THE PARGITER TRUST ANNUAL REPORT & FINANCIAL STATEMENTS lor the Yeor Ended 31 December 2023 - CHARtTY NO 1157779 THE PARGITER TRUST C0>4TENTS Reference and Adminislrolive Deloi15 Trustees. Report Slolemenl of Trvslees. Responsibililie5 Independenl AudiloKs Reporl Cons01idoled Slolemenl ol Finonciol Aclivilie5 15- 16 Consolidaled Bolonce Sheel Balance Sheel Con501idoled Slolemenl ol Cosh Flow5 19 Notes lo the Finonciol Slalemenls 20-32 THE PARGITER TRUST CHARITY INFORMATION Founder The Lole Hon Mrs Isobel Cooper-Heyman Trustees Mrs S C Gordiiier Mrs V M Weslhorp Mr M Moglord Mrm J Slarkey Mi P Melcalle Mis E Gilbody (Nee Gardinerl Secretary D B Mcmonus and Louise Treocher Corie5pondence oddress A C Mole LLP Slallord House Blackbrook PaTk Avenue Taunton TAI 2PX Audllor Alexandro Shore FCA CTA DChA A C Mole LLP Slallord House BlockbTook Park Avenue Tounlon TAI 2PX Prlnclpal bankeTS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill. Wesl Malling Kent ME19 4JQ Inveslmenl advisors JMFinn&CoLld 5 Coplholl Avenue London EC2R 7AH Solicitors Bole5 Wells & 8roilliwaile London LLP 10 Queen Slieel Ploce London EC4R IBE Charity Reglslrallon Numbei 1157779 Page 1 THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Chair's Foreword l om pleosed lo have Ihis opportunity lo pfesenl the ninth Reporl ond Accouiils lor our Choriloble Incorporoted Orgoni5alion ICIOI which become a registered chorily on 8 July 2014. Tl)roughoul 2022 and inlo 2023. older individuols loced a mullilude ol challenges, compounded by the unloreseeable nature ol events such a5 the Covid pondemic and the subsequent cosl-014iving crisis. From groppling with i55ues like fuel poveily, homelessness. and menlol heollh struggles lo novigoling the 51rain5 on Ihe NHS ond the looming Ihreols ol climate chonge, the road aheod oppeors daunling. These chollenges have only inlensilied the pressures on older individuals ond the organisalions dedicoled lo supporting Ihem. The year 2023 proved lo be pafliculorly orduous. marked by sooring energy bills ond record- breoking inllalion ioles, which lell many older individuals contending with precorious circumstances. Over Ihe pasl year. we have heord directly from older individua15 oboul Ihe hordships they lace, including reduced food inloke. liniiled social engogemenl oppoilunilies ond incieased coregiving ¥esponsibililies lor their loved one5. Amidst these trials. the locol groups we have funded through Community Foundolions have emerged 0$ involuoble pillor5 01 supporl lor older individuals. Whelher through oigonising lunch clubs with engoging aclivilies. locililoling community Ironsport progroms, e51oblishing beliiending groLJP5. or deploying Porish f41Jrses. these iniliolives have played o vilol role in providing essenliol 5uppoII ond componionship lo older indimdvals during Ihese chollenging limes. Our Trustees each loke o leod with a Comniunily Fovndolion using Ihis opportunity lo leorn, recognise emerging Ihemes and beller underslond how we can best supporl our beneliciory group. In 2023. we observed o growng need lo priorilise support lor people's heollh ond wellbeing. Many ol Ihe locol groups we hove supporled have become lifelines lor older individuals, delivering essenliol services in Ihis areu. Ollen. il'5 Ihe simplesl gesluies Ihol hove Ihe most profound impocl. Toke. loi inslonce, 'Nan,' o vibionl 95-yeor-old residing in o Resider)liol Nursing Home neslled in a smoll villoge. Nan dedicated 40 yeor5 01 her life lo seNing Ihe community os o Special Needs leoclier before retiring. Despile groduolly 105ing her memory. Non remoin5 remorkobly olerl and 5piriled. However. due lo Ihe deinenlio ol mony iesidenls in the home. comrnunicolioii with Non con be challenging. To provide Non with o change ol scenery, she allend5 a locol lunch club regulorfy, which slie de5cribeg 0$ her'lileline.. Non's eogemess is evidenl 05 She is olwoys ready and woiling on lime loi