Charity Number: 1098579 Harper Adams University Development Trust Report & Financial Statements For the year ended 31 July 2023 Harper Adams University REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Contents Legal and Admin15trative Information.... Trustees, Annual Report for the Year Ended 31 Juty 2023................ Ind8pendent Audltorfs Report lo the Truslegs of Harper Adams University Dev8loprnent Trust....... $18lement of Flnancial Activities.. 881ance Sheet as at 31 July 2023.. Note5 to the Financial Slalemenls for the Year Ended 31 Juty 2023.......................................... 10 Legal and Admlnlstratlve Information FOR THE YEAR ENDED 31 JULY 2023 TRUSTEES.. Mr C Gurney- Chaiiman Professor Ken Sloan Mr J Lawson (resigned 7" March 20231 Mr S Jones {resigned 7 March 20231 Mr C Willis (resigned 7 Marrkn 20231 Mr P Ward Mr M Blaken Mr W Colbalch-clark (resigned 7th March 20231 Mr R Hamblelon Mrs J Cole (appointed 8th November 2022) Mrs C Tevera (appointed 8th Novernbei 20221 Mr l Feiguson18ppoinled 81h November 20221 Mrs M Thorn lappoinled 81h Novernber 20221 Miss N Molloy lappoinled 8 November 2022) SECRETARY.. Dr C E Baxtgl Iroslgned 41h July 20231 Mrs D TayloT lappoinl8d 4th July 20231 PRINCIPAL ADORESS.. Harper Adams University Edgtnond Newport Shropshire TF10 8NB INDEPENDENT AUDITOR.. Grant Thornton 17th Floor 103 Colmore Row Birmingham B3 3AG BANKER,. Lloyds Banking Group PLC 113, Th8 Border Telford Town C8ntre Telford Shropshlre TF3 4AE SOLICITORS., MFG Solicitors LLP Flrst Floor Padmore House Hall Court Hall Park Way Telford Shropshire TF3 4LX rru$tees' Annual Report for the Year Ended 31 July 2023 The Trustees present their report 8long with the this opinion, they have had proper regard lo the Public financial statements for the charity for (he year ended Benefit Guldance issued by the Charity Comrnission. 31 July 2023. The financi81 statements have been PTepared in accoidance with the accoLEnting policies Sel out on page 10 and comply with the ch8rily's trust deed and applicable law. Organlsatlon The Trustees who have served during the year aryl since Ihe yearend are sel out on page 1. Trusle8s at8 appointed by the Board of Tiuslees. Tho Trustees normally meet three or four limos during tho year, bul The Harper Adams University Developrnent Trust is may hold meetings more Irequ&nlly if required. The Consliluled by Deed of Trust dated 11 June 2003 and Trustees are supported wlh 8dtlliaislialiv8 as8iSt81)¢e is regis19r9d with Ihe Charlty Commissloners (No provided, al nil cost lo the charity, by Harper Adams 10985791. Univeysily, Day lo day management of the Charity has been delegaled by the Tiuslees lo the Seeielary to the Trust. Constitution Bnd Objects The obj8c15 01 the charity are the provision, in such a mannèr as shall be chariteble al law ol education land In particular hlgher education) for persons seeking lo New Irusle8s ale provided a presentation and briefing be or presently engaged in the management and use of the Trust's WOFk, alongside relevant information of rural land or in industries, professions and being providod for their iole, and the requirements as communities related to rural land whether in the detailed by the Charity Commission, in iheirdocumenl Unlted Kingdom or any other part of the worfd and in 'The Essential Trustee,. pariiculai lo foster the interesls of Harper Adams University of Newport in Shropshire. Related Partlos Through its actNilies the Trust supports students by Harper Adams University Development Trust enabling connections within appropriate industries 01 cooperalos with the Universily in the pursuit of its societies for scholarship opportunibes lo support with chaiilable objectives. costs associated with their studying. placement opportunities or further enrichment 8Ctivib8S to complement their progression both during their tirne with the University and beyond. Grant Maklng Pollcy The charity has been established lo providg SUPPOrt for Harper Adams University by way of raising scholarship funding for the Univ&r811y'8 Students and providing funds for capital developments. The Charity intend$ lo also continue to fulfil its obj'ects in the fulure by continuing lo s8ek opportunitles to secure new donations from charitable sources 2$ well as from industry and Individual donors. The Trust The scholarship grant tll8king policy of the charity is consider report5 at every