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 C￿￿OI1da1•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 Nomln*ed Trustee: The Hartley Tr￿t CortKA*e Trustee Un*ed Dir8Ct(Ks of The Horthy Tnjst co￿orate 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 P*e 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) P￿Sent their 8Mual repcrft together with the audbted financHI statements of The Hartley Trust for the year ended 31 D￿mber 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[P￿ling 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 RepL*k of Irelwd IFRS 102) leffectlve 1 JaNary 2019). The Trust {fom*ty kncr*n 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 char￿1 n tlx ctsjnty. The Hartley Tru8t 18 a family charity havin9 been under th8 pa￿age of the Hart*y Rus8011 I￿lty 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 Dir￿a¢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(￿[r￿Ssion. 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 h￿￿er 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&n￿lStratIon of Iwo separate, atthough I'nked. chafilies. The merger was by Ihe Ch*dy 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 c￿lIty. The company. The Hartley Trust cOr￿e Trustee Linrted {Company Nurrthr 13486505). was ￿prOved. 3. The knrking nane. of the Trust to The Hathy Tntst ￿ 4>prtr￿J gi¥en d)e word 'Hospttal' was anachronist￿. 4. The Schgme govemirvJ the Chwty tKdS Wed. The Charity bgen goNw￿d by sovoral s¢h8mes 0￿r 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 8e￿Shirè and Oxfordshire. To mark the l* Qwen'$ Pl*wium Jubilee. se*ity beech tree6 Flanted on the Cragg Estate in the fomi of a roundel. P*J• 2 TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Achlovomonts and porfomMn¢o Revltrw of •Gtlvltks The Tru8Ys aknshous85 C￿tinue 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 ￿ern￿d ￿j1Stripped suth refu￿1¥hm9nts shoukl proceed using finan￿al reserves to Xc0n￿ate those in need. The Trust ains lo refurbish al AknslK)LWS duriig 8 vthd P8riod so thal new r￿dents 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 S*rT**rw8s ¥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 RNerys*Je Cottage. Donnuigton ift 2022. a rest￿￿On pro1￿1 ¢orw)leted dLwing February 2023 a￿1 thè propwty vras 8ucc8ssftIty18t on an AST. A qU￿t pe￿d 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 ProF￿ty 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 pr￿8￿. 98 Northmc4Y Road. Holiday a¢¢ommc¥Jation on Cragg estate ¢ontinues to be $u¢¢essful. Year on year tumover continues to improve as the Trust wekrynes wsit5 Brty Stree( Nthvbwy (Twst's retairted comMer￿al propety} continued with an in agreeff*nt r8xheAJ at the end of 2023. A new lease W￿11 be granted for a period of five yaws. R8nt commenced for the two nwhy atsJuir•J comm8rcial p￿lS￿S follrywiry a rant fre8 p8rK*J. Units 2 and 3 E￿in Trade leased to tr•Je ¢ounter ¢Jptsrator¥ ￿ ten leases. Followng negotiation5 ￿1h Lrtllemore Pwmh C￿r￿lI, Oxford during 2023 a kfflg lea8e VAI be granl&Y for the rKreation ground. This secure much need•J conwnunty use gprnn uthn deveknpment in the Parish. The leaB8was conclud&J Spring 2024. Two parcefs of land are being as pat of the i￿t Sth Oxfordshire and Vale of White Hors8 boroughs, development F4an. A Vision Slatwnwrt has been prepared and sutmitted by t1￿ pl￿n1￿j consultant, RIDGE, on behaw ofthe Prom¢Aer. P4e3 THE HARTLEY TRUST TRUSTEES. REPORT ICOPITINUEDI F¢)R TrIE YEAR ENDED 31 DECEI￿ER 2023 Acht•vem•nts and p•rformanc• {conllnued) C￿1¢81 repairs and Iryro%Yr￿ts cthmiued in an acth m￿nert0 all fa¢ets dthe Tr￿ts l)uil Frf)rtfo5i0. Delnabo Es1*¢ Umite(l . Foknng the wisil*M of De*tho E*ate in Othber 2021 a si9nifKant restoration programnw was Lbndert*en ￿ring 2022 arwj 21Y23. This included the enhancew*rt of the