Commercial in Confidence Charity Number: 1098579
Harper Adams University Development Trust Report & Financial Statements For the year ended 31 July 2024
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Commercial in Confidence
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Contents
Legal and Administrative Information ...................................................................................................... 1 ..................................................................... 2 ............. 5 Statement of Financial Activities ............................................................................................................. 9 Balance Sheet as at 31 July 2024 ......................................................................................................... 10 Cashflow Statement as at 31 July 2024 ................................................................................................ 11 Notes to the Financial Statements for the Year Ended 31 July 2024 .................................................... 12
Commercial in Confidence
Legal and Administrative Information
FOR THE YEAR ENDED 31 JULY 2024
| TRUSTEES: | Mr R Hambleton |
Chairman |
|---|---|---|
| Professor Ken Sloan | ||
| Mr P Ward | ||
| Mr M Blaken | ||
| Mrs J Cole | ||
| Mrs C Tevera | ||
| Mr I Ferguson | ||
| Mrs M Thorn | ||
| Miss N Molloy | ||
| Mr D Farley (appointed 7thNovember 2023) | ||
| SECRETARY: | Mrs D Taylor | |
| PRINCIPAL ADDRESS: | Harper Adams University | |
| Edgmond | ||
| Newport | ||
| Shropshire | ||
| TF10 8NB | ||
| INDEPENDENT AUDITOR: | Grant Thornton | |
| 17thFloor | ||
| 103 Colmore Row | ||
| Birmingham | ||
| B3 3AG | ||
| BANKER: | Lloyds Banking Group PLC | |
| 113, The Border | ||
| Telford Town Centre | ||
| Telford | ||
| Shropshire | ||
| TF3 4AE | ||
| SOLICITORS: | MFG Solicitors LLP | |
| First Floor | ||
| Padmore House | ||
| Hall Court | ||
| Hall Park Way | ||
| Telford | ||
| Shropshire | ||
| TF3 4LX |
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Trustees Annual Report for the Year Ended 31 July 2024
The Trustees present their report along with the financial statements for the charity for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 10 deed and applicable law.
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).
The objects of the charity are the provision, in such a manner as shall be charitable at law of education (and in particular higher education) for persons seeking to be or presently engaged in the management and use of rural land or in industries, professions and communities related to rural land whether in the United Kingdom or any other part of the world and in particular to foster the interests of Harper Adams University of Newport in Shropshire.
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.
The Charity intends to also continue to fulfil its objects in the future by continuing to seek opportunities to secure new donations from charitable sources as well as from industry and individual donors. The Trust consider reports at every meeting on progress made to secure new donations from individual and company donors and approves the allocation of funds as part of its formal business. Where the Trustees agree that specific actions to secure new funds should be undertaken, this is recorded in the Minutes and a follow up report is provided at the next meeting.
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 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.
Organisation
The Trustees who have served during the year and since the year end are set out on page 1. Trustees are appointed by the Board of Trustees. The Trustees normally meet three or four times during the year, but may hold meetings more frequently if required. The Trustees are supported with administrative assistance provided, at nil cost to the charity, by Harper Adams University. Day to day management of the Charity has been delegated by the Trustees to the Secretary to the Trust.
New trustees are provided a presentation and briefing of the Trust s work, alongside relevant information being provided for their role, and the requirements as detailed by the Charity Commission, in their document
Related Parties
Harper Adams University Development Trust cooperates with the University in the pursuit of its charitable objectives.
Grant Making Policy
The charity has been established to provide support for Harper Adams University by way of raising 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 students.
The Trustees confirm that during 2023/24, scholarships have been awarded to students in accordance with the grant making policy.
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.
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Financial Review and Investment Policy
The charity has received a number of restricted and unrestricted donations during the course of the last
Fund, which will enable a future expansion on the provision of scholarships to students from Herefordshire and Worcestershire.
Reserves Policy
The end position was a surplus for the year ended 31[st] July of £11k (2023: £96k).
The restricted donations received during the year scholarship programme and the capital development for the Institute of Animal Health & Well-being for the Harper & Keele Vet School.
