Parabola Foundation (A charitable company limited by guarantee) Trustees, Report and Financial Statements For the year ended 31 March 2024 Charity number: 1156008 Company number: 08812870
Parabola Foundation Report of the Trustees for the year ended 31st March 2024 The Trustees are pleased to pTesenl their report together with the financial slalements for the thaiitable company for the year ended 31 March 2024. The financial statements have been pPared in accordancg wilh the aecounling policies sel out on page 9 and 10 of the financial statemènts and comply with their Afb'cles ofAssocialion. the CharitEs Act 2011. the Companies Act2006 and the requirements ofAccounting and Reporting by Charities Slalemenl of Recommended Practe. applicab to charities preparing Iheii accounts in accord2nce with the financ1 ieporb.ng standard applicable in the UK IFRS1021. Reference and administrative detsils Charity number 11006 Company wgistfalion number 08812870 Principal office and principal pla of business Level 4 Dashwood House 69 Old Broad Slreel Lond¢)n EC2M 1QS Trustees Peter John Millican {Chair) Anne Deborah Millican Deborah Jude Independent examiner Moore Kingston Smith LLP 61h FlrKJr 9 ApFKtrld Streel LorKlon EC2A 2AP Dlroctors The directors of the chaiilable company Ilhe charity) are its Trustees for the purpose of charity law. The Trustees and officers serving during the year and since the year end are listed above. The company has M1? qualifying third party indemnty provisions for the benefit of its directors during th8 year. These piovi5ions remain in foice at the reporting date. Structure, governance and management Governing Document Parabola Foundation is a company limiled by guarantee govemed by ils Memorandum and Arlictes or Association dated 12 December 2013. 11 is registered as a char(ty with the Charity Commission. Organisation Structure The charity has a minimum of three Trustees. Accounting supPt is provided by Parabola Real Eslale Investmenl Management LLP as a charitable donation. Each board member agreès to contribute an amount not exceeding £1 in the event of the charitable company winding up_ Trustee Raeruitment and Training New Trustees are appointed by Peter John Milli(an and the existing Iruslees and are chosen based on skills they have lo offer lo ensure Ihe development of the charity's activities. Training is made available lo the liustees when it is requid.
Parabola Foundation Report of the Trustees for the year ended 31st March 2024 (contlnued) Rèlatéd parties Peter John Millican, chair of the Board of Trustees. who as an indTvidual arld as the (Jirector of Parabola Eslale Holdings Limited. Parabola Management Limited, and Parabola Princes Street Limited has donated to the chaiity during the year. Peter John MillKan is also a director of Kings Place MUS Foundation and Ruwenzori Sculpture Foundation who received donabons fcom the charity during the year. Further details ol transactions with related parties are gNen in note 10 to the financial stalemenls. Objectives and activities The objectives of the charity are to further charitable and Gultural projects that will bring benefit lo the public. 11 has beèn particularly keen to support rnUS and the arts in a way that benefits the community. The charity carefully evaluates 811 applications for funds based on mertt. Publlc Benefll Th8 Trustees have referred to the guKJance contained in the Charity Commission's general guidance on the publiG benefit when reviewing its aims and obiectwes and in pLgnning ils future support. strategic Report Achievements and perfomiance During the period the charity supported King Place Music Foundation. Ruwenzori, Hexham Book Festival, Hear Out MUS (Music from ImmNJralion Delentionl and Aurora Orchestra. The charity measures ils success by the gwd Ihal it has achieved over the year. Financial Review Operations in the perd resed in a surplus of £99,466 {2023'. £73.254 surplus) representing the excess of income over expenditure. The charty receed income donations during the year of £936.200 (2023.. £420.000} and grft aid on these donatn$ of £19,050 {2023". £93,750). Nel liabilities have decieased from £724,664 in 2023 to £625,198 In 2024 as a result of a surplus in the perd. Cash al bank has increased to £42.844 as al 31 Marth 2024 {2023.' £29,52618nd, commitments are in plaee for accounts payable over the next 3 years. Further details on the going concern of the charity are gNen in the accounting pOIleS. Reserves Pollcy Tha Trusteès, policy is to hold Circa 12 months, income as reserves. Cash at bank al the reporting date and reasonable projected resources are SUfflent to cover current liabilities for 12 rnonlhs. There was a defKil al the end of the period of £625,198 (2023- £724.664 deficill. The common director of the Parabola group of companies, Peter John Millican. intends to donale from Ihe ParaboLq group in the coming years lo meet the obligations of future donation5. The trustees iegard this lo be adequate to SUPPDrt the chaiitable company's year ené deficit and future oblb3ations.
