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← Harper Adams University Development Trust

2022-07-31-accounts

Harper Adams University Development Trust Report & Financial Statements For the year ended 31 July 2022

University “2 Harper Adams |

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REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Contents
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Legal and Administrative Information

FOR THE YEAR ENDED 31 JULY 2022

TRUSTEES: MrC Gurney—Chairman MrC Gurney—Chairman
Professor Ken Sloan (appointed 01.11.2021)
Mr J Lawson
Mr S Jones
Mr C Willis
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; 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
17" Floor :
103 Colmore Row
Birmingham
B3 3AG
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

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Trustees’ Annual Report for the Year Ended 31 July 2022

' The Trustees present their report along with the financial statements for the charity for the year ended 31 July 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 10 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 New trustees are provided a presentation and students . by enabling connections within briefing of the Trusts work, alongside relevant appropriate industries or societies for information being provided for their role, and ‘ scholarship opportunities to support with costs the requirements as detailed by the Charity associated with their studying, placement Commission, in their document ‘The Essential opportunities or further enrichment activities to Trustee’. complement their progression both during their time with the University and beyond. . 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 Adams University by way 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

The charity has been established to provide support for Harper Adams Adams University by way way of raising scholarship funding for the University’s students and providing funds for capital developments. The scholarship grant making policy of the charity is to provide scholarships to individual students via the University against criteria established by the University. Most students are funded for one year in the first instance, although they may apply for further support in later years of their programme of education. Most scholarships are currently on average around £2,500 per annum. The charity requires a report from the University on the allocation of funds and the requirements for the future funding of the University’s students.

The Trustees monitor the performance of the Trust by assessing a number of factors including the value of scholarships awarded each year, the successful number of returning or repeating scholarship awards available and the number students supported over the period. By undertaking these activities; the Trust looks to further advance not only the University from a capital funding perspective but also the individual scholars by providing opportunities that may not have been available initially to further compliment their course, associated with the management and use of rural land or

The Trustees confirm that during 2021/22, scholarships have been awarded to students in accordance with the grant making policy.

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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.

The principal risks and uncertainties faced are around the ability to continue to award scholarships to students, should there be a decline in company and individual donors. Through ongoing discussions and maintaining strong relationships with these entities and individuals the trust is confident in the ability to continue with its objectives.

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.

The trust will only distribute via scholarships and awards what it can afford to do so, thus ensuring any risks are appropriately considered.

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.

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 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 of interest.

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

The Trustees will continue to take a prudent e make judgments and accounting view of market prospects for the charity’s funds estimates that are reasonable and in the medium term, in accordance with the risk prudent; : profile adopted by the Trustees. As such, the COIF investment balance is currently held at e state whetherthe recommendations whetherthe recommendationsthe recommendations recommendations of[[the]] £155k and not actively managed. Statement of Recommended Practice Fundraising Activity havematerialbeendeparturesfollowed,materialbeendeparturesfollowed,beendeparturesfollowed,departuresfollowed,followed, subjectdisclosedtodisclosedtoto andanyany The Harper Adams Development Trust explained in the financial financial statements; continues to undertake activity to assist with e Prepare the financial statements on the obtaining donations to support the University going concern basis unless it is and its students by utilising its links with various inappropriate to presume that the charity trusts and industries within a variety of sectors. will continue in business. This also includes support and assistance with any capital projects being undertaken by the The trustees are required to act in accordance University. Most recently this has included with the trust deed of the charity, within the funds in excess of £680k being contributed framework of towards the construction of the Veterinary keeping proper accountingtrust law. Theyrecords, are responssuff i cient toble for Education Centre as part of the Harper & Keele disclose at any time, with reasonable accuracy, Vet School. 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 £485,264. 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 other irregularities. considered to be appropriate for the planned and continuing activity of the Trust. Approved and signed by the Trustees at their Risk meeting on 8'" November 2022; and signed on Management their behalf by: The Trustees have examined the major risks ; | which the charity faces and receive regular reports so that the necessary steps can be C Gurney taken to lessen these risks. Chairman : Gan F ee _ 3|Page

