Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence **Charity Number: 1098579** 

Harper Adams University Development Trust Report & Financial Statements For the year ended 31 July 2025 




Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **REPORT AND FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 JULY 2025** 

## **Contents** 

Legal and Administrative Information ...................................................................................................... 1 Trustees’ Annual Report for the Year Ended 31 July 2025 ..................................................................... 2 Independent Auditor’s Report to the Trustees of Harper Adams University Development Trust ............. 5 Statement of Financial Activities ............................................................................................................. 9 Balance Sheet as at 31 July 2025 ......................................................................................................... 10 Cashflow Statement as at 31 July 2025 ................................................................................................ 11 Notes to the Financial Statements for the Year Ended 31 July 2025 .................................................... 12 



Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **Legal and Administrative Information** 

## **FOR THE YEAR ENDED 31 JULY 2025** 

|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|
|SECRETARY:|Mrs D Taylor|
|PRINCIPAL ADDRESS:|Harper Adams University|
||Edgmond|
||Newport|
||Shropshire|
||TF10 8NB|
|INDEPENDENT AUDITOR:|BDO LLP|
||TWO SNOWHILL|
||Birmingham|
||B4 6GA|
|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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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **Trustees’ Annual Report for the Year Ended 31 July 2025** 

The Trustees present their report along with the financial statements for the charity for the year ended 31 July 2025. 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. 

## **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 ‘The Essential Trustee’. 

## **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 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 confirm that during 2024/25, 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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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **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 end position was a utilisation of funds resulting in expenditure for the year ended 31[st] July of £114k (2024: £11k surplus). 

The restricted donations received during the year have been made for a mixture of the University’s scholarship programme and match funding opportunities for PHD awards linked both to the University and Harper & Keele Vet School students. 

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. 

The Trust is immensely grateful for the generous donation received in the previous year of £750,000 from the Kildare Charitable Trust to form the Kildare Charitable Trust Scholarship Fund, which will enable a future expansion on the provision of scholarships to students from Herefordshire and Worcestershire. 

## **Reserves Policy** 

The Harper Adams Development Trust reserves stand at £473,902 (2024: £592,178). These are split between restricted reserves of £277k (2024: £377k) and unrestricted reserves of £197k (2024: £216k). 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 will continue to take a prudent view of market prospects for the charity’s funds in the medium 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. 

At this year’s Development Trust Scholarship Presentation, 180 scholarships have been awarded to 152 individual students, worth a record total of just over £654,000 from funds held by both the Development Trust and Harper Adams University; 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 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. 

## **Trustees’ Responsibilities Statement** 

Under charity law, the trustees are responsible for preparing the Trustees’ Annual Report and the 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: 

- select suitable accounting policies and then apply them consistently; 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

- observe the methods and principles in the Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- 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. 

Financial statements are published on the Charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions.  The maintenance and integrity of the Charity’s website is the responsibility of The Trustees.  The Trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein. 

Approved by the Trustees at their meeting on 30[th] October 2025; and signed on their behalf on 8[th] December 2025 by: 

; [L 0CBDB725C283425...Signed by: **Mr R Hambleton Chairman** 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

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

## **Opinion on the financial statements** 

## **Conclusions related to going concern** 

In our opinion, the financial statements: 

- give a true and fair view of the state of the Charity’s affairs as at 31[st ] July 2025 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

We have audited the financial statements of Harper Adams University Development Trust (“the Charity”) for the year ended 31 July 2025 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). 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## _Independence_ 

We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion; 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

- the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or 

- adequate accounting records have not been kept by the Charity or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## _**Extent to which the audit was capable of detecting irregularities, including fraud**_ 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

## _**Non-compliance with laws and regulations**_ 

## Based on: 

## **Responsibilities of Trustees** 

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. 

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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

- Our understanding of the Charity and the sector in which it operates; 

- Discussion with management and those charged with governance; and 

- Obtaining and understanding of the Charity policies and procedures regarding compliance with laws and regulations. 

We considered the significant laws and regulations to be The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), Charities SORP (FRS 102) and Charities Act 2011. 

The charity is also subject to laws and regulations where the consequence of noncompliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation, data protection, and charity laws. 

