Charfty number.. 226021 THE HARTLEY TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE HARTLEY TRUST CONTENTS Page Refefence and admlnlstrative details of the Charity, its Trustees and advisers Trustèes. report Independent audltorf? rnport on the financial statement¥ 8-11 Consolidated statement of flnanclal activttles 12 Consolidated balance sheet Charity balance sho•t 14 Consolidated statement of ca$h flows 15 Notes to the financial $¢at¢mènts 16-37 THE HARTLEY TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Nominated Truslee.. The Hartley Trust Corporate Trustee Limited Directors of The Hartley TIu51 Cotporale Tru51ee Limited-. W 8Towne-Swinburne F S D Harttey Russell R D Hartley Russell MVO DL. Chaimian G D A Ropnèr Honorary Vice Presidenis.. Dr B Bruce.Gaidnei P Hartley Ru$$ell R F Hartley Russell Charity r¢giStered number 226021 Principal office The Trust Office 1 Groombridge Place Donninglon Newbury Berkshire RG14 2JQ Chlef ex6cutlYe officer A jOne￿eTr0tt MRICS Independent auditor James Cowper KTeslon Audit Cha¢ered Accounlanls and Slalulory Auditor 2 COrT￿unIcatK)nS Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Solicttors Blandy & Blandy Solicitors 1 Friar Street Reading Berkshire RG11DA Page 1 THE HARTLEY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Dirèetors presènt their annu31 r8POrt together with the audrted financial slalemenls of The Hartley Trust for the year ended 31 December 2024. The Dire¢tors confirm that the annual report and financial statements of the charity wmpty wrth the Chariiies Act 2011, the requirements of the goveffling document5 and Accounlirbg and Reportino by Charities". Statement of Recommended Practice ISORPI ap￿ICabSe lo charit￿5 preparing their 4ccounts in accordance with the Financial Reporting Standard applicab￿ in the UK and Republlc of Ireland IFRS 1021 {effeGtive 1 January 2019}- The Hartley Trust was founded in 1393 by Sir Richard Abberbury and re lounded in 1602 by Queen E16zabelh. 11 is the tenth oklest Almshouse Foundation in the country, the ddésl charity in 8othshir& and the twenty third oklesl chanty in the country. The Hatttey Tiusl 15 a famify chaiity having undei the patrollage of thE Hartley Russell family since 1632. The Trust conlinues its chaiity work in respect of the provision of relief in need and donations to other charrtable eauses wrthin rts area ol benefit. The Harfiey Trusi Cyr￿nIty owns and manages 71 almshouses In the parishes of Donnington Bucklebury. B￿Y and lffley. Objectives and actlvltles The Trust provides warm and COfTbfortable seif-conlained dwellings to people over the age 0160 primarily from Berkshire and OxloTdshiTe with limited linan¢ial mèans. Rosidonts are encourag&Y to le￿ Indapènd8nt livès bul are supported by Weffaie OffiGeT5 Ig ensUtB their general wellbeing. The Directors have had due regard to the Charity Commission's guidance on p￿￿Ett benefit_ Review of activities and future developments hievements and performance Review of activities The Trus1'5 almshouses continue lo be ex1Ternely popular wrth re5itJents enjoying the security and support shoyffl by the Chairman. Directors ar)d colleagues which iealises a conlenled, collaborative approach creating a relaxed envifonmont. During 2024 the demand foT Almshouse accommodation remained. The Trusi welcomed seven new resldents and all almshouses were refutbished. The turnover of Almshouses during the perk)d ex¢eeded the allowed budget bul Ihe Direclors once again agreed that given demand ou151ripped supply refurf)ishmenls should proceeij using financial reserves lo accommodate Ih05e in need. The Trust aiTnS to refutbi5h all Almshouses durin9 a void per1￿j so that new residents have a rThxlefn, and wdl maintained prcyerty lo reside in. The annud events for Residents continved to be a hi9hkghl in Ihe year. Summer Luncheon al Bvcklebury House, Christmas Carols ai boih Jesus Hospital and Bucklebury House a5 well as coffee fflornings and tnps lo Slratfield Saye and Mudeford Quay were well attended and enjoyed by all. The Trust ptt>wdes a Gare alattn foi oarh tEsident to Use in an Ernergeng and these were all updated during the year with new modem digital alamis. The sale of Wootten House, lffley occurred dufing August, akhou9h the Ma￿et for the sale of residential propety had slowed. proceeds marginally exceeded the asset value reported on the annual register. Pro¢¢￿8 Irom Iho s￿0 of Woottgn House allowed the Trust to purchase 9a Northmoor Road, Summertown as a replacement investment property, ift addition the Tnjst diversrf1ed agatn by Investing in private equity. This will be its second investment in this sector. A relum is not likely to be seen in the shon iem) but adds lo the many strands of investment made. The balancing funds from the sale of Wwiten House w￿1 be invested al Delnabo Estate in Scotland, an exlremely encouraging short4erm lettin9 enterprise has revea￿ s19nrf￿anI domand lor holKlay accommodation in the Cairngorm5. Two further letting untt5 be added lo the portfolio rnakillg a total of five properties within the sector. Paye 2 THE HARTLEY TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 AGhievements and petfoTmance Icontinuedl new lease was granted for 3-S Bndge Street, Newbury to Lloyds Bank Although high slreèt rents are somewhat depressed the Trust was able to ag￿e a similar passing rent aflei significant negotiation. A new lease foi 10 years has been offered lo the existing tenants of 2 Wesl Mills, Newbury, negotiations ale undenNay to secure similar terms to the existing agreement. A long-term lease was granted 1¢ Littlemore Parish Council for the Oxford Road Recreaiion Ground arnl a premium was paid by the Council lor this opportunity. Wrth the Trust