the club. This invaluable golhering is locililaled by compossionale local volvnleer5. This anecdole is emblematic ol the numerous projects we Support. underscoring the vilol role volunteers play in ovr commvnilies. Wilhovl Iheii IITeless dedicolion. many organisolions would struggle lo exisl. We ore pleased lo reporl Ihol we hove conlinued our commilinenl lo serving our beneliciories by collaboraling with locol organisalion5 Ihrough Ihe Cominunily Fovndolions lo supporl older people. In 2023 we worked ¥vilh 7 Community Foundolioiis along wilh some independent funding supporting in excess o120.0(X) community inleroclions lor older people. Page2 THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Community Foundalion5 that received gronls in 2023.. Sullolk Community Foundation Kent Community Foundation Berkshire Communily Foundation Willshire Community Foundation Tyne & Wear & Norlhumberfand Communify Foundolion Quartet Commvnily Foundation Guernsey Community Foundation We olso have a Communily Firsl Endowmenl Fund wlh the Community Foundolion forsurrey. Ihe bolance ol Ihi5 fund 0$ ol the 31 December 2023 wa5 £139,535. Income from Ihis fund is used lor gronl making vio Ihe loundalion lo ￿ganISatIOnS supporling older people in Suirey. Using our Innovolion obieclive. we were delighted this year lo support two Organ￿allOns', In Dee - one granl paymenl of £4.8(X) lowords the cost lor the weekly lunch club lor 1501aled older people in Viclorio. London. The granl wa5 a conlribulion lowords food costs ond hire ol a holl lor lunch club in 2024. wlh Ihe aim lo help 968 older people. il Beller K18 -comedy Dramo incore Home5 &The Community- this isa scalec up version ol our10s1 Porgiler comedy drama ￿ograMMe. In weekly sessions. they read funny plays Ihol ore odapled so older people wilh memory and mobility challenges can lake port in on utAilling project that enhonces wellbeing ond gives them the chance lo masleT new skills. This lime exponding KIB'S ollering lo older people's community groups across Leeds and Yorkshire, $0 people who still live in their own homes can allerbd. In oddilion. tunning a pilot scheme al a Worwick ca¥e home. When Greal-Gronny Came lo Stoy. Workshops- Builrfing on the success ol 'When Greol-Gronny Come lo Slay. wor*5hops. Delivering oddilional workshops 10 20 schools in East HerllordshiTe. London ond Noilh Wamckshire. Total gronl poyment lo Kissing il Beller in 2023 was £19.720. l om as olwoys extremely grolelul lo my fellow Iruslee5 lor their wisdom. guidance and enlhusiosm throughout Ihis yeaf. and we look forward lo being able lo help even more 2024. Suzanne Gardiner. Choir The Pargiler Trust CIO Page 3 THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Our purpose The purpose ol Ihe orgonisalion 15 to provide funding ol gross roo15 level lo benefit older people, providing value lor money os lar a5 Possible. Older people are defined os being ovei 65 yeors ol age. Vision 'Th& vision ol the Tfusl is 0 50ciely where older people enjoy o bellei quality ol life,. Mission 'The niission ol the Trvsl 1$ 10 Support older people to be independent. heollhy and sociolly included ond those who olherwse may be disodvonlaged,. Values Rellecling the wishes ol Ihe Founder Building long-lerm relationships wilh elleclive orgonisolions To ochieve more lor less To remain ogile in order lo iespond lo new challenges Strategic Imperollves.. Gronl Moking- To make grants in Englond and Guemsey lo enable older people lo be independent. heallhy ond sociolly included. Innovolion To work collaborolively lo lind new woys lo help older people lo be independent. heollhy ond socially included. Impacl- To idenlily. underslond ond measure the impocl ol the Trusls oclivilies lo beller understand the difference being mode. Charilable objective$ For oll purposes which ore clioriloble under the l(ws ol England and Woles from linie lo lime ond in porliculor bul withovl limilalion