THE PARGITER TRUST ANNUAL REPORT & FINANCIAL STATEMENTS lor the Year Ended 31 December 2024 - CHARITY NO 1157779
THE PARGITER TRUST CONTENTS Relerence ond Adminislralive Details Trustees, Report Slalemenl ol Trustees, Responsibililies Independent Audilor's Report 10- 13 Consoliclaled Slalemenl ol Finonciol Ac livilies Consolidaled Balance Sheet Balance Sheel 17 Consolidated Slolemenl ol Cash Flows 18 Noles lo the Financiol Slolemenls
THE PARGITER TRUST CHARIIY INFORMATION Founder The Late Hon Mrs Isobel Cooper-Heyman Mrs S C Gordiner Mrs V M Weslliuip Mr M Moglord Mr M J Slorkey Mr P Melcolle Mrs E Gilbody (Nee Cordinerl Truslees Secretary Louise Treacher Correspondence address A C Mole LLP stallord House Blockbrook Paik Avenue Tavnlon TAI 2PX Audltoi Alexondra Shore FCA CTA DChA A C Molc LLP Slolloid House Blockbrook Polk Avenue Taunton TAI 2PX Prlnclpal bankers CAF Bonk Lld 25 Kings Hill Avenue Kings Ilill, Wesl Molling Kenl ME19 4JQ Investmenl advisors JMFinn&CoLld 4 Colemon Street London EC2R STA Quiller Cheviot 5enolor I louse 85 Queen Vicloi'ia Sli'eel London EC4V 4AB Sollcllors Boles Wells & Llroilhwaile London Ll.P 10 ueen Strccl Place London EC4R 18F Chorlly Reglstrollon Number 1157/79 Page I
THE PARGITER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Chair's ForewoTd l am dcliohtcd to have Ihp oppoilur)ily lo presenl Ihe tenth R?port and Accounls loi our Charitable Incorporated Orgonisalion ICIO). which alloined registered charity slalus on 8 July 2014. Communily Foundolions Ihol received grants in 2024 weie: Suffolk Commvnily Foundalion Kenl Communily Foundolion 8erkshire Commvnily Foundolion Willshiie Cominunily Foundation Tyne & Wecir & NoJlliumbeilund Community Foundation Quarlel Commijnily Foundation We also liove a Commvnily First Endowment Fund wilh Ihe Community Foundalion for Surrev. the bolance ol Ili15 luncl os of Ihe 31 December 2024 was £153,44&. Income from this lund is used lor grant moking vio11)e lovndolion lo organisalioni supporting oldei people in Surrey. Duririg 2024 many oldcr people continued lo foce challenges including linoncial inspcuiily, extreme wealhei, difficullics wilh mental hpallh and lonelir)&ss. This hos not bvpn helped as supporl services hove also been under inimense slioin boll) linanciolly and capacity wise ond these challenges show lillle sign ol easing soon. The financial stress on older people is lor from over os we slep inlo ?0?5. Many older people are facing considpToble financ.iol slruin. exaceiboled by the ongr)ing iise in livirig costs. In some cases, linonciol insecurity has led lo older people making dillicult choices, such os decidiiig belween heoling ond ealing dufing tl)e colder monlhs. QLiolilalive research l)as idenlilied lour moin slrolegies for overcoming loiieliness and isololion.. I l improvinq social skills, ?) er)lioncing socicil support, 31 incr?asing oppui liJr)ilies lur social contact. ond 41 cJdcJressing Inoladoplive social coonilion. Arls ?ncJagemciil lias c.} l(IiioJitJle conliibulion lo moke in several ol Iliese CJTeas lielpiiig lo mainloin cognitive lunclioiiincJ iri FJeoi)le wll) deinerilia ond peihaps more impoi lanlly, enh(JncincJ quality of lilc. We liove bcpn dpligl Ilpd lo support Inciriy orqon15alion5 in 2021 Ihcjl (iie woiking willi Iliese Ihcmcs and are making o dillerviice in Ilie eveiydoy lives ol older people. We conlinue lo see how Ilie volunlory seclor is working increasingly liord to supporl peopl¥ by providincJ amazing services sucli os coinmviiily coles, wcirin spaces, communily Iranspoi'l ciiid sociul cirid Iiiendship groups. Workiiig will) Ilie C.oiniiiunily koundalions in 20241)os enol)led us 10 Siireod ouf luiids nolionally with mony diverse. grassroots organisolions supporlino the voluiilai y Sec lor. l oii) cis cilwciys ex Ireniely grolelul lo my lellow Iruslees lor11)eii wisdom, lime. guidance ond ei)Iliusiosm IliroucJlioul Ihis yeor and we look lorword lo being cible lo help even more people in 2025. Chair The Porgilei TIu51 CIO Page 2
THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Our pvipose Tl)e purpose ol the orgonisolion is lo provide funding ol grassrools level lo benefit older people, piovidiricJ vulue lur rnoney a5 lai as p055ible. Older peoplc are dctincd as bolng ovp.r 65 ycc]rs Vlslon 'Thp. vision ol Ihe Trusl is a sociely where older people enjoy a beller qualily ol lile,. Mlsslon 'The rnission ol Ihe Trust Is to svpporl older people to be independenl. healll)y and socially included and Ih05e who olheNise Inoy be disadvanlaged,. Value5 Rellecling Ilie wi51)es ol Ihe Founder Building long-lerm relationships with elfeclive OTganisolion5 lo achieve more for less To rerrain ogile in order lo respond lo new challenges strateglc Imperollves.. Groiil Making - lo make granls in Englond ond Guernsey lo enable older people lo be indepernclenl, heollhy and sociolly included. Innovalion To work collaborolively lo lind new way5 lo help older people lo be independenl, heollhy ond sociolly included. Impacl - To ideii lily, underslowid ancl Ineasvie Ihe impacl ol Ihe liusls aclivilies lo beller undersland Ihe dillereiice being mode. Charllable objecllves For all purpose5 which ole ckiaiiloble undei the laws ol Englond and Wales from time In time anLI iii pailiculai bul without limilalion lor the reliet of older people living in England aiid the Bailiwick ol Guernsey. Tl)e purpose ol Ihe organisolion is lo provide luiiding al gro55 rools level lo benefit older people, pioviLling value lor money as lai as possible. Older people aro defined as being over 65 years ol age. Sliuclvre, Governance ond monogemenl Legol and admlnlstrollve delalls Tlie original Porgiler Tiusl 111)e 'c.liorily"I wcjs louncled by Ilie Late Hori f4lis Isobel Looper- l-ley171uii iii ?005. 11 becarme ori uiiiiicorporoled regisleied cl)orily in England ond Wales on 16 February 2006 Iiegislered chofily number 11130161. In consullalion with the chority's legal odviser5, the Iruslees esloblislied this Charitable Incorporoled Oi'oanisolion IC101 ii) ?Dl 4 ijiidpr a CIO Foundalion Conililulion dolpd 19 Morcl) ?014. recJislerecl il 05 o c.liarily 011 8 July ?014 oiid translpi'i p.d Ihe Liiiincorpoialecl cliaiily, 5 a5sels Ici Iliv. ritrw e,Iilily on l Jaiiuuiy 2015. 1 lie Iwu recJi51ered Lliarilies weie rnercJed iri lale 2015. Thpre arp, r.Iirrpn Ily six TriJslpp,s Imnxiinijm eighll who are rpsponsible for difecling the allaii s of Ik7e clicirily incluolirig selling the 51icilecJic direction. Ilie upproval ol key policies. Ilie oppioval ol busine55 plon5 and bvdgels arid any ollier mallers whicli have a materiol impar.t on Ihe charity's linonciol posilion. its slrotegy. repulation or risk prolilp. Triislees ore appoinlpd in line with the provisions sel oul in tlie Trusl Deed Ilhe 'goveining docuineiil'l. Page 3
