COMPANY REGISTRATION NUMBER 05885257
THE FISHER PARKINSON TRUST LIMITED
FINANCIAL STATEMENTS
31ST DECEMBER 2021
Charity Number 1132630
STEPHENSON SMART (EAST ANGLIA) LIMITED
Chartered Accountants & Statutory Auditor 22-26 King Street Kings Lynn Norfolk PE30 1HJ
THE FISHER PARKINSON TRUST LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
| CONTENTS | PAGES |
|---|---|
| Members of the Board and professional advisers | 1 |
| Trustees Annual Report | 2 to 4 |
| Independent auditor's report to the members | 5 to 8 |
| Statement of financial activities (incorporating the | |
| income and expenditure account) | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 to 17 |
THE FISHER PARKINSON TRUST LIMITED
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
| Registered charity name | The Fisher Parkinson Trust Limited |
|---|---|
| Charity number | 1132630 |
| Company registration number | 05885257 |
| Website | www.FisherParkinsonTrust.co.uk |
| Principal office | 23 Dartford Road |
| March | |
| Cambridgeshire | |
| PE15 8AN | |
| Registered office | 23 Dartford Road |
| March | |
| Cambridgeshire | |
| PE15 8AN | |
| Trustees | Mr J F Finn |
| Mr J R Murdoch | |
| Mrs P Jones | |
| Mrs P Hart (appointed 21 December 2021) | |
| Mr D Green (appointed 21 December 2021) |
|
| Secretary | Mrs P Jones |
| Auditor | Stephenson Smart (East Anglia) Limited |
| Chartered Accountants | |
| & Statutory Auditor | |
| 22-26 King Street | |
| Kings Lynn | |
| Norfolk | |
| PE30 1HJ | |
| Bankers | Barclays Bank plc |
| 12 Old Market | |
| Wisbech | |
| Cambridgeshire | |
| PE13 1NN | |
| Solicitors | Fraser Dawbarns LLP |
| 42 High Street | |
| March | |
| Cambridgeshire | |
| PE15 9JR |
- 1 -
THE FISHER PARKINSON TRUST LIMITED
TRUSTEES ANNUAL REPORT YEAR ENDED 31ST DECEMBER 2021
The trustees, who are also the directors of the charity for the purposes of the Companies Act 2006, present their report, which also represents the directors’ report as required by Company Law, together with the financial statements of the charity for the year ended 31st December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements, in accordance with the charity’s governing document, the Companies Act 2006, and the 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) published on 16th July 2014.
INCORPORATION
The charitable company was incorporated on 24th July 2006, under the company registration number 05885257.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
When a vacancy occurs among the Trustees, it is the policy of the remaining trustees to seek to appoint someone who is local to the surrounding area and known by them personally or by reputation to be a suitable, reliable candidate. That person would then be approached by the Trustees, to gauge their interest, after having had the objects of the Trust and the duties of a trustee explained to them.
The appointment of the directors/trustees shall by ordinary resolution be by the members of the company at a general meeting.
Organisational structure
During the year the Directors met four times to consider any requests for assistance received and to deal with various administrative matters, including the general criteria for investment and financial reporting.
The Directors were appointed at the first Annual General Meeting and one-third shall retire by rotation from office at each subsequent annual general meeting. Each Director retiring by rotation shall be eligible for re-election.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES
The charity’s public benefit
The objects and aims of the charity are to apply the income and such part of the capital as the trustees think fit, whether through donations, other charities, or by any charitable means, for or towards such charitable purposes as the trustees think fit.
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THE FISHER PARKINSON TRUST LIMITED
TRUSTEES ANNUAL REPORT YEAR ENDED 31ST DECEMBER 2021
The trustees are satisfied that due regard has been given to the public benefit guidance published by the Charity Commission as required by section 4 of the Charities Act 2011.
ACHIEVEMENTS AND PERFORMANCE
Investment performance
The Trustees have delegated control over all its Fixed Asset Investments to Croesus and Lucas Fettes. They are required to generate maximum income, whilst adopting a reasonably cautious attitude to risk so as to safeguard the investments of the Trust and achieve modest capital growth.