The charity has no restrictions on its powers to invest. A formal investment strategy has not been developed account with the Charities Official Investment Fund preferential rates of interest.
The Trustees will continue to take a prudent view of term, in accordance with the risk profile adopted by the Trustees. As such, the COIF investment balance is currently held at £155k and not actively managed.
Fundraising Activity
The Harper Adams Development Trust continues to undertake activity to assist with obtaining donations to support the University and its students by utilising its links with various trusts and industries within a variety of sectors.
This also includes support and assistance with any capital projects being undertaken by the University. Most recently this has included funding campaigns to support the furnishing of the Institute for Animal Health and Well-being in association with Pathology specialisms associated with the work of the Veterinary Education Centre as part of the Harper & Keele Vet School.
Presentation, 178 scholarships have been awarded to 148 individual students, worth a record total of just over £600,000; 24 students secured multiple awards. The different scholarships are open to a wide range of course areas and offer different criteria, and recipients provide letters of thanks to their donors to let them know how they have benefited from their award and what difference it has made to them.
The Development Trust embraces diversity and promotes equality of opportunity and access to higher education. The Trust continues to be successful in supporting a wide range of students and strongly encourages applications from students of all backgrounds. Where there are two applicants of equal merit, preference will be given to applicants who are from backgrounds that are underrepresented in UK higher education.
The Trust is immensely grateful for the generous donation of £750,000 from the Kildare Charitable Trust to form the Kildare Charitable Trust Scholarship
The Harper Adams Development Trust reserves stand at £592,178 (2023: £581,036). These are split between restricted reserves of £377k (2023: £343k) and unrestricted reserves of £215k (2023: £238k). Reserves are kept to manage shortfalls of income and cover expenditure such as governance costs.
The reserves held at the year-end are considered to be appropriate for the planned and continuing activity of the Trust.
Risk Management
The Trustees have examined the major risks which the charity faces and receive regular reports so that the necessary steps can be taken to lessen these risks.
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.
The trust will only distribute via scholarships and awards what it can afford to do so, thus ensuring any risks are appropriately considered.
Under charity law, the trustees are responsible for financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare the financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Finance Reporting Standard applicable in the UK and Republic of Ireland. The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved and signed by the Trustees at their meeting on 27[th] November 2024; and signed on their behalf by:
Mr R Hambleton Chairman
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Opinion
We have audited the financial statements of Harper Adams University Development Trust for the year ended 31 July 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 July 2024 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice: Accounting and Reporting by Charities, 2019 Edition; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are responsibilities for the audit of the financial independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We are responsible for concluding on the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the charity to cease to continue as a going concern.
we considered the inherent risks associated effects arising from macro-economic uncertainties such as the cost of living crisis, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those resources or ability to continue operations over the going concern period.
In auditing the financial statements, we have concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Other information
The other information comprises the information included in the Report, other than the financial statements and trustees are responsible for the other information contained 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.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the infor Annual Report is inconsistent in any material respect with the financial statements; or
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the charity has not kept sufficient accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the sector in which it operates. We determined that the following laws and regulations were most significant: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), Charities SORP (FRS 102) and Charities Act 2011;
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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 governance whether there were any instances of noncompliance 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;
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We assessed the susceptibility of the misstatement, including how fraud might occur and the risk of material override of controls. Audit procedures performed by the engagement team included:
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Identifying and assessing the design effectiveness of certain controls management has in place to prevent and detect fraud
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Challenging assumptions and judgements made by management in its significant accounting policies
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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
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Identifying and testing related party transactions
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Inspecting the board and other committee minutes
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Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
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Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
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understanding of, and practical experience with audit engagements of a similar nature and complexity through
appropriate training and participation
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knowledge of the charity sector
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understanding of the legal and regulatory requirements specific to the group including:
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the provisions of the applicable legislation
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guidance issued by the Charity Commission.
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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
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In assessing the potential risks of material misstatement, we obtained an understanding of:
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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.
