2021-07-31-accounts

Charity Number: 1098579 Harper Adams University Development Trust Report & Financial Statements For the year ended 31 July 2021 Harper Adams University

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Contents

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Legal|and|Administrative|Information...........c:cceeccseseeseesneeseessessesseseesseeseseresssesseeesssessetsetseseeseene|T| |Trustees’|Annual|Report|for the|Year|Ended|31|July|2021|oo... eeceeeeseeseeseeeseneeesesseessetseeseseessennens|2| |Independent|Auditor's|Report|to|the|Trustees|of|Harper Adams|University|Development|Trust|............|4| |Statement|of|Financial|ACtiVitieS|icssersaccaseneserwenessenarraermencenermmnntutnannem|©| |Balance:|Sheet|ds|at|31|July,|2021|wc|emma|irene|emia|incertae,|O| |Notes|to|the|Financial|Statements|for the|Year|Ended|31|July|2021.00...|ccc eeeeeceeeseeeteeteeteetteeteetenees|10|

----- End of picture text -----

Legal and Administrative Information

FOR THE YEAR ENDED 31 JULY 2021

TRUSTEES:	MrC Gurney—Chairman
	Dr D G Llewellyn (ceased 31.07.2021)
	Mr J Lawson
	Mr S Jones
'	Mr C Willis
	Mrs E Hamilton-Russell (ceased 15.07.2021)
	Mr P Ward
	Mr M Blaken
	MrW Colbatch-Clark
	Mr R Hambleton
SECRETARY:	DrC E Baxter
PRINCIPALADDRESS:	HarperAdams University
	Edgmond
	Newport
	Shropshire
	TF10 8NB
INDEPENDENT AUDITOR:	Grant Thornton
	20 Colmore Circus
	Queensway
	Birmingham
	B4 6AT
BANKER:	Lloyds Banking Group PLC
	95 High Street
	Newport
	Shropshire
	TF10 7AZ
SOLICITORS:	MFG Solicitors
	First Floor
	Padmore House
	Hall Court
	Hall ParkWay
	Telford
	Shropshire
	TF34NH

1|Page

|

Trustees’ Annual Report for the Year Ended 31 July 2021

The Trustees present their report along with the financial statements for the charity for the year ended 31 July 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s trust deed and applicable law.

in industries, professions and communities related to rural land.

Public Benefit

The Trustees have ensured that the funds have been used in line with the objects of[the][charity.] In reaching this opinion, they have had proper regard to the Public Benefit Guidance issued by the Charity Commission.

Constitution and Objects

The Harper Adams University Development Trust is constituted by Deed of Trust dated 11 June 2003 and is registered with the Charity Commissioners (No 1098579).

Organisation

Commissioners (No 1098579). The Trustees who have served during the year and since the year end are set out on page 1. The objects of the charity are the provision, in Trustees are appointed by the Board of such a manner as shall be charitable at law of Trustees. The Trustees normally meet three or education (and in particular higher education) four times during the year, but may hold for persons seeking to be or presently engaged meetings more frequently if required. The in the management and use of rural land or in Trustees are supported with administrative industries, professions and communities assistance provided, at nil cost to the charity, related to rural land whether in the United by Harper Adams University. Day to day Kingdom or any other part of the world and in management of the Charity has been particular to foster the interests of Harper delegated by the Trustees to the Secretary to Adams University of Newport in Shropshire. the Trust.

Through its activities the Trust supports students by enabling connections within appropriate industries or societies for scholarship opportunities to support with costs associated with their studying, placement opportunities or further enrichment activities to complement their progression both during their time with the University and beyond.

New trustees are provided a presentation and briefing of the Trusts work, alongside relevant information being provided for their role, and the requirements as detailed by the Charity Commission, in their document ‘The Essential Trustee’.

