cop THE FRANK PARKINSON YORKSHIRE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charity Registration No. 209322
THE FRANK PARKINSON YORKSHIRE TRUST CONTENTS Page Trustees, report Statement of Trustees, responsibilities Independenl auditorfs report Statement of financial activities 12 Balance sheet 13 Notes to the financial slatements 14-26
THE FRANK PARKINSON YORKSHIRE TRUST TRUSTEES. REPORT LEGAL AND ADMINISTRATIVE INFORMATION for the year ended 31 December 2022 Trustees FPYT Trustees Limtted Directors of FPYT Trustees Ltd C G Clough R Sidebottom S De Biase V Brownridge J Curran-Kerr H Shaw J C Hobbins Resigned 19 October 2024 Charlty number 209322 Pilncipal address Carlton House Grammar Sthool Street Bradford BD14NS National Assoelation of Almshouses Membership number 163 Auditor Alison alleY BA (Hons) FCA Azets Audit SerVis Limited Cartlon House Grammar School Street BD14NS Bankers CAF Bank Limited 25 Kings Hill Avenue lfjngs Hill West Mailling Kent ME19 4JQ
THE FRANK PARKINSON YORKSHIRE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for Ihe year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Trust Deed. the Charities Act 2011 and "Accounting and Reporting by Char¢ties: Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republtc of Ireland (FRS 102) (effective 1 January 20191" ObjeGtives and activffities The Trustees may apply the Irust income {and capital), at their disGrelion, during Ihe year the Injstees reviewed the objectives, and these were amended to encapsulate and align wilh Ihe trust in the current era and beyond a. Provide inclusive, low-cosl accommodalion lo older adulls (and others by exception) registered as living in the wards of Leeds and Bradford who are experiencing soci(ieconomic deprivation andlor adverse cOnsequenS of increased costs of living. b. Invest in the local community to help addrèss the wider determinants of heallh and wellbeing. c. PK)iride educational opportunilies for the local population in the fields of information technology and engineerlng through working with partner organisalions (e.g. voluntary and community social enterprises. higher education institutions). d. Invest in economic activity that rx)ntributes to a sustainable and reliable income to support the Trust. The Trustees confirm that they have had regard to Ihe guidance )ntaIned in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objeclives and when planning their activities. Achievements and performance The almshouses are sheltered housing provided by The Frank Parkinson Yorkshire Trust (FPYTI for eklerly people in Guiseley. The housing is contained within one complex covering 44 flats and bungalows, known as the Frank Parkinson Homes, Frank Parkinson Court and Laurel Bank. The almshouses aim lo allow eldedy p)ple lo have regular support with social contacts and to slay in their local community in Guiseley for as long as possible. The properties are occupied by beneficiaries of the Trust. at the dis(xetion of the Trustees, and the beneficiartes are appointed by the Trustees in accordance wilh the governing document. These appointments reflect need. The residents pay an amenity charge to Ihe Trust. The amenity charge is used lo pay for charges such as Ihe repair and maintenance of Ihe properties and gardens, insurance for the properties and the emergency on Gall system, as well as contract management and staffing cosls. When amenity charges have not fully covered the costs of the Trust associated with the complex, excess StS have been met from inveslmenl income. Mulberry Property Management Services have been the managing agenl for the Trust Sin 8th Ootober 2022. Mulberry PM are based in York, specialise in almshouse management and has close links with the Alrnshouse Associalion. Following a strategic review, the Contract wilh Mulberry PM ceased on 31 st March 2025. In 2023 the Guiseley almshouses were valued for insurance purposes at £11.12 million (plus indexation), and a further valuation is not considered necessary at this time, as the Trustees consider the valuation to be correct. Fundralslng Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising aclivilies. Thé legislation defines fundraising as 'soliciting or otheiSe procuring money or other properly for charitable purpose5. The charity does not actively raise funds from the public either directly or v(a use of an agent, accordingly no SUGh arnounts are presented in the financial statemenls for the year under review. The charity has received no complaints in relation to fundraising activity for the year under review. Given the nature of the funding of the char(ty the Trustees consider that it remains approprtate not lo be voluntarily bound lo be Tegulated by the Fundraising Regulator.
