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← Parry Family Charitable Foundation

2024-06-30-accounts

Parry Family Parry Famtly Charitable Foundation Trustees’ Annual Report Trustees’ Annual Report

& Financial Statements & Financial Statements 2023/24 2023/24 1 Oct 2024 Charity Registered in England & Wales No: 1159701

Contents
1.Chairman’s Report 3
2.At a glance 5
3. Trustees Annual Report
Key Information 7
Governance 9
Objectives & Activities 10
Achievements & Performance 14
Financial Review 23
4.Financial Statements
Statement of Financial Activities 27
Balance Sheet 29
Notes to the Accounts 30
5. Independent Examiners Report 42
(navigate to a section by clicking title above)

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Chairman’s Report

The last few years have been testing for us all particularly with the impact of covid and austerity. Hopefully, our country is starting to recover but many people are worse off than back in 2019.

One consequence is that charities and good causes have been hit with demands on their services increasing but funding falling. Therefore, we are pleased to share our good news that 2023/24 for us has been our most successful year since we launched the charity in 2014. Importantly, we have been able to preserve our grant budget at £40,000 making grants of £40,567 this year. Being a grant making charity the health of our endowment fund is very important as it secures our ability to make grants over the long term. Our investments made a return of nearly £169,000 over the year and the endowment fund now stands at £1,152,278. This means our annual grant budgets are secure for the at least the next twenty years. The trustees, because we are financially strong, are confident about the future and have approved a grant

budget of £45,000 for 2024/25 and are targeting £50,000 by 2027.

Our grants to Partner Charities were £31,917 this year and to date are totalling over £191,000.

Last year I said that a key aim of our Foundation is for us to play a part in tackling homelessness and poverty. We are pleased that we made three grants totalling over £6500. A modest start but there is more to come. The trustees are pleased that we are building a strong relationship with Lifeshare, the oldest homeless charity in Manchester. Discussions are underway to explore Lifeshare becoming a Partner Charity. This will give them some assurance of a steady stream of grants.

Despite the backcloth of gloom we are energised to increase our involvement in our key focus areas of need. Charities working at the sharp end need us all to contribute and strike a positive and “can do” attitude to make a meaningful difference.

We are adding to our population of long term relationships with new charities. In addition to Lifeshare, we made a grant to a charity in Thatcham called Swings and Smiles that supports children and young adults facing significant challenges. We are

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Chairman’s Report

currently working with them on a matched funding project involving a large secondary school in Berkshire. The enthusiasm and commitment of the students is inspirational and we are confident that this three way relationship will grow and prosper. Getting the young involved in good causes is important.

Sitting along side new charities are those that we have worked with over many years. The Partner Charities are mature relationships but I want to mention a small charity in Hackney London called Blooming Blossoms which focuses on under-privileged and emotionally challenged children. Our first grant was in 2016 and this year has seen our fifth. You can find out what “Spare a Pair” is about later in this report.

We are building a group of smaller charities that we support regularly with grants from our Small Grant Fund. Blooming Blossoms is one of those charities and long may the relationship continue.

Ten grants were made in 2023/24 and our pipeline means 2024/25 will be fully subscribed. Good charitable work is less about big one-off events but more about year in and year out support and work that delivers a durable benefit to people in need.

I hope you find our report useful, perhaps giving an insight into some of the challenges some people are facing every day. Please visit our web site and if you would like to get involved contact us.

Next year I hope to be reporting on further progress, new relationships and our ambitions for the future. The challenges are both relentless but also rewarding when you can see progress is being made.

Nick Parry Chairman

Last year I talked about mentoring to help young people with social and other challenges feel safe, heard and hopeful for their future. I am pleased that we made a grant to Mentoring Plus this year, a charity in Bath, delivering these services.

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At a glance

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Grants & Donations by Financial Year Grants by Programe Focus
grants £230,782 over last 5 years
donations
£180,254
20%
£123,977
11%
£66,569 69%
£30,442
£26,381 £35,677 £37,405 £43,394 £40,567
i] People in Need @ Poverty Saving Lives/ Health care
2020 2021 2022 2023 2024
Income by Financial Year Costs by Financial Year
£899
£867
£242,430
£756
£186,214
£519
£131,992
£72,903
£218
£39,850
ate_l sitll
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
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At a glance

Costs to Income

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annual over 5 years target
2.2%
1.0%
0.7% 0.7% 0.8% 0.7%
0.7% 0.7%
0.1% 0.3%
doob..
2020 2021 2022 2023 2024
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Endowment Fund & Deposits
at Financial Year End
£1,152,278
£923,701
£821,739
£769,569
£577,131
2020 2021 2022 2023 2024
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EfficiencyTarget: Costs NOT to exceed 2% of Income

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Investment Return % pa
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actual target
10%
8%
6%
4%
2%
0%
1 3 5 from start
Period (Years )
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PerformanceTarget: minimum 4% pa long term

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Grants to Endowment Fund
year over 5 years target
5.0%
5.5%
5.2%4.6% 5.0%4.5% 4.5% 4.4%
4.6%
4.1%
2020 2021 2022 2023 2024
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PerformanceTarget: Grants minimum 4% of Endowment Fund

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Trustees Report: Key Information

pfcf Trustees Repo
❑ Charity’s Name Parry Family Charitable Foundation
pfcf is a Grant Making Charity
❑ Registered Charity No 1159701
❑ Charity’s Principal Address Moles End
Wootton Rivers
Marlborough SN8 4NH
❑ email admin@parrycharity.co.uk
❑ web site http://parrycharity.co.uk

