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2023-08-31-accounts

Page
Charity
Information
Report ofthe Trustees 3-7
Statement ofTrustees' Responsibilities
Report ofthe Independent Auditor 9-11
Statement of Financial Activities 12
Balance Sheet 13
Statement ofCash Flows 14
Accounting
Policies		 15 - 16
Notes to the Financial Statements 17-24
Board ofTrustees J PJ Glover (Chairman) J PJ Glover (Chairman)
J P Batting (retired January 2023)
M SBrounger
M K Fosh (retired July 2023)
A D Hart
S N K Hirdaramani
P TWong
M C Wallace (appointed July 2023)
Chief Executive D L Collins
Registered Address 5A High Street
Harrow on the Hill
Middlesex
HA1 3HP
Charity Registration Number 296097
Bankers National
Westminster		 Bank pic
315Station Road
Harrow
Middlesex
HA1 2AD
Auditors PKF Littlejohn
LLP
Statutory
Auditor
15Westferry
Circus
Canary Wharf
London E144HD
Solicitors Cripps LLP
2"v Floor
80Victoria Street
London SW1E5JL
Investment
Broker		 Cazenove
Capital Management
and Manager 1 London Wall Place
London EC2Y 5AU

THE HARROW DEVELOP MENT TRUST STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 August 2023
Unrestricted Restricted Total Total
Income from: Note funds
6		 fundsf 2022/2023
6		 2021/2022
6
Donations
and legacies
To the Trust 7,757,199 1,138,168 8,895,367 7,770,764
Donations
inclusive
of gift aid		 715,063 303,798 1,018,861 1,013,468
Tsunami
relief fund		 16,250
Total incoming
resources		 8,472,262 1,441,966 9,914,228 8,800,482
Expenditure
on:
Raising funds 1,243,329 134,358 1,377,687 1,283,901
Charitable
activities:
Appropriations
for the benefit of
Harrow School 7,262,840 1,346,335 8,609,175 7,000,000
Tsunami
relief fund		 3,250 3,250 13,000
Other costs 17,713 1,907 19,620 17,598
Total resources expended 8,523,882 1,485,850 10,009,732 8,314,499
Net (loss)/gain
on investments		 (17,188) (17,188) (8,733)
Net incoming/(outgoing) resources (51,620) (61,072) (112,692) 477,250
Balances at beginning
ofyear		 654,532 513,541 1,168,073 690,823
Balances at end ofyear 12 6602,912 6452,469 61,055,381 61,168,073

2023 2022
Fixed Assets
Tangible fixed assets
Investments		 695,613 853,019
695,613 853,019
Current Assets
Stock
Debtors and prepayments 8 1,769,265 641,619
Cash 432,142 241,504
2,201,407 883,123
Creditors: amounts falling due within one year 9 (341,639) (453,069)
Net current assets 1,859,768 430,054
Total Assets less Current Liabilities 2,555,381 1,283,073
Creditors: Amounts falling due
after one year 10 (1,500,000) (115,000)
Net Assets 61,055,381 61,168,073
Represented
by:
Unrestricted
fund		 12 602,912 654,532
Restricted funds 12 452,469 513,541
F1,055,381 61,168,073

THE HA ROW DEVELOP MENT TRUST STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS
Year ended 31August 20223
Note 2022/2023 2021/2022
Net cash inflow/(outflow) from
operating activities 14 50,420 723,498
Cash flows from investing activities
Listed investment
income
Net disposal of investments 140,218 140,200
Net cash inflow from investing activities 140,218 140,200
Cash flows from financing activities
Payment ofloans (706,420)
Net cash inflow forthe year 190,638 157,278
Cash and cash equivalents brought forward 241,504 84,226
Increase in cash in the year 190,638 157,278
Cash and cash equivalents carried forward 15 F432,142 6241,504

2. Raising funds Unrestricted Restricted Total Total
2022/2023 2021/2022
Salaries 803,848 86,536 890,384 836,036
Other operational costs 439,481 47,822 487,303 447,865
61,243,329 6134,358 F1,377,687 E1,283,901

Unrestricted Restricted Total Total
2022/2023 2021/2022
General fund 7,262,840 497,921 7,760,761 5,296,741
Scholarships -Peter Beckwith 140,000 140,000 140,000
- Other 708,414 708,414 1,563,259
67,262,840 F1,346,335 68,609,175 F7,000,000

