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2022-12-31-accounts

Contents ofthe Financial Statements
for the Year Ended 31stDecember 2022
Page
Report ofthe Trustees I to 5
Independent
Examiner's		 Report
Statement ofFinancial Activities
Balance Sheet
Notes to the Financial Statements 9 to 17
Detailed Statement of Financial Activities 18

for the Y ear Ended 31st D ec mber 2 022
FINANCIAL REVIEW
Investment
policy and objectives
1 Introduction
1.1 The Frank Parkinson
Agricultural
Trust is a grant 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 of investment 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.
1.4 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 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 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 of f60,000 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„000per 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.
5Time Horizon
5.1 The Trust is expected to exist in perpetuity
and investments		 should be managed to meet the investment
objectives and ensure this sustainability.
5,2 The Trust can adopt a long term investment
time horizon.

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Statement ofFinancial
Activities
for the Year Ended 31stDecember 2022
2022 2021
Unrestricted Restricted Total Total
fund fund funds funds
Notes
INCOME AND ENDOWMENTS FROM
Investment income 48,311 24,669 72,980 65,747
EXPENDITURE ON
Raising funds 622 622 566
Charitable activities
Grants Payable 36,000 36,000 49,600
Governance 840 840 780
Management &administration ofthe charity 6,018 6,018 3,512
Total 43,480 43,480 54,458
Net gains/(losses) on investments (4,341) (106,226) (110,567) 141,512
NET INCOME/(EXPENDITURE) 490 (81,557) (81,067) 152,801
RECONCILIATION OF FUNDS
Total funds brought forward 55,154 1,463,756 1,518,910 1,366,109
TOTAL FUNDS CARRIED FORWARD 55,644 1,382,199 1,437,843 1,518,910

31rt 2021 Toilll ods Notes 1.369.036 I.41￿63 IJOI,409 , IR=% D¢bTof5 C8sh At bllnk 2QL¥)O 23.035 20.000 3&198 13.163 .'%4. 44.753 13.163, 56.198 64.75] CREDITORS . . Amounts fBllinEduvfthltt onei (30274) ?1.'7_' } {30274} '41 1323741 11761 13.563 25.924 1'-:" 32.479 Yki 6Q088 , lJ81199 j 1.442287 I . 1.533.888 j CREDITORS . h Anwuptsfalllnsd￿ aft¢¥ th1 Jo Efd ((444):,; (14.978) 55.644 ,437.843 4. lJ18.910 FUNDS 55.644 ",1 lJ81199 1°1 1.437.843 55.154 .463,756 TOTAL FUNDS 1.518.910 The fi08n¢lal xtthnents a , by the Board of Trustre54Dd authoris¢d forissueon Ilib Mayg023 and wtrc5i￿tsJ on its behatf by. C P BourcbierBS¢ IHon5)-T The A0*5 fom) pllrtof thcse financiol slaiaThtnES

INVESTMENT INCOME
2022 2021
Investments
representing
Expendable
Endowments		 Funds-Income Received
Charifund
Income Units
(M&G)		 41,618 38,105
Blackrock Charities UK Bond Fund Income 4,228 4,228
Investments
representing
General Unrestricted		 Income Funds- Income Received
Charifund
Income Units
(M&G)		 1,439 1,283
Blackrock Charities UK Bond Fund Income 146 146
Investments
representing
General Unrestricted		 Income Funds- Income Reinvested
Charifund
Accumulation
Units
(M&G)		 787 668
Blackrock Charities UK Bond Fund Accumulation 66 66
Total Income Received or Reinvested
as General		 Unrestricted Income Funds 48,284 44,496
Investments
Representing
Expendable
Endowment		 Funds-Income Reinvested
Charifund
Accumulation
Units
(M&G)		 22,771 19,335
Blackrock Charities UK Bond Fund Accumulation 1,898 1,916
Total Income Reinvested
as Expendable
Endowment		 Funds 24,669 21,251
Total investment
income after deduction offees		 72,953 65,747

