Charlty number: 1010358 THE P A R CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
THE P A R CHARITABLE TRusr CONTENTS Page Referonu and admlnlstratlve details of the charlty, Its tYU8tees and advlserB Trustees. rnport Independent audltorn, report on the flnanclal $tatem•nt8 statement of flnanclal actlvltl•s Balan¢e $heot 10 ststem•nt of cash flow8 11 Notes to the flnanclal Atatements 12-20
THE P A R CHARITABLE TRUST REFERENCE AND ADMINXSTRATIVE DETAILS OF THE CHARITY ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APIUL 2024 Trugtees R B Rosenberg (appolnted 17 January 2024) Reverend J T Parker M K Webb (appolnted 21 December 2023) Charlty reglstered number 1010358 Prlnclpal offlce Elsley Court 20-22 Great Ttt¢hfleSd Street London WIW 8BE Prlnclpal operJtlnq oftlce Elsley Court 20-22 Great Tltdifteld Street London WIW 88E Indepondent audltor• Cook & Partners Llmlted Jeffrey Alan Ollver Statutory Audltor Manufartory House Bell Lane Hertford Hertfordshlre SG14 IBP Page 1
THE P A R CHARrrABLE TRUST TRusfEES' REPORT FOR THE YEAR ENDED 30 APRIL 2024 The trustees present thelr annual report together wlth the audited flnanclal statements of the charity for the year ended 30 AprS12024. The flnanclal staternents have been prepared In accordance wlth the accountlng pollcles set out In note I to the financlal staternents and comply wlth the charlty's governing document, the Charltles Act 2011 and Accountlng and Reportlng by Charitles: Statement of Recornmended Practlce applltable to charltles preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102). Objectlves and actlvltles a. Pol1cl and obJectlv• The charlty alms to dlstrlbute funds to Indlvlduals and charltles meetlng the trust's objectives to support chlldren and youn9 people and those wlth dlsabllltles• prlmarlly through grants to other charltles. The trustees have pald due regard to guldance Issued by the Charlty Commlsslon In decldlng what actlvltles the trust should undertake. The trustee5 have complled wlth the duty In sectlon 17 of the Charltl8s Act 2011 to have due regard to the guldance publlshed by th¢ Charlty Commlsslon on publlc benefit when revlewln9 the charlty's alms and objectlves In plannlng Its future aCtItIes. In partlcular, the trustees conslder how planned actlvltles wlll ontrlbute to the alms and objectlves that have been set. b. Grant-maklng pollcles The charlty contlnues to make grants In partlcular to support chlldren and others wlth dlsabllltles Achlevements and performance •. Maln achlev•ments of the charlty The charity has contlnued to support a number of Important projects In the year as detalled In the ststement of flnanclal actlvltles, b. Factors relevant to achlev• obJectlv•s In the current year the charlty recelved donatlons of £2,187,160 (2023 £NIL), Glft Ald of £546,790 (2023 £NIL) Jnd Investment Income of £51,112 (2023 £340). The Glft Ald Is yet to be recelved. c. Investmant pollcy and performance In Aprll 2023 the surplus cash funds of the trust were placed In sn Investment portfollo managed by Qullter Chevlot. The total value of the Investment portfollo Increased by £176,703. As at 30 Aprll 2024, the Investment portfollo comprfses of assets at market value of £2,182,672 (2023 - £2,004,969), In January 2024 funds of the trust purchased shares In Elllpses Pharma Ltd. Page 2
THE P A R CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Flnanclal revlew J. Golng concern After making approprlate enqulrles, the trustees have a reasonable expectatlon that the charfty has adequate resources to contlnue In operatlonal exlstence for the foreseeable future. For th15 rea50n, they contlnue to adopt the golng concem basls In preparlng the flnancial statements. Further deta115 regardlng the adoptlon of the going concern basls can be found In the accountlng pollcles. b. Reserves policy It Is the pollcy of the charlty to malntaln unrestrlcted funds, whlch are I'he free reserves of the charltyi at a level sufflclent to respond to emergency appllcatlons for grants whlch arfse from tlme to tlme and to cover governance costs. ¢4 Materlal Investments pollcy Funds have been Invested wlth Investrnent managers Qullter Chevlot. The portfollo Is low rlsk and dlverse. At the yaar end the portfollo was split as follows: Flxed Interest - £453,693 - 20.8Q/o Equltles UK - £486,774 . 