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**Registered number: 00032983**
**TRENT COLLEGE LIMITED**
## **REPORT AND FINANCIAL STATEMENTS**
**YEAR ENDED 31 AUGUST 2024 CHARITY NUMBER: 527180**
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **CONTENTS**
Year ended 31 August 2024
||**Page**|
|---|---|
|Officials and advisors|1-2|
|Chair’s report|3|
|Governors’ report (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|
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **OFFICIALS AND ADVISORS**
Year ended 31 August 2024
## **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** Mr N Finlay, BA, PGCE (resigned 2 December 2024) 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) Professor J Isaac, PhD FBPhS (appointed 13 January 2025) Miss EJ Lindblom, BA (Hons), ACA Dr CP Nathanail, MA, MSc, DIC, PhD, CGeol, EuroGeol, SiLC (resigned 2 December 2024) 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) Mr DP Woodward, BA(Hons), FCMA (appointed 2 December 2024)
The governors are trustees of the charitable company for the purpose of Charity Law and are directors for the purposes of 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 2024
**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**
## **CHAIR’S REPORT**
Year ended 31 August 2024
Our 2024 annual report reflects 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.
I am particularly delighted with the School Inspection Report from our latest visit from the Independent Schools Inspectorate (ISI) in March 2025. The new framework for inspection was introduced in September 2023 and no longer includes overall descriptors or grades but provides a more nuanced evaluation, with findings linked to supporting evidence in five key areas: leadership, management and governance; quality of education, training and recreation; physical and mental health and emotional wellbeing; social and economic education and contribution to society; and safeguarding.
The schools successfully met the standards required in each of these areas and were also found to be fully compliant with the large number of regulations that underpin all that we do to operate effectively and safely. We are delighted that our Early Years Foundation Stage (EYFS) retained an ‘outstanding’ descriptor in all areas reviewed under the elements of the inspection that are covered by the OFSTED framework.
In addition, the new framework for inspection includes an opportunity for inspectors to recognise a ‘significant strength’ of a school. As a rare distinction found in only a minority of inspection reports and being subject to very specific criteria, we are tremendously proud that the inspection team chose to award a ‘significant strength’ to Trent College and The Elms, with a focus on the range and variety of our co-curricular activities, the involvement of pupils in shaping it, and its role in supporting pupils’ wellbeing.
Our pupils’ achievements span excellent academic results as well as success in sport, 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 and the leadership teams at the schools.
In the context of continuing change and uncertainty in the wider economic and political environment, we acknowledge the inflationary impact of recent changes faced by many organisations and individuals, with particular reference to those impacting the independent school sector and the families who choose to join our schools; the introduction of VAT on school fees, a loss of business rates relief and pressure on employer payroll costs from increases in employer contributions to national insurance and teachers’ pensions have resulted in significant additional costs and we are acutely aware of the knock-on effect to school fee affordability. Careful management of the school’s finances will remain key to our continued success, as the sector adjusts to the economic shocks of the last eighteen months.
As a Board of Governors, we 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. In the context of the changes and threats to the independent school sector, we continue to see high demand for pupil places and we look forward to building on the success of our recent inspection report to deliver an excellent environment for educating all of the children at our schools.
**D EVANS** Governor
Date: 21 May 2025
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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
The governors, who are the charitable trustees and directors of the parent charitable company for the purposes of Charity Law and Company Law respectively, present their annual report, which includes the strategic report, and the audited consolidated financial statements of the charitable company and its subsidiary company (“the group”) for the year ended 31 August 2024. The governors confirm that the annual report, which includes the strategic report, and financial statements of the parent charitable company and the group comply with the current statutory requirements, the requirements of the parent charitable company’s governing document and the provisions of the Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (published in October 2019 and effective from 1 January 2019) (hereafter, the “Charities SORP 2019 (FRS102)”).
## **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 list of the charity’s main professional advisors, 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 charitable company’s Articles of Association (most recently updated in June 2024), 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 charitable company and group’s business is 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 charitable company’s wholly owned subsidiary, Trent College Enterprises Limited, are considered by the governing body but actioned by the directors of that company.
## **Recruitment and appointment of governors**
The parent charitable company’s elected governors are considered and appointed at a meeting 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.
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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRUCTURE, GOVERNANCE AND MANAGEMENT** (CONTINUED)
## **Induction and training of governors** (continued)
Examples include: AGBIS ‘Newly Appointed Governors’ training, AGBIS ‘Good Governance in Boarding’ seminar, AGBIS ‘Chairs of Governing Bodies’ seminar and BSA ‘Better Boarding Provision – seminar for Governors’. 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.
## **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:
- Child Protection, Welfare and Boarding;
- Compliance and Risk;
- Education;
- External Relations and Board Operations;
- Finance and Estates.
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.
## **Remuneration of key management personnel**
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:
-
- formal agendas for all committee and Board activity;
- detailed terms of reference for all committees which are reviewed periodically;
- comprehensive strategic planning, budgeting and management accounting;
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-
-
-
-
- established organisational structure and lines of reporting;
- formal written policies;
- clear authorisation and approval levels;
- a formal risk register which is reviewed at the termly Board meeting;
- use of expert external professional advice; and
- vetting procedures as required by law for the protection of the vulnerable.
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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **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’s 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 schools’ 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 schools’ 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 page 13.
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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **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 aims to nurture all aspects of its pupils’ 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 for adult life and the complex responsibilities needed in order to make a positive contribution to today’s society. 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 2024.
Trent College’s A Level and BTEC equivalent results this year achieved an overall exam pass rate of 99.7% with over 36% of entries graded at A*-A and over 66% at A*-B. Pupils will be taking up their places at high-ranking universities including Imperial College London, Liverpool, Bath, Sheffield, Exeter and Newcastle. The school are proud of the achievements of this cohort of pupils; the Government’s Office of National Statistics’ analysis of progress post-16 for this latest set of A Level results shows that Trent College meets the Department for Education’s descriptor of making progress and ‘adding value’ to a level which is ‘well above average’ and are the only school in our broad consideration set of regional independent schools and high-performing state schools to achieve to this level. It has also been a successful year for EPQ (Extended Project Qualification) results with 100% of pupils achieving grade A-C. 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 Level studies, making it one of the area’s largest Sixth Forms.
Trent College is also pleased with the GSCE results this year with 42% of pupils achieving grades 7-9, and 25% achieving grade 8 or 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 boarders. Although most of the school’s boarders are from the local area and choose to board so they can play a full part in the life of the school, there is also continued demand from further afield, including a healthy number of international pupils. Boarding enhances the pupil’s academic endeavour, sport, music, art, drama and provides the opportunity to 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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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **ACHIEVEMENTS AND PERFORMANCE** (CONTINUED)
## **Trent College** (continued)
At Trent College’s most recent school inspection in March 2025, the Independent Schools Inspectorate evaluated the school’s activities and outcomes in the five key areas of: leadership, management and governance; quality of education, training and recreation; physical and mental health and emotional wellbeing; social and economic education and contribution to society; and safeguarding. The school successfully met the standards required in each of these areas, and the report gives a very positive summary of the evidence that the inspection team was able to gather. In addition, the new framework for inspection includes an opportunity for inspectors to recognise a ‘significant strength’ of a school and Trent College and The Elms are delighted that inspectors awarded the rare distinction to the school, with a focus on the range and variety of our co-curricular activities, the involvement of pupils in shaping it, and its role in supporting pupils’ wellbeing.