As anticipated, due to the economic climate the value of the investments has increased from £1,182,543 to a market value of £1,262,518 as at 31st December 2021.
It is anticipated that with the current economic climate the value of the investments may well decrease in the short term, but with a medium to long term strategy being implemented, the Trustees continue to monitor the situation.
FINANCIAL REVIEW
Reserves policy
Initially the Trustees have agreed a policy that wishes to consolidate the capital base of the Trust. Whilst the Trustees have the ability to distribute Capital Reserves as grants, they consider it prudent to protect the capital base, with a view to also enhancing income growth.
It is intended that the Trustees future policy is to distribute all but a minimum working balance of the income arising each year.
Principal funding sources
The principal funding sources of the charity are currently and in the future by way of Rental and Investment Income derived from the capital assets owned by the Trust.
Trustees' responsibilities statement
The trustees (who are also the directors of The Fisher Parkinson Trust Limited for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any
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THE FISHER PARKINSON TRUST LIMITED
TRUSTEES ANNUAL REPORT YEAR ENDED 31ST DECEMBER 2021
material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the charitable company’s auditor is unaware. They have taken all steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Trustees’ indemnity insurance
The cost of trustees’ indemnity insurance for the year was £343 (2020 - £343).
Small company provisions
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.
Auditors
The auditors, Stephenson Smart (East Anglia) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Registered office: 23 Dartford Road March Cambridgeshire PE15 8AN
Signed by order of the trustees
Mrs P Jones Company Secretary/Trustee 5th May 2022
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THE FISHER PARKINSON TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FISHER PARKINSON TRUST LIMITED
YEAR ENDED 31ST DECEMBER 2021
Opinion
We have audited the financial statements of The Fisher Parkinson Trust Limited (the ‘charitable company’) for the year ended 31st December 2021 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cashflows and notes to the financial statements, including a summary of 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 charitable company’s affairs as at 31st December 2021 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 Companies Act 2006.
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 charitable company 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 entity’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 the report.
Other information
The information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for all other information contained within the annual report. Our opinion on the financial 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. 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 course of the audit or otherwise appears to be
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THE FISHER PARKINSON TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FISHER PARKINSON TRUST LIMITED
YEAR ENDED 31ST DECEMBER 2021
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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustees’ report, which includes the directors’ report prepared for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in exemption from the requirement to prepare a strategic report or in preparing the Trustees’ Annual Report.
Responsibilities of trustees
As explained more fully in the trustees ‘ responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of 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 the 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
- 6 -
THE FISHER PARKINSON TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FISHER PARKINSON TRUST LIMITED
YEAR ENDED 31ST DECEMBER 2021
Auditor’s responsibilities for the audit of the financial statements
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 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 the 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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector, control environment and business performance including the key drivers for remuneration; the Charity’s own assessment of the risks that irregularities may occur either as a result of fraud or error; results of our enquiries of management; any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
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/auditorresponsibilities. This description forms part of our auditor’s report.
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THE FISHER PARKINSON TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FISHER PARKINSON TRUST LIMITED
YEAR ENDED 31ST DECEMBER 2021
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or the opinions we have formed.
