Charfty nurnbol: 226021 THE HARTLEY TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ThE HARTLEY TrUST R•f•r•fi and admlnlstratlvè d6ts11J of th• Charlty, Its Truthe• and ad¥l*orn Trnstee8' r•port Indep•ndgnt audltorfs report on th• finan¢W statsm•nts 8-11 Con•olTdal•d 8tat0ffl of financlal actlvllle 12 COI1da1•d balance sh••t 13 Charlty balan¢0 short 14 ¢onsolld•tod stat•mont of ¢ash 11 15 16-37
REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR YEAR ElalED 31 DECEMBER 2D23 Nomlned Trustee: The Hartley Trt CortKAe Trustee Uned Dir8Ct(Ks of The Horthy Tnjst coorate Truste8 Lirited.. W Brcp•m&Swlnbume F S D Hartl8y Russfrll R D H•11•y Russell MVO [. Charnwi G D A Ropner Honowy Vice Presidents: Dr B 8rucfrGardner P Harw Russell R F Harw Russell Charlty roglstsrnd numbor 226021 Prlnclpal offlc• Tho Trn8t Office 1 Groorr>ridge Pe Donnington Newbury Berkshire RG14 2JQ Chlof •xKutlv• offlcor A Jone8-Peffott MRICS Ind•p•ndent audltor James Ckwer Kregton Aud Chartfjrgd AcGrwntants and Ststutory Audit(Y 2 CommunKations Ro Graenham Business Park Greenham N•bury Berkshire RG19 6AB Sollcltorn & Biandy Solicilo 1 Friar Street Reading Berkshire RG1 10A Pag8 1
THE HARTLEY TrUST TRUSTEES, REPORT FOR THE YEAR ENDEO 31 DECEMBER 2023 The Dlrectors of The Hathy TruBt Cwate Trustee Limiw (tthe cory)orae trustee of The Haruey Trust) PSent their 8Mual repcrft together with the audbted financHI statements of The Hartley Trust for the year ended 31 Dmber 2023. The Directors confim) Ihat the ar)ual report ar¥J financial statements of the charity comp wilh the Ch8ritses knt 2011. the requrements of the g[Pling d(Kument8 Acciyjrrting arml Reporting by Choribes.. Statement of R•ctynmeTrJed Pra¢ti¢¢ ISORP) applic to ¢harities preparing thelr a¢¢ounts In accordance with the FinarKid Reporthg Sl8rnlwd app in thg UK and RepLk of Irelwd IFRS 102) leffectlve 1 JaNary 2019). The Trust {fomty kncrn as O• wa8 ) 1393 ty Sir RKhard Abberb and re founded in 1602 by Queen Elizabeth. It 18 tfrh8 tsnth oklest Aknshouse Foundat In the country. the oldest charity in Berkshire and the twentythlrd oldest char1 n tlx ctsjnty. The Hartley Tru8t 18 a family charity havin9 been under th8 paage of the Harty Rus8011 Ilty sirKe 1632. The Trust continues its charity work in respecl ofthe provision d relief in need and dorith to rAher char)1g cwjses ithNI its ea of benefft. The Hajtsy Trust ¢urrenty and 718kn8h( in thè pwi8h88 of Donnirwn, Bucklebury. Bray andlffloy. ObJ0¢t1¥ and 4¢tl¥ttl•s Detall• of obloc11v and athltl•• The Trust provides wami ¢¢thfftJrtable selfacontained (weThngs to rtired ktal peoF4e with Ilmited flnancial means. Residents we encouraged to Igad irKlependent S but ar8 supported by Welf8r& Officèrs to onsure Ihelr gener81 wellbeir Tho Dira¢rf5 have W due regard to Chwity conn.3 on benefft. Revlval of acllvftlts and futw• dovolopm•nts During lh8 preceding Iwo years tho Trus( ¥UFFOrted by ts 501iLitor5 Blar & Blandy. have been rwewing tt8 constitutv)n with the Charlty c([rSsion. Ihg last revivw beirvJ 1989. The initsal requests for chwe wore anbitious. wilh an emphasis on m(Jemising the ¢iKtNes of Trust C(titUtion. Thg Charity Crynmission's approach remained li accorda with the origwial founding constitution her some practical (Krtcomes were achi2ve(I confimied by the Commission dumg the first quwter of 2023. 1. The full merggr of Jesus Fknsprtat Th8 Trust to w)id a&nlStratIon of Iwo separate, atthough I'nked. chafilies. The merger was by Ihe Chdy ComThMssion, the merger deed W88 prepared and exKuted. 2. To fomi and appoirt a linited company as th8 Cryrate Trustee d the Chatlty. This was to protecl again8t personal liabllty whllst pre8er¥iThJ the histroy and heritage of the clIty. The company. The Hartley Trust cOre Trustee Linrted {Company Nurrthr 13486505). was prOved. 3. The knrking nane. of the Trust to The Hathy Tntst 4>prtrJ gi¥en d)e word 'Hospttal' was anachronist. 4. The Schgme govemirvJ the Chwty tKdS Wed. The Charity bgen goNwd by sovoral s¢h8mes 0r the r$ and therefore there was a need to fomi a sin918 documenL S. WKloning the g8c4raphical area in whth the Chty can operate was •yroved and exlended to England and Waltss with an tynrthasis li the to 8eShirè and Oxfordshire. To mark the l Qwen'$ Plwium Jubilee. seity beech tree6 Flanted on the Cragg Estate in the fomi of a roundel. PJ• 2
TRUSTEES. REPORT (CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2023
Achlovomonts and porfomMn¢o
Revltrw of •Gtlvltks
The Tru8Ys aknshous85 Ctinue to be extrwn&y pLytswith fesKSents w40sryng the securty and support sh¢y
by the Chairman. Direcknrs amd colleagues which realises a cortented. colabcffkn approach creating a relaxed
en¥ironment.
DurfNJ 2023 the demand for Aknshou¥e acccrfTwnc•tstion remained. The Trust welwn&J eyht new resKlents
and all akn$h¢)uses We refwbished. The turnover Lrf th$8$ during the FeriO(l exceeded the allowed
budg8t but the Dracto agreed that gbven ernd j1Stripped suth refu1¥hm9nts shoukl proceed using
finanal reserves to Xc0nate those in need. The Trust ains lo refurbish al AknslK)LWS duriig 8 vthd
P8riod so thal new rdents have a modem, wel maintaned prco8rty to reside in.
The annual events for Residents cortinwjj tr) be a highl¥ht in the >wr. Summer Lunche{ at 8ucklebury
House. Christmas Carol$ at Jesu$ Ho4)ital, Carols under tho Arch * Abberbury Close as w811 as coffee
rniwning5 WKI a tsip to Bl8tchl8y Path SrTrw8s ¥nl iendgd 81x1 wioy8d by all.
Fc4lthving the conststut&)nal changes the Trust website was refreshed arKI interactP4e tools merged 80 that
current re8iden18 and appltcants could use the ¥b$ite to grealer effè
Foknying the wrchase of RNerysJe Cottage. Donnuigton ift 2022. a restOn pro11 ¢orw)leted dLwing
February 2023 a1 thè propwty vras 8ucc8ssftIty18t on an AST.
A qUt ped for th& residentd portfolo. re8llert rerts dwin9 August wlh no dwpro¥al or
concem from tenant8. The portlolto by aNI laNJe lo
Folowing negotiatN)ns ith the len•rt of Wol Ho, lffley. Oxfo. the Tru& subpd to receiving a
surrander, agreed to purchasa a smaler ProFty for the tenwts which wouhj free up this substantial dwelling.