4. Employees ofthe Corporation, Trustees and Key Management 2022/2023 2021/2022
Staff Costs recharged
Wages and salaries 753,432 706,447
Social security costs 94,769 88,263
Pension and life assurance costs:
- Harrow School Support Staff Pension Scheme 18,289 19,181
- Harrow Corporation
Pension		 Scheme 23,894 22,145
6890,384 2836,036
Average
number ofemployees		 during the year No. No.
Fundraisers
and Administration
Staff costs represent
the costs of		 individuals employed by the Corporation to work on the Trust's activities.
Staff costs represent
the costs of individuals
 employed
by the Corporation
to		 work on the Trust's activities.
The number ofemployees whose remuneration exceeded f60,000was:
2022/2023 2021/2022
F100,001 - 2110,000 1
6110,001 - F120,000 1
F130,001 - f140,000 1 1
F290,001 - 6300,000 1
F320,001 - 8330,000 1
5. Other costs Unrestricted Restricted Total Total
2022/2023 2021/2022
Professional fees - audit f17,713 81,907 f19,620 F17,598

Office equipment
and		 Contact Database
Cost Total
At beginning
ofthe year		 47,786
Additions
Disposals
At end ofthe year 47,786
Depreciation
At beginning
ofthe year		 47,786
Charge for the year
Disposals
At end ofthe year 47,786
Net Book Value
At 31August 2023
At 31 August 2022
7. Fixed Assets —Investments 2023 2022
Balance at beginning of the year 853,019 1,001,954
Acquisitions
during the year
Disposal proceeds (140,000) (140,500)
Realised gains/(losses) on investments (2,672) (1,362)
Unrealised
gains/(losses)		 on investments (14,516) (7,371)
Stockbroker's
cash movement		 (218) 298
Balance at end ofthe year F695,613 F853,019
Represented
by:
Investments
at market value		 695,478 852,665
Cash with stockbrokers 135 354
6695,613 6853,019

8. Debtors 2023 2022
Due from Harrow School 1,500,000 115,000
Other debtors 219,107 468,737
Income Tax recoverable 48,066 38,888
Prepayments and accrued Income 2,092 18,994
61,769,265 f641,619
9. Creditors: amounts falling due within one year falling due within one year 2023 2022
Due to Harrow School 23,991 104,082
Accruals and deferred income 313,381 276,586
Loan
Other creditors 4,267 72,401
6341,639 6453,069
10. Creditors: amounts falling due after one year 2023 2022
Loans F1,500,000 F115,000
The loans are unsecured, interest free and repayable as follows:
Between 2 —5years 61,500,000 6115,000

Net Long
Fixed Current Term
Assets Assets Creditor Total
Restricted funds:
Tsunami 217 217
Other 695,613 1,256,639 (1,500,000) 452,252
695,613 1,256,856 (1,500,000) 452,469
Unrestricted funds 602,912 602,912
6695,613 61,859,768 6(1,500,000) f1,055,381
Net Long
Fixed Current Term
Assets Assets Creditor Total
Restricted funds:
Tsunami 238 238
Other 853,019 (224,716) (115,000) 513,303
853,019 (224,478) (115,000) 513,541
Unrestricted funds 654,532 654,532
6853,019 6430,054 6(115,000) 61,168,073

14.Cash Flow from Operating
Activities		 2022/23 2021/22
Net (outgoing)/incoming
resources		 (112,692) 477,250
Decrease
in stocks		 3,000
(Increase)/Decrease
in debtors		 (1,127,646) 279,792
Increase/(Decrease)
in creditors		 1,273,570 (45,277)
Losses/(Gains)
on revaluation
of investments		 14,516 7,371
Losses/(Gains)
on disposal of investments		 2,672 1,362
Net cash inflow/(outflow)
from operating		 activities F50,420 6723,498

At At
1 September Cash 31August
2022 flows 2023
Cash in hand, at bank 241,504 190,638 432,142
6241,504 6190,638 6432,142

Unrestricted Restricted Total
Note funds funds 2021/2022
Income from: 6 6 6
Donations
and legacies
Tothe Trust
Donations
inclusive of gift aid
Tsunami
relief fund		 5,926,148
684,438		 1,844,616
329,030
16,250		 7,770,764
1,013,468
16,250
Total incoming
resources		 6,610,586 2,189,896 8,800,482
Expenditure
on:
Raising funds 1,056,568 227,333 1,283,901
Charitable
activities:
Appropriations
for the benefit of
Harrow School
Tsunami
relief fund
Other costs		 4,961,648
14,491		 2,038,352
13,000
3,107		 7,000,000
13,000
17,598
Total resources expended 6,032,707 2,281,792 8,314,499
Net (loss)/gain
on investments		 (8,733) (8,733)
Net incoming/(outgoing) resources 577,879 (100,629) 477,250
Balances at beginning
ofyear		 76,653 614,170 690,823
Balances at end ofyear 12 6654,532 f513,541 91,168,073