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

Opinion on the audit evidence obtained, whether a We have audited the financial statements of material Hee rely Osis (slated eiere eo Harper Adams University: ‘ Development Trust conditionsaethat mayFe cast significant: doubt ;on (the 5 ‘charity’)ee for the year ended 31 July 2022, the charity's ability to continue as a going: : A ; ; concern. If we conclude that a material which comprise the Statement of Financial ; ; ; as uncertainty exists, we are required to draw . Activities, the Balance Sheet and notes to the aed: ‘ : ‘ , ‘ attention in our report to the related disclosures financial statements, including a summary of : : ; : Se ; a : ; in the financial statements or, if such significant accounting policies. The financial ; ‘ ; : Pen ih disclosures are inadequate, to modify the reporting framework that has been applied in or es 5 rel ohn ; : auditor’s opinion. Our conclusions are based their preparation is applicable law and United pee ; : ; : : on the audit evidence obtained up to the date Kingdom Accounting Standards, including re ; : of our report. However, future events or : Financial Reporting Standard 102; The a ; ; : ; : : conditions may cause the charity to cease to Financial Reporting Standard applicable in the Bantihue 8 amoindconcern UK and Republic of Ireland (United Kingdom oem Generally Accepted Accounting Practice). In our evaluation of the trustees’ conclusions, In our opinion,ie. the financial: : statements: we: consideredlerthe inherent; risks associated; : with the charity's business model including e givea true andfair view of the state of the effects arising from macro-economic charity's affairs as at 31 July 2022 and of uncertainties such as Brexit and Covid-19, we its incoming resources and application of assessed and challenged the reasonableness resources for the year then ended; of estimates made by the trustees and the e 5 related disclosures and analysed how those have been properly prepared in pe ; mn : : accordance with: United: Kingdom5 risks might affectne the 3 charity’s ; financial Generally Accepted Accounting: Practice;oe resources: or ability to continue‘ operations over and the going concern period. e have been prepared in; accordance with; Based on ‘ the ‘ work we have , performed,anewe the requirements: of the CharitiesLe Act havea not identified any materialFF uncertaintieseae 2011. relating to; events or conditionsaha that, individually or collectively, may cast significant doubt on the Basis for opinion : charity’s ability to continue as a going concern We have been appointed as auditor under he Highs ce Stee a esa Meee section 145 of the Charities Act 2011 and report : P : ; issue. in accordance with regulations made under section 154 of that Act. We conducted our audit In auditing the financial statements, we have in accordance with International Standards on concluded that the trustees’ use of the going Auditing (UK) (ISAs (UK)) and applicable law. concern basis of accounting in the preparation Our responsibilities under those standards are of the financial statements is appropriate. fue : pegeciived : ine Audios The responsibilities of the trustees with respect responsibilities for the audit of the financial ; : : statements’ i section‘ of our report. We are to. goingseenconcern are described in the: P noe : Responsibilities of trustees for the financial independent of the charity in accordance with ; F ; the ethicalReetrequirementsun that are relevant to our statements’ section ofthis report. audit of the financial statements in the UK, Other information Ineloding eRe Ethie standard, and oe The trustees are responsible for the other have fulfilled our other ethical responsibilities in : eo : ; ; accordance withf these requirements.: We ; information.; The: other: information: comprisesfe ; ; ; the information included in the Trustees believe that the audit evidence we have : : , ‘ ; : ; Annual Report, other than the _ financial obtained is sufficient and appropriate to provide fhe a basis, for our opinion.ae ; . Statementsne and our :auditor's; report thereon. Our opinion on the financial statements does Conclusions relating to going concern not cover the other information and, except to We ale tegponsible for concluding on the the extent otherwise explicitly stated in our : ; report, we do not express any form of appropriateness of the trustees’ use of the F ; aGinG GONGETAI DES IROR ACCOURTINa Ande based assurance conclusion thereon. In connection going g : with our audit of the financial statements, our

