Charity numbar: 1157663 THE COMBINED HARPOLE CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE COMBINED HARPOLE CHARITABLE TRUST CONTENTS Page Reference and adminrstrative detall$ of the Charily. its Trustees and advlsers Trustws. report Independent examinerfs report Statement of flnanclal activities Balance sheet Notes to the finan¢lal $tat&m&nts 10-15
THE COMBINED HARPOLE CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees S French IResKJned 30 June 2022) A E Leroy. Chair MRBurt M Jones J H Caldeod S L Eason S Roberts R FoLtntain F L Smethers, Vpce Chair Rev N Edwards lappoinled 1 May 2023} R Lawrence lappoinled 20 April 20231 H Cordingley {appoinled 20 April 2023} Charity registered number 1157663 Prlnclpal offlce 32 Garners Way, Harpole, Northamplonshire, NN7 4DN Accountants MHA, Century House, The Lakes, Northampton, NN4 7HD Solicitors Hewitsons, Elgin House. Billing Road, Northampton, NN15AU Page 1
THE COMBINED HARPOLE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report together wrth the financial statemen15 of the Charity for the year ended 31 December 2022. The Trustees confimi that the Annual report and financial slalemenls of the charity compty with the curfenl slalutory requirements, the requirements of the charitys governing do¢umenl and the pioM5ions of the Slalemenl of Recommended Practi ISORP} 'Accounting and Reporting by Charities" applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard appli¢8ble in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Objgctivgs and activitle$ • Con$titution The Combined Haipole Charitable Trust ICHCTI, a Charitable Organisation. was formed in 2014 to encompass the purposes. assets and activities of The Harpole Charities and The Haipole Free S¢hool Foundation Ilhe Original Charities). The purposes, assets and a¢livilies of each of the Original Charities ale under Ihg management of separate boards of Tnjslees, all of whom are Trustees of the CHCT. Activltles for achl&vlng objectlves The actiwty of the CHCT has been in connection wi(h the agricultural lands held in trust by the two Original Charities which are now held under the PToleetion of the CHCT. These lands form approximalety 21.9Vk of the site of a proposed housing development. 11 is envisaged that the whole development wll include approximately 2.200 dwellings although the exact number is not yet fixed. There has been lengthy negotiation with the developgr, Bk)or Homes, and the other landowners which include Allhorp Estates and members of the Rogers faTnily. Professional advice has been sought from the CHCT'S solicitors and land agent throughout the negotiations. A Collaboration Agreement between the variou5 landowners has been signed. The Trustee5 signed an Option and Promotion Agregment in respect of the lands in exchange for the sum of £68,553 in 2016 and £56,565 in 2018. Maln activities undertaken to further the Charlty's purposes for the publlc beneflt The Trustees have considered the Charity Commission's requirement in respect of Public Benefit. In their wew the Charity meet5, in full, the criteria to satisfy the test. In particular, in planning future activities of the organisalion, the Trustees consider how planned activities will contribute lo the aims and objectives they have set. Page 2
THE COMBINED HARPOLE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Achlevements and perfomiance • Review of activities Discussions wrth the developer and the landowners continued throughout 2022. The planning appliCatn for the development continued to be reviewed and updated, including S106 contributions, and approval for the outline planning applrcalion was granted on 17 December 2020 and detailed planning for phase one was approved during 2021. The Trustees have a150 been considering how lo develop a medium-term plan for the charity which reflects the phasing of fundslincome once planning has been granted. The Twslees continued to feview giant application5 throughout the year. making grants in line with the charities objectives. The Trustees also spent lime assessing potential future projects and activities that could be supported once initial funds from the sale of the land were received, and this is ongoing. The Trustees also went through a selection process lo choose tsvo investment companies to manage the funds from the sale in line wtth the approved investment policy. Flnan¢ial review Golng con¢gm After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resource5 to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going coneern basi5 in preparing the financial statements. Further details regarding the adoption (trf the going concern basi5 can be found in the aountIng pOl$e$. Reserves policy The finances of the ¢harity remain sound. Trustees set a reserves policy annualty. and the ¢urrenl policy remains th81 we will hold a minimum of three months, running eosls plus li8bililies. This is to allow any polentHI winding up of the organisalion lo go ahead. and is in line with recommendations from the Charities Cornmission. The charity has lolal funds al the year end of £10.245.570, of which £6.532.373 are unrestricted funds and £3,713,197 are revaluation reserve. Within the overall funds, is £5,854,165 of nel current assets. Princlpal funding During the year the Pfincipal funding Telaled to rental income receNed and interest from savings accgunts. Structurei governance and managemont • Methods of appointment or electlon of Trustee$ The management of the Charty is the responsibilty of the Trustees who arè elected and co-opted under the terms of the Trust deed. Page 3