The school was also found to be fully compliant with the large number of regulations that underpin all that the school does to operate effectively and safely.
A copy of the full inspection report is available on the school website.
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.
The school’s sports philosophy is based on what we call the ‘3 P’s’ – 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 school’s values drive behaviours and 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.
- In cricket, named in the top 100 cricket schools in the country by the magazine ‘The Cricketer’. The 1st XI were regional finalists in the National Cup, U13s reached the last 16 of the National Cup, U15s were runners up in the North final and U12 and U14 teams reached County Finals.
- In girls’ hockey, one pupil was selected for the U17 Talent Academy. The U19 group were in the quarter final of the Independent Schools Cup, U12 and U13 girls were both County runner ups.
- In boys’ hockey, one pupil played for the U18 and U21 Wales International team and an U16 pupil also played for the Wales International Team. Seven pupils were selected for the U17 Talent Academy. The U19s & U15s reached the quarter finals of the National Independent Schools Cup. In the England Hockey National Cup, U18s reached the last 16 of the Tier 2 competition and the U16 team reached the last 16 of the Tier 1 competition. U13s and U12s were County Champions and both reached the regional semi-finals.
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## **TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **ACHIEVEMENTS AND PERFORMANCE** (CONTINUED)
## **Trent College** (continued)
- In rugby, the U18 team made it to the North Final of the National Vase in the Schools Cup and U15s achieved round 3 of the Plate competition. A number of pupils play at Leicester Tigers Academy at different levels and 6 pupils are part of the NLD group at U18 and U17.
- In tennis, U18 girls were National Cup Finalists, U15 girls were National Schools Tennis Cup Regional Winners and U13 girls were Division 1 Cup Regional Winners. 1[st] VI boys made it to the last 16 of the Glanville Cup.
- In netball, U13s were County Champions. U14s were County Champions, East Midlands Regional Champions and National Finalists Placing 9[th] . U15s placed 3[rd] in County championships, as did the U18s team who were also quarter finalists in the Sisters in Sport National Plate Competition. A number of players are recognised in the Loughborough Lightninging training pathway.
- National representation was achieved by one pupil in golf, with pupils also reaching national levels of competitions in cross country, swimming and taekwondo.
- Many of the school’s pupils are part of county and regional squads in sport.
- Six pupils are part of Academy squads at Nottingham Forest or Notts County Football Clubs.
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 offering. This extends across the school’s age range, striking a balance between developing 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.
- 85 pupils entered the Trent Young Musician of the Year competition.
- Some of the school’s talented pupils enjoyed opportunities with the National Youth Orchestra, Nottingham Youth Orchestra, Nottingham Youth Jazz Orchestra, Derby Cathedral Choir, Derbyshire County Youth Orchestra, Derbyshire County Wind Band, Junior Royal Birmingham Conservatoire, the City of Birmingham Symphony Orchestra (CBSO) Youth Orchestra and the Royal College of Music Junior Department.
- Pupils participated in the National Brass Band Contest and had success in being awarded a Platinum Award at the National Concert Band Festival National Finals. Examination entries took place during the year, with a 100% pass rate and 74% of entries at merit grading or above in the Associated Board (ABRSM) and Trinity College (TCL) sessions. 2 pupils achieved distinctions at Grade 8 level.
The Drama Department were able to stage five fabulous productions as well as providing a range of opportunities for pupils across the school. The Sixth Form Production of Clue was directed and managed by a pupil for their Extended Project Qualification and featured 14 pupils. The Whole School production of Addams Family featured 75 pupils performing on the stage, in the band or collaborating as technical support. 12 year 9 pupils featured in DNA with technical support from 2 of their peers. In the Spring 30 Drama Scholars contributed to an incredible production of Lord of the Flies and the year was completed with a Lower School Production of Emil and the Detectives with over 60 pupils in the cast and technical crew.
Other highlights of the year were the visits to professional productions of The Lion King (all year groups), Harry Potter and the Cursed Child (A level), The Woman in Black (A Level) and 2:22 A Ghost Story (Year 10). 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 81 pupils taking examinations, all pupils achieved either a Merit (23%) or Distinction (77%) in their exams with a number at the higher Level 3 award level, where 86% of pupils attained a distinction.
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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **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. 60 pupils took part in the Bronze award practice expedition in the local area, followed by a qualifying expedition in the Derbyshire Dales. October half term saw the bulk of the Silver Groups complete practice expedition days out in the field with a smaller group completing their practice days in March. In June the qualifying expedition took place with around 30 pupils demonstrating their campcraft, navigation and resilience. In April the Gold Group completed their Qualifying Expedition on Dartmoor spending 4 days walking, navigating and camping.
The school’s Combined Cadet Force (CCF) continued to provide excellent opportunity for the Cadets at Trent. In Michaelmas, the Senior Cadets conducted an overnight field day at Prince William of Gloucester Barracks, Grantham, with cadets completing high level training in fieldcraft, tactics and leadership. The event coincided with the Biennial Inspection of the CCF and we were delighted with the feedback from the Reviewing Officer that “The calibre of senior cadets is nothing but inspiring”. As always there was a strong presence of pupils at Remembrance Sunday.
The RAF section attended a residential camp at RAF Cranwell, enjoying a full programme including air experience, live fire shooting, leadership, navigation, drill, sport and team activities.
A further field day, featuring the whole contingent from Year 10 and above took place in March. In the summer break, pupils took part in a multi-activity programme, including paddle sports, military skills, white-water rafting, shooting and mountain biking.
It has been pleasing to see pupils making the most of the other educational activities available 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 both during and outside of term-time but this is only a snapshot of the wider opportunities offered to pupils by their teaching staff over the academic year.
- Biology Trip to Wales.
- Junior Rugby Tour to Edinburgh.
- Y8 Multi Activity residential to Edale
- Food and Nutrition and Modern Foreign Languages combined trip to France.
- Modern Foreign Languages Trip to Andalucia
- History Trip to Northern France
- Netball Tour to Dubai
- Cricket Tours to Berkshire, York and Haileybury
- Junior Ski Trip to Italy
- Senior Ski Trip to the French Alps.
- Drama Trip to London
Trent College’s library continues to provide an inspirational hub at the heart of the school. The library boasts some 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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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **ACHIEVEMENTS AND PERFORMANCE** (CONTINUED)
## **Trent College** (continued)
During the year, the school were pleased to include sustainable solar panels as part of the refurbishment of the May Hall roof alongside continued investment into teaching and pastoral facilities and upgrades of equipment.
For the academic year 2023/24, Trent College’s pupil numbers were 795 (2022/23: 834, (a record high point)) of which boarders stood at 109 (2022/23:108).
## **The Elms**
All pupils benefit from excellent teaching, a broad and enriching curriculum and a safe and inspiring environment with the result that The Elms’ standards of pupils’ achievements and the quality of their learning, attitudes and skills 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 2024, 69 pupils (2023: 58 pupils) out of a Year 6 cohort of 76 pupils (2023: 62 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.
