2024-03-31-accounts - Thomas Harley's Estate Charity

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED CHARrrY NUMBER: 500537 Audlt•d Financlal Statements fDr the Year Ended 31 March 2024 for Thomas Harley's Estat• Charlty The Rowleys Partner5hlp Ltd Statutory Auditors Chartered Accountant5 Charnwood House Harcourt Way hleridlan Buslness Park Lelcester Le1cestehire LE19 1WP

Thomas Harley's Estate Charlty Contents of the Financial Statements for the Year Ended 31 March 2024 Paqe Reference and Adrnlnlstratlve Detalls Trustees. Report Report of the Independent Audltors 7 to 9 Statement of Flnanclal Actlvltles 10 Balance Shwt 11 to 12 Note5 to the Flnanclal Statements 13 to 25 Detalled Statement of Flnanclal Actlvltles 26

Thomas Harfeys Estate Charfty Reference and Admlnfstrative Detalls for the Year Ended 31 March 2024 NOhllNATED TRUSTEES As appolnt•e of the Leicestershlre County Councll Mrs C Radford As appointee of Osgathorpe Parlsh Councll M Buczkiewicz (reslgned 23.9.23) A J Dodson (appointed 23.4.24) A Bates (appointed 19.19.23 & reslgr*d14.11.23) A Wessel (reslgned 9.5.23) Rev A R Lelghton (appointed 9.5.23 As appolntee of Bishop of L•fcester Co- opted Trustee P HaCky0d C Young Ire51sned 9.5.23) P Sergeant C J Sheldon Mrs R A Glbson lappolnted 9.5.23) Mrs S Newcombe {re5igned 9.5.23) Receiver & Clerk Ms S Steven50n PRINCIPAL ADDRESS Clo Charlty Llnk 20a Mlllstone Lane Lelcester LE15JN REGISTERED CHARITY NUMBER 500537 AUDrroRS The Rowleys Partnershlp Ltd statutory Audltors Chartered Accountants Charnwood House Harcourt Way Merldian Buslness Park Lelcester Lelcestershlre LE19 1W INVESTMEKf MANAGERS cc Senator House 85 Queen Victoria Street Lond EC4V 4Er BANKERS Barclays Bank Plc Market Place Lelcester LE87 ZBB Page 1

Thoma5 Harley's Estate Charfty Trustees. Report for the Year Ended 31 March 2024 The tnJstee5 present thelr report with the flnancial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provlslons of Accounting and Reportlng by Charities. Statement of Recommended Practice applicabLe to charitles preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191. The fTnanclal statements have been prepared to give a true and falr view and have departed from the Charitles (Accounts and Report51 Regulatlons 2008 only to the extent requlred to provide a true and falr view. This departure has Tnvolved following the Statement of Recommended Practice for charlties applying FRS 102 rather than the version of the Statement of Recommended PractTce which is referred to in the regulations. but which has Since been withdrawn. OBJEcfivES AND ACTIVITIES Objectives and aims The objects of the charity are to assist wherever possible those appllcant$ in need withln the classes of beneficiaries as described in the Charity Scheme, namely WTdows, widowers and dependents of deceased Clergy and Schools and Young Persons under the age of 25, principally from the relevant Areas of 8eneflt. In formulating and applying these objectives, the trustees have regard to the guldance of the Charity Commisslon on Public Beneflt. The trustee5 seek to utlllse all of their net Income to asslst beneflclarles by awardlng rnonetary grants. In the case of the educational irants these are to assist specific projects being undertaken by schoo15 from the Area of Beneflt deflned as the parlshes of 05gathorpe, Belton and the former Urban Distrlct of Coalville. The trustees look to the schoo15 to raise thelr own contrlbution to the project and If possible, match the funds being offered by the trustees. For Young Persons the trustees are aware of the debts be5ng incurred by students from lower.income households In attending higher educatlon. Provlding that the student's appllcation Is strongly supported by thelr course tutor the trustees endeavour, provldSn8 funds allow, to assist that student through thelr college / unlverslty I:ducation. For clergy wldow5, wldowers and dependents, apart from emergency asslstance In the forrn of relief In need 8rants, the trustees award. subject to thelr financlal status, health, age and number of dependents, temporary ald grants where the level of grant awarded 15 calculated from the Informatlon supplled by the Diocese of Leicester Clersy Widow5 and Widowers Familie5 Commltlee. The trustees have paid due regard to guldance Issued by the Charlty Commisslon In declding what actlVTties the charfty should undertake. ACHIEVEMENT AND PERFORMANCE Charitable acthdtie5 The charity has continued Tts purposes of distributing the income in accordance with wishes of the settlor Thjmas Harley. This allocates 75% of the income to the Relief In Need Charlty and 25% to the Educatlon Charlty. In accordance with Scheme sealed on 2nd August 1990 by the Charlty Commlsslon thp flistrlhution of the funds from both the Relief in Need Charity and the EducatTon Charlty are adminlstered by this charity the Thomas Harley's Estate Charlty. No fundralslng takes place, all income 7s recelved from investments managed by CCLA or from property. The adrnini5tratlon of the charlty Is outsourced to Charity Link on behalf of the trustees. Page 2

