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





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|FINANCIAL REUIEW|||
|---|---|---|
|Investment<br>policy and objectives|||
|1Introduction|||
|1.1 The Frank Parkinson<br>Agricultural<br>Trust is agrant making<br>Charity established<br>by Trust Deed, whose purposes<br>described on Page 1.||are|
|1.2 The Endowment<br>aims to balance the needs ofcurrent and future beneficiaries.<br>The capital remains<br>invested to|||
|provide for future beneficiaries<br>and the income received, afler deduction ofinvestment<br>management<br>fees, is|||
|distributed<br>to current beneficiaries,|||
|1.3 The Trust has approximately<br>K1.5 million ofinvestment<br>assets at31stDecember 2018.These finance the grant|||
|making activities.|||
|1.4 The Trustees have appointed<br>an investment<br>sub-committee<br>to advise them on the Trust's investments.|||
|2 Investment<br>Objectives|||
|2.1 The Trust seeks to produce the best financial<br>return within<br>an acceptable level 'ofrisk.|||
|2.2 The investment<br>objective is to generate<br>an income received ofbetween E30,000 and f40,000 per annum|||
|(after investment<br>managers<br>fees) over the long term, while allowing<br>the Trust to maintain<br>the real value|ofits||
|assets.|||
|3Risk|||
|3.1 Attitude to risk|||
|The Trust relies on the investment<br>return to fund grant making. However,<br>grants are generally<br>one offawards|||
|and the number<br>and value ofthese may vary depending<br>on circumstances.<br>The key risk to the long term<br>sustainability<br>ofthe endowment<br>is inflation,<br>and the assets should be invested to mitigate<br>this risk over the|||
|long term.|||
|3.2 Assets|||
|The Trust's assets are invested<br>in common<br>investment<br>funds,<br>with cash funds used as necessary. The|||
|investment<br>sub-committee<br>are charged<br>with advising<br>on asuitable asset allocation<br>strategy,<br>which is set so|||
|as to achieve the overall Trust investment<br>objectives.|||
|The investment<br>sub-committee<br>have agreed atarget strategic asset allocation<br>in order to balance the|||
|maintenance<br>ofthe real value ofthe Trust's capital as well as its income. It is Equities 85%,Bonds 15%,with<br>30%ofeach invested<br>in accumulation<br>units/shares.|||
|Asset allocation<br>will vary from this target, due to market movements.<br>Formal review ofthe portfolio asset|||
|allocation occurs on an annual<br>basis.|||
|3.3 Currency|||
|The base currency ofthe investment<br>portfolio<br>is Sterling. Investments<br>may be made in non-Sterling<br>assets, but|||
|should not exceed 40%ofthe total investment<br>portfolio value.|||
|3.4 Credit|||
|The Trust's cash balances should be deposited<br>with institutions<br>with a minimum<br>rating ofA, or invested|in a||
|diversified<br>money market fund. Deposits should be subject to a maximum<br>exposure off60,000 per institution.<br>Bond exposure should be focused on investment<br>grade issuers.|||
|4 Liquidity<br>Requirements|||
|4.1 The Endowment<br>aims to balance the needs ofcurrent and future beneficiaries<br>and as such aims to set a|||
|sustainable<br>income target, whilst ensuring<br>the capital is expected to grow in line with inflation<br>over the long term.<br>The current target for income received from the endowment<br>is set at between f30,000 and f40,000 per annum|||
|(afler investment<br>manager's<br>fees), growing<br>with inflation.|||
|4.2The Trustees ofthe Endowment<br>are unwilling<br>to draw down capital and as such there is no requirement|for||
|short term capital liquidity<br>within<br>the investment<br>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<br>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<br>activities|||||||||
|Grants Payable|||||42,000||42,000|34,769|
|Governance|||||720||720|600|
|Management<br>&administration||ofthe|charity||7,755||7,755|3,080|
|Total|||||50,475||50,475|38,449|
|Net gains/(losses)<br>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|