MR CHRISTOPHER GOAD BFP FCA (Senior Statutory Auditor) For and on behalf of STEPHENSON SMART (EAST ANGLIA) LIMITED Chartered Accountants & Statutory Auditor
22-26 King Street Kings Lynn Norfolk PE30 1HJ
5th May 2022
- 8 -
THE FISHER PARKINSON TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31ST DECEMBER 2021
| Total Funds | Total Funds | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Note | £ | £ | |
| INCOMING RESOURCES | |||
| Investment income | 2 | 111,878 | 92,226 |
| ------------------------------- | ------------------------------ | ||
| TOTAL INCOMING RESOURCES | 111,878 | 92,226 | |
| ------------------------------- | ------------------------------- | ||
| RESOURCES EXPENDED | |||
| Costs of generating funds: | |||
| Investment management costs | 3 | (20,504) | (19,252) |
| Charitable activities | 4/5 | (28,826) | (11,138) |
| Governance costs | 6 | (9,299) | (9,486) |
| ------------------------------- | ------------------------------- | ||
| TOTAL RESOURCES EXPENDED | (58,629) | (39,876) | |
| ------------------------------- | ------------------------------- | ||
| NET INCOMING RESOURCES FOR THE YEAR | 8 | 53,249 | 52,350 |
| Realised (losses)/gains on disposal of investment assets | (3,622) | 4,487 | |
| Unrealised gains on investment assets | 218,664 | 48,325 | |
| ------------------------------------- | ------------------------------------- | ||
| NET MOVEMENT IN FUNDS/NET INCOME FOR THE YEAR | 268,291 | 105,162 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 3,296,786 | 3,191,624 | |
| --------------------------------------------------- | --------------------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 3,565,077 | 3,296,786 | |
| ===================================== | ===================================== |
The Statement of Financial Activities includes all gains and losses in the year.
All of the above amounts relate to continuing activities.
The notes on pages 12 to 17 form part of these financial statements.
- 9 -
THE FISHER PARKINSON TRUST LIMITED
BALANCE SHEET
31ST DECEMBER 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 10 | 3,328,018 | 3,143,043 | ||
| Current assets | |||||
| Debtors | 11 | 21,380 | 8,178 | ||
| Cash at bank | 222,605 | 152,333 | |||
| ------------------------------------- | ------------------------------------- | ||||
| 243,985 | 160,511 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 12 | (6,926) | (6,768) | ||
| ------------------------------------- | ------------------------------------- | ||||
| Net current assets | 237,059 | 153,743 | |||
| ----------------------------------------------------------- | ------------------------------------------------------- | ||||
| Total assets less current liabilities | 3,565,077 | 3,296,786 | |||
| ----------------------------------------------------------- | ------------------------------------------------------- | ||||
| Net assets | 3,565,077 | 3,296,786 | |||
| ======================================== | ==================================== | ||||
| Funds | |||||
| Unrestricted income funds | 13 | 3,565,077 | 3,296,786 | ||
| ------------------------------------------------------- | ------------------------------------------------------- | ||||
| Total funds | 3,565,077 | 3,296,786 | |||
| ====================================== | ===================================== |
These financial statements were approved by the members of the committee and authorised for issue on the 5th May 2022 and are signed on their behalf by:
MR J F FINN Director/Trustee
Company Registration Number: 05885257
The notes on pages 12 to 17 form part of these financial statements.
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THE FISHER PARKINSON TRUST LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 31ST DECEMBER 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Net cash inflow from operating | |||||
| activities | 15 | (71,673) | (37,869) | ||
| Returns on investments and servicing | of finance | ||||
| Income from UK listed investments | 23,442 | 20,641 | |||
| Income from other fixed asset investments | 88,431 | 71,477 | |||
| Interest received | 5 | 108 | |||
| ------------------------------- | ------------------------------- | ||||
| Net cash inflow from returns on | |||||
| investments and servicing of finance | 111,878 | 92,226 | |||
| Financial investment | |||||
| Acquisition of other investments | (10,943) | (10,060) | |||
| Disposal of other investments | 41,010 | 20,634 | |||
| ------------------------------------- | ----------------------------------------- | ||||
| Net cash inflow from capital expenditure | 30,067 | 10,574 | |||
| ------------------------------------- | ------------------------------------- | ||||
| Increase in cash | 16 | 70,272 | 64,931 | ||
| ========================== | ======================== |
The notes on pages 12 to 17 form part of these financial statements.
- 11 -
THE FISHER PARKINSON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
1. Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with the Companies Act 2006, and the 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) published on 16th July 2014.
Voluntary income
Legacies are included in full in the income and expenditure account as they are received.
Investment income
Bank interest is included in the income and expenditure account on an accrued basis. Income on listed investments includes all realised and unrealised gains on investment. Income from investment properties is included in the income and expenditure account on an accrued basis.
