2025-08-31-accounts - The Harrow Development Trust

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THE HARROW DEVELOPMENT TRUST CHARITY NUMBER: 296097

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2025

THE HARROW DEVELOPMENT TRUST

CONTENTS

Page Charity Information Report of the Trustees 3 - 8 Statement of Trustees’ Responsibilities Report of the Independent Auditor 10 - 12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Accounting Policies 16 - 18 Notes to the Financial Statements 19 - 26

THE HARROW DEVELOPMENT TRUST

CHARITY INFORMATION

Board of Trustees J P J Glover (Chairman) A D Hart S N K Hirdaramani J Seppala M C Wallace P T Wong 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 plc 315 Station Road Harrow Middlesex HA1 2AD Auditors Crowe U.K. LLP 2[nd] Floor 55 Ludgate Hill London EC4M 7JW Solicitors Cripps LLP 2[nd] Floor 80 Victoria Street London SW1E 5JL Investment Broker Cazenove Capital Management and Manager 1 London Wall Place London EC2Y 5AU

REPORT OF THE TRUSTEES

THE HARROW DEVELOPMENT TRUST

Introduction

The Trustees submit the Report of the Trustees and Financial Statements of The Harrow Development Trust (the Trust) for the year ended 31 August 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 16 to 18 and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (‘SORP’) applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 (‘FRS 102’) applicable in the UK and Republic of Ireland, effective 1 January 2019.

The Trust was constituted by Deed of Foundation on 28[th] January 1987 and is registered with the Charity Commission, number 296097.

In accordance with the provisions of the SORP, the Trust is treated as a subsidiary charity of the Keepers and Governors of the Possessions Revenues and Goods of the Free Grammar School of John Lyon (the Corporation) which comprises Harrow School and The John Lyon School. The Corporation was founded by Royal Charter granted by Queen Elizabeth I on 8[th] February 1572 to John Lyon, the founder of Harrow School. The Corporation is a separately Registered Charity, number 310033. The Corporation and its subsidiaries together with John Lyon’s Charity is commonly known as the John Lyon’s Foundation.

Structure, Governance and Management

The Trustees of the Trust are appointed by reference to legislation under the Trustee Acts. There is no limit on the number of Trustees of the Trust. New Trustees are appointed upon the recommendation and with the agreement of all the other Trustees. The Clerk to the Governors of the Corporation is responsible for the induction of new Trustees who are briefed individually both by the Clerk to the Governors and the Chief Executive of the Trust. The selection of new Trustees is made after consideration of the skills and experience that is considered desirable to be represented by the Trustees of the Trust. Guidelines on effective trusteeship and updates about best practice are brought to the attention of the Trustees by the Clerk to the Governors of the Corporation.

The Trustees who served during the year and up to the date of this report are shown on page 2.

The work of the Trust is managed by the Chief Executive who is appointed by the Trustees with the approval of the Governors of the Corporation. His responsibility is to implement the aims and objectives of the Trust as determined by the Trustees.

Trustees are not remunerated, and the staff recharged from the Corporation are remunerated in line with the policy that is set out in the Report of the Governors of the employer. The Foundation’s Remuneration Committee in conjunction with the Trustees of the Trust considers the remuneration of the Chief Executive of the Trust. In doing so, the Committee draws on data produced by independent and anonymous benchmarking surveys of equivalent positions in broadly comparable schools.

Objects and Activities

In setting the objectives and planning the activities of the Trust, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular its supplementary guidance on the advancement of education.

The objects of the Trust are widely drawn to include the advancement of the education of pupils at Harrow School and such other charitable purposes as the Trustees may declare. Therefore, the Trust assists in supplying topquality education in Harrow School, increasing the public benefit which the School can provide in its local communities and in broadening access to the School for pupils from a wide range of economic and social backgrounds.

The Trustees continued to support a charitable fund as part of the Trust’s activities, which was constituted in 2005 to provide relief to people in countries affected by the Tsunami disaster in Asia in late December 2004.

REPORT OF THE TRUSTEES

THE HARROW DEVELOPMENT TRUST

Achievements and Performance

The Chief Executive continued to carry out an established fundraising plan with both short and long-term objectives. An important element of this is supporting the School’s ongoing programme of capital and renovation projects, as well as the further progress of Harrow 450, of other aspects of Harrow School’s development, and expansion of bursary funding. This programme coincided with the 450[th] Anniversary of the foundation of Harrow School in 2022. A total of £1,223,844 was spent on fundraising during the year (governance legal and audit costs of £128,721 are reported separately), enabling us to achieve our objectives.