THE FRANK PARKINSON YORKSHIRE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for the future". Ensuring the lonterM future of the almshouses in Guiseley (xintinues to be the focus of the Trust. In the year, a donation of £5,000 was made lo Leeds City College. This was part of Ihe agreement to fund Ihe new minibus over a &year period. Following discussion with Leeds City College it was agreed that the fijnding was not required for the 5th and fin31 year and therefore no further payments ale due. The trust continues to receive requests for donations and considers these based on the objectives of the Irust. Financial review Incorne for the year amounted to £365.576 (2023 £396,328) with expenditure amounting to £418,984 (2023 £368.079). with nel gain on investments of £96,160 (2023 gain £34,691) leaving net income of £42,752 (2023 income £62,940) before the actuarial loss on the defined benefit pension schemes of £3,930 (2023 £5,819) to leave a nel increase in funds of £38,822 (2023 inuease £57.121) and total funds of £3,257,159 at the financial year end (2023 £3,218,337). Designated funds allocated as the Extraordinary Repairs Fund. the Cyclical Maintenance Fund and the Routine Maintenance Fund r8flects current good practice recomménded by the Almshouse Association. During the year there was a strategic revtew by the board and this involved both struclural chang&8 and a revÈew of repairs and maintenance. The trust also made a decision to not continue with Mulberry PM and to develop an in-house team. Therefore the designated fund has been increased to £75.000 and also there has been an inclusion of contingency for the year of £36,000. Future provision has been made for the payment of pensions to tsvo fom)er employees. The Trustees have rev6ewed the underlying assumptions of Ihe present value of the future provision and are satisfied, afler considering allernalive discounl rates, that the currenl rates detsiled in note 20 to the accounls remain appropriale. Free reserves at 31 December 2024 lolalled £2,316.866 (2023 £2.362.108). The Trustees are of the opinion Ihal they have suffiGient reseNes to meet their ongoing requirements.
THE FRANK PARKINSON YORKSHIRE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments The Trustees have an investment subcommittee, this is led by trustees V Brownridge and J Curran-Kerr. DurFng the prior year, the Trusl appoinled Evelyn Partners for proactive investment management. They have obtained independent investment admce, as a result of which plans are currently in hand to reinvest a portion of the Trust's funds - at the start of the year wilh Evelyn Partners, M & G Inveslmenls, CAF Bank and Charity Bank. The Trust appointed Evelyn Partners for proactive investmenl management. The Trust is revièwing options for the other inveslmenls and cash to align with the investment strategy of the Trust. The risk management responsibilities for Ihe Trust are undertaken by all Trustees and discussed in depth al all Trustee meetings. The Twslees, investment policy is lo invest for a cnmbinalion of long-term capital growth and a suslainable income after allowing for the impact of inftation. The performance of the Ttust's investments during the year is shown in note 11. The Trust continues using M & G Investments. The Trustees have assessed the major risks to vthich the Charity is exposed. and are salisfied that systems are in place to mitigate exposure lo those risks. structure, govemance and management The founder of the Irust, Frank Parkinson. died in January 1946. In his will. he directed thal Ihe Will Trustees should hold his Residuary Estate as lo both capital and income as a Fund for the eslablishmenl of a charity, to be known as °The Frank Parkinson Yorkshire Trust.. The Tmst Deed dated 17 October 1950 was drawn up supplemental to the Will. The Trust Deed was amended on 27 October 2015. The Tnjsl registered with Ihe Charity Commission in England and Wales on 18 October 1962. The Trust does not fundraise and seeks to conlinue Ihe tharilable work desired by Frank Parkinson through careful sléwardship of ils resources. The Trustee of The Fr2nk Parkinson Yorkshire Trust is FPYT Truslees Limited, a company registered in England and Wales, company number 09836470. The DireGtors of Fpyf Trustees Limited referred to as Trustees Ihroughout this report are: C G Clough R Sideboltom, S De Biase V Brownridge J Curran-Kerr H Shaw (resigned 19th Oclober 2024) J C Hobbins The Trustees meet al least four times a year and are in contact at other times of the year when required. None of Ihe Trustees has any beneficial interest in the company. All the Trustees are members of FPYT Tnjstees Limited and guarantee to Contribute £1 in the event of a winding up. Indemnity insurance has been taken out in the year and is included in the insurance costs.
