Charlty number: 1157663 THE COMBINED HARPOLE CHARITABLE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE COMBINED HPRPOLE CHARITABLE TRUST CONTENTS Page Reference and administratlv¢ details of the Charty, its Trustè•s and advisers Tiustg0$' rgPQrt Independent examlnerfs report Statement of financial actlvltlg$ Balance sheet Notès to thè fln4n¢lal Statements 9-15
THE COMBINED HARPOLE CHARABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees A E Leroy. Chair (up to 20 Apr¢1 20231 M R BL*rt (resigned 20 April 20231 M Jones. Vice Chair J H Calderwood S L E8s0n, Chaii (from 20 4)ri120231 S Roberts R Fountsln F L Smelhers Rev N Edwards18ppointed 1 May 2023) R Lawrence lappoinled 20 April 20231 H Cordingley lappointed 20 April 20231 Charlty reglstered number 1157663 Prln¢lpal office 28 School Lane, Harpole, Northamplonshire. NN7 4DR Accountants MHA, Century House, The L8kes, Northampton. NN4 7HD Sollcltors Hgwitsons, Elgin House, Billing Road, Northampton, NN15AU Page 1
THE COMBINED HARPOLE CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report togelhor with the flnanclal statements of the Charity for the year ended 31 December 2023. The Tnjslees confimi that the Annual report and financial statements of the charity comply th the current statutory roquirements, the requirements of the charitys goveming document and the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities. applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland {FRS1021 (effective 1 January 20191. Objectives and activities Constitutlon The Combined Harpole Charitable Trust ICHCTI, a Charitable Organisation. was forrned in 2014 to encompass the pu¥poses, assets and activities of The Harpole Charities and The Haipole Free School FoundaUon (the Original Chorltsesl. The pijrposes, assets and activities of each of thé Original Chariti&s are under the management of separate boards of Trustees, all of whom are Trustees of the CHCT. Activltles for achievlng oblectlves The activity of the CHCT has been in cvnnectson wth the agricultural lands held in trust by the hyo Original Charities which are now held under the protection of the CHCT. These lands form approximately 21.9Qh of the sile ol 8 proposed housing development. It is envisaged that the whole development will indude approximately 2,200 dwellings although the exact number is not yet fixed. There has been lengthy negotiation wth the developer, Bloor Homes, and the other landown9rs which include Althorp Estates and membèrs of the Rogèis family. Prolessional advice has been sought from the CHCT'S solicitors and land agent throughout the negollations. A Collaboration Agreement between the various landowners has been signed. The Trustees signed an Option and Promotion Agrgemenl in respect ol the 18nds In exchangp for the sum of £68.553 in 2016 and £56,565 in 2018. Maln a¢tlvltl¢$ undertaken to further the Charity's purposes for the public benefft The Trustees have considered the Charty Commission's requirement in respect of Public Benefit. In their vlew the Charrty meets. in fLilI, the criteria lo satisfy the lest. In particular. in planning futtjre activities of the organisation, the Trustees consider how Ianned activities will ntribUte lo Ihg aims and objectives they have set. Pa9e 2
THE COMBINED HARPOLE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE Y&4R ENDED 31 DECEMBER 2023 Achlevements and perfomianca • Revlew of actlvltles The proceeds from the sale of Phase 1 land lo developers tolalling £2,962,586 was received in May 2023. The Trustees eonlinued lo review grant applications throughout the y8ar, making grants In line with the charity's objectives. The Trustees also spent lime assessing potential fvlure projects and activities that could be supported once initial fijnds from the sale of the land were received, and this is ongoing. The Trustees completed 8 selection process lo ehoose iwo investment companies to manage the ftjnds from the sale in line w*lh the approved InvestnTrent policy. A SLIM of £2.5 million pounds was placed wth investment managers with a b8lanced medium term investment objective. Flnancial review • Going concem After