Funds transferred by the Trust to Harrow School have enabled the School to increase the investment it has made in capital projects, as well as provide funding for bursaries awarded to talented pupils from families less able to afford Harrow School’s fees and for other priorities. These include:

Supporting the School’s capital and renovation programme, as illustrated by Harrow 450; such as construction of a new science centre – Biology and Chemistry Schools (now completed), a substantial reconstruction of the School’s dining hall (near to completion) and preparing funding of a potential new sports centre (the final piece of the anniversary capital programme);
Providing bursaries and scholarships including, especially, help for pupils from less advantaged backgrounds, and the selection of these pupils to join Harrow. This included funding for the employment of two Access Officers to search and recruit such bursary pupils. This is an area for further development;
Improvements to the Boarding Houses;
Rebuilding many areas and improving all-round facilities. Many pupils from local schools in North West London share these facilities;
Providing funds for teaching, academic projects, and Harrow pupil tours overseas of educational benefit; and
Contributing substantially to projects in the local community.

These achievements fulfilled the Trustees’ ambitions which included raising funds for the School’s priorities including:

Capital Projects;
Bursaries and Scholarships;
Learning and Innovation;
Heritage;
Outreach and Partnership; and
Supporting the Harrow and wider communities

Highlights of the year were:

The provision of funds for bursaries and scholarships to increase substantially the support that the School can offer, with over £1m raised for this purpose;
The Trust continued to promote Churchill Places, a new bursary scheme for boys demonstrating the characteristics of tenacity, leadership and determination;
The Trust strongly promoted the Harrow 450 fundraising initiative to a wide audience within the Harrovian community that coincided with the School’s 450[th] anniversary throughout 2024/25. It continued to promote the 450 Society as a way of recognising contributors for their support with over 1,800 donors being recognised in this way;
It also continued to provide support to organisations in the local community. During 2024/25, the main organisation being supported by the School’s annual charity festival known as Long Ducker was Lumina, supporting improved educational opportunities for children in local state schools in the borough of Harrow;
Construction of the School’s Biology and Chemistry Schools, was completed, with classes beginning in September 2024, and spaces made available for use by other local schools and organisations. The substantial reconstruction of the School’s dining hall continued during 2024/25 and is due to complete in Autumn 2025. Both projects have involved substantial fundraising;
Work supported by the HDT around the School estate included: Sixth Form Club, substantial refurbishment of the original School Squash Courts, as well as improvements in a number of boarding houses, primarily including West Acre. The sale of sponsored chairs continued in the extensive and beautifully detailed renovation in Speech Room, the School’s iconic and historic assembly hall;
Continuing sponsorship of a lecture series by distinguished academics which are shared with other schools locally;

REPORT OF THE TRUSTEES

THE HARROW DEVELOPMENT TRUST

Achievements and Performance (continued)

Providing funding for the appointment of part-time visiting professionals in Music, Art and Drama and, in addition, support for mental health provision, and the funding of the School’s US College advisor;
Providing sponsorship for overseas tours by many pupils continued, including a rugby tour to the UAE, and an environmental sustainability tour to Costa Rica;
Promoting and administering the donations for the Long Ducker charity activities and chairing the School’s Charity Committee which oversees the School’s and pupils’ involvement in many projects for the benefit of local schools, partners and the community; and
In addition, interest continues to be shown towards Tsunami relief projects in Sri Lanka from the charitable fund established at the beginning of 2005 for this purpose, with over £10k raised in 2024/25.

Funds are now being accumulated in major areas, such as in particular:

Increasing bursary funding to widen access to Harrow School, with particular focus on fixed term awards and other bursary schemes. In addition, more funding is also required for hardship awards. This involved boys joining the School at both Year 9 and Year 12 levels.
Widening of access to the School reflecting the change in the School’s approach to bursary awards which is intended to transform the lives of pupils selected.
Providing the optimum environment for Harrow School which includes modernising and enhancing the School estate, improving the surroundings in which Harrovian pupils live, and extending opportunities for pupils both to learn and develop their personalities and to attract the best quality teaching staff.
Raising funds to support the significant plan for the School, Harrow 450. This plan required substantial investment in the Biology and Chemistry Schools, dining hall, and in future the sports hall, cognitive studies and artificial intelligence, and landscaping environment.

The Trust continues to promote the need to increase funds substantially for scholarships and bursaries. Through appropriations supplied by the Trust, Harrow School can increase the funding it offers for scholarships and bursaries to pupils whose families could not otherwise afford this education. The Trust operates a portfolio which supplies means-tested awards to boys of significant ability. Through this scheme it is possible for pupils to be awarded up to 100% of fees. A substantial number of other donations for scholarships are also made direct to the Trust to fund pupils with outstanding sporting or academic talent.