THE FRANK PARKINSON YORKSHIRE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Indemniiy insurance has been taken out in the year and is induded in the insurance costs. The Trusl follows the Charity Governance Code for smaller charilies. It is not a legal or regularity requirement but draws upon the Charity Commission guidance and is used as a lool to support continuous improvement. The Board has a focus on strategy and risk management. It is aware of its responsibility for the oversight of Ihe work delegated to commillees and contractors. As part of setting up the management agreement for the almshouses the Board monitors that the performance meets the aims of The Frank Parkinson Yorkshire Trust. Risks are reviewed quarterly al every meeting. There is specific Trustee involvement with the Trust Secretary (Mulbery undertook this function unlil December 2024) regarding appointments, budgets, property and general sile and contract management issues. Some of the Trustees had been appointed for longer than the 9 recommended years, but they had built up expertence very relevant lo the Trust, which it was not desired to lose. A report that was commissioned and issued in September 2021 which made 3 key recommendations: . Shorter and more regular Board meetings- The recruitment of new Trustees, each to serve for a limited period,. The appoinlménl of a CEOIOpeialions Manager to supervt5e the contract with the managing agent (then AHG. now Mtjlberry PM) or Jlher service provider. The first 2 recommendations were previously implemented. Following a successful implementation of Mulbery PM. further consideralion was given to the recommendation to recruit a CEOIOperalions Manager, in the early part of 2024 the trustees undertook an exercise to look at thé managing agent structure and to consider how this was working and further consider the option of recruiling a CEOIOperations Manager. Following a sel of strategic meetings, il was decided thal recruiting a Head of Operations to oversee the organisation would be the best way forward, and a recruilment process was put in place with Ihe successfvl candidate for the Head of Operations role commencing in September 2024. The initial basis of the Head of Operations role was to sit between the truslees and Mulberry PhA lo provide management, oversighl and governance, but following Ihe successful recruitment of a Head of Operations and a review of the managing agent, il was decided in November 2024 that noti would be provtded to Mulberry PM to cease all seNices and provide the relevant notice, the secretarial serV[S were Iherefore terminated from December 2024 and the overall management services of the property were planned to be terminated at the end of March 2025. It is also planned that as part of this process the Scheme Manager would TUPE inlo Ihe employmenl of FPYT on the ceasing of all services and thal addilional role<s) would be added lo cover areas such as finance, and these roles would be in place for Ihe transition and this transfer was successfully completed in line with expectations, Incomè sources are reviewed and the impad for the short. medium and long letrn with awareness the Trust is needing lo add lo Ihe amenity funds at present to bling about the updated housing slandards. There are needs lo finance and ensur8 all nessary measures are taken for Health and Safety such as asbeslos, fire, drains, footpaths and improving en)rimnmenlal standards. and there is an ongoing programme of mainlenance in line with the requiremenls of the property and the previous quinquennial report that Was commissioned. Trustees take into consideration feedback from residents, via the Estale Manager, who is their most immediale point of contact wilh hAulberry. The Board has an appmpriate balan of skills, experience, background and knowledge to make infoimed decÈsions. During the year, the board met with residenls to gain an oversight of their views, a consultations survey was sent out in Decembèr 2024 and several events where the trustees could meet the residenls informally were arranged, this induded Ihe coronation event and the annual Christmas party. Diversily is representative of the Guiseley community. The Trustees havè differenl backgrounds, life experiences, range of skills, career paths and different ways of thinking. The Board is transparent and open in ils work. There has been training available from the Almshouse Association and learning from shared information from other charities with independent living and involvement in almshouses.