❑ Trustees: who managed the Foundation during the year

Name
Nick Parry
Ann Parry
David Parry
Joanna Parry		 Office
Chairman
Secretary to the Trustees
Treasurer
Ambassador		 Term to
20 Oct 28
20 Oct 24
20 Oct 24
20 Oct 27

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Trustees Report: Key Information

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pfcf Trustees R
❑ Advisors
➢ Bankers Cooperative Bank plc
PO Box 250
Delf House
Southway
Skelmersdale WN8 6WT
➢ Stockbrokers & Investment Platform Hargreaves Lansdown
1 College Square South
Anchor Road
Bristol BS1 5HL
➢ IT Consultant James Eades
The Old Gas Warehouse
Frome Rd
Bradford-on-Avon BA15 1HA
❑ Independent Examiner Karen Davis MAAT
6 MacNeice Drive
Marlborough SN8 1TR

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Trustees Report: Governance

PFCF Constitution dated 24 Oct 2014

Charitable Incorporated Organisation (CIO)

The Trustees Annual Report and Accounts comply with The Statement of Recommended Practice (SORP) and Financial Reporting Standard FRS 102 applicable for charities.

Trustees are recruited and appointed by existing trustees and serve a 5 year term with the option to offer themselves for a further period of office. Periods of office are staggered to avoid all trustees coming up for election at the same time.

Current trustees have been selected for their skill sets which collectively cover the current and foreseeable needs of the Foundation. Full use is made of the Charity Commission’s guidance and support dealing with trustees’ responsibilities and skill requirements which form a training pack available to all trustees. Trustees

will regularly review the demands on the trustee body and seek guidance and training as circumstances demand. Given the Foundation is primarily a grant making charity, the range of skills, knowledge and experience demanded are more concentrated.

Normally a minimum of four Trustee Meetings are held annually. Greater use is now made of video conferencing. Meetings are often supplemented by decisions taken electronically and then minuted at the following Trustee Meeting.

Foundation’s Risk Management Policy can be found on our web site. We have all our systems on cloud technology and the hosting of our web site is with a well-respected business.

The Foundation is primarily grant making but can undertake some direct charitable activities. We do not work directly or unsupervised with children or adults at risk.

There were no serious incidents during the year.

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Trustees Report: Objectives & Activities

❑ Objectives

To advance for the public benefit such charitable purposes according to the law of England and Wales as the trustees see fit from time to time.

PFCF is a grant making charity focusing on discrete projects not general funding. We make grants to registered and exempt charities or not-for-profit organisations primarily in the UK but we are not constrained geographically.

❑ Approach

Our focus is to support energetic and highly efficient small and medium sized charities registered in the UK that have a proven track record and are making a meaningful difference to people's lives. Where we see a need we want to address we have left open the option to get directly involved or work in tandem with other charities. Our main aim is to support other charitable providers by working closely with them bringing not only

finance to the mix but good management and strategic experience and skills.

Increasingly long term relationships with charities are being established. We are developing a closer and strategic relationship with a group of selected charities called Partner Charities to enable a more productive planning and grant making approach to be adopted. Partner Charities are supported by a rolling 5 year programme with main grants covering the cost of key areas of their operational plan. We are also fostering a group of charities and notfor-profit organisations where support on a regular basis is made from our Small Grant Fund. A key objective of the Foundation is to ensure the maximum amount of our grants is spent on front line activities. Unfortunately, there are too many charities where overheads are far too high and the funds targeted at need are not always efficiently used. Our aim is to ensure our grants make a real difference and are not diluted because of inefficiencies and poor application. This demands that we employ a rigorous application, approval and

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Trustees Report: Objectives & Activities

monitoring process which means we only entertain applications from charities that can demonstrate high levels of efficiency. We meet all organisations applying for a major grant that pass the initial filtering to explore making a robust application. A nominated trustee will lead this process and, if convinced that the charity should be supported, will champion the application through to approval and post event monitoring. This is one reason why we believe in fostering long term relationships with other charities – it builds trust and understanding.

The Foundation itself is run at minimum cost with all > Se: he ‘ “S ee -Soe< activities to date undertaken by trustees and supporters for no payment. We have no staff. Reasonable expenses incurred on Re . “Ne Foundation business are allowed . ae _— subject to prudent checks.

Being a grant making charity a key objective is to build a robust and sufficient Expendable Endowment Fund (as described in SORP FS102 Section 2) to underpin future annual

grant making programmes.

The trustees in exercising their powers and responsibilities have regard to the Charity Commission’s guidance on public benefit. All trustees have read and understand the Charity Commission’s guidance on public benefit. Our grant programme and processes have been tested against the public benefit requirement.

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Trustees Report: Objectives & Activities

➢ grow our Expendable Endowment Fund to secure future grant programmes.

A more detailed exposition of the Foundation’s Strategy & Policy can be found on our website. The performance of the Expendable Endowment Fund can also be found on our web site under Reports .

❑ Activities:

The Foundation was launched in 2014 and in the early years the trustees set key objectives of putting in place an appropriate and robust structure, agreeing policy and developing relevant processes. In tandem with this work was the need to build relationships with charities and not for profit organisations that shared the Foundations objectives and approach particularly concerning value for money. The trustees are pleased with the progress made on the structure of the Foundation but also in fostering good relationships with a growing number of charities that we have helped and look forward to supporting in the future.

We have established a strong relationship with a small but growing group of charities which we intend to regularly support with grants. These charities, which

we call “Partner Charities ” , share our philosophy and approach. The list of “Partner Charities” can be found on our web site. We make main and small grants subject to the annual grant budgets approved by the trustees. Our strategy is to build a reasonable grant pipeline sharing with applicants time frames to help with their planning. It also allows both the Foundation and charities we support to work together at an early stage in developing robust projects. There is clear evidence that our willingness to discuss strategy and plans with charities has enabled them to review their own targets given that funding is likely to be available. Our focus to support small and medium sized charities which are often locally based is proving beneficial. Many of these charities have few if any staff and are largely dependent upon volunteers. Those charities with highly paid executives are unlikely to be supported although dealing with clearly defined projects enables us to ring fence where the grant money is spent.