in ierKipt of the above piernium the Tiust putEhased 2 Alexandra Cottage5 in Dollnington to add lo ils inveslmenl portfolio. wrth a charwe in government dufing 2024 the two potential developrnenl 511es al Sandford-on-Thames are likely to be considered more attractive wthin the planning framework. the promoter submitted, via Ihe planning consultanl. Ihe Reoulalion 18 requ1￿ment highlighting potential allocations and Regulation 19, promoting siles within the grban bèlt. Early indications provided by the Trust's insurance broker highlighted a signilicanl increase in premium due lo a difficult estates market. In August a change of insurer was sought and the business placed with the NFU. During 2024 the first phase ol comrnercial tree felling occurred at Delnabo Estate, the net proceeds were paid directly lo AMC lo reduce an oulslanding loan which supported the devek)pmenl al Oelnabo. A quiet peri¢)d for the residential portfolio wth the portfolio remaining, by and large 100% let. Holiday accommodation on the Cragg eslale continues lo be successful. Year on year lumover continues lo Improv8 as the Trust walcomes visitors lo the aslalè lo anjoy ils anvirons and surfounding attracli¢)ns. Conservalion work on the Cragg eslale continues in partnership wrth the Tyne Rivers Trust. During 2024 a con¢ept for flood plain re¢onne¢tion was considered. Enwronmenlal Stewardship conlirbLtes to play an enhanced role with the Trust's agricurtural portfolio. In the Pang Valley the Trust is considering the reconslruclion of the River Pang. returning the bed ol the river lo ils original 10¢0140n. Cyclical repairs and ifflprovemenls continued in an aclwe manner lo all facets ol the Trust's buill portrol The Business Risk Re9iStei and Financial Pr¢)cedures were ievwed in accordance with complian¢e. James Cowpef Kreslon Audit, the Trust audrtor, was Pfovided with a copy. Future developments The Trust ¢onlinue8 lo provKle donations lo varNxt8 Worthy cau8e8 via its constitution when funds 81bw. The Directors are progressNe. The strategy is lo create a wholly sustainable charitable organisalion for the luture in an èvar-changing worw. A mix of assats across th6 various typès ol propbrty is activèly béing rgfined and additiofts wll be made as and when opportunities arise a3 highlighted above. Irb June 2023. the Chairman of the Hartley Trust. Willie Hartley Russell. was elected Chaimian of the Almshouse Association. the national membershp or9anisatton lor the country's 1,850 aknshouse charities. He hold t￿.$ position for an initial three-year period. Page 3 THE HARTLEY TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfonnance (Continued Investmont poli¢y and re￿rnS During the year the Trust rotain8d naarly 1000A ttcupancy Ihroughoul rts investmenl porllol¢o. The financial posf(ion of the Trust remains strong. Occupancy rates are a key pertomiance indicator. The Trust presenl letting property lo hioh standards w(th an awareness ol energy eff￿lenCY. A posilwe. informal. pastoral. and caring rdotionship wilh our OCCL*piers has been key lo maintaining ￿velS of rent. During the year the Trust continued to maintain ils investment strategy of investing In commercial, agricultural and r&sidenlial prwerties In Oxlordshire. Berkshire. Northutnberland and Morayshiie. The DirecloTs have made inveslmenis In pr¢)perty io generate SuffiC￿nI retums io fund annual expenditure and lo maintain the level of the FurKi. Risk assessrnent Nature of investments The Trust has a long tradition of inveslrng in propety, and this 1$ 1ofi&ctad in tha original gift ol the Manor of lffley in Oxford by Sir R￿hard Abbeibury in 1393. The pioperty purtfoliD ha5 bBen divetstfietl ov81 rerETIt yEaTS in terms of geography and property type. This poh'cy ha3 9iven rise to the fisk that investments are far less liquid than financial inveslmenls. This could re$uh in the posslble silualtjn ol Ihe charity having insufficient cash reserves to luifil future commiiments. However. the Directors consider thi$ unlikety due lo the strong cash generation of the diversrfied property portfolio. The Trustees are also mindful lo ensure that leases relating lo significant commercial properties dg not tem)inale or have break clauses 3t the samè date_ Operational rlsk There 15 a risk that on¢ or o numbar of ￿M$hOuSe$ could be damaged suffiC￿nIty lo fundamentally impair the acttvitiES trf the charrty. The Trustees consider that this risk has been mrtigaled by the following." Almshouse properties are fulty insureo by the charty and addrtional preventatTve mea5uie5 such as 5tnoke alaTmS and lire equipment have been installed and are maintained and updated as required by slalulc¥y legislation. In addition, the properties are subject to a rolling maintenanee review to ensure rtems such as wring do n¢t pose additional risks. The Trustees have piepared contingency hovsing plans should an almshouse be Tende￿ uninhabitable. The Trust maintains a Safeguarding Policy as 9uid8d by the AIFnshou5* Association for ils residents. All staff who Interact wrth the resident5 GDmplet8 DBS rherks. Page 4 THE HARTLEY TRUST TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance Icontinuedl Investment risk There is a risk that a commercial property could be damaged lo cause a material loss of operating income which is sufficiènt to fundamèntalty impair tha oparati¢)ns of thè charty. The Trustees consider that the following steps miligale again51 this risk". The commeicial properties are fully insured against damage directly by the charily. In order to protect income lo55 of rent is insure(J for a peri¢xl of 24 month5. Management risk There is a risk identified Ihai Ihe charily wula incur 1035 Uireclly allribulable lo rhe OirectDrs' managemenl