22.3Q/o EquSl'le5 North Amerlca - £595,254 - 27.39/0 Equltles Europe - £176,829 - 8.1% Equltles Asla Paclflc - £51,818 - 2.4% Alternatlve Investments - £227,723 - 10.4% Cash and Cash Produtts - £190,581- 8.7 % structuroi governance and management a. Constltutlon The P A R Charlt8ble Trust Is a reglstered charltyi number 1010358, and Is Constltuted under a Trust Deed datsd 6 March 1992 as amended on 18 August 2022. The trustees who served durfng the year were: R B Rosenberg (appolnted 17 January 2024) Reverend J T Parker M K Webb (appolnted 21 Decernber 2023) b. Methoda of appolntment or electlon ot trustees The management of the charlty Is the responslblllty of the trustees who are elected and co-opted under the terms of the Trust Deed. The recrultment and appolntment of new trustee515 agreed by the existing trustees. e, Organlsatlonal structure and declslon-making pollcles The charlty Is managed on a day by day basls by the trustees who deal wlth all appllcatlons for grants. d. Rlsk manpgement The trustees have assessed the major rSsks to whlch the charltyls exposed, In particular those related to the operations and finances of the charlty, and are satisfied that Systems and procedure5 are In place to mltigate exposure to the major rlsks. Page 3
THE P A R CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Plans for future perlod5 The charlty wlll contlnue to L15e Its reserves and future Investment galns to make grants In Ilne wlth Its charitable objectlves. Funds held as custodlan No funds are held as a custodlan. Statement of trustees. respon8lbllltles The trustees are responslble for preparlng the trustees, report and the flnanclal statements In accordance wlth applltèble law and Unlted Klngdom A¢countlng standard5 {Unlted Klngdom Generolly Accepted Accountlng Practlce). The law appllcable to charltles In England & Wales requlres the trustee5 to prepare flnanclal statement5 for each flnanclal year whlch glve a true and falr vlew of the state of affalrs of the charlty and of Its Incomlng resources and appllcatlon of resources, Includlng its Income and expendlture, for that perlod, In preparlng these flnanclal statements, the trustees are requlred to., select sultable account5ng pollcles and then apply thern conslstentlyi observe the methods and prlnclples of the Charltles SORP; make Judgements and accountlng estlmates that are reasonable and prudent", state whether appllcoble UK Accountlng Standards (FR5 102) have been followed, subject to any materlal departures dlsclosed and explalned In the ftnanclal statements; prepare the flnancial statements on the golng concern basls unless It Ss InBpproprlate to presume that the charlty wlll contlnue In buslness. The trustees are responslble for keeplng adequate accountlng records that are sufficlent to show ond explaln tlie charlty's transactlons and dlsclose wlth reasonable accuracy at any tlme the flnanclal p05Itlon of the charlty and enable them to ensure that the flnanclal statements comply wlth the Charltles Act 2011, the Charlty (Accounts and Reports) Regulatlons 2008 and the provlslon5 of the Trust Deed. They are a150 responslble for safeguardlng the assets of the charlty and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. Dlsclo$ure of Informjtlon to audltors Each of the persons who are trustees at the tlme when thls trustees, report Is approved has conflrmed that: so far as that trustee Is aware, there Is no relevant audlt Informatlon of whlch the charlty's audltors are unaware, and that trustee ha5 taken all the steps that ought to havè been taken as a trustee In order to be aware of any relevant audlt Informatlon and to establlsh that the charlty's audltor5 are aware of that Informatlon, Audltors The audltors, Cook & Partner5 Llmlted, have Indlcated thÈlr wllllngne55 to contlnue In offlce. The designated trustees wlll propose a motlon reappolntlng the audltors at a meeting of the trustees. Approved by order of the members of the board of trustees and slgned on thelr behalf by: R B Rosenberg Trustee Page 4