We have two grant programmes.

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Trustees Report: Objectives & Activities

grants are restricted and can only be spent under the conditions set out on approval.

➢ Small Grant Fund: grants up to £1000 which would be to fund in part or whole mini projects. Grants for general purposes are unlikely to be supported. Assessment is less rigorous than for Main Grants. In some cases, making a small grant to a new charity connection can be part of the process of building a relationship.

Where appropriate we have encouraged “matched

funding” whereby we commit to a grant subject to the applicant raising additional funds from other sources. Normally we fund the major share of the project but the process is flexible.

It is also a way of working with schools with students raising funds for a charity that are then matched by the Foundation.

Our grant approach must be effective in delivering our objectives and making a difference. Therefore, the experience we are gaining from meeting new charities is improving our understanding and the dynamics of people’s needs and how they can be addressed.

The Foundation’s Grant Programme, Grant Record and Grant Process can be found on our website.

❑ Volunteers & Staff

The Foundation has no volunteers or staff. There will come a time because of our size and the reach of our grant programme that the Foundation will need staff and additional support. Given our current growth this is likely to be needed in the next five years. We will also explore ways to achieve excellence at reasonable cost.

We have found this approach to be effective in leveraging donations from other sources and focusing the applicant on coordinating their project and funding needs.

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Trustees Report: Achievements & Performance

❑ Summary

2023/24 has seen the Foundation perform strongly. We have achieved two key targets 5 years earlier than planned:

The two previous years produced some strong headwinds and were particularly challenging on the investment front. However, throughout we maintained our grant budget levels and objectives. This year investment returns have improved significantly and we have received the largest annual donations since launch.

The negative impact of the pandemic compounded by the war in Ukraine and inflationary pressures resulted in global stock markets declining. The years from 2019 to 2022 have been testing. There has been some recovery but rebuilding confidence and economies across the world remains a major challenge. We should expect turbulence for the next few years at least and that is why having a strong financial base is pivotal to the long term future of the Foundation. The trustees are confident that the annual grant budget at £40,000 will

be progressively increased with the prospect that by 2026 it will be £50,000.

Our investments have recovered strongly posting a 17% return over the year following the modest improvement at 6% last year. These returns need to be set against a 24% fall in 2021/22

We have been warning about a downward adjustment in stock markets for the last few years and have managed the portfolio with that threat in mind. What the events over recent years have demonstrated is the robustness of our strategy to ride out market turbulence and to be able to maintain a sound grant budget plan over the medium term. Delivering our strategy of a stable and growing grant budget irrespective of the market environment is a key objective.

The difficult situation that we are living through has brought into focus the widespread needs of many families. The long term plans of many charities, for instance in the medical and health research area, are

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Trustees Report: Achievements & Performance

being re-defined as the need increases. All this is taking place with significant increases in costs and less funding available. Homelessness in the UK has got worse and we are committed to building partnerships with charities focused on tackling this shameful situation. We are indeed in challenging times and the situation is intensifying.

We have focused on supporting the core activities of charities with whom we have a close relationship and in particular increasing our support for the Partner Charity population.

The mix between the key areas of need is still skewed towards Saving Lives/Health at 69% with People in Need accounting for 20% and Poverty only 11%. Our focus on homelessness and poverty will see a better balance over the medium term.

In 2023/24 we made grants of £40,567 against a budget of £40,000. The pipeline is in excess of £35,000 and growing. We have increased the annual grant budget to £45,000 for 2024/25.

During the year we attracted donations of £230,782 including Gift Aid. We received gifts of investment holdings totalling £210,782. This is the highest level of donations received in any financial year since our

launch. In part it compensates for the lower level of donations in 2022/23. The average over the last 3 years is in excess of £128,000. We expect to receive donations over the next few years of c.£100k annually. This will allow us to increase our annual grant budgets and add to our Expendable Endowment fund securing future activity.

On 30 June 2024 in addition to our investments valued at £1,152,278 we held cash at the bank and with our stockbroker of £48,341.

Our investments increased in value by £168,932 and delivered dividends of £11,646 making an overall return of £180,578. Our total return since we launched the Foundation is £359,716 which is over £240,000 better than target. The performance for the year at 17% against a target of 4% is good. We are steadily recovering from the poor results in 2021/22. It is inevitable that values will both rise and fall over time but it is important to take a long term view and focus on our key objective of the endowment fund underpinning the grant budget targets.

We continue to add to our investments with a new target of £1.5m for our Expendable Endowment Fund balance by 2027. It is probable that donations will

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Trustees Report: Achievements & Performance

continue to exceed grants in the medium term enabling our investments to grow strongly subject, as always, to market values. We have no concerns that we will not be able to approve annual grant budgets at the higher of 4% of the Expendable Endowment Fund and £40,000. The Foundation is in a very strong financial position. The Foundation’s documentation and processes are in good shape. Policies covering Reporting a Major Incident and Financial Controls were completed and published in September 2023. We judge that there are no outstanding policy documents. The trustees are content that the Foundation’s infrastructure is in robust shape. We review our processes, documentation and tools regularly and update them as regulation, best practice and circumstances dictate. Under the Constitution, trustees can only claim reasonable expenses as set out in the Trustees Expenses & Remuneration policy document. In practice most of the costs are for travelling expenses to visit charities to discuss grant applications and inspect finished projects.

