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2023-12-31-accounts

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 ofFinancial Activities 18

FINANCIAL REVIEW
Investment
policy and objectives
1 Introduction
1.1 The Frank Parkinson
Agricultural
Trust is a grant making
described
on Page l.		 Charity established by Trust Deed, whose purposes are
1.2The 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
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.
2.2The investment
objective is to generate
an income received ofbetween f30,000and 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		 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%, Bonds 15%,with
30%ofeach invested
in accumulation
units/shares.
Asset allocation
will vary from this target, due to market		 movements.
Formal		 review of the 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 of		 A, 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 unwifling
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.
6Ethical Investment
Policy
6.1 The Trustees ofthe Endowment
do not wish to impose any		 specific ethical investment
policy;		 however the
Investment
Sub-Committee
is required to consider the congruence ofpotential		 investments with the objectives
listed in the Trust Deed.
7Management,
Reporting
and Monitoring
7.1 The Trustees have appointed
an investment
sub-committee		 to advise them on the Trust's investments and to
monitor the performance ofthe investments.
The Trust has		 nominated
a list		 ofauthorised signatories, two of
which are required to sign instructions
to the investment
manager,
7.2 The investment
committee
is to report formally to the full trustee board on		 at least an annual
basis,

for the Year End ed 31stDecember
ZOZ3
2023 2022
Unrestricted Restricted Total Total
Notes fund fund
f.		 fundsf funds
f,
INCOME AND ENDOWMENTS FROM
Investment
income		 49,871 28,136 78,007 72,980
EXPENDITURE ON
Raising funds 622
Governance
Charitable
activities
Grants Payable 50,750 50,750 36,000
840 840 840
Management
4,administration		 ofthe charity 7,046 7,046 6,018
Total 58,636 58,636 43,480
Net gains/(losses)
on investments		 (808) (23,363) (24,171) (110,567)
NET INCOME/(EXPENDITURE) (9,573) 4,773 (4,800) (81,067)
RECONCILIATION OFFUNDS
Total funds brought forward 55,644 1,382,199 ],437,843 1,518,910
TOTAL FUNDS CARRIED FORWARD 46,071 1,386,972 1,433,043 1,437,843

The Frank Parkinson
A ricultural
 Trust
Balance Sheet
31stDecember 2023
2023 2022
Unrestricted Restricted Total Total
fund fund funds funds
Notes f
FIXED ASSETS
Investments 47,492 1,373,&09 1,421,301 1,416,363
CURRENT ASSETS
Debtors 20,000 20,000 20,000
Cash at bank 3,486 13,163 16,649 36,198
23,486 13,163 36,649 56,198
CREDITORS
Amounts falling due within one year (24,907) (24,907) (30,274)
NET CURRENT ASSETS (1,421) 13,163 11,742 25,924
TOTAL ASSETSLESSCURRENT LIABILITIES 46,071 1,386,972 1,433,043 1,442,287
CREDITORS
Amounts falling due after more than one year 10 (4,444)
NET ASSETS 46,071 1,386,972 1,433,043 1,437,843
FUNDS
Unrestricted
funds		 46,071 55,644
Restricted funds 1,386,972 1,382,199
TOTAL FUNDS 1,433,043 1,437,843

2023 2022
f f
Investments
representing		 Expendable
Endowments		 Funds-Income Received
Charifund
Income Units		 (M&G) 42,872 41,618
Blackrock Charities UK Bond Fund Income 4,228 4,228
Investments
representing		 General Unrestricted Income Funds- Income Received
Charifund
Income Units		 (M&G) 1,482 1,439
Blackrock Charities UK Bond Fund Income 146 146
Investments
representing		 General Unrestricted Income Funds- Income Reinvested
Charifund
Accumulation		 Units
(M&G)		 901 787
Blackrock Charities UK Bond Fund Accumulation 72 66
Total Income Received or Reinvested
as General		 Unrestricted Income Funds 49,70] 48,284
Investments
Representing		 Expendable
Endowment		 Funds-Income Reinvested
Charifund
Accumulation		 Units
(M&G)		 26,050 22,771
Blackrock Charities UK Bond Fund Accumulation 2,086 1,898
Total Income Reinvested as Expendable
Endowment		 Funds 28,136 24,669
Total investment
income		 after deduction
offees		 77,837 72,953