THE COMBINED HARPOLE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Structure. governance and management l¢ontSnuedl Policies adopted for tho induction and training of Trustees Trustees are recruited with a view lo their experience and skills. Potential Trustees are encouraged to attend a meeting of the Board of Trustees and lo be initially co-opted lo the Board rf they are interested. A new Trustees. indijdion session is offered lo all new elected Trustees. Training is provided as necessary lo all Tru51ees. Trustees have a range of qualrficalions and skills, as well as a range of experience in the voluntary, slalulory and privale sectots. Organisational Structure and declslon making The charity is govemed by a Board of Trustees, which is responsible to the membership for its effedive management and future development. Risk management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation5 and finances of the charrty, and are satisfied that systems and procedures are in place to mitigate our exposure lo the major risks. Future developmgnts Whilst the charity is continuing with its normal aetivily as usual. the Trustees are putting in place plans lo help ensure effective management of the charity and the ability to achieve the purpose of the charity on an ongoing basis. One of the key developments has been putting in place a Communi¢alions Plan lo ensure all stakeholders are updated on the activities of the Charity and the funding opportunities that may be available. The Trustees will consider a medium temi plan on¢9 the phasing of the receipt of funds from the sale of land has been Confirmed. Pagg 4
THE COMBINED HARPOLE CHARABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Statement of Trustees. responsibilitie5 The Trustees are responsible for preparing the Trusteès, report and the financial ststemen15 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepa financial statements for each financial which give a true and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources, including Its income and expenditu, for Ihat period. In preparing these financial statements. the Trustees are required to= select suitable accounting policies and then apply them consistently, observe the melh(Kls and principles of the Charities SORP IFRS 102).. make judgments and accounting estimates that are reasonable and prudent- stale whether applicable UK Accounb'ng Standards IFRS 1021 have been followed. Subject lo any material departures disclosed and explained in the firn¢la1 slalements.. prepare the financial statements on the going concem basis unless il is inappropriate to Presume that the Charty will continue in business. The Tnistees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charivs transactions and disclose with reasonable accuracy al any time the financial posilion of Ihe 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 sleps for the prevention and detection of fraud and other irregularities. App ved by order of the members of the twjard of Tyustees and signed on their behalf by.. Chair Date: Iq- i 0-£013 Page S
THE COMBINED HARPOLE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent oxamlnefs report to the Trustees of The Comblned Harpole Charitable Trust {'the Charity'l report lo the charity Truslegs on my examination of the accounts of the Charity for the year ended 31 December 2022. Responsibilities and basls of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charitie5 Act 2011 I'lhe 2011 A¢VI. I report in respect of my examination of the Charit$ accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have folbwed the applieable Directions given by the Charity CommissDn under section 145{51{bl of the 2011 Act. Independent examinor's statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting an Reporting by Charities.. Slalemenl of Recommended Practice applrable to charities preparing their accounts in 3ccordaTrce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities." Slalemenl of Recommended Practice issued on 1 April 2005 which is refeffed lo in the extant regulations bul has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my ex8minatson. l eonfi'm that no matters have come to my attenltron in connection with the examination giving me cause to belEve that in any material respect.. accounting records were not kept in respect of the Charty a8 required by section 130 of the 2011 Act.. or the aecounls do not accord wth those records,. or the accounts do not comply wth the appIable requirements conceming the form and nIent of accounts sel oth in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a 'lrue and fair. view which is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Page 6
THE COMBINED HARPOLE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 This report is made solely lo the Char¢tls Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state lo the Charity's Trustee those matters l am required lo stole to them in an Independent examinevs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume re5pon5ibilify lo anyone other than the Charity and the Charity's Trustee as a body, for my work or for this report. Signed.. Dated.. 20 October 2023 Rebecca Hughes Bsc (Honsl FCCA MHA Chartered Accountants Northampton, United Kingdom Page 7
THE COMBINED HARPOLE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from.. Other trading activities Investments 9,663 20,884 9,663 20,884 8,909 127 Total Income 30.547 30.547 9,036 Expendlture on: Charitsble acliwlieg Other expenditure 30,289 2,103 30.289 2,103 2.409 1,540 Total expenditure 32,392 32,392 3.949 Net lexpenditure)fincome bgfore net galns on investments Net gains on sale of land {1.8451 3.571.717 11,845) 3.S71,717 5,087 Net movement In funds 3,569,872 3,569,872 5,087 Reconclllatlon of lunds: Total funds brought fOard Nel movement in funds 6,67S,698 3,569.872 6,675,698 3.569,872 8.670,611 5.087 Total lunds carrted forward 10,245,570 10.245.570 6.675,698 The Statement of financial a¢livilies includes all gains and10s5es togniSed in the year. The noles on pages 10 to 15 forni part of these financial statements. Page 8
THE COMBINED HARPOLE CHARITABLE TRUST BALANCE SHEEr AS AT 31 DECEMBER 2022 2022 2021 Note Fixed assets Tar*gible assets Current assets 4,391,405 6.475,000 Debtors Cash at bank and in hand 2,962.814 2.893,451 202,798 5,856.265 202,798 Creditr)rs'. amounts falling due within one yoar {2.1001 I2.1) Net current as$gts 5.854,165 200,698 Tt>tal net assets 10.245,570 6,675,698 Charity funds Restricted funds Unrestricted funds 10,245.570 6.675.698 Total funds 10.245.570 6.675,698 The financSal statements were approved and aulhorised for issue by thg Twstees and signed on their behalf by. E Lero FLS eth {Vice-chairl Dale.. The notes on pages 10 10 15 forni part of these fThncial statements. Page g