We adopted SORP FRS102 in 2017/18 when a full review of the structure and content of the Trustees Annual Report and Financial Statements was undertaken. Where judged appropriate we have adopted

best practice. We continue to review how we report and to keep our reports and web site fresh, readable, transparent and relevant. The trustees fully endorse the objectives of SORP FRS102 and believe our reporting provides context and delivers greater transparency.

Relationships with charities and not for profit

organisations continue to be fostered and the trustees are pleased with progress. The creation of “Partner Charities” embracing key charities with whom we have established a strong relationship and will regularly support are clear signs of our progress in making a difference. Currently there are 4 Partner Charities. To the end of 2023/24 they have received grants of £191,347. Our medium term aim is to have 6 Partner Charities but appointing new charities will always be dictated by their fit, performance and scope of activities. Lifeshare are the oldest homeless charity in Manchester and we are discussing Partner Charity status with them to deliver a steady stream of grant support.

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Trustees Report: Achievements & Performance

❑ Grant Budget & Approvals

❑ Main Grants

Alder Hey is a Partner Charity. Our grant of £10,500 is the fifth we have made bringing the total to £53,596.

Our grant covered the cost of two NAVA modules which enhance the Servo U Ventilator with ‘Neurally

Adjusted Ventilatory Assist’ - providing personalised ventilation to help young patients breathe. This is all part of a major project to raise £495,000 covering the cost of 15 ventilators.

Mechanical ventilators are crucial pieces of equipment across Alder Hey’s High Dependency Unit (‘HDU’).

They provide support for patients who are struggling with their breathing, ensuring that enough oxygen is getting into their blood.

Due to safety concerns with existing ventilators, the HDU is currently reliant on loaned equipment. This is temporary. Whilst ventilators are in huge demand across HDU every day, the winter months bring an increased wave of hospital admissions as cold weather, viruses and the bronchiolitis season puts children with respiratory conditions at increased risk.

The 15 Servo-U Ventilators will set a new gold standard for patient care on the HDU. They will facilitate a process called ‘Neurally

Adjusted Ventilatory Assist’ (‘NAVA’). NAVA will revolutionise the detection of breathing by operating at a neural level, rather than in response to a child’s physical breath response. This will bring huge benefits for the children and young people in their care.

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Trustees Report: Achievements & Performance

➢ Institute in the Park, University of Liverpool

Institute in the Park is a Partner Charity. It is an internationally recognised research organisation focusing on childhood illnesses. It embraces childhood inflammatory disease (respiratory disease, infectious disease, autoimmune and autoinflammatory disorders).

It is the UK’s first and only Experimental Arthritis Treatment Centre for Children and is based in Liverpool at the Institute in the Park and the

University of Liverpool. Childhood arthritis and other related autoimmune/rheumatic disorders impose a significant burden to quality-of-life and mental wellbeing of affected children and young people, their families, and the adults they will become. These conditions are frequently associated with patients experiencing chronic, severe pain, disfiguring effects of the disease or associated treatments, disability and/or impact on school, education, sports and activities of daily living. Most of the work is patient focussed translational research, involving both scientific and clinically trained researchers.

Our grant of £15,705 covers the cost of Twin Compressor Freezer for storage of biological samples to investigate Molecular Mechanisms in Childhood Disease. The work performed in the research facilities at the Alder Hey Institute in the Park is dependent on the collection and safe storage of samples from children and young people, including (but not limited to) blood, skin, airway epithelia, etc. Safe storage of samples can only be guaranteed in - 80°C or even -153°C freezers. Storage space in the -80°C

freezers was limited, and two of the freezers had come to the end of their life cycle.

Freezers are difficult to get funded by the hospital or NHS because they are considered part of a research laboratory infrastructure. This equipment will support research across childhood disease areas and ensure safe long-term storage of irreplicable biosamples.

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Trustees Report: Achievements & Performance

We have now made four grants to Institute in the Park totalling over £76,000.

➢ University of Derby

Professor Myra Conway leads a talented team at the university researching dementia and Alzheimer’s disease. The work area we supported this year is targeting the autophagy pathway in Alzheimer’s disease.

Their aim is to inform nutritional or

supplementation knowledge that will help delay disease onset.

This grant of £5,712 funded the purchase of an incubator and orbital shaker.

They needed a bespoke incubator to grow cell models. Previously, their cells models got infected because the facilities were shared. The provision of a bespoke incubator ensures that only their cell models will be grown in this incubator with the risk of infection substantially reduced. Additionally, the

equipment is highly regulated for CO[2] levels, an important aspect for optimal cell health.

The orbital shaker allows for a smooth continuous motion for uniform mixing, ensuring consistency and uniformity when blots are treated with antibodies. This ensures that the quality of the blots will be improved. Data generated using this equipment will be combined with additional supportive data sets using complementary approaches improves the quality of the research.

We have supported Myra and her team when she headed up this research programme at UWE and now at the University of Derby. These are exciting times with the university committed to building a new facility. In turn this will mean an increased demand for important equipment to help the research programme.

This is our fourth grant bringing the total to over £35,000. Further grants are planned. Our Foundation puts a high priority on help and research into dementia with the aim of managing this corrosive disease which is estimated will affect 1 in 4 of the population over the age of 80.

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Trustees Report: Achievements & Performance

➢ Lifeshare, Manchester

A new and important relationship with the oldest homeless charity in Manchester. We made two grants totalling £4100 during the year.