Our procedures in respect of the above included: 

- Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations; 

- Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations; 

- Review of financial statement disclosures and agreeing to supporting documentation; and 

- Review of legal expenditure accounts to understand the nature of expenditure incurred. 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## _**Fraud**_ 

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: 

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; 

- Obtaining an understanding of the Charity’s policies and procedures relating to: 

   - Detecting and responding to the risks of fraud; and 

   - Internal controls established to mitigate risks related to fraud. 

- Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; 

- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. 

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: 

**https://www.frc.org.uk/auditorsresponsibili ties.** This description forms part of our auditor’s report. 

## **Use of our report** 

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

Based on our risk assessment, we considered the areas most susceptible to fraud to be journal entries to manipulate financial results and management bias in accounting estimates. In addition, we consider revenue recognition an area to be susceptible to fraud particularly in relation to the posting of journals to other income. 

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. 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 the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Our procedures in respect of the above included: 

- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; 

- Testing the appropriateness of the certain journals to material revenue streams; and 

- Assessing significant estimates made by management for bias. 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

Anthony McMellon BDO LLP, statutory auditor Birmingham, UK [date] 12 December 2025 

BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **Statement of Financial Activities** 

## **For The Year Ended 31 July 2025** 

|**Notes**<br>**Income from:**<br>Donations and legacies<br>2<br>Income from investment<br>3<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>4<br>**Total expenditure**<br>**Net (expenditure) / income**<br>Net movement in funds<br>Total funds brought forward<br>**Total funds carried forward**<br>9|**Year Ended July 2025**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>3,505<br>406,254<br>409,759<br>2,555<br>-<br>2,555<br>**6,060**<br>**406,254**<br>**412,314**<br>24,701<br>505,889<br>530,590<br>**24,701**<br>**505,889**<br>**530,590**<br>**(18,641)**<br>**(99,635)**<br>**(118,276)**<br>(18,641)<br>(99,635)<br>(118,276)<br>215,537<br>376,641<br>592,178<br>**196,896**<br>**277,006**<br>**473,902**|**Year Ended July 2024**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>3,800<br>501,143<br>504,943<br>7,878<br>-<br>7,878|
|---|---|---|
|||**11,678**<br>**501,143**<br>**512,821**|
|||34,142<br>467,537<br>501,679|
|||**34,142**<br>**467,537**<br>**501,679**|
|||**(22,464)**<br>**33,606**<br>**11,142**|
|||(22,464)<br>33,606<br>11,142<br>238,001<br>343,035<br>581,036|
|||**215,537**<br>**376,641**<br>**592,178**|



All income and expenditure relates to continuing operations 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **Charity Number: 1098579** 

## **Balance Sheet as at 31 July 2025** 

|||**Year Ended**|**Year Ended**|
|---|---|---|---|
|||**July 2025**|**July 2024**|
||**Notes**|**Total**|**Total**|
|||**£**|**£**|
|**Current assets**||||
|Debtors|5|-|4,000|
|Short term investments|6|155,000|155,000|
|Cash at bank and in hand||389,940|510,679|
|**Total current assets**||**544,940**|**669,679**|
|Creditors: amounts falling due within one year|7|(71,038)|(77,501)|
|||||
|**Net assets**||**473,902**|**592,178**|
|**Funds of the Charity**||||
|Unrestricted funds|9|196,896|215,537|
|Restricted income funds|9|277,006|376,641|
|**Total funds**||**473,902**|**592,178**|



These financial statements were approved by the Trustees on 30[th] October 2025 and signed on their behalf on 8[th] December 2025 by: 

iy f f [#50CBDB725C283425... by: **Mr R Hambleton Chairman** 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **Cashflow Statement as at 31[st] July 2025** 

