2022-12-31-accounts - The Hartley Trust

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					Page
Reference and administrative			details ofthe Charity,	its Trustees and advisers
Trustees' report					2-8
Independent	auditor's	report	on the financial statements		9-12
Consolidated	statement	offinancial activities			13
Consolidated	balance sheet				14
Charity balance sheet					15
Consolidated	statement	ofcash flows			16
Notes to the	financial statements				17-37

					Unrestricted	Total	Total
					funds	funds	funds
					2022	2022	2021
				Note	8	6
Income from:
Charitable activities					449,464	449,464	436,723
Other trading activities					76,508	76,508	30,166
Investments					1,095,962	1,095,962	1,150,742
Other income					227,179	227,179	362,468
Total income					1,849,113	1,849,113	1,980,099
Expenditure on:
Investment management:
Property investment	management		costs		469,080	469,080	498,946
Other trading activities					314,601	314,601	118,966
Charitable activities				9	1,093,862	1,093,862	1,089,519
Total expenditure					1,877,543	1,877,543	1,707,431
Net (expenditure)/income		before	net gains on
investments					(28,430)	(28,430)	272,668
Net gains on investments					682,861	682,861	6,848,380
Net movement in funds					654,431	654,431	7,121,048
Reconciliation offunds:
Total funds brought	forward				47,542,989	47,542,989	40,421,941
Net movement in funds					654,431	654,431	7,121,048
Total funds carried	forward				48,197,420	48,197,420	47,542,989

			CONSOLIDATED	BALANCE SHEET
			AS AT 31 DECEMBER 2022
				2022		2021
			Note	K		F
Fixed assets
Tangible assets			14	3,342,382		3,143,809
Investments			16	486,401		552,346
Investment property			15	46,449,132		41,691,862
				50,277,915		45,388,017
Current assets
Stocks			17	42,113	14,263
Debtors			16	923,852	910,736
Cash at bank and in hand				493,690	3,129,846
				1,459,655	4,054,645
Creditors: amounts	falling	due within	one
year			19	(512,308)	(398,313)
Net current assets				947,347		3,656,532
Total assets less current		liabilities		51,225,262		49,044,549
Creditors: amounts	falling	due after	more
than one year			20	(3,027,842)		(1,501,560)
Total net assets				48,197,420		47,542,969
Charity funds
Unrestricted funds			21	48,197,420		47,542,989
Total funds				48,197,420		47,542,989

			CHARITY BALANCE SHEET	CHARITY BALANCE SHEET
			AS AT 31	DECEMBER 2022
			Note	2022f		2021f
Fixed assets
Tangible assets			14	2,816,137		2,806,640
Investments			16	6,056,764		6,122,709
Investment property			15	39,554,200		35,963,700
				48,427,101		44,893,049
Current assets
Debtors			18	1,564,465	1,513,391
Cash at bank and	in hand			382,993	3,016,240
				1,947,458	4,529,631
Creditors: amounts	falling	due within one
year			19	(400,928)	(345,355)
Net current assets				1,546,530		4,184,276
Total assets less	current	liabilities		49,973,631		49,077,325
Creditors: amounts	falling	due after more
than one year			20	(1,505,342)		(1,501,560)
Total net assets				48,468,289		47,575,765
Charity funds
Restricted funds			21
Unrestricted funds			21	48,468,289		47,575,765
Total funds				48,468,289		47,575,765

FOR THE Y	EAR ENDED 31 DECEMBER 2	022
		2022 5	2021f
Cash flows from operating activities
Net cash used in operating activities		(957,350)	(1,747,753)
Cash flows from investing activities
Interest and rents from investments		1,095,962	1,150,742
Purchase of tangible fixed assets		(314,418)	(408,562)
Purchase of investment property		(4,008,464)	(6,494,199)
Purchase of listed investments			(500,000)
Proceeds from sale of investment property			11,485,000
Proceeds from the sale oftangible fixed assets		21,832	21,344
Net cash (used in)/provided by investing	activities	(3,205,088)	5,254,325
Cash flows from financing activities
Repayments of borrowing and new borrowing		1,526,282	(708,968)
Net cash provided by/(used in) financing	activities	1,526,282	(708,968)
Change in cash and cash equivalents in the year		(2,636,156)	2,797,604
Cash and cash equivalents at the beginning	of the year	3,129,846	332,242
Cash and cash equivalents at the end ofthe year		493,690	3,129,846
The notes on pages 17to 37form part ofthese financial statements