Lifeshare is a grass roots organisation established by volunteers in 1984 and registered as a Charity in 1989. They provide a 7 day a week wrap around service for the homeless. To those at risk of both homelessness and exploitation across the ten boroughs of Greater Manchester. Their work includes working with young people embracing physical and mental challenges. Their Respite service runs from Friday to Sunday every week aimed at homeless clients, providing a full cooked breakfast, showers, toiletries, clothing, signposting to other services, and offering training sessions such as digital inclusion and cooking sessions. Their Christmas programme covers seven days delivering three meals a day to the homeless. Food banks and digital inclusion are just some of their other programmes.

Lifeshare do not receive any funds from the Government or any other public sector body, and never have done. They have been hit badly from the impact of Co-vid and austerity with many supporters, particularly corporates, unable to continue their support.

Our grants covered the cost of one day’s Respite service and a second grant one day’s cost of their Christmas programme.

Homelessness in a modern and relatively rich economy is a scar on our society and we are determined to build on our relationship with Lifeshare.

This our first grant to Swings and Smiles but we are confident that this will grow into a long term relationship. We are currently developing a “matched funding” project with a local secondary school to help the charity.

The charity provides childcare and educational services for the benefit of the community in particular focusing on children and adults with special needs. It has facilities for recreation or other leisure-time occupation in the interests of social welfare.

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Trustees Report: Achievements & Performance

Our grant of £1,130 covered the cost of specialist play equipment which can be transported between the Centre and Outreach sessions in the community.

The Outreach project is the only service of its kind locally, offering comprehensive support free of charge to disabled children and their families within a 40-mile radius of Thatcham. Through Outreach they take the joy of play out to other groups, schools and individuals. Not everyone can make it to their centre in Thatcham, so they deliver inclusive sensory play sessions in the community to ensure they are meeting the needs of as many disabled children and young people, and their family members, as they can.

They offer a unique support service to any child with a disability, providing them with important and appropriate play opportunities to aid their development. Outreach gives parents access to a whole new support network through the charity’s staff and the other families they meet.

They visit special needs and mainstream schools, charities, groups of parents and individuals in their own home or even in hospital.

❑ Small Grants

We are building relationships with local charities particularly dealing with poverty in its many forms. This is a trend we want to continue.

This year 4 small grants (£1000 or less) were made to four charities/not-for-profit organisations during the year totalling £3,420.

➢ Hope House, Braintree Essex £1000

Hope House is a small Ks A Wa charity dealing with homelessness in Braintree and surrounding areas in Essex. Our grant funded the weekly community meal which attracts on average 25 homeless people. This project helps break the cycle of loneliness and gives people the opportunity to receive support about

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Trustees Report: Achievements & Performance

accommodation and health care in addition to having a decent meal.

A long standing relationship going back to 2016. Blooming Blossoms undertake wonderful work to help children from deprived backgrounds.

This grant was to buy basic clothing for kids to help them through the winter. Their project ‘Share a Pair’ will distribute 300 pairs of new socks, undergarments and gently used coats. It is the second year we have supported this project.

Mentoring Plus supports young people in Bath & NE Somerset who are facing a range of challenges. They help 5-25 year olds feel connected through awardwinning mentoring schemes, youth clubs and inspiring activities programmes in our community children.

Our grant of £1000 covered 25% of the yearly cost of mentoring much of which is undertaken by volunteers at no cost.

A small local not-forprofit organisation run by volunteers whose aim w=| is to get meals to families in need. The families do not need to be referred they can turn up and be supported. To help families they often provide slow cookers. Practical help with no bureaucracy and it works. e reecerenee

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Trustees Report: Financial Review

❑ Overview

The trustees confirm that the Foundation is in a strong financial position and can continue to operate for the foreseeable future as a going concern. At the year-end total charity funds were £1,200,619.

❑ Reserves

Our policy is not to approve grants unless we have the necessary cash and/or investments available. In addition, we would not realise investments at an inappropriate time which in turn would be reflected in our commitments. No account is taken of future donations when approving grants. We have no staff and running costs are small. Consequently, the need for reserves is modest. However, we are a grant making charity and therefore our Expendable Endowment Fund is at the centre of our financial framework and affords us a significant financial buffer. Our current total reserves at over £1,200,000 represent more than 30 year’s grant budgets of £40,000 per year. We have no plans to commit to future grants or other expenditure unless funds are readily available which in turn reduces the need for reserves to cover adverse circumstances.

❑ Expendable Endowment Fund

The funds are unrestricted and will be used primarily to finance future annual Grant Budgets. However, trustees can use the Endowment Fund as they think fit within the constraints of charity law and the Foundation’s governing document. Donations received could be used to fund part or all of the grant programme and/or to grow the Endowment Fund and donors are asked to confirm their agreement to this approach.

Currently the Foundation’s Endowment Fund investment mix reflects a focus on capital growth and not income. Therefore, donations will form a large share of the Grant Budgets with the balance of the donations being added to the Endowment Fund. With some donations coming in the form of gifted investments it is possible that grants may in part be funded through a realisation of some investments. Longer term the Endowment Fund’s dividends and capital appreciation will increasingly form the major funding share of the Grant Budgets. Our current balance target has been revised on a number of occasions and has now been set at £1,500,000 by 2027. Creating a significant Expendable Endowment Fund will underpin our ability to set meaningful Grant Budgets for the foreseeable future.

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Trustees Report: Financial Review

We are ever mindful that the majority of the endowment fund is invested in tradeable funds and shares and their value is subject to market fluctuations. An Endowment Fund in excess of £1m is a major milestone as it could reasonably be expected to generate a return of £40,000 per annum over the long term without any further donations. Our new target of £1.5m would give us the flexibility to increase our annual grant budget to £50k.All additional growth would allow the trustees to increase the annual Grant Budget even further. At our year end on 30 June 2024, our investments were valued at £1,152,278 with £18,888 held as cash pending investment. In addition, cash at bank was £29453. Total cash and investments were £1,200,619.