principal house, c(Atage8. fami8tead secumg infrastNdure and Seeking planniry consent forfuture c¥)portunities. On comp￿tiOn cl r88tOrat￿3n Ihe dwelh'ngs have be￿ mwketsd as part of the est*f's diverse touriBm enterprw. Cwr Kreston Audit, the Trnsl awJit(*, was wovhjéd wlh 8 CCW. Looklng ahead Tho Trust continues to don￿1)n3 to vtdtous ￿ IwKls vra CoMt*u￿n. The Directors 8r8 progr888i¥e. The stra￿AY 18 to create a Th*￿ly 8u818inabl& charilable organisatton for the futu￿ In an everJ. InvestThnt pclky and rntum* During th8 yoar the Tnmt ret￿n￿ n8*ty 1(NYA oC￿ParLY thTwgI￿tt *s inveStrr￿ POrtfL4￿. The ffinancial positi¢)n of the Trust rwTHins strryw. r*$ are a key FwfomwneA i￿j￿9tOr. The Trust pr88ent letting protwty to high stsndwds with an awareness of energy A p05TiNe, wiformal, pa8t(nl, and caring relationship c4Jr cccupiers has been key to ffointaining levels of rent. Duriro the year the Trust cO￿nUed to mahrtaln tts Nw8stiMnt strategy of MMstiNJ vi corMnercial. agriculturgl d radential properties in OXfr￿￿9hlre. Bwk¥hire. fr&rthurterf8rKI aThJ Moray7hiTe. The DirerAor8 have made investmnts n wopwty to pwate SU￿￿￿￿1 retums to fimd annual eypenditin and to maintain the lewl of the Fund. Nalur• of Invo8tsY*nts The TNst has a lorKJ tradttion of investiffj in yopety and thi$ 1$ refie¢ted Ki the orvJinal gift olthe Manor of1ffl8y in OXIC￿d by Sir Rthrd Abb8rlJury in 1393. The propwty portfolkl ha5 b8en diversifie(l D￿r recent years in terns ofgeojraphy arKI property type. This policy ha8 given rise to th8 risk Ihat are far less 1*4u*J f*)ancial Investr￿nts. TNS could result in the pos8ibl8 86tuatlon of the charity inufficient G¥h re8erveB to fvlfil future ￿MmItMent¥. However, tr¢ Directors ¢cA￿lder thts unlknkety to ts *rorYJ cash gen¥*￿n of the (tiversified property portlolio. The Trustees are *0 nmndful to tha lea￿ to s*JnffKwt ccrnercial propwti88 do not t8miinate or have break clauses at Ih same date. Opor•tlonal rlsk There is a risk that one or a number of akn$h￿ ccrfjld bg d• Sufficienty to fund8mert8lly Impar the 8Ctlvlties of the charity. TRLISTeES' REPORT {CONTWUED FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevemonts and p•rfornianc• {contlnu•d) The Trustees con&dw that risk has bew mitw*ed 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)u￿n9 P￿nS $I￿k1 ￿ almshouse b8 rerylered uninhabitable. The Tnjst maintains a Safeguarding Policy as guided by the Akn8hw8e Assix1*￿ for its residents. Al staff who interact with the residents corylete DBS cheKks. Inv•stment rhsk There is a risk that a commercial woperty could be lo ewse a matwl h)ss of cyeratmig income which is SLrffident to fundamentally Ynpairthe ￿rationS of the ch*ity. The Trustees ¢￿sEd¢t that the foll7•￿r￿j steps mitW8 against this risk.. The commerraal prop8ities are fulty insur&J wJair*t dweth by the charity. In order to protttt wicom8. loss of rent is insured lor a period of 24 mont Man•g•m•nt rlsk There is a risk iderthd that thg chaiity could incur 1088 dirocty attribLrtable to the Direclor8' management decisions, which could b8 consmlered negligent but thi8 has been hwJhllghted In the TNSVS Risk Register. Such a risk b mitigated by the Cal**￿ ¥¥J expww¢e of the Iwrary support notrth and Chief Ex8cutive appointed by th8 chanty. At the Gurrent tvne suGh a poly 15 I￿n$￿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 mty*e them ¥e to revwled bythe Direth)rs on ￿ annual basig. Should w fixlher risk6 be ]d￿ti￿ yaar t￿ mtyatiw TAfl bo considwwj at the r￿1 Di￿t018, 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 1nvestrr￿t 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 inproven*nL 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 ffttent￿n to ￿y¢e these b*$ when sufficierrt funds are available. THE HARTLEY TRUST TRUSTEES. REPORT {COPffiNUEDI FOR THE YEAR ENDED 31 