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|---|---|---|
|f|||





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





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|GRANTS PAYABLE|||||||
|---|---|---|---|---|---|---|
|Grants - Commitments<br>made in year||||2019|2018||
|The Oxford Farming<br>Conference|||||||
|Committed<br>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<br>Adventurers|||||||
|Committed<br>to f900. Paid in 2018||||||900|
|Just Farmers (Anna Jones)|||||||
|Committed<br>to f20,000.618,000 paid in 2018.||X2,000 paid in 2019||2,000|18,000||
|Warden Farming Trust Limited|||||||
|Committed<br>tof10,869.<br>Paid in 2018|||||10,869||
|Richard Bower|||||||
|Committed<br>to f20,000. f18,000 paid in 2019||||20,000|||
|Academy ofCheese|||||||
|Committed<br>to f15,000. K13,500 paid in 2019||||15,000|||
|||||42,000|34,769||
|Reconciliation<br>ofGrants Payable|||||||
|||||2019|2018||
|Outstanding<br>Grants at 1st January 2019||||20,091|25,000||
|Commitments<br>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<br>Grants at 31stDecember 2019||||23,591|20,091||





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||||2019|2018|
|---|---|---|---|---|
|Governance<br>Costs|||||
|Independent<br>Examiner's|Fee||||
|Farries, Kirk &McVean|||720|600|
||||720|600|
|Management<br>&Administration|||||
|Secretarial|||3,800|2,000|
|Bank Charges|||60|60|
|Postage|||46|21|
|Travel Expenses (Secretary)|||288|49|
|Meals 8cAccommodation|(Secretary)||218||
|Overprovision<br>ofExaminer's<br>Fee<br>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'<br>Expenses|||||
|Travel Expenses|||||
|CP Bourchier|||598|453|
|D Gardner|||754|105|
|JPG Webster|||27|41|
|D Leaver|||27||
||||7,755|3,080|



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||2019|2018|
|---|---|---|
|Trustees'<br>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<br>- continued<br>for the Year Ended 31stDecember 2019|Notes to the Financial Statements<br>- continued<br>for the Year Ended 31stDecember 2019|Notes to the Financial Statements<br>- continued<br>for the Year Ended 31stDecember 2019|Notes to the Financial Statements<br>- continued<br>for the Year Ended 31stDecember 2019|||
|---|---|---|---|---|---|---|
||COMPARATIVKS FOR THE STATEMENT OF FINANCIAL ACTIVITIES||||||
|||||Unrestricted|Restricted|Total|
|||||fund|fund|funds|
||INCOME AND ENDOWMENTS||FROM||||
||Investment<br>income|||45,234|21,938|67,172|
||EXPENDITURE ON||||||
||Charitable<br>activities||||||
||Grants Payable|||34,769||34,769|
||Governance|||600||600|
||Management<br>&administration|ofthe|charity|3,080||3,080|
||Total|||38,449||38,449|
||Net gains/(losses)<br>on investments|||(6,013)|(173,936)|(179,949)|
||NET INCOME/(EXPENDITURE)|||772|(151,998)|(151,226)|
||RECONCILIATION<br>OF FUNDS||||||
||Total funds brought<br>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|





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## 

|a) Investments<br>Representing|Expendable|Expendable|Endowment|Funds|||
|---|---|---|---|---|---|---|
|Sales ofInvestments|||||||
|On 10th September 2019the following||were sold:-|||||
||||||Proceeds|Loss/(Gain)|
|103927.539Charibond<br>Income Shares|||||K129,275|(X2,349)|
|1604.288<br>Charibond<br>Accumulation||Shares|||f63,318|(K1,196)|
|Purchases ofInvestments|||||||
|On 11th October 2019the following<br>were|||purchased||||
||||||Cost||
|70465.841 Charinco<br>Common|Investment||Fund Income||K136,915||
|1129.290<br>Charinco<br>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<br>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<br>Charinco<br>Common||Investment||Fund Accumulation||K2,029||
|Income off836 was|reinvested<br>in accumulation||||units or shares.|||