lor Ihe reliel ol the older people living in Englond ond the 8ailiwck ol Guernsey. The purpose ol Ihe organisolion is lo provide lunding ol glos5 rools ltsvel lo benefit older people, providing value lor money as loi os possible. Olde¥ people ore defined os being over 65 year5 01 oge. Slruclure. Governance ond manogemenl Legul and adminlsl¥alive delai15 The originol Porgiler Tru51 Ilhe "charily'l w05 rounded by the Lole Hon Mrs 150bel Cooper- Heyinan in 2005.11 become an unincorporated registered charity in England and Wales on 16 Februory 2006 Iregislered cl)ofily number 11130161. In consullolion with the charity's legol advise15. the Truslees esloblished Ihis Charilable Incorporaled Orgonisalion ICIOI in 2014 under o CIO Foundalion Conslilulion doled 19 Morch 2014. regislered il os a charily on 8 July 2014 and Ironslerred Ihe unincorporoled charily's 05sels lo the new enlily on l Januory 2015. The two regisleied cl)orilies were merged in lole 2015. There are cvrrenlly six Truslee5 Imoximum eight) ond they afe re5pon5ible lor diiecling the olloirs ol the charily includiiig selling the slrolegic diTeclion, the appfovol ol key policies. Ihe approvol ol busines5 plon5 ond budgals and ony other nioller5 which have o molerial impocl on the chorily's liiioncial posilion. ils sliolegy. repvlolion 01 risk piolile. Truslees are appointed in line wilh th- provisions sel oul in the Trusl Deed Ilhe'governing documenl'l. Page 4 THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 structuie. Governance and managemenl legal and admlnlslrallve delalls Icontjnued) The Trustees consider recruilmenl ol new Fruslees as the need arises. Applicolions Iiom suitable candidates would be soughl by idenlifying specilic gaps in prole55ional Skills, il necessary. plocing odverlisemenls in suiloble pvblicalions. A new Trustee would be provided with on information pock ovllining the hislory of the orgonisolion. ils slrvclvre. oclivilies and objectives together with Charity Commission guidance ond codes ol condvcl related lo the role5 and responsibilities ol o Truslee. The chorily owns the whole ol Ihe issued shore capilal of Somio Properties Ltd ISPLI. a Guernsey based properly investment compony, whose sole ossel. apart from cash reserves, comprises o sile ol lighl induslriol units and domestic dwellings in Gueinsey. which Ihe Truslees consider lo be ol significance lo the economic life ol the island. SPL hos three Director5 01 which currenlly one is also a Trustee of Ihe charity. The lee5 paid by SPL lo ils directors ore based on whol would need lo be paid lo an exlernol party lor Ihose services provided. Any increose in lee5 or poymenl lor addilionol services would require approvol from Ihe Tru51ees ond be b05ed on Ihe equivolenl solory lo be paid lor someone lo perlorm Ihal iole lor the required number ol hours. The chorily achieves ils otleclives by way ol gronls made lo chorilies lo help support older people in England and GU￿n$eY. Truslees The Truslees mel su( limes during the yeor. three Grant and Award5 Commillees ond three Boord meetings. Grants and Award5 Committee The charity hos a formal Grants ond Awoids Commillee vthich hos ils own Terms ol Reference Selling oul ils delegoled aulhoiily lo consider oll grant applicolions. The Commillee comprises Ihe Gronl Commillee Choif. the Chair and other seNing Trustees, meeting on o regular basis throughout the yeor. The Committee submils periodic reports lo Ihe Tru51ee5 dviing Ihe year which sel out Ihe nature ol the applicaliorns and the gronls being mode or considered. All gronl applicolions need lo meet specific eligibilily criteria. The chorily does nol aword granls diTeclly lo individuals and in m051 coses, opplicalions ore received via the chorily's community porlneis who underloke Ihe primary ossessmenl ol eoch applicolion. Page 5 THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEM8ER 2023 Slrulegic planning und Review