|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|5|
|Independent
Examiner's
Report||||
|Statement ofFinancial Activities||||
|Balance Sheet||||
|Notes to the Financial Statements|9|to|17|
|Detailed Statement ofFinancial Activities||18||
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|FINANCIAL REVIEW|||||||||
|---|---|---|---|---|---|---|---|---|
|Investment
policy and objectives|||||||||
|1Introduction|||||||||
|1.1 The Frank Parkinson
Agricultural
Trust is agrant making
Charity established
by Trust Deed,|||whose||purposes|||are|
|described
on Page 1.|||||||||
|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, after deduction ofinvestment
management||||||fees, is|||
|distributed
to current beneficiaries.|||||||||
|1.3 The Trust has approximately
X1.5 million ofinvestment
assets at 31stDecember 2018.These|||finance|||the|grant||
|making activities.|||||||||
|1.4The 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 f30,000 and f40,000|||per annum||||||
|(afler 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 a suitable|asset allocation
strategy,||which||is set so||||
|as to achieve the overall Trust investment
objectives.|||||||||
|The investment
sub-committee
have agreed a target 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'/0,|Bonds|||15'/o, with|||
|30'/0 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'/0 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 off60,000per||||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|||||
|(after investment
manager's
fees), growing
with inflation.|||||||||
|4.2 The 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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|||||f|or the Year End|ed 31stDecember|2021|||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2021|2020|
|||||||Unrestricted|Restricted|Total|Total|
|||||||fund|fund|funds|funds|
||||||Notes|||||
|INCOME AND ENDOWMENTS||||FROM||||||
|Charitable
activities||||||||||
|Grants Payable|||||||||10,000|
|Investment
income||||||44,496|21,251|65,747|61,047|
|Total||||||44,496|21,251|65,747|71,047|
|EXPENDITURE|ON|||||||||
|Raising funds||||||566||566|520|
|Charitable
activities||||||||||
|Grants Payable||||||49,600||49,600|40,644|
|Governance||||||780||780|770|
|Management
& administration|||ofthe charity|||3,512||3,512|3,060|
|Total||||||54,458||54,458|44,994|
|Net gains/(losses)|on investments|||||5,375|136,137|141,512|(224,793)|
|NET INCOME/(EXPENDITURE)||||||(4,587)|157,388|152,801|(198,740)|
|RECONCILIATION||OF FUNDS||||||||
|Total funds brought||forward||||59,741|1,306,368|1,366,109|1,564,849|
|TOTAL FUNDS|CARRIED||FORWARD|||55,154|1,463,756|1,518,910|1,366,109|
##
|||||2021|2020|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||filnd|fund|funds|funds|
||Notes|||||
|FIXEDASSETS||||||
|Investments||50,815|1,450,594|1,501,409|1,337,910|
|CURRENT ASSETS||||||
|Debtors||20,000||20,000|20,000|
|Cash at bank||31,591|13,162|44,753|36,384|
|||51,591|13,162|64,753|56,384|
|CREDITORS||||||
|Amounts
falling due within one year||(30,274)||(30,274)|(18,741)|
|NET CURRENT ASSETS||21,317|13,162|34,479|37,643|
|TOTAL ASSETSLESSCURRENT LIABILITIES||72,132|1,463,756|1,535,888|1,375,553|
|CREDITORS||||||
|Amounts
falling due after more than one year|10|(16,978)||(16,978)|(9,444)|
