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2020-12-31-accounts

Page
Report ofthe Trustees 1 to 6
Independent
Examiner's
Report
Statement ofFinancial Activities
Balance Sheet
Notes to the Financial Statements 10 to 18
Detailed Statement of Financial Activities 19

FINANCIAL REUIEW
Investment
policy and objectives
1Introduction
1.1 The Frank Parkinson
Agricultural
Trust is agrant making
Charity established
by Trust Deed, whose purposes
described on Page 1.		 are
1.2 The Endowment
aims to balance the needs ofcurrent and future beneficiaries.
The capital remains
invested to
provide for future beneficiaries
and the income received, afler deduction ofinvestment
management
fees, is
distributed
to current beneficiaries,
1.3 The Trust has approximately
K1.5 million ofinvestment
assets at31stDecember 2018.These finance the grant
making activities.
1.4 The Trustees have appointed
an investment
sub-committee
to advise them on the Trust's investments.
2 Investment
Objectives
2.1 The Trust seeks to produce the best financial
return within
an acceptable level 'ofrisk.
2.2 The investment
objective is to generate
an income received ofbetween E30,000 and f40,000 per annum
(after investment
managers
fees) over the long term, while allowing
the Trust to maintain
the real value		 ofits
assets.
3Risk
3.1 Attitude to risk
The Trust relies on the investment
return to fund grant making. However,
grants are generally
one offawards
and the number
and value ofthese may vary depending
on circumstances.
The key risk to the long term
sustainability
ofthe endowment
is inflation,
and the assets should be invested to mitigate
this risk over the
long term.
3.2 Assets
The Trust's assets are invested
in common
investment
funds,
with cash funds used as necessary. The
investment
sub-committee
are charged
with advising
on asuitable asset allocation
strategy,
which is set so
as to achieve the overall Trust investment
objectives.
The investment
sub-committee
have agreed atarget strategic asset allocation
in order to balance the
maintenance
ofthe real value ofthe Trust's capital as well as its income. It is Equities 85%,Bonds 15%,with
30%ofeach invested
in accumulation
units/shares.
Asset allocation
will vary from this target, due to market movements.
Formal review ofthe portfolio asset
allocation occurs on an annual
basis.
3.3 Currency
The base currency ofthe investment
portfolio
is Sterling. Investments
may be made in non-Sterling
assets, but
should not exceed 40%ofthe total investment
portfolio value.
3.4 Credit
The Trust's cash balances should be deposited
with institutions
with a minimum
rating ofA, or invested		 in a
diversified
money market fund. Deposits should be subject to a maximum
exposure off60,000 per institution.
Bond exposure should be focused on investment
grade issuers.
4 Liquidity
Requirements
4.1 The Endowment
aims to balance the needs ofcurrent and future beneficiaries
and as such aims to set a
sustainable
income target, whilst ensuring
the capital is expected to grow in line with inflation
over the long term.
The current target for income received from the endowment
is set at between f30,000 and f40,000 per annum
(afler investment
manager's
fees), growing
with inflation.
4.2The Trustees ofthe Endowment
are unwilling
to draw down capital and as such there is no requirement		 for
short term capital liquidity
within
the investment
portfolio.

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for th e Year Ended 31stDecember 2019
2019 2018
Unrestricted Restricted Total Total
fund fund funds funds
Notes
INCOME AND ENDOWMENTS FROM
Investment
income		 47,609 24,166 71,775 67,172
Other income 75 75
Total 47,684 24,166 71,850 67,172
EXPENDITURE ON
Charitable
activities
Grants Payable 42,000 42,000 34,769
Governance 720 720 600
Management
&administration		 ofthe charity 7,755 7,755 3,080
Total 50,475 50,475 38,449
Net gains/(losses)
on		 investments 6,334 183,229 189,563 (179,949)
NET INCOME/(EXPENDITURE) 3,543 207,395 210,938 (151,226)
RECONCILIATION OF FUNDS
Total funds brought forward 58,604 1,295,307 1,353,911 1,505,137
TOTAL FUNDS CARRIED FORWARD 62,147 1,502,702 1,564,849 1,353,911
&JAR!+Pj$h &; I,.f
f

2019 2018
Investments
representing		 Expendable
Endowments		 Funds-Income Received
Charifund Income Units (M&G) 41,618 39,612
Charibond Income Shares (M&G) 2,183 3,378
Charinco Common
Investment
Fund Income
(Blackrock)		 1,409
Investments
representing		 General Unrestricted Income Funds- Income Received
Charifund Income Units (M&G) 1,439 1,369
Charibond Income Shares (M&G) 75 117
Charinco Common
Investment
Fund Income
(Blackrock)		 49
Investments
representing		 General Unrestricted Income Funds- Income Reinvested
Charifund Accumulation Units
(M&G)		 776 700
Charibond Accumulation Shares
(M&G)		 38 58
Charinco Common
Investment
Fund Accumulation		 (Blackrock) 21
Total Income Received or Reinvested
as General		 Unrestricted Income Funds 47,608 45,234
Investments
Representing		 Expendable
Endowment		 Funds-Income Reinvested
Charifund Accumulation
Units
(M&G)		 22,456 20,266
Charibond Accumulation Shares
(M&G)		 1,107 1,672
Charinco Common
Investment
Fund Accumulation		 (Blackrock) 604
Total Income Reinvested as Expendable
Endowment		 Funds 24,167 21,938
Total investment
income		 after deduction
offees		 71,775 67,172

