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





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|for the Y|ear Ended|31st||D|ec||mber 2|022||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|FINANCIAL REVIEW||||||||||||||||
|Investment<br>policy and objectives||||||||||||||||
|1 Introduction||||||||||||||||
|1.1 The Frank Parkinson<br>Agricultural<br>Trust is a grant making|Charity established|||||by Trust||Deed,|whose|||purposes|||are|
|described<br>on Page 1.||||||||||||||||
|1.2 The Endowment<br>aims to balance the needs ofcurrent<br>and|future beneficiaries.||||||The capital remains||||invested to|||||
|provide for future beneficiaries<br>and the income received,|after deduction||of||investment|||management|||||fees, is|||
|distributed<br>to current beneficiaries.||||||||||||||||
|1.3 The Trust has approximately<br>X1,5 million ofinvestment<br>assets at 31stDecember 2018.These|||||||||finance||||the grant|||
|making activities.||||||||||||||||
|1.4 The Trustees have appointed<br>an investment<br>sub-committee|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|an acceptable||level||||ofrisk.|||||||||
|2.2 The investment<br>objective is to generate<br>an income received ofbetween f30,000 and f40,000|||||||||per annum|||||||
|(afler investment<br>managers<br>fees) over the long term, while allowing||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,||||grants are generally||||||one|offawards|||||
|and the number<br>and value ofthese may vary depending|on circumstances.||||The key risk to the|||||long||term||||
|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, with cash funds||||||used as necessary,||||The||||||
|investment<br>sub-committee<br>are charged<br>with advising<br>on|a suitable|asset|allocation<br>strategy,||||||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|||||||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|||
|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||may||be||made in||non-Sterling||||assets, but||||
|should not exceed 40%ofthe total investment<br>portfolio value.||||||||||||||||
|3.4 Credit||||||||||||||||
|The Trust's cash balances<br>should be deposited<br>with institutions<br>with||a minimum|||||rating|ofA, or||invested||||in a||
|diversified<br>money market fund. Deposits should be subject to a maximum||||exposure of||||f60,000||per|institution.|||||
|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||||and as such aims|||||to set|||a|||
|sustainable<br>income target, whilst ensuring<br>the capital is expected to grow|||in||line with inflation||||over|||the||long term.||
|The current target for income received from the endowment<br>is set at||between|||f30,000 and f40„000per|||||||||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.||||||||||||||||
|5Time Horizon||||||||||||||||
|5.1 The Trust is expected to exist in perpetuity<br>and investments|should be managed||||||to meet the investment|||||||||
|objectives and ensure this sustainability.||||||||||||||||
|5,2 The Trust can adopt a long term investment<br>time horizon.||||||||||||||||



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## 

||||||||Statement ofFinancial<br>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|





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





## 

## 

|Grants - Commitments|made in year|||2022|2021|
|---|---|---|---|---|---|
|The Oxford Farming|Conference|||||
|Committed<br>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<br>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<br>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<br>Management||||||
|Funds no longer required||||-10,000||
|||||36,000|49,600|
|Reconciliation<br>ofGrants Payable||||||
|||||2022|2021|
|Outstanding<br>Grants at|1stJanuary 2022|||46,602|27,535|
|Commitments<br>made in|the year 2022|||36,000|49,600|
|||||82,602|77,135|
|Grants paid during the|year 2022:|||||
|RASE|||2,000|||
|Windsor Leadership<br>Programme|||5,091|||
|Future Harvest|||18,000|||
|Pasture Pod|||10,000|||
|Jo Martin|||100|||
|Oxford Farming<br>Conference|||5,000|||
|Innovation<br>for Agriculture|||8,533|||
|||||48,724|30,533|
|Outstanding<br>Grants at 31stDecember 2022||||33,878|46,602|





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## 

|||||2022|2021||
|---|---|---|---|---|---|---|
|Governance|Costs||||||
|Independent<br>Farrics, Kirk|Examiner's<br>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<br>Gifts to||Trustees||223|||
|Adjustment<br>to Accounts|||Fee|130|||
|Overpayment|ofGrant (50p)Subscriptions|||1|||
|AgriFood Charities||Partnership||300||300|
|Civil Society|Media|||99||122|
|Zoom||||||144|
|Trustees'<br>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'<br>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<br>income|||44,496|21,251|65,747|
|EXPENDITURE ON||||||
|Raising funds|||566||566|
|Charitable<br>activities||||||
|Grants Payable|||49,600||49,600|
|Governance|||780||780|
|Management<br>&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<br>OF FUNDS||||||
|Total funds brought<br>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<br>during 2021, compared<br>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<br>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%|





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|2022|2021|
|---|---|
|20,000|20,000|



## 

|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
|Independent<br>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<br>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<br>funds||||||
|General Unrestricted|Income Funds||55,154|490|55,644|
|Restricted<br>funds||||||
|Expendable<br>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<br>funds||||||||||
|General Unrestricted|Income||Funds|||48,311|(43,480)|(4,341)|490|
|Restricted<br>funds||||||||||
|Expendable<br>Endowment||Funds||||24,669||(106,226)|(81,557)|
|TOTAL FUNDS||||||72,980|(43,480)|(110,567)|(81,067)|
|Comparatives<br>for movement||||in funds||||||
|||||||||Net||
|||||||||movement|At|
||||||||At 1.1.21|in funds|31.12.21|
|Unrestricted<br>funds||||||||||
|General Unrestricted|Income||Funds||||59,741|(4,587)|55,154|
|Restricted<br>funds||||||||||
|Expendable<br>Endowment||Funds|||||1,306,368|157,388|1,463,756|
|TOTAL FUNDS|||||||1,366,109|152,801|1,518,910|
|Comparative<br>net movement|||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|||44,496|(54,458)|5,375|(4,587)|
|Restricted<br>funds||||||||||
|Expendable<br>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<br>funds||||||||||
|General Unrestricted|Income||Funds||||59,741|(4,097)|55,644|
|Restricted<br>funds||||||||||
|Expendable<br>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<br>funds|||||||
|General Unrestricted|Income Funds||92,807|(97,938)|1,034|(4,097)|
|Restricted<br>funds|||||||
|Expendable<br>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<br>income||||||
|Investment<br>income||||72,954|65,747|
|Deposit account interest||||26||
|||||72,980|65,747|
|Total incoming<br>resources||||72,980|65,747|
|EXPENDITURE||||||
|Charitable<br>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<br>costs||||||
|Accountancy<br>and legal fees||||840|780|
|Total resources expended||||43,480|54,458|
|Net income||||29,500|11,289|