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2023-08-31-accounts

Registered number: 00032983

TRENT COLLEGE LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023 CHARITY NUMBER: 527180

TRENT COLLEGE LIMITED

CONTENTS

Year ended 31 August 2023

Page
Officials and advisors 1-2
report 3
(including strategic report) 4-20
Independent auditor
s report to the members of Trent College Limited		 21-23
Consolidated Statement of Financial Activities 24
Consolidated and Parent Charitable Company Balance Sheets 25
Consolidated Statement of Cash Flows 26
Notes relating to Financial Statements 27-45

TRENT COLLEGE LIMITED

OFFICIALS AND ADVISORS

Year ended 31 August 2023

President

The Duke of Devonshire

Governors

Mr SC Anelay, BSc, FRICS, Dip BBM Mr GJ Bates Mr IF Bowness, BA, FCA Mr A Butler Dr G Crocker, MBE, DPhil, ACA Mr DR Evans, BPharm, CertVetPharm, MRParmS(IPresc), MRSPH Mrs D Evans, BSc, MBA Chair of Governors Dr R Field, PhD, MSc, MA, DIC, PGCAP (resigned 25 July 2023) Mr N Finlay, BA, PGCE Mrs CA Gamble (appointed 4 December 2023) Mr I Griffin Mrs L Hargreaves, BSc (Hons), ACA (resigned 8 September 2023) Mr D Humes, BSc, MSc, MBBS, PhD, FRCS (appointed 11 March 2024) Miss EJ Lindblom, BA (Hons), ACA Dr CP Nathanail, MA, MSc, DIC, PhD, CGeol, EuroGeol, SiLC Mrs DE Omissi Mr J Pygall Mrs K Rai Dr K Raj Mrs S Rosser Mr K Sabherwal, MA(Cantab), MSc (appointed 11 March 2024) Mrs S Steele, BA(Hons) (appointed 11 March 2024)

The governors are trustees of the charitable company for the purpose of Charity Law and are directors for the purposes of charitable Company Law.

Officers (key management personnel currently and throughout the year)

Head Mr WJ Penty, BA (Hons)
Bursar, Clerk to the Governors and Company Secretary Mrs C Astell-Crocker, BSc (Hons), FCA
Head - The Elms Mrs F Potter, BA (Hons), PGCE
Deputy Head - Academic Mr D Brumby, BSc (Hons)
Deputy Head - Pastoral Mr J Hallows, BSc, PGCE
Deputy Head - Co-Curricular Ms L Matthews, BA (Hons), PGCE
Director of Operations Mr JEC Gregory

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TRENT COLLEGE LIMITED

OFFICIALS AND ADVISORS

Year ended 31 August 2023

Principal address and registered office Trent College Derby Road Long Eaton Nottingham NG10 4AD Registered number 00032983 Charity number 527180 Independent Auditors Cooper Parry Group Limited Statutory Auditor Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA Bankers Lloyds Bank plc 8 Tamworth Road Long Eaton Nottingham NG10 1JJ Solicitors Eversheds Sutherland (International) LLP Water Court 116-118 Canal Street Nottingham NG1 7HF Smiths (Solicitors) LLP 4[th] Floor Celtic House Friary Street Derby DE1 1LS Insurance Brokers Marsh 4 Milton Road Haywards Heath West Sussex RH16 1AH

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TRENT COLLEGE LIMITED

REPORT

Year ended 31 August 2023

Our 2023 annual report demonstrates the dynamic nature of our schools, 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 and be the best they can be in terms of both achievement and character. As Chair of the Board of Governors, I am proud of our strong ethos and well-deserved reputation for providing a first class, all-round education for children from six weeks to 18 years of age, that enables them to progress through their educational lives and become well equipped to flourish in a changing world.

At Trent College and The Elms we aim to support the development of all children who pass through our doors. We build on academic capability, wider talents and interests, the understanding of the diversity of people and relationships, the resilience, the independence, the enquiring mind, the ethical heart, and the sense of social responsibility. We welcome every child into a supportive and caring school community, taking them on an engaging journey of growth and development to go further than they ever thought possible; to give them the skills required to thrive in a world of fast paced change. Pupils at our schools are provided access to a high-quality education that has breadth, depth and opportunity, and is holistic in its preparation for post-school futures. I am continually impressed by the quality and depth of pastoral care, which is at the forefront of our provision, and supports our pupils in their personal journey.

We maintain our commitment to building excellence across the whole school, based on the strong foundations and their personal dev

music, drama, co-curricular and charitable activities. Their achievements are testament to their hard work and enthusiasm demonstrated in all year groups. Our dedicated teaching staff and the wider supporting departments across the whole school continue to maintain a collaborative and enriching environment for learning and growth for all our pupils and I would like to take this opportunity to thank all of our staff at school. In the 2023 public examinations at A Level over 31% of entries were graded at A-A and almost 70% at A-B. For pupils taking the awarded at grades 7-9 with an overall pass rate of 92% graded at 4-9.

The leadership of the Head of Trent College, Bill Penty, working in partnership with the Head of The Elms, Faith Potter, results in a vibrant and enriching community in which our pupils can thrive. I would like to take this opportunity to thank them for their outstanding work, delivered with dedication and passion for the success of both schools and the pupils in their care.

The underlying financial health of the schools remain stron continues as a priority in the ongoing uncertain macro-economic environment. We acknowledge the impact of inflationary and geo-political factors being faced by many organisations and individuals, including the families whose children join our schools. We have continued our provision of scholarships and bursaries, and, along with our work with local schools, various charities and the local community, we are able to widen public access to the education and high-quality facilities that our schools provide. I would like to thank parents and the wider school community for their continued support of the pupils in their care and for accompanying the school on our exciting journey.

The Board of Governors recognise the potential threats that are facing the independent school sector and will endeavour to balance affordability and accessibility to current parents, with the desire to offer fair reward to our staff and meet the requirements of a capital-intensive business. During the year we completed works on exciting outdoor playground facilities for our younger children at The Elms and continued with updates to maintain the quality of our teaching and learning facilities. The schools continue to see high demand for pupil places and we look forward to years of continued success.

D EVANS Governor

Date: 11 March 2024

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TRENT COLLEGE LIMITED

(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

The governors, who are the charitable trustees and directors of the parent charitable company and group for the purposes of Company Law, present their annual report, which includes the strategic report, and the audited financial statements for the year ended 31 August 2023. The governors confirm that the annual report, which includes the strategic report, and financial statements of the parent charitable company comply with the current statutory requirements, the requirements of the parent ons of the Charities Statement of Recommended Practice Charities SORP 2019

REFERENCE AND ADMINISTRATIVE INFORMATION

Trent College Limited is a charity registered with the Charity Commission in England and Wales, number 527180, and is a company limited by shares, registered in England and Wales, number 00032983.

The charity trustees and key management personnel are listed on page 1. The principal address of the charity and registered office of the parent charitable company, as well as a is given on page 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Trent College Limited is governed by its Memorandum and Articles of Association. It 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 (most recently updated in May 2022), the affairs of the parent charitable company shall be managed by a board of not less than five and not more than thirty 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 governors required to meet in order to dispatch any aspect of the parent three.

In accordance with the Articles of Association no dividend shall be paid to the members of the parent charitable company.

Governing body

The structure of the parent charitable company consists of one governing body for the two schools, Trent College (the senior school), and The Elms (the nursery and junior school), the details of which are explained on page 5. Any decisions in relation to the parent subsidiary, Trent College Enterprises Limited, are considered by the governing body but actioned by the directors of the company.

Recruitment and appointment of governors

The parent of the Board of Governors on the basis of having either volunteered or been approached by individual governors and having been through a selection process overseen by the External Relations and Board Operations Committee acting as a nominations committee, which includes an interview and consideration of recommendations and personal references. The nominations committee is made up of a minimum of three people including the Chair of the Board of Governors and the Head plus one or more other serving governor(s). Appointments are intended to ensure that the governing body contains a balance and blend of skills from a wide spectrum of professional disciplines.

Induction and training of governors

New governors are inducted into the workings of the parent charitable company and group, including board policy and procedures, via an amalgam of written documentation, pre-board meetings with the Chair of the Board of Governors, the Head and the Bursar. Governors are encouraged to tour the schools and attend events to meet staff and pupils and to attend governor training courses and topical seminars facilitated by independent school organisations such as AGBIS, ISBA and BSA. Examples include: , AGBIS Good Governance in Boarding and Boarding Provision Further training on Child Protection, Safeguarding and Prevent is also provided by the schools Designated Safeguarding Lead and is available online. The process for both induction and on-going training is reviewed periodically to ensure that governors continue to be fully supported in discharging their corporate governance responsibilities.

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TRENT COLLEGE LIMITED

(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Organisational management

The Trent College governors, as the governors of the parent charitable company and group, are responsible for the overall management and control of each of its schools. The Board of Governors meets at least three times per year. The work of implementing most of their policies is carried out by the following committees:

All committees are chaired by a governor and usually meet at least once per term in sufficient time to be able to forward a full committee report to the Board. In addition, bespoke sub-committees are formed as and when required to deal with specific issues such as major capital projects and recruitment of key staff. While committees exist to manage specific areas, all committees report to the Board and the day to day running of the schools is delegated to the key management personnel listed on page 1, supported by the schools senior leadership teams. The Heads and/or the Bursar attend meetings of all the above committees and other key management personnel and members of senior leadership teams attend meetings if appropriate.