				Unrestricted	Total	Total
				funds	funds	funds
				2022	2022	2021
				6	E	6
	Income from	subsidiary	company	76,508	76,508	30,166
	Total 2021			30,166	30,166
5.	Investment	income
				Unrestricted	Total	Total
				funds	funds	funds
				2022	2022	2021
				6	6	6
	Rental income			1,093,858	1,093,858	1,150,097
	Interest receivable			2,104	2,104	645
	Total 2022			1,095,962	1,095,962	1,150,742
	Total 2021			1,150,742	1,150,742
	Rental income
					2022	2021
					6	6
	Commercial				428,705	510,621
	Residential				540,424	517,144
	Telecoms				14,776	12,241
	Agriculture				80,890	76,680
	Other				29,063	33,211
	Total				1,093,858	1,150,097

			Unrestricted	Total	Total
			funds	funds	funds
			2022	2022	2021
			6		8
Profit on the	sale offixed assets		17,683	17,683	8,244
Conservation	income		139,496	139,496	204,224
Promotional	agreement	income	70,000	70,000	150,000
Total 2022			227,179	227,179	362,468
Total 2021			362,468	362,468

	Unrestricted	Total	Total
	funds	funds	funds
	2022	2022	2021
	E	6	E
Insurance, rates and other expenses	29,536	29,536	37,059
Light and heat	8,731	8,731	2,761
Repairs and maintenance	202,907	202,907	190,417
Surveyor costs	5,561	5,561	4,125
Bank loan interest	38,086	38,086	19,670
Cost of conservation	164,259	184,259	244,914
Total 2022	469,080	469,080	498,946
Total 2021	498,946	498,946

	Grants to	Grants to	Total	Total
	Institutions	Individuals	funds	funds
	2022 K	2022 f	2022 6	2021 F
Grants	50,345	1,536	51,881	71,483
Total 2021	69,400	2,083	71,483

		Unrestricted
		funds	Total	Total
		2022	2022	2021
		8		6
Costs of maintaining	almshouses	1,041,981	1,041,981	1,018,036
Grants		51,881	51,881	71,483
Total 2022		1,093,862	1,093,862	1,089,519
Total 2021		1,089,519	1,089,519

	Activities	Grant
	undertaken	funding of	Support	Total	Total
	directly	activities	costs	funds	funds
	2022	2022 8	2022	2022f	2021 F
Costs of maintaining
almshouses	537,831		504,150	1,041,981	1,018,036
Grants		51,881		51,881	71,483
Total 2022	537,831	51,881	504,150	1,093,862	1,089,519
Total 2021	562,139	71,483	455,897	1,089,519

								Total	Total
								funds	funds
								2022	2021
								6	6
Staff costs								300,342	276,325
Depreciation								48,202	49,731
Insurance,	rates and	other expenses						12,517	14,892
Estate office running		costs						27,393	21,644
Bank charges and interest								4,089	2,642
Computer	costs							8,039	5,581
Legal and	professional	fees						53,171	57,149
Other staff	costs							4,350	4,345
Travel and	subsistence							13,046	11,574
Other costs								586	4,073
Governance costs								31,799	21,401
Bad debts								616	(13,460)
Total								504,150	455,897
Auditor's	remuneration
								2022f	2021 6
Fees payable to the Charity's			auditor		for	the audit of the Charity's	annual
accounts								13,750	10,050
Fees payable to the Charity's			auditor		in respect of:
Corporate	finance services not included					above			5,400
All non-audit services		not included		above				2,500	6,263

Staffcosts
				Group	Group	Charity	Charity
				2022	2021	2022f	2021f
Wages and	salaries			371,720	314,489	321,192	301,468
Social security costs				37,748	33,526	36,565	32,828
Contribution	to defined	contribution	pension
schemes				35,945	31,677	30,447	31,507
				445,413	379,692	388,204	365,803

The	average	number ofpersons	number ofpersons	employed	the Charity during the	year was	as follows:
					Group	Group	Charity	Charity
					2022	2021	2022	2021
					No.	No.	No.	No.
Directors and		employees			10
The	number	of employees	whose	employee	benefits (excluding	employer	pension costs)	exceeded
f60,000was:

Group	Group
2022	2021
No.	No.