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responsibility is to read the other information Auditor’s responsibilities for the audit of of the and, in doing so, consider whether the other financial statements information is materially inconsistent with the ee ; : F Our objectives are to obtain reasonable financial statements or our knowledge obtained s ‘ : ; : 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 : Ane 3 : : misstatement, whether due to fraud or error, material inconsistencies or apparent material : TALE, ‘ 5 : : and to issue an auditor's report that includes misstatements, we are required to determine aes : ; whether there isp a material; misstatement: ini the our opinion. Reasonablea‘ assurance is a high : s a ‘ level of assurance but is not a guarantee that financial statements or a material misstatement : : : of the other :information.; If, based on the work an audit; conducted in accordance3 : with ISAs we have performed, we conclude that there ‘is (UK) willle: always detect a material misstatement : : : when it exists. a material misstatement of this other information, we are required to report that fact. Misstatements can arise from fraud or error and We have nothing to report inthis regard, are considered material if, individually or in the aggregate, they could reasonably be expected Matters on which we are required to report to influence the economic decisions of users by exception taken on the basis of these financial We have nothing to report in respect of the slatemenis, following matters where the Charities Act 2011 A further description of our responsibilities for requires us to report to you if, in our opinion: the audit of the financial statements is located Sncminionnetonkonenainntior mucstees! on the Financial Reporting Council s website cM AnhGals ee , : www.frc.org.uk/auditorsresponsibilities This material Reportsrespect withcineonsistentthe financialIn any descriptionP forms ps.part of our auditor's reportpore : statements; or Explanation as to what extent the audit was e the charity has not kept sufficient gonsidered F ell of detecting : irregularities, including fraud accounting records; or e the financial. statements are not fin Irregularities,; including: fraud, are instances: of : : non-compliance with laws and regulations. We : agreement with the accounting records y : ‘ : Sees design procedures in line with our ‘ responsibilities, outlined above, to detect 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 Responsibilities of trustees for the financial Innetent lintationg of ane adell were. is a statenients unavoidable risk that material misstatements in the financial statements may not be detected, As explained more fully in the Trustees’ even though the audit is properly planned and Responsibilities Statement set out on page 3, performed in accordance with the ISAs (UK). ing Wustees aed responsible top ie prepalalian The extent to which our procedures are capable of the financial statements which give a true ee a ; : a: and fairhaview, and for such :internal control as of detecting; irregularities, including fraud is the trustees determineearlis necessary to enable detailed below: the preparation offinancial statements that are e We obtained an understanding of the free from material misstatement, whether due legal and regulatory frameworks that are to fraud or error. applicable to the charity and the sector in In preparing4 the financial: ‘ statements, the which : it operates. We determined; that the trustees : : following laws and regulations were most ea are responsible for assessing the Aes : : : charity’s abilitya to continue; as a going3 concern, significant; The: Financial‘ Reporting disclosing, as applicable, matters related to Standalocepe| eaplesinathe: Bk arlasie oin meas a Heng the going concern Repu lenol sian (GRS i 02)P ad We nea ; Suet mee es Charities SORP, the Charities Act 2011, basis of accounting unless the trustees either i : ee. : Charities (Accounts and _ Reports) intend to liquidate the charity or to cease ( f operations, or have no realistic alternative but Res iatope 2008 the Data bisection act ae - : : 2018, The Charities (Protection and : Social Investment) Act 2016, the Charity Code of Governance and The Education Act 2002;

Auditor’s responsibilities for the audit of of the financial statements

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Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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Grant Thornton UK LLP ' Statutory Auditor, Chartered Accountants Birmingham Ese eae) / 1) ] 2022

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

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Statement of Financial Activities

For The Year Ended 31 July 2022

YearEnded July2022 Year Ended July2021 Year Ended July2021
: Notas Total
Unrestricted		 Total
Restricted		 Total Total
Unrestricted		 Total
Restricted		 Total
£ raph £ £ £ £
Income and endowments
Incoming resources from :
generated funds
Donations and legacies 2 ~ 3,859 383,934 387,793 1,799 792,632 794,431
Income from investment 3 396 : 396 37 : 37
Total income and endowments 4,255 383,934 388,189 1,836 792,632 794,468
Expenditure on charitable
activities
Charitable activities 4 27,122 448,940 476,062 » 49,999 698,616 718,615
Total expenditure 27,122 448,940 476,062 19,999 698,616 718,615
Netincome
/ (outgoing)
expenditure		 (22,867) (65,006) (87,873) (18,163) 94,016 75,853
oe as
ioe
Netmovement in funds (22,867) (65,006) (87,873) (18,163) © 94,016 75,853
Total funds brought forward 268,408 304,729 573,137 286,571 210,713 497,284
Totalfundscarriedforward 9 245,541 239,723 485,264 : 268,408 © 304,729 573,137

All income and expenditure relates to continuing operations

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Balance Sheet as at 31 July 2022

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Year Ended Year Ended
July 2022 July 2021
N otes ~ Total Total
:
£ £.
Current assets
Debtors 5 2,000 -
Short term investments 6 155,000 155,000
Cash at bank and in hand 337,936 ' 422,937
Total current assets : 494,936 577,937
Creditors: amounts falling due within one year 7 (Ne) (e200)
Net assets 485,264 . 573,137
Funds ofthe Charity
Unrestricted funds 9 245,541 268,407 ©
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Restricted income funds oe 239,723 304,730 :
Totalfunds 485,264 573,137

These financial statements were approved by the Trustees; and signed on their behalf on 8th November 2022 by:

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C Gurney i CO) ()
Chairman ! g re ;
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Notes to the Financial Statements for the Year Ended 31 July 2022