Thornas Harley's Estate Charlty Trustees. Report for the Year Ended 31 March 2024 FINANCIAL REVIP Financial posftion The trustees are advised by CCLA. As at 31st March 2024, £11.321,108 12023 £10,371,254) was invested In the COIF Charities Investment Fund, of whlch 71.89% was in Equlties, 9.71% in Infrastructure and operating Assets, 8.23% In Fixed interest, 1.62% in Cash and near Cash, 1.15% Sn ContractL5al and Other Income, 3.96% in Property, 3.42% in Private Equity. The net movement in funds, excludlng galnsl(lossesl on investments totalled £290,865 and In accordance wlth the Scheme was allocated 75% to the Relief1n Need Charlty and 25% to the Educatlon Charlty. The Rellef In Need Charity recelved Income of E218,148, awarded grants of £151,518 and held a balance of Income not distributed of £531,618 at the end of the year. Thls financlal year the net movement Dn funds for the Educatlon charity Wa5 an Increase of £27,681. The balance of Income at the end of the flnancial year was £634,534. The Educatlon Charity rece1ved Income of £72,715, awarded grants of £68,874 and held a balance of Income not yet distrfbuted of £134, 534 at the end of the year. The grant5 were 5pIIt with £34,208 awarded to schools and £34,666 awarded to young people. Risk Management & Reserves Polky The trustees have considered the major risks to which the charlty15 exposed and have reviewed ttrse risks and establlshed systems and procedures to manage those risks. The trustees approved an Investment and Reserves Pollcy at thelr meeting on 1st March 2017. The implementation of this policy is regularly reviewed wlth reports received from CCL4 at trustee ffleetfngs. The trustees conslder the safeguardlng of invested furKls and the returns on these funds to be the charltys major f inancial risk and recent volatillty ID world stock markets has demonstrated this risk. For this reason, the rtsk5 a550ciated wlth thFS are mitigated by outsourdng the Investment management to CCL4. where the monles are Invested in low rlsk fund5 whlch alrn to provide stable returns for the charlty to enable It to continue to meet its objective of maklng grants to the beneflt of the local community and those In need. To allow for market volatility, the trustees have started the process of building up reserves whlch wlll be equivalent to one year's Lwdgeted 8rant maKIng and held in the CCL4 COIF Cash Deposlt Fund. At 31 March 2024 the reserve5 held totalled E212,424. FUTURE PLANS The charity plans to continue to fulfll Its objectives as identlfled above Into the foreseeable future and to continue to make the m05t of the beneflts It has obtalned via Its flnancial strength. The Trustees are in the process of establishing a newly incorFy)rated Charltable Incorporated Organ15atlon (cio) to take over the activity of the current Charities. The Charlty Commlssion have given approval, and the transfer of assets Is underway, Thls transition wSll enable a more detalled revlew of the governance stnjcture. The Trustses have entered Into an Option Agreement to sell a small land holdlng, subject to planning pem5sslon being granted. Proceeds from the sale will be utili5ed to increase the investment portfolio and income available for distrlbution. STRucfuRE. GOVERNANCE AND hlANAGEMEN Governing document The trustees obtained a Unitin£ Direction from the Charity Commi551on on 14th April 2006 $0 as to enable the Thomas Harley's Estate Charity 1500537), Thornas Harley's Relief in Need Charlty {209951), and Thoma5 Harleys Educational Foundation (5278831 lo be treated as a sinsle charity for the purposes of Part 11 Iregi5tration) and Part vi iaccountingi of the Charities Act 2011. Page 3

Thomas Harley's Estate Charlty Trustees. Report for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appofntment of new trustees The trustee5 who served during the year and up to the date of signature of the f7nancial statements were: Nominated Trustees A5 appolntee of the Lefcestershlre County Council As appolntee of Osgathorpe Parlsh Councll Mr5 C Radford M Buczkiewlcz (resigned 23.9.231 A J Dodson lappolnted 23.4.24> A Bates lappointed 19.9.23 & resigned 14.11.23) As appolntee of Blshop of Leicester A Wessel (reslgned 9.5.231 Rev A Leighton {appolnted 9.5.23) Co-opted Trustees P Hackwood C Young Iresigned 9.5.231 Mrs G Newcombe Iresl8ned 9. 5,23 P SerBeant C J Sheldon R A Glbson (appointed 9.5.231 The Trust Deed state5 the body of trustees when cornplete shall conslst of 9 competent persons being: . Three nominated trustees and SIX co-opted trustees Nomlnated trustees are appolnted as follows: One by the Lelcestershlre County Councll (as local educatlon authorltyl., , One by the Osgathorpe Parish CoLYKiI; and . One by the Blshop of Lelcester The nomlnated trustees are: Leicestershire County COU11 Counclllor Christine Radford . Osgathorpe Par15h Councll - C1ClI10r A Dodson Blshop of Leicester - Rev A Leighton Co-opted trustees are persons through resldence, occupation or employment. or otherwise have speclal knowled8e of the area of benefit. These trustee5 ar(b appolnted for a term of flve years by a resolution of the trustees passed at a special meetin8. Any competent trustee may be re-appolnted under the terms of the Trust Deed. All trustees give of thelr tlme freely and no trustee remutteratlon was paid in the year. Trustees are requlred to dlsclose all relevant interests and to wlthdraw from declsions where a potentlal confllct of Interest arf5es. Ail grant claims and payments are reported to the trustees. In case5 where the afftounts claimed are below E4.(J)O and assistance urgently required, the cled( investigates the claim and a grant is awarded with the approval of the chairman and one other trustee, usually Rev A Leighton. The payments usually are to assist claimants with funeral expenses or emergency repairs I replacement of essential electrical equipment such as a washlng machine for a clergy widow. All other grant clalms are consTdered by the trustees at thelr bi- annual meetlngs. Page 4

