REGISTERED CHARITY sYUMBER.. 209407 Re Jori of Ihf Trusteos UnAudited Finiticliil Sialclliciits lor the Y¢41r Ended 24 he Fr*nlL PnTkinsoii A ri¢ultur#l Trust Farri¢s Kirk & Mcvean Dumlries fntcrpri.%¢ Park Dumfrie5 DUMFRIESSHIRE DGI 3SJ The Friink PHrkiJbWll A CD￿te￿I5 of the Ilinli nLiAI Stntomtn r the YEI1T Endcd 31st DEcember 2024 PAg¢ Reporf of tlic Tru5t¢L'S InJEVtndenl ExAiniiicr's Roporl Statement of FlnAntlAI A¢tivitits Bp19nee Sh¢¢t Not¢5 to tb¢ finAD¢ial StAt¢m¢nts 9 10 17 D¢tAiled St8temcnt af FiTr•nci•l ActiYiti¢s The FrRnk ParkiiisDM A tl¢thlrurnl'l'ru5t e ort Of the Trust for th¢ Y¢*r JI t ¢r 2024 The trusiees prc5cnt their r¢port with Ihc financial Slalcmcnls ol. Ilie charitv for the vear cnded 3 Isi December 2024. The Iruslr¢5 have adopted the provisions of Accouniing and Reporting by Charilies.- 51ts1em¢nl ol R¢commendcd Pra¢ii¢¢ applieablc lo charilic5 prcpnring ihcir accounts in ac¢ordtnt¢ wilh Ilic fiJi8nciiil Riporting sittnda1￿ appliEable ID Ihe UK and Republic of Ireldnd IFRS 1021 leffeclive l January 20191. OBJECTJVES AND ACTIVITIES Objtctive5 *nd Alms Th¢ Trust¢¢s may, ai iheir dtscreiion. appl>. I￿St incomc or Capiial iowards any onc ot'th¢ followin8 obj¢¢t5'. al The improvement and w¢If￿r￿ of Brili.sh agri¥uliure blThe uiidcitsking ofagriculiural researth or Ili¢ i)rovision ofgrnn15 in aid of ttgriculiural ￿5¢￿Tch cl The ¢stablishrnenl of 5cholarship5. bursRrics and exhibilions tsi Univcrsity. Collcg¢ or oiher technical dl Thc graniing ot'tinancial a55151ancc in any form 1111d und¢r Ilny conditions 10 enablL youn8 pcrsoiis of ability whD are sn n¢ed of assisiancc oiid are working in ili¢ fjgii¢uliuTal induslry lo irnproye th¢ir cducaiion and exp¢ries)¢e by work-in8. Iraining or oih¢rwi woi'kpeople in Ihe agriculiuTJI Induslry n The ¢ncuura8vmcnl and assi￿anc￿ of ilie social and culiural welfare o(workpeople In Ihe agiiculiui71 indU_￿try gl Th¢ making of grants 10 any cliariiy or organisaiion which is c￿rryIng on any work. in conntclion wilh thc provision of any 5ucli brnclits as afor¢said hav¢ thc Rr¢aiest influence on Ihe improvemcnt and wcifarb ol'Briii$h agiirul¢urc in Ihc fuiu Public btth¢llr I'h¢ I'rusices Colltirm Ehal they have hod regard 10 the guidance Gonlllin¢d in the Charity Commission's g¢neral 8Utdan¢e on public benefti when reviewin8 the TTUSL'$ girns ￿nd objeciives ￿Thnd in DI￿1nnIng tiiiure acliviti¢s. GrinimaJun8 The T1￿$1 h3$ ¢$tsblish¢d its grani muking policy 10 aLliieve ils ol)j¢tis for th¥ public benefii. Thc piincipal objective ofihc Trus1 IS 10 support Ihc iTnproi'cin¢nt and w¢lfare of Brsiish