In response to the needs of the schools and other strategic matters, a number of additional committee meetings and Board of Governor meetings were held during the year, to ensure robust and timely governance. Since March 2020, some governor meetings have been successfully arranged through a remote platform.

The remuneration of key management personnel is set by a group of governors who are nominated by the Board and includes the Chair of the Board of Governors. The policy objective is to provide appropriate incentive to encourage enhanced performance, whilst providing fair and responsible reward for individual contributions to the schools success. Appropriateness and relevance of the remuneration policy for key management personnel is reviewed annually with periodic reference to benchmarking analysis to compare with other independent schools.

Risk management

The Trent College Board of Governors is responsible for the management of the risks faced by the schools. Detailed consideration of risk is delegated to all committees, who are assisted at an operational level by the schools key management personnel and senior leadership teams. Risks are identified, 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 at the termly Board meeting. The key controls used by the parent charitable company and group include:

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TRENT COLLEGE LIMITED

(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

OBJECTIVES AND ACTIVITIES

Charitable Objects

The Objects of the parent charitable company are to advance the education of boys and girls in England, Wales or elsewhere in accordance with the Protestant and Evangelical principles of the Church of England.

Strategies for achieving objectives

Trent College Limited objectives and public benefit aim are to provide a first-class independent education, through outstanding academic tuition, excellent pastoral care and through the development of wider sporting, artistic and social skills in all its pupils. This is intended to provide an environment where each pupil can develop and fulfil their potential, thus building self-confidence and instilling a desire to contribute to the wider community.

Activities for achieving objectives

Trent College Limited operates two schools, Trent College for pupils aged 11 - 18 years and The Elms for children up to 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 beautiful grounds and is conveniently located on the border of Nottinghamshire and Derbyshire. Founded in 1866 the school has a rich heritage and tradition which is combined seamlessly with a contemporary and forward-looking approach. A focus on the individual combined with high-quality teaching and pastoral care are pillars upon which the school stands. It prides itself on producing mature, well educated, rounded young adults who are fully equipped to deal with the challenges and opportunities of the world and workplace after school.

The Elms (up to 11 years) is the nursery and junior school to Trent College and is conveniently situated within the Trent College campus thus allowing its pupils to take advantage of the excellent facilities of the senior school including swimming pool, drama performance areas, all weather sports pitches and an extensive dining room and pavilion. The Elms prides itself in providing a nurturing and inspirational education delivered by dedicated and highly professional teaching staff.

Trent College Enterprises Limited carried out trading activities during the year. These activities look to maximise the use of the school facilities for educational and other uses when not in use by either school and are rented out at cost or up to a level not exceeding market rate. Activities include the use of the school swimming pool by local swimming clubs; theatre facilities by local amateur dramatic and dance societies; other campus facilities by sports and youth based organisations.

Promoting the success of the parent charitable company and group

The governors have acted in a way that they consider, in good faith, promotes the success of the parent charitable company and the group in order to achieve its charitable purposes and in doing so has given regard (amongst other matters) to:

Our relationships with our pupils

Our continuing commitment to excellence and the individual needs of each pupil underpins the success of the parent charitable company and the group. Our strategies are developed to provide an inspirational environment that nurtures pupils to be the best they can be, by enabling achievement and opportunity across our supportive schools. Further detail is included within our strategic report from page 7.

The wider community

Both of our schools welcome members of the wider community through their doors, whether that be local school pupils sharing our expertise and facilities or community groups using the premises for events. Pupils at our schools extend their reach outwards into the local and global community through fundraising and organised activities. These activities optimise the educational use of our facilities but also generate social awareness amongst our pupils. Examples of activities in the year are included on pages 13 and 14.

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TRENT COLLEGE LIMITED

(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

OBJECTIVES AND ACTIVITIES (CONTINUED)

Our employees

The schools aim to provide clear and fair terms and conditions of employment and remuneration. The parent charitable company and group are committed to a working environment that promotes equal opportunities and is free from any form of discrimination, including on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Trent College

Trent College has continued to offer a high standard of teaching, excellent personal development of the pupils and a wide range of educational opportunities and facilities. The school characters offering the opportunity for every child to reach their personal best within an inspirational environment.

Trent College pupils are confident and articulate learners who demonstrate a wide range of skills, and who, as they progress through the school, develop an increased knowledge of the world about them, and become well equipped fo Pupils benefit from the highest standard of individual care, participate in a wide range of activities and gain impressive results both inside and outside the classroom. Visitors invariably comment on the beautiful campus and the friendliness of all within it.

Pupils at Trent College continue to flourish academically and all pupils, including those with learning difficulties, achieve high marks in public examinations compared to other similar academically selective schools. International pupils similarly performed well academically in the year. Trent College pupils were awarded impressive grades for the qualifications that they had been working towards following external public examinations in the summer of 2023.

of 98% with over 31% of entries graded at A-A and almost 70% at A-B. Pupils will be taking up their places at high-ranking universities including Durham, ristol, Bath, Birmingham, Newcastle, Nottingham, Leeds, Liverpool, Manchester, and Sheffield. It has also been another strong year for EPQ (Extended Project Qualification) results with all pupils passing the qualification and 82% of pupils earning 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 to begin their A

Trent College is also pleased with the GSCE results this year with 41% of pupils achieving grades 7-9, with an overall exam pass rate of 92% graded at 4-9.

A major strength of a Trent College education is the first-class pastoral care and guidance that is provided for its pupils. This gives support and encouragement to ensure pupils achieve their potential and thrive in their relationships with staff and their peers. The presentation and management of all aspects of the campus and grounds make a considerable impression on visitors and all who study and work at the school.

Pupil numbers at Trent College have remained healthy and demand for places has been strong for both day pupils and play a full part in the life of the school, there is also a strong demand from further afield, including a healthy number of international pupils. Boar the opportunity to take part in additional activities. Day pupils also benefit from a much richer school experience as a consequence of the boarding ethos at Trent College, with all pupils continuing to benefit from exposure to a diversity of cultures.

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(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Trent College (continued)

inspection in November 2021, the Independent Schools Inspectorate development are excellent. Pupils attitudes to learning are excellent. -curricular and extra-curricular activities are outstanding. The college is highly successful in fulfilling its aim to nurture young people to be the best they can be in achievement and character.

November 2021, the school was found to be fully

compliant in all aspects of its operation.

The aspiration at Trent College is to help pupils achieve their absolute personal best in whatever they do. Trent is renowned for a broad-based education and inspiring young people to develop their individual talents. Its results are, therefore, testament to the hard work and enthusiasm of the pupils, and also to the teaching staff who have supported them with such dedication.

Attaining these academic achievements did not prejudice the sporting, music, drama, extra-curricular and charitable activities. The school continues to successfully provide a broad curriculum which balances the academic, co-curricular and pastoral needs of the pupils. The breadth of opportunities available to them continues to be firstclass and is highly valued by parents and pupils. These activities make a valuable contribution to a strong curriculum whether they are in the areas of sport, drama, music, charity or outdoor activities.

The Sports programme at Trent College is a thriving, living and breathing organisation where staff provide the best possible coaching, expertise and opportunities for the pupils.

Participation - Progression Performance.

The aim is to provide the opportunity for all pupils to find an activity they enjoy, which will help them lead a healthy and active lifestyle then, for those who are able, to deliver the highest levels of support through performance programmes enabling each pupil to excel. The performance sports are Rugby, Hockey, Cricket and Tennis for boys and Hockey, Netball, Cricket and Tennis for girls.

The school runs a values driven programme, based on the belief that the behaviours drive performance. Fundamentally, if pupils and staff can exhibit the correct actions and attitudes, the score will take care of itself. Behaviours are shaped by leadership, a sense of pride in the work performed, honesty in choices, effort in all that is done and a commitment to teamwork, all of which is underpinned by the importance of humility.

Trent has a very strong sporting tradition and an enviable record of sporting achievement with a national reputation in hockey, rugby, netball, cricket and tennis.

The main sporting achievements during the year are outlined below.

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GOVERNOR

(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Trent College (continued)

Trent continues to provide musical opportunities for pupils that are at least as diverse as their own musical interests. Choirs and orchestras sit alongside pop and rock bands, and the department prides itself on both the eclecticism and inclusivity of its offer cohesion within a year group ensemble, leadership opportunities for senior pupils, and exposing younger pupils to role models further up the school. An increasing feature of the department is the collaborative and cooperative approach with the Music department at The Elms, allowing the ethos of aspiration to permeate across the two schools. During the academic year, the school returned to the Albert Hall in Nottingham for a Spring Concert, uniting the whole of Year 7 with musicians and singers from the senior school community. Other events and achievements include those noted below.

The Drama Department were able to stage three fabulous productions as well as providing a range of opportunities for pupils across the school. Drama Scholars staged an evening of Monologues and Duologues with 35 pupils contributing to the show. The Whole School production of A Christmas Carol featured more than 100 pupils performing on the stage, in the music band or collaborating as technical support. In the Trinity term, Lower School pupils performed Shakespeare in the Grounds, three separate productions of Macbeth, Twelfth Night The Merchant of Venice with 74 pupils in the cast and technical crew.