Grants - Commitments made in year 2022 2021
The Oxford Farming Conference
Committed
in 2014to		 K5,000 for conference in January 2019.
Paid K5,000 in 2018, K5,000 in 2019,K5,000 in 2020,25000 in 2021 and Z5,000 in 2022 5,000 5,000
RASE
Committed f10,000 in 2020, K8,000 paid in 2021 and K2,000 in 2022 10,000
Pruex
Committed f15,000 in 2021, Paid X12,000 in 2021 15,000
Innovation
for Agriculture
Committed f19,600 in 2021, Paid K5,533 in 2021 and X8,533 19,600
Pasture Pod
Committed f20,000 in 2022, Paid f10,000 in 2022 20,000
JoMartin
Committted
K1,000 in		 2022, Paid KI00 in 2022 1,000
Harvest Futures
Committed f20,000 in 2022, Paid f18,000 in 2022 20,000
Less
Institute ofAgricultural
Management
Funds no longer required -10,000
36,000 49,600
Reconciliation
ofGrants Payable
2022 2021
Outstanding
Grants at		 1stJanuary 2022 46,602 27,535
Commitments
made in		 the year 2022 36,000 49,600
82,602 77,135
Grants paid during the year 2022:
RASE 2,000
Windsor Leadership
Programme		 5,091
Future Harvest 18,000
Pasture Pod 10,000
Jo Martin 100
Oxford Farming
Conference		 5,000
Innovation
for Agriculture		 8,533
48,724 30,533
Outstanding
Grants at 31stDecember 2022		 33,878 46,602

2022 2021
Governance Costs
Independent
Farrics, Kirk		 Examiner's
4 McVean		 Fee 840 780
840 780
Management &Administration
Secretarial 3,600 3,400
Bank Charges 81 96
Stationery 47
Travel Expenses (Secretary) 207
AGM Accommodation 1,469
Retirement
Gifts to		 Trustees 223
Adjustment
to Accounts		 Fee 130
Overpayment ofGrant (50p)Subscriptions 1
AgriFood Charities Partnership 300 300
Civil Society Media 99 122
Zoom 144
Trustees'
Expenses
Book
CP Bourchier 16
Travel Expenses
CP Bourchier 197
H Beckett 93
A Morrison 101
D Gardner 106
6,654 4,078

2022 2021
Trustees'
Expenses
Book
CP Bourchier 16
Travel Expenses
CP Bourchier 197
H Beckett 93
A Morrison 101
D Gardener 106
497 16

for the Year Ended 31stDecember 202 for the Year Ended 31stDecember 202 for the Year Ended 31stDecember 202 2
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
INCOME AND ENDOWMENTS FROM
Investment
income		 44,496 21,251 65,747
EXPENDITURE ON
Raising funds 566 566
Charitable
activities
Grants Payable 49,600 49,600
Governance 780 780
Management
&administration		 ofthe charity 3,512 3,512
Total 54,458 54,458
Net gains on investments 5,375 136,137 141,512
NET INCOME/(EXPENDITURE) (4,587) 157,388 152,801
RECONCILIATION
OF FUNDS
Total funds brought
forward		 59,741 1,306,368 1,366,109
TOTAL FUNDS CARRIED FORWARD 55,154 1,463,756 1,518,910
FIXEDASSET INVESTMENTS
Listed
investments
MARKET VALUE
At 1stJanuary 2022 1,501,409
Revaluations (85,046)
At 31stDecember 2022 1,416,363
NET BOOK VALUE
At 31stDecember 2022 1,416,363
At 31stDecember 2021 1,501,409

Historic Cost Market Value Market Value
31Dec 2020 31Dec 2022 31Dec 2021
M &G Investment
Chari fund Income Unit 731,731 736,851 780,314
Charifund Accumulation Units 318,361 480,058 481,027
Blackrock Fund Managers Limited

FIXEDA SSETIN VES TME NTS - continued
Blackrock Charities UK Bond Fund Income 136,915 102,832 129,446
Blackrock Charities UK Bond Fund Accumulation 58,678 49,296 59,807
$1,245,685 K 1,369,036 K1,450,594