Parabola Foiindation Report of the Trustees for the year ended 31st March 2024 (continued) Going Concern The Trustees are satisfied that the organisation Is able to operate for the foreseeable future on the basis of known and reasonable projected levels of income and therefore Ihe going concern basis of accounting is appropriate. Risk management The Iruslees have examined the major slr3tegi¢ business and operation81 risks that the charity faces lo ensure that systems are in place to monitor them. The piincipal risk thal the charity fa5 is the commercial success of the Parabola donor enlilies. Plans for Future Periods The charity aims lo continue lo support prects that bring benefit lo the wider public. Trustees, Responsibilities The Iruslees (who are also direelois of Parabola Foundalion for the purposes of wmpany lawl are responsible for preparino the Trustees, Annual Report and the financial stalemenls in accordance with applicable law and Uniled "ngdoM Accounting Slandards (Unrted Kingdom Generally A¢cepled Accounting Praclicel. Company law requires the trustees lo prepare financial slalements for each financial year. which give 3 true and fair view ol Ihe slate of affairs of the charitable company and the incoming resources and application of resources, including the income and expendiluie of Ihe charitable company for that period. In preparing those financial slatemenls, the Iruslees ace required to.. select suitable accounting policies and then appty Ihem consistently", observe the rnelhoLls and principles in the Charities SORP", make judgements and eslimales that are reasonab and prudent., state whether applicable accounting standards and slalemenls of recommended practice have been followed subjecl lo any departures disclosed and explained in the financial slalemenls., and prepare Ihe financial stslements on Ihe going conrn basis unless rt is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper aunlIng records, which disclose with reasonable accuracy at any lime the financial position of Ihe charitable company and lo enable them to ensure that the financial slalements comply with the Companies Act 20(. They are also iesponsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Independent Examlner Moore Kingston Smith LLP were appointed as Independent Examiner for the year ended 31 March 2024. Approv lees on 1 August 2024 and signed on their behalf by.. rJM lican Trus
Parabola Foundation INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PARABOLA FOUNDATION I report to the Ghafity trustees on rny examination of the accounts of the Company for the year ended 31 March 2024. Rè8ponslbiliti¢s and basls ¢f rport As the charity's trustees (and also its directors for the wfposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061"Ihe 2006 Act") Having salisfyed myself that the accounts of the Company a not required to be audiled under Part 16 01 the 2006 Ael and are eligible for independent examinatn. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charilies Act 2011 I'lhe 2011 ACV'I. In carrying out my examination I have followed the DirectKJns gwen by the Charity Commission under section 14515 (bl ol the 2011 Act. Independent Examiner's Statement Since the Company's gross income exeded £250.000 your examiner must be a member of a body listed in section 145 of th8 2011 Act. I confirm that l am qualifEd io undertake the examination because I am a member of the ICAEWwhiL is one of the listed tx)dies. I have completed my examinalion. I confirm that no matters have come to my allention in connection with the examination giving rne cause lo believe.. accounting recoids weie not kept in respect of the Company as required by section 386 of the 2006 Act., or 2. the accounts do not accord th those records., or 3. the accounts do not compty with the