agriCul￿r¢. The Trustees hav¢ developcd a pi'ogrtssive 51rate￿, inforined by the Conclusions an(t recommend*ions of (he boresi8hi Repon '1The Fuiure of FO￿ Farming" Dnd odi¢r sirai¢¥ic rtpoi#5 addressing glubal issues Thig %iiai¢8)' is r£nlr¢d on enhanciDy ilie pro4u¢tivity of Briiish a8ri¢uliui'e 10 Inccl Ilic cliallenses of 3 Bl'owing i¥orld PDpulaiion a￿d inciYa5cd comp¢lition for resouKes. 'rhi$ mu5L bc achieved in p&rtnership with Ihc wid¢i' populaiion and local cotnmunifies. -fhc Tru5tc¢s are kcen to encouragc #ppli¢aiions for 5UPPOrt from projects and prograinines iliai idtnl&l* Bnd spread b¢51 praciie¢ for the benefit of Briilsh agiituliuie. However. grants will only bc tnade wheir cl¢ar bcn¢fii$ fyri 4uHiilifiLd iogcthcr is1111 d¢iails of how Ili¢.%¢ will b¢ ion)municalLd aiid applied 10 Ihe indiistry 85 u wliole. The key element is 'ILddciship' s Ihe Ti'usiees wish 10 see robus1 OUltom¢9 Iranslorcd Into widespresd prociical aclion. Guidelines for grant applicAtions are available from ihe Trust Secreiar).. The A riculturAI Trust for tliv Ytnr Ci nded ¢¢mber 2[124 ACHIEVEMENT AND PERFORMAYCE Th¢'l-rusi supportcd the following pi'oject5. ￿h1¢h inllts¢ncc, cducal¢ and proinolc British a8ri¢ultur¢ for Ihc publie b¢n¢fil'. Thr Oxtord farmin8 cOnfe￿nC¢ iorci The OFC is a r¢gi51ir¢d charity that Iiivc515 in ggriculiural Lducaiion 4nd Knowl¢d8e-$haring Bnd hDs I'un lis onnual ¢onfcr¢n¢e for over 70 years. The Trusr¢¢s coniinu¢ 10 sponsored ihe frank Parkinson Leciure. In 2023 thc'frusrees agrecd to payment5 Qf £5.LlOO anryuolly for 2024.2026. The AgriFood CharilTr¢s P3rlner5hip (Arcpi Thc Af.cp 15 u regi51cird ch•rily wh05c overall aiin is io proinoie tiluraiion aiid r¢s¢arch in a8ri¢uliur¢ lood produciion by supporting charities in this secior. The Trusi h25 subs¢ribcd lo Afcp sincc its ¢rcation in 2008 as AfCP givcs fpAI' profilc though Ihc Afcp websil¢. ThL Agri-Lcuder5hip Aivard Since 2015 a projeci bursary of up to £20.000 pfi ha$ bccn ninde Avuilablc lor Polcnlial industry leaders. The project5 will focus on resources. Awards were giv¢n In 2015- 2017 and Ivill coniinLl¢ io bc ovailablt in lulurc ycir5. MyoiKaK GeD¢ Rob Hodgkin5 hRs 8ifted nms io fan)ers since 2018 for biEcding sliccp carrying the 'Myomax' g¢n¢. WhcTr ihc original iargL% and period is reachcd the lO￿n will bc writt¢ry aiid tieaied as iry graiil. If. in th¢ opinion ofilie Trusiets, Ihe Eifts have not bttn Tnad¢ in r¢J50ndbl¢ lime. Ilie loan Iiiusl h¥ repdia in full. Th¢ Trusiees will dis¢u55 progr¢5s ai Ihe 2025 AGM llie Wind50r Leadership Tru51 IWLTI Thc WLT 15 a Irgisiercd charity whiLh