Resources expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT.
Grants payable are included in the Statement of Financial Activities when issued.
The cost of generating funds includes all costs relating to fund-raising activities.
Resources expended on charitable activities include all costs relating to providing grants to eligible applicants.
Governance costs comprise the costs of complying with constitutional and statutory requirements, including external audit.
Fixed assets
All fixed assets are initially recorded at cost.
Investments
Listed investments comprise stocks and shares quoted on recognised stock exchanges and are included in the balance sheet at their fair value, which has been ascertained by reference to their publicly reported mid-market value.
Other investments comprise investment properties situated in the United Kingdom and are included in the balance sheet at their fair value, which has been ascertained by the trustees after taking advice from the letting agents responsible for the management of the properties
The differences between fair value and the original cost of the investments are shown as unrealised investment gains or losses and transferred to the income and expenditure account. The difference between the balance sheet value and the proceeds of investments disposed of are shown as a gain or loss in the Statement of Financial Activities
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THE FISHER PARKINSON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
1. Accounting policies (continued)
Funds
All funds held by the charity are unrestricted.
Reserve policy
The charity seeks to consolidate the capital base of the trust and enhance income growth.
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
2. Investment income
| Unrestricted | Total Funds | Total Funds | |||
|---|---|---|---|---|---|
| Funds | 2021 | 2020 | |||
| £ | £ | £ | |||
| Income from UK investment properties | 88,431 | 88,431 | 71,477 | ||
| Income from UK listed investments | 23,442 | 23,442 | 20,641 | ||
| Bank interest receivable | 5 | 5 | 108 | ||
| ------------------------------- | ------------------------------- | ------------------------------- | |||
| 111,878 | 111,878 | 92,226 | |||
| ======================== | ======================== | ======================== | |||
| 3. | Investment management costs | ||||
| Unrestricted | Total Funds | Total Funds | |||
| Funds | 2021 | 2020 | |||
| £ | £ | £ | |||
| Investment property management costs | 20,504 | 20,504 | 19,252 | ||
| ======================= | ======================= | ====================== | |||
| 4. | Costs of charitable activities by fund type | ||||
| Unrestricted | Total Funds | Total Funds | |||
| Funds | 2021 | 2020 | |||
| £ | £ | £ | |||
| Charitable activities | 28,826 | 28,826 | 11,138 | ||
| ======================== | ======================== | ====================== | |||
| 5. | Costs of charitable activities by activity type | ||||
| Activities | |||||
| undertaken | Grants | Total Funds | Total Funds | ||
| directly | payable | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 11,229 | 17,597 | 28,826 | 11,138 | |
| ===================== | ===================== | ======================= | ====================== |
- 13 -
THE FISHER PARKINSON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
6. Governance costs
| 6. | Governance costs | |||
|---|---|---|---|---|
| Unrestricted | Total Funds | Total Funds | ||
| Funds | 2021 | 2020 | ||
| £ | £ | £ | ||
| Accountancy fees | 3,336 | 3,336 | 3,636 | |
| Audit fees | 2,568 | 2,568 | 2,520 | |
| Sundries | 18 | 18 | - | |
| Legal fees | 3,327 | 3,327 | 3,230 | |
| Travel and meeting costs | 50 | 50 | 100 | |
| -------------------------- | -------------------------- | ------------------------------- | ||
| 9,299 | 9,299 | 9,486 | ||
| ================== | ================== | ===================== | ||
| 7. | Analysis of grants | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Grants to individuals | ||||
| Contribution towards further education to four individual | 2,500 | 1,000 | ||
| Grants to groups | ||||
| Contribution towards local community activities to six groups | 15,097 | 518 | ||