Related Parties

The Charity intends to also continue to fulfil its Harper Adams University Development Trust objects in the future by continuing to seek cooperates with the University in the pursuit of opportunities to secure new donations from its charitable objectives. charitable sources as well as from industry and individual donors. The Trust consider reports at Grant Making Policy every meeting on progress made to secure new donations from individual and company donors The charity has been established to provide and approves the allocation of funds as part of support for Harper Adams University by way of its formal business. Where the Trustees agree raising scholarship funding for the University’s that specific actions to secure new funds should students and providing funds for capital be undertaken, this is recorded in the Minutes developments. and a follow up report is provided at the next meeting. The scholarship grant making policy of the charity is to provide scholarships to individual The Trustees monitor the performance of the students via the University against criteria Trust by assessing a number of factors established by the University. Most students including the value of scholarships awarded are funded for one year in the first instance, each year, the successful number of returning although they may apply for further support in or repeating scholarship awards available and later years of their programme of education. the number students supported over the period. Most scholarships are currently on average around £2,500 per annum. The charity requires By undertaking these activities, the Trust looks a report from the University on the allocation of to further advance not only the University from funds and the requirements for the future a capital funding perspective but also the funding of the University’s students. individual scholars by providing opportunities that may not have been available initially to The Trustees confirm that during 2020/21, further compliment their course, associated scholarships have been awarded to students in with the management and use of rural land or accordance with the grant making policy.

Harper Adams University Development Trust cooperates with the University in the pursuit of its charitable objectives.

2|Page

The capital project grant making policy of the charity is set against specific projects identified by the university that require funding support from the charity. Regular progress reports on fundraising for these projects are received by the Trustees.

decline in company and individual donors. Through ongoing discussions and maintain strong relationships with these entities and individuals the trust is confident in the ability to continue with its objectives. The trust will only distribute via scholarships and awards what it can afford to do so, thus ensuring any risks are appropriately considered.

Financial Review and Investment Policy

The charity has received a number of restricted and unrestricted donations during the course of the last year, as set out in the charity's financial statements.

Trustees’ Responsibilities Statement

Under charity law, the trustees are responsible for preparing the Trustees’ Annual Report and the financial statements for each financial year which showa true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period.

The restricted donations received during the year have been made for a mixture of the University’s scholarship programme, — the Laboratories Extension project and a new glasshouse facility for the Harper Adams University Crops department. The charity has no restrictions on its powers to invest. A formal investment strategy has not been developed and the charity's funds are held partly in an investment account with the Charities Official Investment Fund (COIF) and partly with the charity’s bankers at preferential rates ofinterest.interest.

In preparing these financial statements, the trustees are required to:

been developed and the charity's funds are e select suitable accounting policies and held partly in an investment account with the then apply them consistently; Charities Official Investment Fund (COIF) and partly with the charity’s bankers at preferential e make judgments and accounting rates ofinterest.interest. estimates that are reasonable and prudent; The Trustees will continue to take a prudent view of market prospects for the charity's funds e state whether the recommendationsofthe in the medium term, in accordance with the risk Statement of Recommended Practice profile adopted by the Trustees. As such, the have been followed, subject to any COIF investment balance is currently held at material departures disclosed and £155k and not actively managed. explained in the financial statements; Fundraising Activity e Prepare the financial statements on the The going concern basis unless it is Harper Adams Development Trust inappropriate to presume that the charity undertook activity to assist with obtaining will continue in business. capital donations to support the University with the construction of the Veterinary Education Centre as part of the Harper & Keele Vet The trustees are required to act in accordance School. with the trust deed of the charity, within the ; ; ; During framework oftrust law. They are responsible for were the period of construction, the Trustees keeping proper accounting records, sufficient to able to generate in excess of £680k disclose at any time, with reasonable accuracy, towards the overall project. the financial position of the charity at that time, ; Reserves and to enable the trustees to ensure that any Policy statement of accounts comply with the The requirements of the Charities Act 2011, the Harper Adams Development Trust requirements of regulations under that Act and reserves stand at £573,137. Reserves are kept the provisions of the trust deed. They have to manage shortfalls of income and cover general responsibility taking such steps as are expenditure such as governance costs. reasonably open to them to safeguard the The assets of the charity and to prevent and detect reserves held at the year-end are fraud and otherirregularities. considered to be appropriate for the planned and continuing activity of the Trust. Approved by the Trustees at their meeting on . Risk 9'" November 2021; and signed on their behalf Management on 29 November 2021 by: The Trustees have examined the major risks A which the charity faces and receive regular i AU sous reports so that the necessary steps can be a a net taken to lessen these risks. a The principal risks and uncertainties faced are C Gurney around the ability to continue to award Chairman scholarships to students, should there be a 3|Page