decisions. which could be considered negligent. bul this has been highlighted in the TtU51'5 Risk Register. Sv¢h 4 risk 15 Tnitigated by the ￿lIbre and expeTIEnEe of DitBGlot5, the hDnordry 5UPPQrt network anrj Chief Executive appointed by the charty. Al the currenl lime such a policy is considered adequale, having regard lo the sizè and opèrational strategy of the Trust Ongolng revlew This report details the major risks idenlffied for the charity. Such risks and the steps taken lo mitigate them are lo be reviewed by the Directors on an annual basis. Should any further risks be idents.fied during the year then miligalion WIN be consbdered al the next 0Srectors' meeting. Flnanclal revlew ReseNes poli¢y The Trust maintains re5erve5 totalling £55,678,048 at 31 December 202412023.. £52.567,0641, the bulk of this Is held as Investment pcopertes. Consolidated Inveslmenl properties total £54,380.956 {2023" £52.784,0131 and charrty investment properties of £41,736.45012023 £40.319,199J- Financial securiiy is e￿remelY importani io the chariiy so as to mainlain Ihe inlegrily of the almshouses and assoaaled property In respect ol maintenance. repair and improvement. As Iheie are differing requirements lor funding throughout the ygai. the Directors monrtOF ir7corn8 and expenditure closely to ensure sufficient funds are held to meet the need5 of Ihe chanty. 11 required, fund5 wuld be ￿al￿sed through disposing of Investment5 Qr bank loans. The Trust has ￿¥0 loans wrth the Agricultural Mortgage Cofporalion both in respect ¢f propefty purchase 8nd enhancement. It is the intention to continue to reduce these loans when sufficient funds are availat>le. During the year Ihe loans were reduced by 23.50h and during 2Q25 il is hoped that 8 similar reduction will occur. Structure, govemance and management Governlng document The charity 15 controlled by its governing document, a Charity Commission Scheme that was updaled during 2023.11 is quite usual and healthy lor a charity lo review ils scheme ensunng that rt Is structured in accordance with Charity Commission guidance. Pag8 5 THE HARTLEY TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Stwcturè. governance and management (continuedl Recrultment ènd appolntment of new Directors Tho Hartlay Trust Corporate Trustee Limil&d has four Directors. The Corporate Trustee has passed a fesolulion lo adopt the Ghanges to the structure of the Trust. The CDrporale TTus18e Kjenlified 5Urtable candidates WIK) have dlfferenl. bul complementary skills. One finance related professional, one business professional and two prop8rty related PTofessK)n81s. New Directors are provided with the Trust's ReF)Ort and Accounts, a history of the Trust. a copy of the Scheme and Memorandum and Articles of Association, access lo the Trust's webyle as well as the Trust's entry on thè Charity Commission web3ite. The Ch8imian O￿tIt￿e5 the TO￿ and responsibilities thoroughty and 9ive8 sufficient time for prospective candldates io consSdLv Ihe responsibil(Iies thal the role requires. The Trust Office keeps Ihe record of Directors appointmenls. In additron. the Tiust offeis honorary p05rtiQll5 to th05e that ale 5UPPTJrttve of the Trust's aims and ethos. Organisation structure and d￿1910[1 maktng The Directors have an intim4ta knowled￿ of th& charity, its assets and its operations. The Directors meet twee a year, and a fom)81 reportlng p￿￿ed￿re is in place and decisions are made in an open forum as guided by the Chairman. Day to day managemenl of the charity's assets is overseen by the Chief Execuiive who is directed by the Chairman in accordance with Ihe Directors. decision making process. Risk management The TTuslees have a duty io Ideniwy and re￿eW the Ilsks lo Wtt￿￿ Ihe charty is exposed and to ensure appiupriate controls are in place to provide reasonable assurance against fraud and error. A Cyber insurance policy has been implem8nled. Public, Employor and Environmonlal msurance Is arranged annually. Hsalth and Safety, Risk and COSHH are under constant review and guided by our Health and Safety manageT NFU Risk Management SeNice. The Trustees maintain a full suite of polirAes and pr(Kedures relevant lo the charty. Information on lundraising practices The Trust was not involved directty of Indirect￿ in any fundfaising for ils own benefit duTing 2024 and is unlikely to undertake any fundraising in the ne¥r future. Paye 6 THE HARTLEY TRUST TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 statemgnl of TrustEos' responsibiliti The Tfustees are responsible for preparing the TrLtstees' report and the financial statefnents in accofdance with applicable law and United Kingdom Accounling Stsndards {Unfted Klngdom Generalty Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial slalemenls for e3ch financial year which give a true and lair view of the slate ol attairs of the Group and the Charity and of their incoming resources and appltcation of resoufces. Including thetr incorrte and expenditure. fof that peri(xt. In preparing these financial 51alements, (he Trustees a￿ required lo". seleel suitable accounting policies and then apply them con51Stently', observe methods and principles of the Charities SORP IFRS 1021", make iudgernen15 and accounting esliThales that are ieasonable and PTudent, slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any matenal departures disclosed and explained In the financial slalemenls., prepare the Iinancol statements on the going concem basis unless il is inappropriate lo presume that the Group will eonlinus in businèss. The TrugtÈèx arè rÈspoftsiblè for kÈèping adequate accounting records that are sufficient lo show and explain Ihe GroL*P and the Charity's transactions and disclose with