pmvidcs Icadersliip developiTreni pro8r)rnm¢5 for senior leaders of privaie, public and charl￿bI¢ sector or8ani5alions. The Trusiccs agreed io prol'idc a furilicr bui finttl £5000 dui'ing 2024. Awards 2024 AGM ie Tru￿¢e$ a*'ard¢d Ilie following Xraiiis at ihe 2024 AGM-. IfA Calf A¢iioll N'elwork Th¢ Trusi¢¢s 88reed to SUPPOrt a verv ne8lecied topic ivhcre was dail& latking. A grililt of £17800 w05 offered oi'er 0 2- year period Nuffield Repuiaiion and Public Ouireach Group A 8rani of£14360 WLS giv¢n fvT a on¢-year projeci by an ¢¥¢ell¢nl group wlio would dcliv¢r an oDlin¢ ￿giSt¢r of f&nn bu5iDe5ses wclrominE diversity, an itnportanl and neglcci¢d lopic. co￿￿￿￿nitY Supportcd Agriculiure Trusiccs agieed 10 fuiid asecoJ)d plias¢ ofihL CSA proj¢Lt wsih a final grant from fpAT of £10400 over 2 yCaT5. Thc Trust Is e la51ing testimony lo th¢ g¢ncr05ii>' of 11.8 fvundir Prank Parkinion. In tlio longcr Icrill Ili¢ Truste¢5 inirad lo continue 5upporting* d)ose causcs that will. in lh¢ opinitrn of IIiL TrusicLs, hav¢ Ihc gr¢atesE bencfil on British agricullur¢. Tho Fr￿nk PArkins•n A Rt ort ol'tbe Trustte5 r Ilie Ye￿r kiidorf Isl De¢embtr 1014 FJNANCIAL REVILW Investment poliey And obj¢¢tive5 I Intrtyluctio 1.1 Th¢ Frank Parkinson Agriculturnl Trusr is a Erani making Chariiy e51ablished by Trust ])ecd. whobe purposes are drscribed on p￿8< l. 1.2 The Endownieni aims lo blllancc ilit needs of current and luiure b¢nYfTciaTlCS. Ni¢ ¢¥ital remains invesi£d to PFovidc for futuyc bencficiariLS and ili¢ iDcome receii'eJ, iiller d¢duciion of invL'simcnl ffljnagcmcnl fees, is d151ribuied 10 current kneficiaries. 1.3 Tli¢ Trusi has upproximaigly £1.5 million ofinvesiin¢ni gs5¢15 ai 3 Isi D¢c¢mbEr 2018. These finance ihc grllnt 1.4 Tlie Trusiecs hav¢ appoiiiled an inve51mcni sub¢onunilLCC 10 advise Ih¢m on the Trusts invcstments. 2 Inve5tThent Obje¢tivts 2.2 Tli¢ inv¢simLni objetlive is io g¢D¢raie an in¢om¢ rec¢iv¢d of beith'e¢n £30,000 aiid £40.000 p¢i' annum ass¢ls. J n15k The Trust ielies on ihe Investment reriiim 10 fund Rrant makiiig. 14owever, grants are g¢n¢rally OD¢ off a￿'ardS and Ihe numbcr valve ofihcsc mdy vary dyprnéiiig on cii'cuin51ances. Tlie key risk io Ihe long i¢rm sustainability of tli¢ endowm¢iit 1$ iiiflaiion. ￿lid thc as5els 8hould be invcsied 10 miligdir this I'isk over the 3.2 A55eis Thc Trust's a5SC15 ax iliVLSlLd in conimon invcsiifilll lui)ds, with c4511 fuTrds used n¢cc5s#ry. ￿1¢ inve51m¢nt 5ub.commiu¢¢ ore ¢hirg¢d ivilh advisiiiLi on a 5uiiablc assei allocation 51raig￿, which is s¢t so d& 10 achieve Ihe overall Trust Investmenl objecliveg. Thr invc5tmcni $ub.iommiii¢t liave agrc¢J a largei sir£lle8lL yss¢I #llocation iii order to bBIDllC¢ Ihe Tnaini¥nHn¢¢ ol'ihc real value ofihe I'rusi'$ ¢apiial iY¢II a5 its income. 