A systematic approach to lesson visits by members of The Elms’ Leadership Team is well established and the 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 improving pupils’ phonic awareness and reading skills. This is followed by the Read, Write, Inc. Comprehension 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.
At the school’s most recent school inspection in March 2025, the Independent Schools Inspectorate inspected and evaluated Trent College and The Elms as a ‘whole school’ for the first time and so the earlier documented successes of the inspection are shared across the whole community of age groups at the school.
The Early Years Foundation Stage (EYFS) has a separate OFSTED rating within the inspection report and the school are delighted to retain an ‘outstanding’ judgement in all areas.
The Junior School specialist music school “Catterns” has dedicated classrooms with ensemble and practice rooms 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 85% of pupils (201 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.
This year, 114 pupils from Years 3, 4, 5 and 6 have taken 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.
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Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **ACHIEVEMENTS AND PERFORMANCE** (CONTINUED)
**The Elms** (continued)
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 2024.
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-clubs’ programme, with many pupils taking part in these activities. The Year 3 and Year 4 curriculum programme has changed to be mixed gender with all the pupils able to take 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 enjoying hockey and cricket.
Whilst ensuring a ‘Sport for All’ ethos, the school also provides stretch and challenge for the more able pupils. In the IAPS hockey the girls reached the National final. In football the boys were runners up in the regional tournament and National finalists. In swimming four pupils reached the national IAPS individual swim finals with one pupil winning their event. The school also entered relay teams in both the ESSA and IAPS National Swimming finals.
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;
- Year 3 pupils stayed at PGL Caythorpe with outdoor activities developing independence and teamwork.
- Year 4 pupils visited Cranedale with activities centring on ecology and nature.
- Year 5 pupils visited PGL Newby Wiske, taking part in archery, sailing, kayaking, high ropes and orienteering activities.
- Year 6 pupils travelled to Betwys-Y-Coed in Wales to enjoy activities such as mountain climbing, bushcraft and abseiling along with coastal and environmental studies.
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. Pupil numbers remained high for the academic year 2023/24 with 404 pupils enrolled at The Elms (2022/23: 420).
## **Public benefit**
The governors confirm that they have referred to and given due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the schools’ 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.
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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **ACHIEVEMENTS AND PERFORMANCE** (CONTINUED)
## **Educating Other Students**
- Trent College remains committed to using its facilities for the public benefit by hosting summer schools during school holidays.
- Each year pupils from local schools attend a variety of sports events and tournaments and many of the visiting speaker events (such as Careers events) are opened up to local state schools.
- The schools host a large number of sporting fixtures to which other schools (both from the maintained and independent sector) are invited.
- Trent College accommodates external candidates requiring an examination centre for GCSE, A Level, Music and LAMDA courses.
- Facilities such as the Food & Nutrition Suite are opened to other schools in the maintained and independent sectors.
- Trent College continues to host a free annual careers evening, which is open to all pupils in local schools.
- Trent College also funds a number of pupils in one of two schools in Kenya, with which we have a long running connection, enabling children (who would otherwise not be educated) to attend a good school.
## **Working with the Local Community**
- Trent College and The Elms work closely with a number of local primary schools and secondary schools through a wide variety of projects.
- Trent College has close links with Nottingham Rugby Club, Leicester Tigers, Beeston Hockey Club and Nottinghamshire and Derbyshire Cricket Clubs with staff assisting in coaching, and pupils attending training sessions and academies.
- Trent College works in partnership with local companies, schools and other organisations in placing Year 11 pupils for their work attachment and experience.
- All Year 11 and 12 pupils and many in Year 13 contribute to the local and wider community through Community Service, the Charity Team, Age UK, Combined Cadet Force (CCF), Sports Leadership, Peer Reading and Primary School visits. The school’s Community Cookery team cheer up the residents of a local care home with their weekly cakes and bakes whilst senior pupils support their junior peers in clubs and activities at The Elms.
- During the year, the school continued to find innovative ways to raise funds for local, national and international causes, including Kenya Schools’ Partnership, Children in Need, Cancer Research UK, Macmillan Cancer Support, Make a Wish and the Canaan Trust. Annual events such as Harvest and the Shoebox Appeal allow the whole school to be involved in fundraising. Another whole school initiative this year was the Children’s Book Appeal, where more than 1,000 books were donated in support of the Derby Book Festival, who will distribute the books to schools and communities across Derbyshire. Each year, Trent College and The Elms donate their Harvest festival gifts to local homeless charity The Canaan Trust.
- The swimming pool is used extensively by local community swimming clubs such as Long Eaton Swimming Club every evening of the week and on most weekends. The Sports Hall is let out to local badminton, uni-cycling and cricket clubs on a regular basis and the tennis courts are used by local training organisations.
- Local children attend the Holiday Activities for Kids weeks at Trent College during summer holidays from Monday to Friday making full use of sports facilities.
- The May Hall is used by the community for a number of events, concerts and exhibitions, including the Long Eaton Operatic Society, The Women’s Institute, The Long Eaton and District Scout Council, the RAF Association and Arabesque Dance Troupe.
- Both schools play a significant role in the training and development of new teachers, providing placements for a number of Postgraduate Certificate of Education (PGCE) pupils every year. The schools regularly welcome PGCE students from local universities, and also assists local university students with data collection, lesson observation or questionnaires.
- Many visitors enjoy the regular guided tours around the schools’ arboretum.
- The schools have continued in their deliberate focus on developing meaningful partnership activities with statemaintained schools in the local area, including the continuation of a Science, Technology, Engineering and Mathematics (STEM) club bringing local primary schools together.
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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **ACHIEVEMENTS AND PERFORMANCE** (CONTINUED)
## **Charitable Activities**
Trent College and The Elms educated 1,199 boys and girls in 2023/24 (2022/23: 1,254). If they had been educated in the State sector it would have cost £6.0 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, including 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**
Trent College’s primary purpose is the provision of education. A significant part of the schools’ public benefit is the provision of scholarships and bursaries designed to widen access to the education that Trent provides. In this context ‘scholarships’ are fee reductions awarded through competition on academic, musical, sporting, drama and artistic merit and ‘bursaries’ are fee reductions awarded according to financial need.
The value of scholarships, grants, prizes and other awards made to the schools’ pupils out of unrestricted funds was £508,000 (2023: £504,000). No awards were made from restricted funds (2023: £nil). Trent College’s policy, in line with that of other independent schools, is to make these awards on the basis of the individual’s educational 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 147 pupils (2023: 157 pupils) totalling £910,000 (2023: £885,000) from unrestricted funds and £31,000 (2023: £29,000) 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 where the pupil’s education and future prospects would otherwise be at risk. The availability of all such awards for fee-assistance, together with the terms and conditions for each kind of award, is advertised on the schools’ 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.
Funds raised in the year were £8,000 (2023: £9,000) of which £4,000 (2023: £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 £15,000 (2023: £28,000) 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 Limited’s consolidated financial statements reflect the resilience of the schools in what continues to be a challenging environment and careful management of the schools’ finances remains a priority in the uncertain political and macro-economic period.
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Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **FINANCIAL REVIEW** (CONTINUED)
Income for the year was £20.5 million (2023: £19.9 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 £1,159,000 (2023: £1,979,000), calculated below. In the circumstances and acknowledging the challenges facing the sector during the year, the governors are delighted with the financial results.