accounting requirements of seclK)n 396 of the 2006 Act other Ihan any requirement that the aUnIS give a true and fair which is not a rnattèr considered as part of an independent examination., or 4. the accounts have not been prepared in ardance wf(h Ihe method5 and principles of the Statement of Recommended Practice for accounting and repor"n9 by charities. I have no concerns and have come across no other matters in connection wrth the examination to whieh attention should be drawn in ihis report in order to enable a proper understanding of the accounts lo be reached. Adam Fullerton IFC& DChA} For and behalf of Moore Kingston Smith LLP Chartered Accounlanls 6th Floor 9 Appold Street London EC2A 2AP Dalg. 2 August 2024
Parabola Foundation ststement of Financial Activities (incorporating income and expenditure account) for the year ended 31 March 2024 Total Unrestricted Fund8 Y•or ended 31 March 2024 Tolal Unrestrieled Funds Year ended 31 March 2023 Income from: Donations and legacies Interest and Investments 955.735 731 513.750 271 Total incomo 956.466 514.021 Expenditure on.. Charitable activities: Support other charitable objectives lo benefit the wider public {857.0001 1440.7671 Total ex enditure 857.000 440,767 Net movement in funds 99.466 73,254 Reconclliation of funds Total deficit brou ht Iorward 724.664 797.918 Total deficit carried forward 625.198 724.664 All incoming resoijrces and resources expended are deriv1 from continuing actTvilies. The slalemenl of financial acb"vrties includes all gains and losses recogni8ed in the year. The notes on pages 9 to 1 S fom part of these financial st?tements
Parabola Foundation Company Number: 08812870 Balance Sheet at 31 Mar¢h 2024 Unrestricted funds 2024 Unreslricled funds 2023 Note Current assets Cash al bank Debtors 42.844 29,526 93,750 123.276 42,844 Liabilities Creditors amounts falling due within one year 1173.042) 1182,9401 1173.042) 1182,9401 Net current (liabilities)l assets 1130,198} {59,664} Creditors - amounts falling due in more than one year 1495,000} 1665,0001 Net liabilities 625.198 724,664 The fund8 of the charity Unrestricled deficit funds 625.198 724.664 Total charity Idgficitl funds 1625.198) 1724.664} For the year ending 31 Maf¢h 2024 the company was enlilled lo exemption from audi( under Section 477 of the Companies Act 2006 relating lo small companies. The members have not required the company to obtain an audit of ils accounts for Ihe year in question in accordance with sedion 476. The directors acknowledge their responsibilities for complying with the requ1mentS of the Act with respect lo accounting records and the preparation of accounts. These accounts have been wepared in accordance with the provisions applicable lo companies suiy.ect lo the small companies, regime. The financi I sialemenls on pages 6 10 1 S were approved by the Board of Trustees on 1 August 2024 and were sign doni behalf by.. Tr
Parabola Foiindation Statement of Cash Flows for the year ended 31 March 2024 2024 2023 Note Cash flows Irom operating actlvilies: Cash generated from ope¥alions 12.587 1175,7671 Net cash rovided b I used In erations 175,767 Cash flows from financing actlvitigs: Interest received 731 271 Nat cash rovided by financlng a¢tlYlti¢s 731 271 Increase l{Decreasel in cash and cash equivalents In the year 13,318 1175,4961 Cash and Gash equivalents al the siart of the ear 29,52S 205,022 Cash and cash equivalents at the and ofthe ear 42.844 29.528 Relating to.. Cash al b8nk 42,844 42,844 29.526 29.526 Total cash and cash equivalents