THE FRANK PARKINSON YORKSHIRE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 All Trustees check their own performance and idenlify Iheir training needs. All attend management, legal or financial training or undertake continuing professional development as recommended by their professional organizations. On occasions Trustees share knowledge gained from training with other Trustee5 at the quarterly meetings. Auditor In aGcordance wilh the company's articles. a iesolution proposing that Azets ALrdil Semces be reappoinled as auditor ofthe company will be pul al a General Meeting. Disclosure of infom7ation to auditor Each of the Trustees has confimied that there is no infomiation of which they are aware which is relevanl to Ihe audit, bul ofwhich the auditor is unaware. They have further confimed Ihal they have taken appropriate steps to identify such relevant informalion and to establish that the auditor is aware of such infonnation. The Truslées. s approved by a majoriiy of the Board of Trustees. FPYT Trustees Limited Dated.. 25 September 2025 /'L./I
THE FRANK PARKINSON YORKSHIRE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for preparing the Trustees, Report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Apted Accounting Practi>. The law applicable to charities in England and Wales requires the Trustees to prepare financial slatemenls for each rinancial year which give a true and fair view of the state of affairs of the Charity and of the incoming rèsources and application of resources of Ihe Charity for that year. In preparing these financial stalements. Ihe Truslees are required to= select suilable accounting policies and then apply Ihem consistently- - observe the melhods and principles in the Charities SORP- make judgements and estimales that are reasonable and ptudent- slate whether applicable accounting standards have been followed, subjed to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concem basis unless it is inappropriale to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounling recA)rds that disclose with reasonable accuracy at any time the financial posrtion of the Charity and enable them to énsure that the financial statemerts comply with the Charities Act 2011, the Charwty (Accounts and Reports) Regulations 2008 and Ihe provisions of the trust deed. They are also responsible for safeguarding the assels of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE FRANK PARKINSON YORKSHIRE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FRANK PARKINSON YORKSHIRE TRUST Opinion We have audited the financial slatements of The Frank Parkinson Yorkshire Trust (the 'Charity'i for the year ended 31 Decémber 2024 which comprise the statement of financial activilies, the balance sheet and the notes to Ihe financial slatements, including a summary of significant accounting policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R6POrting Standanl applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounling Practi). In our opinion, the financial slalements-. give a true 8nd fair view of the stale of the charÈly's affairs as at 31 December 2024 and of its incoming resources and application of resource5, for Ihe year Ihen ended-, have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounling Praclice,. and have been prepared in accordance with the requirements of the Chatities Act 2011. Basis for opinion We conducted our audit in acccsrdance with International Standards on Audiling (UK) {ISAs {UK)} and applicable law. Our responsibilities under those slandards are ftjrther described in the Audiloffs r8sponsibilities for the audil ol the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial stalements in the UK, including the FRC'S Ethical Stand8rd, and we have fulfilled our other ethical responsibililies in accordance with these requiremenls. We believe that the audit eviden we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees, use of the going concem basis of accounting in the prepaiation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or colleclively, rnay cast significanl doubt on the Charily's ability to continue as a going concem for a period of al least Iwelve monlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wilh resped lo going concern are described in the relevant sections of this report. other Information The Tiuslees are responsible for the other information. The other infomation comprises the information induded in the annual report other than Ihe financial slalemenls and our audilor's report thereon. Our opinion on the financial slalements does not cover the other infomiation and. except to the extent othetwise explicitly stated in our report, we do nol express any form of assurance condusion Ihereon. In connection with our audit of the financÈal statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we idenlify such materi81 inconsistencies or apparent malerial misstatemenls, we are required to determine whether there is a material misstatement in the financial statements or a malerial misslatemenl of the other information. If, based on the work we have performed, we conclude that there is a matertal misst21ement of this other infomiation, we are required to report that fact. We have nothing to report in Ihis regard,
THE FRANK PARKINSON YORKSHIRE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FRANK PARKINSON YORKSHIRE TRUST Matters on which we are required to report by exception In the light of the knowledge and understanding of the Chartiy and its environment oblained in the course of the audit, we have not idenlified material misstatements in the Trustees, Annual Report. We have nothing to reporl in respect of the following matters in relation to which the Charilies (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept or relums adequate for our audit have not been received from branches not visited by us- the financial statements are not in agreement with the accounting records and returns., certain disdosures of Trustees, remuneration specified by law are not made- or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilities of Trustees As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation of financial statements Ihal are free from material misstatement, whether due to fraud or error. In preparlng Ihe flnanclal siatemenis, the Trustees are responsible for assessing Ihe chariiy's abiliiy io coniinue as a going concern, disclosing. as applicable. matters related to going concem and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to oblain reasonable assuran about whether the finanaal statemenls as a whole arè free from material misstalemenl, whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstalement when it exists. Misstatements can arisè from fraud or error and are considered material if, individually or in Ihe aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al www.fr This description forms part of our auditor's report.