THE P A R CHARrrABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE P A R CHARITABLE TRUST Oplnlon We have audited the flnancial statements of The P A R Charltable Trust (the 'charity') ft)r the year ended 30 Aprll 2024 whlch compr15e the statement of financlal actlvltles, the balance sheet, the statement of cash flows and the related notes, Includlng a summary of slgnlflcant accountlng pollcles. The flnanclal reportlng framework that has been applled In thelr preparation is appllcable law and Unlted Klngdom Accountln9 Standards (Unlted Klngdom Generally ACpted Accountlng Practlce). In our oplnlon the flnanclal statements: glve a true and falr vlew of the state of the charlty's affalrs as at 30 Aprll 2024 and of Its Incomlng resources and appllcatlon of resources for the year then ended. have been properly prepared In accordance wlth Unlted Kingdom Generally Accepted Accountlng Practlce. and have been prepared In accordano wlth the requlrements of the Charltles Act 2011. Bag16 for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng (UK) (ISA5 (UK)) and applicable law. Our re5ponslbllltles under those standards are further descrlbed In the Audltors, responslbllltles for the audlt of the flnanclal statements sectlon of our report. We are Independent of the charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the flnanclal statements In the Unlted Klngdom, Includlng the Flnanclal Reportlng Councll'5 Ethlcal Standard, and we have fulfllled our other ethical responslbllltles in accordance wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon. Conclu¥lons relatlng to golng concern In audltlng the nnanclal statements, we have concluded that the truslees, use of the golng concern basls of accountlng In the preparatlon of the financlal statements Is approprlate. Based on the work we have performed, we have not Identlfled any materlal uncertalntles relatlng to events or condltlons that, Indivldually or collettlvely, may cast slgnlflcant doubt on the charlty's abllity to contlnue as a goln9 concern for a perlod of at least twelve month5 from when the financlal statements are authorlsed forlssue. Our responslbllltles and the responslbllltle5 of the trustees wlth respect to golng conrn are descrlbed In the relevant 5ectlons of thls report. Other Informatlon The trustees are responslble for the other Informatlon. The other Informatlon comprlses the Informatlon included In the annual report, other than the flnanclal statements and our Report of the Independent Audltors thereon. Our opinlon on the financial statements does not cover the other Informatlon and, expt to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance concluslon thereon. In connectlon with our audit of the financlal statements, our responslbillty Is to read the other Informatlon and, in dolng so, con51der whether the other Informatlon Is materlally Inconslstent wlth the flnanclal statements or our knowledge obtalned In the audlt or otherwlse appears to be materially mlsstated. If we Identlfy such materlal Inconslstencies or apparent material mlsstatements, we are requlred to determine whether thls glves rlse to a materlal misstatement In the flnanclal statements themselves. If, based on the work we have performed, we conclude that there Is a materlal misstatement of thls other Infomiatlon, we re requlred to report that fart. We have nothlng to report in thls regard. Page 5