Wootten House wil then be d, releasiw capital to invest in assets that c¥ry a greater rate of retum which
would in lum create flexibilty and SLVPOrt cashfkAv. An cller for the smallgr pr8. 98 Northmc4Y Road.
Holiday a¢¢ommc¥Jation on Cragg estate ¢ontinues to be $u¢¢essful. Year on year tumover continues to
improve as the Trust wekrynes wsit
THE HARTLEY TRUST
TRUSTEES. REPORT ICOPITINUEDI
F¢)R TrIE YEAR ENDED 31 DECEIER 2023
Acht•vem•nts and p•rformanc• {conllnued)
C1¢81 repairs and Iryro%Yrts cthmiued in an acth mnert0 all fa¢ets dthe Trts l)uil Frf)rtfo5i0.
Delnabo Es1¢ Umite(l . Foknng the wisilM of Detho Eate in Othber 2021 a si9nifKant restoration
programnw was Lbnderten ring 2022 arwj 21Y23. This included the enhancewrt of the principal house,
c(Atage8. fami8tead secumg infrastNdure and Seeking planniry consent forfuture c¥)portunities. On comptiOn
cl r88tOrat3n Ihe dwelh'ngs have be mwketsd as part of the estf's diverse touriBm enterprw.
Cwr Kreston Audit, the Trnsl awJit(, was wovhjéd wlh 8 CCW.
Looklng ahead
Tho Trust continues to don1)n3 to vtdtous IwKls vra CoMtun.
The Directors 8r8 progr888i¥e. The straAY 18 to create a Thly 8u818inabl& charilable organisatton for the
futu In an ever
TRLISTeES' REPORT {CONTWUED FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevemonts and p•rfornianc• {contlnu•d) The Trustees con&dw that risk has bew mitwed by the follrywing". Almshousa prop8rtieB are fully insured by the clHrity additsonal preventative measures such as smoke alarns and fire equpment been instaled and are maintairnd and updfknd as red by slalutory gislation. In &Jdition, prcpertie8 are 8thj.ed to a mainteronce revitrw to ensure items $u¢h 8$ wiring do not pose additional risk& Thè TnBtees have prepared ntingen Iv)un9 PnS $Ik1 almshouse b8 rerylered uninhabitable. The Tnjst maintains a Safeguarding Policy as guided by the Akn8hw8e Assix1 for its residents. Al staff who interact with the residents corylete DBS cheKks. Inv•stment rhsk There is a risk that a commercial woperty could be lo ewse a matwl h)ss of cyeratmig income which is SLrffident to fundamentally Ynpairthe rationS of the chity. The Trustees ¢sEd¢t that the foll7•rj steps mitW8 against this risk.. The commerraal prop8ities are fulty insur&J wJairt dweth by the charity. In order to protttt wicom8. loss of rent is insured lor a period of 24 mont Man•g•m•nt rlsk There is a risk iderthd that thg chaiity could incur 1088 dirocty attribLrtable to the Direclor8' management decisions, which could b8 consmlered negligent but thi8 has been hwJhllghted In the TNSVS Risk Register. Such a risk b mitigated by the Cal ¥¥J expww¢e of the Iwrary support notrth and Chief Ex8cutive appointed by th8 chanty. At the Gurrent tvne suGh a poly 15 In$Iered hgving regard to the sizo and operational strategy of the Tnj Ongolng r•vl•w This report details the maicY ri8ks id8ntiW ct•. Such ri8ks the step8 taken to mtye them ¥e to revwled bythe Direth)rs on annual basig. Should w fixlher risk6 be ]dti yaar t mtyatiw TAfl bo considwwj at the r1 Dit018, meeting. Fln•nGlal r•vl The Trust maintains reserves totalling £52,567, at 31 December 2023 (2022: £48,197,420), the buk of this 18 held as investment prcperties. C$¢jated 1nvestrrt prcyerti8S tcrtal £52.784.013 (2022: £46.449.132) and charity investment prcp8rti85 of £40,319,199 {21Y22'. £39.$54.200). FinarKral ¥ecurity is extremely inportant lo the charty 80 ay to the intsgrity of the alm$how8 and a88¢xiated property in resFect ol maintenance. repar and inprovennL As there are differirwJ requirements for funding thrOug1)ut the year. the DwÈctors Monit inc and eyThJiture ckisely to ensure sufficient funds a held to meet the needs of tr¢ charity. If reqL¥ed, funds be re4iwJ throuoh dispo8iNJ of Investmgnts or bank h)an& Th8 Twst has Iwo h)ans with th8 Agiicultural Mortgage C(XpOrat tdh in respect rj property purchase and enhancernent. It is the ffttentn to y¢e these b*$ when sufficierrt funds are available.
THE HARTLEY TRUST TRUSTEES. REPORT {COPffiNUEDI FOR THE YEAR ENDED 31 DECEER 2023 Structur•. gov•rnanc• and management Gov•mlng documont The charty is Controv by ts goverrww d(Kumnt. a Charity Commission Scheme ttt has been revivwed ar updated during 2023. It 18 qulte u8ual and thY for 8 charity to its schww ensuring Ihal it is structured in ¢lance wilh Chaiity Commlsslon P89e ofthts Rewl sets out the Stag by the Charity structured its re¥iffw. Recruknent and •ppolnlmonl of now Dlrn¢to Th& Hart Trust Corpwate Trth Limited has I[ Owedu3. Tr Corporate Trustee has passed a resclutlon to adq)t the cthang8s to the sIrte ofth8 Tn The cr¢ Trustse iJentrfRd suable (ddateS who ha% different, tmrt c¢Jnpmbnlary 8klls. On• fin¢0 rdated profesSical. one bugwiess and prorety reld plonal$. New Directors we provwjed with the Trusfs ReFrt Ac¢<wnts, a histuy of the Tntst. a copy of the Scheme d Memorandum and Articles of Associton. access to the TrusV$ website as 11 as the Trust's entry on the Charfty Ctynmisslon websile. The Chaim)an Out1¥ the role re8ponsiblities thoroughly ar¥J gives Suent timg fry wospectivo candidates to consklw thè resplIrtieS that role require& Th& Tnjst Offlce keep8 Ihe record of Dir&ttxs appointmerts. In addition. the Trust offers ncary to I)$ethat are supwtr48 ofthe Trust's ain$ ethos. The Direthrs have an ntimate kr ofts &wfry. it8 assets aNI its opgratioTrs. The 're¢tO[S rne8t tWiC8 a w#J a forn reporbrvJ WfKedure is and declsions are made In an open f(xum as guided by Iho Clom. Day to day Manemrt of the chwrvs assets is overseen by th& Chief Execubve who is direded by the Ch•m)an wi accordance with the Directors. deCI8K md(ing Fwcess. Rlsk manag•m•nt Tho Trust88È habe a dLty to len arml Ihe rlsks to thich the is ewed and to ertsure apprcpii corrtri)Is we in pkn to pr(Mde reasonable a¥$urnnGe agai{ fraj and error. A Cyber in¥uran pdicy has Lwn Ynpl9t8(1. p4, Empkryer and Environmental ¥wuran¢e 1$ arranged wnualty. H4th and Safety, Risk and COSHH are undei cons1 revivw and guid1 by our Health and Safgty m8nager NFU Risk Infomiatlon on fwKlrablng practlce8 The Trust vra$ nL in¥ofved dire¢ty c indir• wi any fuNlrakng for dudng 2023 and Is unlikety to undertak? any fundraising in I fUr Pa98 6