DECE￿ER 2023 Structur•. gov•rnanc• and management Gov•mlng documont The charty is Controv￿ by ts goverrww d(Kumnt. a Charity Commission Scheme tt￿t has been revivwed ar updated during 2023. It 18 qulte u8ual and t￿hY 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 sIr￿t￿e ofth8 Tn The c￿r￿¢ Trustse iJentrfRd su*able (￿ddateS who ha%* different, tmrt c¢Jnp￿mbnlary 8klls. On• fin￿¢0 rdated profesSic￿al. one bugwiess and prorety rel*d pl￿￿onal$. New Directors we provwjed with the Trusfs ReF￿rt Ac¢￿d￿￿re. ftjr that period. In preparing these financial statemenK the Trustees are required to.. g81oct suilablè &countir¥J policies and then aPptyth￿ (Y)￿Stenty. Ob$ep￿ the methtrJ$ and pri￿lpleS ofthe CharTkne5 SORP IFRS 102}: make judgements arKI acc4w￿n9 estim*s that are reason￿1& and pn￿ent. stsl8 whsthér appli￿￿8 UK AcC4yJnl￿o 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 Suffic￿nI to shcMI and explain the Group and the Charivs tr￿SaCtiOrffj and thsclose rea50natrAe ￿roGY at any time the financial position of the Group and the Charity aNI enable them to ensure th* the financial staterr￿ts aynpty Y￿th the Charities Act 2011. the Charity {ACC￿nIS 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 Wev￿tI￿ and detection d fr•Jd w#J irr*l*8. Dlsclosur• of Informatlon to audftor Each of the persons are Tn￿tee$ al the this Trn8tees' report is approv￿1 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 a￿litOr 18 awwe of thai infomiation. ALKlltor The athditor, James cU￿r 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 o￿ar 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 acIN￿88. the Con8c4idated balance St￿, the Charity balance sh88t. tho con801￿ated statement of cash flow8 and the rdated notes. includmig a summary of $ignifi¢ant *¢owrting poli¢w. The fin￿￿81 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 s￿dar￿ appliGable in the UK ar￿ Republic of Irdand, (Llnilgj King¢￿￿ Generaly Accepknl A¢¢￿jntIrQ Prwxice). In our opinion thg financial st*om•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 In￿Me and 8￿)en&tUr6 for the year th￿ ended: have be￿ wopety prepared in XCCKdan￿ ￿1th Un*&1 I￿n￿10M Gen8ralty Aw)tad Accounting PractKo', and have been P￿￿red in accorda￿8 th8 oflh8 Charities Ac* 2011. B••ls for oplnlon We our *Klit ￿ &¢O￿anCe with Irtem*1￿ Stwths on A￿jit￿1g (UK) (ISAS (UK)) and oppIKabl8 ltht. Our responsibilth und¢r those $taThJards are further descrtbed in th8 Aui*torf8 responsibilities for the aud of the financial 8tateTh*nts sedion of our We are irnlependent ofth8 Group in accordance with the ethical requiroments that are relevant to our audit ￿ Ihe ffinan¢ial statemntg in the Unrted Kingd¢￿￿, Ir￿uding the Financial Reptyllng Council's Ethul Standard, and have fLthl8d our other Oth￿1 re8ponslbllttles In accordance with th8s8 requlrements. We bekeve the aLKfbt evidence we have obtsined is sufficient and appfopri*e lo provKle 8 basis fOr￿r ￿1r¥XL Concluslons r•latlng to golng concern In auditing the financi81 stakn8nts. 7A* have eortluded that tr* Tn￿tees. use of the g(xn9 concefft basls of ¥Kounling in the prepwthn ofthe financial statements is approwiate. Based the vnrk W￿ have p8r10fft￿j, ￿ hm ncrt identrfied any rnaterial ￿certaintI8$ r8laling to event8 or condkn'ons that. indp4i(luab/ or collectNety. may Cast sIgnffiC￿rt doubt on the Gro￿5,$ or the pa￿nI ¢haritl$ abilty to continue as a C￿C￿n for a at least months frLwn TAtsn the ffinarwl otalenwls are authorised issue. Our responsibilities and the resp(M*>￿I￿es 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 I￿￿8ERs OF ThE HARTLEY TRUST (coKllNUEDI Oth•r Infonnatlon Tho cAher Infomiaticffl ¢omwse¥ infollrth WK*Jded kn thè Annual rep¢¥t oth8rthan tho fmancial statemen18 d our A￿lit0￿S report thereon. The Trustees are re¥crftsible for the other inf0mal￿n ¢ontain8d wlhin the Annu81 report. Our opirion on the finwal statements do8s not cO￿r th8 other lrrf￿￿n and, except to the e>tsnt crthwwise oxpliotty slated in cmjr report. do not express wrylomi of assurance conclusion Ihereon. Our responsi￿lty is to read the othw Infomiation and. i) ¢*Jing so, consbder whgther the other infomiation is matwwly Incon￿$t8nE with the fin*Kial statements ￿ our kn(y￿edge c*)tained in the course of the audit. or otherwse appears to be mi55tsted. If identfy such material irKonsistencies or apparent m*erial 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 perf0nr￿d. vft eondudè that thgre 15 a materk91 Misslate￿￿t ofthis dher ￿f0Mlati0Tr. r￿1[&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¢op￿0Th We nothing to rq)ort in respe¢i of the fokn•irvJ matters where the Chwities {Account8 and Roports) RegulatSons 2￿8 requir8s us to report to you if. in opinion: the inf0m￿lon gv¥pn tn ts Trust￿. iepjt is in ary m&erial respxt with the financial the parent Charity has Mt kepl sufflcient ￿t￿ntIng recnrds; or the parent Charity financial 8tatemerts a￿ Th)t In agretrnent with the accountiw re¢c￿5 and retums. or we habp rnt receN*d all the Infom)*1c￿ r4uiTg for our audit. Re8ponslbllklo8 of trn8t A8 expla#ied more fiAty In the TNste8S' resp￿s￿￿tIeS slatwngnt. the Trustee8 are fespon8ble for the prewation of the financial slatemwts Ihknich give a tnA and fa'f viwl. for $u¢h intemal Control as the TNStees deterrrine is necessary to enable the of ffinarKial st*8m8nts th* arg free from material misstalgment, whether due io fr￿d or efror. In preparng the financial statements, Ihe Tru¥tees are responsbbe for assessirvJ the Group's and Ihe parent charity$ abilty to continue as a corKem, discthing. as 4)plic*lg. malÈers related to going car￿eM and using th8 going concern basis of accour￿n9 unless the Truslees eiiher intend to 1￿Uld8le iknp or the INDEPENDENT AULXTORS REpoKf TO ThE IWBERS OF THE HAIULEY TRUST (CONTINUED) AwlW• vespon$lbllltle8 for th• au(Mt of th• Ilnanclal slat•m We have been wpolnied as aKlitcr urthr 8eLtiDn 151 of th• Charilies AL* 2011 gnd rewrt in accordance ¥thh the Act gnd relevant regul*ions m&le r* havlrwJ eltectthereunder. from material misstate￿( wh8th8r duo to fra￿ or error. and to issue an Auditorfs report that includes our oplnk*n. Reas￿able assurance 15 a hwJh level of assurwKe. bth is not a guwante8 that an audit conducted in aCCordar￿e with ISA8 (u￿ aways detect a material misstaten*rt It exists. Mlsstatements can arlse from fraud or error and a￿ c¢￿*￿ered material rf, indiwdu* or n the ￿gregate, they coubj reasonabty be expect&J to infiuenco the ocomrThc da(¥sions of usors taken ￿ the basis ofthese financial statem8nt8. Because of thg inherent Iwnrtatons of an aurfrt. the￿ is a risk that we will rnt detect all irregularbti88, including Ih¢)se Wing to 8 matertd mb8staten￿nf li the ffftancial staementts or Th)nllcompliance wlth re9￿￿tiOn. Thls risk inGrea8es trk* more that conyliar)ce with a lthv or regu￿tiOn ¢ renh)ved from the events and transaction8 The risk is also greater ryr(fing Iffe9￿&￿e3 ¢Kcurring due to fraud rather than error. a8 fraud involves intentional corKealmenL I￿ery, colusvjn. Crfnission ly Mis￿PreSentation. wi respect of irregularities. inthdmig fraud. were as folk￿.. Enqiiry of Managg￿nt arnl thoso tharged vAh gty¥Wn￿ee arrJJrMI adLHI and potertial lthgation claims: Enquiry of man89gmnt th088 ¢harpJ with to ider￿fy ary mtsial in8tance8 of non omplian¢e w￿h Lthvs regulav)ns: Revithving financ￿1 statem#nt disd08ures to supportrrwJ ¢tr)C￿￿n to assess complian¢e with awlicable la￿% and [wlat￿$. Performing alwjit y￿rk io athlr8ss tha risk of iffegularities due to overrNJe of controls, udiry testing of jOLThal enti185 and ¢ts adj"uStrr￿n1S for approprialaness. eVa￿atIng the buslness tionale of signfftart transactions ¢xrtside the ¢owye of bu$lnes$ and revbewAng t￿countIng estlmales for evthnee ofbia& A further deSCripth￿ of our respombilltks for the ￿dit of thg fina￿la1 stalgments 1$ locatad on the Flnan¢lal Rewting ￿nCil.5 W￿1¢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 m*18 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 A￿jito￿$ re￿¥￿¢ and no other pu￿08e. 