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£’000**|**£’000**|
|Net movement in funds (page 24)|(16)|665|
|Re-measurement gain on defined benefit pension plan (page 24)|-|-|
|Revaluation (gain)/loss on investment assets (page 24)|(2)|1|
|Depreciation of tangible fixed assets (note 12)|860|980|
|Interest payable (note 8)|317|333|
||_________|_________|
|**Operating surplus**|1,159|1,979|
## **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 £560,000 (2023: £841,000) was incurred on fixed assets, as part of the schools’ continuing capital investment programme; expenditure in the year included refurbishment of the May Hall roof and solar technology, as well as continued learning space refurbishments and expenditure on IT equipment and machinery.
Trent College Limited continues to promote the letting of its facilities to third parties, the results of which are covered within Trent College Enterprises Limited’s financial statements 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.
## **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.
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Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **FINANCIAL REVIEW** (CONTINUED)
## **Reserves policy** (Continued)
Total reserves held at the year end of £33.1 million (2023: £33.1 million) included unrestricted reserves of £33.1 million (2023: £33.1 million) and restricted reserves of £12,000 (2023: £33,000) comprising:
|Cash held for restricted purposes
**Restricted reserves**
Tangible fixed assets used for educational purposes less bank loans
Defined benefit pension funding liability
Cash surplus identified for future strategic capital investment
“Free” reserves
**Unrestricted reserves**
**Total reserves**|**2024**
**£’000**
12
_______
12
_______
30,291
(5)
686
2,098
_______
33,070
_______
33,082
|**2023**
**£’000**
33
______
33
______
30,347
(17)
928
1,807
______
33,065
______
33,098|
|---|---|---|
Included in “free” reserves are tangible fixed assets less bank loan at 31 August 2024 of £1,571,000 (2023: £1,304,000) which are not directly used for educational purposes and which can only be realised by disposing of these fixed assets. The remainder of ‘free reserves’ is represented by cash of £527,000 (2023: £503,000).
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.
## **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:
- Pupil Achievement – providing an exceptional education with excellent outcomes for each pupil across a broad range of fields.
- Pupil Development and Wellbeing – equipping every pupil to achieve their potential, prepare for the next life stage, and lead a fulfilled life in an evolving world.
- Staff Development and Wellbeing – promoting a confident, engaged and progressive community of professional staff.
- Communications and Engagement – engaging all the schools’ stakeholders with the vision, ethos and offer of the schools.
- Enablers – offering an inspirational environment in which to learn, teach, work and play.
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**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **PLANS FOR FUTURE PERIODS** (CONTINUED)
The schools’ future plans, which underpin 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. The governors’ focus on mitigating risks in this area remains paramount through the 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 continue to be the cause of a number of the principal risks and uncertainties facing the schools. Following on from the period of uncertainty during the Covid19 pandemic, subsequent significant inflationary pressure including that on the price of fuel and utilities and the knock-on effect of these pricing changes on most supplies to the school had previously given cause for concern.
In April 2024 employer contributions to The Teachers Pension Scheme (TPS) increased from 23.68% of gross salary to 28.68%. The school mitigated this increase by becoming a Phased Withdrawal school, closing the TPS to new joiners but this change has still resulted in a significant increase in salary costs in the short term, which is mitigated in the medium term by adopting a total cost approach to future pay reviews. The next actuarial review is due from 2027 and may increase rates further. VAT has been added to school fees from January 2025 and is a further direct increase to the cost of education being borne by parents, meaning that affordability of school fees is under further pressure within household budgets. Additional, previously identified risks materialised from April 2025 with the loss of business rate relief for independent schools, with a further unanticipated cost increase in employer national insurance contributions from the same month.
The effect of these changes and continued, future risk of cost increases, (sector-wide wage inflation, general inflation and costs of meeting regulatory compliance) continues to place pressure on the affordability of fees and is therefore a clear identified risk to future pupil numbers. Pricing and product offer variations generate competition from rival independent schools, state schools’ conversion to academy status and other changes in the local market also create risk for the school. Other significant risks facing the schools are the increasing competition for highquality 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 or cyber attack, 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 likely to be future, sector wide risks that sit outside of the immediate control of the school and mitigation of these risks will 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 schools’ 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 3 of the Energy Savings Opportunity Scheme (ESOS) and both schools continue to remain compliant.
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## **TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **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, introduction of solar technology to a school roof, improvements to building management controls and continued lighting upgrades.
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 2024.
||**2024**|**2023**|
|---|---|---|
|Energy consumption used to calculate emissions (kWh)|5,227,411|5,302,514|
|Scope 1 emissions in metric tonnes CO2e|||
|Gas consumption|639.38|693.79|
|Owned transport (mini buses) and non-owned transport (school bus service)|25.23|21.28|
|Scope 2 emissions in metric tonnes CO2e|||
|Purchased electricity|260.93|286.93|
|Scope 3 emissions in metric tonnes CO2e|||
|Business travel in employee owned vehicles|0.53|0.48|
|**Total gross emissions in metric tonnes CO2e**|**926.07**|**1,002.48**|
|**Intensity ratio**|||
|Tonnes CO2e per pupil|0.84|0.80|
**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 2024 UK Government’s 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 introduction of solar panels to a school roof. We have continued the use of video conferencing technology for some governor, employee, and parent meetings to reduce the need for travel.
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## **TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **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 schools’ employees. The schools promote 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 £16,000 (2023: £15,000) 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.
## **Directors and directors’ interests**
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 are set out on page 1. The directors are appointed in accordance with the requirements of the parent charitable company’s Articles of Association.
No director received any remuneration during the year nor the prior year, and £1,188 expenses relating to travel and accommodation in respect of the year ended 2024, (2023: £1,032) were reimbursed to five directors in 2024 (2023: five).
The parent charitable company holds professional indemnity insurance on behalf of the directors. The cost of the insurance was £2,000 (2023: £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 DP Woodward jointly held 18,977 shares in the parent charitable company on trust for the parent charitable company at the year end.
## **Governors’ responsibilities statement**
The governors (who are also directors of Trent College Limited for the purpose of Company Law) are responsible for preparing the governors’ report, which includes the strategic report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **GOVERNORS’ REPORT (INCLUDING STRATEGIC REPORT)**
Year ended 31 August 2024
## **STRATEGIC REPORT** (CONTINUED)
## **OTHER INFORMATION** (CONTINUED)
## **Governors’ responsibilities statement** (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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable United Kingdom accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in operation.
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:
- there is no relevant audit information of which the group and the parent charitable company’s auditors are unaware; and
- the governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The Governors’ Report, which includes the strategic report, was approved by the Board of Governors on 21 May 2025 and was signed on its behalf by:
**D EVANS** Governor
**G CROCKER** Governor
20
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITED**
## **Opinion**
We have audited the financial statements of Trent College Limited (“the company”) and its subsidiary (“the group”) for the year ended 31 August 2024 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 Generally Accepted Accounting Practice) including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities SORP 2019.
In our opinion, the financial statements:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2024 and of the incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for Opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the governors’ 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 company’s 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 Governors’ 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.