The endowment fund is invested in pooled securities and ETF trackers quoted on the London Stock Exchange. The Foundation’s investment approach is set out in Investment Policy & Management which can be found on our web site.

However, because of turbulent market conditions and the size of the grant applications pipeline, relatively high levels of cash are being held. The return on investments over the year including dividends was a gain

of £168,932 equivalent to a rise of 17% compared with a rise of 6% in 2022/23. Although performance in 2021/22 was disappointing, this year has delivered a strong recovery. Markets will continue to be frenetic over the next few years at least but the return to date remains good. The portfolio mix has been reviewed and some modest changes have been implemented but the balance and exposure of our investments is robust. Investments in China, Russia and Eastern Europe are depressed but are more than compensated by holdings in the US. A current detailed summary and analysis of the Foundation’s investments can be viewed on our website under Endowment Fund . Trustees have retained the target returns for the Endowment Fund which better reflect our growth strategy and lack of need currently for dividends. The investment return target is for an annual overall growth of 4% pa compound over the long term with no separate target set for dividends. These targets will be reviewed regularly.

❑ Fund Raising & Donations:

The Foundation is currently funded through donations from the trustees. Donations from supporters would be gladly received but at present there are no plans to actively raise funds from the public. The donations

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Trustees Report: Financial Review

received this year were £230,782 including Gift Aid of £4,000, cash donations of £16,000 and the gift of investments of £210,782. The trustees anticipate donations before gift aid of c.£100,000 in 2024/25.

The Foundation did not operate outside England and Wales during the year. To date the only country outside England and Wales we have ever had any dealing with has been South Africa. In the past any grants made to South Africa have been transferred using the regulated banking system through our own bankers. We have checks in place to monitor overseas transfers. There are no plans to make grants to charities or good causes outside the UK. We do not and are not planning to receive any income from overseas.

The Foundation has no staff and will continue to operate with minimum expense. However, the Foundation will inevitably get to a size when executive support will be needed. This will carry a cost. The situation is under review but it is not anticipated it will be needed before 2028 at the earliest.

❑ Income from central & local government

The Foundation does not receive income from grants or contracts from central or local government. It is improbable that the Foundation will be supported from any part of the public sector.

The Foundation has no trading subsidiaries and there are no plans to set up such a structure.

The financial controls were reviewed during the year and are robust. A policy document dealing with financial controls was published in Sept 2023.

❑ Trustees

Trustees do not receive remuneration, benefits or fees for being a trustee or providing professional advice. They can only claim reasonable expenses for undertaking work for the Foundation. Details can be found in the notes to the Financial Statements below. Expenses claimed normally relate to travelling costs

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Trustees Report: Financial Review

Signed on behalf of the charity’s trustees.

incurred in meeting charities to discuss grant applications or as part of our monitoring process on how grants have been spent. We anticipate more meetings and increased activity in the next few years.

Signature and increased activity in the next few years. No trustees have resigned to take up employment with (ul the Foundation. There have been no resignations or election of new Full Name David Graham Parry trustees during the year. The trustees wish to express Position Trustee & Treasurer their gratitude to our Independent Examiner, Karen Date 1 Sep 2024 Davis, who has undertaken her duties without receiving a fee. The trustees confirm there are no conflicts of interest Signature between our Independent Examiner, consultants, suppliers and organisations receiving grants and the Foundation. Full Name Ann Patricia Parry Position Trustee & Secretary Date 1 Sep 2024

The trustees declare that they have approved the Trustees’ Report set out above.

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Financial Statements

Parry Family Charitable Foundation

Statement of Financial Activities

Statement of Financial Activities
for the year ending 30-Jun-24
Note 2023/24 2022/23
Unrestricted Expendable Total Total
Funds Endowment
Incoming Resources
Income & Endowments from: 3
Donations £20,000
£210,782		 £230,782
£30,442
Investments £11,648
£207		 £11,855
£9,418
Other £0 £0
£0
Total £31,648
£210,989		 £242,637
£39,861
Resources Expended
Expenditure on: 4 £0
Raising Funds £73
£27		 £100
£112
Charitable Activities 5 £41,250 £41,250
£44,206
Other £0
£0		 £0
£0
Total £41,323
£27		 £41,350
£44,317
Net income/(expenditure) before investment gains/(losses) (£9,675) £210,962 £201,287
(£4,457)
Net gains/(losses) on investments £157,286 £157,286
£36,915
Net income/(expenditure) (£9,675) £368,248 £358,573
£32,459

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Financial Statements

Transfer between funds £0
£0
Other recognisedgains/(losses) £0
£0
Net movement in funds (£9,675) £368,248 £358,573
£32,459
Reconciliation of funds
Total funds brought forward £842,046
£809,587
Total funds carried forward (£9,675) £368,248 £1,200,619
£842,046

Balance Sheet

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Financial Statements

as at 30-Jun-24 30-Jun-23
Unrestricted Expendable Total Total
Funds Endowment
Fixed Assets
Investments 6 £1,152,278 £1,152,278
£821,739
Total £0
£1,152,278		 £1,152,278
£821,739
Current Assets
Debtors 7 £0 £0
£0
Investments (short-term deposits) 9 £0 £0
£0
Cash at bank and in hand inc easy access
deposits 9 £29,453
£18,888		 £48,341
£20,307
Total £29,453
£18,888		 £48,341
£20,307
Liabilities £0
Creditors(falling due within 12 months) 8 £0 £0
£0
Net current assets/(liabilities) £29,453
£18,888		 £48,341
£20,307
Total assets less current liabilities £29,453
£1,171,166		 £1,200,619
£842,046
Creditors(falling due after 12 months) 8 £0 £0
£0
Total Net assets £29,453
£1,171,166		 £1,200,619
£842,046
The funds of the Charity
Expendable Endowment £1,171,166 £1,171,166
£830,417
Unrestricted Funds £29,453 £29,453
£11,628

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Financial Statements

Total Charity Funds

£29,453 £1,171,166 £1,200,619 £842,046

Notes to the Financial Statements for year ended 30-Jun-24

1 Basis of Preparation

❑ Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with:

the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014;

The trustees confirm that the Foundation is a going concern. It is primarily a grant making charity with reserves of c. £1,200,000 and no liabilities. The trustees only commit to making grants and expenditure when cash is available.