meeting on progress made lo provide scholarships to individual students via the 10 Sewre new donations frotn individual and company University agaill81 criteria 6stabllshed by the donors and approves the allocation of funds as part of Llniversily. Most students arÈ funded for one year in 118 formal business. Where the Trustees agree that th8 first instance, although they may apply lor further specific actions to secure new funds should be 5UPPOrt in later years of their programme of education. undertaken, this is recorded in the Minutes and Most scholarships are currently on average around follow up report is provided al the next meeting. £2,500 per annum. The charily requires a report from the University on the allocation of funds and the requirements for Ihe future funding of the Univer8ily's students. The Trustees monilor the performance of the Trust by assessing a number of factors including th8 V8lue of scholarships awarded each year, the successful number of returning or repealir)g scholarship awaids available and the number sludenls SUPPOrted overthe period. The Truslees confirm that during 2022r23, scholarships have been awarded lo students In accordance with the grant making policy. By undertaking these actTvilies, the Trust looks to The capital project grant making policy of thè charSty further advance not only the Unlverslly from a capital is sel against specifi¢ projects identified by the funding P8Tspfyclive but also the individual scholars by university that require funding support from the providing opportuni1188 th81 may not have been charity. Regular piogress reports on fundraising lor available initially lo further compliment their course, these projects are received by the Trustees. a8sooialtsd with the management and use ol rural land or in induslrfes, professions and communities related Financial Review and Investment Pollcy lo rural land. The charfly has rècaived a number of restricted and unrestrieted donations during the course of the last year, &s set out in the charity's financial slatemenls, Public Bon￿lt The Truslees have ensured that the funds have been used in line wlh Ihe objecls of the charity. In reaching The reslricled donations r8C8iV8d during the year have been made lor a mixture of the University's scholarship programrne and the oapilal developmenl Llnder charity law, the trustees are responsible for for the Institute of Animal Health & Well-being lor the preparino the Trustees, Annual Report and the Harpér & Koela Vel School. financial stalemenls in accordan￿ with applicable law and regulations. Tru5t8e5' RasponslbllltSe5 Slatemenl The charity h85 no reslrielions on its ptswers to invest. A fomal inve8¢menl strategy has not been developed The Charities Acl 2011 requires the Iiuslees lo Ènd the charity'5 funds are held partly in an investment prepare the financial slalemenls in accordance with account wlh the Charitie5 Official Investment Fund United Kingdom Generally Accepted Accounting ICOIFI and parlly wlh the charity's bankers at Practice Iuniled Kingdom Accounting Standards and preferential rAles of Interest. applicable law), including FRS 102 Th8 Fin8nce Reporting Standard applicable in the UK and Republic The Trustees will continue to take a prudent view of of Ireland. The trustees musl not approve the financial market prospects for the charity's funds in the medium statemenls unless they are satisfied Ihal they give a term, in accordance with the risk profile adopted by true and fair view of the slate ol affairs ol the charity the Trustees. As such. the COIF investment balance and of the incoming resources and applicatlon pf Is currently held at £155k and not actively managed. resources, including the income 8nd expenditure, of the charity lor that period. Fundralslng Actlvlty In preparing these financi81 statements, the trustees a￿ required lo.. The Harper Adams Development Trusl continues lo ndertake activity to assist with obtaining donalrons lo support the University and its students by ulilising ils links with various trusts and industrie5 Within a variety of sectors. 