21
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITED**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Governors’ Report (incorporating the Strategic Report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Governors’ Report and Strategic Report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Report and 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:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of governors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of governors**
As explained more fully in the Governors’ responsibilities statement set out on pages19 and 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’s and company’s 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.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. 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:
- obtaining an understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework, including agreement of financial statement disclosures to underlying documentation and other evidence;
22
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TRENT COLLEGE LIMITED**
## **Auditor’s responsibilities for the audit of the financial statements (continued)**
- obtaining an understanding of the company’s control environment and how the company has applied relevant control procedures, through discussions with management and by performing walkthrough testing over key areas;
- obtaining an understanding of the company’s risk assessment process, including the risk of fraud;
- reviewing meeting minutes of those charged with governance throughout the year; and
- performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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 non-compliance with regulation. This risk increases 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 charitable company’s 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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Kevin Hodgetts (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: 30 May 2025
23
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
Year ended 31 August 2024
|||**Restricted**|**Unrestricted**|**Year ended**|**Year ended**|
|---|---|---|---|---|---|
||**Notes**|**funds**|**funds**|**31 August**|**31 August**|
|||||**2024**|**2023**|
|||**£000**|**£000**|**£000**|**£000**|
|**Income from:**||||||
|Charitable activities|2|-|19,988|19,988|19,492|
|Other trading activities|3|7|355|362|328|
|Investments|4|-|90|90|49|
|Donations and legacies|5|15|-|15|28|
|||________|________|________|________|
|**Total income**||22|20,433|20,455|19,897|
|||________|________|________|________|
|**Expenditure on:**||||||
|Charitable activities|6|43|19,921|19,964|18,756|
|Raising funds|7|-|509|509|475|
|||________|________|________|________|
|**Total expenditure**||43|20,430|20,473|19,231|
|||________|________|________|________|
|**Net (expenditure)/income before**||(21)|3|(18)|666|
|**investment gains and other gains and**||||||
|**losses**||||||
|**Gains and losses from Investment**||||||
|**activity:**||||||
|Gain/(loss) on securities investments|16|-|2|2|(1)|
|||________|________|________|________|
|**Total gain/(loss) from investment**||-||||
|**activity**|||2|2|(1)|
|||________|________|________|________|
|**Net (expenditure)/income for the year**||(21)|5|(16)|665|
|**Other recognised gains and losses**||||||
|Re-measurement gain on defined benefit|22|-|-|-|-|
|pension plan||||||
|||________|________|________|________|
|**Net movement in funds**||(21)|5|(16)|665|
|Fund balances brought forward|24|33|33,065|33,098|32,433|
|||________|________|________|________|
|**Fund balances carried forward**|24|12|33,070|33,082|33,098|
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 £20,450,000 including gift aid from its subsidiary of £3,000 (2023: £19,892,000 including gift aid of £6,000). The net decrease in funds of the parent charitable company was £16,000 (2023: increase in funds £665,000).
The notes on pages 27 to 45 form part of these financial statements.
24
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **Registered number: 00032983**
## **CONSOLIDATED AND PARENT CHARITABLE COMPANY BALANCE SHEETS**
As at 31 August 2024
|**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, 24
Revaluation fund
24
General fund
24
Pension fund
24
**Total funds**|**Group**
**2024**
**£000**
36,479
790
________
37,269
13
1,240
21
8,069
________
9,343
(7,725)
________
1,618
38,887
(5,800)
________
33,087
(5)
________
33,082
12
19
23,044
10,012
(5)
________
33,082|**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|**Company**
**2024**
**£000**
36,479
790
________
37,269
13
1,237
21
8,060
________
9,331
(7,713)
________
1,618
38,887
(5,800)
________
33,087
(5)
________
33,082
12
19
22,275
10,781
(5)
________
33,082|**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|
|---|---|---|---|---|
These financial statements were approved by the Board of Governors on 21 May 2025 and were signed on its behalf by:
**D EVANS G CROCKER** Governor Governor
The notes on pages 27 to 45 form part of these financial statements.
25
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **CONSOLIDATED STATEMENT OF CASH FLOWS**
Year ended 31 August 2024
|**Notes**
**£000**
**Net cash inflow from operating activities**
26
**Returns on investments and servicing**
**of finance**
Interest received
59
Dividends received
1
Rents received from property investments
30
Interest paid
(317)
Property investments management costs
paid
(13)
________
**Capital expenditure and financial**
**investment (other than fees in advance**
**scheme)**
Payments to acquire tangible fixed assets
(560)
________
**Net cash inflow/(outflow) before**
**financing**
**Financing**
Repayment of loans
(231)
Advance fees new contracts
4,706
Advance fees utilised
(934)
Repayments of Coronavirus Business
Interruption Loan
(281)
________
**Increase/(decrease) in cash in the year**
**Reconciliation of net cash flow to**
**movement in net debt**
Increase/(decrease) 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|**2024**
**£000**
**£000**
913
15
1
33
(333)
(19)
________
(240)
(841)
________
(560)
________
113
(214)
1,032
(768)
(280)
________
3,260
________
3,373
3,373
281
231
(3,772)
________
113
(2,296)
________
(2,183)
|**2023**
**£000**
767
(303)
(841)
________
(377)
(230)
________
(607)
(607)
280
214
(264)
________
(377)
(1,919)
_______
(2,296)|
|---|---|---|
The notes on pages 27 to 45 form part of these financial statements.
26
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **1 Accounting policies**
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the parent charitable company and group’s financial statements.
## **General information and basis of preparation**
Trent College Limited is a charitable company limited by shares incorporated and registered in England and Wales. The principal address and registered office is given on page 2. The charity’s objects and nature of its activities is detailed in the Governors’ Report on page 4.
The financial statements have been prepared under The Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (“Charities SORP 2019 (FRS102)”) and Financial 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 the forecasts for the twelve months following the date of signing the financial statements 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
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **1 Accounting policies** (continued)
## **Grants**
Grants including those such as 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
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **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, accruals and acceptance deposits 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.
## **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.
## **Pension schemes**
Retirement benefits to teaching staff of the parent charitable company are provided by the Teachers’ Pension Scheme and, from April 2024 for certain teaching staff, via the Aviva Pension Trust for Independent Schools (APTIS) and to other members of staff via TPT Retirement Solutions’ Growth Plan or via employees’ own pension schemes. The pension costs charged in the statement of financial activities are determined as follows:
## a) Teachers’ Pension Scheme
The Teachers’ Pension Scheme (“TPS”) is a defined benefit multi-employer pension scheme. It is not possible to identify the schools’ share of the underlying assets and liabilities of the TPS 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 charitable company’s contributions 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) Aviva Pension Trust for Independent Schools (APTIS)
The APTIS Scheme is a defined contribution pension scheme. Employer’s pensions costs are charged in the year in which the salaries to which they relate are payable.
29
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **1 Accounting policies** (continued)
## **Pension schemes** (continued)
## c) TPT Retirement Solutions’ Growth Plan
The TPT Retirement Solutions’ Growth Plan (“the Scheme”) 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 charitable company’s 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.
## d) Employees’ own pension schemes.
Employer’s pensions costs are charged in the year in which the salaries to which they relate are payable. The schemes are defined contribution pension schemes.