	Freehold	Plant and	Motor	Fixtures and
	property 6	machinery	vehicles	fittings f	Total f
Cost or valuation
At 1 January 2022	2,575,500	220,680	204,024	624,154	3,624,358
Additions		49,148	36,060	229,210	314,418
Disposals			(53,925)	(8,822)	(62,747)
At 31 December 2022	2,575,500	269,828	186,159	844,542	3,876,029
Depreciation
At 1 January 2022		90,265	125,673	264,611	480,549
Charge for the year		41,533	30,074	21,647	93,254
On disposals			(37,849)	(2,307)	(40,156)
At 31 December 2022		131,798	117,898	283,951	533,647
Net book value
At 31 December 2022	2,575,500	138,030	68,261	560,591	3,342,382
At 31 December 2021	2,575,500	130,415	78,351	359,543	3,143,809

	Freehold	Plant and	Motor	Fixtures and
	property E	machinery 6	vehicles	fittings 8	Totalf
Cost or valuation
At 1 January 2022	2,395,500	31,245	169,874	529,499	3,126,118
Additions		8,168	36,060	32,046	76,274
Disposals			(48,300)	(6,500)	(54,800)
At 31 December 2022	2,395,500	39,413	157,634	555,045	3,147,592
Depreciation
At 1 January 2022		25,739	108,919	184,820	319,478
Charge for the year		6,723	26,725	14,754	48,202
On disposala			(36,225)		(36,225)
At 31 December 2022		32,462	99,419	199,574	331,455
Net book value
At 31 December 2022	2,395,500	6,951	58,215	355,471	2,816,137
At 31 December 2021	2,395,500	5,506	60,955	344,679	2,806,640

			FOR THE YEAR ENDED 31 D	ECEMBER 2022
15.	Investment		property
	Group
				Freehold
				investment
				property 6
	Valuation
	At 1 January		2022	41,691,862
	Additions			4,008,464
	Surplus	on revaluation		748,806
	At 31 December 2022			46,449,132
	Charity
				Freehold
				investment
				property
				6
	Valuation
	At 1 January 2022			35,963,700
	Additions			2,841,694
	Surplus	on revaluation		748,806
	At 31 December 2022			39,554,200

	Listed	Unlisted
	investments	investments	Total
Group	6	6	6
Cost or valuation
At 1 January 2022	509,092	43,254	552,346
Revaluations	(65,945)		(65,945)
At 31 December 2022	443,147	43,254	486,401
Net book value
At 31 December 2022	443,147	43,254	486,401
At 31 December 2021	509,092	43,254	552,346

	Investments
	In
	subsidiary	Listed	Unlisted
Charity	companies f	investments 6	investments E	Total 6
Cost or valuation
At 1 January 2022	5,570,363	509,092	43,254	6,122,709
Revaluations		(65,945)		(65,945)
At 31 December 2022	5,570,363	443,147	43,254	6,056,764
Net book value
At 31 December 2022	5,570,363	443,147	43,254	6,056,764
At 31 December 2021	5,570,363	509,092	43,254	6,122,709

Name			Company	Registered office or principal	Included
			number	place ofbusiness	consolidation
Delnabo	Estate	Limited	SC126621	Gamekeepers Cottage, Delnabo	Yes
				Estate, Tomintoul, Ballindalloch,
				Scotland, AB379HT

			Scotlan	Scotlan	d, A	B379HT	B379HT	B379HT
	The financial	results of the subsidiary	for the three months		from	1 October 2021 to 31 December 2021
	were:
	Name		Income	Expenditure			Profit/(Loss)	Net assets
			6			6	/ Surplus/	6
							(Deficit) for
							the period
							K
	Delnabo Estate Limited		76,508		(321,160)		(244,652)	1,475,545
17.	Stocks
							Group	Group
							2022	2021
								6
	Biological assets - cattle						38,200	12,800
	Other stocks						3,913	1,463
							42,113	14,263

18.	Debtors
						Group	Group	Charity	Charity
						2022 E	2021 E	2022f	2021 6
	Due after more than			one year
	Other debtors						500,000		500,000
							500,000		500,000
	Trade debtors					81,116	145,605	77,736	144,869
	Amounts owed by group undertakings							858,347	770,932
	Other debtors					119,654	14,623	110,559	4,364
	Prepayments	and accrued income				640,250	250,508	517,823	93,226
	Tax recoverable					82,832
						923,852	910,736	1,564,465	1,513,391
19.	Creditors: Amounts			falling due	within one year
						Group	Group	Charity	Charity
						2022	2021	2022	2021
							E	6
	Trade creditors					101,093	70,476	29,373	50,716
	Other taxation	and	social security			146,462	61,464	146,462	61,209
	Other creditors					130,304	129,375	100,304	99,375
	Accruals and	deferred		income		134,449	136,998	124,789	134,055
						512,308	398,313	400,928	345,355
								Group	Group
								2022	2021
								E
	Deferred income at 1			January 2022				96,832	120,629
	Resources deferred		during the year					(96,832)	96,832
	Amounts released		from previous		periods			99,227	(120,629)
								99,227	96,832