Further reports on the work, plans and achievements of the Trust are available in publications such as the Harrow Record and also the Trust’s own annual report, Silver Arrow, obtainable on request from the Trust. Details are also available on the Trust’s website https://www.harrowschool.org.uk/supportharrow.

The Trust’s activities continued at a similar level in pursuit of its funding objectives. The Trust also continued to work closely with the Board of the Harrow Association (the School’s alumni association) and with other volunteer supporters interested in helping achieve its objectives.

The ongoing fundraising programme under the primary ambit of Harrow 450 and Bursary programme included the following activities:

A number of events and meetings were held at which the Trust’s development activities were brought to the attention of potential supporters;
Overseas visits continued, with events for the entire Harrow Community in Hong Kong, New York, Los Angeles, Singapore, Bangkok, UAE and Lagos. The programme of overseas visits will continue in future years;
Further efforts to promote legacy giving by Old Harrovians and pointing out the benefits of making bequests in favour of the School, with seven legacies being received in 2024/25.

The Trustees wish to thank all those donors who generously made contributions during the course of the year 2024/25. They were pleased to engage with a large number of these donors, often online. Ways in which the generosity of donors was recognised both by Harrow School and the Trust this year include the publication and recognition of donor’s names in the Trust’s publications, as well as continuing a programme to plant trees on the School grounds in appreciation of donors who leave a bequest to Harrow School after their passing.

REPORT OF THE TRUSTEES

THE HARROW DEVELOPMENT TRUST

Financial Review

A total of £7,085,345 was received or receivable in the year from gifts, donations, and other income, compared with a total of £7,918,946 in the previous year. The total appropriations for the benefit of Harrow School were £5,785,000 (2023/24 - £7,250,000), which resulted in net outgoing resources of £(20,954) (2023/24 – £(533,765)). Closing reserves for the year were £500,662 (2023-24 - £521,616), which Trustees consider sufficient.

Over the financial year, investments had a realised gain of £8,595 (2023/24 – gain of £66,175) on the sale of certain investments and an unrealised gain of £33,621 at the end of the year (2023/24 – gain of £14,777). This was in line with movement on the Stock Market.

Plans for Future Periods

As part of Harrow 450 and the Trust’s other core objectives, plans include:

To build on the now well-established long-term fundraising process;
To fund developments and projects to agreed financial targets in keeping with the wide-ranging objectives of the Trust;
To continue to work closely with the Harrow Association in furthering the interests of the Trust;
To keep the cost base of the Trust under review in order to maximise its available net income; and
To work with the Head Master of Harrow School in support of his vision and the Governors’ strategy for the further development of the School.

Connected Organisations

Four of the current Trustees of the Trust are also Governors of the Corporation for which the Trust raises funds.

Grant making policy

Grant making criteria set out what Trustees wish to support to further the Trust’s charitable purposes. The principles which underpin governance of the Trust’s grant-making take account the objects of the Trust and the scale of the grants.

The principles are as follows:

The Board of Trustees has ultimate collective responsibility for all grant-making decisions in line with the Trust’s charitable purposes and any restrictions agreed with donors.
Trustees can apply conditions to any grant.

Reserves

Note 12 to the Financial Statements shows the assets attributable to the Trust. As at 31 August 2025, the Trust held total reserves of £500,662 (2023/24 – £521,616), comprising £135,021 in unrestricted funds (2023/24 – £133,272), and £365,641 in restricted funds (2023/24 – £388,344). The Trust is a fundraising charity which only distributes donations and legacies received when there is a sufficient surplus. The Trust does not make unfunded commitments and holds sufficient free reserves to meet its day to day operating costs over the forecast period.

Going Concern

The Trustees have reviewed the operating and financial forecasts of the Trust for the period to 31[st] August 2027 and consider that the Trust has adequate resources to continue in operational existence for a period of no less than twelve months from the date under these financial statements.

Therefore, the Trustees have agreed that the Trust continues to adopt the going concern basis in preparing its financial statements.

Fundraising Activities

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities.

REPORT OF THE TRUSTEES

THE HARROW DEVELOPMENT TRUST

In relation to the above, we confirm that all solicitations are managed internally, without involvement of professional fund-raisers, or third parties, but sometimes with the assistance of fundraising consultants. The day-to-day management of all income generation is delegated to the key management personnel, who are accountable to the Trustees. The Trust does not undertake fundraising from the general public.