| ------------------------------ | ------------------------------- | |||
| 17,597 | 1,518 | |||
| ======================= | ======================== | |||
| 8. | Net incoming resources for the year | |||
| This is stated after charging: | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Auditors' remuneration: | ||||
| - audit of the financial statements | 2,568 | 2,520 | ||
| ==================== | ==================== |
9. Trustees remuneration and expenses
No trustees or persons connected with trustees have received any remuneration, benefits or any expenses during the year
10. Investments
| Movement in market value | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Market value at 1st January 2021 | 3,143,043 | 3,100,805 |
| Acquisitions at cost | 10,943 | 10,060 |
| Disposals at opening book value | (47,745) | (16,642) |
| Unrealised gains | 218,664 | 48,325 |
| Cash movement | 3,113 | 495 |
| ----------------------------------------------- | ----------------------------------------------- | |
| Market value at 31st December 2021 | 3,328,018 | 3,143,043 |
| ====================================== | ===================================== | |
| Historical cost at 31st December 2021 | 2,475,035 | 2,508,724 |
| ==================================== | =================================== |
- 14 -
THE FISHER PARKINSON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
10. Investments (continued) Summary of listed investments
| Investments(continued) Summary of listed investments |
||
|---|---|---|
| Market | Market | |
| Value | Value | |
| 2021 | 2020 | |
| £ | £ | |
| Investments held by Croesus: | ||
| Fidelity Money Builder Income | 34,895 | 36,895 |
| Invesco High Income UK | 35,904 | 32,521 |
| Invesco Global Equity Acc | 35,760 | 29,092 |
| Invesco Global SM Cos Acc | 8,568 | 7,468 |
| Artemis Income Acc | 22,346 | 19,437 |
| Allianz BRIC Stars Acc | 17,973 | 18,467 |
| Baillie Gifford High Yield Bond Acc | 7,480 | 7,366 |
| Stewart Investors Asia Pacific Acc | 7,703 | 6,894 |
| Janus Henderson ErpFs I Acc | 7,460 | 6,525 |
| Nienty One UK Smaller Comp I Acc | 8,126 | 6,943 |
| JPM Natural Resources Acc | 10,188 | 8,642 |
| Jupiter UK Growth Inc | 10,597 | 9,043 |
| M&G Global Themes Acc | 81,797 | 69,819 |
| M&G High Yield Corporate Bond Acc | 36,134 | 36,847 |
| M&G Recovery Acc | 30,586 | 28,512 |
| M&G Strategic Corporate Bond Acc | 31,481 | 31,965 |
| BNY Mellon UK Equity | 76,112 | 68,191 |
| Merian North Am Equity Acc | 17,713 | 13,993 |
| Royal London Corporate Bond Inc | 6,878 | 6,891 |
| ASI Inv Global Corporate Bond I Acc | 34,219 | 36,581 |
| Standard Life Inv UK RIEstAFdr Inst | 60,976 | 55,592 |
| Unicorn UK Income | 22,503 | 19,812 |
| Cash | 18,254 | 16,369 |
| ------------------------------------ | ------------------------------------ | |
| 623,653 | 573,865 | |
| Investments held by Lucas Fettes: | ||
| Artemis Monthly Distribution I Inc | 200,394 | 179,568 |
| Fidelity Money Builder Income Fund Inc | 28,394 | 29,751 |
| Legal & General All Stocks Gilt Ind Trust Inc | 76,089 | 73,090 |
| M & G Corporate Bond Fund Inc | 28,655 | 29,912 |
| M & G Global Dividend Fund Inc | 54,865 | 49,476 |
| M & G Global High Yield Bond Fund Inc | 32,645 | 33,338 |
| BNY Mellon Global Income Inst W Inc | 58,938 | 52,337 |
| Vanguard FTSE Equity Income Index Fund Inc | 24,152 | 21,479 |
| Stewart Investors Gbl Emrg Mkts Bond B Fund Inc | 40,013 | 37,782 |
| Legal & General Gbl Emrg Mkts Index Trust Inc | 5,911 | 5,978 |
| Schroder Income Maximiser Z Fund Inc | 21,775 | 18,376 |
| Threadneedle UK Equity Fund Inc | 65,736 | 56,806 |
| Cash | 1,298 | 70 |
| ------------------------------------ | ------------------------------------ | |
| 638,865 | 587,963 |
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THE FISHER PARKINSON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
10. Investments (continued)
| Market | Market | ||||||
|---|---|---|---|---|---|---|---|
| Value | Value | ||||||
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Investments held directly: | |||||||
| UK Stocks and Shares | - | 20,715 | |||||
| ----------------------------------------------- | ----------------------------------------------- | ||||||