making appropriate enquiries, the TTUStees have a reasonable expectation that the Charity has adequate resources to ¢onlinue in operational existence for the foreseeable future. For this reason, they continue lo adopt Ihe going ¢oncern basi5 in preparing the financi21 slat¢menls. Further d9tsils regarding the adoption of the going Conrn basi5 can be found in the accoLbnb'ng policies. • Reserves pollcy The finan of the charity remain sound. Trustees set a reserves policy 8nnu81ty, and the current policy remains that we will hold a minimum of months, running Gosls plus liabilibes. This is lo allow any potential winding up of the organisation to go ahead, and is in line with recommendations from the Charities Cornmission. The chartty has total unreslricled funds at the year end of £10.457,426 of which £6,619.229 are general funds and £3,838.197 are revaluation reserve. Within the overall Inds, are £3,279,320 of nel current assets. Principal funding During the year the principal fundlng related to Interest and dividend Income from Investments and savings together wlh rental income. Stru¢tur•. goveman¢e and management Methods of appolntment or el•etlon of Trust•¢s The management of the CharSty Is the responslbility of the Trustees who ar8 elected and co-opted under the temis of the Trust dead. Policies adopted for the inductlon and trainlng of Tru$tses Trustees are reGruiled with a view to Ihelr experlence and skills. Potenfjal Trustees ar8 encouraged to attend a meeting of the Board of Trustees and to be initially co-opted to the Board if they are interested. A new Trustees, induction session is offered to all newly elected Trtjslges. Training is provided as necessary to all TNStees. Trustees have a lange of qualifications and skills, as well as a range of experience in the vduntsry, statutory and private sectors. Pag8 3
THE CCAIBINEDHARPQLE CHARITABLE TRUST TRUSTEES. REPORT ICONYINUEDI FOR THE YEAR ENDED 31 DECEM8ER2023 StrtKl •nd manag•m•trt leontlnuodl • 0rg4nl$atlonal s¢ru¢turo Ind dg¢lslgn maklng Thp tharity governed ty a Boar(S of TDJstse$. whKh Is r05pthisIb to the membership ftr it8 eff¢ctNg managamenl firtvra Oev•k)pmenL • Rlsk managgment Th8 Tru¥t888 have as68$d the maT rf8k8 to wNr th& ch8rity15 expowJ. In parucular thr6e related t¢ tho op8raUons and finences of the ¢hority, and are sau$fi that aFvJ proc•tses are In place to mluple eur exposwe lothe m8jorri$ks. . d•veEtymnts Whlsl the ehgrity wtinuing vrith its normal activity as usual. the Twstees ar0 puldty In 4¢& pn& to Mp en8ure effective manawent of the chariLy Ènd the atslity to 8¢hbve thè purposo of the ¢hadty on an onwnu ba2i¥. Orte of the key developmenis has been pung in a commun105 Pkn to en$ur¥ a119takahoqrs 6 Updat on th& actits$ of the chaAty and the funthng 0pWrtunes that may bè avallatrdfj. The TAt nLVI ha8 a websfte wher8 grant appllcatson ¢Yetsds and forms are availa9 ft)r d0vffl. Thè Trustees contsidgr MhJM term pkn once tho ph8sJngof the receWofknndBfram Iiie (18nd ha5 boon confirmqd. Statsmontof TILts' r86ponslblllU86 The Trn5tS are rE5poThsiblè for pr&parir¥J Ihe Trusl$89' reptrt and the fmanedal $brneNts 8¢wrd8nce 1th Appll(xtAe law and Unitéd ngd(M A¢r))unbng Stsndards Ivnw Kingdom Gener811y Accfjpted ApthUnllg praChl. Th6 Lqw appltable to ¢h8ritie5 in & Walès rèquires the Tmskees to prepBre flnan¢iaI 8tstement8 for each [rla1 whh gNe a true and fair vi8w of tho s1¢ of affairs ol the Charity 2nd of Its Incomlry resourEe5 and ap1¢10n of resources, Ir4com8 axppTrditure, for th rkn. In prwriro these financ& stsièmnts. IheTwsiees 8ra require# lo.. 5de¢l suitstde 8¢courrtiWJ Fdidgs and then apptythem con$t0nty. ob$erve the methods 8nd ofthe Ch8riti8s SORP IFRS 1021.. make judgments and a¢¢ounling èstimates Ihal 8rè reaSonae and 9t1., state whD1herÈpse UK Ac¢ounlino siand8rds IFA$ 1021 hove b2en folknwed. suiryecl to YMalellal departyjres di$058d antt explalngd thB fi[Yanl$ta1ements,' kYep8re the fin8rtial statements on the gryng ¢onc4m b8Sts unsS 1118 PrOprl9 to presvmp thai the CarftywiA Cont8 in business. The Tmstse5 reSp)nble for ke&ping ad8quats acwunling records that ar8 sufflck9nt to show atxl eXaIn Chaty,$ tr8nsxOn¥ and dis¢lo$e leasonae aCCUAGy at Ty Umè the ftn&rKi81 posthon ol Ihe Charity a¥bd enab It to erhsure Ihat the finanr#al stalements compty tho Chariti85 Act 2011. Itr Char lknmunts 8nd Rewrt91 Regulati5 2(Q8 and tha pro%tsions of tho Twst d88d. Thgy ate also r8spry15lb for safeguarding the gsyets DI Ihe (knity and hBn¢a fort8k(w raasonaNe 5tep¥ forthg prevénltfft and det£doft cl frnud and other KreBU1arrt. Approved tyryd8rofthe Memb8 oftr bcerd of Trust885 8nLI sKJnBd on thairDeh4iby. 5 L Eason Papg 4