Independent Auditor’s Report to the Trustees of Harper Adams University Development Trust

Opinion material uncertainty exists related to events or We have audited the financial statements ahaa ia may Gast Signet oah Of of Harper Adams University, ‘ Development Trust the charity's ability to continue as a going' (the ; ‘charity’)ay for the year ended 31 July 2021, concern.: If we: conclude that . a material ; ‘ : : uncertainty exists, we are required to draw which comprise the Statement of Financial —- ' — attention in our report to the related disclosures Activities, the Balance Sheet and notes to the : . ; . . 4 _ : in the financial statements or, if such financial statements, including a summary of . , 5 7 . .. . . disclosures are inadequate, to modify the significant accounting policies. The financial oy Pa : ; : auditor's opinion. Our conclusions are based reporting framework that has been applied Scant ji . ; —- . : on the audit evidence obtained up to the date in their preparation is applicable law and United . ; : : of our report. However, future events or RINSE AGROUNEG EMaiuers, Mealy conditions may cause the charity to cease to Financial Reporting Standard 102; The eae ance Y a cones y Financial Reporting Standard applicable in the aang ‘ UK and Republic of Ireland (United Kingdom In our evaluation of the trustees’ conclusions, Generally Accepted Accounting Practice). we considered the inherent risks associated In ouropinion,is the financial: , statements: with the charity'si business model including‘ effects arising from macro-economic ° give a true and fair view of the state of the uncertainties such as Brexit and Covid-19, we charity's affairs as at 31 July 2021 and of assessed and challenged the reasonableness its incoming resources and application of of estimates made by the trustees and the resources for the year then ended; 5 related disclosures and analysed how those e have been properly prepared in risks might affect the charity’s financial accordance with United Kingdom resources or ability to continue operations over Generally Accepted Accounting Practice; the going concern period. and Based on the work we have performed, we e have been prepared in accordance with have not identified any material uncertainties the requirements of the Charities Act relating to events or conditions that, individually 2011. or collectively, may cast significant doubt on the charity's ability to continue as a going concern Basis for opinion fora period of at least twelve months from when the financial statements are authorised for We have been appointed as auditor under issue. section 145 of the Charities Act 2011 and report . ; . in accordance with regulations made under In auditing the financial PESLSinGiake, we have section 154 of that Act. We conducted our audit concluded that the trustees la of the going in accordance with International Standards on Sones basis of aceounting in the preparation Auditing (UK) (ISAs (UK)) and applicable law. of the financial statements is appropriate. Our responsibilities under those standards are The responsibilities of the trustees with respect further described in the ‘Auditor's to going concern are described in the responsibilities for the audit of the financial ‘Responsibilities of trustees for the financial statements’ section of our report. We are statements’ section ofthis report. independent of the charity in accordance with ; . the ethical requirements that are relevant to our Other information audit of the financial statements in the UK, The trustees are responsible for the other including the FRC’s Ethical Standard, and we information. The other information comprises have fulfilled our other ethical responsibilities in the information included in the Trustees’ accordance with these requirements. We Annual Report, other than the financial believe that the audit evidence we have statements and our auditor's report thereon. obtained is sufficient and appropriate to provide Our opinion on the financial statements does a basis for our opinion. not cover the other information and, except to Conclusions relating to going concern the extent otherwise explicitly stated in our report, we do not express any form of We are responsible for concluding on the assurance conclusion thereon. In connection appropriateness of the trustees’ use of the with our audit of the financial statements, our going concern basis of accounting and, based responsibility is to read the other information on the audit evidence obtained, whether a and, in doing so, consider whether the other