11 is Eouiii¢5 13¢/￿ Bonds 154/4 wih Asset allocation tvill vary froiii this larg¢l. du¢ lo m4rkcl tnov¢meiit5. forni81 rcvicw ofih¢ porifolio a55BI alloc41ion occurs on an annual basis. 3.3 CuiT¢nCy The hllsc currei)¢y (>f ihc inve.sinieni poiiftslio is Sierlii?g. Ini'esimvnls micy be mnde in non-Sterlin8 &i*el& bul Should not ¢xc¢¢d 40Vv Qt'ilic ioial iiivesimcnl wrtlolio valu¢. 3.4 Crcdii The Truses cash bulance5 shouliS he d¥po$ii￿J with in51ilulion5 Wlth a minimum raiin8 ufA. or iiivesled in a diversified rnon¢y markei fund. Dcposiis Should b¢ 5ubj¢ci io a maximum cxp05ur¢ of £60.000 per illslilution. Bond exposure shoull bE focused on iTrvc51meni grade 15%u¢r5. 4 Liquidity Requireincnts 4.1 The Endowmeni ainis 10 balance the ii¢eds of Cu￿cnI and Tuture beneticiaries And &5 5Uth aims 10 set a The curr¢nr tar8¢1 for incoinc re¢¢iv¢d from thc cndowmcnl 1$ 5cI al b¢iwecn £30.000 and £40.000 pcr Dnnym (after invcslmeni nianag¢r's f¢¢sl. sroiying with Inflaiion. 4.2 The Trusiees ofih¢ Endowment are unwilling 10 drilw capiial Hnd as such Ihcrc 15 no rcqiiircmeni for 5 Time 14orlzorb 5.1 The Trusi is exp¢dcd 10 cxisi in petpeiuity 2nd invc8tmLnls sliould be managcd lo rn¢cl the invesimeni objcclivc5 and ensure this susiwn*bilil>. 5.2 The Trusi can #dopt & long term iiiv¢sim¢ni lime horii.on. 6 Lthicfil Invc5tmont Policy 6.1 The Trusi¢es of the EndoivnJ¢ni do noi wish io impose any sp¢cific ethical invesrmenl policy.. howcv¢T th¢ Invc51m¢nr SU￿CoMmittee is required ro consider the ¢un¥J-uence ofpoteniial investments wilh the obj¢ctives listed in the Trust Deed. 7 Mnnngtmenl. Reportiiig #nd Monitoring ?. l Th¢ l-ru51ec5 hdve appE)iiiicd Inv¢simL'nl sub*coiiiniillC¥ 10 advisc ihem on the Trust'5 invcsimenL% aiid ID monitor iht pcilDimoncc orth¢ invLsiinLnls. 'Ikc I'rust has noniinaicd a Iisi of aUth￿l5¢d 5ignaiorie5, Iwo of which are rcquircd ¢0 sign insiruciiorts lo lh¢ ini'esimeiii IiianaLrer. 7.2 The invesirnent cominittee is 10 teporl form4lly io Ihe full Iiusiee board on at lusl an annual basi$. Page 3 11¢ Frfimk PRrkT1150n A ort Ilit Trthslee5 ror the Yttsr E￿￿ed 3J$t December 2 24 8 Approval Review Thi5 Inve#m¢ni Policv Siaieincni was prepared by Ilie inv¥siin¢iii 5ub-con15niil￿. ofihe fFank Parkinson Agriculturnl Tiu$t 10 provid¢ a frani¢work for th¢ Inaiiogytymcnl of 11$ inv¢slm¢nt, It will b¢ r¢vi¢w¢d on an annual basis io ¢nsure coniinuing appropriaieness. Reserves polity 