THE FRANK PARKINSON YORKSHIRE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FRANK PARKINSON YORKSHIRE TRUST Extent to which the audit was consldered capable of detectlrtg Irregularities, including fraud Irregularities, induding fraud, are instances of non-compliance wtth laws and regulations. We design procedures in line with our responsibililies. outlined above and on the Financial Reporting Council's website, lo detecl material misstatemenls in respect of irregularities, induding fraud. We obtain and updale our understanding of the entity, its adivities. its control environment. and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial stalements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and oblain audit evidence thal is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of aGts by the enttty that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-complian with laws and regulakn-ons, induding fraud, we designed procedures which included.. Enquiry of m8nagemenl and those charged with governance around acbjal and t)otential litigation and daims as well as actual, suspected and alleged fraud.. Reviewing minutes of meelings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a d1ct material effect on the financial st8lemenls or Ihe operations of the entity through enquiry and inspection.. Reviewing financial statement disclosures and lesting to supporling documentation lo assess compliance wilh applicable laws and regulations., Performing audit work over the risk of management bias and override of ntrolS, including testing of journal enlries and other adjustments for appropriateness, evaluating the business rationale of significant transactions oulside the nomal course of business and reviewing accounting estimates for indicalors of potential bias. Because of the inherent limitalions of an audit, there is a risk that we will not delecl all irreg ularÈties, incfuding those leading to a material misslatemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noTrcompliance. The risk of not detecting a maleiial misstatement resulling from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. inlentional omissions, misrepresentations, or the override of internal conliol. Use of our report This report is made solely to the charily's truslees, as a body. with part 4 of Ihe Charilies {AccA)unts and Reports) Regulalions 2008. Our audit work has been undertaken so that we might slate to the Charity's truslees those matters we are required to state to Ihem in an audilorfs report and for no olher purpose. To Ihe fullest extent permilted by law, we do not apt or assume responsibility to anyone other Ihan the Charittys truslees as a body, for our audit work. for this report. or for the opinions we have formed. This report is made solely to the company's members. as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might stale to the company's members those mallers we are required lo stale to them in an auditor's report and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. 10-
THE FRANK PARKINSON YORKSHIRE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FRANK PARKINSON YORKSHIRE TRUST Alison Whalley {Senior Statutory Auditor) for and on behalf of Azets Audit Services z.s.Iqlz Chartered Accountsnts Statutory Auditor Cadton House Grammar School Street Bradford BD14NS Azets Audit SeNices is eligible for appointment as auditor of the Charity by virtue of its eligibillty for appoinlment as audilor of a company under section 1212 oflhe Companies Acl 20(. 11
THE FRANK PARKINSON YORKSHIRE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Income from.. Charitable activtties Investments 310,958 54,618 304.087 92,241 Total income 365,576 396.328 Ex enditure on. Charitable aclivilies 418.984 368.079 Net income before other recognised gainsJ{losses) {53,408) 28,249 Other recognised gains and losses Actuarial loss on defined benefit pension stherne Net gainsl{losses) on investments 18 (3,930) 96,160 {5,819) 34,691 Net movement in funds 38,822 57,121 Fund balances at 1 January 2024 3.218,337 3,161.216 Fund balances at 31 December 2024 3,257,159 3,218,337 The statement of financial acliwties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. All funds in the current and prior years are unrestricled. 12-
THE FRANK PARKINSON YORKSHIRE TRUST BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Inveslmenls 11 12 679,710 2,101,280 726.193 2,005.120 2,780,990 2,731,313 Current assets Debtors Cash al bank and in hand 13 4.719 652,499 6,484 676.005 657.218 682,489 Creditors: amounts falling due within one year 14 170,857) (74,944) Nel current assets 586.361 607,545 Total assets less current liabilities 3,367,351 3,338,858 Credltors: amounts falling due after more than one year 16 (5,000) Provisions for liabilities 18 (110,192) (115,521) Net assets 3.257,159 3,218.337 Income funds Unrestricted funds.. Designated funds General unrestricted funds 19 940.293 2,316,866 856,229 2.362.108 3.257.159 3,218,337 3,257,159 3,218,337 The ac roved by the Trustees on 25 September 2025 Fpyf Trus Trustee ees imited FPYT TrLEStees Limited Trustse 13-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity informatlon The Frank Parkinson Yorkshire Trust is a Charity governed by ils Trust Deed. 1.1 Accountlng convention The accounts have been prepared in accordance with the CharItS Twst Oeed dated 17 October 1950 and amended on 27 October 2015, the Chartiies Act 2011 and'AcGounting and Reporting by Charilies.