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor's 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 4|Page

information is materially inconsistent with the Our objectives are to obtain reasonable financial statements or our knowledge obtained assurance about whether the financial in the audit or otherwise appears to be statements as a whole are free from material materially misstated. If we identify such misstatement, whether due to fraud or error, material inconsistencies or apparent material ali 1 ISeE alt SGTS Apt tah Ineuaee ; : : our opinion. Reasonable assurance is a high misstatements, we are required to determine : there is whether ; : ‘ . level of assurance but is not a guarantee that financial statementsa materialor misstatement in the an audit conducted in aceordanse with ISAs a material misstatement (UK) will always detect a material misstatement of the other information. If, based on the work when it exists. we have performed, we conclude that there is a material misstatement of this other Misstatements can arise from fraud or error and information, we are required to report that fact. are considered material if, individually or in the We have nothing to report in this regard. aa Mey eauld feasenably be expaaise to influence the economic decisions of users Matters on which we are required to report taken on the basis of these financial by exception statements. We have nothing to report in respect of the A further description of our responsibilities for following matters where the Charities Act 2011 the audit of the financial statements is located requires us to report to you if, in our opinion: on the Financial Reporting Council's website at: e the information given in the Trustees’ www.frc.org.uk/auditorsresponsibilities. This Annual Report is inconsistent in any description forms part of our auditor's report.

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

• e the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial SPS ISmISwIS! ISmISwIS!

• e the charity has not kept sufficient accounting records; or

SPS ISmISwIS! ISmISwIS! Explanation as to what extent the audit was e the charity has not kept sufficient considered —_ capable of detecting accounting records; or irregularities, including fraud « the fivandel statements are sot in Irregularities, including fraud, are instances of agreement with the accounting records non-compliance with laws and regulations. We and returns; or design procedures in line with our responsibilities, outlined above, to detect e we have not received all the information material misstatements in respect of and explanations we require for our audit. irregularities, including fraud. Owing to the inherent limitations of an audit, there is an Responsibilities of trustees for the financial unavoidable risk that material misstatements in statements the financial statements may not be detected, As explained; more fully in the Trustees’ evenperformedthoughin theaccordanceaudit is properlywith the ISAsplanned(UK).and Responsibilities Statement set out on page 3, the trustees are responsible for the preparation The extent to which our procedures are capable of the financial statements which give a true of detecting irregularities, including fraud is and fair view, and for such internal control as detailed below: the trustees determine is necessary to enable ; ; the preparation of financial statements that are . oo pepe fat my such Fil the free from material misstatement, whether due applicable to the Ghatiy aid the ea-ter ik to fraud or error. which it operates. We determined that the In preparing the financial statements, the Saatene he ee Tein trustees are responsible for assessing the Standard applicable in the UK and the charity’s ability to continue as a going concern, Republic of Ireland (FRS 102) and the disclosing, as applicable, matters related to Charities SORP, the Charities Act 2011, going concern and using the going concern Charities (Accounts and _ Reports) basis of accounting unless the trustees either a ae “Charles (ieecan— intend to liquidate the charity or to Ease Septal Investment) Act 2016, and the seeno do so. or have no realistic alternative but Charity Code of Governance;

• e We understood how the charity is complying with these legal and regulatory frameworks by making inquiries _ of management and those charged with governance. We enquired of management and those charged with 5|Page

Auditor’s responsibilities for the audit of the financial statements

governance whether there were any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of board minutes, through our legal and professional expenses review and through inquiries of solicitors who served during the period;

        - through appropriate training and participation

     - understanding of the legal and regulatory requirements specific to the charity including:

        - the provisions of the applicable legislation

  - guidance issued by the Charity Commission and other relevant bodies.

  - e The team communications in respect of potential non-compliance with relevant laws and regulations, including the potential for fraud in revenue through manipulation of income and management override of controls; and

  - e Inassessing the potential risks of material misstatement, we obtained an understanding of:

• e We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur and the risk of material override of controls. Audit procedures performed by the engagement team included:

• Identifying and assessing the design effectiveness of certain controls management has in place to prevent and detect fraud

• • Challenging assumptions and judgements made by management in its significant accounting policies
• • Identifying and testing journal entries, with a focus on manual postings, journals that directly impacted on the surplus reported in the statement of financial activities and journal entries posted in the closing and accounts preparation period
• • Identifying and testing related party transactions

• the charity's operations, including the nature of its income and expenditure and its services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement.

• the charity's control environment, including: the policies and procedures implemented by the charity to ensure compliance with the requirements of the financial reporting framework and relevant laws and regulations.