Other highlights of the year were the visits of the Paper Birds workshop, who worked with Sixth Form pupils and in years 10-13 went to Nottingham to see National All of Year 7 visited the Harry Potter Studios near London. Pupils were delighted to learn about various aspects of bringing the books to life on screen, as well as spending time exploring the iconic sets and costumes. The Drama Technical Team continued to meet as a co-curricular activity, giving pupils the valuable opportunity to develop their backstage, lighting, set design and stagecraft.

The London Academy of Music and Dramatic Art (LAMDA) lessons and examinations continue to be a popular co-curricular activity with boys and girls of all ages. Pupils benefit from these courses, developing their confidence in acting, public speaking, debating and general communication, with evidence of their accomplishments clear to see. Of the 80 pupils taking examinations, all pupils achieved either a Merit (25%) or Distinction (75%) in their exams with a number at the higher Level 3 award level.

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(INCLUDING STRATEGIC REPORT)

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STRATEGIC REPORT (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Trent College (continued)

The Duke of Edinburgh Award (D of E) pupils engaged with Bronze, Silver and Gold Awards. October half term saw the Silver Groups complete practice expedition days out in the field. Lent term saw the Silver Group complete their Qualifying Expedition and the Gold group completed their practice expedition. In Trinity term the Bronze and Gold cohorts were able to complete their Qualifying Expeditions.

In Michaelmas, the Senior Cadets conducted an overnight field day at Prince William of Gloucester Barracks, Grantham, in which over 50 pupils were able to demonstrate their fieldcraft syllabus and sleep out overnight in pupil-made shelters. There was a strong presence of pupils at Remembrance Sunday and a number of our cadets participated in two air rifle fixtures against a local school. Five cadets participated in a nationally organised, residential STEM camp run by the CCF (Army).

Training continued apace in Lent Term, led by our NCOs. The RAF Section visited RAF Brize Norton to tour the base. A residential activity at Chetwynd Barracks replaced the Lent term field day which was cancelled due to poor weather and included leadership training for Year 10 and 12 Cadets. In the summer, the Army Section took 15 Cadets to Crowborough Brigade Camp with the school finishing in podium positions in 5 of the events over the week. Three Year 12 Cadets passed the Air Cadet Leadership Course over the summer.

It has been pleasing to see a full return to the other educational activities available to pupils at Trent College, with a wide variety of curriculum visits, holidays, sports tours and expeditions. The list below outlines the main trips that took place during holiday time but this is only a snapshot of the wider opportunities offered to pupils by their teaching staff over the academic year.

twenty thousand resources, including plenty of audio-visual material, periodicals and special collections, and caters for all academic subjects, ability levels and the different types of learners taught at Trent College. Staff and a dedicated team of pupil monitors maintain a welcoming, vibrant atmosphere, which is enjoyed by all.

The Careers and Higher Education Centre plays a pivotal role in preparing pupils for life beyond Trent College, and each year progress is made in building an ever-broadening programme to support the pupils throughout their academic journey. Careers staff work with individuals, tutor groups and Year groups. Highlights 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 those interested in apprenticeships, were also encouraged and supported through workshops and bespoke events. The Careers Department give invaluable advice and practice for pupils preparing for interviews, whether for university places or employment.

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(INCLUDING STRATEGIC REPORT)

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STRATEGIC REPORT (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Trent College (continued)

a fabulous refurbishment of outdoor play spaces at the Lower Elms, th during the academic year by continued investment into teaching and pastoral facilities and upgrades of equipment.

For the academic year 2022/23 834 (2021/22: 792) of which boarders stood at 108 (2021/22:113). The increase in numbers continues the demand for pupil places across year groups.

The Elms

All pupils benefit from excellent teaching, a broad and enriching curriculum and a safe and inspiring environment continue to be outstanding. Excellence continues to be delivered to the children who come here, allowing them to flourish and grow into confident, well-rounded, happy and high-achieving girls and boys who can realise their personal best and be prepared for the next stage of their education, at Trent College and beyond. In September 2023, 58 pupils (2022: 81 pupils) out of a Year 6 cohort of 62 pupils (2022: 88 pupils) joined Trent College in Year 7.

Specialist teaching begins as early as Pre-School at The Elms, with opportunities for the children to experience Dance and Drama, Music and Modern Foreign Languages (MFL) within their setting, along with Forest School sessions. From Reception to Year 6, specialist teachers teach: Music, Sport, Dance and Drama and MFL with specialist taught Computing being introduced in Year 1 in the Computing Suite at The Elms Upper School along with swimming and in Year 2 some Art and Design & Technology (D&T) specialist lessons. As pupils move into Year 3, they are taught D&T and Art by specialist staff. Year 5 and Year 6 pupils benefit from a specialist Science teacher and receive a weekly session. The Elms introduces a grammar and writing scheme called Rainbow Grammar for pupils from Year 2 to Year 6 and staff are trained to deliver Maths using a Mastery approach.

quality of teaching and learning at The Elms remains of a consistently 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 scheme to allow Year 2 pupils to develop higher reading skills. Read, Write, Inc. Spelling has been introduced for pupils from Year 2 to Year 6, a daily programme to develop understanding of spelling strategies and rules.

Inspectorate

excellent.

At The Elms compliant in all aspects of its operation.

In the Early Years Foundation Stage, provision in al

The Junior School speciali built around it. Pupils can hear each other perform and the youngest child at The Elms can aspire to be as good as the musicians in Years 5 and 6. Music is exceptional at The Elms with 83% of pupils (197 pupils) in Key Stage Two receiving individual instrumental tuition on a wide variety of orchestral instruments from a team of 13 specialist teachers. There has been much individual success and many concerts of a very high calibre. Many of the pupils attain high levels in Trinity College of Music and Associated Board Examinations and a number have been awarded scholarships and exhibitions at Trent College.

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(INCLUDING STRATEGIC REPORT)

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STRATEGIC REPORT (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

The Elms (continued)

Each year more than 121 pupils from Years 4, 5 and 6 take their Trinity College and ABRSM Instrumental exams in Voice, Percussion, Flute, Clarinet, Oboe, Bassoon, Violin, Viola, Cello, Guitar, Cornet, French Horn, Trombone and Tuba. Grades awarded in the year ranged from Initial Grade to Grade 6.

The Elms is one of the most successful musical junior schools in the region and the Director of Music has formed strong links with the Trent College Director of Music. It has been a pleasure to see so many pupils perform at a high standard in concerts and continue their musical journey after transitioning from The Elms to Trent College.

At The Elms, Drama is not only the shows and productions that entertain each year, or a subject in the curriculum, but is enhanced by the opportunity to study LAMDA in Years 4, 5 and 6, which many of the pupils choose to follow. In LAMDA examinations, pupils did exceptionally well in 2023.

The Sports Department ethos of every pupil enjoying sport and gaining confidence to reach their potential pervades within the sports programme. There continues to be a strong offer of sport within the curriculum and in the afterschool-school sports clubs are very buoyant. The Year 3 and Year 4 curriculum programme has changed to be mixed gender with all the pupils taking part in the sports of hockey, rugby, netball and cricket. The major sports in Year 5 and Year 6 support the Trent programme with boys participating in rugby and girls in netball and both doing hockey and cricket.

New activities in the year included a triathlon club with an internal school event, developing links with local clubs, stronger transition events with Trent and a morning mile initiative for the infants and junior schools.

hockey the boys reached the championship stage and the girls won the plate in the regional competitions. In Football the boys finished 4[th] regionally. In the swimming 3 pupils reached the national IAPS swim finals with 1 pupil winning the first national para swimming event held by IAPS.

Day trips have taken place throughout the year to enhance the curriculum across the school.

The Elms has a long tradition of running, and encouraging children to participate in, residential visits. These provide an excellent opportunity to make new friends, try new activities and build confidence and independence. During the year;

Since opening its doors in January 2012, the Nursery and Pre-School continues to excel. The Nursery caters for children from six weeks to four years old and has dedicated toddler and baby rooms (the Butterflies and Caterpillars). Providing childcare during term-time and over 51 weeks of the year, the Nursery and Pre-School continues to be very popular and demand for places is high.

The Elms continues to be regarded by many as one of the best preparatory schools in the area. Following record pupil numbers in the previous year, for the academic year 2022/23 The Elms were 420 (2021/22: 443).

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(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Public benefit

The governors confirm that they have referred to and given due regard to the guidance contained in the Charity aims and objectives and in planning future activities.

Both schools cooperate with many local charities in their on-going endeavours to widen public access to the schooling they can provide. Through this the aim is to optimise the educational use of the cultural and sporting facilities 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 evidenced by the high priority given to subsidising pupils' fees, hosting educational holiday courses (which puts the schools facilities to good educational use throughout the year) and making many of the facilities available for public use. Local schools, the community and the environment are supported in a large number of ways as noted below.

Educating Other Students

Working with the Local Community

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REPORT (INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Working with the Local Community (continued)

Charitable Activities

Trent College and The Elms educated 1,254 boys and girls in 2022/23 (2021/22: 1,235). If they had been educated in the State sector it would have cost £6.3 million on the basis of the capitation rate of £5,000. Trent College delivers excellent academic results, which are above the national average, as reported by Ofqual. Large numbers of pupils go on to read nationally-recognised shortage subjects, such as Modern Languages, Engineering and the Sciences at university.

