upgrades of machinery and equir¥xenL Trent College Limited continues lo promote the letting of its facilities lothird parties. the resuts ofwhich are covered within Trent College Enterprises Limited's finanaal statements and con501idated in the staternent of financtal activities on page 24. Inveslment policy and objectives The governors aim lo invest any surplus funds so as to make a safe bLrt reasonable retum in the face of mathel forces. Reserves policy The govemors consider that unrestricted reserves should be held to meel the objects of the parent charf(able company and group, which includes a contingency element lo provide a degree of protection in the event of an unexpected revenue shortfall or $￿JnI[1¢anI unforeseen expeThditu￿. Restricted reserves are hehg for the purposes specifietj by the donor. which includes the pr¢)vision of bursaries. contributions towards academic departmental costs and capital projects. 15 DooJSYJn Envthpe ￿1". 246DgC02.D9AfA904-9￿7F5E88l918OF TRENT COLLEGE LIMITED GOVERNORS. REPORT (INCLUDING STRATEGIC REPORTI Year ended 31 August 2022 STRATEGIC REPORT (CONTINUED) FINANCIAL REVIEW {co￿lNUED) Reserves policy {continued} Tolal reserves held at the year end of £32_4 million 12021." £31.4 million) included unrestricted reserves of £32.4 million {2021: £31.3 million) and restricted reserves of £41.00012021.' £62.0001 comprising.. 2022 £'ooo 2021 £'ooo Cash held for restr￿ted PLFrposes 41 62 Restricted reserves 41 62 Tangible fixed assets used for edLUtional purposes Iw. L￿lik. h)an Defined benefrt pension funding liabilty Cash surplus 1dentrf￿ for future Strateg￿ Ca￿ts1 investn￿nt "Free" reserves 30.589 (1471 (291 632 1,530 872 Unrestricted reserves Total re￿r¥8$ 32,433 31,376 The govemors consider that the level of "free" reserves should be sufficient to cover planned and unforeseen variations in operat￿nal expenditure and on a rolling twelve monlh basis VAII fluctuate be￿een a lower limit of £0.5 million and an upper limit of £4 million. The governors monitor the level of "free. reserves on an annual basis and a5 part of the annual budgeting cyck by consideration of operational risks, extemal factors and cash fiows projected to the end of the academ￿ year. 'Free reserves. for the year ended August 2022 are £1,530,000 and meet the policy requwements. PLANS FOR FUTURE PERIODS The schools. wsion ts to have an exceptional ￿pUtatr)n for providing a firsl-dass, all-round educalKJn for boys and girls whth en$￿￿$ the best-possibk start lor Iheir fulure and enables them lo be the best they can ￿. The schools, ethos Is to give the hvJhest prThty to the qualtty of *adeM￿ prowsKsn. while also ￿eIng proud of their reputslion for delwering a fulty rounded Curr￿ulum, wth sport. MUSK, art and drama all being important elements of an educ*ion * Trent Colege and The Elms. This. CCAJpled wrth a focus on the strongest pastoral care, makes the schools an enwronmentthat nurtures young men and 5￿Men to be the best they can be in terms ofachievement and charader, enabling them lo llourish in a changing workl. Thts i% what stands at the very core of our schools. The sd)¢xls' aims eontinue to be built arcMJnd fve slrategTC pILws". Pupil Achievement- providing an exceptional ￿U¢8110n wth excellent outcornes for each pupil across a broad range of fields. Pupil Devebpmenl and Wellbeing - equipping every pwil to ach.eve their potential, prepare for the next lrfe stage. and lead a fu￿1￿ life in an eV0￿"Th9 world. Stsff Development and Wellbeing- promoting a confiden( engaged and prcfvJressNe Q￿mUn.ty of professional staff. Communications and Engagement- engaging all the sch1￿]s. stakehoklers wth the vision, ethos and offer of the schools. Enab￿r$- offering an inspir*onal enmronment in to kam. teach. woth and play. 16 DooJSvJn En¥el)pe ID.. 246D9c02.D9A84WB￿7FSEB819I8oF TRENT COLLEGE LIMITED GOVERNORS. REPORT (INCLUDING STrATEGIC REPORTI Year erided 31 August 2022 STRATEGIC REPORT {CONTINUÉD) PLANS FOR FUTURE PERIODS (Co￿nNuE0) The schools, future plans, underpin these Stffjteg￿ piHars, are subject to revbew by the governors. Following full strategic review in 202112022 the schwls awe instructing consultants on an Estates Masterplan and Estates Decart)onisalion Plan lo inform slfalegic thinking over the coming years and guide our sustainability actions. This sits alongside reviews to inform our use of technology in the schools and how this can be used for teaching and learnin9. PRINCIPAL RISKS AND UNCERTAINTIES The safeguarding of pupils and stsff. and potential repLrtational damage in the unlikety event of 8 high profile le981 action alleging lack of due care over pupils as vulnerable beneficiaries. is always a Signrf￿ant area for risk management in the schools. The govemors, fo￿$ on mrtKJating risks in this area remains paramount through the provision of suitable training to staff and pupils. urKle[￿fined by the IMp￿mentation of appropriate policies and procedures. The governors consider current political and econom￿ lutbujence to be the cause ofa number of the principal risks and uncertainties facing the sch￿[S. The impact of Covid-19 in prior Yea￿ ha5 been overshadowed by signifi¢anl, nationwide inflationary pressure. notably wr(h the prKe of fud and ulililies. The added impact of 5ector-wide wage inflation combines with increased costs of purchasing to Pla￿ pressure on the affordability of fees by parents and potentially pupil numbers. The govemors acknowledge the risk of a possible futu￿ change in govemmenl and the associated loss of various charitable reh.efs that this may brirrfJ. Auoss the independent sector, pri￿ competition from rival independent schools, stsle schtsJls' conversKJn to academy status an¢J a future increase in employer nlributions lo the reachers, Pension Scheme ITPSI would pose additional financi￿ risk to the s¢hool. The governors continue to rewew and assess the ￿Ve1 of risk and take mitigating actson accordingly to minimise the impact of extemal factors on the schools. Accordingty, in April 2023 the governors b￿an a period of consultatK)n with employees who are members of the TPS lo discuss fvture pension benefits. Notwlhstsnding the polrti¢al. economic and competitive srtualb)n. demand for places remains high in a number of year groups. other Signif￿nt risks facing the schools a￿ the increasing competi(ion for high-quality teaching and support staff and rts effect on succession planning, data protectKJn and potential for business interruption as a result of a data failure. and health and safety risks ranging from fi￿ and Infrastructu￿ to personal risks (most notably when away from the campus on trips and expeditKJnsl. The governors 8re satisfied that Ihese and other risks aThJ uncertaintEs have been mrtigated wherever possible through the detailed risk management processes established for the schools. This indudes maintaining effective internal controls. risk registers. inudent reporting and monrtoring systems. policies and prtxedures and insurance cover where appropriate. 11 Is acknowledged that systems can only provide reasonable but not absolute assurance that mairy risks have been adequalety managed. OTHER INFORMATION Environmental The schools. arboretum is one of the largest in the East Midlands and marby Vtsrtors enjoy the regular guided Icmjrs 8round rt. The sch￿1$, conserve the srte-, all specie5 of tree on site have been identffied and new ones are being conkn"nuousty added, while careful husbandry is protectiThJ a number of (are specwmens. An energy review has been undertaken in line with Phase 2 of the Energy Savings Opportunity Scheme IESOSI and both schools continue to remain compliant. The schools seek opportunrties to imp￿ment energy reduction schemes and continue lo measure and monitor energy consumption every 30 minute5. Wherever possible the $ch￿lS install automated equipment lo assist in controlling lighting, tempe{alu￿, and gerberal usage of energy. There is a rolling refurbishment programme operated by the Operations Oepartmenl so that as older equipment i% upd*ed it ts replaced by energy efficient items. During the yearthis pr￿ramme has included further repla¢emenl of ageing boilws. the conversK)n of lighting lo LEDS in three academ￿ buiklings and insuL8tion upgra¢Jes in several ioof voNIs. 