reasonable accuracy at any time the finaneial posrtion of Ihe Group and the Charity and enable them lo ensure that the financial stalements compty with the Charhlies Act 2011. the Charity {AccourFls and Reports) Regulations 2008 and the provisions of the Tr¢Jsl deed. They are also rasponsibla fov safèguarding tha asséts of tha Group and tho Charity ond honcè for takin9 rga60nable steps lor the prevenlton and detection ol fraud and other IT￿gu￿ntIeS. Disclosure of infomlation to audrtor Each of tha pe￿0￿$ who aro Trusl88s at tha lima when this Trnslaès. iaport is approved has confirmed that". so far 8S that Trttrstee is aware, there t5 no rdevant audit information of whi¢h the charitable group's auditor is unaware. and thot Trustoè ha$ taken all thè $top$ that ought to have been taken as a Trustee in order lo be aware of any relevant audit inlomiaiion and lo establish that the charrtat>le group's audrtor Is aware of that inforfflalion. Auditor The audiloi. James Cowper KreslDn Audit. has indicated ils willingness lo continue in office. The designated Trustees will propose 8 motK)n rèappointing Ihe auditor at a meeting tsf the Trustees. Approved by order of the members ol the board of Tfuslees and signed on their behalf by". The Hartley Trnst Corporate Trustee Limited Tiusiee Date. Page 7 THE HARTLEY TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HARTLEY TRUST Opinion We have audled the financial statements of The Hartley Trust (the 'p2rÈnt charity'l and ils SLthsidiades {the '9roup'l foi the year ended 31 December 2024 whtch compri8e the Consolidated stol¢m¢nt offtnancTral activities, the ConsolKlaled balance sheet. the Charty balance sheet. the Consdidated $18lemenl ol cash flows and the related notes, including a summary of significant accounllng policies The financial r8POrting framewotk that has b8en awied ￿ their prepaTation 1$ appb¢ablo law and Unrted Kingdc¥n Accounting Standards, including Financial Reportin9 Standard 102 'The Financial f¢eporting Standard appli¢able in the UK and Republic of ITeland' Iuniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a liue and fair view of the slate of the Group's and ol Ihe parent charrtls affairs as al 31 Decembef 2024 and of tha GfOUP'S incoming rosourcgs and ap￿"¢all0￿ of resour¢¢$. in¢luding its incomo and expendilure for the year then ended. have been property prepared In accordance with United Kingdom Geneially Accepted Accounting PraGti¢e," and have been prepafed in accordance with the requirements ol the Chafilies Act 2011. Basis for opinion Vve conducted our audit In accordance wrth International Standard5 on Auditing IUKI IISAS IUKII and appliGable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities lor the audit ol the financial slalemenls section of OUT report. We are independenl of the Group in accordance with the etht requirements that are ￿levant lo ovr audit of the fin8nci81 statements in the United Kingdom, ineluding the Financial Reporting Coun¢il's Elhtcal siandard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a ba616 for our opini¢)n. Conclusions relating to going concern In auditing the financial slatemonts, we have concluded that the Trustees. use of the going concern basis of occounling in Ihe preparation of the financial statements 1$ appropriate. Bas8d ¢2n th8 work we have perfomied, we have r￿t identrfied any materT21 Ur￿rtalntieS relatin9 to èvents or conditions that. individvalty or colledively, moy ¢ast significant doubl on the Group's or the parent charity's abilty lo conkn.nue as a going concem for a per￿￿ ol al leasl Nyefve months ffom when the financlal siatemenrs are aulhorised lor issue. Our responsibilrties and Ihe responsibilities of the TIuslee5 with respect lo going corKern are described in the relevant sect¢ons of this report. Page 8 THE HARTLEY TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HARTLEY TRUST (CONTINUED) Other Infomiation The other information eomprises the information induded in the Arsnual report other than Ihe financial slalemenls and our Avdilorfs report Ihereon. The Trustees are responsible for the other information contained wrthin the Annual report. Our opinK>n on the financial statement3 does not cover the other inf0m1at￿n and, except lo the extent olherwise explicitly stated in our report, we do not expiess any form of assurance concluslon ihereon. Qur responsibilrty is lo read the other inlomialion and. in doing so. consider whether the other inlormalion is matèrially in¢on$i$tenl with the financial statements or OUT knowl8dge oblaingd in lh• couise of the audit, o¥ olherwse appears lo be materially misslalEd. 11 WE Klenlrfy such [nate￿al inEon515tenciB5 Dr apparent material mi55talemenls. we are required lo delerrnine whether this gThies rise lo a material misslalemenl in the financial slalemenls themselves. If. based on the work we have pèrformed. we concludè that there 15 a matenal misslalement of this other inform8lion, we ore requTrred lo report that facl. Wa havé nothing to roport in thi$ regard. Mattets on which ￿ are r8quir•d to r8POrt by exception We have nothing lo report in respect ol the following matters where the Charrties rate Trustee Limlted Trustee Date". 