Thomas Harley's Estate Charlty Trustees. R•port for the Year Ended 31 March 2024 STRUCTURE. GOVERNANCE AND MANAGEMENr AIL trustee5 are on appointment briefed as to the objects of the charity, the background history to the charlties and are glven copies of the Charltabie Scheme dated 2nd August 1990 and the most up-to-date financlal accounts and perfonnance pOrts from the charlty Investment advlsors, CCLA. The chadty does rvjt employ any staff but pays an annual fee to Charity Llnk for thelr services to act as clerk to the charlty and to manage the property assets of the charfty on behalf of the trustees. The day-to-day management of the charltyls deLegated to Charlty Link who regularly Ila15e with P Hackwood the chair of trustees, and Rev A Leighton who 15 the trustee appointed by the Blshop of Leicester and vtho asslsts In identifyfng and brlngln8 forward claims from clerBy wid0v and dependents resident In the Diocese of Leicester. STATEMENT OF TRusfEES' RESPONSIBILITIES The trustees are responsible for preparlng the Trustee5' Report and the flnancial statements in accordance with appllcable law and United Klngdom Accounting Standards {Unlted Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard appl1cable In the UK and Republlc of Ireland" The law appllcable to charities in England and Wales, the Char(tles Act 2011, Charlty (Accounts and Reports) Regulatlons 21Th and the provtslons of the trust deed requires the trustees to prepare flnancial statements for each financlal year which glve a true and fair view of the state of affairs of the tharity and of the Incomln8 resources and appllcatlon of resources, Includlng the Income and expendlture, of the charity for that perlod. In preparlnq those flnanclal statements, the trustees are requlred to select sultable accountlnq wllcles and then apply them con51stently; observe the methods and princlples In the CharSty SORP (FRS 1021; make Judgements and estlmates that are reasonable and prudent; State whether appllcable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained in the financlal statements; and prepare the flnanclal statefflents on the golng concern basis unless It Is Inapproprfate to presume that the charity will contlDue in business. The trustee5 are responslble for keepin8 proper accountTn¥ records whlch disc105e wlth reasonable accuracy at any time the financlal pjsltlon of the charlty and to enable them to ensure that the flnancial statements omply with the Charities Act 2011, the Charity (Accounts and Reports) Re8ulatlons 2LYIB and the provlslons of the trust deed. They are also responsible for safeguarding the assets of the charfty afKI hence for taking reasonable steps for the preventlon and detection of fraud and other Irregularities. Page 5

Thomas Harl•Ws Estate Charity Trustees, Report for the Year Ended 31 March 2024 Approved by order of the board of trustees on ..1 U- ..JLI(IM¢Lf.y..Zo.1.S...... and slgned on Its behalf by: Hac wood - Trustee Page 6

Report of the Independent Auditors to the Trustee5 of Thomas Harley's Estste Charity Oplnlon We have audlted the flnanclal statements of Thomas Harlels Estate Charity (the'chari¢) for the year ended 31 March 2024 whlch comprise the Statement of Financial Activltles, the Balance Sheet and notes to the financlal statements. Including a summary of signlficant accounting policies. The financlal reportlng framework that has been applied in their preparatlon Is applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice), includlng Financlal Reportlng Standard 102'The Flnandal Reporting Standard applicable In the UK and Rewblic of Ireland.. In our oplnion the financlal statements: qlve a true and falr vlew of the state of the charity'5 affalrs as at 31 March Z024 and of Its Inclxning resources and applicatlon of resources. for the year then ended. have been properly prepared In accordance wlth United Klngdom Generally Accepted Accountlng Practice, includlng Flnanclal Reporting Standard 102 The Flnanclal Reporting Standard applicable in UK and Republic of Ireland,; and have been prepared in accordance wlth the requirements of the Charlties Act 2011. Bas15 for oplnion We conducted our audlt in accordance wlth International Standards on Auditing (UKI {ISAs (UKII and applicable law. Our responslbllltles under those standards are further descrfbed in the Auditors. responsibilities for the audit of the financial statements sectlon of ovr report. We are Independent of the charlty in accordance wlth the ethical requirements that are relevant to our audlt of the financlal statements in the UK, Includin8 the FRC'S Ethlcal Standard, and we have fulfllled our other ethical re5ponslbilitles In accordance with these requlrements. We belleve that the audlt evlderKe we have obtaSned Is sufflclent and appropriate to provide a bas7$ for our opinlon. Concluslons relatln8 to golng concern In audlting the flnancial statements, we have concluded that the trustees. use of the golng concern basis of accounting In the preparation of the flnanclal statements is approprlate. Based on the work y have performed, we have not identifled any materlal uncertalntles relatlng to events or condltlons that, indivldually or collectlvely, may cast signlflcant doubt on the chadty's ablllty to continue as a golng concern for a period of at least twelve months from when the flnanclal statements are authorlsed for Issue. Our responslbllltles and the responslbllltles of the trustees wlth respect to 8olng concern are descrlbed In the relevant sections of this report. Other Informatlon The trustees are responslble for the other Infonmation. The other Informatlon comprlses the Informatlon Included in the Annual Report, other than the financlal statements and our Report of the Independent Audltors thereon. Our opinion on the flnancial statements does not cover the other Information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility15 to read the other Informatlon and, In dolng so, conslder whether the other informatlon is materlally inconsistent with the financial statements, or our knowledge obtalned in the audlt or otherwlse appears to be materially m755tated. If we identify such material inconsistencies or apparent materlal misstatements, we are requlred to detemiine whether thls 8lves rise to a materlal misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mlsstatement of thls other Infomktion, we are required to report that fact. We have nothing to report in thls regard. Matters on whlch we are required to report by exceptlon We have nothing to report In respect of the following rnatters where the Charlties (Accounts and Reports) Regulations 2008 requires us to report to you if, in our oplnlon: the Information given In the trustees Report Is Incons15tent Tn any materlal respect wfth the flnanclal statements., or sufflcient accounting records have rl been kept. or the financial statements are not in agreernent with the accountlng records and returrts: or we have not recelved all the Infonnation and explanatlons we require for our audit. Page 7