An important element of the provision for beneficiaries is the Assisted Places Scheme (sometimes known as Bursaries).

Scholarships and bursaries

significant part of is the provision of scholarships and bursaries designed to widen access to the education that Trent provides. In this

The value of scholarships, grants, prizes and other awards made to the s was £504,000 (2022: £464,000). No awards were made from restricted funds (2022: potential, subject to the particular conditions imposed by the original donor where the award is out of restricted funds.

Further awards in bursaries and allowances were made to 157 pupils (2022: 173 pupils) totalling £885,000 (2022: £924,000) from unrestricted funds and £29,000 (2022: £28,000) from restricted funds. The policy is intended to offer financial assistance at varying levels to those who would otherwise be unable to afford education at either school or . The availability of all such awards for fee-assistance, together with the terms and conditions for each kind of award, is advertised on the website at www.trentschools.net, subject to the particular conditions imposed by the original donor where the award is out of restricted funds.

Assessments of financial need are made through detailed means tests intended to determine the amount of assistance that is needed in order to enable a pupil to come to either school who otherwise could not do so, or to stay at either school in the event of a change in circumstances.

Trent Foundation

Trent Foundation was established in September 2008 to raise funds for the schools which could be allocated to future school initiatives and to further support and extend bursary provision through the Assisted Places Scheme. A variety of alumni events took place during the year to build upon this and work continues to enhance the alumni database for the promotion of the Trent Foundation.

14

TRENT COLLEGE LIMITED

(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

Trent Foundation (continued)

Funds raised in the year were £9,000 (2022: £9,000) of which £5,000 (2022: £5,000) was towards the Trent College 150[th] Anniversary Fund launched at the end of the academic year 2015/16. In addition, donations and legacies of £28,000 (2022: £nil) were received in the year in support of bursaries and expenditure across the school premises.

FINANCIAL REVIEW

The results are shown on page 24 of the financial statements.

Trent College challenging and macro-economic period.

in what continues to be a the uncertain political

Income for the year was £19.9 million (2022: £18.4 million) with the schools continuing to offer a significant level of scholarships and bursaries, designed to widen access to the education that Trent provides. The underlying financial health of the schools remains sound, resulting in an operating surplus before pension provision movements, asset revaluations, depreciation of tangible fixed assets and interest payable for the year of £1,979,000 (2022: £2,314,000), calculated below. In the circumstances and acknowledging the higher number of pupils in the schools this year and the significant cost inflation encountered during the year, the governors are delighted with the financial results.

Year ended Year ended
31 August 31 August
2023 2022
Net movement in funds (page 24) 665 1,057
Re-measurement gain on defined benefit pension plan (page 24) - (90)
Revaluation loss on investment assets (page 24) 1 1
Depreciation of tangible fixed assets (note 12) 980 1,036
Interest payable (note 8) 333 310
___ ___
Operating surplus 1,979 2,314

Operating surplus

Any surplus arising is ultimately invested back into the schools either in the major capital projects needed to keep the schools in the forefront of independent education, or by funding the provision of subsidised education for children otherwise unable to attend either school. Inevitably, the demand for capital investment continues to put pressure on available resources and in setting the fees, the governors have to balance accessibility and fairness to current parents with the requirements of a capital-intensive business.

During the year, expenditure of £841,000 (2022: £491,000 continuing capital investment programme; strategic expenditure on refurbishment of the outdoor play spaces at the Other expenditure included refurbishment of classroom facilities and upgrades of machinery and equipment.

Trent College Limited continues to promote the letting of its facilities to third parties, the results of which are covered within Trent College Enterprises and consolidated in the statement of financial activities on page 24.

Investment policy and objectives

The governors aim to invest any surplus funds so as to make a safe but reasonable return in the face of market forces.

15

TRENT COLLEGE LIMITED

GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

FINANCIAL REVIEW (CONTINUED)

Reserves policy

The governors consider that unrestricted reserves should be held to meet the objects of the parent charitable company and group, which includes a contingency element to provide a degree of protection in the event of an unexpected revenue shortfall or significant unforeseen expenditure. Restricted reserves are held for the purposes specified by the donor, which includes the provision of bursaries, contributions towards academic departmental costs and capital projects.

Total reserves held at the year end of £33.1 million (2022: £32.4 million) included unrestricted reserves of £33.1 million (2022: £32.4 million) and restricted reserves of £33,000 (2022: £41,000) comprising:

2023 2022
£’000 £’000
Cash held for restricted purposes 33 41
_ ______
Restricted reserves 33 41
_ ______
Tangible fixed assets used for educational purposes less bank loan 30,347 30,259
Defined benefit pension funding liability (17) (29)
Cash surplus identified for future strategic capital investment 928 632
“Free” reserves 1,807 1,530
_ ______
Unrestricted reserves 33,065 32,392
_ ______
Total reserves 33,098 32,433

Included in " Free" reserves are tangible fixed assets less bank loan at 31 August 2023 of £1,304,000 which are not directly used for educational purposes and which can only be realised by disposing of these fixed assets.

The governors consider that the level of “free” reserves should be sufficient to cover planned and unforeseen variations in operational expenditure and on a rolling twelve month basis will fluctuate between 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 as part of the annual budgeting cycle by consideration of operational risks, external factors and cash flows projected to the end of the academic year. ‘Free reserves’ for the year ended August 2023 are £1,807,000 and meet the policy requirements.

PLANS FOR FUTURE PERIODS

The schools’ vision is to have an exceptional reputation for providing a first-class, all-round education for boys and girls which ensures the best-possible start for their future and enables them to be the best they can be.

The schools’ ethos is to give the highest priority to the quality of academic provision, while also being proud of their reputation for delivering a fully rounded curriculum, with sport, music, art and drama all being important elements of an education at Trent College and The Elms. This, coupled with a focus on the strongest pastoral care, makes the schools an environment that nurtures young men and women to be the best they can be in terms of achievement and character, enabling them to flourish in a changing world. This is what stands at the very core of our schools.

The schools’ aims continue to be built around five strategic pillars:

16

TRENT COLLEGE LIMITED

(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

PLANS FOR FUTURE PERIODS (CONTINUED)

these strategic pillars, are subject to review by the governors. Following a full strategic review in 2021/2022 the schools instructed consultants on an Estates Masterplan and Estates Decarbonisation Plan. This comprehensive plan will inform strategic 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 learning.

PRINCIPAL RISKS AND UNCERTAINTIES

The safeguarding of pupils and staff, and potential reputational damage in the unlikely event of a high profile legal action alleging lack of due care over pupils as vulnerable beneficiaries, is always a significant area for risk management in the schools. provision of suitable training to staff and pupils, underpinned by the implementation of appropriate policies and procedures.

The governors consider current political and economic turbulence to be the cause of a number of the principal risks and uncertainties facing the schools. Following on from the period of uncertainty caused by the Covid-19 pandemic, subsequent economic volatility as a result of significant, nationwide inflationary pressure has caused concern, notably with the price of fuel and utilities and the knock-on effect of these pricing changes on most supplies to the school. The impact of sector-wide wage inflation, combined with increased costs of purchasing, places pressure on the affordability of fees by parents and therefore there is an identified risk to future pupil numbers. The governors acknowledge the impending risk of a possible future change in government and the associated loss of charitable tax reliefs that this may bring, most notably the possible introduction of VAT on independent school fees. Across the independent sector, price competition from rival independent schools, state schools conversion to academy status and the April 2024 increase in (TPS) pose additional financial risk to the school. The governors continue to review and assess the level of risks and take mitigating action accordingly to minimise the impact of external factors on the schools. Accordingly, in October 2023 the governors concluded a period of consultation with employees who are members of the TPS to outline future pay and pension benefits. Notwithstanding the political, economic and competitive situation, demand for places currently remains high in a number of year groups.

Other significant risks facing the schools are the increasing competition for high-quality teaching and support staff and its effect on succession planning. Risks associated with data protection and potential for business interruption as a result of a data failure, and health and safety risks ranging from fire and infrastructure to personal risks (most notably when away from the campus on trips and expeditions) are also considered by the governors.

The governors are satisfied that these and other risks and uncertainties have been mitigated wherever possible through the detailed risk management processes established for the schools. This includes maintaining effective internal controls, risk registers, incident reporting and monitoring systems, policies and procedures and insurance cover where appropriate. It is acknowledged that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. It is also acknowledged that there are currently some sector wide risks that sit outside of the immediate control of the school and mitigation of these risks remain at the forefront of governor consideration.

OTHER INFORMATION

Environmental

The schools arboretum is one of the largest in the East Midlands and many visitors enjoy the regular guided tours around it. The school conserve the site; all species of tree on site have been identified and new ones are being continuously added, while careful husbandry is protecting a number of rare specimens.

An energy review has been undertaken in line with Phase 2 of the Energy Savings Opportunity Scheme (ESOS) and both schools continue to remain compliant.