We have received no complaints in relation to solicitations. Our terms of employment require staff to behave reasonably at all times; all major fundraising activities are approved at a senior level before they are undertaken and are conducted under procedures and protocols formulated and agreed by the Trustees. We therefore do not consider it necessary to design additional procedures to monitor such activities. The Trust is registered with the Fundraising Regulator and is committed to the standards set by the Code of Fundraising Practice.

The Trust is committed to ensuring that all fundraising activities are conducted in a legal, open, honest and respectful manner, with particular care taken to safeguard individuals who may be in vulnerable circumstances. In line with sector guidance, including the Fundraising Regulator’s expectations that fundraising must treat all donors “fairly and safely,” the Trust has adopted procedures to identify and support those who may be vulnerable, and to ensure that no undue pressure is applied when seeking donations. These practices form part of the Trustees’ broader responsibility under the SORP framework to demonstrate sound governance and responsible stewardship of fundraising activities within the annual report.

Investment Policy

The management of the investment portfolio, donated to the Trust in 2001/02 by The Peter Beckwith Harrow Trust, is supervised by the Foundation Investments Committee. The Chairman of this Committee is a Governor of the Corporation. The investment portfolio is managed on a day to day basis by the fund managers, Cazenove Capital Management, in accordance with the policies and strategies recommended by the Committee.

The investment objective of the financial investment portfolio is to generate a return to support bursary funds for Harrow School. For the 12 months to 31 August 2025, the Charity Multi Asset Fund delivered a total return of 10.5%. This was ahead of both its target, UK CPI plus 4% (7.9%), and the ARC Sterling Steady Growth ACI benchmark (6.2%).

As custodians of an endowment, we endeavour to use all our assets, including investments, to align with our mission. We recognise the importance of environmental, social and corporate governance (ESG) issues in the selection and management of investments within our portfolio. The Investment Committee asks all its fund managers to have an ESG policy in place and to incorporate an assessment of ESG into their decision-making processes. The Investment Committee also ensures that a consideration of ESG factors is a standard part of our selection process when appointing new fund managers.

Risk Management

The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

The Harrow Development Trust’s principal activity is the raising of funds for Harrow School. The main risk to the Trust is a failure to meet the fundraising objectives set by the School. The Trustees consult with the Governors of the Corporation on funds raised, together with future commitments and pledges by donors, on a regular basis.

Other risks, in the context of the Trust’s fundraising activities, relate to compliance with applicable regulations and exposure to cyber risk and financial crime. The Trustees have implemented appropriate systems and controls to ensure regulatory requirements are met and that potential cyber threats are effectively mitigated.

In the opinion of the Trustees, the Trust has established an effective annual review system and has allocated sufficient resources to ensure, within a reasonable time frame, that those risks identified have been mitigated to a level acceptable for the Trust’s day to day operations.

REPORT OF THE TRUSTEES

THE HARROW DEVELOPMENT TRUST

Relevant Audit Information

The Trustees who held office at the date of approval of this Trustees’ Report confirm that, so far as they are individually aware, there is no relevant audit information of which the Trust’s auditors are unaware and each Trustee has taken all reasonable steps that he ought to have taken as a Trustee to make himself aware of any relevant audit information and to establish that the Trust’s auditors are aware of that information.

Charities Act 2011 and Public Benefit

Under Section 17(5) of the Charities Act 2011, the Trustees are required to ensure that the Charity’s objects and aims are for the public benefit. The Trustees confirm that they have referred to the general guidance “Charities and Public Benefit” issued by the Charity Commission and additionally “The Advancement of Education for the Public Benefit” when reviewing the Trust’s objects and activities and plans for future fund raising.

Auditor

Crowe UK LLP has signified its willingness to continue in office as auditor.

THE HARROW DEVELOPMENT TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS102 The Financial Reporting Standard applicable in the United Kingdom and Ireland.

The law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust during the year and of its financial position at the end of the year.

In preparing these Financial Statements the Trustees are required to:

select suitable Accounting Policies and then apply them consistently;
observe the methods and principles of the Charities’ SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and
prepare the Financial Statements on the going concern basis unless it is inappropriate to assume that the Trust will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and taking reasonable steps for the prevention and detection of fraud and other irregularities.