Report of the Independent Audltors to the Trustees of Thomas Harley's Estate Charlty Responsibilftl•s of trustees As explained morè fully in the Statement of Trustees. Responsibilltles, the trustees are resporsible for the preparation of the financial statements which give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparation of financial staternent5 that are free from material mlsstatement, whether due to fraud or error. In preparlng the flnancial statements. the trustees are responsible for assessing the charltrfs ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the trustee5 elther intend to Ilquldate the charity or to cease operations, or have no reaLi5tlc alternative but to do 50. Our respon51bllltles for the audlt of the flnanclal statsments We have been appointed as auditors under Section 144 of the Charfties Act 2011 and report in accordance wlth the Act and relevant regulatlons made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from materlal rnlsstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that Includes our oplnlon. Reasonable assurance Is a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance with ISAS (UKI will always detect a material mlsstatement when it exists. Mlsstatements can arlse from fraud or err¢y and are considered material If, Individually or in the aggregate, they could reasonably be expected to Influen the economlc declsions of users taken on the basls of these financlal statements. IrreguLarltles, includin8 fraud, are Instances of rK)n.compllance wlth laws and regulatlons. We deslgn procedures in Ilne with our responsibillties, outllned above, to detect material misstatements In respect of Irre8uiarlties, Includlng fraud. The extent to whlch our procedures are consldered capable of detectlng irregularities, Including fraud, Is detalled l)elow: We obtalned an understandln8 of the legal and regulatory frarneworks that are applicable to the charity and detennined that the most $18nificant whlch are dlrectly relevant to speclftc a55ertlons In the flnanclal statements are those related to the financlal reportln8 frameworks (UK Generally Accepted Accountln8 Practlce, the Charlt1es Act 2011) and the relevant tax compliance regulations In the jurlsdictlon In which the charity operates. We enquired of mana8ement, whether they were aware of any instances of non.complian vAth laws and reguiatlons or whether they had any knowledge of actual, suspected or alleged fraud: We assessed the susceptlbility of the entity's flnanclal statements to materfal mlsstatement, Includlng how fraud mlght occur. Our testlng consldered unusual or unexpected Journal entrie5 on a sample basls; We evaluated the assumptions and jud8ernentS Used by management thIn slgnlffcant accountlng estlmates and assessing if these indicate evidence of management bias. We tested s18nificant transactlons, In partlcular the evaluatlon of the buslness rationale for any which appear unusual or outside the charity's normal course of buslness; We a55e55ed the appropriateness of the collective competence and capabllltie5 Of the engagement team by understanding the practical experlence wlth audit engagements of a Similar nature and complexity, plus ensuring the team had appropriate and relevant tralning of the financfal reporting framework and the relevant tax compliance regulatlons speclflc to the entity: We rcviow¢d thc financial *Jtatemcnts and tcsted the disclosures against supporting documentation; and We communlcated relevant matters to all members of the audit team to ensure they mderstood the risks speclflc to the entity and the audit procedures planned to mitigate these. Page 8

Report of the Independent Auditors to the Trustees of Thomas Harley's Estate Charity Because of the Inherent lim1tations of an audit, there is a rlsk that we wlll not detect all irregularities, Including those leading to a material misstatement in the financial statements or non.compl3ance with regulatlon. Thfs risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the flnanclal 5taternents, as we wlll be less Ilkely to become aware of instances of non-compliance. The risk is also greater regarding irregularitfes occurring due to f raud rather than error, as fraud involves intentional concealment, forgery, collusion, omlssion or rnisrepresentation. A further descrlption of our responsibllltle5 for the audlt of the financlal statement5 is located on the Financlal Reporting Councll's webs?te at vrnw.frc.org.uk/auditorsresponsibilities. This descrlptlon forms part of our Report of the Independent Auditors. Use of our report This report Is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charfties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we miRht State to the charlty's trustees those matters we are required to state to them In an auditor5, report and for no other purpose. To the fullest extent permTtted by law, we do not accept or assume responslblllty to anyone other than the charity and the charity's trustees as a body. for our audit work, for this report, or for the opinSons we have formed, The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Eliglble to act as an audltor In tenns of Section 121Z of the Companles Act 2006 CharnwG¥Jd House Harcourt Way Mertdian Buslness Park Leicester Lelcestershire LE19 1WP Ek Date: Page 9

Thomas Harley's Estate Charlty Statement of Financlal Actlvities for the Year Ended 31 March 2024 2024 2023 Restricted funds Unrestricted CharTtable furKIs Branch Restricted funds Educatlonal Branch Total funds Total funds Notes INCOME AND ENDOWKNTS FROM Charltable actlvltles Charitable activlties 7,340 9,500 Investment income Other income 312,814 26 312,814 26 304,492 26 Total 7,340 320,180 314 018 EXPENDrruRE ON Charitable activlties Charltable actlvltles 151,518 242 368 257 473 Net galnsl II05sesl on Investments 1 068 854 1 085,354 396.957) NET IMC¢)mEI{ExPENDuRE) Transf•rs between funds 1,359,718 290,863) 1151,5181 218,148 (45,034} 15 1,163,166 {340,4121 Net movement In furbds 1,068,855 66,630 27,681 1,163.166 1340,412) RECONCILIATION OF FUNDS Total funds brought foTriard 10,565.106 464,988 606,853 11,636,947 11,977,359 TOTAL FUNDS CARRIED FORWARD 11 633 961 531618 634,534 12,81)0,113 11,636 947 coKriNUING OPERATIONS All income and expendlture have arlsen frc¥n contlnulng actlvltles. The note5 form part of these financlal statements Pa8e 10

Thomas Harley's Estats Charlty Balanc• Sheet 31 March 2014 2024 2023 Restricted funds Unrestrfcted Charitable funds Branch Restricted fund5 Educatlonal Branch Total funds Total funds Notes FIXED ASSErs Investments Investments Investment property ?0 11,533,532 11,533,532 10,475.401 955,000 819.500 500,000 11,988,532 500,000 12,488,532 11,294,901 CURRENT ASSErs Debtors Cash at bank 12 82,025 422 982) 82,025 243 170 76,226 274,421 531,618 134 534 (340,957 531,618 134,534 325.195 350,647 CREDrroRS Amounts falllng due wlthin one year 13 (13,6141 (13,6141 (8,601) NEf CURREKf ASSErs 354,571) 531 618 134 534 311 581 TOTAL ASSEfs LESS CURRENT LIABIUTIES 11,633,961 531,618 634,534 12,800,113 11,636,947 NEf ASSErs 11 633 961 531618 634 534 12,800 113 11 636,947 The notes form part of these f1nanclal statements Page 11 continued...