17 Docusin Envelw ID.. 246D9CD2-D9W>)4-gBD&7F5E8B19180F TRENT COLLEGE LIMITED GOVERNORS, REPORT (INCLUDING STRATEGIC REPORT Year ended 31 August 2022 STRATEGIC REPORT (CONTINUED) OTHER INFORMATION {CONTINUED) Environmental (continued) The schools operate a battery. paper and printer cartridge recycling centre for its staff and pupils. Regular waste audits are conduded by pupils with the hetp of the environmental group Global Action and non-recyclable waste was further reduced during this period. The maionty of raw food waste is composted and, as far as possible, cooking ￿gred￿nIS are sourced kKally lo reduce foc#J miles and packaging. Reduction of single use p￿stICS is a fLKUS for the schools. Drinking water sL*ions a￿ fitted throughout all areas of the schools to allow pupils to fill up reusab￿ water bottles. Environmental awareness is taught as part of the Personal. S￿la1. Health & Ec0nCxn￿ EducatKin programme. Environmental action prqects are regularly arranged wthin Biology and Geography. There is a regular weekly Nature Conservation activity which supports local sites of interest through litter pi¢kÉng, stream clearing. bat box building, hedge planting projects etc. The Elms ￿ntinUe lo devew their Eco Garden. Streamlined eneryy and carbon reporting IIK greenhouse Aas emissions and energy use dats for the year ended 31 August 2022. 2022 2021 Energy Consumption used to calculate emissions Ikblhl Scope 1 emissKJns in Met￿ tonnes C02e gas consumption owned transport Imini buses) and non-own&J transport {school bus service) Scope 2 emissions in metric tonnes C02e purchased e￿ncitY Scopc 3 emissions in metrir tnnnes C02e business travel in empkjyee owneé vehides 5,408,049 5,312.479 726.60 24.62 730.20 12.25 256.53 270.96 0.51 0.19 Total gffjss emissions in metric tonnes C02e 1.008.26 1.013.60 Intensity ratio Tonnes C02e per pupil 0.80 0.93 Quantrfication and reporting methodology: We have folbwed the 2019 HM Govemment Environmental Reporting Guidelines. We have also used the GHG RepKJrting Prot¢xol - Corporate Standard and have used the 2022 UK Govemmenl's ConversK)n Factors for Company Reporting. Intenslty measurement: The chosen intensity measurement is lolal gr¢)ss emissions in metric tonne5 C02e per pupil, the recommended ratio for the seclor. Measures taken to Improve energy efficiency: ongoing rep1a￿meftt of ageing bOi￿rS. the conversion of lighting to LEDS in three further academic buildings and insulation upgrades in several rcof voids. We have continued VKleo conferenung lechnology f￿ some govemor. employee. and parent meets.ngs to reduce the need for travel. Mployees As an equal opportunty organisalion. both schools are committed to a working environment that is free from any form of discrimination. The Board of Governors d￿S not tolerate any sexual, physical or mental harassment of the schools, employees. The schools pfomote equal opportunities for all present and potential employees ané do not discriminate on grounds of colour, ethnic origin. gender. age, religion, polrtical or other opinion. disabilty or sexual orientation. The schwls make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. 18 Do¢￿s￿n Emfelope ID.. 246DW2.DgA849)4-9BD&7F5E8B19180F TRENT COLLEGE UMITED GOVERNORS. REPORT {INCLUDING STRATEGIC REPORTI Year ended 31 August 2022 STRATEGIC REPORT {CONTINUEDI OTHER INFOFIMATION {CONTINUEDI Employees Iconlinuedl The schools continue lo reccKJnise the benefrt of bolh effectve communication with employees and achieving a eommon awarene55 on Ihe part of efflpbyees of the finanual perfOrn￿n￿ and econcmnic factors affecting the perforrnance of erther school. lnfomia1￿n is avaiL8ble to employees through an intranet site and weekly briefings, and regular meeting5 are hekl betsyeen operational Heads of Department and team members to share and devek)p ideas. Employees are provided wth training in order lo give them the necessary skills to perfom their duties and where appropriate lo develop Ihese skills and prc#Jress their career. Funds held on behalf of ihird parties The parent charitable cornpany and group hohjs cash of £13.000 (2021-. £13,000) on behalf of third party groups. The parent charitable company and group ensures that these monies a￿ kept sepaole from the funds of the charity and are held for a number of small organisations including The 1 St Trent College Scout Group. Fundraising The schools raise funds IhrcMJgh communrty furKlrdising and from individual donors. We do not employ professional fundraising agencies and our actNities are planned and delivered by our small fundraising team, led by our Development and Alumni Relations Off￿er, whose responsibilty includes ensuring that our fundraising wortt complies with the Fundraising Coje of Practice. This includes relevant legal requirements as well as the standards sel by the Fundraising Regulator. We have not received any complaints about our fundraising practice and we regularly review the Code lo ensure that our fundraising conts.nues lo be legal. transparent 8nd respectful. Directors and directors. wrterests The names of the statutory directors, also govemots and c¢ynprise the trustees for I1￿ purKK)ses of Charty 3w, of the parent charrtable ¢￿panY and group are set out on page 1. The directors ￿e appcmnted in accordance th the requirements of the parent charita￿e c4)mpany's Art￿eS of Associatbon. No director recewed any rernUnerat￿n dumg the year the year. and £961 expenses relating to travel and accommodation in respect of the year endpJJ 2022,12021.. £nil) were reimbursed lo four directors in 2021122 {2021'. The parent charrtable company hokjs indemn¢ty insurarKe ￿ behalf of the directors. The cosl of the insurance was £2,000 {2021." £2.0001. None of the directors had any beneficial interest in the shares of the parent Charitab￿ company according to the register ofsuch intewts. SC Anelay, IF BcthMn￿, A Buuer. G Crocker, D Evans and L Hargreavesjointly held 18,977 shares in the parenl Ch￿itable cc¥npany on trust for the parent ch8rrtable c(Ynpany at the year end. Governors, responsibilities statement The govemors (who are also directors of Trent College timited for the purpose ol Company are responsible for preparing the govemors. rerK)rt, which indudes Ihe strategic rewrt. and the financial statements in accordance th applicable law and Unrted Kin9dom Accounting Siandards {United Kingtjom Generally A￿epted Accounting PraCt￿e). Company Law requires the govemors to prepare financial slalemenls for each financial year. which give a true and fair view of the stale of affairs of the parent charitable company and the group and of the incoming resources and application of resources. including the income and expenditure. of the group for that year. In preparing these financial statements. the governors are requir&J lo.. 19 DocuSBn Envebpe ID.. 248D￿O2.D9A849j4-SeO￿7FSEee1g18OF TRENT COLLEGE LIMITED GOVERNORS, REPORT {INCLUDING STRATEGIC REPORT) Year ended 31 Augusl 2022 OTHER INFORMATION {CONTINUED) Governors. responsibilities statement {￿ltinued) select suitable accounting pol￿eS an(i then apply them consislenlly.. observe the methods and pri￿lPleS in the Charrties SORP 2019 {FRS1021'. make judgements and estimates that are reasonable and prudent., stale whether applicable Unrted Kingdom accounting siandards have been followed. subject lo any material departures disclosed and explained in the financial statemenls", prepare the financial statements on the going concern basis Un￿$S il is inappropriate lo presume that the group will continue in operab"on. The govemors a￿ responsible for keeping adequate accounting records that di￿k)se with reasonable acLuracy al any lime the financial position of the group and the parent charitsble company and lo enable them to ensure that the financial statements comply with the Companies Act 2006. The govemors are also responsible for safeguarding the 38qP.ts nf Ihp group and th¢ parent charttsble corTVWy and hence for taking reasonable steps for the preVent￿n and detection of fraud and other wregularrties. In so far as the govemors a￿ awa￿. there is no relpvant audit inf￿rn9t￿n of which the group and the parenl Charitable company's audilors are unaware." and the governors have taken all steps that they ought lo have taken to make thernse￿es aware of any relevant audit informat￿￿ and to establish that the aL￿rtOr is aware of that information. The govemors. report. which indiides the stralegic report. was approved by the Board of Governors on 18 March 2023 and was signed on rts behaw by.. E7E1EF83EADD4U_ D EVANS IF BOWNESS Governor Governor OocuS4n Envdope ID. 246D9CD2.D9A￿￿98￿?F5E881g180F TREpif COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMtTED Opinion We have audited the financial statements of Trent College Limrted {°the company'l and ils subsidiary l.the group") for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated and Parenl Chantable Company Balance Sheets. the ConSol￿ated Slalemenl of Cash Flows and the related notes including a summary of signrf￿nI accounting rx)licies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards (United Kingdom Genefally Accepted Accounts"ng Praclicel including Financial RetK)rting Standard 102 'The Financial Reporting Standard applicable in the UK and ReputrA￿ of Ireland. and the Charits"es SORP 2019. In ouropinion, the financial ststoments: give a true and fair view of the state ofthe group's and the pa￿nt charrtabk company's affairs as al 31 August 2022 and of the incoming resources and appli¢*K)n of reSoU￿s, including rts income and expendf(ure. for the year then ended., have been propedy prepared in accordance with Unrt&J Kingdom Generally Accepted Accounbng Practice. have been prepared in acC￿danCe with the ￿quireMen1$ of the Companies Act 20C6. Basis for Opinion We conducted our audrt in a¢cordan¢e with IntematK)nal Standards on Auditing IUKI IISASIUKII and applicable law. Our responsibilities under those standards are further described in the aLJditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the company In accordan￿ with the ethical requirements that are relevant to ouraudr( of the financial statements in the UK. including the FRC'S Elhical Standard. and we have fulfilled our other ethical responsibilrtie5 in accordance with these requ1￿mentS. We believe that the audit evidence we have obtsined is sufftient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conc￿ded that the Govemors, use of the going concem basis of accounting in the preparation of the finanaal statements is appropriate. Based on the work we have perfcwmed. we have not identrfied ary material uneertainties relating lo events or conditions that, individually or collectivety, may cast sign[f￿nt doubt on the company's ability to continue as 8 going concem for a per￿ of at least ￿1ve months from when the financial ststemenls are authorised for issue. Our respon5ibililies and the responsibilities of the Governors wth resped to going concern are described in the relevant sections of this ￿pOrt. Other inforniation The Governors are responsib￿ for the other informath?n. The other infom)ation comprises the infomiation included in the Governors, Report. other than the financial slalernents and our atjdit report thereon. Our opinion on the financial statements dc*s not cover the other lnf0miat￿n and. exeept to the extent otheiwise explicitty slated in our report. we do not express any fomi of assuran￿ conclusion thereon. In connection with our audrt of the financk41 statements, cMJr responsibilty is to reatJ the other infom)ation and, in doing so, consider whether the other infomalion is malerialty inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such maleriol inconsistencies or apparenl material misslalements. we are required to delemine whether there is a material misstatement in the financial ststemenls or a material misslalemenl of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomialion. we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our ￿Inion. based on the work undertaken in the e4wtse of the audit." the informalion given in the Govemors. Report {incorporaling the Strategic Report) for the financial" year for which the financial stslemenls a￿ p￿pared is consistent with the financial stslements., and 21 DDcuSign Envelope ID. 246D9cD2-DgA￿9o4-58D8-7F$E88l918oF TRENT COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITEO Opinions on other matters prescribed ty the Companies Act 2006 (Continued) the Governors, Rep¢xi and Strategic Rewrt have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the Ight of our knowledge and understanding of the group and parent chantable ￿MpanY arKI its enmronmenl obtsined in the course of the audit. we have not identified material misstatements in the Governors. Report and Ihe Strategic Report. We have nothing to report in respect oflhe folkmng mattws in reL4tic￿ to whth the Compar¥es Act 2006 requires us lo report lo you rf. in our opinion. adequate accounting records have nol been kepl by the parent charitable ccfflpany. or returns adequate for our avflrt havo not been receNod from branches not visited by us," or Ihe parent charitable cornpany's finanual statements are not in agreement with the accounting records and returns., or certain disdosures ol Govemors. reMUnerat￿n speafied by law are not made,. or wp have not re￿￿etY all the. rriformat￿n and e4)lanations we require for our Aiidil Responsibilities of governoys As explained more fulty in the Ststemenl of Trustees. Responsibilib'es sel out on pages 19 and 20, the Governors (who are also the directors of the Chaiitable ctynpany for the purposes of ccmnpany lawl are responsible for the preparation of the financial ststements and for being satisfied that they gwe a true and fair view, and for such internal ¢onlfoI as the Governors detemiine is necessary to enable the preparation of finanaal statements that are free from material misst*emenl, whether due to fraud or error. In preparing the financial ststements, the Govemors are responsib￿ f¢y assessing the group's and company's ability lo continue as a going con¢em, dis¢k)sing. as applicable, matters related to going concem and using the going concern basis of accounting unless the Govemors erther intend to liquidate the group or the cryrpany or to Cease operations, or have no realistic attemative but to do so. Audltorfs responslbllitlÈs for thè audit of the financlal statements Our objeetives are lo obtain reasonable assuran￿ about whether the financial statements as a whole are free from rnaterial misslalemenl. whetherdue to fraud orerror, an¢J to issue an Audilorfs reKK)rt that includes ouropinion. Re8s0n8ble assurance is a high level of assurance. but is not a guarantee that an audit ¢onducted in accordance with ISAS IUKI will always delect a material misststement when rt exists_ Misstatements can arise from fraud or error and are considered material rf, indwKJually or in the agg￿gate. they coukl reasonably be expecled to influence the economic decA5ions of users tsken on the basis of these financial ststements. Irregularities. including fraud, are instances of non-compliance wrth ￿w5 and regulations. We design procedures in line with our responsibilrties. outlined above, to detect material misstslernen15 in respect of irregularities. ir￿lUding fraud. The extent to wh￿h our prcc&Jures are capable of delecting irregularities, including fraud. 18 detailed below.. Our assessment focussed on key laws and regulations the company has to cc*nply with and areas of the financial statements we assessed as being more susceptible to misstatement These key laws and regulations induded but were not limited to compliance with the Companies Act 2006, Chanties Act 2011, laxalK)n legislatK)n. data prolection, anti-bribery and employmenl legislalion. We are not responsible for preventing irregularities. including fraud. Our approach to detecting irregularities. including fraud, included, bul was not limited to. the following". obtaining an understanding of the legal and regulatory framework applicable to the company and how the company is comptying that framework. induding agreement of financial slalemenl disclosures to underlying documentation and other evidence; obtaining an undeistsnding of the company's control e￿r￿ment and how the company has applied relevant control procedures. through discussionswith management and by perfomiing walklhrough testing over key areas". obtaining an understanding of the company's risk as5es5menl proces5. including the risk of fraLKI: 22 DooJSign Enveltspe ID." 2400￿02-DWAgo4-sBD￿7FSEaB1glwF TRENT COLLEGE UMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITED Auditoffs responsibilitie$ for the audlt of the financial statements (continued) reviewng meeting minutes of those charged wrth govemance throughout the year" an perfoming audit tesbng to address the risk of management overrKSe of contro15, including testing journal entries and other adjuslments for appropriateness, evaluating the business rationale of significant transacl¥)ns outside the nomial cOu￿e of business and reviewng accounting estimates for b￿s. ilsl considering how our audit work addressed the detection of irregularities. we also considered the likelihood of detection of fraud based on our approach. Irregularrties arising froffl fraud are inherendy more difficult lo ¢Jelect than those arising from error. Because of the inherent limilalions of an audil, there is a risk that we will ncl detect all irreguL¥ities, including those leading lo a rnalerial misststement in the finanoal slatements or non-compliance with regulation. Thi5 risk increases the more that compliance wth a law or regUlat￿n is removed from the events and Iransaclh)ns refiecled in the financial statements. as we will be less like￿ to become awa￿ of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional concealment, forgery, collus￿n, omission or misrepresenlalion. A fiJrther description of otjr responsibilities for Ihe audTt of the financial Statements is k)caled on the Financial Reporting Council's website at". bMv.frc.org.uklaudilorsresponsibiir(ies. This description forrns part ofourAuditors' report. Use of our report This report is made solely to the parent charitable cL)mpany's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Ouraudrt work has been undertaken so that we might stale to the charrtable company's members those matters we are required to stsle to them in an aud(for's report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone olherthan the charf(able company and the charitable company's members as a body, for our audit work, for this repart, or for the opinions we have fomied. Simon Atkins {Senior Statutory Auditor) For ané on behaw of COOPER PARRY GROUP LIMITED Stslulory Auditor Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA Date.. 19 May 2023 23 Docusign Envelope ID.. 246D9CD2-D9A&4go￿BD￿7FsE8Bl91e0F TRENT COLLEGE UMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDftURE ACCOUNTI Year ended 31 August 2022 RtstTiCted Unrestricted fijnds funds Yearended Yearended 31 August 31 August 2022 2021 £000 £000 Notes £000 £000 Income from: Charitable activit￿$ Other trading actThiities Investments ations and ￿acleS 18,069 270 30 18,069 279 30 15.501 107 29 27 Totsl income 18.369 18.378 15.664 Expenditure on: Charitable activities Raising fLtrnds 16,959 421 16,989 421 15,872 327 Total expenditure 17,380 17,410 16,199 Net lexpenditureifin¢ome before investment gains and other gains and losses (21) {5351 Gains and 105ses from Investrr￿It activitv: ILossVgain on securiti'es investment$ Gain on inveslment properties 16 13 {1) 11) 75 Total Ilossllgain from investment activity (1) {1) 79 Not {oxpendituro)lincome forthe year {211 {4561 Other recognised gains and losses Re-measurement gain on define(I benefft pension plan Net movement in funds 121) 1.078 1,057 (4561 Fund balances brought forward 31.314 31.376 31.832 Fund balances carrled forward 32.392 32,433 31.376 The statement of financial aclmties includes all gains and k)sses in Ihe year_ AFI income and expenditure derives from continuing activities. The College has taken a (14n {29) 1147) Net assets 32.433 31.376 32,433 31,376 Funds Restricted funds 24 41 62 41 62 Unrestricted funds Called up share capit81 Revaluation fund General fund Pension fund 23 24 24 24 19 23,044 9,358 129) 19 23.044 8,398 (1471 19 22.275 10.127 {291 19 22,275 9,167 11471 Total funds 32.433 31.376 32.433 31,376 These financial slalements were approved by the Board of Govemors on 16 March 2023 and were signed on ils behaw by.. bT. knLSS D EVANS Governor EPE1EF9wr￿mc1.. The notes on pages 27 to 46 fonn part of these financial statements. 25 0octjs￿n Envelope ID.. 246D¥fD2.D9W904-W&7P5E8B19180F TRENT COLLEGE LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS Year er￿ed 31 August 2022 Notes 2022 £000 2021 £000 £000 £000 Net cash inflow from operating activities 3,025 1.080 Retums on investments and servlcing of finance Interest rec￿Ved Dividends received Rents received from property investments Interest paid Propety invp8tments rnanagemenl cvbls paid 28 <310) (11) 28 13041 (71 12911 1282) Capital expenditure and financial investment (other than fees in advance schernel Payments to ac4iJip. tangible fixed assets {491) 183) {491) 1831 Nel ts1￿11 Ii)Ilow before flnancing 2.24J 715 Flnanclng Repayment of loans Advance fees new eontraets Advance fees utilised Coronavirus Business Interruption Loan (203) 1.146 (538) (164) {1891 423 {4131 1.400 241 1.221 Increase in cash in the year 2,484 1,936 Reconciliation of net eash flow to movernent in net debt Increase in cash in the year Repaymenlslldrawdownl of Coronavirus Business Interruption Loan Repayment of loans Net fees in advance 2.484 1,936 {1.4001 203 16081 189 1101 Change in net debt 27 2,243 715 Net dphl 81 start of year 21 (4.1621 (4.6771 Net debt at end of year 27 (1.9191 14,1621 The notes on pages 27 to 46 fomi part of these financial statements. DocvSvJn Envebpelo.. 246D￿D2-D9A￿￿j4-9￿7FsE8B1918OF TRENT COLLEGE LIMrrED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 Accountin9 policies The followng accounting policies have been applied consistefttty in dealing vrith items vthich are ¢onsidered material in relation lo the parerbt charitable company and group's financAal ststemenls. General information and basi5 of preparation Trent College Limited is a charrtable o)mpany limited by shares incorpoTaled and registered in England and Wales. The principal address and registered office is given on page 2. The charity's objects and nature of its aclivities is detailed in the govemors. report on page 4. The financial statements have been p￿pared under The Companies Act 2￿6 and In accordan￿ w(th the Charitses Stslement of Recommended Practice {'SORP IFRS1021'1 and Financral Reporting Standard 102. The charity wnstf(utes a public benefrt enlty as defined by FRS102. The finanaal Statements have been drawn up uThJer the histori¢al wsl convention, with the exception of propety investments and olher investments which are included at market value. The statement of financial activit￿$ ISOFAI and balance sheet consolKlate the finan¢kal statements ol the parent charrtable parent company and ils wholty Nned subsidiary undertaking Trent Cdlege Entetprises Limited. The results of the subsKliary we consolidated on a line by line baws. The College has tsken advantage of the exempbon aljowed under seCt￿n 408 oflhe Companies Act 2006 and has not p￿sented ts own statement of financial actiwties in these financial statements. Going Concern The financial ststemenls have been prepared on a going concem basis. Trading subsequent lo the year end and forecast forthe h¥elve monlhs folk￿ing the dale of s￿nIng the accounts means Ihat the govemors are confidenl that the parent charrtable company will continue lo operate as a going ¢oncem for the fcAlowing hyefve months. Funds The parent charrtable company has a small number of restr￿ted funds forsitu*K)nswhere a donor requires that a don*ion must be spent on a Part￿U￿r purpose. All other funds are unrestn.cted and are used for meetin9 the charitatrAe objects of the parent charitable ¢ompany and group. I￿orne School fees receivab￿ and ancillary Ira(Sing income represent the invoiced fees for edu¢atk)nal services Suppl￿ duiing the year and are recognised in the year to which they relate. Schod fees receivable are shown nel of any scholarships, buTSOnes or other allowances granted by the schools against those fees. I￿t inclu¢Jing contribulions [￿1Ved fr¢yn restricted funds. Income from other trading actNilies. including non￿n￿lIary trading income and trading income from the subsidiary c£)mpany. is wognised as it is eamed las the related services are supplied). Investment income, including In￿Me fri)m property investments, is recognised on a receivable basis. Donations and legacy income are C￿rted to the restritedlunrestricled funds depending on any reslriclions applied by the donor_ The revenue is reccgnised when the group is legally entl(led lo the income, the amount can be quant[f￿d wrth reasonable accuracy and the econ(Ynic benefft lo the schools is Considered probable. 27 DocJJSvJTr En￿knpe ID.. 24609CD2-09A849J4-9BLW7F5E8B1918OF TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 Augus12022 Accounting policies I￿ntinue￿I Grants Grants including Government support made avaiL8ble during the Covid-19 pandemic are included in the Slaternent of Financial Activities a recer4able basis. ￿ere entitlement occurs before income is received, the income is accrued. Expenditure Expendrtuie is accounted foron an accruab basis as soon as a liabilty 1$ ￿nSide￿￿ probable, drscounted to present value for h)nger term liabilities. and is all¢)cated directly to the cost heading to ￿1¢h rt relates. Overhead and other costs not directty attributab￿ lo particular functional acts'vity categories are apportmjned overthe relevant categories on the basis of man￿ement estimates of the amount attributable to Ihal a¢liwty in the year. wlher by reference to staff time or space o¢Gupied, as appropriate. The irrecoverable elemenl of VAT is induded with Ihe ￿leM of expense to which it relates. Charitsble acltvities include expend(iure as$￿1¥e0 wtth the pr¢)visI￿ of education and boarding and in¢lules both direct and support costs re￿Ing lo these actmties. G0Veman￿ costs comprtse the costs ofrunning the charty. induding internal and extemal audit. any *al advice and al the costs of c(¥nplying with constrftUtic￿al and