THE PARGITER TRUST TRUSTEES, REPORI FOR THE YEAR ENDED 31 DECEMBER 2024 structure, Governance ond managemenl legal and admlnlslratlve delalls (conllnued} The Iruslees consider recruilmenl ol new Truslees as the need arises. Applications liom suiloble condidales would hp. soijghl hy idenlifyii)cJ gpeLifiL gaps iii prolessional ski115, if neccssary, plac.ing advprlispmpnls in suilable publicalions. New Tiuslees will bo providcd wilh an Inlormalion paok oullinincJ Ilie hi51ory of Ihe orqonisalion, ils slructuro, oclivilies ond obj?c.tivps loyelkiei wilki Lhurily CorT)mission quidanco and codes ol c.c)ndiJc,I rclated Ic) Ihp rolps arid respunsibililie5 01 a Trustee. The charity providcs indcmnily insurance lor ils TIus18e5. Tlie cliari ly owns Ilie wliole ol the issued shore capital of Sarnia Properties l. Id ISPI I, a Guernsey t)Qspd properly inveslrneril corlipariy, whoso sole asscl. aporl Irom c.ash re5ces, comprisp.s a sile ol ligli l industiiol unils and domeslic dwelling5 in Guernsey, which 11)e I i uslees Lonsidei to be of significance lo Ihe economic life of Ihe island. SPL has Ihree Direclors ol wliich currently one is also o Truslee ol Ihe cl)orily. Tlie lees paid by SPL lo ils directors are bosed on whot would need lo be poid lo on exlernol porly lor Iliose serrfices provided. Any increose in lees of poyinenl lor addilioi)al services would require OPPTovoI Irom the Truslee5 ond be bosed on Ihe equivalenl solory lo be paid lor someone lo perform 11)ol role for Ilie required nuirbei. ol liouis. The charity aLhieves ils objeclives by way ol giants mode to charitie5 to help suppoil older people in England and Guernsey. Trustees Tl)e Trustees mel six limes during Ihe year. three Grant and Awards Commillee5 and three Boaid meelings. Granls and Awards CommSllee Thp c.harity hus o lorinol Gran15 and Awards Coinmillee which has ils own T?.rms ol Rcferciic.e sellirig uu l i Is cleleLJuled oulhoiily lo consider all oronl cjpplic.alions. Tlie C.ominillep c:OlllF?iises the Giuril Coillmilloc Choir, the Chaii and ollier serving TIu51ees, Ineeli rig ori u iegulaf bc]sis throughout Ihc yccji. Tlip C01711YiiI lep. sLJE)rYii15 F)eriodic reporls lo Ilie Truslees duiing Ihe year which 5?1 oiil th? nolijre c)1 Ilie cippliccilions arid Ilie cjiuiils being made or con5ideTed. All qranl applic.cilioiis npocl lo rveel speLilic eligibility crileria. Thc cl)orily docs not awcjrd (Jrcinls ciii ?c.Ily to iricJivi(.lua15 ariol iri most cases, applicalions ore recpived vio Ihe Ll)aiily's coniinuiiily porlneis wlio undeilake the piimory assessmenl ol eoch upplicolion. Page 4
THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Slroleglc plonnlng and Revlew of 2024 actlvllles 4.1 strateglc Objecllves Tlie Truslees mel in June ?024 ond identified Ihree cleor slralegic. objeclives: Cronl Moking - lo moke grants in Englond and Cuernspy lo erioble older people lo be indepeiidenl. healthy and socially included Iririovolion - To work collaborolively lo firid new way5 lo help oldcr peoplc lo be indcpondonl. hpallhy and sociolly included Impac,t- To idenlify, undeislond ond measure the Impact ol Ilie Trust's aclivilies lo bplter undprslor)d the difference being made Dplivering the gools Tlie Trust will continue lo inve51 in a wde iarige of projects with the combined objeclive5 Ot dclivering shorl leTm benefit lo the muximum numk)er of bcncficiaries possible olongside bijilding a grealer presence lo facilitate wder impocl in fului8 years. The Trusl will conlinue lo work with delivery partnors lo keep odiliinislialive costs low. In addition, the Trustccs orc ke.pn lo bp ac.live in areos uf giealesl need inclijding a focus on under - rcproscntcd gfoLJPS nfbd ijlilising Comiiiunily Foundalion parlnors to idpntily aipos of nced and foc.us wherp. possible, pailiLuloily in relation to CommLJnity Cyr()iJps willi pioleLled charac.lerislics. 4.2 Revlew 012024 aclivilies ond achlevemenl of the objectlves Gronls oworded lololled £509,333. Tl)e (Jionls were awarded lo the following porlnef orgonisalions.. 2024 Giant Awords Organlsallon Awarded £ Sullolk Communil Foundolion Kent Communil Foundolion £80.OCM) £50,( Berkshire Communil Foundation Willshire Communil Foundolion £80.0(XI S).0(} £80,(K)O ne & Wear Communll Fovndolion Quartet Communil Foundalion Innovallon Voice4chan £X).000 Guernse Ron Shorl Cenlre £9,333 £509.333 Fulure projecls In 11)v. next twelve months the Trustees will be seeking lo conlinue lo build on existing relo lionships wilh externol parlners. Page 5
THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Slialeglc plannlng and Revlew of 2024 aclivities (contlnued) Inveslmenls/lnveslmenl performonce Tlie inveslmenls lield by Ilie cl)orily in properly, listed inveslmenls and in the subsidiary liave c:oriliriued lo pruvidg iriLurTie to enable thc chorily lo makp c.horitnhl? gronls. Publlc benellt The Tfustees have paid due regord lo Ilie Chorily Commission gLJidonce on 'Public Bcnofil" In dpc.idincJ what artivilios Ihe c.l)arily uri(Jerlake5. All uLlivilies undeilakcn by Tho Pargilcr TrLJst are locussed on ils choiiloble purposes. The 'Public Benelil" ol The Pargiler Trust's aclivilies is Ilie suppoil ol oldei people ancj Ihis is ochieved principolly by Ihe oword and monitoring of granls, Saleguardlng We continiJc to champion salpgijarding ol older people Ihiougtri oui giont giving by reqiiiring proporlionale soleguarding piocedures. Iraining and cultures lo be in ploce before lunding is agreed, Fvndralslng ocllvllles Thc Trust docs not actively undcrlake (Jny diTecl fundroising aclivilies and does not engoge anyono lo undcrtoke such aclivilies on ils beliolf. Flnonclol Revlew The finoncial slolemenls comply with current slalulory requirements, Ihe charily's governing inslrumenl Illie Trusl Deed) cind the Chofilies SORP IFRS 1021 Accounting and RepoilincJ by Cliarilies: Slalemen l ol Recommended Proclice opplicoble lo clioi'ilies prepai ii'ig Ilieir accounts in occordonce wilh the Financial Reporling Sloiidord applicoble in Ilie UK ond Republic ol Ireland IFRS 102) issued l October 2019. The cliaiily's principol lunding souice is from inveslmenl inconie and an annual disli'ibulioii from ils lioldincJ iri Soinio Properties Ltd. Income for the Group lor the year. inclusive ol the Sarni(J Propeilie5 Ltd lioldin(J, was £ 914,271 1202,3: £799,11 I I with nel expenijilure Ibeloie nel gains on revoluolion of prope.rties and invcslnieiilsl £77.3.5161202.3- £720,7161. Nel goins on revolualion of prop?rli?s anrj inveslino.1115 wei'e £?3,4851?0?3.' £636.126 goin51 giving o nel increose in funds lor Ilie year ol f.164,?401?.0?3'. 1.714,5211. Tlie tsioup had lolal funds as al 31 Dcccinbor 2024 01 £14,184,940 12023.. £14,020,700). 5.1 Reserves policy Tlie Tiuslees en5vre that 5ullicienl reserves Ofe held lo nieel onp yeoi's governLinLe cosls as well as Lovering Qranls pcndino opproval in ccjse ol c) cjowrilijii) in Inve51irieiils. Fur 2024. this equale5 10 £89,869. The subsidlary o.ompany Snriiia Propprlies I Icl lios free reserves. mosl ol wliich were accumulaled during Ilie periocj bplore Ihe con)poiiy's sl)ares were gilled lo Itie charily. In OCCOidiiiiLe willi Ilie non-binding wishes of Ihe lounding Trustee Ihe Trustees hove desiJc nolecl £8.080.000 ol Ihe otiginol bequesl a5 a capital fund lor income generalion. Page 6
THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal Revlew (contlnued) ReseNes pollcy (continued) The Ivnds ol Ihe chorily lololled £14.184,940 os 01 31 r)ecember 20?4 1?.0?3'. £14,020,700) of whicli £8.08U,000 12023: £8.080,0001 is desionalcd. 01 thc unreslricled funds of £6.104,940 12023: £5.940,1001. £5,/91,607 12023,, £5,730,7661 cre held as fixed assel inveslmenls leaving Iree reserve5 01 £313,333 12023.. £209.9341. 5,2 Inveslmenl pollcy J M Finn oncl Co. Lld manage Ihe charity's inveslment porllolio on o discrelionary basis,. ltrie Truslees have agrcod that Iheir inveslmenl objcclivc 15 0 bal(Jn(.-p.d retLJI n fiom income and copilal qrowth ond Ihal they hove a mediijm iisk piolile, as delin?cJ by Ihe inve51ment advisers. Hall yeaily voluolions ond corYirnenloiiie5 are providcd lo tl)e Tiuslees ond 11)e inveslmenl iiianager ryieets with the Tfuslecs trom tinip lo lirne as required lo report on and discvss Ihe overall pcilormonce of the porllolio. In November 2024 Ihe Twslees mode Ilie decision lo move all the chaiily's investment porllolio lo Quiller Clieviol on a discielionaiy bosi5, diversified ol equilips (UK & Inlernalionoll fixed income, cash and olteinativc asscl classes iricludincJ irilic]slruL lure, properly ond private equity al o medium risk prnfilp. There will be o period ol lime from the Iransler lo Ihe new mcJnocJeis wliere I lie. i)orl lolio will be rebolonced lo collective inveslnienl sclieliies lo goiii wider diveisiliLo lion, As ol Ilie 31 Decembei ?.024 Ilie poillolio wo5 volued al £3,523,423, an incre05e In value ol S,99,090 from £3,424.336 0131 December 2023. Page 7
THE PARGITER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal Revlew (conlinued) 5.3 Risk management The Tiustoos ocknowledge Iheii resporisibililies foT setting the approocb lo the managcmpnt ol risk. Risk m(Jnageineril is a slandard Item for di5c.iJssion al all Trusl?c moplings willi (Jn iri-deplh review al Icasl onnijally. This pror.p55 iderililies Ihp iMaj()r risks Ilie Trusl luLes. Ihe likclihood of oc.ciJrfencc, Ilie sigr)ifiLanLe ol Ilie risk and any miligalinq faclors Ihal ore In ploce. 11 also seeks lo idenlify ony oclions ond ie50uices required to manage Ihese I'isks furllier. Miligoling oclions ore loken lor ariy risks perceived lo be increasing, be Iliis for reasons sucl) as changes in the lunding onvironm?nl or Icgijlalory I Ipgul changes 01 government policy. As pail ol Ihis process. the Tru51ees moinloin a risk regisler which sets oul Ihe key Cfl eas ol risks ond Ihe miligo ling conlrols and oclions. I his Is ieviewed regularly ol Booid meelings. During 2024 key areos ol locu5 were: Fraud The Truslees ocknowledge Ilieir responsibilily loi managing fioud and hove o Iroud response plon ond policy in place. I he risk is limited lo bonking. inllolpcl expense5 aiid loke gionl requests. which are governed by o sysleni ol inleinol conlrols. Safegvardlng Ihe Trustees inlroduced ci solecJuording policy in 2018 ond works willi ils stokeliolders lo eiisure Iliol Iliey piovide appropriate assurances Ilial 11)ey liave the iiecessary conliols oncl procedures lo ensure the soleguaidincJ ol ull vulnerable beneliciories. Safeguarding is Teviewed recJulorly. Antl-money launderlng The Triisleos linvp ClF)i)iopriale processes in plocc lo safequord againsl moiip.y laundeiincJ wilh Specific coiiliols regarding its dislribijtian inc.onip Ironi its 5uI)siLIicii y k)ased in Gueinsey. These are reviewed os part ol the overull iisk nianogemeril process. The Boorcl of Trusleps ieview5 ciririuol budgets. grants remuneration ond benpfils. 11 also overspes owneisliip ol majoi pioperly il owns Ihrougli Sarnici Proi)pi lip5 Ltd Over51ghl of SPL The charity's owiiersl)ip of Srjrnia Proi)ei lies Lld ISPLI accounts lor a vory sijbslcjiilial prap)01 lioi) ol Ilie churi ly's cissels. To miliqale this, Ilic Tr(Jsleps licivp (Jn oversiglil rc)le uiid ieceive fegulcii iepoiling from Sarnio ot tlioir 8oaid iTieelings. SPL, the Guernsey bo%od properly inve51rYienl company. lets siles lo a number ol tenonls from light incluslriol Ui)ils. sloioge and dislribulion and residpnlial l?.Itiiigs. One of Ilie rnore sicJnilic(Jnl is engacjed in Ihc business 0191oragc oncl di£li it)LJlioii ol pelroleum producls. The Truslees ensure Ihol oll nece550ry steps ore loken lo mainloin the safely ol Ihe sile ond to iiiiligale Ihe i i5ks 0550cialed willi the lenancy. Page 8
THE PARGITER TRUST TRU5TEE5' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 statement of Tiustees, responslbllllles Tlie Trustees are Tespon5ible for pieparing Ihe Tru51ees' repoil oind financial slolenipnls in accordance wilh opplic.ahle Iciw and Unilcd Kingdom AcLouriling Standards inc.liJdirig rinancial Report .SlandcJid 102.. The financial Re.pnrling SlaTidurd applicablo. in Ilie UK arid Republic ol Ireland Iuniled Kingdom Gene.rally Accepled Accounlinq Proc.ticel. The law appliLable lo chorilies in Englond and Wales requires Ihp TriJslp.es lo prepaic financ.lal statemen15 for eaLh linanc.iol yeor wkiich give a truc and fair vipw ol the slate ot alloiis of tho cliarily and group and ol Ihe income and expendilure ol Ihe chorily and group for Ilial period. In preporing these linanciol 51olemenls. Ihe Truslees ore required lo,. select suilable occounling policies ond Ihen apply Ihem c.onsislently,' observe Ihe methods ond principle5 in the chaiilies SORP,. rriake judgemcnts and occounling estimate5 Ihal are reascjnable and prudcnt.. slole whether opplicoble UK occounling standards l)ove been followed subjecl lo any maleriol deparlures disclosed and explained in Ilie linancial stalemenls,. prepore Ilie linoncial slolemenls on Ihe going concern basis unless il is inoppiopiiale lo presume Ihal the charily ond group will continue in operolion. The Truslees ore iesponsiblp for moinluining pioper accounling iecords which disc.los? wilh ieosonoble occurocy ol any liine Ihe linanciol posilion ol Ilie chorily ond enable Iliem lo ensure Ihal Ilie linanciol slolemen Is comply wilh the Cliafilies Acl 201 l . the Chorily IAccoun Is and Reporlsl Regulalions 2008 ond 11)e provision5 01 the conslilulion. Tlipy cire also responsible lor solecJuaidiiig Ilie assels ol Ilie cliarily ond hence for toking reasonable sleps lor Ihe prevenlion arid detection ol fr(Jud ond ol her irregularilies. Audllors All ol Ilie currenl Iruslees have taken sleps lo moke Iheinselves awore ol any inlormotion iieeded by the group ond cliorily'5 audilors tor11)e purposes of Iheir aucjil ond to eslol)lisli Ilial Ilie auditors are awcire ol Ilial ir)foimalion. The Truslees ore not owore of any olliei felevaril inlormolioii al wl)i(-li Ilie oudilors should bc aw(Jie. In ke.p.iJir)cJ wi Ill recognised prac.lice, Ilie cliarily reviewed ils pxlpiiicil ciudil ariangcments and unclei Inok o lender process wl)icli resulled in AC Mole beii)cJ oppoinled 0$ new auditors in ?.020, 1 lie liuslees liove o c0111171ilinenl lo ieview all ol ils exleinal providei'5 as porl ol eiisurincJ quality ond valiie Ioi ITIOfiey. AFJpioved by the Trustefrs ond sigr)ed on Ilieii behalf on 20 Jviie 2025 by Mrs S C Gardiner Trusleo and C.lioir Page 9