TRUSTEES. REPORT (CONTINUED) FOR ThE YEAR ENDED 31 DECEMBER 2023 The Truste8s are responble for tr Tntslees. rewt the fina1 slaterrnnts in accordance with applicaNe Iww aThJ United kngdom AcCnI sta (Uthd thwl¢Yn Generdtry Accepted AccowtirKJ Prxtu). The law applic8ble to chaiities in England & Wales require8 the Twstees to prepare financlal statwnénts for each finan¢ial year which grwo a true and fair of the state of affairs of thè Grtsjp and the Charty arKI of their resources arwj applcatv)n of res, IdIng ther arbj e>dre. ftjr that period. In preparing these financial statemenK the Trustees are required to.. g81oct suilablè &countir¥J policies and then aPptyth (Y)Stenty. Ob$ep the methtrJ$ and prilpleS ofthe CharTkne5 SORP IFRS 102}: make judgements arKI acc4wn9 estims that are reason1& and pnent. stsl8 whsthér appli8 UK AcC4yJnlo Standard8 (FRS 102) have been folltrfftl. subject to any material departures dis¢k)sed and explained in the slaements. prepare thè finanaal stataments the concam ba it 18 in4>propri lo presum that Group wll ¢Mlinue in busingss. The TnBtees are responsble for keeping &u8te records that aré SufficnI to shcMI and explain the Group and the Charivs trSaCtiOrffj and thsclose rea50natrAe roGY at any time the financial position of the Group and the Charity aNI enable them to ensure th the financial staterrts aynpty Yth the Charities Act 2011. the Charity {ACCnIS and Reports) Regulthns 21M arKf th8 provisions of the Trust d8ed. They are also wpOnS)Ie fw safeguarding the assets ofthe Group and Charity and hence for taking reasonab steps forthe WevtI and detection d fr•Jd w#J irrl8. Dlsclosur• of Informatlon to audftor Each of the persons are Tntee$ al the this Trn8tees' report is approv1 has ¢)Jnfimied that.. so far as th Trustee is aware, there 18 no rel8vart audit 10mla of wh¥ the charitsbbo group's aud is unawaffj. arKI that Trusteg has tsken al the steps that h1 to haNt been taken as a Trustee mi Or to ba ¥4var8 of any rel8wanl audkt infomwti¢M and to establish that the charitable group's alitOr 18 awwe of thai infomiation. ALKlltor The athditor, James cUr Kreston Audit. has indi¢abJ $ wiuingness lo continue in office. The deslgnated Trustees will propose a mollon reappointing the aKlikff at a rrneling of the Trustees. prcNed ty oar ofthe rn8rrt>W5 the bowd clTrustees swjned on their behalf by. Th• H•rtl•y Tntst Corporat• Trusts• Umlt•d Trustee Dats: 14 June 2024
INDEPENDENT ALKITOW8 REPORT TO THE IKMBERS OF THE HARTLEY TrUST Oplnlon We hab audknd Ihe finan¢ statemth crf The Hathy Tru8t Uhe 'parent chaiiiv) and ib subsidiaries (the 'groLP') for the year ended 31 De¢be1 2023 wlN¢h Ccffiprise the Consolidated statement offinancial acIN88. the Con8c4idated balance St, the Charity balance sh88t. tho con801ated statement of cash flow8 and the rdated notes. includmig a summary of $ignifi¢ant ¢owrting poli¢w. The fin81 rewling framework that ha8 been ¥rAied in their prepar)n is 8pplicoble l•v and Uni18d Kiigjom Accountlng Standard8. Indudlng Finartral ReportiTh3 Slandard 102 Yhe Financial ReportiTra sdar appliGable in the UK ar Republic of Irdand, (Llnilgj King¢ Generaly Accepknl A¢¢jntIrQ Prwxice). In our opinion thg financial stom•nts: givfj a true * falr ol the stae of Ihe (>c4Jp's arKI of th8 patent tharivs affan a5 at 31 Der8mb8r 2023 of the Gw's ino)mir#J re8owces aTrJ applcth of resources, induding its InMe and 8)en&tUr6 for the year th ended: have be wopety prepared in XCCKdan 1th Un&1 In10M Gen8ralty Aw)tad Accounting PractKo', and have been Pred in accorda8 th8 oflh8 Charities Ac 2011. B••ls for oplnlon We our Klit &¢OanCe with Irtem1 Stwths on Ajit1g (UK) (ISAS (UK)) and oppIKabl8 ltht. Our responsibilth und¢r those $taThJards are further descrtbed in th8 Auitorf8 responsibilities for the aud of the financial 8tateThnts sedion of our We are irnlependent ofth8 Group in accordance with the ethical requiroments that are relevant to our audit Ihe ffinan¢ial statemntg in the Unrted Kingd¢, Iruding the Financial Reptyllng Council's Ethul Standard, and have fLthl8d our other Oth1 re8ponslbllttles In accordance with th8s8 requlrements. We bekeve the aLKfbt evidence we have obtsined is sufficient and appfoprie lo provKle 8 basis fOrr 1r¥XL Concluslons r•latlng to golng concern In auditing the financi81 stakn8nts. 7A have eortluded that tr Tntees. use of the g(xn9 concefft basls of ¥Kounling in the prepwthn ofthe financial statements is approwiate. Based the vnrk W have p8r10fftj, hm ncrt identrfied any rnaterial certaintI8$ r8laling to event8 or condkn'ons that. indp4i(luab/ or collectNety. may Cast sIgnffiCrt doubt on the Gro5,$ or the panI ¢haritl$ abilty to continue as a CCn for a at least months frLwn TAtsn the ffinarwl otalenwls are authorised issue. Our responsibilities and the resp(M>Ies of the TnAt8e8 *vAh respxt to going concem ar8 descriw in thg relevant sectK)ns of this reporL Pago 8
INDEPENDENT AUDrroR'S REPORT TO THE I8ERs OF ThE HARTLEY TRUST (coKllNUEDI Oth•r Infonnatlon Tho cAher Infomiaticffl ¢omwse¥ infollrth WKJded kn thè Annual rep¢¥t oth8rthan tho fmancial statemen18 d our Alit0S report thereon. The Trustees are re¥crftsible for the other inf0maln ¢ontain8d wlhin the Annu81 report. Our opirion on the finwal statements do8s not cOr th8 other lrrfn and, except to the e>tsnt crthwwise oxpliotty slated in cmjr report. do not express wrylomi of assurance conclusion Ihereon. Our responsilty is to read the othw Infomiation and. i) ¢Jing so, consbder whgther the other infomiation is matwwly Incon$t8nE with the finKial statements our kn(yedge c)tained in the course of the audit. or otherwse appears to be mi55tsted. If identfy such material irKonsistencies or apparent merial mi8Statements. are reqUirth to datermin8 whether this gives rise to a material mtsstatement in tho financial 8tatements thern¥eW. If, based on the woth wè he¥E perf0nrd. vft eondudè that thgre 15 a materk91 Misslatet ofthis dher f0Mlati0Tr. r1[&1 to rwt th f Wo have notl¥ng to report in this regard. Matt•rn on whkh TH• arn roqulrad to roport by 0x¢op0Th We nothing to rq)ort in respe¢i of the fokn•irvJ matters where the Chwities {Account8 and Roports) RegulatSons 28 requir8s us to report to you if. in opinion: the inf0mlon gv¥pn tn ts Trust. iepjt is in ary m&erial respxt with the financial the parent Charity has Mt kepl sufflcient tntIng recnrds; or the parent Charity financial 8tatemerts a Th)t In agretrnent with the accountiw re¢c5 and retums. or we habp rnt receNd all the Infom)1c r4uiTg for our audit. Re8ponslbllklo8 of trn8t A8 expla#ied more fiAty In the TNste8S' respstIeS slatwngnt. the Trustee8 are fespon8ble for the prewation of the financial slatemwts Ihknich give a tnA and fa'f viwl. for $u¢h intemal Control as the TNStees deterrrine is necessary to enable the of ffinarKial st8m8nts th arg free from material misstalgment, whether due io frd or efror. In preparng the financial statements, Ihe Tru¥tees are responsbbe for assessirvJ the Group's and Ihe parent charity$ abilty to continue as a corKem, discthing. as 4)plic*lg. malÈers related to going careM and using th8 going concern basis of accourn9 unless the Truslees eiiher intend to 1Uld8le iknp or the