8818ct suitable accounting policies and then apply them wns151entlv', make judgments and aceounting estimates that 8re reasonable and prudent.. This also includes support and assistance with any capital projects being undertaken by the University. Most recently Ihis has ir)cluded funding rampaigns lo support the fvrnishing of Ihe Irhslilul& forAnimal Health and Well-being in 888ocialion with Pathology specialisms associaled with the work of the Veteiinary Education Centre as part of the Harper & Keele Vet Scho￿. state whether &p￿le¥ble UK Accounting Stand8rd5 have been followed. sublect to any material departures disclosed and explained in the financial statements-, Prepare the financial statements c&n the going cor￿rn basis unless it is inappropriate lo presume that the charity will continue in business. Rg¥ervgs Policy Th. e H8rperAdams DevelopmentTrust reserves stand at £581,036. Reserves are kept to rnanage shortfalls of income and cover expenditure such as governan costs. The Iruslees are responsible for keeping adequate accounting records that are suffioienl lo show and explain Ihe charity's transactions and di￿lOse wth The reserves held at the year-end are consideTed to reasonable accuracy al any lirne th8 financial position of the charity and enab18 them lo en5ur8 that the be appropriate for the planned and continuing 8ctivity financial s1818rnenl$ comply with the Charltles Act ol the Trust. 2D11, the Gharily {Accounls and Reports) Regul81ions 2008 8nd the piovisions ol the trust deed. They are 8180 18sporisibl8 for Safeguarding the assets ol the charity and h8nce lor (aking reasonable steps for the prevenlion and detection of fraud and other irrogul8ri11g$. Rlsk Management The T¥ustees have exarnined the rnaior risk5 which the charity faces and receive regulai report5 so that the necessary steps can b8 18ken lo les58n these risks. Approved and signed by the Trustees at their meeting on Yh Nov@rnb8r 2023.. and signed on their behalf by.. The principal risks and unc8rt8inties faced are around the ability lo continu& lo award scholarships lo 81ud8rhls, Should there be a decline in company and indiwdual donors. Through ongoing discussions and maintaining sliong relationships with these enlilies and individLJ8ls the trust is confident in the ability to ¢onlinue with its objectives. Mr C Gumey Chairman The trust will only dislribule via scholarphips and awards whal il can afford to do so, thus ensuring any risks are appropriately considered. Independent Auditor's Report to the Trustee8 of Harper Adams University Dèvèlopment Trust Opinion We have aUd￿ted the financial s181ements of H8IP8r Adams University Development Trust (the 'eharity'l lor the year 8ndgd 31 July 2023, which comprise the Slalgrnenl of Financial Activit￿s, the Balan¢8 Sheet and notes to the financial 8lalernen15, including a summary of significant accounting policies. The financial reporting framework that has been 8pplied in their preparation is applicable law and United Kingdom Accounting Standards, Includlng Financial Reporting Standard 102., The Financial Reporting Standard applicable in the UK and Republic ol Ireland {Uniled Kingdorn Generally Accepted Accounting Praclicel. In our opinion, thè financSal statements: give a true and fair viow of the state of the charitys affabrs as a131 July 2023 and of its incorning resources and application of resource5 for the year then ended., conditions that may cast signilicanl doubl on the ¢h8rity's ability lo continue as a going concem. If we conclud8 that t mE*lerial uncertainty exists. we ar8 required lo draw attention in our reF)Ort lo the related disclosures in the financial statements or, if such disclosures aro Inadequate. lo modify the auditor'8 opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the charity to cease lo continue as a going concern. In our evaluation of the Iiustees, conclusions, we considered the inherent risks associated with the charity's business model including effects arising from macro-economic uncert8inlie5 such as Brexit and Covid-Y9, we assessed and challenged th8 reasonableness of estimates .made by thè trustees and the related disclosures and analysed how those risks might affect the charitys financi81 resources or ability to continue operations over the going concem period. In audiling the financial statemen15. we hav8 concluded thal Ihe trusl8es' use of the going concern basis ol accounting in th¢ preparation of the financial statements is appropriate. have been prop811y prepa￿d in accordance with United Kingdom Generally A￿e￿Ied Accounting Practice., and have been prepared in accordance with th8 requ1￿MentS of the Charitie8 Act 2011. Basls for opinlon We have t￿en appointed as auditor under section 