THE PARGITER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PARGITER TRUST Oplnlon We liove audited Ihe linancial slalements of The Pargller Trust CIO (the 'cl)aiilable parenl'l ond ils subsidiary Ilhe group) lor the yeoi ended 31 December 2024 which comprise Ihe Consolldolod Stol?mp.nt ol Financ:ial Aclivilies. the Con501idaled Balancc Shoct, the. Balanc,e Sheel, the Consolidaled Slolemenl ol C.oshllows ancl noles lo Ihe consolidated linancial slo leinen Is, including a summary ol significanl accounliiiJc policies. Ilie linunciol reporling Irainpwork Ihol has been applied in Iheii pieparalion is opplic.abl? law ond Unilpd Kiriyd()m Accounting Slaiidords, iiicluding Financial Reporling Stondord 102.. The Financial Reporling standard applicable in the UK ond Republic of Ireland Iuniled Kingdom Generally Acr.eplcd Accounting Praclicel. In our opinion the financial slalemenls: give o true and lair view of Ihe 51ale of the group'5 and charitablp parent's affair5 as 0131 Dccember 2024 ond ol the group's incoine aiicl experidilure lor Ihe year thcn ended,. have been properly prepared in occordance wilh United Kingdom Generally Accepled Accounling Proclice., have been prepoied in occordonce with the requiremenls of the Cliorilies Act 2011. Bosls lor oplnlon We conducted oui oudil in occordonce will) Inlernolional Slondards on Auditing IUKI IISAS IUKI l arid applicoble low. Our responsibilities under those slandurds ore furl1i8r described in the Aucli lor's responsibililies for Ihe oudil ol the linanciol slalemeiils seclion ol our repoil. We ore indp, penden l ol Ilie group iii occordonce wilh the elhicol reouiremenls Ilial (ire i elevciii I lo our audit ol the liiionciol slolemenls in 11)e UK. including the FRC, s Ethical Slandord aiid we have fullillcd oijr ollier elhic.ol resF)oiisibililies iri accordcince willi Ihese requircm?nls, We believe that the audit evidence we hove obloined is sullicieiil ancl oppiopriole lo provide o basis loi oui opiriion. Concluslons relollng to golng concevn In audilinq Ihp linnnc.ial 51(Jlpmpn15. we hove concluded Iliat the Iru51ces Usc of tlip qoing c.onrern l)cisis ol c.Ic-C-OLiiiliriLJ iii Ihe prep(Jralion ol the financial 51alcnicnls is approprialo, Rcjsecl 011 1118 work we have peflormed, we liave nol idenlilied ony maleiicil uiicerlciinlie5 relo liiig lo even15 01 condilions Ihol. individucilly or colleclivply, nioy cc151 sicJriiliLciril doul)l on Ilie group's obilily lo coiilinup as (J CJDiI)CJ coI)c.erii lor (I pewio(J ol al leosl Iwelve months from wh2.n Ilio original liiicJnc".ial slci leiiieri15 weie oiultriorised for issue. Oiji i esiJoiisibililies ciiid Ilie Tesponsibililies ol the trustees with re.sppr.I lo yoing LOliLeiii ciie described iii Ilie relevonl sections ol 11)is report. Page 10
THE PARGITER TRUST INDEPENDENf AUDITOR'S REPORT TO THE TRUSTEES OF THE PARGITER TRUST Other Inlormatlon The trustees orp r?sponsiblp for Ihe other inloiryialion. The other information c.amprisps Ihp. inlormalion included in the onnuol reporl, ollier Iliori the linanciol slalemenls and our auditor, s reporl Iliereon. Our opinion on the finonciol slalemenls does nol cov81 Ihe olher inloTmalion and, pxc.p.pl lo the exlenl otherwise explicitly slated In our reporl, we do not express ariy lorr ol assuronce conclusion Ihereon. In conneclian with our audil ol Ihe linoncial slalemenls, our responsibility is lo read the other infoimalion and, in doing so, c:on5idei whether the olher informalion Is mal?.rially inconsisleiil with Ihc financial slolcments or our kri()wledge obtained in the audit or othcrwls? apppais to be Irialeiially mi551atcd. If we ide.nlily suc.h malp.rial inconsistencies 01 apparonl malcrial rnisslaleinen Is. we ore Tequired to dclcrminc whelhei Ihpre is o iiialeiial Ini55tulerrienl iri Ihe financ.i(Jl 51alenienls or a ITIL)terial mi5slalcment of the olher inforn)atioii. If, E)osed on Ikie work we hove perlormed, we conclude Ihal there is a maleriol misstolemenl of this ollier information, we cre reqvired lo reporl Ihol focl. We hove nolliin9 lo ieporl in Iliis regard. Mallers on whlch we are requlred lo report by exceptlon We have nothing lo report in resperl of the following mattS iri relalion lo which Ihe Chorilios Acl 201 I requires us lo reporl lo you il, in our opinion.. The informolion given in Ihe reporl of Ilie Iru51ees is inconsistent in any maleriol respect with the financial slolemenls: sullicient accounling records liove nol been ker)I; the finonciol slalemenls CJTe not in ogroemenl willi the accounlir)g records and returns; or we hove nol oblained all the inlormalion and explaiiolions nece5sciiy loi Ilie purposes ol our oudil. Respon5ibilltles of Ihe Iruslees As explaiiied more fully in the trustees, respoiisibililies slalpTiienl, the Iruslees ore responsible foi Ilie prepciici liori ot the financial slolcmonls rjnd for be.iiicJ scili51ied Ilicit Iliey Jc ive a true Lirid Iciir vie.w, ciiiu loi sucli ii)leriial conlrol as they delern)ine is ner.e.ssciiy lo eriok)- le Ihe PI'QDcJralioii ol lii)ai)LicJI 510 leiiienls Iliul ole free from malerial misslo leniciil, wliel lier due l() Iiaud or error. Iii prpporinrJ Ilie firirinr.ial sluleinenls. Ihe Iruslees are respoi)sible for assessiiig Ihp Jc roiip's oiid choi'ilobl?, porenl's ubilily lo c.onlinue 05 u going concern. disclosiiig. as opplirul)Ip, ITial lei's relatod lo cjoing r.onc?rn cjiicl usiiig Ilie cJoing concern busis Ot accounling uiiless Ih? triJ.stPQS eillier intend lo liquidolp the group or chaiilable paienl or lo cease opeialions. or liavc iio reali5 lic ollernolive bul lo do so. Page11
THE PARGITER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PARGITER TRUST Audilor's responslbllltles for the audll of the linanclol slalements OLJr objeclives ale lo obtain reasonable assuronce aboul whcthcr the finanr.ial slateiments os a whole are free Iroin rnaleiial misstatcmenl, whelhei due lo fraud or crror, and to issup ari auditor's rekiort 11)ol includes our opinion. Reosonoble 055urance is a l)igh level of ossuronce, bul is nol o ouoronlee Ilial on oudil conducted in accordance willi ISAS IUKI will always delecl a malerial misslolemenl wlien il exists. Misslalemenls con arise fioin fraud or errol and are considered maleriol il, individvolly or in Ilie aggregote, they could reosoiic?bly be expecled lo inllu8nce the economic decisions ol useis loken on the bosis ol these liiiancial stalcments. Irrpgularities, including Iraud. are instances of non-compliance with laws and regijlotions. We design procedures in line wilh our responsibilities, outlined obove, to delecl maleriol misstalemcnts in respccl ol iiiegularilies, including fraud. The exlenl lo whicli our procedure5 are capable of dclecling irregularilie5. includiiig Iraud is deloiled below.. Identllylng and assesslng polenllal rlsks of materlal mlsstalement due lo Irregularllles We considered Ihe following when idenlifying and ossessing risks of maleiial misslolemenl due lo irregularities, including froud ond noii-compliance with lows ond I'egulalions: the legol ond regulolory Iiomework in wliich the group and porenl charitable compciiiy operole the riuluie of the seclor in which the group and the parent charilablp coriipar)y operate the conlrol environnienl Ciiid coi)Irols established lo miligole suc.li risks the results ol our eiiqLJiries ol monogemenl oboul Ilieii iderililiculion ond assessment ol risks ol irrecJulai ilies discussioiis wilh the audil engogemenl leam and component oudilors oboul wliere fraud miiihl occi)I tho inccnlivcs for Iroud. Lows ond iegulolioi)s wliich ore considered to be signilicanl lo Ihe group and poreiil chariloble c.ompony include Iliose I'eloling lo Ihe iequiren)enls ol linoncia1 reporting Irarnework FR.