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 at*lit work. f(¥ t1¥5 reprt orfor the cyiiKJr* fom)ed. _i_L James Cov*per Kr•5ton Audh Chartered Accountants and Statutsy A￿litOr 2 Corniunutions Road Greenham Business P Greenham Newbury Berkshire RG19 6AB Date: 4 XAts Z• James cO￿r 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 ot￿r tradlng aclNi Inve5trTwI$ other incon 472W8 170,527 1206,697 472W8 170,$27 1.206,697 449,464 76.508 1.095,962 227,179 Totsl Incom• 1.926.578 1.926.578 1,849,113 Expendlture on: Property wivestmert mawemnt ¢0sts Other trading ￿NitIeS Chaiitable adivthes 390.468 390,468 469,080 314,801 1,093,8S2 1.081347 1,081347 Totsl •xp•ndllur• 1314660 2,315,660 1,877.S43 Not 0X￿n￿lture beforn not gakn• on Net gain$ 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¥em￿tt 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 fin￿da1 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 DECE￿ER 2023 2023 2022 Flx•d awts Tang*il8 assets Investrngnts Investrnent property 15 17 16 3.342.362 488,401 46,449,132 51784013 56231690 50277.915 s￿ks Debtors Cash at bank in hand 18 19 37.991 194A40 461￿28 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 c￿6 year Provisions for labil1*8 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 stateM￿ts 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$8ets Investments Investment property 15 17 16 04826 5.611617 40.319.199 2,818,137 8.056,764 39,554,200 787M42 48.427.101 Cuffent ￿•ts 19 1116,6TI 313,743 1.564.485 382,993 Cash at bank and in hand 1429N20 1,947,458 Crethtorn amounts lal11￿ due within (294Jg1 (400.928) 1135301 1,548.530 Total assets IMS currnTht Ilabllltl•• 49,973,631 Credltors: aff￿unts falling due after mL¥e than one year 21 (IM7O29) (1.505.342> Total not a¥Mts 14814 48,468,289 Charlty funds Restricted funds Unte¥tricled funds 23 23 49N14M14 48,468,289 Total lunds 49.414M14 48,468,289 The ffinancial stknnents ¥Mre rypr(y4￿￿ arKI alrth0￿ for ty th8 TnJste8s and signed on beh8W ty. The Hartloy Tn*t ￿rpOrate Trust•e Lk Trustee D*e.' 14 June 2024 The notes on pages 16 10 37 fom ￿ ofthoea finarthl #ateM￿. Page 14 THE HARTLEY TRUST ¢ONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIABER 2023 2023 2022 Cash flow• from opttatkng a¢tMd•s Net cash used in yratiThJ a(alV￿85 {660J78) {957.350) Ca#h from Inv•stlng actfvitl•s Inter￿ and from inveslments Purchase ofI￿gIble r￿e￿ assets Purchase of Inveslbr*nt propety Proceeds from sale of liBted InVes￿rts 1.206,697 1,095,962 {207.460) {314.418) {609.930) (4.008.464) 447 70J24 21.832 Not rA8h provld•d byl{u8od In) kwestlng acllvlo 906,680 (3.205.088) Cash ftows fvom flnanclng aclivltl•s I397￿13) 1,526,282 Not ¢•sb (u80d knyprovld•d ty blnanclng acll¥lU I397￿13> 1.526,282 ChaNJ• In ca¥h and cuh •qulval•nts In th y•ar Cash aThJ cash equivalwts at the bwjinrwu Oftt￿ yaar (41A111 (1636.166) 493M90 3,129.846 Cash and cash •qulval•nl8 at the ond of theY￿r 462,279 493,690 Page 15 NOTE8 TO THE FINANCIAL STATEMENTS FOR ThE YE*R ENDED 31 OECEMBER 2023 Genwal Inforniatlon The Hartley Tru4 is ￿ unirKx¥rporal8d th¥ity. It ￿ regi*ered in England and Wales Vlith charity registered number 226021. The prin¢ipal •Jdress of the Chwity 18 Tho Tru8t Office, 1 Grooffbr&lge Place. Donnington, Nththry, Bwkshire, RG14 2JQ. A¢countlng pollcles 2.1 8asl$ 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 Ch*iti8¥'. 