'I'hc fru51ces have decided th￿ li ts nol nece550ry lo hold 5ub51aniial cash rL'serves, be¢tts$¢ Ihty do noi h&ve any long ifft'm eornmilments and. if n¥¢¢￿ary. thl inve$iincnlS in th¢ fndowin¢ni Fund by tnddc ovailable to mcti iiiy futyrc exp¢ndiiurc. The Tr11￿e¢S do noi have the power lo h¢cumulatc income, AccDrdinBly, it is th¢ Trusl¢es' policy 10 di51ribuie all of ihc income Ili¢y receivc wiihin 4 r¢a¥oJiable tiine, iakiii¥ one year will) Ili¢ ii¢At &ftvr having regard lo any applic?lion5 that may be under ¢onsid¢ration from iiiiic to iiinc. As &t J l ikcember 2024 Ilie balanc¢ shcel shows shows 4 balance of Griicral Unr￿rIC1ed Income Fiiiids gf £44.494 12023 £46,07ll. In Ihe opinion ot'die Ti'ysl¢¢s. the reserves ar¢ adcquii IL (or lh¢ Trusi lo fulfil its 8rani-m4k'in8 4lCIIVIIics. Tlie Staiemeni of FinanLldl Aclivilie5 for tb¢ year 10 3151 DL¢einber 2024 shows net gains a ￿¢1 increuse in funds of £57.440 12023 - Dtcrcasc £4,800). The funds ai 31st Dccttnbrr 2024 loiull¢￿ £1.49￿,483 12023 £1.433,0431. Th¢ TrusiC¢S ¢UDsid¢r lh¢ fiTraDcial po¥iiion ITr be 5at15faciory and ar¢ oftli¢ opinion Iliai th¢ Trust tan continu¢ as a goiog ¢on¢¢rn for lh¢ for¢s¢cablc futur¢. STRUCTVRE, GOVERINANCE AND NIANAGEIVIENT GovcriiiDg docum¢iit 'rh¢ chariEy is Controlled by it5 governing doctsmeiii. A dced Ol'tru￿ 1( nd Eonstitule5 an UDID¢orporaled charity. The Tru*1 wa5 incorporaied ijnder a Triisl Decd dalcd 4 May 1943. hli ving 15 principal objcci Ili¢ improvcmenl and ￿￿Erare of British a8riculiur¢. Thc Trust iva5 eSl%iblished by a gift from frank Paikiiison, wl)o dicé iii 1946. arjd is a lasting Iribuie 10 him. Th¢ Trust do¢$ not acliv¢ly fundraise and $e¢k's to ¢or>l¢DU¢ Ili¢ chdiilablc ￿ry)rk d¢5ifEd by frank Patkinson through cBr¢ful ste%%iirdship of lis ¢xi51ing resourccs. Th¢ trames of rhe Trusiecs ivho hove seEved dui'ing Ilie ytar and sinc* Iht year-end Ar¢ set out on P4gB 5. Recruitment nnd Appointmcnt ofntw truste¢$ Truslce5 arc appointed by the boaixt of Tri151¢es. They are chO￿n for their knoi¥lcdg¢ ofBriiish agriculture or Ilie skills and experiise Ihey can conlribui¢ io lh¢ Inanagement of lh¢ Trus1. Oli bcin¥ uppoinlL'd 05 nEiy Tru$1¢¢5 Ihcy ar¢ given copi¢5 of ihc Trusr Decd, Trust A¢counis and tlliTiulcs of TiuslcL'S' Inceiiii8s aiid <1re iiiade aware ofih¢ Charily Com￿15510￿ publication'The esseniial trusi¢c'. whai yoii need to knoiv. iyhal you need to do They are also made aware ofihe admint$lralive pm¢¢dur¢s of th¢ TTusr. lis history and philo50phscèl li pproach. from iiine 10 linic Ihc Trus1 S¢cr¢laiy makis Ihe Trusices await of oihcr Charil) Commi551011 