THE COMBINED HARPOLE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examinerfs report to thè Tru$lees of The Combined Harpole Charitable Trust Ilhe Charity.) I rgport lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 De¢gmber 2023. Responslbllltles and basls of report As the Tnjslees of the Charity you aro responslble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe 2011 Acti. I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in ¢aTrwng out my examination I have followed the applicable Directions given by the Charity Commi$5ion under section 14515)Ibl of the 2011 Act. Independent examinerfs statèmgnt Your attention is drawn to the fact that the Charity has prepared the accounts in accordance Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable tts Charitiès preparing their accounts tn a¢cordanc¢ wth the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} In preferfynce lo Ihe Accounting and Reporting by Charities= Statement of Recommendeij Practice issued on 1 April 2005 whlch is refeired lo in the exlanl regulations bul has beon withdrawn. l understand that this has been done in order for the accounts to provide a true and fair Mew in accordance with the Generally Accepted Accounting Practice effective f reporting perK>ds beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have corne lo rny attention in connection with the examination giving me ¢au5e to believe that in any material respect.. accounting record8 were not kept in respect of the Charity as required by section 130 of the 2011 Act or the accounts do not accord with those records: or the accoun15 do not comply with thg applicable requirements conceming the fom) and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirgmenl that the accounls give a 'trLte and falrf view whlch Is not a Matter ¢onsldered as part of an independent examination. I have no concems and have come across no other matters In connecoon wlth the examination to which attention should be drawn in Ihls report in order lo enable a proper understanding of the accounts to be reached. Page 5
THE COMBINED HARPOLE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT ICONTSNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 This report is made solely lo the Charills Trustee. as a bt)dy, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. hAy work has been undertaken so that I might stale lo the Charitys Trustee those malters l am required lo state lo them in an Independent examine¢s report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsib*'lity lo anyone other than the Charity and the Charitys Trustee as a body. for my work or foi this report. Signed.. Dated.. 31 October 2024 Rebecca Hughes Bsc (Honsl FCCA MHA Chartered Accountsnts Northampton, United Kingdom Page 6
THE COMBINED HARPOLE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Mote Income from: Other trading aclivilie$ Invostmgnls 9,193 143.230 9.193 143.230 9,663 20.884 Total Income 152.423 152.423 30,547 Expendlturo on: Charitable activities Other expenditure 198,128 2,399 198.128 2.399 30.289 2,103 Total expendlture 200.527 200.527 32.392 Net expenditure before net gains on investments Nel gains on sale of land Net movement In lunds before other rg¢ognlsgd galnsl{loss8s) 148,104) 148,1041 11,8451 3,571,717 {48.1041 {48,104) 3.569,872 Other re¢ognls&d galnsl(losses}: Galns on revaluation of fixed assets 258.530 258.530 Net movement in funds 210,426 210.426 3,569,872 Reconciliation of funds: Totsl funds brought lOard Nel movement in funds 10,24S.S70 210,426 10.245.S70 210.426 6.675,698 3,569.872 Total funds carried forward 10.455.996 10N55,996 10,245,570 The Statement of financial actlvities indudes all gains and losses recognise(J In the year. The notes on pages 9 to 15 form part of these financial statements. Page 7