145 of the Charities Act2011 and report in accordance with regulations mad8 under section 154 of that Act. We conducted our audit in accordance with Inlernatior5al Standards on Auditing IUKI IISAS IUKII and applicable law, Our responsibilities under those standards are further described the 'Auditorf5 respon3ibililie8 for the Budit of the financial slalemellls, Section of our report. We are independ8nl of the charity in acwrdance with the ethical requirements that ale Tel8vant to our audit ol the financial 8talements in the UK, Including the FRC'S Elhlcal Standard, and we have fulfilled ovr other ethical responsibilities in a¢cordance with these requirements, We beli8V& that the audit evidence we have obtained is sufficient and appropriate to provide a basss for our opinion. Concluslons relating to golng ¢oncern We are responsible for concluding on the appropriateness of Ihe trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether mal8ri81 uncertainly exists related lo events tsr Based on the work we have perfomied, we have not identified ally rnaterial uncertainties relating to events or conditions that, individually or collectively, May cast significant doubl on the charity'5 ability to conlinue as a going wn¢¢m for a period of at least twelve Tnonths from when the finanaal slalemenl8 are authorised for issue. Our responsibilities and the r8sponsibilities of the directors with re8pgcI lo going concern are described In thè rolevant seciions of this report. Other Infomiation other information compilses the Inlomiatlon induded in th8 TtUStees' Annual Report, othei than the financlal slatemenls and our audil0rf5 r8port thereon. The trustees are respon8ible for the other information contained within the Trustees, Annual Report. Our oplnlon on the financial slalements does not cover the other inforrnalion and, except lo the extent otherwise expll¢ldy slated in our report, we do not express any form of assurance conolltslon Ihereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent wlh the financial slalemenls 01 our knowledge obtained in the audit or olh8rwi5e appears to be materially rnisslal8d. If we identify such m81@iial inconslstencies or apparent tmalerial misstatèments, we are required lo determine whether the￿ is a material rni8slalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mlsstalement of this other infoim81ion, wo are required to report that fact. Audltor's responslblllties for the aud5tof thè financial statements Our objectives are io obtain r88sonable assurance about whelh8r th8 financial statements as a whole are free from material misslalernènl, wh&ther due to fraud or error, arid lo issue an audittsr's report that includes our opinion. Reasonable assurance is a high level ol assurance bul is not a guaianlee that an audil conducled in accoidance with ISA5 (UK) will always delecl 8 material mlsstalemenl when il exists. e have nothing lo report In this regard. Misstatements can arise from fraud orerror and are considered rnal814al if, irbdividually or in the aggregate, they could reasonably be expected lo influence the economic decisions ol users taken on the basls of these financial statements. Matters on whlch we are required to report by exceptlon We have nothlng lo report in respect of thè followng mallers where the Charflies {Accounts and Reports) R&gulations 2008 requI￿S us lo report lo you il, irh our opinion.. the infom)alion given in the Trus18ès' Annual Report 18 incon81slonl Sn any material respect with Ihe financial slalernenls., or Explanatlon as to what extent the audit was eon51de￿d Capable of detecting Irrègularltles, Including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulation&. The extent to which our procedures are eapable of delecling irregularilie8, including fraud. is detailed b81ow'. the charity has not kept sufficient accounting Igcords,. or the financial 81alefflonts are not in agreement with th8 8ccountlng records and roturns,. oi We obtained an und81slanding of the legal 8rhd iegulatory frameworks that are 8pplieable to the charity and the sector in which it operales. We determined that thè following laws and regulations were most signifi¢anl', Th8 Financial Reporting Standard Spplicable in the UK and the Republlc of Ireland {FRS 102) and the Charities SORP. the Chaiilies Act 2011, Charities (Accounts and Reports) Regulations 2008, the D8t8 Protection Act 2018, The Charities (Protection and Social Investment) Aci 2016. the Charity Code of Governance and The Education Act 2002., we have not r8ceived all the infomiation and gxplanabons we require for our audil. Responsibllities of tru8teè8 for thè flnanclal statements As explained rnore fully in the Trustees, Responsibilities Stal8tn8nt set out on page 3, the Iruslees are responslble lor the preparation of th8 financial statements which give a true and fair vlew, and for such internal control a5 the trustees determine is necessary to enable the preparation of financi81 statetnents that are free from maleri81 mis5tatetllent. whether due lo fraud or error. W8 understood how the charity is complying with these legal and regulatory frameworks by making inqulrie8 of management and those charged wth governance. We enquir8d of management and those charged with governance whether there were any instances of non- compliance with laws and r8gulalions, or whether they had any kno￿edge ol actual or suspected fraud. We corroborated the results of OUT &nqulries through our review of board minutes, through our legal and professlonal expenses review and through inquiries of so11￿10r$ who 8etvpd durfng the period., In prepanng the fin8ncigl statements, the Irustoes are ￿sponSible for assessing the charity's Ability to continue as a going concern, disclosing, as applicable, rnallers re18ted to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations, or have no realistic alternative bul to do so. We assèssèd the susceptibility of the eharity's financial statements to material misstatement, including how fraud might occur and the risk ol material override of controls. Audit procedure5 performed by the engagernenl leam in¢luded'. Identifying and asse88ing the d85ign effectiveness of oertaln Controls management has in pla￿ to prevent and delecl fraud under81anding of Ihg19gal and regulatory requir8rn8nt5 spec4fic to the charity ineluding.. the promsions of the applicable le9islation guidance issued by th& Charities Cotmmission and other relevant bodies. The team communications In respect of polenlial non-compliance wlh relevant laws and regulations, including the potential for fraud In revenue through manipulation ol Income and management overfide ol controls,. and Challenging assLJmplions and judgern8nl8 made by management in its sSgnl)Icènl accountlng policies Idenlilying 8nd testingjouinal entries, with focus on tnanual postings, joumals that difeclly impacted on the surplus reporied in the slalement of financial activities and joumal entries posted ir) the c108ing 8nd accounts preparation period In assessing the potential risks of material misstatement, obtained understanding ol.. the charity's operaiions, including the nature of ils income and expenditure and its services and of ily objectives and slralegies lo understand the classes of Irans8Ctions, account balances, expected financial statement disclosures and business risks that may iesull in risks of material mlsstatemenl. Identifying and testing relaled pariy transactions Inspecting the board and othef commillee minute& Assessing the extent of compliance wlh the relevant laws and regulations as part Df our procedures on the r8la18d financial statement ilern the charitls control enwronment, including.. the policies and procedures irnplemenled by the charity to ensure cornpliance with thè requirements of the rinan¢ial reporting framework and relevant laws and regulations. These audit procedures were designed lo provide reason8blè assurance that the financial 81alements were free from fraud or error. The iisk of not detecting a material 15Statemenl due lo fraud is hrgherlh8n the risk of not detecting one resulting from 81ror and detecting irregularilio$ that result from fraud is inh8r8ntly more difficult than detedlng those that result from error, as fraud may involve collusion, deliberalo concealment, forgery OF intent￿n￿l misrepresenlalion8. Also, th8 further removed non-compllance wllh laws and regulations is from events and transactions rele¢led in the financial slaternenls, the less likely we would become aware of it., Ass8ssment of the appropriateness of the ¢olleclive Competen￿ and capabilities of the engagernenl team inGI(tded consideration of the 8n98g8tllgnt team s. understanding of, and experience with audit engagements of a similar naluie and cotnplexity through appropriatè tr8lnlng and participation knowledge