26 The notes on pages 16 10 37 fom) part of these financial stslements. Page 14 THE HARTLEY TRUST ONSOLIDATED STATEMENT OF CASH FLOl•YS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operatlng activities Nel cash used in operating activities 1910.620) 1550.5781 Cash flowy from Invèstlng actlvltifrs Inlefest and rents Irom inveslmenls 1,671,197 121.6661 (1.604,5401 1102,9211 1.206.697 1207.4601 1609,9301 Purchase of tangible fixed assets Purchase of investment property Purchase of unlisted investments Proceeds from sale of1151ed inve51men15 Proceeds from the sale ol langibbe fixed assets pl(￿eedS from the Sale ol inve5trnent property Costs of sale of inveslmerbt property 447.049 70,324 3.200 2,600,000 166,9741 Net cash provided by investing a¢tivitivs 2,378,296 906.680 Cash flov￿ from financing actlvitles RepayThents of borr¢)wing 1322.0861 1397,5131 Net cash used in finanring artivitie5 1322,086) 1397,513 Change In cash and cash equlyalents In the year Cash and cash equivalents al Ihe tseginning ol the year 1,145.590 141,4111 493,690 452,279 Cash and cash equiv41¢fits at the end of Ihe year 1,597,869 452,279 The notes on pages 1610 37 fofm part of these financial slalemenls Page15 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Informatlon The Hartley TtU5t is an unincorporated charity. It ￿ registered in England and Wales with ¢harty registered numbei 226021. The principal address of the Charlty is The Tiusl Office, 1 Groombridge Place. Donnington, Nwibury. Berkshire. RG14 2JQ. Accounting policigs 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance wth the Charibes SORP IFRS 1021- A¢¢ounttng and Reporting by Charit￿3.. Statement of Recorllmended Practice applicable lo chanlles preparing iheii accounts in accordance wllh the Flnanctal Reporung Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. the Financial Reporting Standard applicablè in the UK and R8public of Ireland IFRS 102) and the CharrtEs Act 2011. The finanual statements have been prepared lo glve a Yrue and fairf v1ew and have departed froffl the Charrties {Accounls and Reports) Regulations 2008 onty to the Èxtent required to provide a Xrue nd larf vtevrf. This departure ha$ involved lollowing the Chanlies SORP {FRS 1021 published in Oclobei 2019 rather ihan ihe Accounllng and Reporting tsy Chafrties.. S￿ement of Recommended Practice effective from 1 April 2005 which ha5 5in¢e been withdrawn. The Hartley Trust meets the definitton of a public benefit entity under FRS 102. Assets and lith"lrties are initially recognised al historical cost or transaclion value unless othemise stated in the relevant accounting policy. The Consolidated statement of financial aclTVrties ISOFAI CgnsotKJated balance sheet ¢onsdidale the financial slalemenls of the Charty and its Subs￿lary undertaking. The osults of the subsidiary are consolidated on a line by line basis. Z.Z Fund a¢¢ouniing G8neral funds ar8 unroslriclad funds which ar9 available for us• at the discretion ¢f th• Tru$t¢¢s in furtheran￿ of the general objective5 01 the charity and which have not been designaled IOT Other purposes. 2.3 Income All income is recoonised once Ihe Charity has enlillernenl lo the income. il is probab￿ that the Inco￿ be received and amount of in¢ome raceniabla can ba measured reliably. Charitable ackn"vilies income is the rent received Irom Ihe letting of the almshouses. Investment irwm¢ ¢•)mprises ol rent ffom investment properties and Inleresl on bank funds. Interest on funds held on deposit is included when ieceivable and the amount can be measured reliable by the charity, this 15 normalty upon nolifi¢*ion of the ￿ler￿st paid or payable by the bank. Page 16 THE HARTLEY TRUST NOTES TO THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pglTr¢ie$ Icontinuedl 2.4 Expendituie Expenditure is reC￿nIsed once there is a legal or constructive obligation lo transfer economic benefrt lo a third paty. it 15 Probable that a tran5feT of ecDllDrniC benefit5 wim bE requiTed in 5Ettlefnent and the amount of Ihe Dbligation can be measure(J reliably. Expendituie is classffied by activrty. The ¢ost5 of each activity are made up of the IDlal of direct costs and shared costs, including suppn is chaiged so as io allocate the cost of iallgible fixed assets less iheir residual ￿ue over their eslimaled useftjl lives, LJsin9 the Stra￿hl-lIne method Dèpr8cialion is provided on th8 lolk)wing bases.. Freehold property Plant and machinery Motor vehides Fixlures and fittinos See bel(P•V 259k on cost 25°h on cost 4 _ 100/0 on cost The trustees Cons￿er that Ir¢thold propety is maintained in such a state ol repair and antiqves hold their value unless Impaired. thal their residual value 15 at least equal io lis nei book value. As a resull, the corresponding depiecialion would not be material and Iheiefore is not charged In the Slalemenl of Financial Aclivilies. Page 17 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Icontinued 2.7 In¥•stm8nt pfoporty Inveslmenl properties are inilialty recognised at Iheir Iransaciion cosi and subsequenity measured al fair value. Gains are recognised in the Slalemenl ol Financial Activities. Investment oains and losses, whether realised or vnredised. are combined and shown in thè heading 'Gainslllossesl on investments. in the Statement of Financi31 Activities. 2.8 Investments Fixed assei invesiments are a fofrn of flnanclal Inslrumenl and are initially recognised al Iheir transaction cost and subsequently measured al fair value al the Balance sheet dale. unless the value canr701 be measur8d reliabty in which case it is measured al cost less impairment. Investment gain$ and 1055e5, whether realT5ed or un￿alTsed. ate combined and p￿Sented as 'GainsllLosse3} on inveslmenls, in the Consol¥Jaled slalemenl of financial aclivrtles. Inveslrnenls tn 5ubstdiar￿s are valued al cosl less proVis￿n for impairmenl. 2.9 Stocks Stocks and work in progress are ￿lUed at the lower of cost and nel realisable value. 110 Debtors Trade and other debtors are rec¢yJnised at the settlemenl amount after any trade discount offBrpd. Prepayments are valued al the aTh￿nI prepaid nel of any trade discounts due. 2.11 Cash at bank and in hand Cash al bank and in hand includes cash and 5hort4emi highly liquid inveslmenls wrth a short maturity of three morbths or18ss from th8 date of acqui￿110￿ or oponing of the deposrt or similar account. 