of 2023 uctivilie5 4.1 Slraleglc Objeclives The Trustees iiiel in Oclober 2022 and reviewed ils olieclives and have three clear slrolegic objeclive5-. Granl Making- To make gionls in Englond and Guemsey lo enable older people lo be ii)dependenl, heollhy and 50ciolly included Innovolion - To work colloborolively lo lind new ways lo help older people lo be independent. heollhy and sociolly included Impocl- To idenlily. understand and meosure the impocl ol the Tiusl's aclivilies lo beller underslond the difference being n)ade Delivering the goals The Trust wll conlinve lo invest in o wde ronge ol projects with the coiiibined objectives ol delivering short term benefit lo the moximum number ol beneliciaritss possible ond olso building a greoler presence to locililole wider impocl in lulure yeats. The Trusl will continue lo work wlh delivery porlners in order lo keep adminislralive costs low. In oddilion. the Iiuslees ore keen lo be oclive in aieos ol greole51 need lo include locus ol vnder- repiesenled groups wlh prolecled chorocleri51ic wheie possible. 4.2 Revlew 012023 aclivilles ond achievemenl ol Ihe objecllves Gronls oworded lololltsd £492.051. The gronls were aworded lo Ihe following porlneT organisolions= Organlsallon Sullolk Communil Foundolion Kent Communil Foundolion Berkshire Conimunil Foundalion Willshire Communit Foundalion Tyne & Wear ond Norlhumberlond Community Foundation Guernsey Community Foundation Quorlel Conimunil Foundation Kissin il Beller In Dee Universil ol Surre Total ald Granl Awarded £80,000 £50.000 £56.969 £80.000 £80,000 £50,000 £80.000 £19.720 £4.800 £9,438 £492.051 Future projects In the next twelve months the Trustees wll be seeking lo continue lo bvild on exi51ing ielalionships wilh exleiTrol porlners. Page 6 THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Slraleglc planning and Review 012023 aclivtlies {conlinued) Inveslmenls]Inveslmenl perfofmance The inveslmenls held by the chofily in properfy. listed investments and in the subsidiory hove continued lo provide income lo enoble Ihe chorily lo make charilable gronls. Publlc benelil The Trustees hove poid due regard to the Chorily Commission gvidonce on 'Public Benefit in deciding what aclivilies Ihe chorily undeTlakes. All oclivilies undeTlaken by The Porgiler Trusl are locussed on ils choriloble purposes. The 'Pvblic Benefit" ol The Porgiler Trust's aclivilie5 15 the support ol older people ond Ihis is achieved principolly by the awafd ond monitoring ol gronls. Saleguarding We continue lo chompion 5aleguaiding of older people Ihiough ovr gronl giving by requiring proporlionale Safeguarding procedures. Irairbing and cvllv(es lo be in place before funding is c>greed. Fundraislng acllvllles The Trust does not oclively vnderloke ony direcl fundraising oclivilies ond does not engoge anyone lo underloke Such aclivilies on ils behalf. Financiol Review The financial slolemenls comply wlh current slalulory requirements, Ihe chorily's governing 11151rvmenl Ilhe Tru51 Deed) ond the Chorilies SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl ol Recommerbded Practice opplicoble lo chorilies preporing Iheir occounls in accoidance wilh Ihe Finonciol Reporting Slondord applicable in the UK ond Republic ol Irelond IFRS 1021 issued l Oclobet 2019. The chorily's principol funding source is fiom investment income ond on annual dislribulion from ils holding in Samia Properties Lld. Income lor the Group lor the year. inclusive ol the Somia Pioperlies Ltd holding, was £799,111 12022.. £774.1721 with nel expenditure Ibelore nel goins on revaluation of propeilies and inveslmenlsl £720.71612022'. £730,458). Nel gains on revalvalion ol properties and investments were £636,12612022.' £913,442 lossl giving a nel increose in funds lor the yeor 01 £714.521 12022.. £869,728 decrease). The GTOUP hod lolol funds os at 31 December 2023 of £14.020,7(K)12022'. £13.306.1791. 