INDEPENDENT AULXTORS REpoKf TO ThE IWBERS OF THE HAIULEY TRUST (CONTINUED) AwlW• vespon$lbllltle8 for th• au(Mt of th• Ilnanclal slat•m We have been wpolnied as aKlitcr urthr 8eLtiDn 151 of th• Charilies AL 2011 gnd rewrt in accordance ¥thh the Act gnd relevant regulions m&le r havlrwJ eltectthereunder. from material misstate( wh8th8r duo to fra or error. and to issue an Auditorfs report that includes our oplnkn. Reasable assurance 15 a hwJh level of assurwKe. bth is not a guwante8 that an audit conducted in aCCordare with ISA8 (u aways detect a material misstatenrt It exists. Mlsstatements can arlse from fraud or error and a c¢ered material rf, indiwdu or n the gregate, they coubj reasonabty be expect&J to infiuenco the ocomrThc da(¥sions of usors taken the basis ofthese financial statem8nt8. Because of thg inherent Iwnrtatons of an aurfrt. the is a risk that we will rnt detect all irregularbti88, including Ih¢)se Wing to 8 matertd mb8statennf li the ffftancial staementts or Th)nllcompliance wlth re9tiOn. Thls risk inGrea8es trk more that conyliar)ce with a lthv or regutiOn ¢ renh)ved from the events and transaction8 The risk is also greater ryr(fing Iffe9&e3 ¢Kcurring due to fraud rather than error. a8 fraud involves intentional corKealmenL Iery, colusvjn. Crfnission ly MisPreSentation. wi respect of irregularities. inthdmig fraud. were as folk.. Enqiiry of Managgnt arnl thoso tharged vAh gty¥Wnee arrJJrMI adLHI and potertial lthgation claims: Enquiry of man89gmnt th088 ¢harpJ with to iderfy ary mtsial in8tance8 of non omplian¢e wh Lthvs regulav)ns: Revithving financ1 statem#nt disd08ures to supportrrwJ ¢tr)Cn to assess complian¢e with awlicable la% and [wlat$. Performing alwjit yrk io athlr8ss tha risk of iffegularities due to overrNJe of controls, udiry testing of jOLThal enti185 and ¢ts adj"uStrrn1S for approprialaness. eVaatIng the buslness tionale of signfftart transactions ¢xrtside the ¢owye of bu$lnes$ and revbewAng tcountIng estlmales for evthnee ofbia& A further deSCripth of our respombilltks for the dit of thg finala1 stalgments 1$ locatad on the Flnan¢lal Rewting nCil.5 W1¢e *'. la . This descwion fonn8 part of our Auditorfs report. Pag8 10
INDEPENDENT AUDITORS REPORT TO TrE MEMBERS OF THE HARTLEY TRUST (CONTINUED) Us• of our r•port Thls report 18 m18 Sc to tho truths. ag a tr. •) xcordance with Part 4 of the Charities {Acwunts Rewrts) Regulthons 2CM)8. Our wdtt woth has b80n undertaken so that might state to the charitys trustees tIH)8e matters e requir&J to stste to them in an Ajito$ re¥¢ and no other pu08e. To the fullest extent permitted by thv. do not a¢¢ept or assume responsibilty to ansRJJe other than the chaiity ar#1 its trustees. as a body. for our atlit work. f(¥ t1¥5 reprt orfor the cyiiKJr fom)ed. _i_L James Covper Kr•5ton Audh Chartered Accountants and Statutsy AlitOr 2 Corniunutions Road Greenham Business P Greenham Newbury Berkshire RG19 6AB Date: 4 XAts Z• James cOr Kre*on Audit ekgl>le to act as in terrrn of 8e£tM)n 1212 d the Ccryanies Act 2006. Page 11
The HARTLEY TrU8T CONS¢XIDATED STATEMENT OF RNA14CIAL ACTMTIES FOR TrE YEAR ENDEO 31 DECEhlBER 2023 Total funds 2023 Total funds 2022 fund• In¢ome from: Char6t8ble adivities otr tradlng aclNi Inve5trTwI$ other incon 472W8 170,527 1206,697 472W8 170,$27 1.206,697 449,464 76.508 1.095,962 227,179 Totsl Incom• 1.926.578 1.926.578 1,849,113 Expendlture on: Property wivestmert mawemnt ¢0sts Other trading NitIeS Chaiitable adivthes 390.468 390,468 469,080 314,801 1,093,8S2 1.081347 1,081347 Totsl •xp•ndllur• 1314660 2,315,660 1,877.S43 Not 0Xnlture beforn not gakn• on Net gain$ on investsMnts {389,082} 6,1)4728 1389,082) 6,048,726 (28,430} 682.861 Nol Incom• befor• tax4th)n TaxalKJn 5.659.644 5,6S9,644 {1.29QOOD) 11,290.000) 654,431 14 Not mov•monl In funds 4.369.644 4.369.644 654,431 Reconclllatlon of fund8: Total funds bwht foThv Nét rM¥emtt in funds 48.197.420 48,197,420 4J69.644 4369.644 47,542.989 654,431 Total funds carrfqd lorwavd 52,567ml S1567,064 48,197.420 The Crfflsolid8led of finda1 Xtivit irthjes al gains los rwnlged In ts year. The notes on poges 16 to 37 ftym part (* IFMe st&em8. P4e 12
THE HARTLEY TRUST CONSOUDATED BALANCE SHEET AS AT 31 DECEER 2023 2023 2022 Flx•d awts Tangil8 assets Investrngnts Investrnent property 15 17 16 3.342.362 488,401 46,449,132 51784013 56231690 50277.915 sks Debtors Cash at bank in hand 18 19 37.991 194A40 46128 42.113 923.852 493.6 693AFI 1,459,855 Creditorn.. amounts fairing du8 ( {439.751) {512.308} Net current as80ts 253.703 947,347 Total asvts leu ¢urront IlablMtI06 56,487A93 51,225.262 CreditQTS'. a)Unts falling after rThJre than c6 year Provisions for labil18 21 11630.3291 11.290SIOOI (3.027.842) Total n•t *ts $2M7,064 48,197,420 Charfty funds Unre8tricted funds SI567,064 48,197,420 Total funds SU67.084 48,197,420 The financial stateMts were apprmd and for i88ue bythe Trustees and 8iwed on ther b8hall by.. Th• Hartley Trust Corporat• TnNtse Umlled Trustee Date.. 14 June 2024 The Thjtes on pages 16 to 37 form pwt ofthe8e fmancial Pffje 13