THE P A R CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE P A R CHARITABLE TRUST {CONTINUED) Mattern on whlch we are requlred tp report by exceptlon We have nothlng to report In respect of the followlng matters where the Charlties (Accounts and Reports) Regulatlons 2008 requlres us to report to you If, In our oplnlon: the Informatlon glven In the trustee5' report 15 Inconslstent In any materlal respect wlth the flnanclal statements. or sufflclent accountlng records have not been kept. or the financial statements are not In agreement wlth the accountlng records and returns, or we have not recelved all the Inforrnatlon and explanations we requlre for our audlt. Respon8lbllltles of trustees As explalned more fully In the trustee5' responslbllltle5 Statement, the trustees are responslble for the preparatlon of the financlal statements whlch glve a true and falr vlew, and for such Intemal control as the trustees determlne Is necessary to enable the preparatlon of financlal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responslble for assesslng the charlty's ablllty to ontlnue as a golng concem, dlscloslngi as appllcable, matters related to golng concern and uslng the golng concern basls of accountlng unless the trustees elther Intend to Ilquldote the charlty or to cease operatlons, or have no reallstlc alternatlve but to do so. Page 6
THE P A R CHARITABLE TRUST INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE P A R CHARITABLE TRUST (CONTINUED) Our responslbllltles for the audlt of the flnanclal statements We have been appolnted as audltor under sectlon 144 of the Charltles Act 2011 and report In accordance wlth the Act and relevant regulatlons made or havlng effect thereunder. Our objectlves are to obtaln reasonable a55urance about whether the financlal statements as a whole are free from materlal m155tatement, whether due to fraud or error, and to Issue a Report of the Audltors that Includes our oplnlon. Reasonable assurance Is a high level of assuran, but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) wlll always detect è materlal mlsstatement when It exlsts. Mlsstatements con arlse from fraud or error and are consldered materlal If, Indivldually or In t'he aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basls of these flnanclal statements. Irregularltles, Includlng fraud, are Instanc•s of non-¢ompliance wlth laws and regulbtlon•. We desloned procedures In Ilne wlth our responslbllltles, outllned above, to detect materlal mlsstatements In respect of Irregularltles, Includlng fraud, The extent to whlch our ProdureS are capable of detectlng Irregularltles, Includlng fraud Is detalled below,, Audltor8 •pproa¢h to as$e8slng th• rljks of materfal mls8tatement due to Irregularltlos, Includlng Iraud. Our approach was as follow5.. We obtalned an understandlng of the legal and regulatory frameworks that are appllcable to the entity. The followlng laws and regulatlons are consldered to be slgnlflcant to the entity: Flnancial Reportlng Standard 102 Charltles SORP FRS 102 (2019) Charltles Act 2011 UK General Data Protectlon Regulatlon We assessed the rlsks of materlal mlsstatement In respect of fraud a$ follows: Dlscussed the rlsk of materlal mlsstatement due to Irregularltles, Includlng fraud wlth management at the plannlng stage to conflrm that rlsks had been adequately Identlfied and that the controls In place are sufflcient for the slTr and nature of the charity to reduce those rfsk5 to an acceptably low level. Undertook an Inltial analytlcal revlew of the flnanclal statements to Identlfy any potentlally unusual or unexpected relatlonshlps or hlgh rlsk audlt area5. Completed a rlsk assessment checkllst to ald In the Identlflcatlon of Rlsks for a charlty of thls slze and nature. We consldered the rlsk of fraud through trustees overrlde of controls, a common rlsk In a charlty of thls slze and nature, In response, we Incorporated testlng of manual Journal entries Into our audlt approach and undertook a purely sub5tsntlve approach to the audlt wlth no rellance placed on controls. Accountlng pollcle5 were reviewed at the plannlng stage to Identlfy any subjectlve measurements or complex tran5actlons where management would have the potentlal to show blas. Ensured all In the audlt team are aware of the r15ks Identlfled and partlcular areas that were susceptlble to mlsstatement and during the audlt plannlng meetlng. Throughout the audlt addltlonal substantive testlng was undertaken in areas where there was percelved to be a medium or high rlsk of misstatement. Audit testlng was undertaken in a manner that was unpredictable In nature, selectlon and tlming when Page 7