By Order of the Board of Trustees

J P J Glover

2026

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE HARROW DEVELOPMENT TRUST

Opinion

We have audited the financial statements of The Harrow Development Trust for the year ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
sufficient accounting records have not been kept; or
• the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charity’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We also considered the opportunities and incentives that may exist within the charity for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of donation and legacy income, and the override of controls by management. Our audit

procedures to respond to these risks included enquiries of management, and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over the completeness and timing of recognition of donation and legacy income, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor London

Date: 31 March 2026

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 August 2025

THE HARROW DEVELOPMENT TRUST

Unrestricted Note funds Income from: £ Donations and legacies 1 To the Trust 4,846,630 Gift aid 236,020 Tsunami relief fund - Investment income - _ Total incoming resources 5,082,650 _ Expenditure on: Raising funds 2 989,614 Charitable activities: Appropriations for the benefit of Harrow School 3 3,962,566 Tsunami relief fund - Governance costs 5 128,721 _ Total resources expended 5,080,901 _ Net gain on investments 7 - _ Net (outgoing) resources 1,749 Balances at beginning of year 133,272 _ Balances at end of year 12/13 £135,021	Restricted funds £ 1,841,446 123,936 10,500 26,813 _ 2,002,695 _ 234,230 1,822,434 10,950 - _ 2,067,614 _ 42,216 __ (22,703) 388,344 ___ £365,641	Total Total 2024/2025 2023/2024 £ £ 6,688,076 6,785,896 359,956 1,110,587 10,500 22,245 26,813 218 _ _ 7,085,345 7,918,946 ______ _ 1,223,844 1,241,068 5,785,000 7,250,000 10,950 21,295 128,721 21,300 _ _ 7,148,515 8,533,663 _ _ 42,216 80,952 _ _ (20,954) (533,765) 521,616 1,055,381 ___ _ £500,662 £521,616

All of the activities of the Trust are continuing. The Trust has no gains or losses that are not shown above. The Accounting Policies and Notes on pages 16 to 26 form part of these Financial Statements.

BALANCE SHEET As at 31 August 2025

THE HARROW DEVELOPMENT TRUST

		2025	2024
		£	£
Fixed Assets
Tangible fixed assets	6	1,655	2,206
Investments	7	605,862	683,506
		___	__
		607,517	685,712
Current Assets
Debtors and prepayments	8	2,978,335	2,110,684
Cash		200,483	196,352
		_	_
		3,178,818	2,307,036
Creditors:amounts falling due within one year	9	(1,135,673)	(571,132)
		_	_
Net current assets		2,043,145	1,735,904
		___	__
Total Assets less Current Liabilities		2,650,662	2,421,616
Creditors: Amounts falling due
after one year	10	(2,150,000)	(1,900,000)
		___	__
Net Assets		£500,662	£521,616

		___	__
Represented by:
Unrestricted fund	12/13	135,021	133,272
Restricted funds	12/13	365,641	388,344
		___	__
		£500,662	£521,616
		___	__

Approved and authorised for issue by the Trustees on 2026 and signed on their behalf by:

J P J Glover ) ) ) Trustees ) A D Hart )

A D Hart

The Accounting Policies and Notes on pages 16 to 26 form part of these Financial Statements.

THE HARROW DEVELOPMENT TRUST

STATEMENT OF CASH FLOWS Year ended 31 August 2025

	Note		2024/2025		2023/2024
			£		£
Net cash (outflow) from
operating activities	14		(419,005)		(726,861)
Cash flow from investing activities
Listed investment income		26,813		218
Purchase of PPE		-		(2,206)
Net acquisitions of investments		-		(47,173)
Net disposal of investments		146,323		140,232
		_		_
Net cash inflow from investing activities			173,136		91,071
			_		_
Cash flow from financing activities
New loans			250,000		400,000
			_		_
Net cash inflow/(outflow) for the year			4,131		(235,790)
			_		_
Cash and cash equivalents brought forward			196,352		432,142
Increase/(Decrease) in cash in the year			4,131		(235,790)
			_		_
Cash and cash equivalents carried forward	15		£200,483		£196,352
			_		_

The Accounting Policies and Notes on pages 16 to 26 form part of these Financial Statements.

THE HARROW DEVELOPMENT TRUST

ACCOUNTING POLICIES Year ended 31 August 2025

Basis of preparation and assessment of going concern

Harrow Development Trust is an unincorporated charitable trust in the United Kingdom. Charity information is set out on page 2. The Trust constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared under the historical cost accounting basis, except investments held as fixed assets carried at market value. The Financial Statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as applicable from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn.

The Trustees have reviewed the operating and financial forecasts of the Trust and consider that the Trust has adequate resources to continue in operational existence for a period of no less than twelve months from the date under these financial statements. The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant area of uncertainty that affects the carrying value of assets held by the Trust is the performance of investment markets.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income, after any performance conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received.

Income from donations is generally recognised on receipt, unless there are conditions attached to the donation that require a level of performance before entitlement can be obtained. In this case income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Gift aid on donations is accounted for when the related donation is received.