17

TRENT COLLEGE LIMITED

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

OTHER INFORMATION (CONTINUED)

Environmental (continued)

The schools seek opportunities to implement energy reduction schemes and continue to measure and monitor energy consumption every 30 minutes. Wherever possible the schools install automated equipment to assist in controlling lighting, temperature, and general usage of energy. There is a rolling refurbishment programme operated by the Operations Department so that as older equipment is updated it is replaced by energy efficient items. During the year this programme has included further replacement of ageing boilers, further replacement of windows across the estate and continued insulation upgrades in roof voids.

The schools operate a battery, paper and printer cartridge recycling centre 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 majority of raw food waste is composted and, as far as possible, cooking ingredients are sourced locally to reduce food miles and packaging.

Reduction of single use plastics is a focus for the schools. Drinking water stations are fitted throughout all areas of the schools to allow pupils to fill up reusable water bottles.

Environmental awareness is taught as part of the Personal, Social, Health & Economic Education (PSHE) programme. Environmental action projects are regularly arranged within Biology and Geography. There is a regular weekly Nature Conservation activity which supports local sites of interest through litter picking, stream clearing, bat box building, hedge planting projects etc. The Elms continue to develop their Eco Garden.

Streamlined energy and carbon reporting

UK greenhouse gas emissions and energy use data for the year ended 31 August 2023.

2023 2022
Energy consumption used to calculate emissions (kWh) 5,302,514 5,408,049
Scope 1 emissions in metric tonnes CO2e
gas consumption 693.79 726.60
owned transport (mini buses) and non-owned transport (school bus service) 21.28 24.62
Scope 2 emissions in metric tonnes CO2e
purchased electricity 286.93 256.53
Scope 3 emissions in metric tonnes CO2e
business travel in employee owned vehicles 0.48 0.51
Total gross emissions in metric tonnes CO2e 1,002.48 1,008.26
Intensity ratio
Tonnes CO2e per pupil 0.80 0.82

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 2022 Conversion Factors for Company Reporting.

Intensity measurement: The chosen intensity measurement is total gross emissions in metric tonnes CO2e per pupil, the recommended ratio for the sector.

Measures taken to improve energy efficiency: ongoing replacement of ageing boilers, the conversion of lighting to LEDs, window replacement and insulation upgrades in roof voids. We have continued the use of video conferencing technology for some governor, employee, and parent meetings to reduce the need for travel.

18

TRENT COLLEGE LIMITED

(INCLUDING STRATEGIC REPORT)

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

OTHER INFORMATION (CONTINUED)

Employees

As an equal opportunity organisation, both schools are committed to a working environment that is free from any form of discrimination. The Board of Governors does not tolerate any sexual, physical or mental harassment of the mote equal opportunities for all present and potential employees and do not discriminate on grounds of colour, ethnic origin, gender, age, religion, political or other opinion, disability or sexual orientation. The schools make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

The schools continue to recognise the benefit of both effective communication with employees and achieving a common awareness on the part of employees of the financial performance and economic factors affecting the performance of either school. Information is available to employees through an intranet site and weekly briefings, and regular meetings are held between operational Heads of Department and team members to share and develop ideas. Termly INSET days are a further source of sharing key information with staff, alongside training updates.

Employees are provided with training in order to give them the necessary skills to perform their duties and where appropriate to develop these skills and progress their career.

Funds held on behalf of third parties

The parent charitable company and group holds cash of £15,000 (2022: £13,000) on behalf of third party groups. The parent charitable company and group ensures that these monies are kept separate 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 through community fundraising and from individual donors. We do not employ professional fundraising agencies and our activities are planned and delivered by our small fundraising team, led by our Development and Alumni Relations Officer, whose responsibility includes ensuring that our fundraising work complies with the Fundraising Code of Practice. 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 regularly review the Code to ensure that our fundraising continues to be legal, transparent and respectful.

The names of the statutory directors, who are also governors and comprise the trustees for the purposes of Charity Law, of the parent charitable company and group are set out on page 1. The directors are appointed in accordance with the requirements of the parent

No director received any remuneration during the year nor the prior year, and £1,032 expenses relating to travel and accommodation in respect of the year ended 2023, (2022: £961) were reimbursed to five directors in 2023 (2022: four).

The parent charitable company holds professional indemnity insurance on behalf of the directors. The cost of the insurance was £2,000 (2022: £2,000).

None of the directors had any beneficial interest in the shares of the parent charitable company according to the register of such interests. SC Anelay, IF Bowness, A Butler, G Crocker, D Evans and L Hargreaves jointly held 18,977 shares in the parent charitable company on trust for the parent charitable company at the year end.

statement

The governors (who are also directors of Trent College Limited for the purpose of Company Law) are responsible with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

19

TRENT COLLEGE LIMITED

Year ended 31 August 2023

STRATEGIC REPORT (CONTINUED)

OTHER INFORMATION (CONTINUED)

(continued)

Company Law requires the governors to prepare financial statements for each financial year, which give a true and fair view of the state 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 required to:

The governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the group and the parent charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The governors are also responsible 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 irregularities.

In so far as the governors are aware:

The G Report, which includes the strategic report, was approved by the Board of Governors on 11 March 2024 and was signed on its behalf by:

D EVANS Governor

IF BOWNESS Governor

20

TRENT COLLEGE LIMITED

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITED

Opinion

for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows and the related notes including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Financial Reporting Sta

In our opinion, the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the al Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the g use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

Other information

The governors are responsible for the other information. The other information comprises the information included in the G Report, other than the financial statements and our audit report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

for which the financial statements are prepared is consistent with the financial statements; and

21

TRENT COLLEGE LIMITED

Opinions on other matters prescribed by the Companies Act 2006 (continued)

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 its environment obtained in the course of the audit, we have not identified material miss the Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of governors

As explained more fully in the tatement set out on page 20, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the governors are responsible for assessing the group ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the group or the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Our assessment focussed on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities, including fraud. Our approach to detecting irregularities, including fraud, included, but was not limited to, the following:

22

TRENT COLLEGE LIMITED

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection of fraud based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or nonincreases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the parent members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable we have formed.

Simon Atkins (Senior Statutory Auditor)

For and on behalf of COOPER PARRY GROUP LIMITED

Statutory Auditor Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA

Date: 21 May 2024

23

TRENT COLLEGE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

Year ended 31 August 2023

Restricted Unrestricted Year ended Year ended
Notes funds funds 31 August 31 August
2023 2022
£000 £000 £000 £000
Income from:
Charitable activities 2 - 19,492 19,492 18,069
Other trading activities 3 9 319 328 279
Investments 4 - 49 49 30
Donations and legacies 5 28 - 28 -
__ __ __ __
Total income 37 19,860 19,897 18,378
__ __ __ __
Expenditure on:
Charitable activities 6 45 18,711 18,756 16,989
Raising funds 7 - 475 475 421
__ __ __ __
Total expenditure 45 19,186 19,231 17,410
__ __ __ __
Net (expenditure)/income before (8) 674 666 968
investment gains and other gains and
losses
Gains and losses from Investment
activity:
Loss on securities investments 16 - (1) (1) (1)
__ __ __ __
Total loss from investment activity - (1) (1) (1)
__ __ __ __
Net (expenditure)/income for the year (8) 673 665 967
Other recognised gains and losses
Re-measurement gain on defined benefit 22 - - - 90
pension plan
__ __ __ __
Net movement in funds (8) 673 665 1,057
Fund balances brought forward 41 32,392 32,433 31,376
__ __ __ __
Fund balances carried forward 33 33,065 33,098 32,433

The statement of financial activities includes all gains and losses in the year. All income and expenditure derives from continuing activities.

The College has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

Total income of the parent charitable company was £19,892,000 including gift aid from its subsidiary of £6,000 (2022: £18,372,000 including gift aid of £6,000). The net increase in funds of the parent charitable company was £665,000 (2022: £1,057,000).

The notes on pages 27 to 45 form part of these financial statements.

24

TRENT COLLEGE LIMITED

Registered number: 00032983

CONSOLIDATED AND PARENT CHARITABLE COMPANY BALANCE SHEETS

As at 31 August 2023

Notes
Fixed assets
Tangible assets
12
Property investments
13
Current assets
Stocks
14
Debtors
15
Securities investments
16
Cash at bank and in hand
Creditors:amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after one
year
19
Total assets less liabilities excluding
pension liability
Defined benefit pension liability
22
Net assets
Funds
Restricted funds
24
Unrestricted funds
Called up share capital
23
Revaluation fund
24
General fund
24
Pension fund
24
Total funds		 Group
2023
£000
36,779
790
_
37,569
13
1,124
19
4,696
_
5,852
(4,187)
_
1,665
39,234
(6,119)
_
33,115
(17)
_
33,098
33
19
23,044
10,019
(17)
_
33,098		 Group
2022
£000
36,918
790
_
37,708
15
655
20
5,303
_
5,993
(4,664)
_
1,329
39,037
(6,575)
_
32,462
(29)
_
32,433
41
19
23,044
9,358
(29)
_
32,433		 Company
2023
£000
36,779
790
_
37,569
13
1,153
19
4,651
_
5,836
(4,171)
_
1,665
39,234
(6,119)
_
33,115
(17)
_
33,098
33
19
22,275
10,788
(17)
_
33,098		 Company
2022
£000
36,918
790
_
37,708
15
647
20
5,296
_
5,978
(4,649)
_
1,329
39,037
(6,575)
_
32,462
(29)
_
32,433
41
19
22,275
10,127
(29)
_
32,433

These financial statements were approved by the Board of Governors on 11 March 2024 and were signed on its behalf by:

D EVANS Governor

IF BOWNESS Governor

The notes on pages 27 to 45 form part of these financial statements.