|**Cash flows from operating activities:**<br>**_Net cash provided by Operating Activities_**<br>**Cash flows from investing activities:**<br>Investment Income<br>**_Net cash generated from investing activities_**<br>_Change in cash and cash equivalents in the_<br>_reporting period_<br>_Cash and cash equivalents at the beginning of_<br>_the reporting period_<br>**_Cash and cash equivalents at the end of the_**<br>**_reporting period_**<br>**Cash and cash equivalents**<br>Cash at Bank<br>Short term investments<br>**Total cash and cash equivalents**<br>**Reconciliation of Cash Flows from Operating Activities**<br>**Net movement in funds**<br>Investment Income<br>Decrease in debtors<br>(Decrease) / increase in creditors<br>**_Net cash provided by Operating Activities_**|**Period to 31**<br>**July 2025**<br>**Period to 31**<br>**July 2024**<br>**(123,294)**<br>74,565|
|---|---|
||2,555<br>7,878|
||**2,555**<br>7,878|
||(120,739)<br>82,443<br>665,679<br>583,236|
||**544,940**<br>665,679|
||**Period to 31**<br>**July 2025**<br>**Period to 31**<br>**July 2024**<br>389,940<br>510,679<br>155,000<br>155,000|
||**544,940**<br>665,679|
||**Period ended**<br>**31 July 2025**<br>Period ended<br>31 July 2024<br>(118,276)<br>11,142<br>(2,555)<br>(7,878)<br>4,000<br>500<br>(6,463)<br>70,801|
||**(123,294)**<br>74,565|



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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **Notes to the Financial Statements for the Year Ended 31 July 2025** 

## **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** 

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charitie preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

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

## **Assessment of Going Concern** 

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

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

## **Interest receivable** 

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** 

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, the Trustees are confident that the viability of the trust’s activities remains secure as the Trust adapts its operating model in response to the position, to mitigate against any adverse impact. 

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 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. 

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a 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 income will be received and the amount can be measured reliably. 

Cash includes cash in hand and deposits repayable on demand. Deposits are repayable on demand if they are in practice available within 24 hours without penalty. 

Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value. 

Short term investments include deposits not repayable on demand but with an original maturity date of three months or less. 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **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: 

- 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. 

- 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.  Due to the nature of donated administrative support from the University, this cannot be reliably valued. 

## **Estimates and Judgements** 

The Trustees do not consider there to be any significant estimates or judgements used in the preparation of the financial statements. 

## **Financial instruments** 

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

|**2.**<br>**Voluntary Income**<br>**Year Ended July 2025**<br>**Year Ended July 2024**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>Grants from Foundations and Trusts<br>-<br>402,056<br>402,056<br>-<br>400,143<br>400,143<br>Legacies<br>-<br>-<br>-<br>-<br>-<br>-<br>Gifts and donations<br>3,505<br>4,198<br>7,703<br>3,800<br>101,000<br>104,800<br>**3,505**<br>**406,254**<br>**409,759**<br>**3,800**<br>**501,143**<br>**504,943**<br>**3.**<br>**Investment Income**<br>**Year Ended**<br>**July 2025**<br>**Year Ended**<br>**July 2024**<br>**£**<br>**£**<br>Bank Interest<br>2,555<br>7,878<br>**2,555**<br>**7,878**<br>**4.**<br>**Charitable Activities**<br>**Year Ended**<br>**July 2025**<br>**Year Ended**<br>**July 2024**<br>**£**<br>**£**<br>Grant making activities – Scholarships to individuals<br>521,789<br>495,679<br>Governance costs - professional fees<br>8,801<br>6,000<br>**530,590**<br>**501,679**|**Year Ended July 2025**<br>**Year Ended July 2024**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>402,056<br>402,056<br>-<br>400,143<br>400,143<br>-<br>-<br>-<br>-<br>-<br>-<br>3,505<br>4,198<br>7,703<br>3,800<br>101,000<br>104,800|**Year Ended July 2025**<br>**Year Ended July 2024**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>402,056<br>402,056<br>-<br>400,143<br>400,143<br>-<br>-<br>-<br>-<br>-<br>-<br>3,505<br>4,198<br>7,703<br>3,800<br>101,000<br>104,800|
|---|---|---|
||**3,505**<br>**406,254**<br>**409,759**|**3,800**<br>**501,143**<br>**504,943**|
|||**Year Ended**<br>**July 2025**<br>**Year Ended**<br>**July 2024**<br>**£**<br>**£**<br>2,555<br>7,878<br>**2,555**<br>**7,878**<br>**Year Ended**<br>**July 2025**<br>**Year Ended**<br>**July 2024**<br>**£**<br>**£**<br>521,789<br>495,679<br>8,801<br>6,000<br>**530,590**<br>**501,679**|