GRANTS PAYABLE
Grants - Commitments
made in year		 2023 2022
The Oxford Farming
Conference
Committed
in 2014tof5,000for conference
in January 2019.
Paid f5,000 in 2018,f5,000 in 2019,f5,000 in 2020,f5000 in 2021,f5,000 in 2022 and
f5,000 in 2023 5,000 5,000
Developing
Carbon
Committed f10,000 in 2023,f7,000 paid in 2023 10,000
Cultivate Success
Committed f20,000 in 2023, Paidf18,000 in 2023 20,000
Community
Supported
Agriculture
Committed f10,000 in 2023 10,000
Pasture Pod
Committed f20,000 in 2022, Paid f10,000 in 2022,f10,000 in 2023 and committed f5,750 in
2023 5,750 20,000
JoMartin
Committted f1,000 in 2022, Paid f100in 2022 and f900 in 2023 1,000
Harvest Futures
Committed f20,000 in 2022, Paidf18,000 in 2022 and f2000 in 2023 20,000
Less
Institute ofAgricultural
Management
Funds no longer required -10,000
50,750 36,000
Reconciliation
ofGrants Payable
2023 2022
Outstanding
Grants at 1stJanuary 2023		 33,878 46,602
Commitments
made in the year 2023		 50,750 36,000
84,628 82,602
Grants paid during
the year 2023:
Pruex 3,000
Windsor Leadership
Programme		 5,000
Future Harvest 2,000
Pasture Pod 10,750
JoMartin 900
Cultivate Success 18,000
Developing
Carbon		 7,000
CSA 4,444
Oxford Farming
Conference		 5,000
Innovation
for Agriculture		 4,467
60,561 48,724
Outstanding
Grants at 31stDecember 2023		 24,067 33,878

2023
f		 2022
Governance Costs
Independent Examiner's Fee
Ferries, Kirk &McVean 840 840
840 840
Management A Administration
Secretarial 3,600 3,600
Bank Charges 60 81
Stationery 80 47
Travel Expenses (Secretary) 77 207
AGM Accommodation 1,236 1,469
Retirement
Gifts to		 Trustees 232 223
Adjustment
to Accounts		 Fee 130
Overpayment ofGrant (50p)Subscriptions 1
AgriFood Charities Partnership 300 300
Civil Society Media 99 99
Zoom 144
Trustees'
Expenses
Travel Expenses
CP Bourchier 761 197
H Beckett 185 93
A Morrison 101
D Gardner 260 106
P Webster 36
7,070 6,654

20?3 2022
f,
Trustees' Expenses
Travel Expenses
CP Bourchier 761 197
H Beckett 185 93
AMorrison 101
D Gardner 260 i06
P Webster 36
1242 497

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund
f,		 fund fundsf
INCOME AND ENDOWMENTS FROM
Investment
income		 48,311 24,669 72,980
EXPENDITURE ON
Raising funds 622 622
Charitable
activities
Grants Payable 36,000 36,000
Governance 840 840
Management
&,administration
ofthe		 charity 6,018 6,018
Total 43,480 43,480
Net gains/(losses)
on investments		 (4,341) (106,226) (110,567)
NET INCOME/(EXPENDITURE) 490 (81,557) (81,067)
RECONCILIATION OF FUNDS
Total funds brought
forward		 55, 154 1,463,756 1,518,910
TOTAL FUNDS CARRIED FORWARD 55,644 1,382,199 1,437,843
7. FIXEDASSET INVESTMENTS
Listed
investments
MARKET VALUE
At 1st January 2023 1,416,363
Revaluations 4,938
At 31stDecember 2023 1,421,30]
NET BOOK VALUE
At 31stDecember 2023 1,421,301
At 31stDecember 2022 1,416,363
There were no investment assets outside the UK.