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the group's control environment, including:
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the policies and procedures implemented by the group to ensure compliance with the requirements of the financial reporting framework and relevant laws and regulations
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the adequacy of procedures for authorisation of transactions and review of management accounts
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procedures to ensure that possible breaches of laws and regulations are appropriately resolved.
A further description of our responsibilities for the audit of the financial statements is located www.frc.org.uk/auditorsresponsibilities. This
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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.
Eraut Thornton Uk [LP
Jim McLarnon ACA Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Birmingham
Date: 6 December 2024
Grant Thornton UK LLP is 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 2024
| Notes Income and endowments Incoming resources from generated funds Donations and legacies 2 Income from investment 3 Total income and endowments Expenditure on charitable activities Charitable activities 4 Total expenditure Net income / (expenditure) Net movement in funds Total funds brought forward Total funds carried forward 9 |
Year Ended July 2024 Total Unrestricted Total Restricted Total £ £ £ 3,800 501,143 504,943 7,878 - 7,878 11,678 501,143 512,821 34,142 467,537 501,679 34,142 467,537 501,679 (22,464) 33,606 11,142 (22,464) 33,606 11,142 238,001 343,035 581,036 215,537 376,641 592,178 |
Year Ended July 2023 Total Unrestricted Total Restricted Total £ £ £ 1,539 563,537 565,076 4,516 25,000 29,516 |
|---|---|---|
| 6,055 588,537 594,592 |
||
| 13,595 485,225 498,820 |
||
| 13,595 485,225 498,820 |
||
| (7,540) 103,312 95,772 |
||
| (7,540) 103,312 95,772 245,541 239,723 485,264 |
||
| 238,001 343,035 581,036 |
All income and expenditure relates to continuing operations
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Balance Sheet as at 31 July 2024
| Year Ended | Year Ended | ||
|---|---|---|---|
| July 2024 | July 2023 | ||
| Notes | Total | Total | |
| £ | £ | ||
| Current assets | |||
| Debtors | 5 | 4,000 | 4,500 |
| Short term investments | 6 | 155,000 | 155,000 |
| Cash at bank and in hand | 510,679 | 428,236 | |
| Total current assets | 669,679 | 587,736 | |
| Creditors: amounts falling due within one year | 7 | (77,501) | (6,700) |
| Net assets | 592,178 | 581,036 | |
| Funds of the Charity | |||
| Unrestricted funds | 9 | 215,537 | 238,001 |
| Restricted income funds | 9 | 376,641 | 343,035 |
| Total funds | 592,178 | 581,036 |
These financial statements were approved by the Trustees on 27 November 2024 and signed on their behalf by:
Mr R Hambleton Chairman
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Cashflow Statement as at 31[st] July 2024
| Cash flows from operating activities: Net cash provided by Operating Activities Cash flows from investing activities: Investment Income Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Reconciliation of Cash Flows from Operating Activities Net movement in funds Investment Income (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash provided by Operating Activities |
Period to 31 July 2024 Period to 31 July 2023 74,565 60,784 |
|---|---|
| 7,878 29,516 |
|
| 7,878 29,516 |
|
| 82,443 90,300 428,236 337,936 |
|
| 510,679 428,236 |
|
| Period ended 31 July 2024 Period ended 31 July 2023 11,142 95,772 (7,878) (29,516) 500 (2,500) 70,801 (2,972) |
|
| 74,565 60,784 |
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Notes to the Financial Statements for the Year Ended 31 July 2024
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).
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.
The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate based on the following reasons:
The activity of the entity is predominantly associated with the distribution of scholarships to students at Harper Adams University based on income generated in a particular financial year or held within reserves from the prior years. Due to the philanthropic nature of income generation and distribution, the Harper Adams Development Trust will only distribute what is available or has been generated, and as such ensure it can meet its liabilities as they fall due for that period, justifying that it will continue to remain as a going concern.
The Trustees are aware of the current economic climate and the impact increasing costs to businesses and sponsors the resultant impact on the Trust, and whilst it is not possible to predict all future events or conditions, activities remains secure as the Trust adapts its operating model in response to the position, to mitigate against any adverse impact.
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 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
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.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for the Harper Adams University scholarship programme. For specific purchases of purchases of equipment for Harper Adams University and contributions to capital projects run by Harper Adams University.