THE HAIULEY TRUST AS AT 310ECEMBER 2023 2023 2022 Flx•d as¥•i• Tangblo a$8ets Investments Investment property 15 17 16 04826 5.611617 40.319.199 2,818,137 8.056,764 39,554,200 787M42 48.427.101 Cuffent •ts 19 1116,6TI 313,743 1.564.485 382,993 Cash at bank and in hand 1429N20 1,947,458 Crethtorn amounts lal11 due within (294Jg1 (400.928) 1135301 1,548.530 Total assets IMS currnTht Ilabllltl•• 49,973,631 Credltors: affunts falling due after mL¥e than one year 21 (IM7O29) (1.505.342> Total not a¥Mts 14814 48,468,289 Charlty funds Restricted funds Unte¥tricled funds 23 23 49N14M14 48,468,289 Total lunds 49.414M14 48,468,289 The ffinancial stknnents ¥Mre rypr(y4 arKI alrth0 for ty th8 TnJste8s and signed on beh8W ty. The Hartloy Tnt rpOrate Trust•e Lk Trustee De.' 14 June 2024 The notes on pages 16 10 37 fom ofthoea finarthl #ateM. Page 14
THE HARTLEY TRUST ¢ONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIABER 2023 2023 2022 Cash flow• from opttatkng a¢tMd•s Net cash used in yratiThJ a(alV85 {660J78) {957.350) Ca#h from Inv•stlng actfvitl•s Inter and from inveslments Purchase ofIgIble re assets Purchase of Inveslbr*nt propety Proceeds from sale of liBted InVesrts 1.206,697 1,095,962 {207.460) {314.418) {609.930) (4.008.464) 447 70J24 21.832 Not rA8h provld•d byl{u8od In) kwestlng acllvlo 906,680 (3.205.088) Cash ftows fvom flnanclng aclivltl•s I39713) 1,526,282 Not ¢•sb (u80d knyprovld•d ty blnanclng acll¥lU I39713> 1.526,282 ChaNJ• In ca¥h and cuh •qulval•nts In th y•ar Cash aThJ cash equivalwts at the bwjinrwu Oftt yaar (41A111 (1636.166) 493M90 3,129.846 Cash and cash •qulval•nl8 at the ond of theYr 462,279 493,690 Page 15
NOTE8 TO THE FINANCIAL STATEMENTS FOR ThE YER ENDED 31 OECEMBER 2023 Genwal Inforniatlon The Hartley Tru4 is unirKx¥rporal8d th¥ity. It regiered in England and Wales Vlith charity registered number 226021. The prin¢ipal •Jdress of the Chwity 18 Tho Tru8t Office, 1 Grooffbr&lge Place. Donnington, Nththry, Bwkshire, RG14 2JQ. A¢countlng pollcles 2.1 8asl$ of prep•rntlon of fflnoncthl stat•m The financia ststements ha¥B been pwar&J in accordwtt vAth th8 Charitk88 SORP (FRS 1021 . Accwnling and ReporliNJ by Chiti8¥'. Slatement of Reconwnended Practtt applicable to charities preparing their COUnt5 in acGordanGe with the FinarKial R8FthirvJ Standwd appI[ble in the UK and Republ of IrelaTrJ (FRS 102) (gffeLtive 1 January 2019). the Financlal Reporting Standa applicable in the UK and Repubk cl Irel8rKI (FRS 1021 aThJ th8 Ch¥itio8 Act 2011. The finartlal ¥lement8 beon prep•J lo glve a Inje and fairf and hav8 dgparted from the Cherthes (AccoLmts and Reports) RegulatK)n$ 2Tr)8 * to th8 ex1enl required to provMJe a Irue and fa vithv. This departure has inwjfved folbhryng tha Charlb68 SORP IFRS 1021 published In October 2019 rather than the AtIng and Repolting by Chartties: Stemert of Re¢ommended Pwti¢• effective from 1 April 2LI35 which has since been witlKlrw. The Hartky Trust meets the definthin of a pub¢ benefft entity under FRS 102. Assets and fiabilities are initk91ty ra¢2n1$9d at historical ¢t or rAlOn vthe unless otherwise stated in the rel8vant ounting polry. The Con8oINJated 81atement cl frCIal 118$ (SOFA) a1 C(xwlklated bn¢o shsèt nsofid the fin8nc4al statwnents of the Charity vJ stl)sidiary und8rlaking. Th resus of thg subsidiary are con8c4hlated on a h'ne ty Ine basis. 22 Fund accountlng General fundB are unre8trKted fiJThls are gvbl8 for usg at the dis¢r•tion of the Trustees In furtherCe of the general oW'%8 of the chartty and have not been designated for other JI income 18 rBcognl8ed Ihe Chwly ha6 entlknnt to the wKom8. il is prowlo that the in¢m 711 be re¢eNed and the cl receivaNe measured reliabty. Chwtwle a¢vities re¢¢i4ed fmm the IdtiNJ of the ahMhou888. Invasknent (rls of rert frcxn properties and interest on bar& funds. lrterest on fl#6 held (m deposit 18 irKKthd receiv&)1g and thg amolrt can b8 mea8ured reliatde bythg (*arity.' this is w)on notlfication ofthe interest paid or pardbie by the bank. P•> 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles (oxttlnuod
2.4 Expendllure
Expernliture is rwnMed once thaTO is a 1gg91 orclxthctbve obligatKJn to transfer economic ber
to a third pty. it is probable that a transfer of economic benefits will be required in settlement and
the amount ofthe oblw3atr)n can b8 Iasured reliably. Exp8nditure is dassIfi by actmty. The costs
of each athvly are m&Ye up of tcknl d direct costs and shared ¢osts. induding support costs
involved in uThJertaking each acttvity. Dkecl Cost$ atributabte to a Sing actmty aro allted directly
to that acti4ryty. Shared costs whh thbute to more than cffle and support costs which are
rn)t attributat40 to a vty we apportK)ned between those activiti88 on a basis consistent with
the use ol re$Ice8. Central staff costs are dlocated on fv basL8 of t#ne spent, end depre¢ial¥)n
charges allocated on the port#)n of the assevs use.
Support Costs are those e NOTES TO THE FINANCIAL STATEMENTS
FOR The YEAR ENDED 31 OECEfiIBER 2023
A¢counllng pollcl•s Icontlnufjd)
2.7 Invesimenl prop•rty
Investrnent properti88 are rwni8&1 at their trarffjacti¢Jn cost and sub8equenty meaBured at
fair valu&. Gains are rectsJrNged in Statement of Fknanckql Actsmties. Inveslmenl galn8 and losses.
whethw realBed or unrealised, cornbined and shcyn in th hèading 'GaIn(lO8808) on
investments. in Ihe Statement of Fiw¢ial Ac4NIs.
18 Inv88trnents
Fixed assot investrEnls ¥e a of finan¢ial ingtrument ar#J are Initlty recognised at their
transxtion cost aTrJ SUbwu Thwsured at fa.r value at th& BaF8ncè 8h••t datè. unless thè valua
cannot be measured rdiabty in case it 18 measured * ¢ost le$$ Mxpaiment. Investment gains
and losses, thether realise(l or unrfralis•J. are combin8d and prosonled a$ 'GaIn(LO$90s) on
Investsnents. in the Consoh'dd statement of financHI activities.
InNstr kn su1(1?1 we at ccAt les8 NOVI81¢ for iffwimienL
2.9 Stock•
Strth and wcrfk In wogress are vknj at the kphwof c4)8t net mlisabl8 val.
2.10 D•btor8
Trade and other debtors are recogrmwl 58ttlwrnnt wnount after trade discount offerad.
Prepayments we valued & the YeP¥j rnl IrJe discnts due.
2.11 Cash at bnk and In hand
Cash al bank and in hand th(#trtem NgNy iwestmnts wthh a short mabjrity
of three Mth8 (x188s fr(¥n the de dacquisitvjn or openiry d8POSit or swnil8r )unt.
Z12 Llabllllle•
Liablilie¥ and provi¥[$ we rewJni5ed kn there L6 an obligatKm at the Bthice Sheet date a8
rewlt of a past n( it 15 probte th a Iransfgr of be wl be WLMred i) settlement.
and the wnouni of the settlement can be e¥twnated le¥b.