GRANTS PAYABLE
Grants - Commitments
made in year		 2019 2018
The Oxford Farming
Conference
Committed
in 2014to K5,000 for conference		 in January 2019.
Paid K5,000 in 2018 and K5,000 in 2019 5,000 5,000
Yorkshire Agricultural
Adventurers
Committed
to f900. Paid in 2018		 900
Just Farmers (Anna Jones)
Committed
to f20,000.618,000 paid in 2018.		 X2,000 paid in 2019 2,000 18,000
Warden Farming Trust Limited
Committed
tof10,869.
Paid in 2018		 10,869
Richard Bower
Committed
to f20,000. f18,000 paid in 2019		 20,000
Academy ofCheese
Committed
to f15,000. K13,500 paid in 2019		 15,000
42,000 34,769
Reconciliation
ofGrants Payable
2019 2018
Outstanding
Grants at 1st January 2019		 20,091 25,000
Commitments
made in the year 2019		 42,000 34,769
62,091 59,769
Grants paid during the year 2019:
Oxford Farming Trust Limited 5,000
Just Farmers 2,000
Richard Bower 18,000
Academy ofCheese 13,500
38,500 39,678
Outstanding
Grants at 31stDecember 2019		 23,591 20,091

2019 2018
Governance
Costs
Independent
Examiner's		 Fee
Farries, Kirk &McVean 720 600
720 600
Management
&Administration
Secretarial 3,800 2,000
Bank Charges 60 60
Postage 46 21
Travel Expenses (Secretary) 288 49
Meals 8cAccommodation (Secretary) 218
Overprovision
ofExaminer's
Fee
Flowers &Gift to Retiring Secretary		 243 (30)
Yorkshire Agricultural Society
Tickets 320
Meals 768
Purchase ofBanner 106
Redesign Logo 200
Subscriptions
Charity Journal 81
AgriFood Charities Partnership 300 300
Trustees'
Expenses
Travel Expenses
CP Bourchier 598 453
D Gardner 754 105
JPG Webster 27 41
D Leaver 27
7,755 3,080

2019 2018
Trustees'
Expenses
Travel Expenses
CP Bourchier 548 453
D Gardner 730 105
JPG Webster 27 41
D Leaver 27
Meals &Accommodation
CP Bourchier 35
D Gardner 24
Postage &Stationery
CP Bourchier 15
1,406 599

Notes to the Financial Statements
- continued
for the Year Ended 31stDecember 2019		 Notes to the Financial Statements
- continued
for the Year Ended 31stDecember 2019		 Notes to the Financial Statements
- continued
for the Year Ended 31stDecember 2019		 Notes to the Financial Statements
- continued
for the Year Ended 31stDecember 2019
COMPARATIVKS FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
INCOME AND ENDOWMENTS FROM
Investment
income		 45,234 21,938 67,172
EXPENDITURE ON
Charitable
activities
Grants Payable 34,769 34,769
Governance 600 600
Management
&administration		 ofthe charity 3,080 3,080
Total 38,449 38,449
Net gains/(losses)
on investments		 (6,013) (173,936) (179,949)
NET INCOME/(EXPENDITURE) 772 (151,998) (151,226)
RECONCILIATION
OF FUNDS
Total funds brought
forward		 57,832 1,447,305 1,505,137
TOTAL FUNDS CARRIED FORWARD 58,604 1,295,307 1,353,911
7. FIXEDASSET INVESTMENTS
Listed
investments
MARKET VALUE
At 1stIanuary 2019 1,326,467
Additions 202,356
Disposals (202,355)
Revaluations 214,565
At 31stDecember 2019 1,541,033
NKT BOOK VALUE
At 31stDecember 2019 1,541,033
At 31stDecember 2018 1,326,467

a) Investments
Representing		 Expendable Expendable Endowment Funds
Sales ofInvestments
On 10th September 2019the following were sold:-
Proceeds Loss/(Gain)
103927.539Charibond
Income Shares		 K129,275 (X2,349)
1604.288
Charibond
Accumulation		 Shares f63,318 (K1,196)
Purchases ofInvestments
On 11th October 2019the following
were		 purchased
Cost
70465.841 Charinco
Common		 Investment Fund Income K136,915
1129.290
Charinco
Common		 Investment Fund Accumulation f58,678
Historic Cost Market Value Market Value
31Dec 2019 31Dec 2019 31Dec 2018
M &G Investment
Charifund Income Unit 731,731 832,708 714,041
Charifund Accumulation Units 318,361 463,862 377,162
Charibond Income Shares 129,130 126,927
Charibond Accumulation Shares 55,631 64,014
Blackrock Fund Managers Limited
Charinco Common Investment Fund Income 136,915 134,655
Charinco Common Investment Fund Accumulation 58,678 58,315
K1,430,446 K1,489,540 X1„282,144

Sales ofInvestments
On 10th September 2019the following were sold;-
Proceeds Loss/(Gain)
3592.705 Charibond Income Shares f.4,469 (f81)
55.460
Charibond		 Accumulation Shares K2,293 (f,41)
Purchases ofInvestments
On 11th October 2019the following were purchased
Cost
2435.971Charinco Common Investment Fund Income X4,733
39.039
Charinco
Common		 Investment Fund Accumulation K2,029
Income off836 was reinvested
in accumulation		 units or shares.