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 ¥l*ement8 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 A￿￿tIng and Repolting by Chartties: St*emert 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$9d at historical ¢￿t or ￿r￿AlOn vthe unless otherwise stated in the rel8vant ounting polry. The Con8oINJated 81atement cl fr￿CIal *1￿18$ (SOFA) a￿1 C(xwlklated b*n¢o shsèt nsofid* the fin8nc4al statwnents of the Charity *vJ stl)sidiary und8rlaking. Th resu*s of thg subsidiary are con8c4hlated on a h'ne ty Ine basis. 22 Fund accountlng General fundB are unre8trKted fiJThls are gv*bl8 for usg at the dis¢r•tion of the Trustees In further￿Ce 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 (￿r￿ls￿ 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 I￿asured 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 all￿ted directly to that acti4ryty. Shared costs wh￿h ￿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)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 fu￿led. Grants offered subi¥l lo conditions whth have bgen at the yw ond are noted as 1.5 Taxatk The Charity is Cor￿Idered 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 ¢c*poralKsn tax purposes. Accordiigty. the Charty is p(￿tl￿ty exgnyt from taxation in respect of income or capital gains receNed wilhin categories co￿ed by Ch* 3 Part 11 of the cOrp￿tIon Tax Ad 2010 or Séction 256 of the Taxation of Chargeable Gans 1992. to the extent that suGh irKcAne or gains are applied eXClu￿Ve￿ to ¢har*4)le pur[￿Se9. 2.6 Tanglbl• Ilxod a￿•ts •nd dw•¢l Tangible fixed assets are inrti• Tecowi8ed at (x*i After recogrmlion. under the cost model. tangiblè fixed assets are measured at Cost less ar£￿￿Ul￿ted depre￿at￿)n and any accumulated Impai￿nent 1088es. Al costs incurred to briNJ a t•wible ffixed a￿1 Mlto ils Irten(l￿ wthing condition sh￿Id be incI￿￿ed in mèasurem8nt ofu Depreryation is charged x) a% to the c08t of taThakn￿ a88ets 1888 ther residual val over th8ir estimated useful lives. the str8itht4*ie metrKYJ. Deprnuation is fothy*irvJ 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 S￿h a state of repair and anliques hold their v81ue unless impaired, that I￿r residual value is at least equal to its nèt book valu8. As a r8suIt, th6 ¢orresponding dep￿1811)Th ncl b8 m**ial and thereforn 18 not Gharg•d in th8 Statement cl Fin￿￿la1 Acaivities. Pap 17 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 shcy*n in th hèading 'GaIn￿(lO8808) on investments. in Ihe Statement of Fiw¢ial Ac4NI*s. 18 Inv88trnents Fixed assot investrEnls ¥e a of finan¢ial ingtrument ar#J are Init￿lty 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$90s) on Investsnents. in the Consoh'd*d statement of financHI activities. InN*str￿ kn su￿1(1￿?1￿ we at ccAt les8 NOVI81¢￿ for iffwimienL 2.9 Stock• Strth and wcrfk In wogress are vknj at the kphwof c4)8t net mlisabl8 val￿. 2.10 D•btor8 Trade and other debtors are recogrmwl 58ttlwrnnt wnount after trade discount offerad. Prepayments we valued & the ￿YeP¥j rnl Ir*Je disc￿nts due. 2.11 Cash at b*nk and In hand Cash al bank and in hand th(#trtem NgNy iwestmnts wthh a short mabjrity of three M￿th8 (x188s fr(¥n the d*e dacquisitvjn or openiry d8POSit or swnil8r ￿)unt. Z12 Llabllllle• Liablilie¥ and provi¥[￿$ we rewJni5ed kn there L6 an obligatKm at the Bthice Sheet date a8 rewlt of a past ￿n( it 15 prob*te 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 arn￿nI * ha$ recel4*J as aJv8nced payments forthe gotsjs or serv￿8 it must pro￿de. 113 ljohrred taxatlon Full provis￿n is made for deferred tsx as8ds and liabilknes arisiw from al timing differ•nc8s betw￿n the rec0wit￿￿ of gain8 and 108se8 in the fnanci818latements recognition in the tax A net deferred tax assgt is re¢tyJni*J ￿lY rf il Can be regordwj as more likety than not that the￿ ￿11 be Su1￿1? taxablg surpluses from tho I￿Ure 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 pa￿le. 