THE COMBINED HARPOLE CHARIYA8LE TRUST ALANCE SHEET ASAT 31 DECEMBER2023 Flx8d aBG4ts Tan9ible assets nvesknentassets 51WS 2.608,625 4,391,405 7.124030 4,391.405 Curr•nt assèts Dabtors Inv99trnents Cath ai hsnd 9).979 2,269.718 1,013,199 2,962,814 2.893.451 3.333,896 5,856.265 Creditors.. arnountsfdling due Win o 119301 (2.1001 Net curent agsets 3.330.966 &B54.165 Totsi not asstrts 1Q,455,996 10,245.570 ¢horftyftJnd8 RtrstrKa furxls Unre$trfcled tur8 to 10,4SS. 10.245.570 Toialfvhd5 10.455.906 10,245.570 The firwKial slaternerits were approv8d end aothorksed tslssue bythfr Trustee5 aThJ on thelrbehaifby. 8 L Eatson D8ts..Iq.iO. (Vl¢&ch8lrl Th8 nol68 M pages 9 ID 16 form part ofthw financkqt ¥tatemenls. Paoe 8
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Account5ng poll¢le$ 1.1 Bas1$ of preparation of financial statèments The financial statements have been prepared in accordan with the Charities SORP (FRS 1021- Accounting and Reporting by Charities.. Slalemenl of Recommer*ded Practyce applicable lo charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019}, the Financial Reporting Standard applScable in the UK and Republi¢ Of Ireland IFRS 1021 and the Charities Act 2011. The Combined Harpol8 Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transactlon value unless othenlSe staled in the relevant accounting policy. 12 Going concorn The trustees have concluded that there are no material uncertainlie5 about the Trusts ability lo continue as a 90ing concern and that they can continue lo adopt the going concem basis in preparing the annual report and accounts. 1.3 Incomo Al inc(yne Is renised once the Charty has antiuemenl lo the Income, 11 is probable that the income will be received and the amount of income receivable can be measureil reliaNy. 1A Expendlture ExperKlilure is recognised once there is a legal or conslruclive obllgauon lo transfer ectsnomic benefit to a third party. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligatson ¢an be measured reliably. Expenditure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activ(ty. Direct cost5 attiibulable to a single activity are aljocaled directly lo that activity. Shared costs which contrtbule to more than one a¢tiwty and support o)sls which a not atlribulable lo a single a¢tivity are apportioned befvJe6n those 8clivilies on a basis consislenl wlh the use of resources. Central staff Costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expendlture on charliable acttvities is incurred on directly undertaklng the acllvMes which further the Chariils objectives, as well as any associated support costs. Al expgnditure is inclusive of irrecoverable VAT. 1.5 Interest receivable Interest on fLtnds held on deposit is included lthen recewable and the amotjnt be measured reliably by the Charity,. this is normally upon nolificalion of the interest paid or payable by the insb.lulion with whom the funds are deposited. Page 9
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng policies (continued) 1.6 Tangible fixed assets and dèpr•¢iati¢n Tangible fixed assats are initially recognised al cost. After rgcognitton, under the cost model. tangible fixed assets are measured al cost less accumulatgd deprec181ion and any accumulated impairment losses. All costs incurrèd lo bnng a tangibie fixed asset Into its intended wcfking condition should be Included in the measurement of cost. Land is not deprecialed. Depreciation on other assets Is charged so as lo allocate the Cost of tsngible fixed assets les5 their residual value over Iheir oslimated useful lives Freehold land Freehold land is not depCIated 1.7 Inv8stmènts Fixed asset investments arè a form of financial instrument and are initially recognised al their transaction cost and subsequently meaSUd at fair value at the Balance sheet date, unless the value cannot be measured reliably in which cas8 it is measured al cost less impaim)ent. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GalnsllLossesl on investments. in the Statement of financial a¢tivi11gS. 