2.12 Liabilities LiabArties al￿ provisions @re reco9ni8ed when there is an obligation al the Balance sheet dote os a result of a past event, it IS PTobable thal a ITansfer of econ¢Jnic benefrt will be requireo in settlement. and the amount ol the selllemenl can be eslimaled reliabty. Liabdrties are recognised al the amount that the thanty ants"ripate? Tt thl pay to seltle the debt or the amount il has received as advanced payments for the goods or services ll musl provKIe. 2.13 Deferred taxation Full prowsK)n is made for deferred lax assets and liabilities arising from all limirbg differences beh¥aon Iho racognilion ol gains and losses in the financial stalements ar￿ recognition irh the tax Gomputation. A nel deferred lax asset is recognised On￿ if rt can be regarded as more likely than not that there will be 6uilable taxable surplusgs from which tho future ravarsal ol th8 underlying liming differences c¥n be deducted. Deferred tax assets and liabilities are calculated at the t8x r8tÈs expected to be Èffeclive at the lime the timing differences are expected lo reverse. Page18 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEIIIENTS FOR THE YEAR ENDED 31 DECEMBER Z024 Accoyfiting polieies {continuedl 2.14 Financial instruments The ¢h8rrty only enters into bas￿ financial inslrument transactions that resutt in Ihe recognitH￿ of fi"nanrial assets and liabilrtie5 Such a5 trade and other aCCDUnt5 receivable and poyoble. IDon5 Iro banks, loans from related parties and investments in ordinary shares. Basic financial Instrumenis are initially recognised al transaction value ané subsequently measured al their seltlemenl value with the exception of bank loans whKh are sub5equenlly measured al amortised cost Uslllg effeclive inlefesl method. 2.15 Finance leases hire purchase Assets obtained under hire purchase contra¢ls and finance leases afe capilalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter ol the lease teim and theii useful Itves. Assets acquired by hire purchase are deprecialed over Iheir useful lives. Finance lea$e$ are th05e wheie substantially all Df the bEnefi15 and risks ol ownership are assumed by the Group. Obligalions under such agreements are incjuded in creditors. net of the finance charge allocated to future periods. The finance element ol the rental payment is charged lo the COnsol￿ated slalernenl ol financial activities so as lo produce a constant per￿di¢ rale of charge on the nel obljgalion outstanding in 83ch poriod. Z.16 Penslons The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by thè Group to the fund in iespect ol Ihe year_ 2.17 Critical acGounting 9stim4t¢s and areas of judgement Eslimales and judgements aTe conlinualty evaluated and are based on historical experience and other factors. including expectations of fulure even15 that are believed lo be reasonable under the circumstances. Critical accounting estimates and as5umplion5. The charty makes estimates aThJ assumplions Con￿rning the future The resulting accounting estimates and assumptions wll. by definition. seldom equal the related actual resLJlls. The eslimales and a$sumption$ that havè a significant risk of causing a malgrial adjvsttxenl to the carryin9 amounls of assets and liabilities within the next linancial year are dL8cussed below. Crrtical a￿a5 of judgement.. Tanglbl• Ilx•d ass•ts Tangtble fixed a33et5 are depreciated over their useful lives takir)g into account iesidual valves, where appropriate. The artuol live5 of the a55ets and ie5idual value5 are a55e55ed annualty and tnay vary depending on a num>er faclors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Invostment properties Investment properties are valuttl al market value, which 13 888essed by th¢ Trustoes on an annu basis Isee note 161. Page 19 THE HARTLEY TRUST NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitablo activities Unrestrl¢ted funds 2024 Total funds 2024 Total funds 2023 Almshouses 468.121 468,121 472.348 Total 2023 472,348 472.348 Income from other trading activities Income from non charitable trading actlvltles Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Income from SUbs￿lary company Other income 663,745 663.745 168,295 2.232 663.745 663,745 170,527 Investment Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Rerbtal income 1,525.667 12.504 33,026 1,625,667 12.504 33,026 1.201.930 4,767 Interest receivable Profil on disposal ol investment property Total 2024 1,571,197 1,571,197 1.206,697 Total 2023 1,2C6.697 1,2￿,697 Page 20 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Rental Income 2024 2023 Commercial Residential 458.434 582,814 12,848 80.728 116.843 467,407 576.470 13,052 81.183 63.818 Telecoms Agriculture OlheT Total 1.Z51,667 1201.930 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total lunds 2023 Profil on the sale of fixed assels 3.200 3.200 37,912 39.094 Conservation income Olh6r income 3,rb6 3,066 Total 2024 6,266 6,266 77,0( Tot312023 77,OC6 77.006 Page21 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Propeity Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Insurance, rates and other expenses L￿h1 and heal Repairs and maintenance SU￿eY0[ costs Bank loan ￿terest Cost of conservation 95,834 1.056 219.593 3.838 128.042 9S.834 1,056 219,593 3.838 128.042 70.504 890 200,830 5.015 86.476 26.753 Total 2024 448.363 448.363 390.468 Total 2023 390.468 390,468 Analysis of grants Grants to Institutions Grants to Individuals Total funds 2024 Total funds 2023 2024 2024 Grants 42.400 42,400 37.179 Total 2023 35,700 1,479 37,179 Page 22 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis ol expendlture on ¢haritable activities Summary by fund type UnTestricted runds 2024 Total 2024 Total 2023 Costs ol maintaining almshouses Grants 1.110.774 42.400 1.110,774 42,400 1.045.168 37.179 Total 2024 1.1 $3.174 1,153,174 1,082.347 Tolal 2023 1.082.347 1,082,347 10. Analysls of expendlture by actlvtlies Activities undertaken dir￿tty 2024 Grant funding of artivitie5 2024 Support ¢Q5ts 2024 Total funds 2024 Total funds 2023 Costs of mainlaining almshouses 536.463 574.311 1,110,774 42.400 1.Q45.168 37.179 Grants 42.400 Total 2024 536,463 42.400 574.311 1,153,174 1.082.347 Total 2023 537,620 37,179 507,548 1,082.347 Page 23 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysls of ex￿ndItUTe by actlvltlos Icontlnued Anatysis of support costs Total funds 2024 Total funds 2023 Staff costs Depieciation Insurance, lates and other expenses Eslale office runnin9 costs Bank charges and inlerest Comput8r cos15 Legal and professional fees Other staff c05t5 340,938 48.940 7,339 28.007 15.096 8.729 322,2 48.115 13.887 23.097 2,428 15.340 li 64.286 27.327 Travel and subsistence Other ¢osl$ Governance costs 12.904 1Z5 11,749 2.424 36,985 72 33.819 9.228 Bad éebls Total 574,311 507,548 11. Auditofs remuneration 2024 2023 Fees payable lo the Chartys auditor lor Ine audit of the Gharilys annual accounts 14.900 14.450 Fees payable lo the Charrtvs auditor in respect of.. All non-audil services r￿1 included above 2,700 z,fjoo Page 24 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 12. Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social securlty costs Contribution lo defined contribLrtion pension schemes 423.707 41.960 392,222 37,293 332,661 38,274 320.856 36,152 43.018 40.887 33.775 32,380 508.685 470,402 404,710 389,388 Thè averag8 numbèr of pèrsons èmployèd by the Charity dullng ihe year was as follows.. Group 2024 No. Group 2023 No. Charity 2024 No. Charity 2023 No. Diiector5 and ernployees 10 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 wag.. Group 2024 No. Group 2023 In the band £180,001 - £190,000 In the band £190.001 - £200.000 The tetnuneration and benefits received by key management personrbel and trustees in the year lotalled £214,77012023- £204,034). 13. Twste¢$' remLtneration and ¢xpen3es During the year. no Trustees receNed any remuneration or other beneffts12023- £NILI. During the year ended 31 December 2024, expen5e5 lolalling £4,483 were reiwnbursed 01 paid directly lo 1 Truslee12023- £3,943 10 1 Trustee). Page 25 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 DECEMBER 2024 14. Taxation 2024 2023 Corporatlon tax Total ¢urrent tax Deferred tax Origination and Teversal of liming drffeiences 11,IMXII 1,290,000 Total defened tax 11,OOIJI 1,290,000 Taxation on net Income 11,0001 1,290,000 Page 26 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. TaDglble flxed assets Group Freehold property Plant and ma¢hinery Motor Fixtures and vehicles fittings Total Cosi ow valuation Al 1 January 2024 Athjilions Disposals 2,675,600 222,796 9,471 (5.6601 206,949 862,471 12,195 3,857,716 21.666 15,6601 Al 31 Decernber 2024 2,575,500 Z26,6Q7 Z06,949 8fj4,66fj 3,873,722 Depreciatlon At 1 January 2024 Charge for the year On disposals 111,922 30,258 {5,6601 77,316 36,834 262,055 41,517 451,293 108,809 15,6601 At 31 Decefflbei 2024 136,520 114,150 303,572 554,242 Net book value At 31 December 2024 2,575,500 90,087 92,799 561,094 3,319,480 At 31 December 2023 2.575,500 110.874 129.633 590.416 3.4tK.423 Page 27 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Tangible fixed ass8ts Icontinuedl Charlry Freehold property Plant and machlnery Motor Flxtures and vehlcles flttlngs Total Cos¢ Qr valyalion Al 1 Jarbuary 2024 Addition5 2,395,500 42.670 6,071 15.6601 156,068 567.531 3.161.769 8,071 15,6601 Disposals At 31 Dac8mb61 2024 2.395.500 45,081 156,068 $67,531 3.164.180 Deprecig4tion Al 1 January 2024 Charge for the year On disposals 30,922 5,595 15.6601 59,913 27.708 216.308 15,637 307,143 48,940 15,6601 At 31 December 2024 30,857 87,621 231.945 350,423 Net book value At 31 Decembei 2024 2,395.SOO 14,224 68,447 335,586 2,813,757 Al 31 Decembef 2023 2,395,500 11,748 96.155 351.223 2.854.626 Page 28 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Investment property Group Freehold investmenl property Valuation At 1 January 2024 Addrtions Disposals Surplus on revaluation 52,784,013 1.604.540 12.500,0001 2,492.403 Al 31 December 2024 54,380,956 Charity Freehold investment property Valuation Al 1 January 2024 Additions Disposa15 Surplus on revaluaiion 40,319,199 1,444,848 12.SOO,0001 2,472,403 At 31 December 2024 41.736.450 I the investment properties are valued anrhually by the CEO IA Jones-Perrott MRICS. chartered Sutveyorl. Page 29 TPIE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Fixed asset Investments Unlisted Investmonts Group Cost or valuatlon At l January 2024 Additions 43,264 102.921 Al 31 Decerrhber 2024 146,175 Net book value Al 31 December 2024 146,175 At 31 December 2023 43,254 All the fixed asset investments are held in the UK. Investments in subsidiary companies inv•stm•nts Unlisted Total Charity Cost or valuatlon At 1 January 2024 Additions 5.570.363 43.254 102.921 5.613,617 102.921 Al 31 December 2024 5,570,363 146.175 5,716,538 Net I￿0k value Al 31 December 2024 5,570,363 146.175 5,716.538 At 31 De￿mber 2023 5.570.363 43.254 5,613,617 Page 30 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Flxed asset Investments lconllnuedl Prlnclpal subsldlarl•s The foltowing was a subsidiary undertaking of the Chaiily." Name Company Dumber Reglstered office or prtnelpal In¢luded in place of fjuslness consolldation Delnabo Estate Limrted SC126621 Gamekeepers Cotta9e, Delnabo Yes Eslale, Tomintoul, Bath"ndalk¢h, Scolland, AB37 