| Total listed investments | 1,262,518 | 1,182,543 | |||||
| ===================================== | ====================================== | ||||||
| Analysis of investments at | 31st | December 2021 | between funds | ||||
| Total Funds | Total Funds | ||||||
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Listed investments | |||||||
| UK Quoted Shares | 1,262,518 | 1,182,543 | |||||
| Other investments | |||||||
| UK Investment Property | 2,065,500 | 1,960,500 | |||||
| ----------------------------------------------- | ----------------------------------------------- | ||||||
| 3,328,018 | 3,143,043 | ||||||
| ===================================== | =================================== | ||||||
| 11. | Debtors | ||||||
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Other debtors | 18,782 | 5,964 | |||||
| Prepayments | 2,598 | 2,214 | |||||
| -------------------------- | -------------------------- | ||||||
| 21,380 | 8,178 | ||||||
| ==================== | ================== | ||||||
| 12. | Creditors: Amounts falling | due within one year | |||||
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Accruals and deferred income | 6,726 | 6,669 | |||||
| Other creditors | 200 | 99 | |||||
| -------------------------- | -------------------------- | ||||||
| 6,926 | 6,768 | ||||||
| ==================== | ==================== | ||||||
| 13. | Unrestricted income | funds | |||||
| Balance at | Incoming |
Outgoing | Gains and | Balance at | |||
| 1 Jan 21 | resources |
resources | losses | 31 Dec 21 | |||
| £ | £ | £ | £ | £ | |||
| General Funds | 3,296,786 | 111,878 |
(58,629) | 215,042 | 3,565,077 | ||
| ====================================== | =========================== | ============================= | =========================== | ===================================== |
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THE FISHER PARKINSON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2021
14. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Net current | |||
| Investments | assets | Total | |
| £ | £ | £ | |
| Unrestricted income funds | 3,328,018 | 237,059 | 3,565,077 |
| ---------------------------------------------- | ------------------------------------ | ---------------------------------------------- | |
| Total funds | 3,328,018 | 237,059 | 3,565,077 |
| ====================================== | =============================== | ====================================== |
15. Reconciliation of net incoming resources to net cash inflow from operating activities
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Net incoming resources before | |||
| transfers | 53,249 | 52,350 | |
| Income from investments | (111,873) | (92,118) | |
| Interest receivable | (5) | (108) | |
| Decrease/(Increase) in debtors | (13,201) | 1,809 | |
| (Decrease)/Increase in creditors | 158 | 198 | |
| ------------------------------------- | ------------------------------- | ||
| Net cash outflow from operating activities | (71,673) | (37,869) | |
| ============================= | =========================== | ||
| Reconciliation of net cash flow movement to movement in net funds | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Increase in cash in the period | 70,272 | 64,931 | |
| ---------------------------------- | ------------------------------------- | ||
| Change in net funds | 70,272 | 64,931 | |
| Net funds at 1st January 2021 | 152,333 | 87,402 | |
| ------------------------------------- | ------------------------------------- | ||
| Net funds at 31st December 2021 | 222,605 | 152,333 | |
| ================================ | ========================= | ||
| Analysis of changes in net funds | |||
| 1 Jan 21 | Cash flows | 31 Dec 21 | |
| £ | £ | £ | |
| Cash at bank | 152,333 | 70,272 | 222,605 |
| ============================= | ===================================== | ================================ |
16. Reconciliation of net cash flow movement to movement in net funds
17. Analysis of changes in net funds
18. Related party transactions
There were no related party transactions during the year.
19. Ultimate controlling party
There is no ultimate controlling party.
- 17 -