Investments
Fixed and current asset investments are included in the balance sheet at their market value.
Cash and Cash Equivalents
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.
Cash includes cash held with the trust banking provider. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Trustees consider that there are no material going concern.
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
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Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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Expenditure on charitable activities includes the Harper Adams University scholarship programme, specific purchases of equipment for Harper Adams University and contributions to capital projects run by Harper Adams University.
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Other expenditure represents those items not falling into any other heading.
Staff costs are not remunerated through the Trust as these and other operational costs are met by Harper Adams University.
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2. Voluntary Income
| 2. Voluntary Income |
||
|---|---|---|
| Grants from Foundations and Trusts Legacies Gifts and donations 3. Investment Income Bank Interest CCLA investment income 4. Charitable Activities Grants to Harper Adams University Scholarships (including vouchers) Professional Fees |
Year Ended July 2024 Year Ended July 2023 Total Unrestricted Total Restricted Total Total Unrestricted Total Restricted Total £ £ £ £ £ £ - 400,143 400,143 - 392,537 392,537 - - - - 30,000 30,000 3,800 101,000 104,800 1,539 141,000 142,539 |
|
| 3,800 501,143 504,943 |
1,539 563,537 565,076 |
|
| Year Ended July 2024 Year Ended July 2023 £ £ 7,878 4,516 - 25,000 7,878 29,516 Year Ended July 2024 Year Ended July 2023 £ £ - - 495,679 502,292 6,000 (3,472) 501,679 498,820 |
No trustees received remuneration or expenses from the Development Trust during the year ended 31[st] July 2024 (2023: £nil). Expenses are met by Harper Adams University.
Professional Fees include:
| Audit of these financial statements 5. Debtors Other Debtors and accrued Income 6. Investments CCLA fund deposit investment |
6,000 (3,472) Year Ended July 2024 Year Ended July 2023 £ £ 4,000 4,500 |
|---|---|
| 4,000 4,500 |
|
| Year Ended July 2024 Year Ended July 2023 £ £ 155,000 155,000 |
|
| 155,000 155,000 |
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7. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |
|---|---|
| Other Creditors and accrued expenses | Year Ended July 2024 Year Ended July 2023 £ £ 77,501 6,700 |
| 77,501 6,700 |
8. Capital commitments and contingent liabilities
Harper Adams Development Trust had no capital commitments or contingent liabilities at 31 July 2024 or 31 July 2023.
Scholarship awards were committed based on match funding agreements for future years in association with our restricted endowment funds totalling £30,000 (2023: £168,000).
9. Reserves
| Reserves | |
|---|---|
| Total funds brought forward Transfer to restricted funds Net movement in funds |
Year Ended July 2024 Year Ended July 2023 Total Unrestricted Total Restricted Total Total Unrestricted Total Restricted Total £ £ £ £ £ £ 238,001 343,035 581,036 245,541 239,723 485,264 - - - - - - (22,464) 33,606 11,142 (7,540) 103,312 95,772 |
| 215,537 376,641 592,178 238,001 343,035 581,036 |
The purpose of the restricted funds held is to fulfil the objectives of the Development Trust within the parameters disclosed by the numerous individuals, charities, legacy funds, organisations and trust funds who have contributed and continue to contribute to the Development Trust.
10.
The Harper Adams Development Trust is treated as a quasi-subsidiary of Harper Adams University on the grounds that the University has the potential to exercise power or dominant influence over the funds. The Development Trust is a separately registered charity in the UK. The results of the Development Trust are included in the consolidated accounts of the University which are publicly available. All of the charitable activities during 2023/2024 were for the benefit of Harper Adams University.
During the year payments were made to Harper Adams University totalling £434,034 (2023: £583,875), and the Development Trust received funds of £48,000 (2023: £39,083). At the year end the Development Trust was owed £nil (2023: £nil) by Harper Adams University and subsequently owed Harper Adams University £71,502 (2023: £1,300).
The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash of kind (2023: £nil). Trustee expenses are met by Harper Adams University.
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