Historic Cost Market Value Market Value
31Dec2019 31Dec 2019 31Dec2018
M &G Investment
Chari fund Income Unit 25,293 28,786 24,684
Charifund
Accumulation		 Units 11,006 16,036 13„038
Charibond
Income		 Shares 4,464 4,388
Charibond
Accumulation
Shares
Blackrock Fund Managers
Limited		 1,923 2,213
Charinco Common Investment Fund Income 4,733 4,655
Charinco Common Investment Fund Accumulation 2,029 2,016
f49,448 f51,493 f44,323

c)Investments
in Both Funds.		 c)Investments
in Both Funds.		 c)Investments
in Both Funds.
The change in the value ofthe Trust's investments during 2019,compared with the relevant FTSEindex, is as follows:
2019 2018
M &G Investment
Charifund
Income Units		 +15.4% -3.7%
Charifund
Accumulation		 Units (with income reinvested) +23.0% -1.2%
FTSEAll-Share Index +14.2% -12.8%
Charibond
Income Shares		 -11.9% -13.3%
Charibond
Accumulation		 Shares (with income reinvested) 253% 89%
FTSEUK Gilts All-Stocks Index +0.3% 12%
Blackrock Fund Managers Limited
Charinco Common
Investment		 Fund Income -1.7%
Charinco Common
Investment		 Fund Accumulation -0.6%
FTSEUK Gilts All-Stocks Index +0.2%
DEBTORS:AMOUNTS FALLING DUK WITHIN ONK YEAR
2019 2018
Concessionary
Loan		 20,000 20,000

2019 2018
Grants Payable
Windsor Leadership Programme -2020 Scholar 5,000 5,000
5,000 5„000
MOVEMENT IN FUNDS
Net
movement At
At 1.1.19 in funds 31.12.19
Unrestricted
funds
General Unrestricted Income Funds 58,604 3,543 62,147
Restricted funds
Expendable
Endowment		 Funds 1,295,307 207,395 1,502,702
TOTAL FUNDS 1,353,911 210,938 1,564,849
Net movement
in funds,		 included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
Unrestricted
funds
General Unrestricted Income Funds 47,684 (50,475) 6,334 3,543
Restricted
funds
Expendable
Endowment		 Funds 24,166 183,229 207,395
TOTAL FUNDS 71,850 (50,475) 189,563 210,938
Comparatives
for movement		 in funds
Net
movement At
At 1.1.18 in funds 31.12.18
Unrestricted
funds
General Unrestricted Income Funds 57,832 772 58,604
Restricted funds
Expendable
Endowment		 Funds 1,447,305 (151,998) 1,295,307
TOTAL FUNDS 1,505,137 (151,226) 1,353,911

Incoming Incoming Resources Gains and Movement
resources expended losses in funds
Unrestricted
funds
General Unrestricted Income Funds 45,234 (38,449) (6,013) 772
Restricted funds
Expendable
Endowment		 Funds 21,938 (173,936) (151,998)
TOTAL FUNDS 67,172 (38,449) (179,949) (151,226)
A current year 12months and prior year 12months combined position is as follows:
Net
movement At
At 1.1.18 in funds 31.12.19
Unrestricted
funds
General Unrestricted Income Funds 57,832 4,315 62,147
Restricted funds
Expendable
Endowment		 Funds 1,447,305 55,397 1,502,702
TOTAL FUNDS 1,505,137 59,712 1,564,849
Incoming Resources Gains and Movement
resources expended losses in funds
f,
Unrestricted
funds
General Unrestricted Income Funds 92,918 (88,924) 321 4,315
Restricted
funds
Expendable
Endowment		 Funds 46,104 9,293 55,397
TOTAL FUNDS 139,022 (88,924) 9,614 59,712

2019 2018
INCOME AND ENDOWMENTS
Investment
income
Investment
income		 71,775 67,172
Other income
Sundry Income 75
Total incoming
resources		 71,850 67,172
EXPENDITURE
Charitable
activities
Grants to institutions 42,000 34,769
Support costs
Management
Trustees' expenses 1,406 599
Postage and stationery 46 21
Sundries 1,937 351
Secretarial 3,800 2,000
Travel Expenses 288 49
Meals &Accommodation 218
Bank Charges 60 60
7,755 3,080
Governance
costs
Accountancy
and legal fees		 720 600
Total resources expended 50,475 38,449
Net income before gains and losses 21,375 28,723
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 3,668
Net income 25,043 28,723