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 obtair*d 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 W￿re 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$. The fin*¢e el￿ent of the rental pahtnent is charged to the C(msolidated statam8nt of financid thrtigs 8S to prodKe a ¢4%￿18ftt parioth th of char9e on the net obligalvJn outstWKling in exh perK)d. 2.16 P•nslon8 The Group operntes a deffined perwi scheme and the pensi(￿ chwge represents the nounts payable by the GroLP to the fvnd in respxt of the year. 2.17 Crltlcal accountlng e•llmrtM and ar••B of Judg•m Estlmates a￿1 judg￿10ftts are Contin￿ evaluatwj and are based on h￿t0[￿al experience and other fadors, in¢bJd¥u expectavM of future evenl8 that are bell￿d to be reasonable uNlar the The ¢h¥Éty make¥ estWTths afKI a$s￿PtionS conceming th8 firture. The resutting x¢ountlng estimate$ and a¥sumplions wl, defi1￿m)n. seldom equal the related actual resth. The estwnatgs and assumptions that have a Signif￿nI rtsk of causing a malerial adjustment to the caryiThJ amounts of assets 4md liabillies wllln the nexl fin￿101 year we (*s¢ussed behyw. Critical arèas crfj Tanglbl• fix•d ass•ts TaTrJible fixed assets are dew￿lated their usèful tsking into ￿c￿nt 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. Th*Kh 15 8SS8ssod by Trnsloe8 on an amual basts18ee note 16). Page19 NOTES TO THE FINANCIAL STATEMENTS FOR THE YE*JI 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 L￿h1 and he* Repairn and mayrtenanco sUrve￿r costs B￿k 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 4X￿nd1￿m 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. Audft0￿5 rrnn8ratlon 2022 Fee8 pwrnble to the Charivs a￿jitc¥ 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 c￿tr[bUt￿1n to defmed contrbubon p8nswJn s¢herrK8s 35.945 32.380 30.447 470.402 445,413 389,388 388,204 Th8 average nun*er cl pers¢v)s errwlw by thg CharAy duri￿ the y￿r ￿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 r￿lled any renwnw*ion or cAher ber* P(r22. £NIL). Duriig the year end￿ 31 December 2023. ewses tcknl1l￿ £3.943 were reimbursed c* paid dIr￿1￿ to 1 Trusleo {2022- £2,076 to 1 Trustee}. P*Je 25 NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 DEcEI￿R 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 DECE￿￿1 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 199￿74 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 Su￿u5 on revaluatM)n Other adjustrnents 46849,132 609,930 1254,036) 6.040.124 161,138) At 31 December 2￿23 52,784,013 Charlty Freohokl Investment prop•rty Valuatlon At 1 January 2￿23 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 ￿YeS￿￿nt 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 Decem￿r 2023 43864 At 31 Deca7thr 2022 443,147 43,254 486,401 All ts r￿d awt investrmrts we hekl in the UK SUb￿d1•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 2023 B￿ance at 1 January 2023 Unr•strlct•d fund• G￿ernI 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) 2￿2 1Jarn 2022 Inc(￿ EXP￿IllUTe Transfers I￿out 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 bo1￿0n funds Anatysls ** n•t a880ts bo1￿1n fund•. euvr•nt yo•r Unrostrlctod funds 2023 Total fundg 2023 T￿gible fixed assets Fixed 888et inve81ments Inveslmont prowty Currant assets Creditors due within (Th y Credlltys due in moro than one y￿1 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•r*lw •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 in￿trne￿3 LO￿ on di$posal of invest￿ prcwtie8 Dfftas¥(in¢rease> in stocks De¢re*￿(1nCreaSe) in debtors Increasel(decrease) ￿ credi1( Taxation Ch￿ge (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•1￿18 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)ntri￿lIanS 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 p*ty ttansth li the ￿ that wequire di8ciosure. PwJe 37