Historic Cost Market Value Market Value
31Dec 2020 31Dec 2023 31Dec 2022
M &G Investment f g g
Charifund Income Unit 731,731 719,537 736,851
Charifund Accumulation Units 318,361 497,481 480,058
Blackrock Fund Managers Limited

FIXEDA SSET IN VES TME NTS - continued
Blackrock Charities UK Bond Fund Income 136,915 104,530 102,832
Blackrock Charities UK Bond Fund Accumulation 58,678 52,261 49,296
f1,245,685 f1,373,809 f1,369,036

Market
Historic Cost Market Value Value
31 Dec
31Dec 2020 31Dec 2023 2022
M &G Investment
Chari fund Income Unit 25,293 24,874 25,472
Charifund Accumulation Units 11,006 17,198 16,595
Blackrock Fund Managers Limited
Blackrock Charities UK Bond Fund Income 4,733 3,614 3,555
Blackrock Charities UK Bond Fund Accumulation 2,029 1,807 1,704
f43,061 f47,493 f47,326

2023 2022
f f
M 8c G Investment
Charifund Income Units -2.35% -5,57%
Charifund Accumulation Units (with income reinvested) +363% -02%
FTSEAll-Share
Index		 +3.85% 338%
Blackrock Fund Managers Limited
Blackrock Charities UK Bond Fund Income +I 65% -20.56%
Blackrock Charities UK Bond Fund Accumulation +6 02% -17,58%
FTSEUK Gilts All-Stocks Index +1.02% 2544%

2023 2022
20,000 20,000

2023 2022
g
Independent
Examiner's		 Fee
Ferries, Kirk &McVean 840 840
Grants Payable
Developing
Carbon		 3,000
Windsor Leadership Programme -2018&2019Scholar 5,000
Severn Rivers Trust 3,000 3,000
Pruex 3,000
Pasture Pod 5,000 10,000
Jo Martin 900
Harvest Futures 2,000
CSA 10,000
Cultivate Success 2,000
Innovation
for Agriculture		 1,067 5,534
24,907 30,274

2023 2023 2022
g g
Grants Payable
Community Supported Agriculture 4,444
4,444
MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
f. f,
Unrestricted funds
General Unrestricted Income Funds 55,644 (9,573) 46,071
Restricted funds
Expendable Endowment Funds 1,382,199 4,773 1,386,972
TOTAL FUNDS 1,437,843 (4,800) 1,433,043

Incoming Incoming Resources Gains and Movement
resources expended losses in funds
Unrestricted
funds
General Unrestricted Income Funds 49,871 (58,636) (&08) (9,573)
Restricted funds
Expendable
Endowment		 Funds 28,136 (23,363) 4,773
TOTAL FUNDS 78,007 (58,636) (24,171) (4,800)
Comparatives
for movement		 in funds
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) I 382 199
TOTAL FUNDS 1,518,910 (81,067) 1,437,843
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 48,311 (43,480) (4,34I) 490
Restricted
funds
Expendable
Endowment		 Funds 24,669 (106,226) (81,557)
TOTAL FUNDS 72,980 (43,480) (110,567) (81,067)
A current year 12months and prior year 12months combined position is as follows:
Net
movement At
At 1.1.22 in funds 31.12,23
E
Unrestricted
funds
General Unrestricted Income Funds 55,154 (9,083) 46,071
Restricted funds
Expendable
Endowment		 Funds 1,463,756 (76,784) 1,386,972
TOTAL FUNDS 1,518,910 (85,867) 1,433,043

Incoming Resources Gains and Movement
resources
f		 expended
f		 losses in funds
Unrestricted
funds
General Unrestricted Income Funds 98,182 (102,116) (5,149) (9,0&3)
Restricted funds
Expendable
Endowment		 Funds 52,805 (129,589) (76,784)
TOTAL FUNDS 150,987 (102,116) (134,738) (85,867)

The Frank Parkinson
A ricultural
Trust
Detailed Statement ofFinancial Activities
for the Year Ended 31stDecember 2023
2023 2022
INCOME AND ENDOWMENTS
Investment
income
Investment
income		 77,836 72,954
Deposit account interest 171 26
78,007 72,980
Total incoming resources 78,007 72,980
EXPENDITURE
Charitable
activities
Grants to institutions 50,750 36,000
Support costs
Management
Trustees' expenses 1,242 497
Postage and stationery 80 47
Sundries 775 753
Secretarial 3,600 3,600
Travel Expenses 53 193
Meals &Accommodation 1,236 ],469
Bank Charges 60 81
7,046 6,640
Governance
costs
Accountancy
and legal fees		 840 840
Total resources expended 58,636 43,480
Net income 19,371 29,500