publication5, to help k¢¢p Ihcm up lo daic. Ori9nlsAtiDnAI strutturt 1lic Iruslccs liove appoinitd an invL￿11lCnl sub-¢ornmillL¢ to advi5c ilicm on Ihe trust iii¥¢siin¢nis and 10 fflonitor the p¢rforman£¢ of the investments. All ot- thc I rysrccs rcceivc valuations direclly fiDm thc inv¢sim¢nl manag¢rs evLry thr¢¢ months, lo cnable th￿17 lo oniior Ihe Trust portfolio. The 1 rusices have dclcgaied the day 10 day adminisiraiion of the frust to th¢ l-vust Se£reiary, Mr M Steel< who is alsQ tlie .1 rust ¢orre$pondcnl. HowcveT. all applications rec¢ived duTing Ilie yL'ar are forwarded lo the Agriculi￿ra1 Ti'iisie¢ fui his ¢on$id¢r&iion incorporaiion in a sepai'aL¢ R¢porl giv¢ii 10 him 81 the Ti'u8tces' Annual G¢ncr&l Me¢Ling.'fhe Rcport oonlains his rccomrnendotions for consideration by thc othcr Ti'u51ccs. Ont or moTe applican15 may be inviieQ lo aitcnd the Tru5tecs' mceting and txplain their requirements. Occasionolly, Applica110115 re¢¢ived al 0ih¢r liines firt discussed by the Tru5te¢s by means of email. The Trusi¢es hold Ihtir Annual G¢nerlll Mceiing IA(ihql in April ¢a¢h yeor. to approvc und 518n the Atsnuol lieport Financial Siatetll£nlS, 10 r¢ttTV¢ submi￿19n5 froni applicants for Inajoi. fuftding ond lo iYc¢ive The annual reports of Ihe Chairman. Ihe S¢¢r¢thry. (he AgiiculiuTuI Trustec the investni¢ni sub-¢Dinmiiiet RKFERENCI AIND ADTrIIIY15TRATIVE DETAILS R¢Eisttrtd Ch*rity Trumber 209407 Pa¥¢ 4 Tli¢ Frank Ptsrkinson A riculturfil Tru$t ort of the Tru$te¢$ ror thE YeAr Ended l December 2014 The Hous¢ Comb¢ Wiiney Oxfordshire OX28 9NY Tr￿Ste¢S C P Bourchier Bsc (Honsl Chainna D Gardner Agi'iculiural Trusict A MoTriqon Ms 14 Bcck¢it ITCSj8ned 1.3.241 NDec Prof¢ssor L A Sinclair lappolnted 1.6.241 V S Robinson lappoinlcd 1.8.241 Indep¢nd¢nl Ex•min¢r Mr Rodn¥y PDlmer BA CA Fari"ics Kirk & MGV¢an Dumfrie8 Bnierprise Park Dumfries DUMFRIESSHIKr- DGI 3SJ Bnnker$ CAf. Bank Ltd Wesl M•lling Kenl ME19 4JQ Se¢r¢tiry to Ibe Trts$tee$ MT M Sie¢lc Auchencairn Collage Closeburn Thomhill Durnfries5hir¢ AppTov¢d by oidcr of the board of Iru51ecs on I st April 2025 and signed on its bch&lf by.. C P Bourchier BS¢ {HoDsI- Trusie¢ Pagc 5 endellt Eximintt's Re The FrAiik Parkinson A ort to the Tru5too Independeiit tXRrniner'5 repoi't to tli¢ irusiee5 fjf Tlie Frgiik Pnrkinson Agricultural Trust I repori 10 Ilit charily tTU51ees on my esaminaiion ofihe accoun15 ofTlic frllnk Parki1150n Agriciiliural Trux Iihe Triisll foi Ihe yea* cnded J151 Dccembtr 2024. Re$pon5ibilities and basis ofrtpoit As lh¢ charity iru#ees of Ihe Trusi >ou are r¢spon5ible f(x' the preparation