THE P A R CHARITABLE TRUST INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE P A R CHARITABLE TRUST (CONTINUED) compared to prevlou5 years work, The engagement Partners final revlew of the audit flle and financial statements Induded a detalled revlew of all area5 of medlum or hlgh rlsk Identlfled at the plannlng stage of the audlt. Based on the results of our risk assessment we deslgned our audlt procedures to Identlfy non-compllance wlth such laws and regulatlons Identlfled above,. Charltles SORP FRS 102 2019, Charltles Act 2011 and UK General Data Protectlon Regulatlon. The audlt team all have a good understandlng of the requlrements under these laws and regulJtlons common to most charltles and were alert throughout the audlt to any potentlal Instan5 of non-compliance. Further, at both the plannlng and completlon stjge of the audlt enqulrles where made of mana9ement any known instances of fraud or non-c0mp1lan wlth laws and regulatlons. These representatlons were corroborated where posslble through the revlew of board mlnutes. No contradlctory evldence was noted. We conslder that the work detslled above has ensured that the Ilkellhood of detectlon of Irregularttles Includlng fraud Is ¢onsldered to be hlgh both at management level and durlng our audlt approach. It Is however worth notlng that there Is an Inherent dlfflculty In detectlng Irregularltles and there 1$ no guarantee that all Irregularitles have been Identlfled. A further descrlptlon of our responslbllltles for the audlt of the nnanclal statements Is located on the Hnanclal Reportlng Councll's webslte at: ww audlto of our audltors, report. Thls descrlptlon forms part Use of our report Th15 report Is made solely to the charlty's trustees, as a bodyi In accordance wlth Part 4 of the Charltles (Accounts and Reports) Regulatlon$ 2008. Our audlt work has been undertaken so that we mlght state to the charlty's trustees those matters we are requlred to state to them In an audltors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslblllty to anyone other than the charlty and Its trustees, as a bodyi for our audlt work, for th15 report, or for the oplnlons we have formed. Cook & Partners Llmltod Jeffrey Alan Ollver statutory Audltor Manufattory House Bell Lane Hertford Hertfordshlre SG14 IBP Oate: Cook & Partners Llmlted are ellglble for appolntment as audltors of the charlty by vlrtue of Its ellglblllty for appolntment as audltor of a company under sectlon 1212 of the Companles Att 2006. Pa98 8
THE P A R CHARITABLE TRusr srATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 Unaudited Total funds 2023 Unrestrlctsd funds 2024 Totsl funds 2024 Note Incom• frorn: Donatlons Investment Income 2,733,950 51,112 2,733,950 51,112 340 Total Income 2,785.062 2,785,062 340 Expendltur• on: Charltable actlvltles 228,990 228,990 118,767 T¢)tal oxpandlture 228,990 228,990 118,767 Net Incomel(expendlturn) b•fore net galns on Investments Net galns on Investments 2,556.072 149,099 556.072 149.099 (118,427) 4,712 Net movement In funds 2,705,171 2,705,171 (113,715) Reconclllatlon of fundsi Total funds brought forward Net movement In funds 2,158,405 2,705.171 2,158,405 2,705,171 2,272,120 (113,715) Total funds ¢•rrlqd forward 4,863,576 4,863,576 2,158,405 Page 9
THE P A R CHARITABLE TRUST BALANCE SHEET AS AT 30 APRIL 2024 Unaudlted 2023 2024 Note Flxed assets Investments li 4,182,672 1,766,331 4,182,672 1,766,331 Current assetg Debtors Cash at bank and In hand 12 546,790 141,074 393,875 687,864 393,875 Credltors: amounts falllng due wlthln one year 13 {6,960) (1,801) Net Current assets 680,904 392,074 Total assets lesg current Ilabllltles 4,863,576 2,158,405 Net assets excludlng pen8lon asset 4,863,576 2,158,405 Total net assets 4,863,576 2,158,405 ChDrlty fundg Restrlrted funds Unrestrlcted funds 15 15 4,863,576 2,158,405 Totsl funds 4,863,576 2,158,405 The flnanclal statements were approved and aulhorlsed for Issue by the trustees and slgned on thelr behalf bv.. R B Rosenbery Trustee Date: Yb The notes on page5 12 to 20 form part of these flnanclal statements. Pag8 10