Thomas HarleWs Estate Charlty Balance Sheet - contlnued 31 March 2024 FUNDS UnrestrTCted funds.. Unrestrlcted funds Falr values reserve 14 7,455,235 4,178.726 11,633.961 7,455,235 3,109.871 10 565 106 Restrlcted funds: Restrlcted fund5 Charltable Branch Restricted funds Educatlonal Branch Falr value reserves - Educational Branch 531,618 134,534 500,000 464,988 123,353 483,51)) 1,166,152 1071 841 TOTAL FUNDS 12 800,113 11 636 947 The fl anclal statements were approved by the eoard of Trustees and autlh)rlsed for issue on .25.... and were sl8ned on Its behalf by: P Hackwood . Trustee The notes forrn part of these financial statements Page 12

Thomas Harley's Estate Charity Notes to the Flnancial Statements for the Year Ended 31 March 2024 CHARI INFORMATION Thomas Harley's Estate Charlty Is an unlncorporated charlty registered in England and Wale5, and15 governed by its trust deed. The address of the place of buslness Is given in the legal and administrative Informatlon paqe of these flnancial statements ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The flnancial statanent5 of the charity, whlch Is a public benefit entlty under FRS 102, have been prepared In accordance wlth the Charitie5 SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Flnanclal Reportlng Standard applicable in the UK and Republlc of Ireland IFRS 102) (effective 1 January 2019}', Flnancial Reporting Standard 102 The Financlal Reportlng Standard applicable in the UK and Republlc of Ireland. and the Charlties Act 2011 , The financial statements have been prepared under the hlstorical cost convention, wlth the exception of investments which are Included at market value, as modified by the revaluation of certain assets. Income All income Is recognised In the statement of Flnancial Actlvlties once the charity has entftlement to the fund5, it ?s probable that the income will be received, and the amount can be rnea5ured reliably. Le8acle5 are recognlsed at the earller of the charity belng notlfled of an Impendlng distributlon or the leqacy bein8 recelved. Income from charitable actlvities prlmarlly includes Income recelved from charftable rental income, where property Is let whlch satisfles the objectlves of the charity. Such income15 reco8nlsed on an accruals basls. Investment income Is earned through hold7n8 assets for Investment purposes. It comprises divldends, whlch are recognlsed an an accruals basis. Expendlture All expenditure Is accounted for on an accruals basis and has been classlfled under heading5 that aggregate all costs relatlng to the category. Expenditure is recognised when there is a legal or constructlve obllgatTon to make a payment to a thlrd partyi It Is probable that settlement will be required, and the amount of the obllgation can be measured liablY. It is recognised under the followlng headlngs: Costs of ralsing funds Include investment management costs, for managin8 the portfollo of listed Investments. Expendlture on charltable actlvities notably Includes grant payrnents to further the delivery of the objectives of the charity. Irrecoverable VAT is charged against the category of resources expensed for whlch It was incurred. All resources expended are allocated agalnst unrestrlcted funds unless they speclfically relate to restricted fund. The surplu5 on the unrestrlcted fund Is then transferred on an annual basis against the restricted funds on a 218 to Educati¢)n and 618 to Relief in Need restrTCted fund Grants offered subject to condltlons which have Tr)t been met at the year-end date are noted as a commitment but not accrued as expenditure. Page 13 ontinued..

Thomas Harley's Estate Charlty Notes to the Financial Statements - contlnued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - contlnued Investment property Investment property, whlch Is property held to earn rentals andlor for capital appreciation, is Inltially measured at cost and subsequently measured using the falr value model and stated at Its fair Yalue as the reportlng end date, The surplus or deflcit on revaluatlon 15 recognised in the Statement of Flnanclal Activltie5 (SOFA), Taxatlon The charlty Is exempt from tax on Its charltable activitles. Fund accountlng Unrestrlcted funds can be used In accordance wlth the charltable objectives at the dlscretlon of the trustees. Restricted funds can only be used for partlcular restricted purposes withln the objects of the charlty. Restrtctions arise when specified by the donor or when furKis are ralsed for particular restrlcted purposes. Further explanatlon of the nature and purpose of each fund is included In the notes to the financial statements. Golnq Concern At the time of approving the finarTal statements, the trustee5 have a reasonable expectatlon that the charfty has adequate resources to contlnue in operational exlstence for the foreseeable future. Thu5, the trustee5 cont1nue to adopt the soln8 concern basis of accountlng In preparlng the accounts. Fixed asset Investments Investments in equity instruments whlch are not sub5idiarles are inltlalLy recognlsed at transaction prlce excludlng transaction costs and are subsequently measured at fair value wlth changes recognlsed In the SOFA. At each reportlng end date, the charlty revievts the carryinq amounts of its tanglble and Intangible a55ets to determ7ne whether there is any Indication that those assets have suffered an lrnpalmient loss. If any such Indlcatlon exlsts, the recoverable amount of the asset. or the asset's cash generating unlt. is estimated and compared to the carrying am(xJnt In order to determlne the extent of the Impairment Ioss lif any). Where the carrylnq amount exceeds its recoverable amount, an impaimient loss is recognlsed In the SOFA unless the is carried at a revalued amount where the impalrment loss FS a reyaluation decrease. Cash and cash equlvalent5 Cash and cash equivalents Include cash in hand, deFK)Sits held at call wlth banks, other short.term Ilquld investments wlth original maturltles of three months or less, and bank overdrafts. Pase 14 contlnued...