Legacy income is recognised when the charity is aware that probate has been granted, there are sufficient assets in the estate to pay the legacy and that any conditions attached to the legacy are either in control of the charity or have already been met. On occasion, legacies will be notified where it is not possible to measure the amount expected to be distributed with sufficient reliability. On these occasions, the legacy is treated as a contingent asset and, if material, disclosed. Where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant.

Assets donated to the Trust are shown as a donation at market value upon receipt.

Resources expended

All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds includes the cost of all fundraising activities and events and investment managements costs;
Expenditure on charitable activities includes transfers to Harrow School and other charities which further the charitable aims of the charity; and
Other costs which consist of the audit fee.

Costs are allocated to expense headings either on a direct cost basis or apportioned on appropriate bases.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

ACCOUNTING POLICIES Year ended 31 August 2025

THE HARROW DEVELOPMENT TRUST

Unrestricted Fund

Income for which no specific purpose is identified by the donor is credited to the Unrestricted Fund. Unrestricted funds can be used in furtherance of the Objects of the Trust at the discretion of the Trustees. The Trustees may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted Funds

Restricted funds comprise gifts, legacies and grants where the donors have earmarked funds for specific purposes. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on tangible fixed assets at rates calculated to write off the cost, less anticipated residual value, of each asset over its expected useful life. The expected useful lives of the categories are: Computer equipment and office furniture - 4 years Contact database - 10 years

Fixed Asset Investments

Fixed asset investments are shown at the bid price at the year-end. Realised and unrealised gains and losses on the sale or revaluation of investments are accounted for in the Restricted Fund on the SoFA as the underlying assets are also restricted.

Taxation

The Trust is a registered charity and is not liable to Income Tax or Corporation Tax on income derived from its charitable activities. Income derived from non-charitable activities may be subject to taxation. The Trust is not registered for VAT. All amounts in the financial statements are shown inclusive of irrecoverable VAT, where relevant.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and deferred income and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year-end exchange rate.

Foreign Currencies

Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. All differences are taken to the SoFA.

ACCOUNTING POLICIES Year ended 31 August 2025

THE HARROW DEVELOPMENT TRUST

Accounting Judgements and Estimates

In its preparation of these financial statements the Trust has made material judgements, estimates and assumptions. Discussions of these judgements, estimated and assumptions and their impact is included in relevant note disclosures; the main areas being:

(i) Income recognition

Details of the recognition criteria for donations and legacy income is shown under the accounting policy for incoming resources.

(ii) Provision for doubtful debts

Management makes an estimate of the recoverable value of trade and other debtors using historical experience with the debtors and the ageing of the profile of the debt which would not be collected. The level of provisions is reviewed on an on-going basis.

THE HARROW DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025

1. Donations and legacies

Donations include a broad range of donations, including gift aided donations, legacies, gifts from overseas and amounts received from grant making trusts.

Contingent assets (legacies)

During the financial year 2019/20 the Trust received a property as a legacy, which is subject to the interest of a life tenant. In line with the Charities SORP, where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant. The market value of the property as at 31 August 2025 is estimated to be in the region of £975,000.

Total legacy donations amounting to £1,049,200 are anticipated. The Trust has been notified of future legacy receipts totalling £49,200 (2023/24 - £14,391) which have not yet been recognised in the financial statements, as recognition criteria set out in the accounting policies have not yet been achieved. During the financial year 2024/25, the Trust received an estate as a legacy, consisting of four properties. In line with the Charities SORP, the legacy is not recognised as income until probate has been granted. The market value of the properties as at 31 August 2025 is estimated to be in the region of £1,000,000.

Raising funds	Unrestricted	Restricted	Total	Total
			2024/2025	2023/2024
Salaries	751,128	177,468	928,596	891,394
Support costs:
- Administration and professional fees	101,565	24,412	125,977	110,552
- Fundraising events & travel	65,641	15,509	81,150	134,324
- Direct fundraising costs	39,862	9,418	49,280	67,118
- Publications	31,418	7,423	38,841	37,680
	__	___	___	__
	£989,614	£234,230	£1,223,844	£1,241,068
	__	__	__	__

3. Appropriations for the benefit of Harrow School

Unrestricted General fund 3,962,566 Scholarships - Fixed Term Bursaries - - Expendable endowment - - Peter Beckwith - __ £3,962,566	Restricted 807,992 764,515 149,927 100,000 ___ £1,822,434	Total Total 2024/2025 2023/2024 4,770,558 6,218,729 764,515 717,488 149,927 173,783 100,000 140,000 ___ __ £5,785,000 £7,250,000

The costs of Peter Beckwith scholarships were met from a cash withdrawal of £100,000 (2023/24 - £140,000) from the investment portfolio sufficient to meet all disbursements.