## **Judgements and key sources of estimation uncertainty**
The group makes estimates and assumptions concerning the future. The governors are also required to exercise judgement in the process of applying the charitable company’s accounting policies. Estimates 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 arm’s length transaction. The nature, facts and circumstances of the investment drives the 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.
30
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **1 Accounting policies** (continued)
## **Judgements and key sources of estimation uncertainty** (continued)
## c) TPT Retirement Solutions’ Growth Plan
The present value of the deficit contributions payable under the TPT Retirement Solutions’ Growth Plan 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).
## **2 Income from charitable activities**
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|School fees receivable|19,139|18,699|
|Ancillary trading income|849|793|
||________|________|
||19,988|19,492|
||________|________|
All income from charitable activities in both years is classified as unrestricted
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|**School fees receivable consist of:**|||
|School fees|21,485|20,967|
|Less: total scholarships and bursaries|(1,449)|(1,418)|
|Less: other fee reductions|(928)|(879)|
||________|________|
||19,108|18,670|
|Add back: bursaries paid for by restricted funds|31|29|
||________|________|
||19,139|18,699|
||________|________|
Scholarships and bursaries are awarded to individuals. Scholarships are awarded through competition on academic, music, drama and artistic merit. Bursaries were awarded to 147 pupils (2023: 157 pupils) at varying levels according to financial need. Fee reductions are available to teaching and non-teaching staff.
||**Year ended**|**Year ended**|**Year ended**|
|---|---|---|---|
||**31 August**|**31 August**||
||**2024**||**2023**|
||**£000**||**£000**|
|**Ancillary trading income consists of:**||||
|Extra-curricular activities|508||475|
|Disbursements|142||133|
|Other|199||185|
||________|________||
||849||793|
||________|________||
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 £236,000 (2023: £230,000) and expenditure of £330,000 (2023: £282,000).
31
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **3 Income from other trading activities**
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|Non ancillary trading income|235|184|
|Trading income of subsidiary company (see note 29)|115|135|
|Fundraising income|12|9|
||________|________|
||362|328|
||________|________|
Fundraising income includes restricted income of £7,000 (2023: £9,000) (see note 25).
## **4 Income from investments**
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|Interest received|59|15|
|Dividends received|1|1|
|Rents received from investment properties|30|33|
||________|________|
||90|49|
||________|________|
All investment income in both years is unrestricted.
## **5 Income from donations and legacies**
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|Donations and legacies|15|28|
||________|________|
Donations and legacies include £15,000 of restricted donations (2023: £28,000) (see note 25).
## **6 Expenditure on charitable activities**
|Teaching
Welfare
Premises
Support costs
Governance costs
Bursaries|**Staff**
**costs**
**Depreciation**
**£000**
**£000**
10,938
442
638
72
643
346
1,250
-
-
-
-
-
________
________
13,469
860
|**Other**
**Costs**
**Year ended**
**31 August**
**2024**
**Year ended**
**31 August**
**2023**
**£000**
**£000**
**£000**
1,509
12,889
12,194
1,649
2,359
2,282
1,737
2,726
2,408
546
1,796
1,576
163
163
267
31
31
29
_______
________
________
5,635
19,964
18,756
|
|---|---|---|
Expenditure on charitable activities includes expenditure from restricted funds of £43,000 (2023: £45,000) (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 £236,000 (2023: £230,000) and expenditure of £330,000 (2023: 282,000).
32
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **7 Expenditure on raising funds**
|Trading costs
Financing costs (see note 8)
Property investments management costs|**Staff**
**costs**
**£000**
31
-
-
_______
31
|**Other**
**costs**
**Year ended**
**31 August**
**2024**
**Year ended**
**31 August**
**2023**
**£000**
**£000**
**£000**
91
122
123
374
374
333
13
13
19
_______
_______
_______
478
509
475
|
|---|---|---|
All expenditure on raising funds in both years is unrestricted. Trading costs includes trading costs of the subsidiary company of £4,000 (2023: £15,000) (see note 29).
## **8 Financing costs**
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|Interest payable on loans|317|333|
|Other finance costs|57|-|
|Unwinding of the pension provision discount factor (see note 30)|-|-|
||_______|_______|
||374|333|
||_______|_______|
## **9 Net Income**
Net income is stated after charging:
|Net income is stated after charging:|||
|---|---|---|
||**Year ended**|**Year ended**|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|Depreciation of tangible fixed assets – owned|860|980|
|Auditor’s remuneration: Group - audit work|25|23|
|- taxation work|3|3|
|Operating lease rentals|231|233|
||_______|_______|
Included within the group audit fee above is an amount of £5,000 (2023: £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**
**2024**
**Number**
118
51
97
132
_______
398
_______|**Group**
**2023**
**Number**
115
54
96
132
_______
397
_______|
|---|---|---|
33
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **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**|
||**2024**|**2023**|
||**£000**|**£000**|
|Wages and salaries|10,650|9,874|
|Social security costs|966|903|
|Other pension costs|1,884|1,647|
||________|________|
||13,500|12,424|
||________|________|
The number of employees whose contracts were terminated and who left our employment within the financial year is 1, (2023: nil) with an associated cost of £13,000, (2023:£nil).
During the year and prior year no remuneration was paid to any of the governors and £1,188 (2023: £1,032) was paid to five governors (2023: five) in respect of reimbursement of expenses relating to travel and accommodation.
Pension costs of £31,000 (2023: £22,000) 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**
**2024**
**£000**
974
________|**Group**
**2023**
**£000**
922
________|
|---|---|---|
The number of employees who earned over £60,000 and associated employer’s pension contributions were split as follows:
||||**Pension**|||**Pension**|
|---|---|---|---|---|---|---|
||||**Contributions**|||**Contributions**|
||**Year ended**||**Year ended**|**Year ended**||**Year ended**|
||**31 August**||**31 August**|**31 August**||**31 August**|
|||**2024**|**2024**||**2023**|**2023**|
|||**Number**|**£000**||**Number**|**£000**|
|£60,001 - £70,000||7|111||4|59|
|£70,001 - £80,000||3|70||4|57|
|£80,001 - £90,000||1|24||1|21|
|£90,001 - £100,000||1|27||1|6|
|£100,001 - £110,000||1|6||-|-|
|£160,001 - £170,000||-|-||1|38|
|£170,001 - £180,000|1
________||36
________|-
________||-
________|
## **11 Taxation**
No liability to corporation tax arises in view of the charitable status of the parent charitable company. The parent charitable company’s wholly owned subsidiary undertaking, Trent College Enterprises Limited, 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
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **12 Tangible fixed assets**
|**Group and Company**
**Cost**
At 1 September 2023
Additions
Transfers
At 31 August 2024
**Accumulated depreciation**
At 1 September 2023
Charge for the year
At 31 August 2024
**Net book value**
At 31 August 2024
At 1 September 2023||**Freehold**
**land and**
**buildings**
**Assets**
**under**
**construction**
**Furniture,**
**fittings and**
**equipment**
**£000**
**£000**
**£000**
37,461
131
8,504
-
336
224
-
(18)
18
________
________
________
37,461
449
8,746
________
________
________
2,438
-
6,879
274
-
586
________
________
________
2,712
-
7,465
________
________
________
34,749
449
1,281
________
________
________
35,023
131
1,625
|**Motor**
**vehicles**
**£000**
40
-
-
________
40
________
40
-
________
40
________
-
________
-
|**Total**
**£000**
46,136
560
-
________
46,696
________
9,357
860
________
10,217
________
36,479
________
36,779
|
|---|---|---|---|---|
||||||
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 and works on refurbishment of a school roof, including the introduction of solar panels. The transfer of £18,000 to furniture, fittings and equipment relates to final works costs of a classroom refurbishment in progress at the end of the prior year.