Thomas Harley's Estate Charlty Notes to the Flnancial Statements - corrtinued for the Year Ended 31 hlarch Z024 ACCOUNTING POLICIES - contonued Financial Instruments Flnanclal instruments are recognised In the charltys balance sheet when the charity become5 party to the Debtors and credltors wlth no stated interest rate and recelvable or payable wlthin one year are measured at Other flnanclal assets Investments In equlty Instruments whlch are not subsidiarfes, associates or joint ventures. are Inltlally measured at f air value, whlch Is normally the transaction price excludlng transactlon costs. Such assets are subsequently measured at fair vaLue and the changes In fair value are recognlsed in the SOFA, except that investments In equity Instruments that are not publlcly traded and whose fair values cannot be measured reliably are measured at cost less Impairment. Impalrment of financial assets Derivatlve financial instruments are Initlally measured at fa1r value at the date on which a derivatlve contract is entered into and are subsequently measured at falr value through the profit Ioss account. Provlslons Provlslons are recognised when the charlty has a legal or constructive present obligat1on as a result of a past event, It Is probable that the charity will be requ1red to settle that obligation, and a reilable estimate can be made of the amount of the obli8ation. Crltlcal accountlni estlmates and Judgements In the appllcatlon of the charity's accountlng pollcles, the trustees are requlred to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readlly apparent from other 50urces. The estlmates and associated a55umptlons are based on hlstorical experien and other factor5 that are considered to be relevant. Actual results may dlffer from these estimate5. The estlmales and underlyfng assumpttons are revlewed on an ongolng bas15. Revislons to accountlng estimate5 are recoqnlsed In the peraod In which the estlmate is revised where the revis70n affects only that perlod, or In the perlod of the revislon and future perlods where the revi55on affects both current and future periods. Key sources of estlmation uncertalnty The estlmates and assumptions which have a slgnlficant rlsk of causing a materlal adjustment to the carrying amount of assets and IlabilitTes are as follows. Valuatson of Investrnents Irwestments are recognised Initially at falr value which Is nomally the transactlon prlce excluding transaction cost5. Subsequently. they are Measured at fair value through proflt or loss If the shares are publicly traded or thelr fair value can otherwise be measured reliably. Other Investments are ffleasvred at cost less impairment. Valuatlon of investment property The valuation of the investment propertles is reassessed annualLy by the trustee5 and, when nece55ary, amended lo reflect current values. Page 15 continued..

Thomas Harley's Estate Charlty Notes to the Flnancial Statements - contlnued for the Year Ended 31 March 2024 INVESTMENT INCOME 2024 Total funds 2023 Total funds Unrestricted Restrlcted funds funds Rents received Interest recelvable Income from listed Investments 982 2,062 301,448 9,115 302 951 9,115 302 951 312 814 312 814 INCOME FROM CHARITABLE AcnvrriES 2024 2023 CharltabLe rental Incorne Othèr Income 7,290 50 9,470 30 CHARITABLE ACTIVITIE5 COST5 Grant fundin8 of actlyltles Isee note 71 Dlrect Costs (see note 6) Totals Expenditure on charitable actlvltles 220,392 242 368 DIRECT COSTS OF CHARrrABLE ACTivrriES 2024 2023 Repalrs to Investment propertles Insurance Clerk Fees Auditors, fees Other professlonal fees & expenses 4,509 881 7,362 7,080 2.144 15,208 2,700 6,031 5,1C(I 29.039 Page 16 continued.

Thomas Harley's Estste Charlty Notes to the Flrkincial Statements - contlnued for the Year Ended 31 March 2024 DIREcf COSTS OF CHARITABLE ACTIVITIES - continued General charftable Charltable EdationaL expendlture branch branch Total 2024 Total 2023 Clerk fee5 Repairs to inve5trnent properties Insurance Audit Fees Postage and Carriage Sundry Expenses Letting agent fees Professlonal fees Travel Computer and Software 7,362 7,362 6,031 4,509 881 5,1( 181 41 954 483 328 158 15,208 2,7IXI 5,1(X) 881 181 954 483 328 158 21,976 GRANfs PAYABLE Z024 2023 Grants pald 220 392 Z28 434 Pale 17 contlnued...

Thomas Harlerfs Estate Charlty Notes to the Flnancial Statements - contlnued for the Year Ended 31 March 2024 GRAPITS PAYABLE - contlnued Charltable Educational Branch Branch Total 2024 Total 2023 Forest Way Sch¢x)I Whltwlck St. John the Bapt15t C of E Primary school Rlse Multi Academy Bloom Ley Primary School Hugglestone Community Prlrnary School Gflffydam Primary School Iveshead School Swannlngton C of E Primary School Eelton Playgroup Oakham School Belton C of E Primary School Newbrldge High 5chooL Life MultT Academy Ashby School 14,985 14,985 553 3.610 4,798 553 3,610 4,798 359 3,0(hJ 3,000 750 11,554 5,730 1.812 4,162 4,162 3,061 2,OCK) 1,1C 2,000 1,1th) 360 34,208 34,208 28,626 Charltable Educational Branch Branch Total 2024 Total 2023 Grants to Indlvlduals 151,518 34,666 186,184 199,808 Page18 continued...