THE P A R CHARITABLE TRusr STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024 Unaudlted 2023 2024 Cash flows from operatlng actlvltles Ne¥ cash used In operatlng actlvltles 1,985,835 {98,766) Cash flows Irom Investlng actlvltles Investment Income recelved Purchase of flxed asset Investments Investment management expenses 51,112 340 (2,267,242) (1,761,619) (22,506) Net cash used In Investlng actlvltle$ (2,238,636) (1,761.279) Cash Ilows from flnan¢lng actlvltl•g Net co$h provlded by flnanclng actlvltloj Change In cash and ca$h equlvalents In the year Cash and cash equlvalents at the beglnnlng of the year {252,801) (1,860,045) 393,875 2,253,92Q Cash and cash equlvalents at the ènd of the year 141,074 393,875 The notes on pages 12 to 20 fomi part of these flnanclal statements Page 11
THE P A R CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Gener•1 Informatlon The P A R Charltlable Tnjst is a charltable trust, reglstered In England and Wales. The reglstered offl address Is Elsley Court, 20-22 Great Titchfleld Street, London, WIW 8BE. Accountlng pollcles 2.1 8asls of preparatlon of flnanclal 8tatem¢nts The flnanclal statements have been prepared in accordance wlth the Charltle5 SORP (FRS 102) Accountlng and Reportlng by Charltles: Statement of Recommended Practlce applicable to ch8rltles preparlng thelr accounts In accordance wlth the Flnantlal Reportlng Standard 8ppllcable In the UK and Republlc of Ireland {FRS 102), the Flnanclal Reportlng Standard appllcable In the UK and Republlc ol Ireland (FRS 102) and the Charltles Act 2011, The P A R CharltablÈ Trust meets the deflnltlon of a publlc benefit entity under FRS 102, Assets and Ilabllltles are Ifnltlally recognlsed at hlstorlcal cost or transactlon value unless otherwlse stated In the relevant accountlng pollcy. The flnanclal statements are prepared In pound sterllngi whlch Is the functlonal currency of the charlty. Monetary amount5 In these flnanclal statements are rounded to the nearest pound. The financlal ststements have been prepared under the hlstorlcal cost conventlon. The prlncipal accountlng pollcles adopted are set out below. 2.2 Fund a¢countlng General funds are unrestrlcted funds whlch are avallable for use at the dlscretlon of the trustees In furtherance of the general objectlves of the charlty and whlch have not been designated for other purposes. Investment Incomei galns and losses are allocated to the approprlate fund. 2.3 Golng ¢on¢em Conslderlng current cash levels and conflmied future donatlons, the trustees have a reasonable expectatlon that the charlty has adequate resources to contlnue In operation for the foreseeable future. Therefore the trustees contlnue to 8dopt the golng concern ba515 of actountlng In preparlng the flnanclal statements. 2.4 Inrome All Income Is recognlsed once the charlty has entltlement to the Income, It Is probable that the Income wlll be CeIved and the amount of Income recelvable can be measured rellably, Grants are Induded In the statement of flnanclal actlvltles on a recelvable basls. The balance or Income recelved for $peclftc purposes but not expended durlng the perlod Is shown In the relevant funds on the balance sheet. Where Income Is recelved In advance of entitlement of recelpt, its recognltlon Is deferred and Included In creditors as deferred income. Where entltlement occur5 before Income Is retelved, the Income Is accrued. Income tax recoverable In relatlon to donatlons recelved under Glft Ald or deeds of covenant Is recognlsed at the time of the donation. Page 12