ofihe accouts15 in Accordance with th¢ requiirments of ihc Chariiies Act 207 I I'ihe Aci'i. rcpoff in r¢spcci of my exatninalion of ihe TIv51's a¢couni$ earried oui under Section 145 of th¢ Act in cairying oui my examinttiiort I havc followed all applicable DirKtions given b). the Charity Commi55ion undef Section 14515llbl of the Act. Ind¢p¢ndent eKthThincr'3 5tatcm¢nt I liave conipl¢icd my exaMin￿}llO[l. l ¢oi)firm Ihai no malcrial Inaiicrs have Comr lo Iny attcnlion in ¢onn¢¢tion with Ihc CXDTnin4iion giving mt cauK' to believc thai in any maici-ihl respcrl-. u¢counling records ¥veir noi k¥pl In rcspcct of Ihc T1￿$1 as required by Section 130 of th¢ Act,. o lh¢ accounis do nol accord wilh Ih05e record5. or thc a¢counis do not comply Miih Ihc applici1bl¢ requiremenis coiicerning Ihe form and conieni of accounts sei out in The ChaTilies (Accounts aiid Reporis) R¥8ulaiions ?nnR oiher Ihln *ny reouircmeni Ihat the a¢￿v￿1% give A Iriie aNd fRiT view which 15 not a rnatt¢i' considEI'ed as pari ot'an 1ndepenJeni exaniinEitioii. I have no con¢¢rns and have com¢ across iio oihcr rnli Tlcis in conneciion wilh Ihe examination lo which aiicntion should bc drawn in Iliis rcport order to cnable a proper undersianding ofilic fjccounts io be rc4ched. MI RLKJney Palmer BA CA Favrits Kirk & Mcvcan Dumfries Lnterpi-i5c Park He&ihhJll Dumfries DUMFRIESSHIIIE DGI 3SJ I si April 201S Page G Tht Frfynk PArki￿￿O￿ A rlculTurAI Tru ror tlie Y¢#r Eniled 3151 Deeember 2024 20?4 Total fund5 2023 Total funds Unr¢stricied lund Resiricled fund Notrs INCOME AND ENDOWMENTS FROM InY¢stm¢nr incorne 52.560 31,372 83.93? 78.007 EXPENDITURE ON Grants Poyable GDver113nce Man8Èem¢nt & admiftisiittiion of th¢ chariiy 47.559 840 6.694 47.559 840 6.694 30,7JO 840 7.046 TotAI 55.093 55,093 58.630 N¢1 BainO(lossesl on inv¢5tineiiis 956 27,646 28,602 NET INCOMEIIEXPCNDJTLIRE) 59,018 37.441 14.8001 Tr•n$f¢r5 bttween fund N*t move￿ent in lund5 45.855 57,441 14,8001 RECONCILIATION Ob IPUryDS Total funds brought forward 46.071 1.386.972 1.433,043 1,437,843 TOTAL fuNDS CARRIED foRWARD 57,657 1.432,827 1,490.484 1.433,043 Th¢ noi¢s forTn pari of¢lics¢ financial $laLern¢ui$ The Frink P*rki1150n A l Trv$t 315t Dccembcr 2024 2024 ToiJl fund5 2023 Toi81 funds UnresiTI¢I¢ fund R￿triCted fund Noies FIXKD ASSETS Investments 49,532 1.432.827 .482,359 1,421,301 CURRENT ASSETS Debiors Cash at bat 20,000 30.103 20,O)0 3Q,103 20,(M)O 16,649 50.103 50,103 36.649 CREDITORS Amounis lallsng due wiihin on¢ year 140,9381 140.9381 124.9071 NET CURRENT ASSETS 9.165 9.165 TOTAL ASSETS LESS CURREN'f LIABILifIES 58,697 1.432.82? 