$102 and C.licJrilies Slaleiiienl ot Recomnio.ndpd Praclic:e, the Cliaiilies Act 2C)I I , lax le Jc isla lion and lieolll) ond sofely. In ciddilion we consider olliei. lows oiicl re Jc ula lioii wliich mciy nol diieclly impocl the linanciol sloleinenls bvl inoy impocl on tlie opeialioii ol Ilie group. As a ie.sult ol Iliese proccdijrcs wc c.oncltJdpd, in aLcordancc wilh Iiilernalioiinl Aii(lilii)g S Iciiic.Icircls, Ilici l a risk in relation lo 11)e poleiiliol loi iiiaiiogenienl oveiiide ol conli.o15 exis le.il. Audlt iesponses lo rlsks Idenlilled We undeilook cudil procedures lo iesi)ond lo Ihe risks idenlilied, and desigiifjd our oudil lesliricJ lo fespond lo Ihpsc lisks. Tlie addilional proccdufcs WQ Ljncjpilook included Ill lollowiiig: gaining an underslanding ol Ikie group's and porpnt chorilcjble COlTiiJany's procedures for pi)suring Lomplionce wilh lows ond recJulolion5 lesliiicJ Ilie oppiopria leiiess ol journal enlries and olliei cidjuslineii Is coiisiderillg wlielher occovnling eslimoles were indicalive ol potenliol bias considering whelher ony tronsoclion5 arose outside Ihe normal couise ol k)iJsines5 Page 12
THE PARGITER TRUST INDEPENDENT AUQ)ITOR'S REPORTTO THE TRUSTEES OF THE PARGITER TRUST moking enquiTie5 01 monagemenl and componenl auditors corroboialing our enquiries through review ol Board Mir)ules and correspondcnce. We also communicalcd rplevanl lows and regulalions and potenllal fraud risk5 to the componenl oudl15 and all engogemenl leam mernbers and remained alert to ony indicalors of Iroud oi non-complionce wllh lows and regulolions Ihrouglioul the audit. A further description ol our ie5ponsibililles lor the audil of the financial sla lemonls Is locatpd on the Finonciol Reporting Council's website ot.. www.frc.org.uk/audilorsresponsibililies. Tlils description forms parl of our audiloi's report. Use of our reporl This report is niode solely lo the choTilable porent's Iruslees. as a body, in accordance wllh section 144 of Ilip. Charilies Act 2011 arid Ihc rcgulotions mode undei section 154 of that Act, Our cudit work hos boen undertaken so Ilial we mighl stole lo the Clicirily's Iruslees those mallers we ore required to stole lo Iliem in on audilor's reporl and for no ollier purpose. To Ihe fullest exlenl permitlcd by law, we do not accepl or assume responsibility to anyone other thon Ilie Cliarily's Iruslees os a body, lor our oudil Work, for Iliis reporl, or lor Ihe oplnions we hove formed. We liave k)een oppoinled os oudilor under seclioii 1441145 01 Ihe Charities Act 2011 and iepoil in accord(Jnce will) Ilie iegulalions made undcr seclion 145 of thal Act. LLP A C Mole LLP Islalulory Audilorl Cliarlered Accountants aiicl Slalulory Audilors Slcilloi'd House Blcjckbi ook PciTk Avei)ue Tauri loii Soiiigisel IAI 2PX Dole lots iozr A C Mole LLP is eligible lo ucl as on auditor in lerms of seclion 721 ? of Ilie Componies Act 2006. Page 13
THE PARGITER TRUST CON501.IDA TED STATEMFNT OF FINANCIAI ACTIVITIE5 FOR THE YEAR ENDED 31 DECEMBER 2024 INLLUDING CONSOLIDATED INCOME AND IXPINDSTURE ACCOUNTI Unrestrlcled Deslgnated funds funds Total 2024 Nole Income Irom: Olhpr Ircjding oc.livilies Inves Iineril incoine 688,183 688,183 22b,488 Tolal Income 914,271 914,211 Expendlture on: Raising funds Choiitable aclivilies Olher expendilure 1195.9911 1529.1621 1195,9911 1529.1621 48,363 Total Expendlture Nel gains on Inveslmenl assets 1773,5161 23.485 1773,5161 ?.3,485 Nel income Tronslers betwepn lurids 164,?40 164.240 Nel movement ii) funds 164.240 164,240 Reconcilialion of lunds Tolol funds broug1)I loiward 5.940.7(X) 8,080.000 14,020.700 Tolol funds corried lorword 16 6.104,940 8,J80.000 14,184,940 All ol the cJrouiJ'5 aclivilie5 derive Iiorn continuing opeiolioris duiing the cjbove period. Tlie rioles loirii pail ol 11)ese linoi)ciol slL)leinenl5. Page 14
THE PARGITER TRUST CONSOLIDATEf) STATEMENT OF FINANCIAL ACTIVITIES FOR THF YFAR ENE)ED 31 DFCEMBER 2023 INCLUDING CONSOLIDATID INCOME AND EXPENDITURE ACCOUNT Unreslrlcted funds Deslgnated funds Total 2023 Nole Income Irom.. Q Iliei Irodiiig oc livilies Inveslmeiil income 653,?.76 145,835 6b3,2/6 145.835 Total Incom8 799.111 799,111 ExpendSlvre ¢n: Raisinq funds Chariloble oclivilies Other expenditure 1166,7231 1508.6241 45.369 1166,7231 1508,6241 45.369 Tolol Fxpendilure Nel gains on investment ossels 1720.7161 636.126 17?0,/161 636,1 ?.6 Nel inc.oine Tra1151ers between funds 714,521 714,521 Nel Niovemenl in lunds 714.5?1 714.521 Reconclllatlon of funds Tolol lunds brouglil lorword 5,226,179 8,080.000 13.306,179 Tolol funds corried forward 5,940,700 8.080,WJ 14,02D,700 All ol 11)e gruup's oclivities derivc Irom conlinijing operotions duiirig Ilie ubove peiiod. The note5 form poll of Iheso finoncial stolemenls. Page15
THE PARGITER TRUST CONSOLII)ATED BALANCE SIIEET AS AT 31 DECEMBER 2024 2024 2023 Nole Flxed assels Investments 13 12.702,059 12,682,972 Current assets Debtors Cash at bank ond in hand 81,166 I, Jf74,840 1,656,006 1,662,486 1,691,342 Credltors: Amounls lalllng due wllhln one year Nel curienl as5els 15 ?.08,461 318,?.78 1,482,881 1.337,728 Nel assets 14,184,940 14,020,100 Funds ol the group: UnresliiLled funds Designated funds 6.104,940 8.080,QK)O 5,940,700 8,080,OQYJ Total funds 14,184.940 14,020.700 Tlie linancial slalemenls on pages 1410 31 were opproved by Ilie Truslees, and aulliorised lor Issue on 20 June 202J ond signed on Ilieir beholl by.. s c rJciidiner Truslee & Choir M MocJlord Trijstcc The note5 forrn parl ol Ihese financial 51olemenls. Page 16
THE PARGITER TRUST CHARIIY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Nole Flxed assets Inveslmenls 13 13,871,607 13,810,766 Current assets Debtors Cash al bonk ond in hand 4./88 378,818 383,666 34.033 316.129 350,162 Credllors: Amounls falllng due wlthln one yeor Net current assels 15 70,333 140,?.?.8 313,333 20?,934 Nel assets 14.184,940 14,020,100 unrcslrir.tcd funds Designaled funds 6,104,940 8,080.tx 5,940.700 8.080.000 Total funds 16 14,184,940 14.020,700 The. linnriciol slalements on pcJcJps 14 Ic) 31 weie approved by the Tiuslees, and authorised for issup ori 20 June 2025 and sigiied on their behall by.. S C Gcifdinei Tiuslee & choir M Moglord Ti'uslee. The notes form poit ol Ihese linonciol slalemenls. Page 17