THE P A R CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accountlng pollcles (contlnued) 2.5 Expendlture Expendlture Is recognlsed once there Is a legal or constructlve obllgation to transfer economlc benefit to a thlrd party* It Is probable that a transfer of economlc benefits wlll be requlred In settlement and the amount of the obllgatlon can be ffteasud rellJbly. Expenditure Is classlfled by activity. The costs of each actlvlty are made up of the total of dlrect cost5 and shared costs, Indudlng 5UPPOrt costs Involved In undertaklng each actlvlty. Expendlture on charltable actlvltles Is Incurred on directly undertaklng the actlvltles whlch further the charity's objectlves, as well as any assoclated support costs. Grant5 payable are charged In the year when the offer Is made except In those cases where the offer Is condltlonal, such grants belng recognlsed as expendlture when the condltlons attachlng are fulfllled. Grants offered subject to condltlons whlch have not been met at the year end are noted as a commltment, but not accrued as expendlture, All expendlture Is Incluslve of Irrecoverable VAT. 2.6 Investments Flxed asset Investments are a form of flnanclal Instrument and are Inltlally recognlsed 8t thelr transactlon cost and subsequently measured at falr value at the balance Sheet date, unless the value cannot be measured rellably In whlch case It Is measured at cost less Impalrment. Investmenl galns and losses, whether reallsed or unreallsed, are comblned and presented as 'Galns/(Losses) on Investments, In the statement of flnanclal actlvltles. Investments held as flxed assets are shown at C05t less provlslon for Impalrment. 2.7 Dobtorn Trade and other debtors are recognlsed it the settlement amount after any trade dlscount offered. Prepayments are valued at the amount prepald net of any trade dlscounts due. 2.8 Cash at bank and In hand Cash at bank and In hand Includes cash and short-tem) hlghly Ilquld Investments wlth a short rn4turlty of three months or less from the date of acqulsltlon or openlng of the deposlt or slmllar account. 2.9 Llabllltles and provlslons Llabllltles are recognlsed when there Is an obllgatlon at the balance sheet date as a result of a past event, It Is probable that a transfer of economlc benefit wlll be requ1 In settlement, and the amount of the settlement can be estlmated rellably. 2.10 Flnanclal Instruments The charlty only has financlal assets and flnancial Ilabllltles of a klnd that quallfy a5 baslc financlal Instruments. Baslc financial instruments are Initially recognised at transaction value and subsequently measured at thelr settlement value. Page 13
THE P A R CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 In¢ome from donatlons Unaudlted Totsl funds 2023 Unrestrlrted funds 2024 Total funds 2024 Donatlons 2,733,950 2,733,950 Investment Incomg Unaudlted Total funds 2023 UnM4trfeted funds 2024 Total funds 2024 Propeity Income dlstmbutlons Dlvldend Income Interest Income 4,871 23,699 22,542 4,871 23,699 2&542 340 51,112 51,112 340 Total 2023 340 340 Analys18 of exp•ndlture on charltable a¢tlvltle8 Unrestrlrte¢l funds 2024 Unaudlted Total 2023 Total 2024 Donatlons pald Support costs Expendlture on govemance 195,000 28,705 5,285 195,000 28,705 5,285 116,500 1,884 383 228.990 228.990 118.767 Total 2023 118,767 118,767 Page 14
THE P A R CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Analysls of grants Unaudlted Total funds 2023 Grants to Instltutlons 2024 Total funds 2024 Donètlons pald 195,000 195,000 116,500 Total 2023 116,500 116,500 The charlty has made the followlng materlal grants to Instltutlons durlng the year: Unaudlted 2023 2024 N•me of Instltutlon The 3H Fundatlon Gerddl Bro DdyFI Gardens Joss Searchllght Cerebral Palsy Plus The Hamlet Centre Trust Sunny Days Children's Fund The Bralnwave Centre Llmlted CPotentlal Trust Spread a Smlle Deslgnablllty Charlty Llmlted Help Ukralne UK Sussex Underwater Canlne Partners Creatlve Black Country Good Shepherd Wyre Forest Dlal-A-Rlde Cllmate Earth Horsefalr and Proud North Worcestershlre Bereavement Soclety Wolverhampton Wanderers Foundatlon io,ooo 5,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,500 5,000 10,000 5,000 35,000 15,000 50,000 10,000 15.000 50,000 195,000 96,500 Other grants to Institutlons 20,000 195,000 116,500 Page 15