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financtal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° {as amended for accounting periods commencing from 1 January 2019). The Chariiy is a Public Benefit Enlily as defined by FRS 102. The financial stalemenls have departed from the Charities {Accounls and Reports) Regulations 2008 only to the extent required to provide a tiue and fair view. This departure has involved following the Statement of Recommended Practi for Charities applying FRS 102 rather than the version ol Ihe Statemenl of Recommended PracliGe which is refeTred to in the Regulations but which has since been withdrawn. The financial statemenls are prepared in steding. which is the funclional currency of the Charily. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical CA)sl convention, modified to include the revaluation of freehold properties and to include investment properlies and certain financial inslrumenls at fair value. The prtncipal accounling policies adopted are set oui below. 1.2 Going concern At the time of approving the financial statements, the Trustees have 2 reasonable expectalion Ihal the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to ad(Jpt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unreslricted funds are available for use at the discretion of the Trustees in furtheran of their charitable objectives. Désignated funds comprise funds which have been set aside at Ihe discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the noles to the financial statements. Réstricted funds are subject lo specjfic conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slalements. Endowment fijnds are subject lo spetific conditions by donors Ihat the capital musl be maintained by the Charity. 1.4 Income Income is recognised when the Charity is legally entilled to li after any performance conditions have been mel, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipl. Other donations are recognised once the Charity has been nolified of the donation. unless performance conditions require deferral of the amount. Income lax recoverable in rèlation to donations received under Gfft Aid or deeds of covenant is recognisèd at the time of the donation. Legacies are recognised on receipt or Othenlse if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 14-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Cont5nued) Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the inleresl paid or payable by the bank. Dividends are recognised once the dividend has been declared and nolificalion has been received of the dividend due. q.5 Expenditure Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accmal basis and has been classified under headings that sggregate all rStS related to the category. Granls payable are paymenls made lo third parties in the furtherance of the charitable objectives. Where the charity gives a grant with condttions for its Payment being a specific level of service or output to be provÉded, such grants are only recognised in the Statement of Financial Activities On the recipient of the grant has provided the specific service or output. Granls payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Provision for grants is made when the intention to make a granl has been communicated to the recipient but there is uncertainly about either the liming of the grant or the amount of the grant payable. 1.6 Tangible fixed assets Tangible fixed assets costing £300 or more are initially measured at cost and subsequenlly measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cosl or valuation of assets less their residual values over Iheir useful lives on the following bases-. Freehold buildings Leasehold buildings Freehold improvements Fixtures and fittings 2°A straight line basis 2°h straight line basis 50A straight line basis 5Q/o and Iooh slraight line basis and 25Yo ducng balance The Trustees consider Ihal the residual value of trK)th the freehold and leasehold property is at lèast cost. as a resull no depreatIon has been provided during the year. The gain or loss arising on the disposal of an assel is determined as the difference between the sale prOed$ and the carrying value of the asset. and is recognised in nel incomel(expenditure) for the year. 1.7 Flxed asset investments Fixed asset inveslments are initially measured at transaction price exctuding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in net incomel(expendilure) for Ihe year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets Al each reporting end date. Ihe Charity remews Ihe carrying amounts of ils tangible assets to determine whether there is any indicalion thal those assets have suffered an impaimient loss. If any such indallOn exists, the recoverable amount of the asset is eslimaled in order to detemiine the extent of the impairment loss (if any). 15-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discounl rate Ihal reflects current market assessments of the time value of money and Ihe r(sks specific to the asset for which the eslimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its cairying amount, the carrying amount of the asset 18 redUd to ils recoverable amount. An impaiment loss is recognised immediately in incomel (expenditure) for the year. unless the relevant asset is carried at a revalued amount. in which case the impairment loss is Ireated as a revaluation decrease. Recognised impaimient losses are reversed if, and only if. the reasons for the impairment loss have ceased to apply. Where an impaimient loss subsequently reverses, the carrying amount of the asset is inc¥eased to the revised estimate of ils recoverable amount. but so that the increased carrying amount does not exceed the carrying amount that WOLtld have been determined had no impairment loss been recognised for the asset in prior years. A revers81 of an impairment loss is recognised immediately. unless the relevant asset is carried in at a revalued amount. in which case the reversal of the impaiment loss is treated as a revaluatK)n increase. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-temi liquid investments Wtih original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financlal Instruments The Charity has elected lo apply the provisions of Section 11 '8asic Financial Inslruments, and Section 12 'Other Financial Instrumenls Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charills balan sheet when the Charity becomes parly to the contractual promsions of the instrument. Financial assels and liabilities are offset, with the nel amounts presented in the financial stalemenls, when there is a legally enforceable righl lo sel off the recognised amounts and there is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. Ba51c financial assets Basic financial assets, which include debtors. are initially measured at Iransaclion price induding transaction costs and are subsequently Carried at arnOrtiS cosl using the effective interest melhod unless the arrangemenl conslitutes a financing transaction, where the transaction is measured at the present value ot the fulure receipts discounted at a market rate of interest. Financial assets Glassified as receivable within one year are not amortised. Basic financial Ilabilities Basic financial liabilities, induding creditors 2nd bank loans are inilially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt inslrument is measured al the present value of the future paymerbls discounted at a market rate of inlerest. Financial liabililies classified as payable wilhin one year aré nol amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade credilors are recognised initially at transaction piice and subsequently measured al amortised cost using the effeclive inlerest method. 16-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continuèd) Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or ancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are reIved. Termination benefils are recognised immediately as an expense when the Charity is demonstrably committed to terninale the employmenl of an employee or to provide termination benefits. 1.12 Retirement benefits The chariiy operates a wholly unfundéd pension scheme for Its past employees. The present value of the future obligation to Ihe charity's current pensioners is sufficiently material lo be recognised as a pension liability for which provision is made in Ihese accounls. The liability has been calGulaled on the assumpttons that pensions in payment will increase at a rate of Iwo per cent per annum and thal the appropriate discount rale to be applied in calculating the presenl value of the liability is three per cent per annum. Critical accounting estimates and judgements In the applicalion of the Charily's accounting policies. the Trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabililies that are not readily apparent from other sources. The estimates and associated assumptions are based on historical exper1ern and olher factors that are considered to be relevant. Actual resulls may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which Ihe estimate is revised where the revision affects only Ihat period, or in the period of the revision and future periods where the revtsion affects both current and fulure periods. Accounting estimates and judgements in respect of the Retirement Benefit Scheme are set out in Note 19. Charitable activities 2024 2023 Amenily charges 310.958 304,087 17-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed inveslmenls Inlerest receivable 52,262 2,356 88,549 3,692 54,618 92,241 Charitsble actlvlties Unrestricted Unrestricted funds funds 2024 2023 Depreciation and impairment Almshouse managemenl costs Light, heat and power Extraordinary repairs Repairs and renewals Ground rent and waler charges Insurance On CAII and monitoring system Gardening Residents aclivities Cleaning 46,483 64,489 80,958 67,343 45,308 10,888 9,471 10,398 24,408 180 7,196 46,483 76,503 84.973 26.769 51.140 2,267 8,270 5,094 24,520 3,102 8,187 367,122 337.308 Share of Support costs {see note 6) Share of Governance costs (see note 6) 28,542 23.320 15,207 15,564 418,984 368,079 Analysis by fund Unrestricted funds 418,984 368,079 418.984 368,079 18-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Governance osts costs 2024 Support Governance costs costs 2023 Staff (x)sts Subscriptions Website costs Legal and professional fees Bank charges Accountancy 14,130 1.161 14.130 1,161 955 532 955 532 7,205 107 5,939 7.205 107 5,939 5.616 62 8.042 5,616 62 8,042 Audil fees Trustees, travel and meeting costs Accountancy Trustees Recruilment 11.400 11,400 8,100 8,100 804 360 6,300 804 360 6,300 400 11,520 400 11.520 28.542 23,320 51.862 15,207 15,564 30,771 Analysed belween Charitable activities 28,542 23.320 51,862 15,207 15,564 30,771 All support and governan costs are attribulable to the Trust's curreni princapal charitable activity, namely, the provision ofalmshouse accommodation. Governance costs includes payments to the auditors for audit fees of £11,400 (2023- £8,100) inclusive of VAT. Trustees The accounts production of FPYT Limited was paid for by Frank Parkinson Yorkshire Trust amounting to £400 [2023, £3601. None of the truslees (or any persons connected with them) received any remuneralion or benefits from the Charity during the year (2023-. None). 