Parabola Foundation Notes to the financial statements for the year ended 31 March 2024 Accountlng pollcles Basis of prèparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Sialemenl of Recommended Practice applicable lo charilEs preparing their accounts in accordance with the Financial Reporting Standard appIable in Ihe UK {FRS 1021- Charities SORP IFRS 102}, the Financial Reporting Stsndaid applicable in the UK IFRS 102) and the Companies Act 20L. Parabola Foundation is a Charilabk Company limrted by GuaTrntee, registered in England. The address of the Charity s registered Offi and principal place of business is Level 4. Dashwood House. 69 Old Broad Street, Lornlon, EC2M 1QS. The charity meets the definition of public benefit enlity under FRS 102. Assets and liabilities are inilialty recognised at hisloital cost of transaction value unless olheNise slated in the relevant accounting policy note. The financial statemenls are presented in sterling which is also the tunclional currency of the charitable eompany- Monetary amounls In those stalemenls are rounded lo the nearest £ except where otherwise indicated. Going concem Financial Reporting Standaid 102 requires. rf apptopriate, that Ihe chafty's finaneial stslemenls are prepared on the going concern basis. which means that the charity is able lo operatè for the foreseèable future on the basis of known and reasonatye projected resources. The enlily is in a deficit position at the year ended 31 March 2024, however il has eonfrrmed supportfrom Peter Millican and Ihe Parabola Group for a period of at least one year frn Ihe approval of these financial statements lo cover non-current liabilities and budgeted future expenditure. As a resutt the going concern basis of 8ccounling is appropriate. Ineoming resources Income is reeogni%ed in the period in which Ihe charilable company has entillemenl lo the funds, any wndilions attached lo the income have trttn met, it is probable that the income will be reiVed and the amount can be measured reliabty. DOnatn income Donation InCe includes grfls and donations and any tax that can be rectaimed on amounts received under gfft aid. Donation income is ineluded in the statenI of Financial Activities when receivable. Inlerest receivabl Interest on funds held on deposit is included when receivable and the amount can measured r&liably by the charity., this is nom81ty uwn noliltsb.on of the interest paid or payable by the bank. Resources èxpended Expenéiture is all considered as expenditure on charitable activit5. Expenditure is recognised once there is a legal or constructive oblwjation lo make a payment to a third paty, il is probable that settlement will be required and the amount ol the obligation can be measured reliably. Resoufces expended are included in the Statement of Financial Activit5 on an accruals basis. inclusive of VAT.
Parabola Foiindation Notes to the financial statements for the year ended 31 March 2024 Accounting policies (continued) Expenditure on charitable activities including grants payabl Grants payable ale recognised when an uncondrtional offer has bn made by the Foundation. Granls Offer which ?re subject to conditions are recognised when the trustees have reason lo believe that the conditions have been met. Where Ihe trustees approve a gr8nl thal is payable in inslalmenis over a period ol a number of years without Specif conditions attached. the total amoijnl of that grant IS charged in the accounts during the year of approval. Fund accounting General funds are unrestricted funds which are available for use al the discretion of the truslees in furlherants of the general objecbves of the charity and which have not been designated for other purposes. Flnancial instwments The charity has elected lo appty the provi%ions of SeclFon 11 "Basic Financial Instruments" and SeCtn 12 "Other Finanal Instruments Issues- of FRS 102. in fvll to all ol ils financial inslruments. Al ol the charity's financial assets and financial liabilities qualify as basic fi'nancial inslnjmenls. Basic rinancial instruments a Inilially recognised al