|||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||
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|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,||||||||||
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|||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|
##
##
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##
##
##
##
##
##
##
##
##
|||||||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|