5.1 Reserves pollcy The Trvslees ensvie Ihal 5ullicienl reserves ore held lo meet one yeor's governance costs 05 well as covering gronls pending opptoval in cose ol o downluin in inveslmenls. The 5ub5idiary compony Sorniu Properlies Ltd hos free resetves. m051 of which were accumvlaled duiing Ihe period before the company's shores were gilled lo the chorily. In occordonce wilh the non-binding wishes ol Ihe founding Trustee the Tru51ee5 hove designated £8.080.{￿ ol the original bequest 05 o copilal Ivnd lor income generalion. Page 7 THE PARGITER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Financial Review {conllnued) The funds ol the chafily lolalled £14.020.7(X) as al 31 December 2023 12022= £13,306,179) ol which £8.080.000 12022.. £8,080.0(X)l is designoled. 01 the unreslricled funds of £5.940.7(KI 12022." £5.226.1791. £5.730.766 12022.. £5.066.4951 are held os fixed ossel inveslmenls leoving free reserves of £209.934 12022: £1 59.6841. 5.2 Investment policy The Truslee5 appointed J M Finn ond Co. Ltd lo monoge the chaiily 5 inveslnienl porllolio on o discielionory basis." Ihe Trvslee5 have agreed Ihol their investment objeclive is o bolonced return Iioni income ond copilal growth ond Ihol they hove o niedium risk profile. os delined by the inveslmenl odviser5. Hall yeofly valuations ond cominenlolles are provided lo Ihe Tru51ees and the inveslmeiil monoger meets wilh the Trvslees from lime lo lime os fequired lo report on ond discuss the overoll performance ol the porllolio. As ol the 31 Decembe¥ 2023 the porllolio £3.424.336. having opprecialed +4.6Y. over the posl six monlhs ond +3.9% ove¥ Ihe yeor loll figures in lolal ielvrnl. Over Ihe 6 monlhs lo Ihe 31 Deceinber 2023, Ihe porllolio apprecioled +4.6 lolal return term5. behind Ihe 7￿/0 equilies130.fj gills comporolor return ol +5.8Y.. Over the some period Ihe FtSE All-shore ond FTSE UK Gill indices relvrned +5.2f. and +7.4% respeclhvely. Over the yeor Ihe porllolio ielumed +3.9%. behind the 7010 equilie$130/v gills comporalor return ol +6.6Y.. Over the same period the FTSE All-share Index ielurned +7.910 ond the FTSE UK Gill Index +3.7%. We ore odvised that the l(J5124-monlh pÉJriod has cerl(Jinly been one ol the m051 challenging opeioling enviroi)menls Ihal multi ossel porllolio manager5 hove experienced lor many decades. The high corfelalion ol returns between credil Iwlial wos a sale 055ell ond equity Iwhal remains o risk 05sell. has made ollocoling risk ond coiislrvcling n)ulli asset porlloli05 that much harder. Furlherinore, the polarised Teluins wlhin morkels and the noffow morkel leadersliip. hos only odded lo Ihe challenge. Sentiment hos cerloinly iinproved recenlly though as inllolion hos continued lo loll ond Ihe prospecl ol a rale culling cycle in 2024 ha5 golhered mon)enlum. Moderate growll), cooling inflation and less reslriclive policy should be ger)erolly svpporlive lor asset markets in 2024. Page 8 THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial Review (conllnved) 5.3 Risk managemenl The Trustees acknowedge their responsibilities for selling Ihe approach ond management of risk. Risk manogemenl is o slondafd item lor discussion ol oll Trvslee meetings wlh an in-deplh review ol lea51 annually. This process idenlilies the mojor risks The Trust lace5. the likelihood ol occurrence. the signiliconce ol the risk ond ony miligaling facts Ihol ole in place. 