transacli)n value and subsequently measured at Iheir selllement value_ Cash at bank and in hand Cash at bank and cash in hand includes cash held at bank and cash in hand. Debtors Debtors include amount owed to the charity for gift aid on donakn.ons and measured al their recoverable amount. Crèditor8 Creditors are recognised where the charity has a present obligation resulling from a past event that will probably result in the transfer of all funds to a third party and Ihe amount due lo setlle the obligation can be measured or eslimalèd reliably. Credrtors are normally reeognised al their settlement amount 10
Parabola Foundation Notes to the financial statements for the year ended 31 March 2024 1. Income Donations and Le9aaes Tot81 Unre8trlctèd Fund$ Yearended 31 March 2024 Total Unreslricled Funds Year ended 31 March 2023 Donations Gift AKI on donations Interest on Gift Aid 936,200 19.050 420,000 93,750 955,735 513.750 Investment Income Total Unrestri¢tod Funds Yearended 31 March 2024 Total Unrestricted Funcls Year &nded 31 March 2023 Bank interest receivable 731 271 2. Expendlture on charitable actlvities Total Unrestricted Funds Year ended 31 March 2024 Total Unreslricled Funds Year ended 31 March 2023 Governance costs Marketing Donations 3,600 4.247 270 436,250 440.767 853,400 857,000
Parabola Foundation Notes to the financial statements for the year ended 31 March 2024 2. Expendilure on charltable artivities {continuod) Governance costs are made up as folk)ws". Total Unrestricted Funds Yearended 31 March 2024 Total Unrestricled Funds Year ended 31 March 2023 Fees paid lo Independènt Examiner Le al 2nd rolessional fee5 3.600 2,760 1,487 4,247 3.600 Donations-. Total Unrestricted Funds Yearended 31 March 2024 Total Unr8slricted Funds Year ended 31 March 2023 Amounts paid to institutlons: Creative Arts Other 843.400 406,OOC) 30,250 436,250 853 400 Institutions: Kings Place MUS Foundation Ruwenzori Poverty Relief Foundation Other 711.000 36.000 315,000 36,000 20,000 65,250 436,250 106.400 853.400 3. Staff costs, Trustees. remuneration, bonofits and expenses The company ha$ no empk)yees. There yvere no trustees, remuner8lion or other benefrts or expenses paid for the year ended 31 March 202412023.. £nil). 4. Debtors At 31 March 2024 At 31 March 2023 other Debtors 93.750 93,750 12
Parabola Foundation Notes to the flnancial statements for the year ended 31 March 2024 S. Credltors.. amount8 falling due within one y?ar At 31 March 2024 At 31 March 2023 Trade payables Aecruals and deferred income Accruals for rants pLa able 10,000 2.940 170.000 182,940 3,042 170,000 173.042 6. Creditors.. amounts falling due In moro than one year At 31 Mar¢h 2024 At 31 March 2023 Accruals for gr8nls paYae.. Due within 2 - 5 ears 495.000 495,000 655.0 665.000 7. Analysls ofcharitsble funds At 31 March 2024 At 31 March 2023 Unrestrlcted funds As al 1 St April 2023 Unreslricled funds movement As al 31st March 2024 1724.664 99,466 625.198 1797,9181 73,254 724,664 Net movement In funds. included in the above are as follows.. In¢omlng Resources Resource8 Expended Movement in funds Unrestrlctèd funds General Fund Total funds 956.466 956.466 857,000 857.000 99 466 99.466 General funds are held in order lo fvrther the objects of the eharty. 13
Parabola Foiindation Notes to the financial statements for the year ended 31 March 2024 7. Analysis of Charftsble funds {continued) Nel Asset by fund 2024 UnrestricteAI funds Total funds Net current Iliabililiesl (130.1981 (130,1981 Lon term liabilities 495.000 495,000) 62S,198 625,198 2023 Unrestricted funds Total funds Nel current liabilities 159.6641 159.664) Lon tem liabilities 665,000 865,000 724.664 724.664 8. Finan¢lal instruments 31 March 2024 31 March 2023 Carrylng amount of financial assets Cash al b8nk Mèasured al recoverable amount 42.844 29,526 93,750 123,276 42,844 Carylng amount of financial liabilities Measured al 8mortised cost 668.042 847,940 9. Roconclliation of net movoment in funds to ngt cash from opèrating activitie$ 31 Mah 2024 31 March 2D23 Nel movement in funds Deduct inleresl receivable Decreasel Ilncreasel in debtors Decrease in creditors Nel cash providedl lusedl by oper*ing activities 99.466 17311 93,750 179,898 73,254 1271) 193,7501 155.000 175,767 14