Market
Historic Cost Market Value Value
31Dec
31Dec2020 31Dec 2022 2021
M &G Investment
Charifund Income Unit 25,293 25,472 26,976
Chari fund Accumulation Units 11,006 16,595 17,297
Blackrock Fund Managers Limited
Blackrock Charities UK Bond Fund Income 4,733 3,555 4,475
Blackrock Charities UK Bond Fund Accumulation 2,029 1,704 2,067
%43,061 647,326 f50,815

The change in the value of the Trust's investments
during 2021, compared
with t		 he relevant FTSEindex, is as follows:
2022 2021
M &G Investment
Charifund Income Units -5.57% 1338%
Charifund Accumulation Units (with income reinvested) -0.20% +1905%
FTSEAll-Share
Index		 -3.38% +13.26%
Blackrock Fund Managers Limited
Blackrock Charities UK Bond Fund Income -20.56% 675%
Blackrock Charities UK Bond Fund Accumulation -17.58% -3.69%
FTSEUK Gilts All-Stocks Index -25.44% +0,81%

2022 2021
20,000 20,000

2022 2021
Independent
Examiner's		 Fee
Farries, Kirk &McVean 840 650
Grants Payable
Institute ofAgricultural Management (awaiting matched funding) 10,000
Windsor Leadership Programme -2018&2019Scholar 5,000 5,091
Severn Rivers Trust 3,000 3,000
Pruex 3,000 3,000
Pasture Pod 10,000
Jo Martin 900
Harvest Futures 2,000
RASE 2,000
Innovation
for Agriculture		 5,534 8,533
30,274 32,274

2022 2021
Grants Payable
Windsor Leadership Programme 5,000
Community Supported Agriculture 4,444 4,444
Innovation for Agriculture 5,534
4,444 14,978

Net
movement At
At 1.1.22 in funds 31.12.22
Unrestricted
funds
General Unrestricted Income Funds 55,154 490 55,644
Restricted
funds
Expendable
Endowment		 Funds 1,463,756 (81,557) 1,382,199
TOTAL FUNDS 1,518,910 (81,067) 1,437,843

Incoming Resources Gains and Movement
resources expended losses in funds
Unrestricted
funds
General Unrestricted Income Funds 48,311 (43,480) (4,341) 490
Restricted
funds
Expendable
Endowment		 Funds 24,669 (106,226) (81,557)
TOTAL FUNDS 72,980 (43,480) (110,567) (81,067)
Comparatives
for 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
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 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
A current year 12months and prior year 12months combined position is as follows:
Net
movement At
At 1.1.21 in funds 31.12.22
Unrestricted
funds
General Unrestricted Income Funds 59,741 (4,097) 55,644
Restricted
funds
Expendable
Endowment		 Funds 1,306,368 75,831 1,382,199
TOTAL FUNDS 1,366,109 71,734 1,437,843

Incoming Resources Gains and Movement
resources expended losses in funds
Unrestricted
funds
General Unrestricted Income Funds 92,807 (97,938) 1,034 (4,097)
Restricted
funds
Expendable
Endowment		 Funds 45,920 29,911 75,831
TOTAL FUNDS ]38,727 (97,938) 30,945 71,734

The Frank Parkinson A ricultural Trust
Detailed Statement ofFinancial Activities
for the Year Ended 31stDecember 2022
2022 2021
INCOME AND ENDOWMENTS
Investment
income
Investment
income		 72,954 65,747
Deposit account interest 26
72,980 65,747
Total incoming
resources		 72,980 65,747
EXPENDITURE
Charitable
activities
Grants to institutions 36,000 49,600
Support costs
Management
Trustees' expenses 497 16
Postage and stationery 47
Sundries 753 566
Secretarial 3,600 3,400
Travel Expenses 193
Meals &Accommodation 1,469
Bank Charges 81
6,640 4,078
Governance
costs
Accountancy
and legal fees		 840 780
Total resources expended 43,480 54,458
Net income 29,500 11,289