Lrabilitre8 are recognised at Ih amount charty anbipates f¢ wfil pay to settle the debt or
arnnI * ha$ recel4J as aJv8nced payments forthe gotsjs or serv8 it must prode.
113 ljohrred taxatlon
Full provisn is made for deferred tsx as8ds and liabilknes arisiw from al timing differ•nc8s
betwn the rec0wit of gain8 and 108se8 in the fnanci818latements recognition in the tax
A net deferred tax assgt is re¢tyJniJ lY rf il Can be regordwj as more likety than not that the 11
be Su11? taxablg surpluses from tho IUre of the uThJ8rfying timing drffer8nces Gan
be deduded.
Deforred tax assets and Mobllths we at Ihe tax rate8 expected to be effect at the timo
the timng diffwences to w•nrse.
Page 18 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
A¢¢ountkng polkles (contlnued)
114 Fknan¢lal Instru
The tharity onty enter8 into b2slc f•18ThxI instwm8nt transactions that result in the rec(>3nition of
ancial assets and liabiliti8s such as tr other accounts receivable and pale. loans from
banks, loans from relabj paitw and inv05tsnents in dinary shares. Basic fin8ncial in8truments are
Inthlty recognisthl at transactic value and subseqwrtty measured at their settlement value th the
exceptv)n of bank loans are Slknsewertty measured at 8ntr)rt cost using eff8ctive interest
mathod.
116 Flnan¢• l•a•M and hlr• purcha9•
Assets obtaird uNler hire purchase contracts and finance 1&88e8 are capitalised as tsngth>le fixed
assets. Assets acquired by fmance kne are depredat over the shorter ofthe lease tami and their
usefvl lives. Assets a4uired by hire purch88e depreciated over their useful lives. Finance leases
are those Wre substsntdty all of the beneft$ and risks of tMer5hip are assumed by Ihe Group.
Obloations Un such agre8ments wKluded n crediti>rs, nei d the finance charg8 allocated lo
future period$. The fin¢e elent of the rental pahtnent is charged to the C(msolidated statam8nt
of financid thrtigs 8S to prodKe a ¢4%18ftt parioth th of char9e on the net obligalvJn
outstWKling in exh perK)d.
2.16 P•nslon8
The Group operntes a deffined perwi scheme and the pensi( chwge represents the
nounts payable by the GroLP to the fvnd in respxt of the year.
2.17 Crltlcal accountlng e•llmrtM and ar••B of Judg•m
Estlmates a1 judg10ftts are Contin evaluatwj and are based on ht0[al experience and
other fadors, in¢bJd¥u expectavM of future evenl8 that are belld to be reasonable uNlar the
The ¢h¥Éty make¥ estWTths afKI a$sPtionS conceming th8 firture. The resutting x¢ountlng
estimate$ and a¥sumplions wl, defi1m)n. seldom equal the related actual resth. The estwnatgs
and assumptions that have a SignifnI rtsk of causing a malerial adjustment to the caryiThJ amounts
of assets 4md liabillies wllln the nexl fin101 year we (s¢ussed behyw.
Critical arèas crfj
Tanglbl• fix•d ass•ts
TaTrJible fixed assets are dewlated their usèful tsking into cnt residual values,
where appropriate. The a¢tu81 cl the assets d residual values are assess•J annualty and may
vary deperKling on 8 numb8r facth. Residu value assessments con8id8r i8811es 8u¢h 89 the
r8rnaining lrfe ofthe ass aThJ prqectwj vdues.
Inv•stm•nt propertl••
Invesknent properties are at mwkat vakn. ThKh 15 8SS8ssod by Trnsloe8 on an amual
basts18ee note 16).
Page19 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEJI ENDED 31 DECEVAER 2023
UMe•trlcted
fund•
2023
Totsl
funds
Total
fund8
2022
Almshouses
472,348
472.348
449,464
Tot 2022
449.464
449,464
In¢¢n frtyn other tradlng actlvltles
In¢¢xTre from non charllabh tradlng acllvhle
Unr•*trlct•d
fund$
2023
Total
fund•
2023
Total
funds
2022
Income from SLt>wdiwy compwry
other income
168.2
168,295
2,232
76.508
170.527
170,527
76,508
Inv•stsn•nt Inwm•
Unrestrlctad
fund$
2023
Total
fvnds
2023
Total
fund$
2022
Rentsl in¢ome
1,201.930
4.767
1.201,930
4,767
1,093,858
2,104
Total 2023
1,2LB,897
1.206.697
1,095,962
Tcrtal 2022
1.095. 1,095,962
Pwje 20 NOTES TO THE FINANCLAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2022
Comm8rcial
Residential
467N07
576.470
13.052
J1,183
63,818
428,705
$40.424
14.776
80,890
29,C133
AgrKuEture
oth
Total
1201.930
1,093.858
Unr••trictsd
fvnd$
2023
Total
nd$
Totsl
funds
2022
Profft on the sale of a888ts
Cons•rvat*)n income
Prornti(Jnal agreement inccffie
37.912
39.094
37,912
17.683
139,496
70,000
Tothl 2023
77.006
227.179
Total 2022
227.179
227.179
Page 21 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEIIIBER 2023
Total
ndg
2023
Tot81
funds
2022
fund•
Insurance. ral8s othw 8xperr8es
Lh1 and he*
Repairn and mayrtenanco
sUrver costs
Bk loan Intewt
Cogt ofconservthn
70.504
70,504
29,536
8.731
202,907
5,561
3B,I)86
184.259
2C(1.830 200,830
5.015
5,015
86,476
86N76
26,753
26.753
Total 2023
3,468
390A68
469,080
Tclal 2022
469.080
469.080
Anatysls of grants
Grnnts to Grants to
Instltutlon8 Indlvlduals
2023
Total
funds
2023
Total
funds
2022
35.7(XI
1,479
37,179
51.881
Tl 2ty22
50,345
1.536
S1,881
Page 22 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENtED 31 DECEMBER 2023
Anaty818 of •xp•ndliuM on chrltabl8 actlvlt
SwNnary by fund typg
UnrestrlGted
funds
2023
Total
2022
2023
Costs of maintsining aknshouses
1.045.168
37,179
1.046.188
37,179
1,041,981
51,881
T¢)ts12023
1.081347
1.082.347
1,093.862
Total 21Y22
1.093.862
1.093,862
10. Analy•l8 of •xp•ndkurn by actlvlll05
Orant
undwtaken fundlng of
Support
Total
fund•
2023
Total
fvnd$
2022
2023
2023
2023
C08ts of mwntaining
aknshouses
537,620
507,548 1,045,168
37,179
1,041,981
51,881
37,179
Total 2023
537.620
37.179
507.548 1,081347 1,093.862
Total 2022
537.831
51.881
504.150
1.093.862 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEIA ENDED 31 DECEMBER 2023
10. An•l8 of 4Xnd1m ty athllles (¢ortlnu•d)
An•tysl8 of support colts
Total
fund8
2023
Total
funds
2022
Stsff costs
Deprecialion
InsurarKe. rates and dher eyn
E8tate office runnlng c#)sts
8ank charges intere8t
CompLrter costs
Legd and prthsily f809
322206
48.115
13,887
23,097
3iX).342
48.202
12.517
27.393
4.089
8,039
53.171
4,350
13.046
15WO
27A27
Travel and 8ub8iStence
11,749
2N24
36,98S
72
31,799
816
Bad d8bts
Tolal
007.fA8
504,150
11. Audft05 rrnn8ratlon
2022
Fee8 pwrnble to the Charivs ajitc¥ for Ihe of Ch•AYs annual
13,750
Fees pwable to the Charftrf$ audik li re8pecl OP.