ststutory requirement5. Intra group sales and Charges between the parent charilable company and ts trading subsidiaries are excluded from ￿nsO11d01ed trading income and expenditure. Operating loa￿6 Leasing charges in respect of operating kases are reccgnwl in the ststement of financial activ((ies over Ihe lrfe of the lease agreement on a Stra￿h1 line basis. Tangible fixed assets and depreciation All tangible fixed assets are held at cost with the exceptson of f￿ehOld land and buildings, which as at 1 Septembei 2014 were held at deemed cost in aCC￿dance with the provisions of FRS102. Included in that deemed cost of freehold lan¢J and builjings ¢*egory is land totalling £19,000.000 thi¢h is not depreciated. Expendrture on the a¢quis￿'0n. constwctiort or enhancement of land and buildings together wrth fumitUTe. fittings and equipment. and motor vehicles costing MO￿ than £1.000 are capitalised and caffied in the balance sheet at historicaj ¢osl. . Depreciation is provK4ed to vnite off the cost les5 the esb'mated residual value of tangible f￿ed assets by equal instalments over their estimated usefijl ￿on0￿￿ Iwes a5 follryw5". Specialised school buildings 30 years Furniture arKI fittings 20% per annum Musical inslrumenls. kitchen equipment and sports equipment 10Vo per annum Molof vehicles 20% per annum Computer equipfflent 33% per annum Investment5 Propety investments are induded on the balance sheet at their open market value. Se¢urilies investments are stated at marf(et value Gains or losses arising on revalu*ion a￿ rec(8nised in the slalement of financial Bctivilies as unreali5ed gains or losses. Gains or losses arising on disposal 8fe remgni5ed in the 5talernenl of financial aclwities as realised gains or losses. 28 Do¢uStqh Envelcye ID.. 24604rD2-D9A849j4-9BD8-7F5E8B191￿F TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 Ac¢ounting policies (continued) Stocks Stocks are valtjed al the hJver of cost and net realisable Va￿e. Debtots and creditors falllng due withln one year Debtors and credrtors with no ststed interest r*e and falling due within one yearare recorded *transaction pri￿. Any losse5 arisino from impairment are recognised in expenditure. Financial Instruments Trent College Limited ¢)￿￿ holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement bases are as follows.. Financial assets trade and other debIc￿S a￿ basic financrdl instruments and are debt instruments measured at amortised cost as detailed in rK)te 15. Prepayments are not financial inslrumenls. Cash at bank is classrfied as a basic financial instrument and is measured at face value. Financial liabiir(ies trade credrtors, other credrtors and accnjals are financial instruments. and are measured at amortised cost as detailed in note5 18 and 19. Taxation and social security are not included in the financial instruments disck)sures definition. Deferre(l income reeognised as fees in advance. is not deemed to be a finan￿al liabilty, as the cash settlement has already taken place and there is an obligalic lo deliver services rather than cash or another finanual inslwmenl. Provisions Provisions are recognised when the parent Charitable Company has an obligalion at the balance sheel dale as a resutt ol a past event, it is piobable th* an oufflow of econL%ni¢ benefits will be required in settlement and the amoLtnl can be reliabty eslimated. Judgements and kty sources of estimation uncertainty The group makes estimates and assumption5 ¢0￿MIng the future. The Governois are also required to exercise judgement in the proces5 of apptying the charitable Company's a¢countsng policies. Estimates and judgements are continually evaluated and a￿ based on historical experience and other fadors, including expectation5 of futu￿ events th* are believed to be reasonable under the ar¢umstance$. The estwnates and assumptions that have a signif￿ant risk ofcausing a m*erial adjuslment to the carrying amounts of assets and liabilities wthin the next financial year are addressed bel¢)w'. In preparing these financi?1 slalements. the govemors have made the followng judgements.. al Investrnent properties Criti'cal estimates, assumpt*Jns and judgements reLgte lo the delerminalion of the carying value of investment properties at fair value. In detemiining this. the group appI￿S the overriding concept that fair value is the amunt for which an asset can be exchanged behveen knowledgeable willing parties in an arm's length IransaclK)n. The nature. facts and cwcumstances of the investment drives the ValUat￿n methodology. bl Depreciatr"on and residual valtjes Management have rev￿Wed the asset lives and a5SOCk8ted residual values of all fixed asset cla5se5. and have con¢lu¢Jed that asset INes aThJ resKlual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on numbe¥ of factors. In re-assessing asset lives. factors such as technological innovation, product lrfe cy¢les and maintenance programmes are taken into ac¢ount. Residual value assessments consider issues such as fvlure market conditions. Ihe remaining life of the asset and projected disposal values. DocuS¥n Envelope ID.. 246D￿D2.D9A84￿J4-g￿7FSE881916OF TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMEr￿s Year ended 31 August 2022 Accounting polici￿ (continued) Judgements and key sources of estimation uncertainty (continued) el TPT Retirement Solubons, Gro%th Plan The preseni value of the deficit eontributKins payable under the TPT Retirerrenl Solutions, Growth Plan is dependent upon the rale of discount used. The discount rate factor is assessed annualfy and varies based on extemal market ￿dItKJnS Imainty the rate of retum on corporate bonds). Pension s¢hemes Retiremenl benefits to teaching stsff of the parent eharil8ble company are provided by the Teachers, Pension Scheme and lo other members of staff via TPT Ret1￿ment Solutions, Growth Plan or via employees. own pension schemes. The pension costs Charged in the statement of financial a¢ts'vilies are determine(l a? folk￿.. Teaehers. Penston Scheme The Teachers, Pension Scheme I'TPS") is a defined benefft multi-employer pension scheme. 11 is not possible to kyenlify the schools, share of the undertying assets and liabilit￿$ of the TPS on a consi51enl 8nd reasonable basis and therefore. as required by FRS102, the parent charitable company accounts for the seheme as rf rt were a defined contribution scheme. The parent charitable company's contributions which are in aecordance wlh the recommendations of the Govemment Actuary. are charged in the year in which the salaries to which they relate are payable. The contributions are determined by qualified actuaries every four years. bl TPT Retirement Solulions. Growth Plan The TPT Retirement Sdub"ons' Growth Plan (￿e Sthemè.) is a mu￿￿emp￿yef pension scheme. It is not possible to Klentfy the schools, share of the underlying assets and liabilrties of the Scheme on a conslstent and reasonab￿ basis and therefore, as required by FRS102, the parent charitable company accounts for the Scheme as rf f( were a defined contribthion scheme. The parent Charitable company's contn"butions are charged in the year in wh￿h the salaries to which they relate are payable. The contributions are determined by qualrfied actuaries every th￿e years. The Scheme was a defined benefft seheme for contributions up to and induding September 2001 and became a defined contribulton scheme thereafter. The Scheme is elassffied as a'last4nan standing atrangement.. Therefo￿ the parent charitable company is polenlialty liable for other participating employers. obligations rf tht)se employers are unable to meet their share of the Scheme deficit following wrthdrawal from the SCh￿e. Partrcip*ing employers are legally required lo meet their share of the Scheme delial on an annuty purchase basis on withdrawal from the Scheme. Where the Scheme is in ￿e￿it and where the parent charitsble company ha5 agreed lo a defi¢Tt funding arrangement, the parent charitable company recffjgnises a liabilty at the balance sheet d*e for this obligation. The amount recognised is the net p￿sent value of the deficit reduction contributions payable under the agreement Ihat relates to the defrcit The present value is calcuLeted using the discount rale detail￿ in note 30. The unwinding of the discount rnte is recognised as a finance cost in the statement of financol actmties. c} Employeee. i)wn pension schemes. Employerfs pen%ons costs a￿ charged in the year in which the salaries to which they reL4te are payable. The schemes are defined wnlribukn.on pension sthemes. Tax The parent charitsb￿ company meets the definiiion of a charity ￿thIn the meaning of schedule 3 of the Ch3rilie5 Act 2011 and is conshgered lo pass the tests sel out in PaTagraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definrtion of a charrtable company for UK corporation tax purposes. 