		Group	Group	Charity	Charity
		2022	2021	2022	2021
		E		E	5
Bank	loans	3,027,842	1,501,560	1,505,342	1,501,560

							Balance at
		Balance at 1					31
		January			Transfers	Gains/	December
		2022	Income	Expenditure	In/out	(Losses)	2022
		8			K	8	6
Unrestricted
funds
Designated
funds
Investment	fund		70,000	(2,407)	(67,593)
Conservation
fund			139,496	(184,259)	44,763
			209,496	(186,666)	(22,830)
General funds
General Funds-
all funds		47,542,989	1,639,617	(1,690,877)	22,830	682,861	48,197,420
Total
Unrestricted
funds		47,542,989	1,849,113	(1,877,543)		682,861	48,197,420

Statement	offun	ds - prior year
							Balance at
		Balance at					31
		1 January			Transfers	Gains/	December
		2021	Income	Expenditure	in/out	(Losses)	2021
				F	F	F	F
Unrestricted
funds
Designated
funds
Investment	fund	49,976	150,000		9,173	(209,149)
Conservation
fund		36,256	204,224	(244,914)	4,434
		86,232	354,224	(244,914)	13,607	(209,149)
General funds
General funds		40,335,709	1,625,875	(1,462,517)	(13,607)	7,057,529	47,542,989
Total
Unrestricted
funds		40,421,941	1,980,099	(1,707,431)		6,848,380	47,542,989

Summary of	funds - current yea	r
							Balance at
	Balance at 1						31
	January				Transfers	Gains/	December
	2022f	Income 6	Expenditure	f	in/out E	(Losses) E	2022 F
Designated
funds		209,496	(186,666)		(22,830)
General funds	47,542,989	1,639,617	(1,690,877)		22,830	682,861	48,197,420
	47,542,989	1,849,113	(1,877,543)			682,861	48,197,420
Summary of	funds - prior year
							Balance at
	Balance at						31
	1 January				Transfers	Gains/	December
	2021f	Income f	Expenditure	F	in/outf	(Losses) F	2021 F
Designated
funds	86,232	354,224	(244,914)		13,607	(209,149)
General funds	40,335,709	1,625,875	(1,462,517)		(13,607)	7,057,529	47,542,989
	40,421,941	1,980,099	(1,707,431)			6,848,380	47,542,989

Analysis ofnet assets between funds Analysis ofnet assets between funds - current year
	Unrestricted	Total
	funds	funds
	2022	2022
Tangible fixed assets	3,342,382	3,342,382
Fixed asset investments	486,401	486,401
Investment property	46,449,132	46,449,132
Current assets	1,459,655	1,459,655
Creditors due within one year	(512,308)	(512,308)
Creditors due in more than one year	(3,027,842)	(3,027,842)
Total	48,197,420	48,197,420

	Analysis of net assets betw	een	f	unds -	prior year
						Unrestricted	Total
						funds	funds
						2021	2021
						6	6
	Tangible fixed assets					3,143,809	3,143,809
	Fixed asset investments					552,346	552,346
	Investment property					41,691,862	41,691,862
	Debtors due after more than	one year				500,000	500,000
	Current assets					3,554,845	3,554,845
	Creditors due within one year					(398,313)	(398,313)
	Creditors due in more than one		year			(1,501,560)	(1,501,560)
	Total					47,542,989	47,542,989
24.	Reconciliation ofnet movement			in funds	to net cash flow from operating	activities
						Group	Group
						2022f	2021 F
	Net income for the year (as per		Statement		of Financial Activities)	654,431	7,121,048
	Adjustments for:
	Interests and rents from investments					(1,095,962)	(1,150,742)
	Depreciation charges					93,254	59,050
	Profit on the sale offixed assets					(26,950)	(8,244)
	Gains on investment properties					(747,610)	(4,227,413)
	Gains on listed investments					65,945	(9,092)
	Realised profit from investment		properties				(2,765,000)
	Increase in stocks					(1,337)	(14,263)
	Increase in debtors					(13,116)	(764,094)
	Increase in creditors					113,995	10,997
	Net cash used in operating	activities				(957,350)	(1,747,753)

				Group	Group
				2022f	2021 F
	Cash	in hand		493,690	3,129,846
	Total	cash and cash	equivalents	493,690	3,129,846
26.	Analysis ofchanges		in net debt

			At 1		At 31
			January		December
			2022 f	Cash flows f	2022 E
Cash	at bank and	in hand	3,129,846	(2,636,156)	493,690
Debt	due after 1 year		(1,501,560)	(1,526,282)	(3,027,842)
			1,628,286	(4,162,438)	(2,534,152)