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|---|---|---|---|
|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|||
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|---|---|---|---|---|---|---|
|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|
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|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|
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||||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|
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|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|
##
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|||||||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|
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||||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|