30 LJOCuS￿n Envelope ID." 246D9CD2-o9A&49￿9BW7FfjEeBI91wF TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 Incorne from charitsble a¢tlvitles Year ended 31 August 2022 £000 Yearended 31 August 2021 £000 School fees receDiable Funds and bursanes Ancillary trading income 17,374 14.553 695 941 18.(￿9 15,501 All income from charitable activrties in both years is dassified as unrestricted. School fees received in the year ended August 2021 were Tedueed in reC0gnrt￿ll of discounts given in recognitron of the Covi&19 pandemic. Year ended 31 August 2022 £000 Year ended 31 August 2021 £000 School fees receivable Consist of.. SchcK)I fees Less.. total scholarships and bursaries Less." other fee reductions 19,567 11,4161 {8051 16.437 {1,222 1689 17,346 28 14.526 27 Add back". bursaries paid for by restrided funds 17.374 14.553 Scholarships and bursaries are awarded lo individuals. Scholarships are awarded through competition on academic, music, drama and artist￿ merit. Bursaries We￿ awarded to 173 pupils12021'. 171 pupils) at varying levels according to financial need. Fee reductions a￿ available to leaching and non-teaching staff. Year ended 31 August 2022 £000 Year ended 31 August 2021 £000 Ancillary trading income consists Of- Extrayerfs pensKJn contiibulions were split as follows.. Pension Contributions Year ended 31 August 2022 £000 Pension Contributions Year ended 31 August 2021 £000 Year ended 31 August 2022 Number Year ended 31 August 2021 Number £60.001- £70.(NXI £70.001- £80.000 £80.001- £90.000 £90,001- £100,000 £140,(K)1 - £150,000 £150,(KJ1 - £160.000 31 22 20 20 32 11 Taxation No liabilty to corporation tax arises in wew of the charilable slatus of the parent charitable company. The parent charitsble company's wholly owned subsidiary undertaking, Trent College Enterpnses Limited, pays the whote of its taxable profil to the parenl charitable company under Ihe Gift Aid scheme and therefore has no profts subject to coyiration lax. QDcu&9n Emielope10." 246D9cD2-09￿YO4-9B￿7FsEeBIg18OF TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 12 Tangible flxed assets Freehold Assets Fumiture. land and under fittings and buildings ¢onstruction equipment £000 £000 Motor vehicles £000 Total £000 Group and Company Cost Al 1 September 2021 Additions 37.461 7.303 319 40 44.804 491 172 At 31 August 2022 37,461 172 7,622 40 45,295 A¢¢umulated depre¢i*ion At 1 September 2021 Charge for the year 1.890 274 5,415 761 7,341 1,036 Al 31 August 2ff22 2.164 6,176 37 8,377 Net IxK)k value At 31 Augusl 2022 35,297 172 1.446 36.918 At 1 September 2021 35.571 1.888 37,463 The parent charitable company has elected, in aC£Ordan￿ wich S35 101(11 of FRS 102, to use the Carrying value on 1 September 2014, the date of transrtK)n to FRS 102, of any of the above freehold land and buiklings previously carr￿1 at a valuation as their deemed cost. Assets under construction are enabling groundworks for a future building extension. Freehold land 01 £19,000,000 is included in freehold land and buildings and is not depr&iated. DocvSwJn En¥elcp8 ID.. 246D9CD2-D9A849J4-9BO8-7F5E881918rF TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEAIENTS Year ￿ded 31 August 2022 13 Fixed asset investsnents Property investments Total £000 £000 Group Valuation At 1 September 2021 and 31 August 2022 790 790 8har&s in group undertakings £000 Property investrnents Total £000 £000 ¢ompany Valuation At 1 September 2021 an(i 31 August 2022 790 790 The inveslment in the subsidiary undertakings represents the entire ordinary share capital of £2 of Trent College Enterprises Limf(ed, a company registered in Engtand and Wales (see note 29 forfurther delailsl. Investment properties consist of those of the s¢hools' land and buildings that are held for investment purposes and which are r￿t LFsed in the s¢hcds' own aclivities. primarity residential houses held on Elm Avenue which are let out on Ihe cfjen markel_ The properties were v￿lJ￿j as at 31 August 2022 by Wall8c£ Jones. an independent local estate agent and valuer, on the basis of open market value. in accordance wrth the Appraisal and Valuatson Manual of the Royal Instr(ution of Chartered SuTheyors. No adjustment to the valuations brought fO￿ard was considefed ne¢essary. 14 StoGks 2022 £000 2021 £000 Group and Company Maintenance (Jepartmenl other provisions and stores 10 15 18 15 Debto Group 2022 £000 Group Company 2021 2022 £000 Company 2021 £000 Trade debtors Other debtors Prepayments Amounts owe(I by group undertakings 408 32 215 451 18 209 397 32 215 430 18 209 655 678 647 662 DoGu&gn Envelr4)e10.. 24GD9cD2-D9A￿9o4-9B￿7F5EBBI9l80f TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 16 Current assets investments Securities investments £000 Group and Company Valuation Al 1 September 2021 Revaluation in the year 21 At 31 August 2022 20 Securities investments are all unlisted securit￿S held in the United Kingdom. 17 Cash at bankand In hand Included within cash * bank and in hand is t13.C￿ of monbes held on beha￿ of third parties {2021.' £13,000) 18 Creditors: amounts falling due within c￿e year Group 2022 £000 Group Company 2021 2022 £000 £000 Company 2021 £000 Bènk loans and overdraft (see ncie 201 Fees received from parents in advance of term Fees in advance scheme (see nde 211 Trade credftors Taxation and social secunty other credstors Accruals 499 1.610 632 720 213 417 573 367 1.248 430 665 196 147 593 499 1.610 632 720 210 413 565 367 1,248 430 665 193 130 587 4,649 3.620 The bank loans are secured by way crf a firsl and second legal charge over Ihe assets of the parenl charitable company. Further details are provKJed in note 20. 19 Croditors: amounts falling due afterone ye¥ 2022 £000 2021 £000 Group and Company Bank loans {see note 201 Fees in advan￿ scheme (see note 211 Acceptsnce deposits from parents 5.123 968 5.622 562 436 6,575 6.620 37 DocvS¥n enweloF* Kl.. 246D9CD2-DgA￿g¥J4-ge￿7F5E0Bl918oP TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year endeij 31 August 2022 20 Analysis of debt Repayments are due as follows: 2022 £000 2021 £000 Group and Company Amounts falling due.. - within one year - between one and two years - between Iwo and five years - after fve years. 499 367 499 1,589 3,534 1,475 3.134 5,622 5,989 The group and the parent ¢haiitable company has fvKJ bank loans. detsils of whtch are as follows: Lender Term Security Interest rate Royal Bank of Repayable over 23 years from Scotland PIC September 2012 Main ￿h0o1 buikjing and 6.$20￿ per annum grounds Lloyds Bank Pk £1.4m repayable over 5 years from Main school buikling, February 2022 grounds and debenture 1.55°/r* above base rate per annum 21 Fees in advance scheme The balance ¢L)r¢sents the qroup and the parent charits￿e cLJrnpany's fiabililies forfees paid in advance. The movements during the year were". Group and Company £000 8818nce 811 September 2021 Amounts ulilised in payment of fee5 Amounts received in the year 992 15381 1.146 Balance * 31 August 2022 1,600 The above amount is shown as £632.000 12021". £430,0￿) due wthin one year (see r+ole 18) and £968.000 {2021.. £562,000) due ￿ more than one year (see note 19). 22 Dèfined benefit pension liability The balance represents the group and the parent charrtable company's liabilities for a funded multi*mployer pension plan. TPT Retirement Solutions. GroW(h Plan {see note 301. The movements durinq the year were: Group and Company EOOO Balance at 1 September 2021 Unwinding of the discounl fact￿ (interest expense) Deficit contributions paid Remeasurement gain 147 129) impact of any change in assumptions - amendments to the Contributh￿ sch&Jule 1891 1901 29 Balance at 31 August 2022 EJocuSKJn Emielope ID.. 246D9CD2-D9A84￿-9B￿7FSE8￿lg780F TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 23 Called up share capital 2022 £000 2021 £000 Allotted. issued and fully paid 19,000 ordin8ry sha￿S of £1 each 19 Reconciliation of movement in total restricted and unrestrl￿ed funds Group 2022 £000 Group Company" 2021 2022 £000 £o(M) Company 2021 £000 Restrlcted funds Balance brought forward (Deficrtll surplus in the finanaal year Transfers 62 {21) 62 (21) 55 13 {61 13 {6) Balance at year end 41 41 62 Unrestricted lunds Called up share ¢apitsl 19 19 19 19 Revaluation fund 23,044 23,044 22,275 22.275 General fund Balance brought fon￿ard Surplvsl{deficit} in the financial year Transfers 8,398 960 8.901 15091 9,167 960 9,670 1509) Balance at year end 9.358 8.398 10,127 9.167 Pension fund Balance brought forward Movements in the financial year {14n 118 1187) 40 {1471 118 {1871 40 Balance al year end 1291 {1471 {291 (1471 Closing lolal fvnds 32,433 31,376 32,433 31,376 During the year fvnds totalling £nil12021.' £6,0(Xll We￿ transferred from restricted funds lo unrestricted funds, rep￿SentIng a donation from The Ekns pa￿ nt A$s￿latIOn for the creation of a wikl garden. 