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||||||Historic Cost|Market Value|Market Value|
|---|---|---|---|---|---|---|---|
||||||31Dec2019|31Dec 2019|31Dec2018|
|M &G Investment||||||||
|Chari fund Income|Unit||||25,293|28,786|24,684|
|Charifund<br>Accumulation||Units|||11,006|16,036|13„038|
|Charibond<br>Income|Shares||||4,464||4,388|
|Charibond<br>Accumulation<br>Shares<br>Blackrock Fund Managers<br>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|



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|c)Investments<br>in Both Funds.|c)Investments<br>in Both Funds.|c)Investments<br>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<br>Income Units||||+15.4%|-3.7%|
|Charifund<br>Accumulation|Units (with income reinvested)|||+23.0%|-1.2%|
|FTSEAll-Share Index||||+14.2%|-12.8%|
|Charibond<br>Income Shares||||-11.9%|-13.3%|
|Charibond<br>Accumulation|Shares (with income reinvested)|||253%|89%|
|FTSEUK Gilts All-Stocks|Index|||+0.3%|12%|
|Blackrock Fund Managers||Limited||||
|Charinco Common<br>Investment||Fund Income||-1.7%||
|Charinco Common<br>Investment||Fund Accumulation||-0.6%||
|FTSEUK Gilts All-Stocks|Index|||+0.2%||
|DEBTORS:AMOUNTS||FALLING DUK WITHIN ONK YEAR||||
|||||2019|2018|
|Concessionary<br>Loan||||20,000|20,000|



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||||||||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<br>funds|||||||||
|General Unrestricted|Income Funds|||||58,604|3,543|62,147|
|Restricted funds|||||||||
|Expendable<br>Endowment||Funds||||1,295,307|207,395|1,502,702|
|TOTAL FUNDS||||||1,353,911|210,938|1,564,849|
|Net movement<br>in funds,||included||in the above are as follows:|||||
||||||Incoming|Resources|Gains and|Movement|
||||||resources|expended|losses|in funds|
|Unrestricted<br>funds|||||||||
|General Unrestricted|Income Funds||||47,684|(50,475)|6,334|3,543|
|Restricted<br>funds|||||||||
|Expendable<br>Endowment||Funds|||24,166||183,229|207,395|
|TOTAL FUNDS|||||71,850|(50,475)|189,563|210,938|
|Comparatives<br>for movement|||in|funds|||||
||||||||Net||
||||||||movement|At|
|||||||At 1.1.18|in funds|31.12.18|
|Unrestricted<br>funds|||||||||
|General Unrestricted|Income Funds|||||57,832|772|58,604|
|Restricted funds|||||||||
|Expendable<br>Endowment||Funds||||1,447,305|(151,998)|1,295,307|
|TOTAL FUNDS||||||1,505,137|(151,226)|1,353,911|





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||||Incoming|Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|---|
||||resources||expended|losses|in funds|
|Unrestricted<br>funds||||||||
|General Unrestricted|Income Funds||45,234||(38,449)|(6,013)|772|
|Restricted funds||||||||
|Expendable<br>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<br>funds||||||||
|General Unrestricted|Income Funds||||57,832|4,315|62,147|
|Restricted funds||||||||
|Expendable<br>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<br>funds|||||||
|General Unrestricted|Income Funds||92,918|(88,924)|321|4,315|
|Restricted<br>funds|||||||
|Expendable<br>Endowment||Funds|46,104||9,293|55,397|
|TOTAL FUNDS|||139,022|(88,924)|9,614|59,712|



## 



## 

|||2019|2018|
|---|---|---|---|
|INCOME AND ENDOWMENTS||||
|Investment<br>income||||
|Investment<br>income||71,775|67,172|
|Other income||||
|Sundry Income||75||
|Total incoming<br>resources||71,850|67,172|
|EXPENDITURE||||
|Charitable<br>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<br>costs||||
|Accountancy<br>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|