|NET ASSETS||55,154|1,463,756|1,518,910|1,366,109|
|FUNDS||||||
|Unrestricted
funds||||55,1+|59,741|
|Restricted
funds||||1,463,756|1,306,368|
|TOTAL FUNDS||||1,518,910|1,366,109|
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|INVESTMENT INCOME|||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
|Investments
representing
Expendable
Endowments||Funds-Income||Received|||
|Charifund
Income Units
(M&G)|||||38,105|33,595|
|Blackrock Charities UK Bond Fund Income|||||4,228|4,464|
|Investments
representing
General Unrestricted|Income Funds-||Income Received||||
|Charifund
Income Units
(M&G)|||||1,283|1,161|
|Blackrock Charities UK Bond Fund Income|||||146|154|
|Investments
representing
General Unrestricted|Income Funds-||Income Reinvested||||
|Charifund
Accumulation
Units
(M&G)|||||668|659|
|Blackrock Charities UK Bond Fund Accumulation|||||66|65|
|Total Income Received or Reinvested
as General|Unrestricted||Income Funds||44,496|40,098|
|Investments
Representing
Expendable
Endowment||Funds-Income||Reinvested|||
|Charifund
Accumulation
Units
(M&G)|||||19,335|19,072|
|Blackrock Charities UK Bond Fund Accumulation|||||1,916|1,875|
|Total Income Reinvested
as Expendable
Endowment||Funds|||21,251|20,947|
|Total investment
income after deduction
offees|||||65,747|61,045|
##
##
|GRANTS PAYABLE|GRANTS PAYABLE||||||
|---|---|---|---|---|---|---|
|Grants - Commitments||made in year|||2021|2020|
|The Oxford Farming||Conference|||||
|Committed|in 2014to X5,000 for conference||in January 2019.||||
|Paid X5,000 in 2018,Z5,000 in 2019,X5,000|||in 2020 and f5000 in 2021||5,000|5,000|
|Nuffield FSTrust|||||||
|Committed|to K5,000 in 2020.|||||5,000|
|Severn River Trust|||||||
|Committed|to f15,000|in 2020,f12,000 paid|in 2020.|||15,000|
|Community|Supported|Agriculture|||||
|Committed|to f15,644|in 2020, X11,200 paid|in 2020.|||15,644|
|RASE|||||||
|Committed|f10,000 in|2020, K8,000 paid in 2021.|||f10,000||
|Pruex|||||||
|Committed|f15,000 in|2021,Paid f12,000 in 2021|||815,000||
|Innovation|for Agriculture||||||
|Committed|f19,600 in|2021,Paid K5,533 in 2021|||5,19,600||
||||||549,600|f40,644|
|Reconciliation
ofGrants Payable|||||||
||||||2021|2020|
|Outstanding|Grants at 1stJanuary 2021||||27.535|23,591|
|Commitments
made in||the year 2021|||49,600|40,644|
||||||77, 135|64,235|
|Grants paid|during
the|year 2021:|||||
|RASE||||8,000|||
|Pruex||||12,000|||
|Oxford Farming
Conference||||5,000|||
|Innovation|for Agriculture|||5,533|||
||||||30,533|36,700|
|Outstanding|Grants at 31stDecember 2021||||46,602|27,535|
##
##
|SUPPORT|COSTS||||||
|---|---|---|---|---|---|---|
|||||2021|2020||
|Governance|Costs||||||
|Independent|Examiner's||Fee||||
|Farries, Kirk|& McVean|||780||770|
|||||780|727||
|Management|A Administration||||||
|Secretarial||||3,400|3,000||
|Bank Charges||||96||60|
|Subscriptions|||||||
|AgriFood Charities||Partnership||300|300||
|Civil Society|Media|||122||76|
|Zoom||||144||144|
|Trustees' Expenses|||||||
|Book|||||||
|CP Bourchier||||16|||
|||||4,078|3,580||
##
##
##
||||2021||2020|
|---|---|---|---|---|---|
|Trustees'|Expenses|||||
|Book||||||
|CP Bourchier||||16||
|||||16||
|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES||||||