of tho education sector the polleles and procedures implemented by the charity lo ensure compliance with the requirements of the financial r8F>Orting framework and relevant law5 and iegulalions for Ihe adequacy of proc8duies 3ulhorisalSon of Ir8ns8Ctions and review of management accounts procedure8 10 8n8Uf8 thal possible bieachos of laws and regulations are 8pproprlately resolved. A further description of our responslbililies for the 8udit of the financial statemetlls is located on Ihe Financial Reporting Council's website al.. %￿W.frC.Org.uklaUditor$resp0n5lb1lI1les. This description forms part of our audilols report. Use of our report This report is made solely lo Ihe charilV8 trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008 and sècuon 154 of the Chari118s Ael 2011. Our audit work has been undertaken so that we. might stale lo thecharitls Iwstees those rnallers w8 ar6 quired lo slate lo them in an avditorfs report and for no other PUTpose. To the fullest extent peimilled bylaw. w8 do not accept or assume responsibility lo anyone other than the charity and Ils tr115tees as a body, for our audit work, for thig report, or for the opinions we hava formed. r￿} -r_. kn J- Grant Thornton UK LLP Statutory Auditor. Chartered Accounlanls Bi¥mingham 115 December 12023 Grant Thornton UK LLP is eligible to ad as an auditor in tems of section 1212 of the Companies Act 20( Statement of Financial Activities For Th8 Year Ended 31 July 2023 Year Ended July 2023 Total Restricted Y8ar Ended Jlrly 2022 Total Restricted Notes Total Unrestricted Total Unrestricted Total Total Income and ondowm&nts Incomlng rÈ$ource$ from generated funds Don8tions and lega¢4e$ Incomts from inve51menl 1.539 4,516 6,065 563.537 25,000 688,537 565,076 29,516 694,592 3.859 396 383,934 387.793 396 Totsl Income and endowments 4,255 383,934 388,189 Expendlture on charltable activitleS Charitable aclivilies 13,595 13,595 485,225 485,225 498,820 498,B20 27,122 27,122 448,940 448,940 476,062 476,062 Totsl expendlture Net Income I lexpendlturel 17,5401 103,312 95,772 22.8671 165,0061 187.8731 Net movement in funds 17,5401 245,541 103,312 239,723 95,772 485,264 (22,8671 268,408 165,0061 187,8731 304,729 573,137 Total fund$ brought foTrvard Totsl fund$ carrled forward 238,001 343,035 $81.036 245,541 239.723 488,264 All income and expenditure relates to continuing qjerations Balance Sheet as at 31 July 2023 Year Ended July 2023 Total Year Ended July 2022 Total Not8S Current asset8 Debtors 4,500 155.000 428,236 687,736 2,000 155,000 337,936 494,936 Short term inveslments Cash at bank and in han Total Current assets Creditors.. amoun18 f811ing due wlthin one year 18,7001 19,6721 Net assets 581,036 485,264 Funds of the Charlty Unrestiioted funds 238,001 343,035 581,036 245,541 239,723 485,264 Restricted irE¢ome funds Total fund8 TI￿se financial 81at8rn8nts wère approved by the Trustees., and slgned on their behalf on November 2023 by.. IAr C Gorngy Chairman Notes to the Financial Statements for the Year Ended 31 July 2023 1. Accountlng PollelBS The principal a¢oounting policies adopted. judgements and key Sou￿$ of estimation un¢6rtainty in the preparats.on ol the fIna￿claI Statements are as lolbws.. Income Income is recognised when the charity has entitlement lo the funds. any peiformance ¢ondilions 8tla¢hed lo the ilemlsl of income have been mel, 51 Is probable Ihat the inc(Kne will be ieceived and the amount can be rfiea8uied reliably. Basls of preparatio￿ and assessment of golng concern The linanGlal 51atemenl$ have been prepared in a￿or(lan¢eWilh A¢counling and Reporting by Charities.. Slalement ol Recommended Practi￿ applicable lo ¢harilies preparing their accounts in aceordanc8 Wlth the Financial Rewrting Standard applicab18 in the UK and Republic of Ireland IFRS 1021 leffeclive October 20191- Icharities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20￿. For legacies. entitlement k taken as the earlier ol the date on which either. the charity is aware that probale has been granted, Ihe estate has bÈÈn finalised and notification ha5 been made by the eX￿￿tor(sI to the Trust that a di%tribution will be made, or when a distribution is re¢elved from Ihe eslale. Receipt of a legacy, in whole or Sn part, is only considered probsble when the amount Gan be measured rÈliably and the charfty has been notified ol the executor'$ intenlion lo make a distribution. Where lega¢ies