25

TRENT COLLEGE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

Year ended 31 August 2023

Notes
£000
Net cash inflow from operating activities
26
Returns on investments and servicing
of finance
Interest received
15
Dividends received
1
Rents received from property investments
33
Interest paid
(333)
Property investments management costs
paid
(19)
_
Capital expenditure and financial
investment (other than fees in advance
scheme)
Payments to acquire tangible fixed assets
(841)
_
Net cash (outflow)/inflow before
financing
Financing
Repayment of loans
(214)
Advance fees new contracts
1,032
Advance fees utilised
(768)
Repayments of Coronavirus Business
Interruption Loan
(280)
__
(Decrease)/increase in cash in the year
Reconciliation of net cash flow to
movement in net debt
(Decrease)/increase in cash in the year
Repayments of
Coronavirus Business Interruption Loan
Repayment of loans
Net fees in advance
Change in net debt
27
Net debt at start of year
27
Net debt at end of year
27		 2023
£000
£000
767
1
1
28
(310)
(11)
_
(303)
(491)
_
(841)
_
(377)
(203)
1,146
(538)
(164)
_
(230)
_
(607)
(607)
280
214
(264)
_
(377)
(1,919)
__
(2,296)		 2022
£000
3,025
(291)
(491)
_
2,243
241
_
2,484
2,484
164
203
(608)
__
2,243
(4,162)
_
(1,919)

The notes on pages 27 to 45 form part of these financial statements.

26

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

1 Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the parent

General information and basis of preparation

Trent College Limited is a charitable company limited by shares incorporated and registered in England of its activities is detailed in the G Report on page 4.

The financial statements have been prepared under The Companies Act 2006 and in accordance with the Charities SORP 2019 Reporting Standard 102 (FRS102). The charity constitutes a public benefit entity as defined by FRS102.

The financial statements have been drawn up under the historical cost convention, with the exception of property investments and other investments which are included at market value. The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the parent charitable parent company and its wholly owned subsidiary undertaking Trent College Enterprises Limited. The results of the subsidiary are consolidated on a line by line basis.

The College has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

Going Concern

The financial statements have been prepared on a going concern basis. Trading subsequent to the year end and forecast for the twelve months following the date of signing the accounts means that the governors are confident that the parent charitable company will continue to operate as a going concern for the following twelve months.

Funds

The parent charitable company has a small number of restricted funds for situations where a donor requires that a donation must be spent on a particular purpose.

All other funds are unrestricted and are used for meeting the charitable objects of the parent charitable company and group.

Income

School fees receivable and ancillary trading income represent the invoiced fees for educational services supplied during the year and are recognised in the year to which they relate. School fees receivable are shown net of any scholarships, bursaries or other allowances granted by the schools against those fees, but including contributions received from restricted funds.

Income from other trading activities, including non-ancillary trading income and trading income from the subsidiary company, is recognised as it is earned (as the related services are supplied).

Investment income, including income from property investments, is recognised on a receivable basis.

Donations and legacy income are credited to the restricted/unrestricted funds depending on any restrictions applied by the donor. The revenue is recognised when the group is legally entitled to the income, the amount can be quantified with reasonable accuracy and the economic benefit to the schools is considered probable.

27

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

1 Accounting policies (continued)

Grants

Grants including Government support made available during the Covid-19 pandemic are included in the Statement of Financial Activities on a receivable basis. Where entitlement occurs before income is received, the income is accrued.

Expenditure

Expenditure is accounted for on an accruals basis as soon as a liability is considered probable, discounted to present value for longer term liabilities, and is allocated directly to the cost heading to which it relates.

Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Charitable activities include expenditure associated with the provision of education and boarding and includes both direct and support costs relating to these activities.

Governance costs comprise the costs of running the charity, including internal and external audit, any legal advice and all the costs of complying with constitutional and statutory requirements.

Intra group sales and charges between the parent charitable company and its trading subsidiaries are excluded from consolidated trading income and expenditure.

Operating leases

Leasing charges in respect of operating leases are recognised in the statement of financial activities over the life of the lease agreement on a straight line basis.

Tangible fixed assets and depreciation

All tangible fixed assets are held at cost with the exception of freehold land and buildings, which as at 1 September 2014 were held at deemed cost in accordance with the provisions of FRS102. Included in that deemed cost of freehold land and buildings category is land totalling £19,000,000 which is not depreciated.

Expenditure on the acquisition, construction 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 at historical cost.

Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Specialised school buildings 30 years Furniture and fittings 20% per annum Musical instruments, kitchen equipment and sports equipment 10% per annum Motor vehicles 20% per annum Computer equipment 33% per annum

Investments

Property investments are included on the balance sheet at their open market value.

Securities investments are stated at market value.

Gains or losses 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 activities as realised gains or losses.

28

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

1 Accounting policies (continued)

Stocks

Stocks are valued at the lower of cost and net realisable value.

Debtors and creditors falling due within one year

Debtors and creditors with no stated interest rate and falling due within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Financial Instruments

Trent College Limited only 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 debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 15. Prepayments are not financial instruments.

Cash at bank and in hand is classified as a basic financial instrument and is measured at face value.

Financial liabilities trade creditors, other creditors and accruals are financial instruments, and are measured at amortised cost as detailed in notes 18 and 19. Taxation and social security are not included in the financial instruments disclosures definition. Deferred income recognised as fees in advance, is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Provisions

Provisions are recognised when the parent charitable company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Judgements and key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. The governors are also required to and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the governors have made the following judgements:

a) Investment properties

Critical estimates, assumptions and judgements relate to the determination of the carrying value of investment properties at fair value. In determining this, the group applies the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an he valuation methodology.

b) Depreciation and residual values

Management have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

29

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

1 Accounting policies (continued)

Judgements and key sources of estimation uncertainty (continued)

c)

is dependent upon the rate of discount used. The discount rate factor is assessed annually and varies based on external market conditions (mainly the rate of return on corporate bonds).

Pension schemes

determined as follows:

a)

-employer pension scheme. It is not

and reasonable basis and therefore, as required by FRS102, the parent charitable company accounts for which are in accordance with the recommendations of the Government 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.

b) Growth Plan

is a multi-employer pension scheme. It is not possible to identify 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 accounts for the Scheme as if it were a defined contribution scheme. The parent contributions are charged in the year in which the salaries to which they relate are payable. The contributions are determined by qualified actuaries every three years.

The Scheme was a defined benefit scheme for contributions up to and including September 2001 and became a defined contribution scheme thereafter.

The Scheme is classified as a 'last-man standing arrangement'. Therefore the parent charitable company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the Scheme deficit following withdrawal from the Scheme. Participating employers are legally required to meet their share of the Scheme deficit on an annuity purchase basis on withdrawal from the Scheme.

Where the Scheme is in deficit and where the parent charitable company has agreed to a deficit funding arrangement, the parent charitable company recognises a liability at the balance sheet date for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in note 30. The unwinding of the discount rate is recognised as a finance cost in the statement of financial activities.

c)

.

The schemes are defined contribution pension schemes.

Tax

The parent charitable company meets the definition of a charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

30

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

2 Income from charitable activities

Income from charitable activities
Year ended Year ended
31 August 31 August
2023 2022
£000 £000
School fees receivable 18,699 17,374
Ancillary trading income 793 695
__ __
19,492
__		 18,069
__

All income from charitable activities in both years is classified as unrestricted

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
School fees receivable consist of:
School fees 20,967 19,567
Less: total scholarships and bursaries (1,418) (1,416)
Less: other fee reductions (879) (805)
__ __
18,670 17,346
Add back: bursaries paid for by restricted funds 29 28
__ __
18,699
__		 17,374
__

Scholarships and bursaries are awarded to individuals. Scholarships are awarded through competition on academic, music, drama and artistic merit. Bursaries were awarded to 157 pupils (2022: 173 pupils) at varying levels according to financial need. Fee reductions are available to teaching and non-teaching staff.

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Ancillary trading income consists of:
Extra-curricular activities 475 425
Disbursements 133 104
Other coronavirus grant income - 9
Other 185 157
__ __
793
__		 695
__

The school transport operator, acting as a Principal for the school, bills for the transport service directly. Costs of the service are included as part of note 6. The cost is the net of income of £230,000 (2022: £199,000) and expenditure of £282,000 (2022: £265,000).

31

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

3 Income from other trading activities

Income from other trading activities
Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Non ancillary trading income 184 131
Trading income of subsidiary (see note 29) 135 139
Fundraising income 9 9
__ __
328
__		 279
__

Fundraising income includes restricted income of £9,000 (2022: £9,000) (see note 25).

4 Income from investments

Income from investments
Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Interest received 15 1
Dividends received 1 1
Rents received from investment properties 33 28
__ __
49
__		 30
__

All investment income in both years is unrestricted.

5 Income from donations and legacies

Income from donations and legacies
Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Donations and legacies 28
__		 -
__

Donations and legacies include £28,000 of restricted donations (2022: £nil) (see note 25).