11 also seeks lo idenlily any actions and iesouTce5 required lo manoge these risks furlher. Miligaling actions ore laken for any risk5 perceived lo be increosing, be thi5 lot reasons such os changes in the funding environment or Tegulolory I legal change5 or govemmenl policy. A5 port ol this PTocess. the Trvslees mainlain a risk regisler which sets out the key oreas ol risks and the miligaling controls ond oclions. Thi5 15 reviewed regulorly ol oll Boord meeling5 and wa5 the subject ol 0 Separate in-depth analy515 as parl ol Ihe October 2022 slralegy a￿angements. During 2023 key oreos of focus were-. Fiaud The Trvslees acknowtedge their responsibility lor managing Iroud and have in place a fraud response plon ond policy. The risk is limited lo banking, inlloled expenses ond loke grarbl Teque515. which Ofe governed by o sysleni ol internal controls. Suleguarding The Truslees introduced 0 5aleguording policy in 2018 and work5 wlh ils slakeholde15 to ensure Ihol Ihey provide appropriole OSSUfances that they have the necessory conlrols and procedvres lo ensure the sofeguording ol all vulnerable beneliciories. Safeguarding is reviewed regulc711y. Anti-money launderlng The Truslees have appropriate processes in place lo soleguord ogoinsl money loundering wilh Specific conlrols regaiding ils distribution income Iiom ils subsidiory bosed in Guernsey. These are reviewed os parl ol the overall risk management proce5S. The Boord ol Trustee5 reviews onnual budge15. gionls remunerolion and benefits. 11 a150 oversees ownership ol major ploperly il owns through Sarnio Properties Lld ISPLI. Oversight ol SPL The chorily's ownership ol S(Jfftio Properlies Lld ISPLI accounts lor o very subslonliol proportion ol Ihe chorily's ossels. To miligale this. Ihe Trvslee5 have an oversight role ond feceive regular ieporting from Sornia al their Board meetings. SPL. the Guernsey b05ed property inveslmenl company. lets siles lo a number ol tenants from light industriol Unils. storage and dislribulion ond residential lellings. One ol Ihe more signilicanl is engoged in the business ol storage ond dislfibulion ol pelroleum producls. The Truslees ensure Ihal oll necessary steps are taken lo moinloin the safely ol the sile ond lo miligole the risks associoled with Ihe lenoncy. Page 9 THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEhABER 2023 statement ol Tivstees, responsibilities The Trustees ore responsible lof preporing Ihe Trvslees, report ond linonciol slalemen15 in occordonce applicable low and Uniled Kingclom Accounting Slandords includ￿ng Finonciol Report Slondard 102.. the Finonciol Reporting Slondord opplicoble in the UK ond Republic ol Irelond (United Kingdom Geneiolly Accepled Accounting Praclicel. The law opplicable lo chorilies in Englond and Wales requires the Trustees lo prepare linanciol slalemenls lor each linoncial year which give o Irue ond loir view ol Ihe stole ol oflairs ol the chofily and ol the income ond expendilure ol the charity lor Ihol period. In preparing these linoiicial slalemenls. the Trustees are required lo- selecl suiloble accounting policies ond Ihen appty them consislenlly., observe the methods ond principle5 in the chorilies SORP.. moke judgenienls and eslimoles Ihol are reasonable and prvdenl.. 51ale whether opplicoble occour)ling 51andords hove been followed subject lo any moleriol departures disclosed ond exploined in the linonciol slolemenls.. prepare the linonciol slalemenls on the going concem basis unless il is inoppropriale lo presunie that Ilie chorily wll continue in operolion. The Trvslees are responsible lor maintaining pioper accounting records which disclose wlh reosonable occvrocy ol any lime the linonciol position ol the chority ond enoble Iheni lo ensure Ihal the linanciol slolemenls comply wlh the Chorilies Act 2011. the Charity (Accounts and Reports) Regulation5 2(K)8 ond Ihe Trusl deed. Tr)ey ore olso respoiisib1e lor the scjleguarding ol 11)e Osse15 01 the charity ond hence lor taking feasonoble steps lor the prevention and deleclion ol Irovd ond olhei irregulorilies. Audilors All ol the current Tru51ees have loken slep5 Ihol they should hoye loken lo make themselves oware ol ony inlofmolion needed by Ihe group ond chorily's auditors lor the purposes ol Ilieir oudil ond lo esloblish that the ovdilors are aware ol Ihol inlormolion. The Tru51ees ore not oware ol any olhei relevonl inlofnialion ol which Ihe audilors should be owore. In keeping with recognised practice. Ihe chorily