1. Accounting Policies

The principal accounting policies adopted, judgements Income . “and key sources of estimation uncertainty in the preparation of the financial statements are as follows: Income is recognised when the charity has entitlement ' tothe funds, any performance conditions attached to the Basis of preparation and assessment of going item(s) of income income have been met, it is probable that the concern income will be received and the amount can be measured reliably. The financial statements have been prepared in \ accordance with Accounting and Reporting by Charities: For legacies, entitlement is taken as the earlier of the Statement of Recommended Practice applicable to date on which either: the charity is aware that probate charities preparing their accounts in accordance with has been granted, the estate has been finalised and the Financial Reporting Standard applicable in the UK notification has been made by the executor(s) to the and Republic of Ireland (FRS 102) (effective October Trust that a distribution will be made, or when a 2019) - (Charities SORP (FRS 102)), the Financial distribution is received from the estate. Receipt of a Reporting Standard applicable in the UK and Republic legacy, in whole or in part, is only considered probable of Ireland (FRS 102) and the Companies Act 2006. when the amount can be measured reliably and the | charity has been notified of the executor’s intention to Harper Adams Development Trust meets the definition makea distribution. Where legacies have been notified of a public benefit entity under FRS 102. to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not Assets and liabilities are initially recognised at historical been met, then the legacy is a treated as a contingent cost or transaction value unless otherwise stated in the asset and disclosed if material. relevant accounting policy notes. . Interest receivable

Income is recognised when the charity has entitlement tothe funds, any performance conditions attached to the item(s) of income income have been met, it is probable that the income will be received and the amount can be measured reliably.

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:

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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 aware of the current economic climate Expenditure and the impact increasing costs to businesses and sponsors the resultant impact on the Trust, and whilst it Expenditure ‘is recognised once there is a legal or is not possible to predict all future events or conditions, constructive obligation to make a payment to a third the Trustees are confident that the viability of the trust's party, it is probable that settlement will be required and activities remains secure as the Trust adapts its the amount of the obligation can be measured reliably. operating model in response to the position, to mitigate ‘ Expenditure is classified under the following activity against any adverse impact. headings:

Consequently, the Trustees are confident that the Trust will have sufficient funds to continue to meet its 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. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

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2. Voluntary Income

2. Voluntary Income
Year Ended July 2022 Year Ended July 2021
Total
Unrestricted		 Total
Restricted		 Total Total
Unrestricted		 Total
Restricted		 Total
£ £ £ £ £ £
Grants from Foundations and Trusts 1,250 368,434 369,684 - 732,632 732,632
Legacies - - - - - -
Gifts and donations 2,609 15,500 18,109 1,799 60,000 61,799
3,859 383,934 387,793 1,799 792,632 794,431
3. Investment Income
Year Ended Year Ended
S July 2022 July 2021
£ £
Bank Interest 396 37
CCLA investment income 2 : =
396 37
4. Charitable Activities
Year Ended Year Ended
: July 2022 July 2021
£ £
Grants to HarperAdams University : 300,000
Scholarships (including vouchers) 471,100 fe 413,366
Professional Fees 4,872 5,249
476,062 718,615
No trustees received remuneration orexpenses from No trustees received remuneration orexpenses from the Development Trust during the year. Expenses are the Development Trust during the year. Expenses are met by Harper
Adams University. . :
5. Debtors ;
Year Ended Year Ended
July 2022 July 2021
£ £
Other Debtors and accrued Income 2,000 -
2,000 -
6. Investments
; Year Ended Year Ended
July 2022 July 2021
£ £
CCLA fund deposit investment 155,000 155,000
155,000 155,000
7. Creditors: amounts falling due within one year é
Year Ended Year Ended
3 ; July 2022 July 2021
,
;
£		 £
Other Creditors and accrued expenses 9,672 4,800
9,672 4,800

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8. Capital commitments and contingent liabilities

Harper Adams Development Trust had no capital commitments or contingent liabilities at 31 July 2022 or 31 July 2021.

Scholarship awards were committed based on match funding agreements for future years in association with our restricted endowment funds totalling £233,000 (2021: £40,000).

ro: Reserves

Year Ended July 2022 Year Ended July 2021
Total
Unrestricted		 Total
Restricted		 Total Total
Unrestricted		 Total
Restricted		 Total —
£ £ £ £ £ £
Total funds brought forward 268,408 304,729 573,137 286,571 210,713 497,284
Transfer to restricted funds - - - - -. -
Netmovement in funds (22,867) (65,006) (87,873) (18,163) 94,016 75,853
245,541 239,723 485,264 268,408 304,729 573,137

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 2021/2022 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 (2021: Enil). Trustee expenses are met by Harper Adams University.

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