Parabola Foundation Notes lo the financial statements for the year ended 31 March 2024 10. Related party transactions Peter John Millican. chair of tho Board of Truslees. is 8 dire¢lor of Kings Place Music Foundation and Ruwenzori Sculpture Foundation who r1Ved donations from the charity during the year. The charily regards these institutions to be related parties. In addition, Peter John Millican i% a director of Parabola Eslale Holdings Limiled, Parabola Man8gemenl Limiled and Parabola Princes Streel Limited, who paid donations to the charity during the year. Peter John Millican also paid donations lo the Charity personalw during the year. The charity had the following tranwlionslbalances with reLaled parties.. Ruwenzori Sculpture Foundatlon Kings Place Music Foundation Povorty Relf Foundatlon Parabola Group. Peter Alillican 2024 2023 2024 2023 2024 2023 21124 2023 2024 2023 IrOme- donations Expenditure donations 860.000 4s.oIK> 76.200 375.000 36.000 36,000 711.000 315.¢XXI 20.0(KJ Exp8odilur8 Other Debtor balances at ear en¢Y CreditDr balances at ar end Parabola Group- Parabola Estate Holdings Limited £295.0(K)12023.' £45,0)1." Parabola Management Limited £555,00012023'. £nil} and Parabola Princes Street Limited £10,000 {2023". £nil}. 11. Legal 8tatus of Charity The chaiity 15 a company limiled by guarantee and has no share Cal101. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 15
Parabola Foiindation 12. Parabola Foundation Mlnut•s March 2024 Charity Nurnber. I156J8 Company Ni1mb. 08812870 PARABOLA FOUNDATION I'lha Compaoy-l Minutes of a meeiifi9 of the ol trustees (the Trustees) of Ihe Cwany by way d rneeling ai Malfen on 6 March 2024. Present: Deboiah All8on Judg IDAJI IChaSrpersonl In •ttendan¢o'. P¢¢frr John Milli¢an IPJP4 Anno Deborah Milll¢•n IADMI OPENING IIvrn5 noted prwr ol Ihe ffeeling had l)een given aTrJ that rned9 had teen properly ronvened and thai a quorurnwas present The CIBiiper50n declared Ihe meetsng n. ol Ihe Trustees (JedarE¥J any inte$1$ in proposed business to be discussed al the meeiing In X¢0fdan th Ine Compan5 Acl 20Q6 and Itwas mted thai all Tru51ees were able lo vtsie ifi reL71kM lo Ihe b&"ThJ disujssed Follon9 the lasl annual Tiuees meeb"NJ orn 3 Klay 2023 il was noted M the Trusteès annual oDard meelirt9 ccntinue tor Ihe lime bwng lo lake in person ai The (Yd V¢8rase. Mallen in Spnng eèchyear In a0d11 10 Ihe tJ)afd rrttkng maiieis laim9 lo Il Company we regularty discussed during Ihe year In particula PJM ar,d DJU tmlinue to Ineel re9uL8rW throvghoul the year lon ollr tnatters where Ihey acl a5 Trusiees logetherwith ADPA)and updales are yovHled ai Ihose meelings In relaiK)n lo Ihe Cowany's plans and aclws whKh bad been undwiaken in Iniervening per$ Nl such rAans and lions ale aplYd by ADM. OBJECTIVES OF THE COMPANY 01 conbnuiw &gnifKant focu$ 10 the Company during Ihe year and as In rn1 years h3S been the fundiNJ lor Pe mu F0vndaTh IKPMFI effects oflk CovxJ-19 re5trKlions are slill beirKJ ldl partthlarly wilh aUd*e Nmbef$ and Ihe ¥afuStr•In strike5 arKI tube stiikes have further effected Tevenue The fruslee5 noted that KPMF is ihe elfecls ofihe re permanent change5 lor example Ihal audences al certain evenis havè nol relurned in Ihe same ner5 The Tfusiees nNed Ibalthere ha(J been ch8rvaes ITh wrrt)er ol Irustee5 and in Ihe makeup cl ihe b02rd al KPUF and Ihal Ihose changes and recwi wruiiments WAI assisi viilh lund ra19 markebng KPMF have 3tsocc•tinued to exerose sifiDgeni rinan¢ial coThir¢b and bok for cost redu1(ts whete possil)le whitsl ensunng Ihe otyet1e$ of the Chaiily 16