None.

None.

2[Accounting Policies ]

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Financial Statements

Recognition of income: These are included in the Statement of Financial Activities (SoFA) when:

➢ it is more likely than not that the trustees will receive the resources; and

➢ Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).

Legacies: No legacies have been received in the reporting period. Legacies would be included in the SOFA when receipt is

probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.

Government grants: The charity has not received government grants in the reporting period and does not expect to receive any in the future.

Tax reclaims on donations and gifts: Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the unstricted fund unless the donor or the terms of the appeal have specified otherwise.

Contractual income and performance related grants: None have been received in the accounting period and the charity does not expect to receive such in the future.

Donated services and facilities: None have been received in the accounting period and are not expected in the future.

Volunteer help: None has been received.

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Financial Statements

Income from interest and dividends: Interest and dividends are included in the accounts when they have been declared and become payable to the Foundation.

Income from membership: The charity does not have members.

Recognition of liabilities: Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance & Support Costs: Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

➢ Support costs are modest and have been spread across raising funds and charitable activities as set out in note 4 iv.

Redundancy costs: not applicable. Charity has no staff.

❑ Assets

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Financial Statements

Heritage assets: None.

Investments:

➢ Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

➢ Deposits with a maturity date in excess of 12 months from the financial year end date.

Stocks and works in progress: None.

Debtors: none. No tax reclaims on Gift Aided donations are outstanding.

➢ Deposits with a maturity date of less than 3 months from the financial year end date are/would be included on the balance sheet under “Cash at Bank or in hand inc easy access deposits”.

3 Analysis of Income

i. Donations & legacies

Analysis of Income
i. Donations & legacies
2023/24 2022/23
Unrestricted Expendable Total Total
Income Endowment Income Income
Donations & gifts1 £16,000
£210,782
£226,782
£28,715
Gift Aid £4,000 £4,000
£1,728
Total £20,000
£210,782
£230,782
£30,442
ii. Income from Investments 2 £0
Interest income - Bank, Deposits, HMRC & Broker £2
£167
£169
£156
Other income £39
£39
£0
Dividend income £11,646 £11,646
£9,263

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Financial Statements

Total £11,648 £207 £11,855 ,855 855 £9,418 ,418 418

£11,855 ,855 855 £9,418 ,418 418

All income in the prior year was unrestricted.

1 All donations received are unrestricted with the option given to trustees to allocate between charity funds. Donations are in cash or through the gifting of investments. The latter do not qualify for Gift Aid. Gifts of Investments are initially allocated to the Expendable Endowment Fund. Cash donations and Gift Aid reclaims are initially allocated to the Unrestricted Fund.

Donations Gifts of Total Gifts & Total Gifts &
Investments Donations Donations
Breakdown of Cash Donations & Gifts of Investments £16,000
£210,782
£226,782
£28,715

2. Dividends from the Expendable Endowment investments and deposit interest together with bank interest are automatically paid into the bank account and become unrestricted funds. Interest earned, which tends to be modest or nil, from holding cash with the stockbroker pending investment is held as cash with the stockbroker. On practical grounds the trustees exercise the power to accumulate in respect of this interest alone.

4 Analysis of Expenditure

2023/24 2022/23

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Financial Statements

Unrestricted Expendable Total Total
Funds Endowment Expenditure Expenditure
i. Raising funds
Seeking donations £0 £0
£0
Investment administration costs 3 £55
£27
£82
£112
Support Costs £18 £18
£0
Total £73
£27
£100
£112

3. These costs are mainly charged to the Expendable Endowment but some including Legal Identity Identifier (LEI) fees are paid from the bank account (shown under "Unrestricted Funds"). Other costs associated with investments including trading costs and commission are charged to the Expendable Endowment directly in accordance with SORP para 4.49.

ii. Charitable Activities

ii. Charitable Activities
2023/24 2022/23
Grants £40,567
£43,394
Direct Activities £0
£0
Support Costs £682
£812
Total £41,250
£44,206

All grants have been made to registered or exempt charities and not for profit organisations. No grants are made to individuals. Details of grants made this year and historically can be found on our web site https://parrycharity.co.uk All grants and direct activities are funded from the Unrestricted Fund. Dividends from the Expendable Endowment are paid into the Unrestricted Fund directly. Should there be a forecast shortfall in the Unrestricted Fund then transfers from the Expendable Endowment Fund would be made ahead of any expenditure.

iii. Analysis of Charitable Activities

2023/24 2022/23

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Financial Statements

Programme Focus
Grant/Direct
Costs
Support Costs		 Total
Total

£2,166
£15,790

£6,630
£3,056

£32,454
£25,360

£41,250
£44,206
£0
£0
People in Need
£2,130
£36
Tackling Poverty
£6,520
£110
Saving Lives/Health Care
£31,917
£537
Total
£40,567
£682
Included in the above table are activities undertaken directly which amounted to

Programme Focus reflects the charity's three key areas when considering grants. Currently an alternative categorisation analysis would not offer a greater insight. Details of individual grants can be found on our web site https://parrycharity.co.uk/grantprogramme/our-grant-record/ and the Trustees Annual Report