Thomas Harley's Estate Charity Notes to the Flnancial Statements - contlnued for the Year Ended 31 March 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other beneflts for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no tru5tees' expenses pald for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATNES FOR THE STATEMENT OF FINANCIAL ACTMTIES Restrlcted funds Unrestricted Charitable funds Branch Restricted funds Educatlonal 8ranch Total funds INCOME AND ENOOWMENTS FROM Charltable actlvltles Charitable actlvlties 9,5CQ 9,5LKI Investrnent Income Other income 304,492 26 304,492 26 Total 9,500 314,018 EXPENDITURE ON Charltable actlvitles Charitsble actlvlties 170 058 257 473 Net galnsl(Iosses) on investments 396,9571 396,9571 NEf INCOMEI(EXPENDITURE) Transfers between funds 1118,7781 278,1751 1170,058) 208 631 IS7,576) 69,544 (340,4121 Net movement fn funds {396.953) 38,573 17,968 (340,412) RECONCILIATION OF FUNDS Total funds brought forward 10,962,059 426,415 588,885 11,977.359 TOTAL FUNDS CARRIED FORWARD 10 565,106 464 988 606,853 11 636 947 Page 19 continued.

Thomas Harley's Estate Charity Notes to the FlnanclaL Statements - contlnued for the Year Ended 31 March 2024 I O. FIXED ASSEf INVESTMENTS 2024 2023 Shares Investment deposlts 11,321,108 10.371,254 212,424 104.147 11.533.532 10 475 401 Addltlonal Informatlon as fDIIow5: Listed Investments MARKEf VALUE At 1 April 2023 Revaluatlons 10,371,254 949,854 At 31 March 2024 11,321,108 NEf BOOK VALUE At 31 March 2024 11,321 108 At 31 March 2023 10 371.254 See page three for detalled explanation of the Ilsted investrnents and where they are held. Cost or valuatlon at 31 March 2024 Is represented by: Llsted Investments Valuatlon In 2023 Capltal growth 10,371,254 949 854 Valuation In 2024 11,3Z1,108 Investments Ineither listed nor unllsted) were as follows.. 2024 2023 Investment deposits 212 424 104,147 Page 20 continued...

Thomas Harle5 Estate Charlty Notes to the Financlal Statement5 - contlnued for the Year Ended 31 March 2024 INVESTMENT PROPERTY FAIR VALUE At l Aprll 2023 Revaluation 819,51Jl 135,500 At 31 March 2024 NEf BOOK VALUE At 31 March 2024 At 31 Alorch 2023 Investment property comprlses land and bulldlngs In Lelcestershlre. The falr value of the investment propertles has been arrlved at on the basis of a valuation carried out ai 12 November 2024 by Mather Jamie Chartered Surveyors. The valuatlon was made on an open market value basis by reference to market evldence of transactlon price5 for simllar pmperties. The trustees have reviewed the valuation at the year end and conslder that the market has not changed slnce thls valuatlon. 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments and accrueé Income 13. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Other credltors 13,614 8.601 Page 21 continued..

Thomas Harley's E$tatè Charlty Notes to the Flnanclal Statements - contlnued for the Year Ended 31 March 2024 14. MOVEMENT IN FUNDS Net movement In fun¢Js Transfers between funds At 31.3.Z4 At 1.4.23 Unrestricted fur5 Unrestrlcted fund5 10,565,106 1,359,718 (290,863) 11.633,961 R•strlcted funds Restrlcted fund5 Charitable Branch Restrlcted funds Educational Branch Falr value reserve - Educational Branch 464,988 123,353 483,500 1151,518 {61,5341 218,148 72,715 531,618 134,534 1,071.841 (196,552 290 863 1.166 152 TOTAL FUNDS 11,636,947 1 163 166 12,800,113 Net movement In funds, Included In the above are as follows: Incomlng resource5 Resources expended Galns and Movement losse5 in funds Unrestdcted fund$ Unrestricted fund5 312,840 121,9761 1,068,854 1,359,718 Restrlcted funds Restricted fMds Charltable Branch Restrlcted funds Educatlonal Branch 1151,5181 68 8741 {151,518) (45,034) 16,500 220 392) (196,552) TOTAL FUNDS 320 180 242, 368 1,085,354 1.163,166 Page 22 continued...

Thomas Harley's Estate Charlty Notes to the Flnandal Ststernents - continued for the Year Ended 31 March 2024 14. MOVEMENTS OF FUNDS - contlnued Comparatlves for movement in funds Net movement In funds Transfers between furKIs At 31. 3.23 At 1.4.22 Unr•strlcted funds Unrestrfcted funds 10,962,059 (118,778) (278,175) 10,565,106 Restrlct•d funds Re5trlcted f)d5 CharltabLe Branch Restrlcted fund5 Educatlonal Branch Fair value reserve - Educatlonal Branch 4Z6,415 105,385 483 500 1170,058) 151,576 208,631 69,544 464,988 123,353 483 500 1 015 300 221634) 278 175 1071 841 TOTAL FUNDS 11,636 947 Net movement In fund5. Included In the above are as follows Incomlng Resource5 resources expended Galns and 1055es Movement In funds Unrestrkted funds Unrestricted funds 304,518 (26,339) 1396,957) {118,778) Restrlctèd funds Restricted fdS Charftable Branch Restrlcted funds Educatlonal Branch (170,058) 610761 1170,0581 51,576) 231,134 2Z16341 TOTAL FUNDS 314.018 257 473) 396 957) 340 412) Page 23 continued..