• Inspecting the board and _ other committee minutes

• • Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item

• the policies and procedures implemented by the charity to ensure compliance with the requirements of the financial reporting framework and relevant laws and regulations

• e These audit procedures were designed to relevant laws and regulations provide reasonable assurance that the financial statements were free from fraud - the adequacy of procedures for or error. However, detecting irregularities authorisation of transactions and that result from fraud is inherently more review of management management accounts difficult than detecting those that result from error, as those irregularities that — procedures to ensure that possible result from fraud may involve collusion, breaches of laws and regulations are deliberate concealment, forgery or appropriately resolved. intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial Hse pfaun taper statements, the less likely we would This report is made solely to the charity's become aware of it. trustees, as a body, in accordance with Part 4

• e Assessment collective competenceof the appropriatenessand capabilities of theof °eunea il oe oon eeean ee ieane ConaT Ws the engagement team included Charities Act 2011. Our audit work has been consideration of the engagement teams. undertaken so that we might state to - understanding of, and __ practical the charity's trustees those matters we are experiencea with audit engagementsof required to state to them in an auditor's report similar nature and complexity and for no other purpose. To the fullest extent 6|Page

• the adequacy of procedures for authorisation of transactions and review of management management accounts

• procedures to ensure that possible breaches of laws and regulations are appropriately resolved.

permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Thornton UK LLP

• Statutory Auditor, Chartered Accountants Birmingham [ ] 2021

• Grant Thornton UK LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

7|Page

Statement of Financial Activities

For The Year Ended 31 July 2021

			Year Ended	July 2021		Year Ended	July 2020
	Notes	Total Unrestricted	Total Restricted	Total	Total Unrestricted	Total Restricted	Total
		£	£	£	£	£	£
Income and endowments
Incoming resources from
generated funds
Donations and legacies	2	1,799	792,632	794,431	5,585	379,129	384,714
Income from investment	3	37	ji	37	2,760	2	2,760
Total income and endowments		1,836	792,632	794,468	8,345	379,129	387,474
Expenditure on charitable
activities
Charitable activities	4	19,999	698,616	718,615	28,700	420,750	449,450
Total expenditure		19,999	698,616	718,615	28,700	420,750	449,450
Netincome /(outgoing) expenditure		(18,163)	94,016	75,853	(20,355)	(41,621)	(61,976)
Net movement in funds		(18,163)	94,016	75,853	(20,355)	(41,621)	(61,976)
Total funds brought forward		286,571	210,713	497,284	306,926	252,334	559,260
Totalfundscarriedforward	9	268,408	304,729	573,137	286,571	210,713	497,284

All income and expenditure relates to continuing operations

8|Page

Balance Sheet as at 31 July 2021

		Year Ended	Year Ended
		July 2021	July 2020
	Notes	Total	Total
		£	£
Current assets
Debtors	5	~	-
Short term investments	6	155,000	155,000
Cash at bank and in hand		422,937	346,484
Total current assets		577,937	501,484
Creditors: amounts falling duewithin one year	7	(4,860)	(4,200)
Net assets		573,137	497,284
Funds ofthe Charity
Unrestricted funds	9	268,407	286,571
Restricted income funds	9	304,730	210,713
Totalfunds		573,137	497,284

These financial statements were approved by the Trustees; and signed on their behalf on 29 November 2021 by:

----- Start of picture text -----
fn ( a / i
----- End of picture text -----

C Gurney Chairman

9|Page

|

Notes to the Financial Statements for the Year Ended 31 July 2021

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation and assessment of going concern The financial statements have been prepared in accordance with Accounting and 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 (FRS 102) (effective October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Harper Adams Development Trust meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Interest receivable

A cash flow statement has not been prepared as Harper Adams University Development Trust is included in the consolidated accounts of Harper Adams University and the exemption under FRS 102 paragraph 1.12 has been applied.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate based on the following reasons:

Fund accounting

Unrestricted funds are available to spend on activities The activity of the entity is predominantly associated that further any of the purposes of charity. Designated with the distribution of scholarships to students at funds are unrestricted funds of the charity which the Harper Adams University based on income generated in trustees have decided at their discretion to set aside to a particular financial year or held within reserves from use for a specific purpose. Restricted funds are the prior years. Due to the philanthropic nature of donations which the donor has specified are to be solely income generation and distribution, the Harper Adams used for the Harper Adams University scholarship Development Trust will only distribute what is available programme. For specific purchases of purchases of or has been generated, and as such ensure it can meet equipment for Harper Adams _ University and its liabilities as they fall due for that period, justifying that contributions to capital projects run by Harper Adams it will continue to remain as a going concern. University. The Trustees are monitoring the impacts of the outbreak Expenditure of Covid-19 and the resultant impact on the Trust, and whilst it is not possible to predict all future events or Expenditure is recognised once there is a legal or conditions, the Trustees are confident that the viability constructive obligation to make a payment to a third of the trust's activities remains secure as the Trust party, it is probable that settlement will be required and adapts its operating model in response to the pandemic, the amount of the obligation can be measured reliably. to mitigate against any adverse impact. Expenditure is classified under the following activity headings: Consequently, the Trustees are confident that the Trust will have sufficient funds to continue continue to meetitsits[[liabilities]] e Expenditure on charitable activities includes as they fall due for at least 12 months from the date of the Harper Adams University scholarship approval of the financial statements and therefore have programme, specific purchases of equipment prepared financial statements on a going concern basis. for Harper Adams University and contributions to capital projects run by Harper Adams The Trustees consider that there are no material University. uncertainties about the Trust's ability to continue as a e Other expenditure represents those items not going concern. falling into any other heading.

Consequently, the Trustees are confident that the Trust will have sufficient funds to continue continue to meetitsits[[liabilities]] as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared financial statements on a going concern basis.

Staff costs are not remunerated through the Trust as these and other operational costs are met by Harper Adams University.

10|Page

2. Voluntary Income

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Year|Ended|July|2021|Year|Ended|July|2020| |Total|Total|Total|Total| |Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |£|£|£|£|£|£| |Grants|from|Foundations|and|Trusts|-|732,632|732,632|-|363,430|363,430| |Legacies|-|-|-|-|-|-| |Gifts|and|donations|1,799|60,000|61,799|5,585|15,699|21,284| |1,799|792,632|794,434|5,585|379,129|384,714| |3.|Investment|Income| |Year|Ended|Year|Ended| |July|2021|July|2020| |£|£| |Bank|Interest|37|1,995| |CCLA|investment|income|-|765| |37|2,760| |4.|Charitable|Activities| |Year|Ended|Year|Ended| |July|2021|July|2020| |£|£| |Grants|to|Harper Adams|University|300,000|-| |Scholarships|(including|vouchers)|413,366|445,250| |Professional|Fees|5,249|4,200| |718,615|449,450|

----- End of picture text -----

No trustees received remuneration or expenses from the Development Trust during the year. Expenses are met by Harper Adams University.

5; Debtors

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Year|Ended|Year|Ended| |July|2021|July|2020| |£|£| |Other|Debtors|and|accrued|Income|-|-| |6.|Investments| |Year|Ended|Year|Ended| |July|2021|July|2020| |£|£| |CCLA|fund|deposit|investment|155,000|155,000| |155,000|155,000| |7.|Creditors:|amounts|falling|due|within|one|year| |Year|Ended|Year|Ended| |July|2021|July|2020| |£|£| |Other|Creditors|and|accrued|expenses|4,800|4,200| |4,800|4,200|

----- End of picture text -----

i1|Page

8. Capital commitments and contingent liabilities

Harper Adams Development Trust had no capital commitments or contingent liabilities at 31 July 2021 or 31 July 2020.

1. Reserves

Reserves
		Year Ended	July 2021		Year Ended	July 2020
	Total Unrestricted	Total Restricted	Total	Total Unrestricted	Total Restricted	Total
	£	£	£	£	£	£
Total funds brought forward	286,571	210,713	497,284	306,926	252,334	559,260
Transfer to restricted funds	-	-	-	-	-	-
Net movement in funds	(18,163)	94,016	75,853	(20,355)	(41,621)	(61,976)
	268,408	304,729	573,137	286,571	210,713	497,284

10. Related Party Transactions and Trustees’ Expenses and Remuneration

Whilst the Harper Adams Development Trust is not controlled by Harper Adams University, its results are included in the consolidated accounts which are publically available. All of the charitable activities during 2020/2021 were for the benefit of Harper Adams University.

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash of kind (2020: £nil). Trustee expenses are met by Harper Adams University.

12|Page