9HT The financial ¥esulls ol the subsidiary foF th8 year ended 31 D8cernb8r 2024 were. Name Income Expenditure ProfiUllos$l for the year Net assets Delnabo Estate Limited 663.745 1497.670) 166.075 5,057,699 Stocks Group ZUZ4 Group 2023 Biological assets cattle Other stocks 44,100 2,634 36,100 1,891 46,734 37.991 19. Debtors Group 2024 GfOUP 2023 Charity 2024 Charity 2023 Trade debtors Amounts owed by group undertakings Other debtors Prepayfflenls and acclued income Tax recoverab 45,568 57.250 9,879 2,BOO,257 49.578 2.043.657 16 22.428 27,522 31JO.709 9.341 124.206 3,643 193,275 373.799 194,440 3,003,411 2.115.677 Page 31 THE HARTLEY TRUST NOTE5 TO Tme FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 C￿dIto￿. Amounts lalling due within one yea Group 2924 Group 2023 Chaiyty 2024 Charity 2023 Bank overdrafts Trade creditors 14 137.760 40,647 8.747 70,003 37,222 14 101,004 38,702 8,747 29,956 37,222 Other taxation and social securrty Obligations undei finance lease and hire purchase contracis Othef creditors 17,443 92.417 303.455 27.411 68,608 252,720 58,554 159,740 Accruals and deferred income 207.563 591,736 439,754 450.948 294.219 Group 2024 Group 2023 Def@rr8d income al 1 January 2024 Resources deferred dunng the year Amounts released from prevKfyus periods 111,291 91,764 1111,291) 99,227 111,291 {99.2271 91,764 111,291 21. Creditors- Amounts falling due after more than one year Group 2024 Group 2023 Charity 2024 2023 Bank k)ans 2,308.243 2,630,329 1.507.193 1,507,829 The Agri¢uRuial Mortgage Corporalion PLC loan is an Interest only loan {inleresl of 6.35*/.l secured on 8radfield Farm and Seveialls Farffl in the village of Stanford Dingley. Berkshire whrch comprised 191.14 acres. Page 32 THE HARTLEY TRUST NOTES TO TtrtE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Deferred tsxation Group 2024 At the beginning ol the period Credit for the year 1,290,000 11,0001 1,289,000 The deferred lax liability is made up as follow5". Group 2024 Group 2023 Capital gains 11,289.0001 11,290,000) 23. statement of funds Statement of funds - current year Balance at 31 D•eèmber 2024 8alance at 1 January 2024 Gainsl IL05sesl Income Expenditure Ufirestricted funds General Funds - all funds 52,567.064 2,709.329 12,092.7481 2,492,403 55,676,048 Page 33 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Statem¢nt ol funds Icontlnuedl Staternent ol lunds- prior year Balance al 31 B¥14n¢¢ #t 1 January 2023 Gainsl ILossesl December Income Expendilure 2023 Unrestricted funds Gener￿ Funds - all fund$ 48,197,420 1,926,578 13,605,660> 6,048,726 S?,￿7,1 Page 34 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Summary ol funds Summary offunds- Current year Balanc• at 31 Qe¢ember 2024 January 2024 Galnsl ILossesl Income Expendituve General fvnds 52.567.064 2.709.329 {2.092.7481 2.492,403 SS.676.048 Summary offunds- prloryear Balance al 31 Geins] De¢ember ILDssesl 2023 Balanc& at 1 January 2023 Income Expenditure General funds 48.197.420 1,926.578 13.605.6601 6,048,726 52,567.064 25. Analysis of net assels behveen fund5 Analysis of nat assets betsveen lunds - current period Unrestricted fund5 2024 Total funds 2024 Tangible fixèd assets Fixed asset investments Investmenl property Current assets 3,319,480 3,319,480 146,175 146,175 54,380.956 54.380,956 2.018.416 2.018.416 1591.7361 {591,7361 12,308,243) 12.308,2431 11,289.0001 11,269,0001 Credilois due within one year Ciedilors due In mote than Of7e year Provisions for Iiabililies and Charges Total 55,676,048 55,676,048 Page 35 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. Analysi$ of net assets between funds Icontlnued Analysis of net assets betw¢¢n lund$ - prior period Unre$lrided funds 2023 Total funds 2023 Tangible fixed as5els Fixed assel investment8 Investment property Current assets Creditor5 due wrthin one year Creditor5 due in more than one year Prowsions for liabilities and charges 3.406,423 3,406,423 43,254 43,254 52.784.013 52.784,013 693.457 693,457 1439,7541 (439,7541 12.630.329) {2.630,3291 11,290,000) 11,290,000) Total 52,567.064 52.567.064 R•con¢iliation of nèt movement in lunds to net cash flow from opèrdtlng actlvltiès Group 2024 Group 2023 Nel income for the period las per Statement of Finan￿al Aclivttiesl 3.108.984 4,369,644 Adjustments for: Interests and rents from investments Depreciatth ¢haiges Profil on the sale of fixed assets Gains on Investment propertles Gains on Itsled inveslmenls {1.571,197I 11,2C6,8971 108,609 112,533 13,2001 139.4391 12.492,4031 16,040.1241 13,9021 315.173 4.122 729.412 181.3001 1,290.000 IProfftlAoss on disposal of inveslmnl prOpert￿S IlncreaselldecTease in st¢xks IlncreaselldecTease in debtors Increasellde¢rease} in uÈdrtors Taxation 133.0261 18,7431 1179,3591 160,715 11.0001 Net cash used In operatlng actlvltles 1910,6201 1550,5781 Page 36 THE HARTLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 27. Analysls of cash and cash equfvalents Group 2024 Group 2023 Cash al bank and In hand Bank overdrafts 1,597,883 114) 461,026 18,7471 Total cash and cash equlvalents 1,597,869 452,279 28. Analysis of changes in net debt At1 January 2024 Cash floy At31 December 2024 Cash al bank and in hand Bank overdrafts repayable ort demand Debt due after 1 year Obligations under finance lease and hire purchase contracts 461,020 {8.7471 12,630,329) 127,4111 1,136,857 8.733 322,086 9,968 1,597.883 1141 {2,308.2431 117.443> 12,205,481) 1,477,644 1727,817) Pension commitments During the year conlribulion5 of £43,018 12U23". £40.8871 were pa￿ lo Ihe deffned conlnbulion pension scheme. As al the year end no amount512023 £Nill were unpaid. Related party transactions There were no relaled party transacliolls in the year that require ¢Jisclosure. Page 37