|||Unrestricted|Restricted||Total|
|||fund|fund||funds|
|INCOME|AND ENDOWMENTS|FROM||||
|Charitable|activities|||||
|Grants Payable||10,000|||10,000|
|Investment|income|40,099|20,948||61,047|
|Total||50,099|20,948||71,047|
|EXPENDITURE ON||||||
|Raising funds||520|||520|
##
##
|for the Year Ended 31stD|for the Year Ended 31stD|for the Year Ended 31stD|for the Year Ended 31stD|for the Year Ended 31stD|for the Year Ended 31stD|ecember 2021||||
|---|---|---|---|---|---|---|---|---|---|
|COMPARATIVES FOR THE STATEMENT OF FINANCIAL||||||ACTIVITIES -|continued|||
|||||||Unrestricted||Restricted|Total|
|||||||fund||fund|funds|
|Charitable
activities||||||||||
|Grants Payable||||||40,644|||40,644|
|Governance|||||||770||770|
|Management
& administration|||ofthe charity||||3,060||3,060|
|Total||||||44,994|||44,994|
|Net gains/(losses)
on investments||||||(7,511)||(217,282)|(224,793)|
|NET INCOME/(EXPENDITURE)||||||(2,406)||(196,334)|(198,740)|
|RECONCILIATION
OF FUNDS||||||||||
|Total funds brought
forward||||||62,147||1,502,702|1,564,849|
|TOTAL FUNDS CARRIED|||FORWARD|||59,741||1,306,368|1,366,109|
|FIXEDASSET INVESTMENTS||||||||||
||||||||||Listed|
||||||||||investments|
|MARKET VALUE||||||||||
|At 1stJanuary 2021|||||||||1,337,910|
|Revaluations|||||||||163,499|
|At 31stDecember 2021|||||||||1,501,409|
|NET BOOK VALUE||||||||||
|At 31stDecember 2021|||||||||1,501,409|
|At 31stDecember 2020|||||||||1,337,910|
|There were no investment|assets outside the|||UK.||||||
|a) Investments
Representing|||Expendable|Endowment|Funds|||||
|The performance
ofthe Trust||portfolio for the year to 31|||December|2021 may be summarised||as follows:||
|||||||Historic Cost|Market Value||Market Value|
|||||||31Dec 2020||31Dec 2021|31Dec 2020|
|M & G Investment||||||||||
|Charifund
Income Unit||||||731,731||780,314|688,238|
|Charifund
Accumulation|Units|||||318,361||481„027|404,049|
|Blackrock Fund Managers||Limited||||||||
|Blackrock Charities UK|Bond||Fund Income|||136,915||129,446|138,818|
|Blackrock Charities UK|Bond||Fund Accumulation|||58,678||59,807|62,100|
##
##
|The perfo|rmance|oft|he|Trust portfolio for the year to 31|December 2021 may be summar|ised
as follows:||
|---|---|---|---|---|---|---|---|
||||||Historic Cost|Market Value|Market Value|
||||||31Dec 2020|31Dec 2021|31 Dec 2020|
|M &G Investment||||||g|g|
|Chari fund|Income|Unit|||25,293|26,976|23,792|
|Charifund|Accumulation||Units||11,006|17,297|13,968|
|Blackrock|Fund Managers|||Limited||||
|Blackrock|Charities|UK|Bond Fund Income||4,733|4,475|4,799|
|Blackrock|Charities|UK|Bond Fund Accumulation||2,029|2,067|2,147|
||||||f43,061|50,815|Z44,706|
##
|The chan|ge
in the value|ofthe Trust's investments
during 2021, compared
wit|h the relevant FTSE index, is as follows:||
|---|---|---|---|---|
||||2021|2020|
|M tk G Investment|||||
|Charifund|Income Units||1338%|-165%|
|Charifund|Accumulation
Units (with income reinvested)||1905%|129%|
|FTSEAll-Share Index|||+1326%|+11.3%|
|Blackrock|Fund Managers|Limited|||
|Blackrock|Charities
UK Bond Fund Income||-6.75%|+14|
|Blackrock|Charities
UK Bond Fund Accumulation||369%|+5 8|
|FTSEUK|Gilts All-Stocks|Index|+081%|-1.49%|
##
##
##
|2021|2020|
|---|---|
|20,000|20,000|
##
||||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|