6 Expenditure on charitable activities

Teaching
Welfare
Premises
Support costs
Governance costs
Bursaries		 Staff
costs
Depreciation
£000
£000
10,145
595
525
73
599
312
1,125
-
-
-
-
-
_
_
12,394
980

 Other
Costs
Year ended
31 August
2023
Year ended
31 August
2022
£000
£000
£000
1,454
12,194
11,295
1,684
2,282
1,949
1,497
2,408
2,236
451
1,576
1,470
267
267
11
29
29
28
_
_
_
5,382
18,756
16,989

Expenditure on charitable activities includes expenditure from restricted funds of £45,000 (2022: £30,000) (see note 25). School transport billing is carried out by the transport operator, acting as a Principal for the School. Costs of the service are included above. The cost is the net of income of £230,000 (2022: £199,000) and expenditure of £282,000 (2022: 265,000).

32

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

7 Expenditure on raising funds

Trading costs
Financing costs (see note 8)
Property investments management costs		 Staff
costs
£000
30
-
-
_
30
 Other
costs
Year ended
31 August
2023
Year ended
31 August
2022
£000
£000
£000
93
123
96
333
333
314
19
19
11
_
_
_
445
475
421

All expenditure on raising funds in both years is unrestricted. Trading costs includes trading costs of subsidiary of £15,000 (2022: £15,000) (see note 29).

8 Financing costs

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Interest payable on loans (see note 20) 333 310
Other finance costs - 4
_ _
333
_		 314
_

Included within other finance costs is an amount of £nil (2022: £1,000) relating to the unwinding of the pension provision discount factor (see note 30).

9 Net Income

Net income is stated after charging:

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Depreciation of tangible fixed assets owned 980 1,036
- audit work 23 17
- taxation work 3 3
- other work - 4
Operating lease rentals 233 168
_ _

Included within the group audit fee above is an amount of £5,000 (2022: £5,000) relating to the audit of the subsidiary company, Trent College Enterprises Limited.

10 Staff numbers and costs

The average number of employees during the year were as follows:

Teaching staff
full time
part time
Non-teaching staff
full time
part time		 Group
2023
Number
115
54
96
132
_
397
 Group
2022
Number
110
57
98
121
_
386

33

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

10 Staff numbers and costs (continued)

The aggregate staff costs of the charitable group were as follows:

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Wages and salaries 9,874 9,170
Social security costs 903 783
Other pension costs 1,647 1,519
__ __
12,424
__		 11,472
__

During the year and prior year no remuneration was paid to any of the governors and £1,032 (2022: £961) was paid to five governors (2022: four) in respect of reimbursement of expenses relating to travel and accommodation.

Pension costs of £22,000 (2022: £181,000) were payable to pension funds included in note 30 at the year end and have been included within creditors due within one year.

Aggregate employee benefits of key management personnel Group
2023
£000
922
 Group
2022
£000
879

split as follows:

Pension Pension
Contributions Contributions
Year ended Year ended Year ended Year ended
31 August 31 August 31 August 31 August
2023 2023 2022 2022
Number £000 Number £000
£60,001 - £70,000 4 59 2 31
£70,001 - £80,000 4 57 3 38
£80,001 - £90,000 1 21 1 20
£90,001 - £100,000 1 6 1 5
£150,001 - £160,000 - - 1 36
£160,001 - £170,000 1
__		 38
__		 -
__		 -
__

11 Taxation

No liability to corporation tax arises in view of the charitable status of the parent charitable company. The parent pays the whole of its taxable profit to the parent charitable company under the Gift Aid scheme and therefore has no profits subject to corporation tax.

34

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

12 Tangible fixed assets

Group and Company
Cost
At 1 September 2022
Additions
Transfers
At 31 August 2023
Accumulated depreciation
At 1 September 2022
Charge for the year
At 31 August 2023

Net book value
At 31 August 2023
At 1 September 2022		 Freehold
land and
buildings
Assets
under
construction
Furniture,
fittings and
equipment
£000
£000
£000
37,461
172
7,622
-
-
841
-
(41)
41
_
_
_
37,461
131
8,504
_
_
_
2,164
-
6,176
274
-
703
_
_
_
2,438
-
6,879
_
_
_
35,023
131
1,625
_
_
__
35,297
172
1,446


 Motor
vehicles
£000
40
-
-
_
40
_
37
3
_
40
_
-
__
3
 Total
£000
45,295
841
-
__
46,136
_
8,377
980
_
9,357
__
36,779
__
36,918

The parent charitable company has elected, in accordance with S35 10(d) of FRS 102, to use the carrying value on 1 September 2014, the date of transition to FRS 102, of any of the above freehold land and buildings previously carried at a valuation as their deemed cost.

Assets under construction are enabling groundworks for a future building extension. Initial planning, design and preliminary costs of £41,000 relating to The Elms outdoor play spaces, which were included within Assets under construction at 1 September 2022, were transferred to Furniture, fittings and equipment on completion of the first phase of the project during the year.

Freehold land of £19,000,000 is included in freehold land and buildings and is not depreciated.

35

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

13 Fixed asset investments

Property
investments
£000
Group
Valuation
At 1 September 2022 and 31 August 2023
790
__
Shares in
group
undertakings
Property
investments
£000
£000
Company
Valuation
At 1 September 2022 and 31 August 2023
-
790

 Total
£000
790
__
Total
£000
790

The investment in the subsidiary undertakings represents the entire ordinary share capital of £2 of Trent College Enterprises Limited, a company registered in England and Wales (see note 29 for further details).

Investment properties consist of those of the schools land and buildings that are held for investment purposes and which are not used in the schools own activities, primarily residential houses held on Elm Avenue which are let out on the open market.

The properties were valued as at 31 August 2023 by Wallace Jones, an independent local estate agent and valuer, on the basis of open market value, in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors. No adjustment to the valuations brought forward was considered necessary.

14 Stocks

Stocks
Group and Company
Maintenance department
Other provisions and stores
Debtors
Trade debtors
Other debtors
Prepayments
Amounts owed by group undertakings		 Group
2023
£000
555
104
465
-
__
1,124
 Group
2022
£000
408
32
215
-
__
655
 2023
£000
10
3
_
13
_
Company
2023
£000
536
104
465
48
__
1,153
 2022
£000
10
5
__
15
_
Company
2022
£000
397
32
215
3
_
647

15 Debtors

36

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

16 Current assets investments

Current assets investments
Securities
investments
£000
Group and Company
Valuation
At 1 September 2022 20
Revaluation in the year (1)
__
At 31 August 2023 19
__

Securities investments are all unlisted securities held in the United Kingdom.

17 Cash at bank and in hand

Included within cash at bank and in hand is £15,000 of monies held on behalf of third parties (2022: £13,000).

18 Creditors: amounts falling due within one year

Bank loans and overdraft (see note 20)
Fees received from parents in advance of term
Fees in advance scheme (see note 21)
Trade creditors
Taxation and social security
Other creditors
Accruals		 Group
2023
£000
515
978
839
1,004
231
174
446
_
4,187
 Group
2022
£000
499
1,610
632
720
213
417
573
_
4,664
 Company
2023
£000
515
978
839
997
229
173
440
__
4,171
 Company
2022
£000
499
1,610
632
720
210
413
565
__
4,649

The bank loans are secured by way of a first and second legal charge over the assets of the parent charitable company. Further details are provided in note 20.

19 Creditors: amounts falling due after one year

Group and Company
Bank loans (see note 20)
Fees in advance scheme (see note 21)
Acceptance deposits from parents		 2023
£000
4,613
1,025
481
_
6,119
_		 2022
£000
5,123
968
484
_
6,575
_

37

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

20 Analysis of debt

Repayments are due as follows:

Group and Company
Amounts falling due:
- within one year
- between one and two years
- between two and five years
- after five years		 2023
£000
515
529
1,247
2,837
__
5,128
 2022
£000
499
514
1,475
3,134
__
5,622

The group and the parent charitable company has two bank loans, details of which are as follows:

Lender Term Security Interest rate
Royal Bank of £5.9m repayable over 23 years Main school building and 6.52% per annum
Scotland Plc from September 2012 grounds
Lloyds Bank Plc £1.4m repayable over 5 years
Main school building,		 1.55% above base
from February 2022 grounds and debenture rate per annum

21 Fees in advance scheme

The balance represents the group and the parent The movements during the year were:

Group and
Company
£000
Balance at 1 September 2022 1,600
Amounts utilised in payment of fees (768)
Amounts received in the year 1,032
_
Balance at 31 August 2023 1,864
_

The above amount is shown as £839,000 (2022: £632,000) due within one year and £1,025,000 (2022: £968,000) due in more than one year.