THE HARROW DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025

4. Employees of the Corporation, Trustees and Key Management

No employees are employed directly by the Trust. Total salary costs of £928,596 (2023/24 - £891,393) were recharged to the Trust by the Corporation in relation to administration of trust activities through the year.

The Trustees neither received nor waived any remuneration during the year. The Trustees did not have any expenses reimbursed or paid directly on their behalf during the year.

Compensation payable to key management personnel during the year was £690,568 (2023/24 - £676,446).

Governance costs	Total	Total
	2024/2025	2023/2024
Legal fees	102,321	-
Professional fees – Audit	26,400	19,680
Professional fees – Tax services	-	1,620
	___	__
	£128,721	£21,300

	__	__
	Total	Total
	2024/2025	2023/2024
	£	£
Fees payable to the Trust’s auditor for the audit	26,400	-
of the Trust
Fees payable to the Trust’s auditor for the non-	-	-
audit services of the Trust
Fees payable to the Trust’s previous auditor for	-	19,680
the audit of the Trust
Fees payable to the Trust’s previous auditor for	-	1,620
the non-audit services of the Trust
	_	_

THE HARROW DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025

6. Tangible Fixed Assets

Office equipment and Contact Database

Cost At beginning of the year Additions Disposals ` At end of the year Depreciation At beginning of the year Charge for the year Disposals At end of the year Net Book Value At 31 August 2025 At 31 August 2024 Fixed Assets – Investments Balance at beginning of the year Acquisitions during the year Disposal proceeds Realised gains on investments Unrealised gains on investments Investment income (accumulated credits) Stockbroker’s cash movement Balance at end of the year Represented by: Investments at market value Cash with stockbrokers	2025 683,506 - (146,257) 8,595 33,621 26,463 (66) _ £605,862 _ 605,525 337 __ £605,862	Total 49,992 - - __ £49,992 _ 47,786 551 - *£48,337* *£1,655* *£2,206* 2024 695,613 47,173 (140,500) 66,175 14,777 - 268 _ £683,506 __ 683,103 403 ______ £683,506

7. Fixed Assets – Investments

At 31 August 2025, the following investments were considered material in the context of the investment portfolio:

Cazenove Charity Multi-Asset Fund – 100%

The cost of investments at the year-end was £502,231 (2023/24 - £607,295).

THE HARROW DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025

Debtors	2025	2024
Due from Harrow School	2,750,000	1,900,000
Other debtors	-	33,546
Income Tax recoverable	193,183	173,874
Prepayments and accrued income	35,152	3,264
	__	_
	£2,978,335	£2,110,684
	__	_

Included within debtors is an amount of £2,150,000 due in more than one year.

Creditors: amounts falling due within one year	2025	2024
Loans	600,000	-
Due to Harrow School	144,635	244,002
Accruals and deferred income	383,163	317,984
Other creditors	7,875	9,146
	_	_
	£1,135,673	£571,132
	__	_

Included within creditors is deferred income of £61,500 (2023/24 - £0) which is ticket money for an event due to be held in 2025/26.

10.Creditors: amounts falling due after one year	2025	2024
Loans	£2,150,000	£1,900,000

	_	_
The loans are unsecured, interest free and repayable as follows:
Between 1 – 2 years	£2,150,000	-
Between 2 – 5 years	-	£1,900,000

11. Capital Commitments

At 31 August 2025 and 31 August 2024 there were no contracted capital works not provided for in these Financial Statements.

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025

THE HARROW DEVELOPMENT TRUST

12. Funds

The movement in funds for the year ended 31[st] August 2025 are as follows:

Restricted Unrestricted Total Funds	At 1 September 2024 388,344 133,272 £521,616	Income 2,002,695 5,082,650 £7,085,345	Expenditure (2,067,614) (5,080,901) £(7,148,515)	Transfers - - -	Gains and losses 42,216 - £42,216	At 31 August 2025 365,641 135,021
						£500,662

The movement in funds for the year ended 31[st] August 2024 are as follows:

Restricted Unrestricted Total Funds	At 1 September 2023 452,469 602,912 £1,055,381	Income 1,713,331 6,205,615 £7,918,946	Expenditure (1,858,408) (6,675,255) £(8,533,663)	Transfers - - -	Gains and losses 80,952 - £80,952	At 31 August 2024 388,344 133,272
						£521,616

Restricted funds consist of income received for the following specified purposes:

Capital Projects - To support the School’s capital and renovation programme.
Tours and School Activities – Providing funds for teaching, academic projects, and Harrow pupil tours overseas of educational benefit.
School/House Projects – Funding to support projects across the School’s estate, including improvements in boarding houses.
Bursaries & Scholarships – Providing funding for bursaries and scholarships for Harrow pupils who require financial assistance.
Tsunami Relief fund – Supporting a charitable fund which was constituted in 2005 to provide relief to people in countries affected by the Tsunami disaster in Asia.