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies 1.1 Basis of preparatlon of financial statements The financial statemen15 have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and thè ChaThties Act 2011. The Combined Harpole Charitable Trust meets the definition of a public beneff( entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhemise slated in the relevant accounting policy. 1.2 Going concern The trustees have concluded that there are no material uncertainties about the Tnjsls abilty lo continue as a going concern and that they can continue lo adopt the going concern basis in preparing the annual report and accounts. 1.3 Income All income is recognised once the Charity has enlillemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 1A Expendlture Expenditure is recognised once there is a legal or construclwe obligation to transfer economic benefit to a third paty. il Is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by actwty. The costs of each a¢livily a made up of the totsl of direct costs and shared Costs, including support costs involved in uridertaking each aclivty. Direct costs allribulable lo a single acliwly are allocated directly to that acliwty. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single adivity ale apportioned between those activities on a basis con51slenl with the use of resources. Central staff costs are altocaled on the basis of ts'n7e spent, and depreciation charges all(taled on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 Intore$t r0¢91vable Interest on funds held on depos11 is included when re1vable and the amount can be measured reliably by the ChaTily,' this is nomially upon nolifulion of the interest paid or payable by the institution with whom the funds are depostted. Page 10
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcios Icontinuedl 1.6 Tangible flxed assets and depreclatlon Tangibk fixed assets a initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measUd at cost less accumulated depreciation and any accumulated impaimienl 1055es. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurernent of cost. Land is not depiecialed. Depreciation on other assets is charged so as lo allxale the cost of tangible rixed assets less their residual value over their estimated useful lives Freehold land Frgehold tand is not depreciated 1.7 Dèbtors Trade and other debtors are recognised al the settlement amount after any trade disc¢xJnl offered. Prepayments are valued at the amount prepaid nel of any trade di$unt$ due. 1.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term hKJhly liquid investments with a short maturity of three months or less from the date of aequisilion or opening of the deposit or similar a¢counl. 1.9 Liabllitles and provtslons Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. 1.10 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designalgd for other purposes. Inveslment income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Investment Income 20.884 20,884 127 Total 2021 127 127 Page 11
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expendlture on charltable activities Summary by fund type Unrestricted funds 2022 Total 2022 Total 2021 Governance Costs - Audit and accounts fees Direct costs- Donations and gifts 1,224 29,065 1,224 29,065 13,1911 5,600 Total 2022 30,289 30,289 2,409 Totsl 2021 2.409 2,409 Twstees. remuneration and expenses DLFring the year, S Eason, a Trustee was paid £300 for Admin¢gtralion cosls12021- £300). No othgr Trustees received any femuneralion or other benefts {2021 - £NIL}. During the year £55 of expenses were re-imburs lo M Burt, a Truslee12021- £121 Costs are incurred by the Trustees personally in r$UanCe of the charitable objectives. There were no further expenses reimbursed to the Trustees during the period12021- £nil}. Page 12
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Tanglblg flxgd assets Freehold property Co$t or valuatlon Al 1 January 2022 Disposals 6.475,000 12.083.595) At 31 December 2022 4,391,405 Not book valug Al 31 Deeember 2022 4,391.405 At 31 December 2021 6,475,000 Freehold land is not depreciated. The Trustee5 note that the freehold land valuation does not lake into account any costs that will be incurred a5 part of the sale agreement. These include fees for professional seM¢es, Section 1Q6 and Community Infraslruclure Levy costs. The Charsty has adopted a policy of revaluation for tangible fued assets. Had these assets been measured at historic cost. the carrwng values would have been as follows.. 2022 2021 Freehold property 678,208 999,998 Debtors 2022 2021 Due withln one year Other debtors 2.962.814 Page 13
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Creditors: Amounts falling due within one year 2022 2021 A¢¢ruals and deferred income 2.100 2,100 Statement of funds statement of funds - current year Balance at 31 Galnsl December (Losses} 2022 Balance at 1 January 2022 Transfers Inlout Income Expendlture Unrestricted funds General Funds - all funds Revaluatton reserve 1,200,696 30.547 132.392) 1,761.805 3.571,717 6.632.373 5.476.002 11,761,805) 3,713.197 6.675.698 30.647 (32,3921 3,571,717 10.245,570 Statement of funds - prior year Balance at 31 GaiTrsl December ILosses} 2021 Balance at 1 January 2021 Transfers inloul Incomg Expenditure UnTèStrlcted funds General Funds- all funds Revaluation feserve 1,195.609 9,036 13,9491 1.200,696 5,475,002 5,475,002 6,670,611 9.036 13.949) 6,675,698 Poge 14
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of net assets between fLFnds Analysis of net assots between funds- cuirent year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 4,391.405 5.856,265 12,100} 4,391.405 5,856.265 12.11101 Total 10,245,570 10,245,570 Analysis of n&t a$$ets between funds- prior year Unreslricled funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due wlhin one year 6,475.000 202,798 {2,1001 6,475,000 202,798 12.1001 Total 6.675.698 6,675,698 Page 15