Parabola Foundation can be mèl. Funding Irw the Company B still requed Regular metbrss continue 10 tse held vrilh the bo¥d of KPMF an¢J Ihe Iruslee5 and DAI all¢J PJM {who are two of the trUetS ol KPMFI atlend Ihose meets"rvJs PJkl ttrtlinues ie have regulw conmwth ihe board ol KPMF. PJM Keep5 DAJ and AOM Infrned. The Twslees there%Jre were salisfied Ihal the ftnarrial oversighl and accounlabilrty for fund¥)g that Ihe Cowy has INded its KPMF 1$ be9 rnainiained. The Company ¢tinUeS to suFwl Core GUIS Cok>))hryt by way of reoular monthly payments lo agreed amount. PJM had prevK)U5ty expressed some ccern about IAe 袢0unbIIty I the lundiro thè Company has pwovide(l and Ihi5 has now been addSsed. PJM and ADM confirnwi Ihe ¢thtr syants and offji(Is made by Ihe Company duAr¥J ihe period April 2023 to March 2024 and il was noted Ihat IhesÈ payments are in line ¥vith the obiectsv05 01 Ihg Company. The support PiOVKled by the CompaAy wès deemeil lo havè8chieved the 04.1?&01 Ihe Company aftd Ihe funds have beeft ub"Ised c(Krectly by Iht ieopients spècific projects PJM and AOM have dose In¥0emen1Ith the chaii1ieswj recer¢e fvnds and which helps ensure Ihat thè reci"ent charilies ale using Ihe funds for Ihe PUfP)se5 l¢y whth they weie given. ACCOUNTS Karen Black IKBI al Pwabola Contin lo prepwe thty management aCniS which afe seThl to the Trusteès for èpproval whth a¢¢ounls include deiails of all paynwts. reip1S 8fftd asji 0W bearin9 In mind the MMnt5 ol the Company. K8 ts aL80 kèpl advised of 8¢ldilional financial sUPPOIt olleied 10 ¢Thanties in order thai K8 and the vitder Paiabgb team is aware ol commltmenis and ¢ash ffoyi. The financral supp)n Ktenlifd for the Coryany Gonlinues to be provided by personal donai¥)ns Irom PJM Wblh the balance required to meet ils commilmenls be9 provided by one rm re oflhe Paiafjja enlilEs. KB also filed Acc4wnts wilh the Chafity C0mrnEsn and ks io do so. KB Klenlified that certain ol the Iru51ee5 pole$ shwld be foimal4¥ recor(led ané DAJ agreed to look Inio that The financial suppty1 idenlrfied lor parttular Chanlie5 by the Trus:ees continues to VOVKJe 5UPPOrt proiecis of Lnefit to Ihe public with partVIal interest in mug¢. Ihe arts aro benefilling local corM)unilies PLINS FOR THE NEXT YEAR As deialed above KPMF continues lo require ad¢ilK)nal fundin9. FunL15 for a Rèserves Aecourtt has also been reqLFiied by KPMF In ordèr io assisi with gr1 apFqiGalws where RèseNes are required 10 te heKI. It iefflains part ol Ihe k)nger ièrm siiegy ol KPMF lo bewtne financial Independent of fiJnd5 from Ihe Company The Truslees Wle the strategy and support it. 17
Parabola Foundation A5 8 grant making charily the Coryany feceNes a number of appeals for support Irom a large numbÈr of charities. The Tiuslees have in tyace procedures lo( dealing wilh all such 8ppeals. Any requests for funding are cevi4Yed al ¢erLiin poinis Ihroughout the year ty PJM and ADM. Where an applicalion has not been appfoved Ihen a standafd18tler is used lo notify Ihose applKanls and il is explaed that in ol ihe modest size of Ihe Company and Ihe lacl Ihal the Tivslees pe(sonally enlIty ¢haritres ihey viould wish lo benefil then those charilies should nol cijrrenity expecl lo weceive any a(fvance or SUPF*)rt from the Company The Trustees approved the ¢urrenl arrangemenls and sayi no need for chaThJe. 11 was agreed that OAJ would consKler h)ng the informatt held by thèsp charilÈes and Ihe coriespondence wilh them should be relained and on der to comply wilh Dat? Protection gislalion CLOSE There was no further businèss arnd Ihe Chawperson declared ihe meetsng closed. Chairperson 2024 18