Thomas Harley's Estate Charity Notes to the Flnanc7al Statements - contlnued for tho Year Ended 31 March 2024 15. Analysis of net assets between funds Year ended 31 Ilarch 2024 Unrestrfcted Restrlcted Restrlcted funds Charltable Educatk)nal Branch Branch Funds balances at 31 March 2024 are represented by: At 31.3.24 Investrnent propertles 455,fA)O 500.000 955,000 Investment Investment dep)slt fund Current assetsllliabTlitlesl 11,321,108 212,424 354,5711 11,321,108 212,424 531 618 134 534 11 633 961 531 618 634,534 12,800 113 Analysls of net assets between funds Year ended 31 March 2023 Unrestricted Restricted funds Charltable Branch Re5trlcted Educatlonal Branch Funds balances at 31 March Z023 are represented by: At 31.3.23 Investment properties 336,0 483,500 819,500 Investment Investment deposlt fund Current assets/ Iliabilltles) 10,371,254 104,147 246,295 10,371,254 104,147 123,353 10,565 106 464,988 606.853 11,636,947 The Educatlonal Branch provldes grants to schools for speclf1c projects, and to students to subsldise thelr college l universlty education. The Charitable BrwKh provldes temporary ald 8rants for Clergy doW$, wldowers and dependents. Fair Value Reserve - EdLKattonal Branch relates to the valuatl¢)n of investment properties held withln the Educational Branch. Transfers are made into the Educatfonal Branch and the Charitable Branch froffl general reserves to fund the grant payments. Page 24 continued.

Thomas Harley's Estate Charlty Notes to th• Flnanclal Statements . contlnued for the Year Ended 31 March 2024 16. RELATED PAKfY DISCLOSURES During the year fees of £7,362 (2023 £6,031 were pald to Charlty Link for services as clerk and recefjver to the charlty. £6,204 (2023 - £3,054) are included in accruals at the year end. Page 25

Thomas Harley's Estate Charity Detafled Statement of Flnanclal Actlvlties for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fdS INCOME AND ENDOWMENTS Inve5tmeTrt income Rents received Interest receivable Income from listed Investments 748 9,115 302 951 982 2,062 9,115 312,814 312,814 304,492 Charltable actlvftles Charltable rental income Other Income 7,290 7,290 50 9,470 30 7.340 7,340 9,500 Other In¢omo Other Income 26 26 26 Total1ncomln8 resources 312,840 7,340 320,180 314,018 EXpENDuRE Charltable actlvitles Repairs to Investment properties Insurance Clerk Fees Auditors, fees Other professlonal fees & expenses Grants to Instltutlons Grants to Indlvlduals 4,509 4,509 15,208 2,700 6,031 5,100 7,362 7,080 3,025 7,362 3,025 34,208 186,184 34,208 186 184 28,626 199 808 220 392 242 368 257,473 Total resources expended 21,976 220 392 242.368 257,473 Net Incomell•xpendlture) 290,864 213,0511 This page does not form part of the statutory financial statements Page 26

This page doe5 not form part of the Statutory financ1al statements Page 26

REGISTERED WITH THE CHARITY COMMISSIONERS

THOMAS HARLEY’S CHARITIES

THOMAS HARLEY’S ESTATE CHARITY - Reg. No. 500537 Incorporating

HARLEY CHARITY FOR WIDOWS OF CLERGYMEN THOMAS HARLEY’S EDUCATIONAL FOUNDATION

The Rowleys Partnership Ltd

Registered Auditors

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

LE19 1WP

Dear Sirs

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the charity’s financial statements for the year ended 31 March 2024. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief.

General

We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter, under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.
All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.
All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the charity, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.

Correspondence address: The Clerk to the Trustees, Thomas Harley’s Charities c/o Charity Link, 20a Millstone Lane, Leicester, LE1 5JN Tel: 0116 222 2200

Email: Sue.stevenson@charity-link.org Web: www.theharleytrust.org

The financial statements are free of material misstatements, including omissions. Adjusted misstatements are agreed as set out in Appendix 1. There are no unadjusted misstatements.

Internal control and fraud

We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud.
We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements.
We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others.

Assets and liabilities

The charity has satisfactory title to all assets and there are no liens or encumbrances on the charitable charity’s assets, except for those that are disclosed in the notes to the financial statements.
All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.
We have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.
We confirm that we have reviewed the carrying value of investment property, made up of land and buildings, and confirm that the value is appropriately stated at £819,500.

Accounting estimates

Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

Legal claims

We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements.

Correspondence address: The Clerk to the Trustees, Thomas Harley’s Charities c/o Charity Link, 20a Millstone Lane, Leicester, LE1 5JN Tel: 0116 222 2200

Email: Sue.stevenson@charity-link.org Web: www.theharleytrust.org

Laws and regulations

We have disclosed to you all known instances of non-compliance or suspected noncompliance with laws and regulations whose effects should be considered when preparing the financial statements.

Related parties

Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.

Subsequent events

All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.

Going concern

We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements.

Grants and donations

All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. Restricted grants and donations are included in the financial statements.

We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Yours faithfully

..............................................................................................................................

Signed on behalf of the board of trustees

Date:

Correspondence address: The Clerk to the Trustees, Thomas Harley’s Charities c/o Charity Link, 20a Millstone Lane, Leicester, LE1 5JN Tel: 0116 222 2200

Email: Sue.stevenson@charity-link.org Web: www.theharleytrust.org

Appendix 1 – Adjusted misstatements Profit & loss Balance Impact on profit No. Description account sheet & loss account Dr/(Cr) Dr/(Cr) £ Draft result per client's management accounts 1,027,666 1 Dr Investment property revaluation 135,500 Cr Revaluation ( 135,500) 135,500 Being revaluation of investment properties Adjusted result 1,163,166 ~~[—]~~ Correspondence address: The Clerk to the Trustees, Thomas Harley’s Charities c/o Charity Link, 20a Millstone Lane, Leicester, LE1 5JN Tel: 0116 222 2200

Email: Sue.stevenson@charity-link.org Web: www.theharleytrust.org