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepay7nenls are valued al the arriount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand incfudes eash and short-term highly liquid irsvestrnents with a short maturity ol three months or less from the dale of acquisition or opening of the deposit or similar account. 1.10 Llablllties and provislons Llabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in seltlemenl, and the amounl of the settlement can be eslimaled reliably. 1.11 Fund accountlng General funds are unrestricted funds which are available for use at the disCtion of Ihe Tnjstees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Page 10
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investmont Income Unre$tri¢ted funds 2023 Totsl funds 2023 Total funds 2022 Investment Income 143,230 143,230 20,884 Analysis of expendlture on ¢harltable actlvltles Summary by fund type Unr•stri¢ted funds 2023 Total 2023 Total 2022 Grants for charitable causes Governance c051s- accounts fees 196.191 1.937 196.191 1,937 29,065 1,224 Trustees, remuneratSon and oxp$nse$ Duling tho year, no Trustees receNed any remuneration or other benefits12022- S Eason, a Trustee was paid £300 tor Administration coslsl. Costs are Incurred by the Trustees personally in pursuan of the ¢haritable objectives. There were no futher expenses reimbursed lo the Trustees duiing the period12022- £55 of expenses were reimbursed to M Burt, a Trusleel. Page11
THE COMBINED HARPOLE CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Tangible fix assèts Fr¢¥hold property Cost or valuation Al 1 January 2023 Revaluations 4,391,405 125,000 Al 31 December 2023 4,516.405 Net book valuo At 31 December 2023 4,516,405 Al 31 December 2022 4,391.405 Freehold land is not dgprgcialed. The Tiuslees note that the freehold land valuation does not take into account any costs that will be incurred as part of the sale agreement. These include fees for professional seTv¢ces, Sect¢on 106 and Community Infrastructure Levy costs. The Charlty has adopted a pollcy of revaluallon for tanglble fSxed assets. Had these assets been rneasured al historic cost. the Carng values would have been a5 follows.. 2023 2022 Freehold property 678,208 678,208 Page 12
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Flxed asset investments Unllsted Investments Cost or valuation Additions 2,446.924 161,701 Revaluations At 31 DeceMr 2023 2.608.625 Not book value At 31 December 2023 2,608.625 Debtors 2023 2022 Due wlthln one year Other debtors 2,962.814 Prepayments and accrued income 50.979 50.979 2,962,814 Current a5$et investments 2023 2022 Short term treasury deposits 2,269.718 Page 13
THE COMBINED HARPOLE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Creditors: Amounts falllng due within one yfrar 2023 2022 Accruals and delerred income 2.930 2,100 10. Statement of fund$ Statement of funds - current year Balanca at 31 Galnsl December ILo$sesl 2023 Balance at 1 January 2023 Income Exp•ndlturo Unrestricted lunds General Funds- all funds Revaluation reserve 6,532.373 3,713.197 152,423 (200,5271 133.530 125,ODO 6.617,799 3,838,197 10.245,570 152,423 1200,5271 258,530 10.455.996 statement of funds - prior year Balance at 31 Gainsl December {Lossesl 2022 Balance at 1 January 2022 Transfers inloul IrKome Expenditure Unrestrlcted funds General Funds - all funds Revaluation reserve 1.200.696 30.547 132.392) 1.761.805 3.571.717 6.532.373 5,475,002 11.761,805) 3.713,197 6,675.698 30.547 132.392} 3,571.717 10,245,570 Page 14
THE COMBINED HARPOLE CHARfTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Analys1$ of net assets botw88n funds Analysis of nèt a$sot$ between funds - current year Unrnstrieted tunds 2023 Total lunds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within ono year 4,516,405 2,608,625 3,333,896 12,9301 4,516.405 2,608.625 3,333,896 12,9301 Total 10.455,996 10.455.996 Analysis of ngt assets betwoen fund$ - prlor ygar Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due wilhln one year 4,391,405 5,856,265 12,1001 4,391,405 5.856.265 12.100) Total 10,245,570 10,245,570 Page 15