reviewed ils exlernol audit orrongemenls ond undertook o lender process which resulled in A C Mole ILP being appointed a5 new oudilors in 2020. The Trustees have a comniilmenl lo review all ol 115 exlernol providais as poll ol ensuring quolily and volue lor money. Approved by Ihe Trustees and signed on their beholl on 21 June 2024 by Mrss aidin Trustee ond Choir Page10 THE PARGITER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PARGITER TRUST Oplnlon We have oudiled the financial 51alemenls ol The Pargiler Tru51 CIO Ilhe 'chaiiloble porenl company'l and ils subsidiary Ilhe grovpl lor the year ended 31 December 2023 which comprise the Consolidaled Slalemenl ol Finoncial Aclivilie5, the Consolidated Balance Sheet. the Balance Sheet. Ihe Consolidated Slolemenl ol Cashflows ond note5 to Ihe consolidoled financial slolemenls, including a summory ol significant occounling policies. The linonciol reporting fromework that has been applied in Iheii preporalion is opplicable law ond United Kingdom Accounting Slandaids. including Financial Reporling Slondord 102.. The Financial Reporting Slondard applicable in the UK ond Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Piaclicel- In our opinion the linonciol slolemenls.. give o true and laiT view ol Ihe slole ol the group's and charitable parent compony's alloirs 05 al 31 December 2023 ond ol Ihe gioup's income ond expendilure lor the period then ended,. hove been propedy prepared in accordance with United Kingdom Generolly Accepted Accounting Proclice.. hove been prepared in occordonce with Ihe Tequiremenls of the Chorilies Act 2011. Basls for opinion We condvcled our audit in accordance wlh InleTnalional Slandords on Auditing IUKI 11SAs IUKII and opplicoble l(w. Ouf responsibililies under Ihose standards Ofe further described in the Auditor's responsibililies lor the oudil of the financial slalemenls section of OUT report. We are independenl ol the group in occordance wilh the elhicol requirements Ihol ore relevanl lo our oudil ol the financial 51olemenls in the UK, including the FRC'5 Ethical Slondard ond we hove lullilled our olhei elhicol responsibilities in accordonce with these requirements. We believe Ihal the avdil evidence we have obloined is sullicienl and apptopriale lo provide a bosis lor our opinion. Concluslons relaling lo going concern We hove nothing lo report in respect ol the lollowng moller5 in relolion lo which the LSA5 IUKI require us lo reporl lo yov where= The Iruslees. Use ol the going concein ba515 of occounling in the preporalion ol the linonciol slalemenls is not appropriole.. or The Iruslee5 hove not disclosed in Ihe linoncial slolemenls ony idenlilied molerial urncerlainlies Ihal may cast significant doubl oboul the group's ability lo continue lo adopt Ihe going concern ba515 ol accovnling lor a period ol ol leosl twelve months from the dole which the linoncial slalemenls ore ovlh0ri5ed loi issue. Page11 THE PARGITER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PARGIFER TRUST Olher inlormollon The Iruslee5 are responsible lor the olher inlomialion. ffte other inlormolion comprises the inlornialion included in the annual iepoft other than Ihe linanciol slolemen15 and our oudilor's report Ihereon. Our opinion on the linonciol slalenienls does iiol cover the other inlormolion and. except lo the exlenl olhepmse explicilly sloled in our report, we do not expre55 ony form ol assurance conclusion Ihereon. In conneclion wqlh our ovdil ol Ihe linonciol slolemenls. our responsibili*y is lo lead the olher inlormolion and. ir) doing $0, consider whelhef the other inlormolion is molerially inconsislenl with the linanciol slolemenls or our kno￿edge obloined in the oudil or olhetwise appeors lo be molerially misslaled. 11 we identify such molerial incon5151encies or apporenl moleriol misslolemenls. we ale required lo determine whell)er Ihere is a moleriol misslolemer)l in Ihe linanciol slalenienls or a moleriol misslalemenl ol the olher inlormalion. 