THE PARGITER TRUST CONSOLIDA TE13 SIA TEMENI OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMRFR 2024 Nole 2024 2023 Cashllows Irom operallng acllvltles Not casli lijsed iiill Irum operating ac.livilies 1142,2401 3L),362 Cashllows from Invesllng acllvllles Dividends, inleresl ond renl Ifom inveslmenls Procecds from sol? nf inveslmeiits Purchasc of inves IrTier)Is 225,488 63.3,867 1624,983 145.835 721,913 1682,6631 Nel cash provided by invesling aclivilies 234,372 185,085 Change In cash and cash equivalents 92,132 215,447 Cash and cash equivalents ot l Januory 1,588,940 1.373,493 Cosh ond cosh equivoleiils 0131 December 1,681,072 1,588,940 Cash and cash equlvalenls Cash in hond Cash held within inveslnienl porlfolio 1,662.486 18,586 1,574,840 14,100 1,681,072 1,588,?40 Reconciliation of nel Income/(expendllure) lo net cashflow from operallng activllles Net Income lor Ihe perlod os per Ihe Slalemenl ol Flnanclal Aclivilies Adjuslmenls for.. C)CJinS on invp.51irienls Dividpiid5, inleiesl und rcnls Ironi inveslmen15 r)eci eiise/llncreosel in deblors I l)ecieasel/lncreose in crecli lor5 164,240 714,5?1 123,4851 1225,4881 .5?,310 1109,8111 1636,1261 1145,8351 lJ3,97Jl lJl,777 Np.1 c.cishllow lused irilllrom operalinJc arlivities 1142,2101 30,J62 Page 18
THE PARGITER TRUST NOTES TO TIIF FINANCIAL SIAIEhAENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Chailty status Tlig Porgilei Tiusl is u Clioiiluble InLoipor(Jled Orgonisalion, registerod In England and Walps. The address ol its rogislerod olfice is: ACMolellP stollord House Blackbrook Pork Avenve lounlon TAI 2PX Tlie principol place ol business is: Bornliaveii Lower Sea Porm Ilminsler Sorneisel TA190SB 2 Accovntlng pollcles Summary of slgnlllconl occounllng polScles and key accovntlng esllmates I he principol accounting policies applied in11)e Pfeporolion of Ihese finoiicicil slci leineiils ore sel out below. These policies hove been consislenlly applied lo oll Ilie yeors presented. unless olhenNise sloted. Slalement of compllance Ihe linoncial slalemenls have been Pfepared in accordonce willi Accounling and kei)oiling l)y Charili?5'. .8lole.mpnl ol Roc.01)In)ended Proiclic.e OF)plicuble to chuiilies preparing their accounts in cJc.cordanc=p, wilh Ilip FiriLir)i=ial Repoiling Sluiidaid opplicoble in the U K and Rcpublir. of Ireland IFRS 1021 (issued Oclobei 20191 Ichaiilies 50RP IfRS 1021 l. tho Finonc.icJl R?porlii)g Stondard applicable iii the UK ond Republic ol Ireland IFRS 1021 ond the Chorilies Act ?01 l. Basls ol preparolion Tlic., P(.IicJilei TILJ51 CIO rnee15 Ikie deliiiiliori of a public benetil entity under FRS I C)2. A%spt.% ond liabili lies are iriiliully ieLocJr)isecl ol hislorical c051 or 1ronsac.lion vcjliip unl?55 olliptwisc slolo. cj ir) Ilie ielevaril accounting policy nolcs. Tho fincjnc.iol slolpmenls (Jrp [)Ippuied in sleiling. wliicli is 11)e luriclional cuircncy of the charity, MoriF.l(Iiy ainounls in these linuncial slulemenls ole rounded lo Ihe ncorest poiJnd. Basls ol consolldollon Thp£p lincinc.icil slrJlp.Inenls c.onsc)licl(Ile IF)e results ol Ilie Clioiity and ils wholly owncd Iradino s(Jh5icli(Iiy, Saii)ici Pioi)ei lies Liiyiilecl ui) L) lirie by line basis. Jlie 'Coiisolidotcd" brilc.Inc.c sliovl ielers lo Ilie cons01idoled ciccounls ol Tlie Pargiter Trust ond Sornicj Holdings l iniilecl. All ii)Irci- group Ironsaclions ore climii)aled on consolidolion. Tl)e cliorily niocl8 o prolil oller Icix loi Ilie linonciol yeor ol £164.24012023. profil 01 £714, Jf211. Page 19
THE PARGITER TRUST NOTES TO THE PINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2 Accounling pollcles (conllnved) Golng concern Thp. TrLJslees consider Ihal Iheie oic no motoiial unc.prlainlips aboul Ihe ohurily or qroup's ability lo Lorilinue cs o qoinq conccrn nor any signilic:(Jril oreas ol uncertainly that oltocl the Laiiyiri Jc value ol osscls hcld by th?. group 01 cl)aiily. Wc hav? paid p(JrliLulai ullenlion lo the likely ctfecl on Ihp biJsinp55 of the current COVID-19 oulbieak. Thc Truslces romair) confidenl Ilial sullicient tunding is in placc and 11)(Jl Ilie giijup ond chaiily hos adeqliate resouices lo continue as a (Joinq conccrn lor the loro5cccible lulure, Judgemenls ond key sovrces ol esllmallon uncertalnty The preparolion ol the linanciol slalemeiils requires Truslees to moke judgemenls, eslimales and assumptions. Eslimoles and judgemenls ale continually evaluated and are based on historical experierice and other factors. inclijding expec.Icilions ol lulure events thal are bclicvpd lo be ieagonable undei Ihe circumstances. The resullir)g accouiitirig estirYiale5 will, by definition, seldom equal the related uclual rcsulls. The cstimales, ossijmplions (Jnd Tiuslge judgomentS thal corry o sigriilicanl risk ol rnuterial adjustmcnls to the carrying ainuuiils ol ossels ond liabililies within the next linanciol yeor ore oullined below. Estimation of foir value of inveslmenl properlies {groupl The fair value ol inveslinenl piopeilies 15 delermined by Ihe Truslees ollei consulling wilh properly prolessioncils. Foir valLie represerils the besl eslimole ol the omoui)I n Iliiid porly would poy lor the properties. In11)e ever)1 ol o sale acluol prices received could be nialeiially dillerenl from those eslimoles. Estimation of loir value of inveslmenl in subsidiaries Ichorilyj The lair value ol inveslnienls iri subsidiarie5 is deleimined by referenc.e to Ihe nel 05se15 01 Ihe subsidiary undcrlcjking, Soi nio Propel lie5 Liniiled, which include Sarnia Pi'opei lies LiiT)Iled's inveslmenl pioperlies lield ol lair volve. Accoidingly, Ilie oclual value ol Ihis investment could be iiici leiiojlly ditlercnl from the volucd included williiri Ilie accounts. Income All incoii)e is included in Ilie Slolemenl ol Pinonciol Aclivities1SoFAI wlien Ilie cliorily is legally eli lillèd lu Ilie iiicL)Ine aller any perlornionce condilions liove lieeii Inel, Ilie omounl can be Imecjsui ecl relicibly and il is proboble Iliol Ihe income will be ieceived, Inveslment Income Iiive51171v.Iil iiiiurne is recognised on a receivoble bosis for Ilie linoiicicil yeof. Income Iiorn ollier Iiadirig ac livilies comprises properly renlcil iiic.oiiie (Incl is ieLO Jc Iiisecl when receivablc. Expendilure All expel Idi liire is ciccouii led lor on on occi uols bosis and hos ljeeii classiliecl urider lieodiri(Js Ilioil CJLJ Jo iecjule all cosls rclotod ta Ihp c.olp.cJnry. Ex[)encliluie is recocini5ecl whcro Ihvre is a legal or constructive c)bligcJlion to mokp pc?yriienls lo Ihird puilios, il is probobl? 11)ol flip setllomenl will be iequirecl cin(J Ihe omounl ol the obligalion can be Incc15ured ieliut)ly. All pxpencjilurp. inclLJding support ai)cl governance c.051s rjre ollocaled or appoilioned lo the applicable experidilure Iieadirig in the Slotemenl ol Fiiiaiir.ial Aclivilies. Page 20