THE HARROW DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025

13. Allocation of the Trust’s Net Assets

The net assets at 31 August 2025 are held for the restricted and unrestricted funds as follows:

Restricted funds: Tsunami Other Unrestricted funds	Net Long Fixed Current Term Assets Assets Creditor - 60 - 605,862 1,909,719 (2,150,000) _ _ _ 605,862 1,909,779 (2,150,000) - 135,021 - _ _ _ £605,862 £2,044,800 £(2,150,000)	Total 60 365,581 _ 365,641 135,021 _ £500,662

Other restricted funds of £365,581 relate mainly to scholarship funds retained by the Trust after deducting the loans which are for restricted purposes.

The net assets at 31 August 2024 are held for the restricted and unrestricted funds as follows:

Restricted funds: Tsunami Other Unrestricted funds	Net Long Fixed Current Term Assets Assets Creditor - 108 - 683,506 1,604,730 (1,900,000) _ _ _ 683,506 1,604,838 (1,900,000) - 133,272 - _ _ _ £683,506 £1,738,110 £(1,900,000)	Total 108 388,236 _ 388,344 133,272 _ £521,616

Other restricted funds of £388,236 relate mainly to scholarship funds retained by the Trust after deducting the loans which are for restricted purposes.

THE HARROW DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025

14.Cash Flow from Operating Activities	2024/25	2023/24
Net (outgoing) resources	(20,954)	(533,765)
Depreciation	551	-
Investment income	(26,813)	(218)
Increase in debtors	(867,651)	(341,419)
Increase in creditors	564,541	229,493
Gains on revaluation of investments	(33,621)	(14,777)
Gains on disposal of investments	(8,595)	(66,175)
Investment income (accumulated credits)	(26,463)	-
	_	_
Net cash (outflow) from operating activities	£(419,005)	£(726,861)
	_	_

Analysis of Net Funds

At 1 September 2024 Cash in hand, at bank 196,352 _ £196,352	At Cash 31 August flows 2025 4,131 200,483 _ _ £4,131 £200,483

16. Status of the Charity

The Harrow Development Trust is treated as a subsidiary charity of the Keepers and Governors of The Free Grammar School of John Lyon (the Corporation, incorporated in the UK, charity number 310033). Copies of the financial statements of the Corporation are filed with the Charity Commission and are available from 5 High Street, Harrow on the Hill, Middlesex, HA1 3HP.

17. Related Party Transactions

Trustees made voluntary donations to HDT of £526,030 (2023/24 - £82,224).

Transactions with the Corporation during the year, together with the outstanding balances at the year-end are detailed below. The transactions include payments for the provision of staff and administrative services:

i. Total salary costs of £928,596 (2023/24 - £891,393) were recharged to the Trust by the Corporation in relation to administration of trust activities through the year.
ii. Loans granted to HDT are unsecured, interest free and repayable as follows: • Due within one year: £600,000 (2023/24: £0)
Due after more than one year: £2,150,000 (2023/24: £1,900,000)
iii. The inter-company balance outstanding at year end is £144,635 (2023-24 - £244,002) due to the Corporation.

THE HARROW DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2024

18. Statement of Financial Activities for the year ended 31 August 2024

Unrestricted Note funds Income from: £ Donations and legacies 1 To the Trust 5,832,186 Donations inclusive of gift aid 373,429 Tsunami relief fund - Investment income - _ Total incoming resources 6,205,615 _ Expenditure on: Raising funds 2 1,072,406 Charitable activities: Appropriations for the benefit of Harrow School 3 5,584,437 Tsunami relief fund - Other costs 5 18,412 _ Total resources expended 6,675,255 _ Net gain/(loss) on investments 7 - _ Net (outgoing) resources (469,640) Balances at beginning of year 602,912 _ Balances at end of year 12 £133,272	Restricted funds £ 953,710 737,158 22,245 218 _ 1,713,331 _ 168,662 1,665,563 21,295 2,888 _ 1,858,408 _ 80,952 __ (64,125) 452,469 ___ £388,344	Total 2023/2024 £ 6,785,896 1,110,587 22,245 218 _ 7,918,946 _ 1,241,068 7,250,000 21,295 21,300 _ 8,533,663 _ 80,952 __ (533,765) 1,055,381 ___ £521,616