11. bosed on the work we hove performed. we conclude Ihol there is a molerial misslalemenl ol this other inlormolion, we are required lo report that locl. We have nothing lo report in thi5 iegord. Maller5 on whl¢h we are reqvired lo report by exceplion -cl ol the following mollers in relalion lo which Ihe Charities We hove nolliing lo report in resp- Act 201 I require5 us lo reporl lo yov il. in our opinion.. The inlormolion given in the report ol Ihe InJslee5 is inconsisleiil in any moleriol respect with the linoncial slalemenls- sullicienl occounling records hove not been kept- the linonciol slolemen15 are nol in ogreemenl wlh Ihe occounling records ond returns,. or we hove not obloined all the inlomialion ond explonolion5 necessary lor the purposes ol ovr ovdil. Responsibililies ol the Irvslees As exploined more lully in the InJslees' re5ponsibililies slolemenl. the Iruslees are responsible lor the preporolion ol the linonciol slolemenls and lor being solislied Ihal Ihey give o true and lair view, ond lor such inlernol conlrol as they delermiiie is necessory lo enable the preporolion ol financial 51alemenls that are free from molerial misslalemenl. whether due lo fraud or error. In preparing the linonciol slolenienls. Ihe Iruslees ore Tespon5ible lor Ossessing the group's ond cl)orilable porenl compony's abilily lo conlinue 05 0 going concern, disclosing. a5 opplicoble, nioller5 reloled lo going concern ond using Ihe going concern bosis ol accounting unless Ilie Iruslees either intend lo liquidole the grovp or ch(Jrilable porenl conipony or lo cease operations. or hove no reolislic ollernalive bul lo do so. Page12 THE PARGITER TRUST INDEPENDENT AUDttOR'S REPORT TO THE TRUSTEES OF THE PARGITER TRUST Auditor's responsibililies for the audll of the financial stalements Our objeclives ore lo oblain reasonable assurance oboul whether the financial slalemenls as a whole ore free from maleriol mi5slalemenl. whether due lo fraud or e￿0[. and lo issue an auditor's reporl Ihal include5 our opinion. Reosonoble ossuronce is a high level ol assuronce, bul 15 nol a guaranlee Ihol an audit conducted in occordance wlh ISA5 IUKI will olways delecl a moleiial mi5slalemenl when il exists. Misslalemenls can arise from frovd or error ond ore considered rnalerial if. individvolty or in Ihe oggregale. they could reosonably be expected lo influence the economic decisions ol users laken on Ihe basi5 01 these linonciol slalemenls. Iiregularilies, inclvding froud. ore inslances ol non Total Ivnd5 13.306.179 570.206 546.276 690.591 14,020.700 Olher Balunce al 31 recognised December Expendilvre (losses) Bolonce ul I Janvary 2022 Income 2022 Unreslricled General 6.095.907 472.467 15?8.6861 1813.5(191 5,226,179 Designoled 8,080.(XKI 8.080,0(K) Total lunds 14,175.907 472,467 528.686 813,509 13,306,179 Page 31 THE PARGITER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17 Anolysls ol nel assels between funds Group 2023 lolol Funds Unreslricled lunds Designated Funds FNed ossel inve51menls Current assets Currenl liobililies 4,602.972 1,656,(KJ6 318,278 8.080.OLKI 12.682.972 1,656.006 318,278 Total nel assels 5.940.700 8.080.000 14.020.700 Charlly 2023 Tolal Funds Unreslrlcled Fund5 Designaled Fvnds Fixed assel investments Current ossels Currenl liobililies 5.730.766 350.162 140.228 8.080.0(KJ 13.810,766 350.162 140.228 Total nel ossels 5.940.700 8.080.000 14.020,700 GTOiIP 2022 Tolol Funds Unreslilcled Funds Deslgnaled Funds Fixed Ossel inveslmenls 3.993.164 8.080.(XX) 12,073.164 Current asse15 Current liabililies 1.399.516 166.501 1,399.516 166.501 Total nel ossels 5,226.179 8.080.0 13,306,179 Charlly 2022 Total Funds Unieslricled Funds Deslgnoled Funds Fixed os5el investments Current asse15 Current liabililies 5,066.495 180.508 20,824 8.080.(￿) 13.146.495 180,508 20.824 Tolol nel ossels 5,226,179 8,080,m) 13.306,179 Page32