19-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees Number of employees The averagé monthly nLtmber of employees during the year was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security costs 12,692 1,438 14,130 There were no employees whose annual remuneration was £60,000 or more. Net gainsl{losses) on investmènts Unrestricted Unrestricted funds funds 2024 2023 Revalualion of investments 96,160 34.691 10 Taxation The charity is exempt from tax on incnme and gains falling within seclion 505 of the Taxes Act 1988 or sedion 252 of the Taxation of Chargeable Gains Acl 1992 to the extent Ihat these are applied lo its charitable objects. -20-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Tanglble fixed assets Fréèhold buiklings Lèasohold Freehold Flxtur&s and bulldlngs Improvaments rittlngs Total Cost At 1 January 2024 78,675 237,334 312.668 563,428 1,192,105 At 31 Dember 2024 78,675 237,334 312,668 563,428 1,192,105 Depreciatlon and impairment At 1 January 2024 Depreciation charged in the year 119.854 15,633 346.058 30,850 465,912 46,483 At 31 December 2024 135.487 376.908 512,395 Carrylng amount At 31 December 2024 78.675 237,334 177.181 186,520 679,710 At 31 December 2023 78,675 237.334 192,814 217,370 726,193 The land and buildings at Towngate Guiseley included in the leasehold amounting to £67,602 is leased from 1 January 1951 for 999 years. The land and buildings at Bingley Lands Guiseley included in the leasehold amounting lo £169,732 is leased from 1 January 1964 for 999 years. 21
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Fixed asset investments Listed investn)ents Valuation At 1 January 2024 Valualion changes 2.005.120 96,160 At 31 December 2024 2.101.280 Carrylng amount At 31 December 2024 2.101,280 At 31 December 2023 2,005,120 13 Debtors 2024 2023 Amounts falllng due within one year: Trade debtors Prepayments and accrued inc¢xne 1,732 4,752 4,719 4,719 6,484 14 Creditors: amounts falling due within one year 2024 2023 Notes Grants payable Olher taxation and social security Deferred income Trade creditors Other creditors Accruals 5,000 1,343 1,331 28,921 17 1,737 17,959 10,893 39,355 39,262 70.857 74,944 -22-
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Grants payable 2024 2023 Grants payable 10,000 Payable within one year Payable after one year 5.000 5,000 16 Credltors: amounts falllng due after more than one year 2024 2023 Grants payable 5.000 17 Deferred Income 2024 2¢J23 Other deferred income 1,331 1,737 Deferred inGome is induded in the financaal statements as follows- 2024 2023 Deferred income is included within.. Current liabilities 1,331 1,737 Movements in the year. Oeferred income al 1 January 2024 Released from previous periods Resources deferd in the year 1,737 (1,737) 1,331 4,535 (4,535) 1,737 Deferred income at 31 December 2024 1,331 1,737
THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Provisions for liabilities - Retirement benefit schemes The Frank Parkinson Yorkshire Trust operates a wholly unfunded pension scheme for two (2023.. two) of ils past employees. Scheme liabilities Movements in the present value of defined benefit obligations= 2024 2023 Liabilities at 1 January 2024 Beneffts paid Actuarial losses 115,521 (9,259) 3,930 118.676 {8,974) 5,819 At 31 DeMber 2024 110,192 115,521 The defined benefit obligations arise from plans funded as folk)ws'. 2024 2023 Wholly unfunded obligations 110.192 115,521 The Ituslees have agreed thal the present value of Ihe future obligation to ils current pensioners is sufficiently material to be recognised as a pension liability of the Trusl for which provision should be made in Ihese accounts. The liability has been valued by the trustees on the assumptions that pensions payments will increase at a rate of two per cent per annum and that the appropriate discounl rate lo be applied in calculaling the present value of the liability is three per cent per annum. The Irustees havo not requested an independent actuarial valuation of the pension liability. The pension liabilily has been valued by the Irustees at £110,192 at 31 December 2024 (2023.. £115,521). -24-
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THE FRANK PARKINSON YORKSHIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 20 Analysis of net assets between funds General Designated funds Funds 2024 2024 Total General Designated funds Funds 2023 2023 Total 2024 2023 Fund balances at 31 December 2024 are represented by-. Tangible assets Investments Current assetsJ<liabilities) Long term liabilities Provisions and pensions 679,710 679,710 2,101.280 2.005.120 586.361 477,509 {5,000) 726,193 726,193 2.005,120 607,545 {5,000) 2,101.280 325,778 260,583 130,036 (110.192) (110.192) (115,521) (115,521) 2,316.866 940,293 3.257.159 2.362,108 856,229 3,218.337 21 Related party transactions Transactions with related parties During the year the Charity entered into the following transactions with relaled parties.. Expenses were reimbursed to direclors of Fpyf Trustees Limited. the corporate Trustee, amounting lo £nil travel lo nil trustees (2023- £27 travel and accommodalion expenses, Iwo trustees) during the year. Vouchers were reGeived by nil trustees amounting io £nil {2023 - £750. 3 truslees). -26-