The Support Costs are allocated prorata to the size of grants made to the Programme Focus category. 2017/18 was the first year that support costs were allocated by Programme Focus.

iv. Support & Other Similar Costs

2023/24 2022/23
Raising Funds Charitable Total Total
Activities
Governance
Travel & Subsistence £0 £0 £0
Independent Examiners Fees £0 £0 £0
Other accountancy fees inc consultancy, tax £0 £0 £0
Trustee Meetings, Training £18 £18 £0
Professional Advice £0 £0 £0
Office & Other £0 £0 £0

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Financial Statements

Information Technology Costs £487
£487
£254
Trustee Expenses £196
£196
£558
Bank Charges £0
£0
£0
£0
£0
Other Support Costs £0
£0
£0
Total £18
£682
£701
£812

These costs are allocated based on the nature and purpose of the expenditure . Because support costs are modest they are set against Raising Funds at the aggregate level and Charitable Activities as set out in table 4 iii above . There are no costs shared across Raising Funds and Charitable Activities.

v. The Foundation has no staff

vi. The Foundation's trustees currently undertake administrative work at no cost. We are supported by others who also undertake work at no cost. It is probable that as the Foundations grows support work will incur costs.

5 Grant Making

The Foundation's primary operational focus is grant making. Details of grants made this year and historically can be found on our web site https://parrycharity.co.uk/grantprogramme/our-grant-record/. A top level summary is included in note 4 and the Trustees Annual Report.

6 Investment Assets

All the Foundations listed investments are in quoted securities in shares, investment trusts, unit trusts, OEICS, ETFs or similar. Deposits with a maturity date/ notice of 12 months or more are included under Investment Assets

er Investment Assets
Market Value Market Value
at at
30-Jun-24 30-Jun-23

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Financial Statements

Deposits with maturity/notice of at least 12 months £0
£0
Listed Investments £1,152,278
£821,739
Total £1,152,278
£821,739
Market Value of Investments at beginning ofyear £821,739
£759,045
add: additions at cost £397,839
£85,811
less; disposals at carrying value £224,586
£60,032
add: netgain/(loss) on revaluation atyear end £157,286
£36,915
Market Value of Investments at end ofyear £1,152,278
£821,739
Cash at stockbrokerpending investment £18,888
£8,678

All investments are in quoted securities. They comprise ETFs, investment trusts and other pooled funds such as unit trusts. They are all in equities.

All deposits and listed investments are accounted for at fair value. Cash balance at stockbroker includes any loyalty bonuses earned but not invested.

earned but not invested.
Investment trading costs are included in the transaction figures in the above table and not
shown separately. Costs for the year were: £126
Details of the Foundation's holding can be found onhttps://parrycharity.co.uk/reports/
Debtors
2023/24 2022/23
Analysis of debtors
Trade debtors £0 £0

7 Debtors

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Financial Statements

Prepayments & accrued interest £0
£0
Outstanding Gift Aid claims from HMRC £0
£0
Other3 £0
£0
Total £0
£0

3 Details of other

None

8 Creditors

Creditors
2023/24
2022/23
Due within 1
year
Due after 1
year
Total
Total
£0
£0
£0
£0
£0
£0
£0
£0
£0
£0
£0
£0
£0
£0
£0
£0
Analysis of creditors
Accruals
Accruals on grants payable
Other4
Total

4 Details of other

None

9 Cash & Short Term Deposits

Cash & Short Term Deposits
Total Total
as at as at
as at 30-Jun-24 30-Jun-23
Short term deposits (maturity/access <3 months)5 (£0.00) (£0.00)

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Financial Statements

Cash at bank £29,453.41
£11,628.41
Total £29,453.41
£11,628.41
Short term deposits(maturity/access >=3 months but <12 months) 3 £0.00
£0.00

5 Deposits with maturity dates or notice periods greater than 12 months are included in Investment Assets. Those deposits falling between 3 and 12 months would be treated as Current Asset Investments.

Foundation has:

i. no exposure to credit risk

ii. negligible liquidity risk because grants are not approved until they are backed by cash and support costs are modest. iii. modest market risk which relates to investments held in the Expendable Endowment Fund because of our approach to only approving grants that are backed by cash. If donations and cash are insufficient to cover the Grant Budget then that budget would be amended rather than realise investments at an inappropriate time.

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Financial Statements

The Foundation has two funds namely Unrestricted (U) and Expendable Endowment (EE). Both funds are unrestricted.There are no designated funds. 2017/18 was the first year that Expendable Endowment Fund and Unrestricted Fund have been shown separately.No transfers between funds took place during the year. This is the first time when donations and income in the unrestricted fund did not cover the grants made resulting in a fall in the balance carried forward.

12.2 Trustees' Expenses

Trustees claim expenses primarily to explore, discuss and evaluate grant applications with charities and subsequently monitor performance where/as appropriate . Expenses are also claimed to attend and hold trustees meetings.

No of trustees claiming expenses 3

Nature of Expense

Nature of Expense
2023/24 2022/23
Travel £196
£558
Subsistence £18
£0
Accommodation £0
£0
Other £0
£0
Total £214
£558

12.3 Transactions with related parties

none

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Independent Examiner’s Report

Independent Examiner’s Report on the Accounts

Independent report to the trustees of Parry Family Charitable Foundation On accounts for year ended 30 Jun 2024 Charity no 1159701 Set out on pages 23 to 41

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 30 Jun 24

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed

Date Name Relevant professional qualification or body

4 November 2024

Karen Davis

MAAT

Address

6 MacNeice Drive Marlborough Wiltshire SN8 1TR

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