22 Defined benefit pension liability

The balance represents the group and the parent charitable multi-employer pension plan, TPT Retirement Growth Plan (see note 30). The movements during the year were:

Group and
Company
£000
Balance at 1 September 2022 29
Unwinding of the discount factor (interest expense) -
Deficit contributions paid (12)
Remeasurement gain - impact of any change in assumptions -
- amendments to the contribution schedule -
_
Balance at 31 August 2023 17

38

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

23 Called up share capital

24
Reconciliation of movement in total restricted and unrestricted funds
Group
Group
2023
2022
£000
£000
Restricted funds
Balance at 1 September 2022
41
62
(Deficit)/ surplus in the financial year
(8)
(21)
_
_
Balance at 31 August 2023
33
41
_
_
Unrestricted funds
Called up share capital
19
19
_
_
Revaluation fund
23,044
23,044
_
_
General fund
Balance at 1 September 2022
9,358
8,398
Surplus in the financial year
661
960
_
_
Balance at 31 August 2023
10,019
9,358
_
_
Pension fund
Balance at 1 September 2022
(29)
(147)
Movements in the financial year
12
118
_
_
Balance 31 August 2023
(17)
(29)
_
_
Total funds at 31 August 2023
33,098
32,433


Group and Company
Allotted, issued and fully paid
19,000 ordinary shares of £1 each		 Company
2023
£000
41
(8)
_
33
___
19
_
22,275
_
10,127
661
_
10,788
_
(29)
12
_
(17)
___
33,098

2023
£000
19
__		 Company
2022
£000
62
(21)
_
41
___
19
_
22,275
_
9,167
960
_
10,127
_
(147)
118
_
(29)
___
32,433

2022
£000
19
__

During the year there were £nil funds (2022: £nil) transferred between restricted funds and unrestricted funds

39

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

25 Reconciliation of movement in restricted funds

Group and Company
Anniversary Fund
Old Trident One Thousand Club
Scholarship and bursaries
Friends of Old Trident
The Elms Parent Association
Legacy Donation		 Opening
Balance
£000
-
-
41
-
-
-
_
41
 Income
Expenditure
£000
£000
5
(5)
3
(3)
-
(20)
1
(1)
16
(16)
12
-
_
_
37
(45)

 Closing
Balance
£000
-
-
21
-
-
12
_
33

Restricted funds are represented by cash at bank of £33,000 (2022: £41,000). Restricted income of £37,000 (2022: £9,000) includes £9,000 fundraising income (2022: £9,000) and £28,000 donations (2022: £nil).

26 Reconciliation of net income to net cash inflow from operating activities

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Net income before investment and other gains and losses 666 968
Depreciation of tangible fixed assets 980 1,036
Decrease in stocks 2 3
(Increase)/decrease in debtors (469) 23
(Decrease)/increase in creditors (703) 732
Decrease in defined benefit pension provision from deficit reduction (12) (29)
contributions payable
Interest receivable (15) (1)
Dividends receivable (1) (1)
Rents receivable from property investments (33) (28)
Interest payable 333 310
Unwinding of the discount factor within the defined benefit pension provision - 1
Property investments management costs payable 19 11
_ _
Net cash inflow from operating activities 767
_		 3,025
__

27 Analysis of changes in net debt

At
1 September
2022
Cash flows
£000
£000
Cash at bank and in hand
5,303
(607)
Debt falling due within one year
(499)
494
Debt falling due after one year
(5,123)
-
Advance fees falling due within one year
(632)
171
Advance fees falling due after one year
(968)
(435)
_
_
Net debt
(1,919)
(377)

 Non cash
changes
At
31 August
2023
£000
£000
-
4,696
(510)
(515)
510
(4,613)
(378)
(839)
378
(1,025)
_
_
-
(2,296)

The non-cash changes relate solely to the change in ageing of bank loans and advance fees.

40

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

28 Operating lease commitments

The group and parent charitable company have total future minimum lease payments under non-cancellable operating leases as follows:

Group and Company
Not later than one year
Later than one and not later than five years		 2023
£000
230
315
__
545
 2022
£000
233
545
__
778

29 Subsidiary undertaking

Trent College Enterprises Limited

The parent Trent College Enterprises Limited, has as its principal activity the running of external functions and courses and pays its taxable profits to Trent College Limited under the Gift Aid scheme. A summary of its trading results are shown below. Audited financial statements will be filed with the Registrar of Companies.

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Profit and loss account
External turnover 135 139
Cost of sales (15) (15)
_ _
Gross profit 120 124
Administrative expenses (114) (118)
_ _
Profit for the financial year 6 6
Profit and loss account brought forward - -
Amounts transferred to Trent College Limited under Gift Aid (6) (6)
_ _
Profit and loss account carried forward - -
_ _
Net assets -
_		 -
_

During the course of the year, Trent College Limited made sales and recharges to Trent College Enterprises Limited of £124,000 (2022: £127,000). As at 31 August 2023, Trent College Enterprises Limited owed Trent College Limited £48,000 (2022: £3,000).

41

TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

30 Pension and similar obligations

The parent mainly belong to two principal pension schemes, the Growth Plan, a leading multi-employer occupational pension fund for employees of charities and voluntary organisations. The remaining pension payment for the year were:

mainly belong to two principal pension schemes, the Growth Plan, a leading multi-employer

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
1,446 1,345
Plan 184 161
Other 17 13
_ _
1,647
_		 1,519
_

Contributions amounting to £22,000 were payable on 31 August 2023 (2022: £181,000) and are included within Creditors.

The pension

charge for the year includes contributions payable to the TPS of £1,446,000 (2022: £1,345,000) and at the year-end £nil (2022: £161,000) was accrued in respect of contributions to this scheme.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by (as amended). Membership is automatic for all current teachers in the school. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded multi-employer scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 as published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023.

The key elements of the valuation and subsequent consultation are:

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TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

30 Pension and similar obligations (continued)

Pension Scheme (continued)

The TPS is a multi-employer pension scheme and as such cannot identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual employers. Accordingly the parent charitable company, as required by FRS102, has accounted for its contribution as if it were a defined contribution scheme.

funded multi-employer pension scheme providing benefits to some 638 non-associated participating employers. The Scheme is not contracted-out of the State scheme.

It is not possible in the normal course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the Scheme is a multi-employer scheme where the assets are co-mingled for investment purposes and l assets. Accordingly the parent charitable company, as required by FRS102, has accounted for its contribution as if it were a defined contribution scheme.

The Scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial 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 arrangement'. Therefore the parent charitable company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the Scheme deficit following withdrawal from the Scheme. Participating employers are legally required to meet their share of the Scheme deficit on an annuity 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 valuation for the Scheme carried out at 30 September 2017 showed assets of £795 million, liabilities of £926 million and a deficit of £131 million. To eliminate the funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the Scheme as follows:

This is an updated position to the previous deficit contribution plan noted below:

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

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TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

30 Pension and similar obligations (continued)

Growth Plan (continued)

Where the Scheme is in deficit and where the parent charitable company has agreed to a deficit funding arrangement, the parent charitable company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

a) The amounts recognised in the balance sheet are as follows:

a) The amounts recognised in the balance sheet are as follows:
2023 2022
£000 £000
Present value of the deficit reduction contributions payable 17 29
_ _
b) Changes in the present value of the deficit reduction contributions payable:
2023 2022
£000 £000
Provision at 1 September 2022 29 147
Unwinding of the discount factor (interest expense) - 1
Deficit contributions paid (12) (29)
Remeasurement gain - impact of any change in assumptions - (1)
amendments to the contribution schedule - (89)
_ _
Provision at 31 August 2023 17 29
_ _
c) Amounts included within the statement of financial activities:
Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Interest expense - 1
Remeasurements - impact of any change in assumptions - (1)
Remeasurements
amendments to the contribution schedule		 - (89)
Contributions paid in respect of future service 184 161
_ _
Total amount charged to the statement of financial activities 184 72
_ _
d) Assumptions:
Year ended Year ended
31 August 31 August
2023 2022
% per annum % per annum
Rate of discount 6.04 4.46

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

In addition to employer pension contributions to the Growth Plan, the parent charitable company contributes to the contributions are charged in the statement of financial activities in the year in which the salaries to which they relate are due.

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TRENT COLLEGE LIMITED

NOTES RELATING TO FINANCIAL STATEMENTS

Year ended 31 August 2023

31 Related party transactions

owned trading subsidiary as disclosed in Note 29.

None of the governors had any beneficial interest in the shares of the parent charitable company. SC Anelay, IF Bowness, A Butler, G Crocker, L Hargreaves and D Evans jointly held 18,977 shares in the parent charitable company on trust for the parent charitable company at the year end.

Six children are awarded on the same terms as all other scholarship awards. The spouse of one governor, DE Omissi, was employed by the school which entitled the spouse to a staff fee remission against school fees. The value of the staff fee remission was awarded on the same terms as all other staff fee remissions. The value of the staff fee remission was £9,765, (2022: £9,395).

During the year, the parent charitable company was involved in related party transactions with companies over which two governors have controlling interests. Transactions with Serif (Europe) Limited, where GJ Bates had a controlling interest at the year end, were a 12 month free trial of a software product and a subsequent 40% discount on an annual licence. The value of the discounted licence was £1,500, (2022: £1,500).

Related party transactions with Daleacre Healthcare Limited, where DR Evans had a controlling interest at the year end, were £207 in the year, (2022: £260) and related to the purchase of healthcare products.

32 Controlling party

The day-to-day activities of the parent charitable company are controlled by the governors. As detailed in note 31, the shares in the parent charitable company are held on trust for the parent charitable company. The governors are of the opinion that there is no ultimate controlling party.

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