No trustees received remuneration or expenses from the Development Trust during the year ended 31[st] July 2025 (2024: £nil). Expenses are met by Harper Adams University. 

|**Professional Fees include:**<br>Audit of these financial statements<br>**5.**<br>**Debtors**<br>Other Debtors and accrued Income|10,000<br>6,000<br>**Year Ended**<br>**July 2025**<br>**Year Ended**<br>**July 2024**<br>**£**<br>**£**<br>-<br>4,000<br>**-**<br>**4,000**|
|---|---|



|**6.**<br>**Investments**<br>CCLA fund deposit investment|**Year Ended**<br>**July 2025**<br>**Year Ended**<br>**July 2024**<br>**£**<br>**£**<br>155,000<br>155,000|
|---|---|
||**155,000**<br>**155,000**|



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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **7. Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**||
|---|---|
|Grant Payables - Scholarships<br>Accrued Expenses<br>Deferred Income (Scholarship funds received in advance)|**Year Ended**<br>**July 2025**<br>**Year Ended**<br>**July 2024**<br>**£**<br>**£**<br>26,038<br>71,501<br>10,000<br>6,000<br>35,000<br>-|
||**71,038**<br>**77,501**|



## **8. Capital commitments and contingent liabilities** 

Harper Adams Development Trust had no capital commitments or contingent liabilities at 31 July 2025 or 31 July 2024. 

Scholarship awards were committed based on match funding agreements for future years in association with our restricted endowment funds totalling £60,000 (2024: £30,000). 

## **9. Reserves** 

|**Fund Movements Summary**<br>**Restricted Funds**<br>Student Scholarships and grants<br>**Unrestricted Funds**<br>Unrestricted Reserves<br>**Total Funds**|**Balance as at**<br>**1st August 2024**<br>**Income**<br>**Expenditure**<br>**Balance as at**<br>**31st July 2025**<br>376,641<br>406,254<br>(505,889)<br>277,006<br>215,537<br>6,061<br>(24,702)<br>196,896|
|---|---|
||**592,178**<br>**412,315**<br>**(530,591)**<br>**473,902**|



|Total funds brought forward<br>Transfer to restricted funds<br>Net movement in funds|**Year Ended July 2025**<br>**Year Ended July 2024**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**Total**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>215,537<br>376,641<br>592,178<br>238,001<br>343,035<br>581,036<br>-<br>-<br>-<br>-<br>-<br>-<br>(18,641)<br>(99,635)<br>(118,276)<br>(22,464)<br>33,606<br>11,142|
|---|---|
||**196,896**<br>**277,006**<br>**473,902**<br>**215,537**<br>**376,641**<br>**592,178**|



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. 

## **Allocation of Assets** 

|Current Assets<br>Creditors|**Year Ended July 2025**<br>**_Year Ended July 2024_**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**_Unrestricted_**<br>**_Restricted_**<br>**_Total_**<br>**£**<br>**£**<br>**£**<br>**_£_**<br>**_£_**<br>**_£_**<br>206,896<br>338,044<br>544,940<br>_221,537_<br>_448,143_<br>_669,680_<br>(10,000)<br>(61,038)<br>(71,038)<br>_(6,000)_<br>_(71,502)_<br>_(77,502)_|
|---|---|
||**196,896**<br>**277,006**<br>**473,902**<br>**_215,537_**<br>**_376,641_**<br>**_592,178_**|



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Docusign Envelope ID: 8911559F-C921-4067-B0E7-2E8BAB6CF50B 

Commercial in Confidence 

## **10. Related Party Transactions and Trustees’ Expenses and Remuneration** 

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 on the University website.  The registered address of the University is as disclosed at the front of these financial statements. All of the charitable activities during 2024/2025 were for the benefit of Harper Adams University students. 

During the year payments were made to Harper Adams University totalling £572,082 (2024: £434,034), and the Development Trust received funds of £1,896 (2024: £48,000). At the year end the Development Trust was owed £nil (2024: £nil) by Harper Adams University and owed Harper Adams University £26,038 (2024: £71,502). 

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in kind (2024: £nil). Trustee expenses are met by Harper Adams University. 

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