All n(Khiudit Ind
2,500
Pap 24 NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31 DECEMBER 2023
12. Staff costs
Group
Group
2022
Charlty
2023
Charity
2022
Wages and salar
371.720
37.748
320156
36.162
321,192
36,56S
37.293
ctr[bUt1n to defmed contrbubon p8nswJn
s¢herrK8s
35.945
32.380
30.447
470.402
445,413
389,388
388,204
Th8 average nuner cl pers¢v)s errwlw by thg CharAy duri the yr a$ as folpxs:
Group
Gro
2022
Charlty
2023
Charity
2022
Directors and employees
10
The nunber of empbjw emFthwe beneffts {exduthw emplosw pensicm costs) exceeded
£60,0 VAS:
Group
2023
Group
2022
In the band £170,C(J1- £180.OIJI
In tho band £180.001- £1W.OCKI
The remuneration aNJ benefts re(x[¥ manwent and twstees i) th¢ year t(rtdled
£204.03412022 - £19).291).
13. Trustws, r¢munorallon and •xpon
During r. no Trustees rlled any renwnwion or cAher ber P(r22. £NIL).
Duriig the year end 31 December 2023. ewses tcknl1l £3.943 were reimbursed c paid dIr1 to
1 Trusleo {2022- £2,076 to 1 Trustee}.
P*Je 25 NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31 DEcEIR 2023
14. Taxallon
2022
Total ¢urrnnt tax
Oriumnation revern81 of twiyng drfleren
1290,000
Total doforr•d tax
1,290,000
Taxatlon on n•t Incom•
1290.OIXI ThE HARTLEY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15. Tanglbh flxod assets
Group
Fmhold
Plant and
property machln•ry
Motor Flxturns and
v•hkl•8
flttlng8
Total
Ct)st or valuralon
At 1 January 2023
Additions
Disposals
1574SOO
269,828
12.147
{59.178)
186.159
120.129
199.339)
844,542 3.876.029
75.184
207.460
(67.258
1225.772)
At 31 December 2023
1575.500
222,797
852N71
3,857,717
l)•pr•clatlon
Al 1 January 21r23
Charge for the s
On disposals
131,798
X714
117.898
3I017
(7IS99>
283,951
43.802
166,698)
112,633
1194887)
At 31 De¢ember 21r23
111.922
77.316
261055
451393
Net book value
At 31 December 2023
75.5th)
110.87S
129.633
590,416 3M06A24
At 31 December 2022
1575,500
138.030
68.261
560.591
3.342.382
Pw27 NOTES TO THE FINAPKIAL STATEMENT3
FOR THE YEAR ENDED 31 DECE1 2023
1& Tanqlbh Ilx•d assqts (contlnu•d)
Charlty
Frnehold
Plant and
property rnachln•ry
Motor Flxtures and
v•hkl
ffttln
Total
Co8t or valuatlon
At 1 January 2023
Addltions
1394S00 3V13
10,757
(7.SOD)
157,634
83,773
188,339)
664046 3,147,592
11486
107.016
1920391
At 31 Dec8rthr 2023
1396.500
670
156,088
567,531
3.161,769
redailon
At 1 Janu 2023
Charge for the ye
On dwos
31462
4,08S
15.62S)
99N19
27296
166,8021
19974
16.734
331,456
48,115
(72,427)
At 31 December 2023
59.913
216.308
307.143
N•t IKJok value
At 31 Decwnber 2023
11,748
9&166
351.223
2,8S4.626
At 31 December 2022
2,395.51X)
6.951
58,215
355.471
2.816.137
Page 28 THE HARTLEY TRUST
NOTES TO THE FINANCIAL 8TATElJlENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
16. Inv•¥tmnt prop•rty
Grow>
Frnehold
Investmont
property
Vakmtlon
At 1 knuary 2023
Additpjns
Di8P08as
Suu5 on revaluatM)n
Other adjustrnents
46849,132
609,930
1254,036)
6.040.124
161,138)
At 31 December 223
52,784,013
Charlty
Freohokl
Investment
prop•rty
Valuatlon
At 1 January 223
39,554.200
105,812
659,387
Surplus on revaluthon
At 31 Decanber 2Q23
40.319.199
The trustee8 ¢sid¢r that the of wwrbes at group18NYl at 31 December 2023
ha5 increa¥e(l from 31 December 2021 Al the YeSnt properties are vahJ&l annualty by the CEO (A
Jones-Pefrott klRICS. charter&Y 8ufbey). NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 tECEMBER 2023
Unllst•d
Total
Group
Cost or valuatlon
At 1 Januwy 2023
D18posals
Rovaluatio
443,147
(447,0491
3,9)2
486,401
(447,1)491
3,902
At 31 December2023
Not b¢>ok vah
At 31 Decemr 2023
43864
At 31 Deca7thr 2022
443,147
43,254
486,401
All ts rd awt investrmrts we hekl in the UK
SUbd1•ry
UnlEstod
compani•¥ Inv•stmgnts Inv•stmeTrts
Total
Charlty
Cost or valuatlon
At 1 Janu9ry 2023
Disposds
R6vduation8
443.147
1447.049
3.902
43,254 6,056,764
1447.049)
3.902
At 31 DeLember 2023
5.570.363
6.613.617
Net book value
At 31 Oecember 2023
5WO,363
41254
5.613,617
At 31 Decemb9r21y22
S.570.363
443.147
43,254 6,056,764
PwJe 30 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEIA8ER 2023
17. Flxod as¥et Investments <c(Mttlnu•d)
PflnclpAI sub•ldlarl•o
The follo4W was a SubsklrY ol the char.
Company R•glster•d ollk• or prhKlpal Includod In
numb•r
pla¢• of busln•
consolldatlon
Delnabo Estste Lted
SC126621 Gam8ke8per8 Cottage, Dekwbo Ye6
Estate. Tomintoul. Balindallo¢h.
The financlal resth of Iho forth8 wmjed 31 Decen*er 2023 were:
Incom• Exp•ndlturn Profftllloss) N•t a88ets
for the yoar
Dek)abo Estate Liniled
170
(870,8851
1700,388
4870,624
18. Stock•
Group
2023
Group
2022
BioICgal assets- cattle
other slcKks
36,100
1,891
38,200
3,913
37.991
42,113
19. Debto
Group
2023
Group
212
Charity
Charity
2022
Trade d8bto
Amounts by group undert&%iTrJs
other debtors
Prepayments and 8nd irto)
81.116
49,676
1043,657
16
77.736
858,347
110,569
517.823
9,341
124,206
119,654
840,250
82.832
194440
923,852
2,115,6n
1.564,465
P¥Je 31 NOTES TO THE FINANCIAL STATEMEKtS
FOR TrE YEAR ENDEI 31 tcEllER 2023
Cr•dknrs: Amounts falllng du• on• yw
Group
2023
Group
2022
Char
2023
Charity
2022
Barth overdrats
Trade creditorn
4747
70,003
37222
8,747
29,956
37222
101.093
146.462
29,373
146,462
oblallonS der finance lease hire
purcha88 contra¢l$
Other crethtors
Accru81s and deferred Inco
27811
130.304
207.563 134,H9
100.304
124.789
159,740
439.764
512,
294.219
4CKJ,928
Group
2023
Group
2022
Deferred inccffie at 1 Januw 2023
99,227
111391
.832
99.227
{98,832)
99.227
21.