Freehold land of £19,000,000 is included in freehold land and buildings and is not depreciated.
35
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **13 Fixed asset investments**
|**Property**
**investments**
**£000**
**Group**
**Valuation**
At 1 September 2023 and 31 August 2024
790
________
**Shares in**
**group**
**undertakings**
**Property**
**investments**
**£000**
**£000**
**Company**
**Valuation**
At 1 September 2023 and 31 August 2024
-
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 2024 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**
|**Group and Company**
Maintenance department
Other provisions and stores|**2024**
**£000**
11
2
________
13
________|**2023**
**£000**
10
3
________
13
________|
|---|---|---|
**15 Debtors**
|Trade debtors
Other debtors
Prepayments
Amounts owed by group undertakings|**Group**
**2024**
**£000**
597
156
487
-
________
1,240
|**Group**
**2023**
**£000**
555
104
465
-
________
1,124
|**Company**
**2024**
**£000**
592
156
487
2
________
1,237
|**Company**
**2023**
**£000**
536
104
465
48
________
1,153
|
|---|---|---|---|---|
36
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **16 Current assets investments**
|**Current assets investments**||
|---|---|
||**Securities**|
||**investments**|
||**£000**|
|**Group and Company**||
|**Valuation**||
|At 1 September 2023|19|
|Revaluation in the year|2|
||________|
|At 31 August 2024|21
________|
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 £16,000 of monies held on behalf of third parties (2023: £15,000).
## **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**
**2024**
**£000**
529
814
4,405
1,084
242
214
437
_______
7,725
_______|**Group**
**2023**
**£000**
515
978
839
1,004
231
174
446
_______
4,187
_______|**Company**
**2024**
**£000**
529
814
4,405
1,084
241
213
427
________
7,713
________|**Company**
**2023**
**£000**
515
978
839
997
229
173
440
________
4,171
________|
|---|---|---|---|---|
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|**2024**
**£000**
4,087
1,231
482
________
5,800
________|**2023**
**£000**
4,613
1,025
481
________
6,119
________|
|---|---|---|
37
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **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|**2024**
**£000**
529
546
1,025
2,516
________
4,616
________|**2023**
**£000**
515
529
1,247
2,837
________
5,128
________|
|---|---|---|
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 charitable company’s liabilities for fees paid in advance. The movements during the year were:
||**Group and**|
|---|---|
||**Company**|
||**£000**|
|Balance at 1 September 2023|1,864|
|Amounts utilised in payment of fees|(934)|
|Amounts received in the year|4,706|
||_______|
|Balance at 31 August 2024|5,636|
||_______|
The above amount is shown as £4,405,000 (2023: £839,000) due within one year and £1,231,000 (2023: £1,025,000) due in more than one year.
## **22 Defined benefit pension liability**
The balance represents the group and the parent charitable company’s liabilities for a funded multi-employer pension plan, TPT Retirement Solutions’ Growth Plan (see note 30). The movements during the year were:
||**Group and**|
|---|---|
||**Company**|
||**£000**|
|Balance at 1 September 2023|17|
|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 2024|5
_______|
38
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **23 Called up share capital**
|**24**
**Reconciliation of movement in total restricted and unrestricted funds**
**Group**
**Group**
**2024**
**2023**
**£000**
**£000**
**Restricted funds**
Balance at 1 September 2023
33
41
Deficit in the financial year
(21)
(8)
_________
_________
Balance at 31 August 2024
12
33
_________
_________
**Unrestricted funds**
**Called up share capital**
19
19
_________
_________
**Revaluation fund**
23,044
23,044
_________
_________
**General fund**
Balance at 1 September 2023
10,019
9,358
(Deficit)/surplus in the financial year
(7)
661
_________
_________
Balance at 31 August 2024
10,012
10,019
_________
_________
**Pension fund**
Balance at 1 September 2023
(17)
(29)
Movements in the financial year
12
12
_________
_________
Balance at 31 August 2024
(5)
(17)
_________
_________
Total funds at 31 August 2024
33,082
33,098
**Group and Company**
**Allotted, issued and fully paid**
19,000 ordinary shares of £1 each|**Company**
**2024**
**£000**
33
(21)
________
12
_________
19
________
22,275
_________
10,788
(7)
_________
10,781
_________
(17)
12
_________
(5)
_________
33,082
**2024**
**£000**
19
________|
|**Company**
**2023**
**£000**
41
(8)
________
33
_________
19
________
22,275
_________
10,127
661
_________
10,788
_________
(29)
12
_________
(17)
_________
33,098
**2023**
**£000**
19
________|
|---|---|---|---|
During the year there were £nil funds (2023: £nil) transferred between restricted funds and unrestricted funds
Unrestricted funds of the group are represented by fixed assets of £37,269,000 (2023: £37,569,000), stocks of £13,000 (2023: £13,000), debtors of £1,240,000 (2023: £1,124,000), cash at bank of £8,057,000 (2023: £4,663,000), securities and investments of £21,000 (2023: £19,000), creditors of £13,525,000 (2023: £10,306,000) and defined benefit pension liability of £5,000 (2023:£17,000).
39
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **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**
-
-
21
-
-
12
_______
33
|**Income**
**Expenditure**
**£000**
**£000**
3
(3)
3
(3)
1
(22)
1
(1)
14
(14)
-
-
_______
_______
22
(43)
|**Closing**
**Balance**
**£000**
-
-
-
-
-
12
_______
12
|
|---|---|---|---|
Restricted funds are represented by cash at bank of £12,000 (2023: £33,000). Restricted income of £22,000 (2023: £37,000) includes £7,000 fundraising income (2023: £9,000) and £15,000 donations and legacies (2023: £28,000).
## **26 Reconciliation of net income to net cash inflow from operating activities**
|||**Year ended**|**Year ended**|
|---|---|---|---|
|||**31 August**|**31 August**|
|||**2024**|**2023**|
|||**£000**|**£000**|
||Net (expenditure)/income before investment and other gains and losses|(18)|666|
||Depreciation of tangible fixed assets|860|980|
||Decrease in stocks|-|2|
||Increase in debtors|(116)|(469)|
||Decrease in creditors|(41)|(703)|
||Decrease in defined benefit pension provision from deficit reduction|(12)|(12)|
||contributions payable|||
||Interest receivable|(59)|(15)|
||Dividends receivable|(1)|(1)|
||Rents receivable from property investments|(30)|(33)|
||Interest payable|317|333|
||Unwinding of the discount factor within the defined benefit pension provision|-|-|
||Property investments management costs payable|13|19|
|||_______|_______|
||**Net cash inflow from operating activities**|913|767|
|||_______|________|
|**27**|**Analysis of changes in net debt**|||
|**At**
**1 September**
**2023**
**Cash flows**
**£000**
**£000**
Cash at bank and in hand
4,696
3,373
Debt falling due within one year
(515)
512
Debt falling due after one year
(4,613)
-
Advance fees falling due within one year
(839)
(3,206)
Advance fees falling due after one year
(1,025)
(566)
________
________
**Net debt**
(2,296)
113
|**Non cash**
**changes**
**At**
**31 August**
**2024**
**£000**
**£000**
-
8,069
(526)
(529)
526
(4,087)
(360)
(4,405)
360
(1,231)
________
________
-
(2,183)
|
|---|---|
The non-cash changes relate solely to the change in ageing of bank loans and advance fees.