|Independent|Examiner's|||Fee|||||||
|Farries, Kirk 8- McVean|||||||||650|650|
|Grants Payable|||||||||||
|Institute of|Agricultural||Management|||(awaiting|matched|funding)|10,000|10,000|
|Windsor Leadership||Programme|||-2018k 2019||Scholar||5,091|5,091|
|Severn Rivers Trust|||||||||3,000|3,000|
|Pruex|||||||||3,000||
|RASE|||||||||2,000||
|Innovation|for Agriculture||||||||8,533||
||||||||||32,274|18,741|
##
##
##
|||||2020||2019|
|---|---|---|---|---|---|---|
|Grants Payable|||||||
|Windsor Leadership|Programme||||5,000|5,000|
|Community
Supported||Agriculture|||4,444|4,444|
|Innovation
for Agriculture|||||5,534||
|||||14,978||9,444|
|MOVEMENT IN|FUNDS||||||
||||||Net||
|||||movement||At|
||||At 1.1.21|in|funds|31.12,21|
|Unrestricted
funds|||||||
|General Unrestricted|Income Funds||59,741|(4,587)||55,154|
|Restricted
funds|||||||
|Expendable
Endowment||Funds|1,306,368|157,388||1,463,756|
|TOTAL FUNDS|||1,366,109|152,801||1,518,910|
##
|||||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|---|---|---|
|||||||resources|expended|losses|in funds|
|Unrestricted
funds||||||||||
|General Unrestricted|Income|||Funds||44,496|(54,458)|5,375|(4,587)|
|Restricted
funds||||||||||
|Expendable
Endowment||Funds||||21,251||136,137|157,388|
|TOTAL FUNDS||||||65,747|(54,458)|141,512|152,801|
|Comparatives
for|movement||||in funds|||||
|||||||||Net||
|||||||||movement|At|
||||||||At 1.1.20|in funds|31.12.20|
|Unrestricted
funds||||||||||
|General Unrestricted|Income|||Funds|||62,147|(2,406)|59,741|
|Restricted
funds||||||||||
|Expendable
Endowment||Funds|||||1,502,702|(196,334)|1,306,368|
|TOTAL FUNDS|||||||1,564,849|(198,740)|1,366,109|
|Comparative
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||50,099|(44,994)|(7,511)|(2,406)|
|Restricted
funds||||||||||
|Expendable
Endowment||Funds||||20,948||(217,282)|(196,334)|
|TOTAL FUNDS||||||71,047|(44,994)|(224,793)|(198,740)|
##
##
##
|||||Net||
|---|---|---|---|---|---|
|||||movement|At|
||||At 1.1.20|in funds|31.12.21|
|Unrestricted
funds||||||
|General Unrestricted|Income Funds||62,147|(6,993)|55,154|
|Restricted
funds||||||
|Expendable
Endowment||Funds|1,502,702|(38,946)|1,463,756|
|TOTAL FUNDS|||1,564,849|(45,939)|1,518,910|
||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|
||||resources|expended|losses|in funds|
|Unrestricted
funds|||||||
|General Unrestricted|Income Funds||94,595|(99,452)|(2,136)|(6,993)|
|Restricted
funds|||||||
|Expendable
Endowment||Funds|42,199||(81,145)|(38,946)|
|TOTAL FUNDS|||136,794|(99,452)|(83,281)|(45,939)|
##
||The Frank Parkinson
A ricultural
Trust|||
|---|---|---|---|
||Detailed Statement ofFinancial Activities|||
||for the Year Ended 31stDecember 2021|||
|||2021|2020|
|INCOME AND ENDOWMENTS||||
|Investment
income||||
|Investment
income||65,747|61,047|
|Charitable
activities||||
|Grants Returned|||10,000|
|Total incoming
resources||65,747|71,047|
|EXPENDITURE||||
|Charitable
activities||||
|Grants to institutions||49,600|40,644|
|Support costs||||
|Management||||
|Trustees'
expenses||16||
|Sundries||566|520|
|Secretarial||3,400|3,000|
|Bank Charges||96|60|
|||4,078|3,580|
|Governance
costs||||
|Accountancy
and legal fees||780|770|
|Total resources expended||54,458|44,994|
|Net income||11,289|26,053|