THE PARGITER TRUST NOTES TO TH& FINANCIAL STATFMENT5 FOR THE YEAR ENDED 31 DECEMBER 2024 2 Accounllng policles {conllnued) Ralslng funds Thcsc oro c.osts inc.iJrTpd in ullracling voluntary incomc. the management ot investments and thos? inc.iJrred in Iiojding ac livities that raise funds. Charllable acllvllles Charitoblc pxperidilure compiise5 thoso costs incijrrcd by the chaiily in the dolivcry of its aclivilios ar)d 5pivice5 101 ils bencticiarics.11 includes t)ulh cosls11)ul Lan be allocated directly lo sucli activities ond those costs of on indirec I wiolure necessary lo support 11)em. Grant expendllure Graiils arc payable oijl of Ihe Pafenl Charitys unfestricled funds, which are derived Iioin incomc arising on Ihc Fijnd iiive51menls, comprising dislributions received Irom Ilie subsidiary. Expcnditijrc on gfanls is recorded once Ihc trust has madp (Iri ijncondilioiiL)I commilmcnt to poy the granl and this is Lommunicaled to Ihe bpneliciaiy or the grant hos b2cn paid, whic.hever is the earlier. Support costs Support c051s include cenlrol function5 ond have been ollocoled lo activity cosl categories on a basis consisten I with the use ol resources. for exon)ple, allocating properly cosls k)y Iloor areas, or per capita, stoll costs by Ihc limp spent ar)d otlier costs k)y Ihcir usage. Governance cosls These iiiclucje 11)e costs ollribulable lo Ihe c.harily's compliance wilh conslituliDnol and s lalu tory i eqvirements. includii)g oudil, 51ralegic Imonugeinenl and Ii'uslees, n)e.elir)gs ar)d reimbursed expenses. Taxatlon Cueiiisey income lox is charged on Ihe renlol prolils ol the subsidiory company, Sarnia Propeilies Limited. The PaicJiler Trust is o regislered charity and is thus exempl Iioni lax on income and goins falling wilkiin 5eclions 521 to 536 01 Ihc Income Tax Act 2(K)7 or s256 ot tho Taxalioii c)1 CliarcJp.cil)le G(Jiris ALI 1992 lo Ihc ?xlcnl Ihal Ihese (lie aijplied to ils chaiitable objcc.ls. Nc) lax c:l)oiige Iios cirisen in thc Par?nl C.hoiily. C?uernsey incorvie lax ot £48.363 is poyable E)y Sai niu ProiJei lies Limitcd12023.' £45,369). Inveslmenl propertles Investrnent propcrlios lor wliic.h loir vulue Lari be measured r?licbly willioul uridue cost ui effort aro mo.asiJred nl Iiiii vcilije ul eLILlI ieiJoitincJ dale wilh c.hai)gp5 in laii value ieLogriised in 'ncl gcjiiis 111055esl uri iiivesliT)eri15' in Ihc 51atcinent ol Fiiiaiiciul AL livilies. Investments - Olher Investments ore re.cogi)ised inilially ol lair value which is norinolly Ilie lfon50clion price excliicliiiJc Iiciiisoclioii cosls. Subsequenlly, Iliey ore Inecisuied al laii volue Ihi'ough Ilie uni e51riLled lund il Ihe sliares ore publicly Iroded or their loir volue can ollierwise bp mecisui'ed reliobly. liiveslmenls in subsidiories, recogiiised Ilie porenl chorily's own balai)ce sl)eel, cli e measured al fair value whicli is consideTed lo be equal lo Ihp value of Ilie SLJb5idiary 5 nel ossels. Page 21
THE PARGITER TRUST NQTF.S TO THE FINANCIAL STATEMENTS FOR T14E YEAR ENDED 31 DECEMBER 2024 2 Accovntlng pollcles (conllnued) Trade Debtors and Credllors rjeblors and credi1S willi no sloled inleresl rale and receivable or payoble within one year are recorded ol Iionsaclion price. Any losses orising from impairment ore recogiiised in expendilure. Cash and cash equlvolents Cosh and cosh equivolenls compiise casli on hond and call deposils, and other shorl-term hicJlily liquid inve51nienls Iliol ale reodily conveilible lo o known amount ol cash and ore 5ubj8c I lo ali insignilicanl risk ol change in volue. Fund slructure Unrestricted generol lunds are avoilable lor use ol Ilie di5crelion of Ihe Iruslees in lurlherance of the generol choriloble objectives ol Ihe chorily ond which hove nol been designaled lor olhei purposes. The designated fund comprises those assets initially gilled Irom Ilie eslale ol the loundiiig Trustee in recognition of the donoi's non-legally binding wish Ihal Iho capitol relciinp.d. Flnanclal Instrumenls Tho c.harity only hcjs fincjnricil assp15 and licjhililies Ilial qualify us basic firionLioI in5trunienls, Basic. linaric.ial in51iijiTierils ore initially recooJiiised al Iran5acliori value and subscqucnlly nieosured al omorli5ed cos1. wilh the exception ol fixed ossel ii)veslnients as noted ok)ove. 3 Income Irom other tradlng acllvllles Tolal 2024 Total 2023 Properly ienlal income 688,783 688,783 653,276 653,276 Page 22
THE PARGITER TRUST NQTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4 Investment Income Total 2024 Tolal 2023 Dividencls receivable from listed inveslmenls Income from rents Inleiest receivable on bank deposits 122,178 60.809 42,501 2?5,488 94,768 19,426 31,641 145,835 Expendlture on rolslng fvnds Totol 2024 Total 2023 Propeily experises Portfolio manaoemenl tees Other governance cosls 71,818 113.466 10,707 195,991 53.200 103,240 166.123 Page 23
THE PARGITER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER ?.0?.4 6 Expendltuie on charSlable actlvllles Total 2024 Total 2023 Direct gionts lo orgonisallons Governance costs - Nole 7 509,333 19,829 529,162 49?,051 16,,$73 508,624 Dlrecl granls to oiganlsallons: Sullolk Communily Fovndolion Kerit Community Foundation Berkshire Community Foundation Willshire Community Foundolion Tyne & Wear ond Norlhumberland Communily Foundolion Voicp4Chanoe In Deep Communily Tosk Force Kissing il Beller Quartet Communily Foundalion C?iJprnsp.y Cnminunily FoLJndulion univp.rsily ol Sijrrpy Roii Slioi I Cenlre 80,000 50,000 80.000 80,000 80,000 50,000 56.969 80,000 80.000 50,000 80,000 4.800 19.720 80,0 50,DQIO 19,4381 80,000 9,333 509,333 492,051 7 Analys55 ol governance and support cosls Goveinance costs Total 2024 Tolal 2023 Aiiclil ol thp linonc.ic)I slolemenls Inolp l 01 Coiisultancy Ices Ti uslee expeiises Trus lee Inf>elings othcr govcrnance costs 13,810 ?_.812 1.088 35/ 1,762 19,8?.9 V,940 4,26Q 327 2,046 16,.57.3 Page 24
THE PARGITER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 Truslees remunerolion and expenses Durinq the year the oroup undertook the followino 2024 transactions th TrustQC5: One Tiuslee received remunefalion lor their work os o director ol Ilie subsidiary c.ompany and not lor their role as Iruslee ol the Parent Chorily12023: One Irusleel. The funds were poid out ol Ilie subsidiury's funds. S C Gardiner ieceiveu remuneration of £36,90012023.' £34,800), 01 whicli £.Nil l?0?3: S,4501 was owecl ol Ilie year end. No IIu51ee. nor any person5 connecled willi Iliem, have rec.pived ony ien)uneralion during 11)e yeor lor Iheir role os o Trusle8 ol Ilie Poi eril Charity12023.' None). Reirribursed expenses lo Five12023.' Oiiel Iiuslees iii respecl ol Ihe year 31 December 2024 were £1,088120?.3- £32/1. 11)es8 expenses relaled lo Iiavel cosls incurred in Ilie year. The Tiuslees are considered lo be Ihe key management personnel lor Ihe charity, There were iio olliei poymenls lo key monagemenl personnel. ? staff cosls The cjggregale payroll cosls were as follows: 2024 2023 staff costs durlng the year were: Payments lo individuals lor services 0$ Diiectors 64.370 60,7 No employee received emolumenls ol more thon £60.(YJO during Ihe year12023'. Noiipl. The average monlhly nvmbei ot omployees lemployee heod countl during thp year was 3 12023: 31. 10 Audllors. remunerallon 2024 2023 Audil ol the linaricial slolernenls laxa lion 13.030 780 9,220 720 13.810 9,940 I l Taxallon Ilie Pargilei Irusl CIO is a iegisleied choiily ond is thus exempl from lox on income ond gains lallino within seclions J21 lo J36 01 the Inconie Tox Acl 2007 or $256 01 the Toxolion ol Cliorqeoble Cjains Act 1992 to Ilie exlenl Ilicjl these ore 01)plied lo ils cliorilcJl)Ip Cibjec Is. No lax rlicirJc g, lios cjfisen in 11)e Porei)I C.liorily. Guernsey incoryie Icix 01 £48,363 is pciyal)le by Sc]1 niu Piupei lies LiiTiiled1202J: £45,369). Page 25
