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
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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
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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.
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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 re5c￿es, 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.
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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.
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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 matt￿S 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 oudl1￿5 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 credi1￿S 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