have boen nolilEd to the charity, or the Charity is aware of the granting of probate. and the ¢rileria for income re￿>gnitIon have Trol been mel, then the lègacy is 8 treated 88 a contingent asset and disclosed if rnalerial. Harper Adams Development Tru81 meets the definition ol a public benefit entity und8r FRS 102. Assets and liabilities are ini118lly recognised al historical cost or transaction valu8 unless otherwise staled In the relevanl accounling policy notes. Inte¥e$t iecelvable A cash flow slalemenl has nol been prepared as Harper Ad8rns University Development Trust is included in the ¢on$olidat8d a￿Ounts of Harper Adam5 Untverslty and the exemption under FRS 102 paragraph 1.12 has been applied. Inte￿$t on funds hekj deposit 15 induded when receivable and the amounl eaR be measured reliably by the ¢harily'. thi8 is normally upon notifiealion of the interest paid or payable by the Bank. The finan￿al statement5 have been prÈpared on a going concern basls whlch the Trustees consider to be appropriate based on the following reason$.' Fund accountlng Unrestricted funds are available to spend on a¢livilie8 that further any ol the purposes of charity. Designated funds are unieslricled funds ol the ¢harity which the tIU5tees have deGided at their discretion lo sel aside to Use ft)r a specific purpose. Reslricled funds are donations which the donor has specified are to be solely used for the Harper Adams University scholatship programme. For specific purchases of purchase8 of equipment for Harper Adam8 Univ8rsily contributions to capital prok¢ts run by Harper Adam5 University. The activity ol the entity is predominantly a$soryated th Ihe distribution of s¢holaT8hips to students al Harper Adams University based on income generated in a particul£r financial year or held within reserves from the prior years. Due lo the philanthropic nature of income generation and distribution, the Haiper Adams Development Trust will only distribute whal is available or has been generated, and as such ensure Il can meet its liabilities as they fall due forth81 period, justifying that il wll continue to remain a5 8 going concern. The Trustees are 8ware of the Cul￿nteCOnOMiC dimate and the impact increasing costs to busine5se5 arKJ 8ponsors the resultant impaot on the Trust. and whllst it i8 ￿01 possible lo predict all future event5 or condltions. the Tiuslees are confident that the viability ol the trust's adivrties ￿ma5￿$ stt￿re as the Trust adapts ils oper8ting model in response to the posllion, to mitigate against adverse Impact. Éxpendlture Expenditure 1$ I￿ogniSed once there is 8 legal or constru¢tive oblig81ion to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be mea5urecl reliably. Expenditure 15 classified under the follow(ng activity headings.. Consequently, the Trustees are conftlenl that the Trust w511 have sufficient fvnds to continue to meet ils liabilities a5 they fall due lor at lea$1 12 months from the dsle of approval of the financial slalements and therefore h8Vg prepared financial stslements on a going concern basis. Expendlture on charftable a¢UvltSes Includes the Harper Adams University s¢ho18rship programme, specifi¢ pur¢ha$es ol equiprnenl lor HarperAdams University and contributions to ¢apital projects run by Harper Adams Unlversily. Other expenditure represents Ih08e items not falling into any other heading. The Trustees Consider that Ih8re are no fflalerisl uncertainties about the Trust's 8bilily lo continue as a going con(£rn. Staff costs are not remuner81ed through the Trust as these and other operational costs ar8 m8l by Harper Adarn8 University. Voluntary Income Year Ended July 2023 Total Total Unre$trl¢ted Restrlcted Year Ended July 2022 Total Restrlcted Total Total Unrestrlcted Totsl Grants from Foundations attd Trustg 392,537 392,537 30,000 30.0(K) 141,ofM) 142.539 663,637 585,076 1,250 368,434 369,684 Legacies Gifts and donations fj.539 1,639 2,609 3.859 15,500 383,934 18,109 387.793 Investment Income Year Ended July 2023 Year Ended July 2022 Bank Interest 4,516 25,000 29,616 396 CCLA investment income 396 Charitsble Activitles Year Ended July 2023 Year Ended July 2022 Grants lo Harper Adams University Scholarships (including vouchers) Professional Fee$ 502,292 13,4721 498,820 471.190 4,872 4Y6,082 No IfU5tees received iemuneration or expenses from the Development Trust during the year. Expenses are Met by Harper A