THE PARGITER TRUST NOTES TO THI FINANCIAL STATIMENTS foR THE YEAR ENDED 31 DECEMBER 2024 12 Nel galn51(losses) on inveslmenls 2024 2023 Nel iealised invcslm?nl gain/llossl on disposal of investrnenls Revaluations 2,498 20,987 12,0821 638,208 Nel gains on investments ?3,485 636,126 13 Flxed Asset Inve51menls Group 2024 2023 Inveslmenl properlies Lisled inveslmenls 9,178,636 3,523,423 9,258,636 3,424.336 12.702,059 12.682,9/2 Inveslmenl propertles Inveslment properlles Cosl or Voluallon Al l January 2024 Revalualion 9.258,636 80,000 Al 31 December 20?.4 9,178,636 Nel book volue Al 31 December ?.0?4 9.178.636 Al 31 December 2023 9,?58.636 2024 Li51ed Inveslmenls 2023 Cost or Valuallon Mcii kel Value ol l Jov)uai y ALciui5itions ot cost Disposcils Revolualion 3,410.?36 3,390,632 624,983 683.183 1631.J691 1723,9951 100.987 60,416 Market Value al 31 December 3,504,837 3.410,?36 Cash held wi Iliin Ilie inveslment portfolio 18,586 14,100 3,523.423 3,424,336 Page 26
THE PARGITER TRUST NOTFS TO 11 IE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Flxed asset Inve51ments (conllnved) Tlie laii value of Ihe inveslmenl properlies is based on a review corried oul by Ilie Truslees. In doing so Trustees consvlled wilh pioperly professionols lo ascerlain Ihe likely value that the properly moy obloin il morkeled ol the Bolonce Sheel dale. Tli8 cliority does nol hold inlormalion fegording Ihe hisloric cos101 ils investmen I properlies. Charlly 2024 2023 Inve51ment properties Slicji es in group underlcjkings ond porticipoling inleiesls Lisled investments 790,000 9,558,184 3,523,423 870,000 9.516,430 3,424.336 13.871,607 13,810.766 Inveslment propertles Inveslment properties Cost or Valuotlon Al l Jariuaiy 2024 Revaluation 870.000 80,000 Al 31 DecombeT ?024 190,000 Nel book value Al 31 December 2024 i?o,ooo Al 31 Deceiiibei 2023 870.000 Trie iiivcslm?iil pr()peilies k)cld in the Paieril Charily weiv revalued al loir value by RBC Suivcyors al l ?. A ucjusl 2019. Thp Iiuslees consider Ihis lo be uppropriolp fail vuluc a5 they do nal c.011siclei Ilierc lo bc ony Llioiige in thc vcjlue of Ilie propcrly since Ilie formal valijolinn. Tlie Parei'i l Lliarily invesled in a ronge of lislec.l iiiveslmenls. The poi'llolio is monogerl l?y J M Fiiiii & Co, reqislerecl inveslmenl monogeis wl?o are rogijloleol by the FiilCJIILi(Jl C.'iiiiclucl Aulliorily. Page 27
THE PARGITER TRUST NOTFS TO TI IE FINANCIAL SIA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Flxed ossel inveslmenls (conlinued) Chorlly Shares In group undertoklngs and porllclpotlng Inteiesl$ Subsldiary undertaklngs Total Cost Al l January ?.024 Revaluolion 9,516,430 41,754 9,516,430 41,754 Al 31 Decembei 2024 9,558,184 9,558,184 Net book value Al 31 December 2024 9,558,184 ?,558,184 Al 31 December 2023 9.516,430 9,516,430 Llsled Inveslmenls 2024 2023 Cost or Valuation Market Volue ol l Jonuory Accjuisilions al Lost Disposa15 Revalualion 3,410,236 3,390.632 624,983 683,183 1631,3691 11?.3,99il 100,987 60,416 Mcirkel Volue al 31 Deceniber 3.504.837 3,410,236 c.ash held wi Illin invcslnienl poitlolio 18,586 14.100 3.523.423 3.424,336 I lie inveslmenl iii 5ubsidioiy ui)clerlokincJs represenls o IOU/. holding in Ihe ordinary sliore copi lal ol Sciriiici I'l operlies Liinilecl. u compony I'pcJislered in Gueriispy. Ils regislered nuiiil)er 15 900 oiid i Is registered ollice address is Crosswoys, ljraye Roocl, Vale, Guei'nsey, GY3 5k' I l. A I tlio yecii end, tho agcJrpcJcile capitol and ieseives ot thc c.01111)ciriy omoiJntp.d lo £9,558,184 i?.a23. £9,516,430) Il% luiriover was S.688.78J1202J: £653.2761, ils opcraling i)1 olil was £J90,117 12023.. £i49,83?I, Ir017) wliich dividenols (Il £SOO,000 I?0?3.' S.450.CL)01, lecJviiicJ a ielained i)I'olil Iler lax oncl iliviclends for11)e yeor of £41.7J41?0?3- prolil aller lox £54,463), Thp irivesliiienl propcrlies held in the subsidic]ry Sornio Properlies Limited w?re revalued on 31 Dpcember 2023 1)y fvlRB Charl?iecl Suiveyors & ValiJer5. Wtio ore indp.pendent ol Ilic Lorripany ond liLive expcriencc ol voluing similar properties. The properly wa5 valued oli (Jri iricome copilolisalion method in occordcJnc.e willi Ihe Ihen cuireiil edition 191hl ol Tlie Valuolion Slandords Ilhe Red Book) issued by Ihe Royal Instilulion ol Charlered Suiveyors. Page 28
THE PARGITER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR INDID 31 DECEMBER 2024 14 Debtors Group Chailty 2024 2023 2024 2023 Prepoymenls Accrued income Other debtors 930 3.770 24.156 848 3.933 76,385 9.30 3,770 88 848 3,933 ?.9,?_52 28.856 81,166 4,788 34,033 I S Credllors: amounts falllng due wllhln one year GTOUP Charlly 2024 2023 2024 2023 Accruals Grants poyoble 149,1?8 59.333 238,?78 80,000 11,000 59,333 60.228 80.000 208.461 318,278 70,333 140.228 Page 29
THE PARGITER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 Funds Olher Balance al 31 Expendllure iecognlsed December 2024 golns January 2024 Income Group 2024 Unreslrlcted lunds Genoral 5.940,700 914,271 1773,5161 23,485 6,104,940 De5i(Jnaled 8,080,000 8.080,000 Tolul lunds 14,020,700 914,271 173,516 14,184,940 Other recognlsed Balance at 31 galns December 2023 Balance al I Janvary 2023 Income Expendlture Group 2023 Unreslrlcled funds Generol 5,226.179 799.111 1720.7161 636.126 5,940,700 Designated 8,080,OQXJ 8,080,000 Tolal lunds 13,306,179 799,111 720,716 636,126 14,0?0,700 Olher Balance ot 31 iecognlsed December galns 2024 Balance ol I Jonvaiy 2024 Income Expendllvre Charily 2024 Unreslrlcled funds General 5,940.700 19?.467 193.4661 65.?39 6,104,94D Designalecl 8,080.000 8,080,000 Total funds 14,0?0,700 19?,467 93,466 65.?.39 14,184,94Tr Olher Bolunce a131 iecognised December galns 2023 Balance al I Jonvory 2023 Income Expendllure Chorily 2023 U nreslflcled lunds Gcncrol 5.2?6,179 570,?06 1546.?761 690,591 5,940,70Q Doslgnaled 8.080,000 8,080,000 Total lunds 13,306,179 570,?_06 546,?76 690.591 14,0?0,700 In accordance willi Ilie non-binding wishes ol 11)e founding Truslee Ihe Tru51ees liave desigiioled S.8,080,000 ol Ilie oiiginal beques105 o ccipilal lund loi income generolion. Page 30
THE PARGITER TRUST NOTES TO TklE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17 Anulysls of net assets between funds Group 2024 Total Funds De51gnaled Funds Unreslilcled funds Fixed Qssel inveslmenls Cviren l ossels Curieril liobililios 4.622.059 1.691.342 208.461 8,080,000 12.10?.,059 1.691,342 208,461 Tolal nel assels 6,104,940 8,080.000 14,184,940 Charlly 2024 Tolal Funds Unreslrlcled Funds Deslgnoled Funds Fixed assel inveslrnenls Cuiienl assets Cuiren I liabilities 5.791.607 383.666 10.333 8.080,0 13,871,607 383,666 /0,333 Total net ossels 6.104,940 8,080,000 14,184,940 Group 2023 Total Funds Unreslricled Funds Deslgnaled Funds Fixed asset Inveslmcnls 4.602.972 8.080.000 12.682,972 Current assets Currenl liabilities 1.656,006 318.278 1.656,006 Jl8,278 Total assels 5.940.7CKI 8,080,000 14,020.700 Charlly 2023 Tolal Fund$ Unreslricled Funds Deslgnaled Funds kixed ossel inveslmenls Current a%scts Curront liobililies 5,730,766 350.16? 140.228 8,080.000 13,810,766 3JO,162 140.228 Totol nel asspls 5,940.700 8.080.1)00 14,020,700 Page 31