39 D0￿SV￿n Env*)2 ID". 246D￿o3.D9A849￿￿7F5EaBl9l8DF TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 25 Reconciliation of movement in restricted funds {￿nIng Balance £000 ClosSng Balance £000 Income Expenditure £000 £000 Group and Company Anniversary Fund Old Trident One ThousarKI Club Scholarship and bursaries Friends of Old Trident 151 131 {21) 62 41 62 130) 41 Restrtcled funds are rep￿sented by cash * bank of £41,00012021." £62.000). Restricted income of £9,000 {2021.' £40,WO) includes £9.000 fundraising ineome {2021." £13,00018nd £nil donations {2021.' £27,000). 26 Reconciliation of net income to net cash Inllow from operating adlvities Year ended Year ended 31 August 31 August 2022 2021 £000 £000 Net inccrnellexpendrturel for the year beth investment and other gains and losses npprp.r.i?tinn nf tangible fixed assds Oecreasellincreasel In stocks Oecreasellincreaselin debtors In¢re8se in creditors Decrease in defined benefft pensKJn provision from defici( reduclion contributions payable Interest ￿CeIVable 0￿￿endS receivable Rvlili ￿￿-￿.1Vab1c from pmpp.ty investments Interest payable Unwnding of the discount fxtorwithin the defined benefft pensi￿ provision Property investments management cosls payable {535) 1,036 1.124 (1) 165) 315 {41) 23 732 129) (11 (11 1281 304 1281 310 Net cash inflow from operatlng activities 3.025 1.080 27 Analysis of changes in net debt At 1 September 2021 Cash flows £000 At 31 August 2022 £000 Non cash changes £000 Cash at bank arbd in hand Debt falling dijp wlhin one yeor Debt falling due after one year Advance fees falling due within ye Advan￿ fees folling due after one ye 2.819 1367) 15,622} 14301 1&521 2.484 5,303 {4991 15,1231 16321 19681 14991 499 {2241 224 (630) Net debt 14.1621 2,243 11,9191 The non-cash changes relate solety to the change in ageing of bank loans and a¢fvance fees. Tlvcusrgn Envelope ID". 246D9cD2-D9AN93tsgB￿7F$E801918OF TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 Operating lease commitments The group and parent Charitab￿ crryany havetol81 fLrture minimum lease payments under non-C8n¢eltable operating leases as follows.. Group 2022 £000 Group 2021 £000 Company 2022 £000 Company 2021 £000 Not later than one year Later than one and nol later than five years 233 545 146 274 233 545 146 274 718 420 T18 420 29 Subsidiary undertaking Trent College Enterprises Limited The parent charitable company's subsidiary. Trent Col*e Ente￿riseS Limiled. has as its principal aclrvily the running of extemal functsons and courses and pay5 rts taxab￿ profits lo Trent College Limited under the Gift Aid scheme. A summary of ts trading results are shown below. Audited financial slalement5 will be filed with the Registrar of Ccfflpanies. Year ended Year ended 31 August 31 August 2022 2021 £000 £000 Profit and loss account External turnover Cost of sales 139 (151 72 {21 Gross profit 124 70 Administr*ive expenses {1181 167) Profit for the financial year Profil and bss account brought forward Amounts transferred to Trent Colege Limled under Gift Aid <61 <31 Profit and loss account carried forward Net assets During the course of the year, T￿nt College knmrted made sales and recharges to Trent Col￿ge Enterprises Limited of £127,00012021." £64.000). As al 31 August 2022. Trenl College Enterprises Limrted owed Trent College Limf(ed t3,0￿(2021.. £5.OC(J). 41 Docusiyn Envdope ID". 246D9CD2-QW48490&9BD8-7F5E8B19180F TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year erKled 31 August 2022 30 Pension and similar obligations The parent charitable company's emthees mainly bekjng to hvo principal pension schemes, the Teachers, Pension Scheme and TPT Rel1￿ment Solub"ons' Growth Plan, a leading multi-employer (xcupational pension fund for employees of charilEs ané voluntsry organisations. The remaining pension payments relate lo payments made to employees. own pension sthemes. The totsl pension contributions the year were". Year ended 31 August 2022 £000 Year ended 31 August 2021 £000 Teachers, Penaion Schcmo TPT Retirement Solutions, Growth Plan Other 1.345 161 13 1,238 152 17 1,519 1.407 Contributions amounting to £181.000 were payab￿ on 31 August 202212021.. £20,000) and are included wf(hin Creditors. Teachers. Pension Scheme The School participates in the Teachers. Pension Scheme l-the TPS") for lis ieaehing stsff. The pension charge for the year includes contributbjns payable to the TPS of £1.345.00012021.. £1.238.000) and at the year-end £161.00012021- £nil) was accnJed in ￿SpeCt of contributions lo this scheme. The Teachers. Pension Scheme ITrS) is a ststutwy. contributory. defined benefrt scheme, govemed by the Teachers. Pension Scheme Regulations 2014. MembeFship Is automatic for teachers in the school. All teachers have the option to opt-OUt of Ihe TPS folk)wing enrolmenl. The TPS is an unfvnded scheme to which both the member and employer makes contributions, as a percentage of salary these contributions are crediled lo the Exchequer. Retirement and other pension benefrts are paid by publ￿ funds provKled by Partiament. Valuation of the Teachers. Pension Scheme The Govemment Actuary, using ncmial a￿Uarial principles. eonducts a formal actLMrial review of the TPS in accordance with the publ￿ SeNice Pensions (Valuations and Ernployer Cost Cap) Directions 2014 published by HM Tfeasury every 4 years. The aim oflhe revw is lo specify the level offutUTe contributions. Actuarial stheme valu*ions are dependent on assumptions about Ihe value of future costs, design of benefits and many other factors. The latest actuarial valuats.on of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation ar*J 5ub5equent consultation are.. employer contribution rates set at 23_68QA of pensionable pay (including 8 0.08% administration levyl total scheme liabilities {pensions cuirentty in payment and the eslimaled c05t of future benefits) for service to the effectwe date of £218.1 bTrllion and notional assets leslimaled future eontributions tcgether wth the notional investments hdd * the valuation dale) of £196.1billion, giving a notional past service deficit of £22 billion. the SCAPE rate, sel by HMT. is used to deleThine the notional investment relum. The current SCAPE rale is 2.40A above the rale of CPI, assumed real rale of relum is 2.4°h in excess of prices and 20A in exces5 of earnings. The rate of real eamings growth is assumetl lo be 2.20h. The assumed nominal rale of retum induding eamings gr0￿h is 4.45°h. 42 usign Envelope10." 246D9cD2-D9w904-9￿7F5E8B19l TRENT COLLEGE UMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 Pension and similar obligations Iconlinu&J) Valuation of Tea¢heYs' Pension S¢hemè {continuedl A copy of the valuation report and supporting dccumenlalion is available on the website www.teacher ensions.co.uk. The results of the next ValUat￿n resuti. as at 2020. are expeded lo be announced in Autumn 2023, with iry>lemenL*ion from April 2024. The 31 March 2016 Valuation Report was prepared in aceordance with the benefi'ts set out in the scheme regtjlations and under the approach specffied in Ihe Direclions, as Ihey applied al 5 March 2019. However. the assumptions were conshdered and sel by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. This case has required the courts to consider cases regarding the implemenlalion of the 2015 refomis to Public Service Pensions incjuding the Teachers, Pension5. On 27 June 2019 the Supreme C¢)Urt den￿￿ the govemment perrni8sk)n lo appeal the Court of Appeal's judgment that Iransrtional provisions introduced lo the refomed pension schemes in 2015 gave rise to unlawtul age discrirninab"on. The govemmenl Is respecting the Courts decision and has said it will engage fully wrth the Employment Tribunal as well as employer and member representatives to agree how the discriminations wll be remedied. The govemment announced on 4 February 2021 that it intends lo proceed with a deferred choice underpin under which members will be able to choose either legacy or refomed scheme benefits in respect of their service during the period beiween 1 April 201 S and 31 March 2022 al the poinl Ihey become payable. The TPS is subject to a cost Cap mechanism wh￿h was put in pla￿ to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to Ihe Treasury. having in 2018 announced that there would be a review of this cost cap mechanism. in January 2019 announced a pause to the cost cap mechanism followng the Court of Appeal's ruling in the Mccloudlsargeant case and until there is certairsty at#)ul the value of pensions to employees from Apfil 2015 onwards. The pause was lifted in July 2020, and a consultalvJn was launched on 24 June 2021 on proposed changes to the cost control chanism foll¢)wng a review by the Govemment Actuary. Following a public consultation. the Government have accepted three key proposals recommended bythe Government kluary and are aiming lo implement these thanges In tThe forthe 2020 Valuat￿nS. The 2016 cost control valuations have since been completed in January 2022. and the results indicated that there would be no Changes to beneffts or member contribulions required. The results of the c05t cap valuation are not used lo set the employer contnbution rate. and HMT has conlimied that any changes to the empbyer contribulTron rale reSU￿.