THE P A R CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Support cost Unaudlted Total funds 2023 Unrestrlcted funds 2024 Total funds 2024 Management fees Legal and professlonal fees 22,508 6,197 22,508 6,197 84 1,800 28,705 28,705 1,884 Total 2023 1,884 1,884 Expendltur• on governance Unaudlted Total funds 2023 Unre$trlcted funds 2024 Total funds 2024 Audlt fees Bank servlce charges 4,800 485 4,800 485 383 5,285 5,285 383 Total 2023 383 383 Audltors, remungratlon Unaudlted 2023 2024 Fees payable to the charlty's audltor for the audlt of the charlty's annual account5 4,800 Pag8 16
THE P A R CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 10. Trustqes, remuneratlon and ¢xpen$•s Durlng the year, no trustees recelved any remuneratlon or other beneflts (2023 £NIL). Durlng the year ended 30 Aprll 2024, no trustee expenses have been Incurred (2023 - £NIL). 11. Plxed asset Investments Ll*t•d Unllsted Investments Investmenti Total Cost or valuatlon At l May 2023 Addltlons Revaluatlons 1,766,331 267,242 149,099 1,766,331 2,000,000 2,267,242 149,099 At 30 Aprtl 2024 2,182,672 000,000 4,182,672 Net book value At 30 Aprll 2024 2,18¥672 2,000,000 4,182,672 At 30 Aprll 2023 1,766,331 1,766,331 The Ilsted Investments were valued on an open maket basls on 30 Aprll 2024 by Qullter Chevlot, the Investment managers. 12. Debtor• Unaudlted 2023 2024 Glft ald recoverable 546,790 13. Credltors: amount8 talllng due wlthln one year Unaudlted 2023 2024 Accruals and deferred Income 6,960 1,801 Page 17
THE P A R CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 14 Flnanclal Instrument• Unaudlted 2023 2024 Flnanclal assets Flnancial assets measured at falr value through Income and expendlture 2,323,746 2,160,206 Flnanclal assets measured at falr value through Income and expenditure comprlses of Ilsted Investments and cash at bank, 15. St•tOMent ol funds stJt•m•nt of funds - curr•nt year Balance at 30 Aprll 2024 Balance at l May 2023 Galns/ (Losses) Xncome Exp•ndlture Unre$trl¢ted fund General Funds - all funds 2,158,405 2,785.062 (228,990) 149.099 4,863,576 Statement of lundg . prlor year Balance at 30 Aprll 2023 8alanee at l May 2022 Galnsl (Losses) Income Expendlture Unrestrlcted fund• General Funds - all fund$ 2,272,120 340 {118,767) 4,712 2,158,405 16. Summary of funds Summary ol funds - current year Balance at 30 Aprll 2024 Balance at l May 2023 Galns/ (Losses) In¢ome Expendlture General funds 2.158.405 2,785,062 (228,990) 149.099 4063.576 Page 18
THE P A R CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 16. Summary ol funds (¢ontlnued) Summary ol fund$ - prlor year Balance at 30 Aprll 2023 Balance at l May 2022 Galns/ (Losses) Income Expendlture General funds 2,272,120 340 (118,767) 4,712 2,158,405 17. Analy•ls ol net a8•ets between funds Analysls of net as•ets b¢tweon fund• • currant p•rlod Unr•8trlct•d fund$ 2024 Total funds 2024 Flxed asset Investments Current assets Credltors due wlthln one year 4,182,672 4,182.672 687,864 687,864 (6,960) (6,960) Total 4,863,576 4,863,576 An•ly•ls of net aS8et• betwoen fund• - prlor p•rlod Unaudlted Unrestrlcted funds 2023 Unaudlted Total funds 2023 Flxed a55et Investments Current assets Credltors due wlthln one year 1,766,331 393,875 {1,801) 1,766,331 393,875 (1,801) Total 2,158,405 2,158,405 Page 19
THE P A R CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 18. Recon¢1114tlon of nat movement In fund8 to net cash flow from operatlng actlvltles Unaudlted 2023 2024 Net Incomelexpenditure for the perlod (as per Statement of Flnancial Actlvltles) 2.705,171 (113,715) Adjustments for: Dlvldends, Interests and rents from Investments Investment management expenses Decrease/{Increase) In debtors Increase/(decrease) In credltors Falr value change In Investment (51,112) 22,506 (546,790) 2,859 (149,099) (340) 20,000 (4,712) Net ush provlded by/(uaed In) operatlng actlvltle• 1,983,535 (98,766) 19. Analys1$ of ca•h Jnd cash equlvalents Unaudlted 2023 2024 Cash In hand 141,074 393,875 20. Analy$ls of chang•s In nat debt Change• In Other non- market cash At 30 Aprll value chanpes 2024 Atlmay 2023 Cash flows Cash at bank and In hand 393,875 (260,641) 149.099 (141,259) 141,074 Page 20