Grnup
2023
Group
2022
CharKy
Charity
2022
Bank Icw
2MJ29 3.027,842 1,507,829
1.505.342
The AgFi¢Tel MortpJe corpttan PLC k@n bs an wrtère8t onty loan {irterest of 6.35%) secured on
Bradf1 Farm wvj Sora1$ Fam in the of StanfCl Th'ngley. 8¢ShIre ¢cthprised 191.14
Group
Charge for the
1.290,000
1.290,000
Page 32 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
22. Dof•rred taxatknn (conllnu•d)
The defarr8d tsx li*lty 1$ made up as fLkn:
Gro
Group
2022
Capital gains
11,290,000)
11.290.000)
23. 8tst•ment of lund$
Stat•m•nt olfunds- currvJntye•r
Balance at
31
Galnsl D•¢ombor
Incom• Exp•nd#ur• (L8>
2023
Bance at 1
January
2023
Unr•strlct•d fund•
GernI Fund$- al funds
48.197N20
1.926,678 (3,605,660) 6.048,726 62,567.064 NOTES TO THE WNANCIAL STATEMENTS
FOR TrIE YEAR ENDED 31 DECEMBER 20fJ
23. Statoment of funds (contknu•d)
Smefflent of fund•. prtor y•
Balance at
31
Gainsl Decemb&r
(Losses)
2022
Bdan(% at
1 knuary
Transfers
Unr•strfcl•d
funds
Deslgnatod
fund#
Investment fund
Con8aryat
fund
70.fKX)
(2.407)
(67,593)
139,4
(1e4.259)
44,763
209,496
(la6,6)
122,830)
Ganwal fund¥
General Funds-
all funds
47,542.989
1.639.617 (1.690.87n
22.830
682.861 48.197.420
Unrostrl¢tsd
nds
47,542,989
1,849.113 (1,877,543)
682,861 48,197,420
Page 34 NOTES TO THE FWANCL4L STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Summary offtM)dB
Summary of funds. curr•nty•ar
Balan¢0 •t
31
Galnsl D•G•mber
In¢omo Exp•ndltur• (LOSS
2023
8alance at 1
January
General luThY$
48,197,420
1,926,678 {3.606.660} 6,048,726 62.567.064
Summary of funds- wlor yw
Balance at
31
Gairtsl De¢emtsr
(Losses)
22
1Jarn
2022 Inc( EXPIllUTe
Transfers
Iout
fvnds
General furnls
209.4
1186.666)
1.639.617 (1.W.877)
(22.830)
47.542.989
682.861 48,197.420
47.542.989
1.849.113 {1.8TI.$43)
682.861 48.197.420
2& Analygts of not assets bo10n funds
Anatysls ** n•t a880ts bo11n fund•. euvr•nt yo•r
Unrostrlctod
funds
2023
Total
fundg
2023
Tgible fixed assets
Fixed 888et inve81ments
Inveslmont prowty
Currant assets
Creditors due within (Th y
Credlltys due in moro than one y1
Pmisions for liabilities charyes
3.4.423 3A06.423
43.254
43,264
52,784.013 $2,784,013
693.457
693A57
1439,754) {439.7541
(2.630,329) 12.630.329)
(1.2W.O¢X)) 11290,000>
Tolal
52,567.064 52.567,064
Page 35 NOTES TO TrE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analyth of not assets bet fund¥ (¢ontlnu0d
Analysts of n•t a8sel8 bel fvnds. prlor year
Total
funds
2022
fund8
2022
Tangibl8 fixed 88s¢ts
3.342.382 3.342.382
486.401
486.401
46.449,132 46,449,132
1.459,655
1,459,655
1512.308} {512,308}
(3.027.842) (3.027.842>
Current 883ets
Crgjikns due withii en• yt
Creditor¥ du8 in mor8 than one >
Totsl
48,197,420 48,197,420
R•conclllatlon of mov•m•nt kn fimds to not $h flow Ivom op•rlw •etlYltle•
Group
2023
Group
2022
N•t OMe for the year (as pw of FinwKiaIActs>
4369,644
654,431
Adjustments for:
Interests arKI rants from ir)NB8tn
Depreciaton Charges
Profrt on the 8 offixed a8S8ts
Gains on investment &Yop8rtss
G•n$ on Ih8ted intrne3
LO on di$posal of invest prcwtie8
Dfftas¥(in¢rease> in stocks
De¢re*(1nCreaSe) in debtors
Increasel(decrease) credi1(
Taxation Chge
(1206,6971 {1.095.982)
112,533
93.254
139N39
{28,950)
(6,1)40,124I (747,6101
13.902)
65,945
316.173
4.122
729,412
181.300
1,290.000
(1.337)
(13.116)
113.995
Net cash u••d In op•rallng aclmu
(550.578)
(957,3501
Pagè 36 NOTES TO THE FINANCIAL STATEMENTS
FOR TrE YEAR ENDED 31 DECEMBER 2023
An•118 of c•¥h and Cash wulvalents
Group
2023
Group
2022
Ca8h at bank )d in hand
Bank ¢Jv•rdraft8
461,028
(8.74n
493,690
Total cash and cash •qulvalants
493.690
Analysls Changes In n8t dg
A11
January
2023 Cash fl¢x¥8
At31
D•comb•r
2023
Cash at bank arKI in hand
Bank ¢)verdrafts repayable on d
Debt due after 1
Obligattons uTrJer finance lease aThl hre purchase ccArt
(32,864
461,026
(8,747)
18,747)
397.613 12.630.329)
(&027.842
Il534,152)
328,691 12,205,461}
P•nslon commllm•nls
During the year 0)ntrilIanS of £40.887 {2022.' £35.9451 paid to the defined contrknutlon pen8ion
8cheme. A8 at the >•ar end no amcAmts (2022: £NI wwe F>all.
Related paty transa¢ilons
Thero w6ro no related pty ttansth li the that wequire di8ciosure.
PwJe 37)sts are tht)se wi ccfflnectw with athiii5tralK)n of the charity and compllan&8
Grants payable charged in the yearwhen the offer is m•Je except In those casès whèr8 the ofler
Is conditional. such &ts 9 re(¥yJni5e(l as expenditure when the J[tIonS attaching are
fuled. Grants offered subi¥l lo conditions whth have bgen at the yw ond are noted as
1.5 Taxatk
The Charity is CorIdered to pas8 tho t88ts Bet Paragwh 1 Schedule 6 of the Finance Act
2010 and therefore it meets the deflnition of a ¢haritable company for UK ¢cporalKsn tax purposes.
Accordiigty. the Charty is p(tlty exgnyt from taxation in respect of income or capital gains
receNed wilhin categories coed by Ch 3 Part 11 of the cOrptIon Tax Ad 2010 or Séction
256 of the Taxation of Chargeable Gans 1992. to the extent that suGh irKcAne or gains are
applied eXCluVe to ¢har4)le pur[Se9.
2.6 Tanglbl• Ilxod a•ts •nd dw•¢l
Tangible fixed assets are inrti• Tecowi8ed at (xi After recogrmlion. under the cost model. tangiblè
fixed assets are measured at Cost less ar£Ulted depreat)n and any accumulated Impainent
1088es. Al costs incurred to briNJ a t•wible ffixed a1 Mlto ils Irten(l wthing condition shId be
incIed in mèasurem8nt ofu
Depreryation is charged x) a% to the c08t of taThakn a88ets 1888 ther residual val
over th8ir estimated useful lives. the str8itht4ie metrKYJ.
Deprnuation is fothyirvJ bases..
Freehokl prop8
Pknl and machir
Motor vetmdes
Fixtures and fftb
- 25% on ¢)Jst
- 25% C cost
-4-10%oncost
The trustae8 consid8r that freel propwty is maintained in Sh a state of repair and anliques hold
their v81ue unless impaired, that Ir residual value is at least equal to its nèt book valu8. As a r8suIt,
th6 ¢orresponding dep1811)Th ncl b8 mial and thereforn 18 not Gharg•d in th8 Statement
cl Finla1 Acaivities.
Pap 17