￿g from the 2020 valuabons will tske effect in April 2024. Until the 2020 valuation is completed il is not possib￿ lo conclude on anyfinancial impact orfuture Changes lo the contribution rates of the TPS. Accordingty, no provision for any add￿'On81 past benefit pension costs is included in these financial statements_ The TPS is a MUlt￿emploYer pension scheme and as such Cannot idenlfy on a consislenl and reasonable basis the share of underfying assets and liabilrties belonging lo individual employers. Accordingly the parent charitable company. as required by FRS102. ha5 accounted for ils contribution as if it were a defined contribution sch￿e_ TPT Retirement Solutions, Growth Plan Trent College Limited participates ￿ TPT Retirement Solutions. Growth Plan rthe Scheme") which is a funded mulliemployer pensDn stheme providing benefits to some 638 nort-as50cial&J participating employers. The Scheme is not contractetl-out of the Stste scheme. 43 DocuSvJD Envebpe ID.. 246D9cD2.D9w9￿98￿7FsEfjel9180F TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 Penslon and similar obligations Iconlinued) TPT Retirement Solutions, Grovrth Plan {continued) Contributions paid in lo the Scheme up to and including September 2001, as part of the Series 1 and Series 2 elements of the Growth Plan. were c£>nverted lo defined amounts ofpension payable from Nomial Retirement Date. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement. eilher within the Scheme or by purchase of an annuity. It is not possible in the no￿al course of events lo identsfy on a consistent and re850nabie ba5iS the share of underlying assets and liabiltiies belonging lo individual participating employers. This is because the Contributions paid 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 definetl amounts of pension payable from Normal Retirement Date. From October 21)01 contribu1￿)nS were invested in personal funds which have a caprtal guarantee and wh￿h are converted to pension on retirement. either wrthin the Scheme or by purchase of an annuty. It is not possible in the nomal course of events to identfy on a consistent and reasonable basis the share undertying assets and li8bilthes bebnging to individual participating employers. This is because the Scheme is a muttiompbyer stheme where the assets are co-mingled for investment purposes and benefits are paid from the SCherr￿'s lolal asset5. Accordingly the parent charitable company, as required by FRS102. has accounted for rt5 contribution as rf rt were a defined conlributK)n scheme. The Scheme is subject to the funding *iSlat￿n ouUw)ed in the Pensions Act 2004 which came into force on 30 December 2005. This, logelher wrth dLKumenls issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Cour￿11. set out the frarnework for funding defined benefrt occupalwjnal pension schemes in the UK. The Scheme is classrfied as a'last-man slanding arrangement.. Therefore the parent charitable company is potentially liable forother participating employers, Obl￿atIonS if those employers are unable to meet their share of the Scheme defi¢rt f0lb￿ng withdrawal from the Scheme. Part￿ipatIng employers are legally required to meet their share of the Scheme deficrt on an annuty purchase basis on withdrawal from the Scheme. The latest full actuarial valuation for the Scheme was carried out at 30 September 2020. This valuation showed assets of £800 million, liabilities of £832 million and a deficit of £32 million. The previous full actuarial Valuati￿ for the Scheme ¢arrie(l out at 30 September 2017 showed assets of £795 million, liabiltties of £926 million and a def￿11 of £131 millKJn. To eliminate the funding shortfall. the Trustee has asked the participating employers lo pay addit￿nal contribut￿on$ lo the Scheme as follows.. Deficit conth"butions from 1 April 2022 10 31 January 2025." at £3.3 mdlion per annum, {payable monthly and with no annual increase) and separatdy idenlrfied expenses payabbe at £3.7million per annum (payable monlhty and increasiry by 3% exh year on 1 April). This is an updated positK)n lo the previws defKit contributM)n plan noled below.. Deficit conth"butions {including expenses) from 1 April 2019 to 31 January 2025.. £11.2 million per annum {payable monlhiy and increasNig by 3% each year on 1 Aprir). The recovery plan conlributs.ons are allocated lo each participating empk)yer in line with their estimated share of the Series 1 and Serbes 2 scheme liabilrties. ere the Scheme is in defficil and where Ihe parent charitable company has agreed to a deficit funding arranoemenl. the parent charitable company recognises a Ik4bility for this obligation. The amount recognised is the nel present value ofthe defLil reduction ￿ntributionS payable under the agreement that relates lo the deficit. The present walue is calculated using Ihe discounl rate detailed in these disclosufes. The unwinding of Ihe discount rale is rewgnised as a finance c051. Yjcvsign Enw814)e ID.. 246D9cD2-D9A849j4-gB￿7F5E88l9180F TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 30 Pension and similar obligations {C¢￿tinued} TPT Retirement Solutions. Growth Plan Icontinuedl a) The amounts recognised in the balance sheet are as follows: 2022 £000 2021 £000 Present value of the deficrt reduction contributions payable 29 147 bl Changes in the present value of the deficit reduction contributions payable: 2022 £000 2021 £000 Provision at the start of the year Unwinding of the discount factor linlerest expense) Deficrt contributions paKJ Remeasuremenl gain - impact of any change in assumptions amendments to the contribution schedule 147 187 129) (1) 189) (41} Proviwon al the end of the year 29 147 c) Amounts included within the ststement of financial activities: Year ended 31 August 2022 £000 Year endod 31 August 2021 £000 Interest expense Remeasurements- irrpact of any change in assumptions Remea5urements- amendments to the contrthrtion schedule Contributions paid in respect of fiJture servi 1891 161 152 Total amount charged to the statement of financial actmties 72 153 d) Assumptions: Year ended 31 August 2022 % per annum Yeartnded 31 August 2021 % per annum Rate of discount 0.63 The discount rates shown above &e the equNalent single ¢Jiscount rates which. when used to discount the future recovery plan contributions due. woukl give the same resulls as using a full AA corporate boTr yield curve to discount the same recovery plan conlribulions. In addition to empkjyer pensM)n contributions to the TPT Retirement Solutions, Grovrth Plan. the parent charitable company conlribules to the personal pension plans of its employees. The employer's contributions are charged in the ststemenl of financial aclNitI'es in the year in which Ihe salaries lo which they relate are due. 45 Docuslgn Envebpe10.' 246D￿D2-D￿A90I-9B08-7F5E8￿ls18OF TRENT COLLEGE LIMITED NOTES RELATING TO FINANCIAL STATEMENTS Year ended 31 August 2022 31 Related party transactions No related paty transactions tod( place in the period of account other than transxtions with the parent charitatrAe company's whcAly owned trading subsidiary as disclosed in Note 29. None of the govemors had any benef￿181 interest in the Sha￿ of the parent charitable company. SC Anelay, IF Bowness. A Buller. G Crocker. D Evans and L Hargreavesjointty held 18.977 shares in the Parent charitable company on trust for the parent chartable c￿MpanY at the year end. Six govemots h8ve Child￿n who attended the Scho￿ in the yeaf. Any scI￿larShIpS awarded lo govemors. children are awarded on the same temis as all other schc4arship awards. 32 Controlling party The day-to-day actwrties of the parent charitable compary are controlled by the govemors. As detailed in note 31, the shares in the parent charitable company are held on trust for ihe parent charitable company. The govemors are of the opinion that there is no ultimate controling paty.