40
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **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|**2024**
**£000**
163
211
________
374
________|**2023**
**£000**
230
315
________
545
________|
|---|---|---|
## **29 Subsidiary undertaking**
## **Trent College Enterprises Limited**
The parent charitable company’s subsidiary, 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**|
||**2024**|**2023**|
||**£000**|**£000**|
|**Profit and loss account**|||
|External turnover|115|135|
|Cost of sales|(4)|(15)|
||_______|_______|
|**Gross profit**|111|120|
|Administrative expenses|(108)|(114)|
||_______|_______|
|**Profit for the financial year**|3|6|
|Profit and loss account brought forward|-|-|
|Amounts transferred to Trent College Limited under Gift Aid|(3)|(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 £107,000 (2023: £124,000). As at 31 August 2024, Trent College Enterprises Limited owed Trent College Limited £2,000 (2023: £48,000).
41
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
## **TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **30 Pension and similar obligations**
The parent charitable company’s employees mainly belong to three principal pension schemes, the Teachers’ Pension Scheme, The Aviva Pension Trust for Independent Schools (APTIS) and TPT Retirement Solutions’ Growth Plan, a leading multi-employer occupational pension fund for employees of charities and voluntary organisations. The remaining pension payments relate to payments made to employees’ own pension schemes. The total pension contributions for the year were:
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|Teachers’ Pension Scheme|1,649|1,446|
|Aviva Pension Trust for Independent Schools|19|-|
|TPT Retirement Solutions’ Growth Plan|201|184|
|Other|15|17|
||_______|_______|
||1,884|1,647|
||_______|_______|
Contributions amounting to £31,000 were payable on 31 August 2024 (2023: £22,000) and are included within Creditors.
## **Teachers’ Pension Scheme**
The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,649,000 (2023: £1,446,000) and at the year-end £nil (2023: £nil) was accrued in respect of contributions to this scheme.
The TPS is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014 (as amended). Membership is automatic for all teachers who were employed by the school before 1 April 2024, when the school became a Phased Withdrawal school, effectively closing membership to new teachers joining the school thereafter. All member 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.
## **Valuation of the Teachers’ Pension Scheme**
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:
- employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy) from 1 April 2024 (the contribution rate to 31 March 2024 was 23.68% as set by the 31 March 2019 valuation);
- total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262 billion and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222.2billion, giving a notional past service deficit of £39.8 billion.
- the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 1.7% above the rate of CPI.
A copy of the valuation report and supporting documentation is available on the website - https://www.teacherspensions.co.uk/news/employers/2023/10/valuation result.aspx
42
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **30 Pension and similar obligations** (continued)
## **Valuation of the Teachers’ 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.
## **Aviva Pension Trust for Independent Schools (APTIS)**
The APTIS Scheme is a defined contribution pension scheme. Trent College pays contributions on behalf of certain teaching staff into APTIS. The assets are held separately from those of the school in independently administered funds. The pension charge for the year in relation to the scheme represents the contributions payable by the school and amounted to £19,000 (2023: £nil).
## **TPT Retirement Solutions’ Growth Plan**
Trent College Limited participates in TPT Retirement Solutions’ Growth Plan (“the Scheme”) which is a 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 benefits are paid from the Scheme’s total 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 2023. This valuation showed assets of £515 million, liabilities of £531 million and a deficit of £16 million. The previous full actuarial valuation for the Scheme carried out at 30 September 2020 showed assets of £800 million, liabilities of £832 million and a deficit of £32 million. To eliminate the funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the Scheme as follows:
- Deficit contributions from 1 April 2022 to 31 January 2025: at £3.3 million per annum, (payable monthly and with no annual increase) and separately identified expenses payable at £3.7million per annum (payable monthly and increasing by 3% each year on 1 April).
- Thereafter, deficit contributions from 1 April 2025 to 31 March 2028: at £2.1 million per annum, (payable monthly and with no annual increase) and separately identifiable expenses payable at £4.25 million per annum, (payable monthly and with no annual increase).
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.
43
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **30 Pension and similar obligations** (continued)
## **TPT Retirement Solutions’ 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:**|||
|---|---|---|
||**2024**|**2023**|
||**£000**|**£000**|
|Present value of the deficit reduction contributions payable|5|17|
||_______|_______|
|**b) Changes in the present value of the deficit reduction contributions payable:**|||
||**2024**|**2023**|
||**£000**|**£000**|
|Provision at 1 September 2023|17|29|
|Unwinding of the discount factor (interest expense)|-|-|
|Deficit contributions paid|(12)|(12)|
|Remeasurement gain - impact of any change in assumptions|-|-|
|– amendments to the contribution schedule|-|-|
||_______|_______|
|Provision at 31 August 2024|5|17|
||_______|_______|
|**c) Amounts included within the statement of financial activities:**|||
||**Year ended**|**Year ended**|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**£000**|**£000**|
|Interest expense|-|-|
|Remeasurements - impact of any change in assumptions|-|-|
|Remeasurements – amendments to the contribution schedule|-|-|
|Contributions paid in respect of future service|201|184|
||_______|_______|
|Total amount charged to the statement of financial activities|201|
184|
||_______|_______|
|**d) Assumptions:**|||
||**Year ended**|**Year ended**|
||**31 August**|**31 August**|
||**2024**|**2023**|
||**% per annum**|**% per annum**|
|Rate of discount|5.13|6.04|
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 TPT Retirement Solutions’ Growth Plan, the parent charitable company contributes to the personal pension plans of its employees. The employer’s contributions are charged in the statement of financial activities in the year in which the salaries to which they relate are due.
44
Docusign Envelope ID: 40009D6D-38EA-4DD4-A0CB-D84B50C96BA6
**TRENT COLLEGE LIMITED**
## **NOTES RELATING TO FINANCIAL STATEMENTS**
Year ended 31 August 2024
## **31 Related party transactions**
Related party transactions took place in the period of account with the parent charitable company’s wholly 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, D Evans, and DP Woodward jointly held 18,977 shares in the parent charitable company on trust for the parent charitable company at the year end.
Six governors have children who attended the school in the year. Any scholarships awarded to governors’ 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 £9,001 (2023: £9,765).
During the year, the parent charitable company was involved in related party transactions with companies over which one governor (2023: two governors) have controlling interests. There were no transactions with Serif (Europe) Limited, where GJ Bates had a controlling interest at the prior year end, (2023: transactions with a value of £1,500). Related party transactions with Daleacre Healthcare Limited, where DR Evans had a controlling interest at the year end, were £299 in the year, (2023: £207) and related to the purchase of healthcare products
## **32 Capital commitments**
As at 31 August 2024, the school had contractual capital commitments of £100,000 (2023:nil).
## **33 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.
45