1,491,524 .433,043 CREDITORS Amounts f4lling due after more than on¢ ￿ttr 10 NET ASSETS 57.657 1,432,827 1.490,484 1.433.043 FUNDS Unr¢$trict¢d (unds Re￿riCIt4 funds 57,657 1.432.827 46.071 1.386.972 TOTALFUNDS .490,484 1,433,043 Th¢ financial Stsizrncnts i%crc appi'ovcd by Ili¢ iloaid ofTriisiiLs and auihtsrised foi. i5suc 011 151 April 2025 slid w*r¢ Siwi￿ on ils b¢h4lf by.. C P Bourchier Bsc IHoDsl. TnJsi¢¢ Th¢ noitt fortn pdii of ih¢5c financsal staitmen Page 8 The FTank PThrkin rieuliurnl Tru Nol¢g lo Iht fin￿nCl I StAtenben f r tbt YrThr Ended Jlsl Decrmbtr 2024 ACCOUNTING POLICIES Th¢ financial Slal¥m¢n15 of the charil)., i%hi¢h 18 A puhli¢ hcnefil ¢bilily iindcr fRS 102. haic b¢cii prcpured in accordance with the Chai'iii¢s SOFiP IFRS 1021 'Accounling and Rcporting by Chllritie5.' Siaierneni of Rccommended PrACIi¢C nd Republic of Irclllnd IFRS 1021 leffc¢iivL l Jaiiuai'y ?0191', fillttn¢i￿ Reporting Siandard 102 Th¢ financial Rcporting landayd applicable in Ih¢ UK and Republic ol. Ircland, and Ihc Charili¢5 Ad 2011. The financial siaicffl¢n15 hav¢ been preparcd under Ihe hiiioricdl co&1 conv¢niion, Iyiili lh¢ ¢XC¢Plioii of inve*Tnen15 which art in¢lud¢d at market valu¢. A5 modified by the I¢vuluorion of¢trtain asRts. Incoin¢ All incoinc 15 irco8ffti8d in Ihc Si&iemcnt of financial Aciiviiies onL¢ Il)¢ Charity ha5 enliilerncnl io Ihc fvnds. 11 is probablc that the intotn¢ V¢ill b¢ r¢reivcd and Ilit Eltnouni Cl¢ n bc mcasiiTcd Itliably. EKptThd11￿rt Liabilitie5 are recognis¢d as ¢%p¢ndilurc ts soon as there is a l¢gal or constructivc obli8alion EotnThilling Ihc charit> to that ¢xpcndilure, it is prob3blc Ihal d Iran5fcr ol eeonotnic benefits will be required in sriil¢tDeDI and Ihe amouni of the obligation can b¢ measured iclidbly. C¥p¢ndilurc is accounted for on an acriuals basis and h&5 been classified Iiiidir hcadings that aggrcBaie all ¢osi reltsied to the caicgoiy. IVhei¢ co$1$ cannoi b¢ direcily attributed to pttrticular hcDdin8s iho. have been allocai¢d 10 QCliviiie$ on a basis consisienl wilh th¢ usc of resource5. Grants oft¢r¢d subjccl to ¢onliiions whi¢h havc not ￿¢D mci ai the year tnd dDle arz noted 35 a commivneni bui noi o¢cru¢d s cxFndiiuir. TxAAtion 'I'h¢ ¢haril> is exeinpt from on ils charilablc llciivili¢s. und fvttounting UiiresEI'icied fuiiits ¢ai) be in dGcordan¢e ¥*iili IIIL Chwit￿ble objeciiv¢b ai rh¢ disLI'rlioll ¢Jfihc Iru51cL'¥. Re$iri¢ied funds cali only b¢ uscd for particular rc51iici¥d piirp05C5 wiiliin the ohj¥cts of th¢ ¢h&riiy. RcstrictlDns arise when 5pecilied by the donor or when funds are raised foi p￿1￿1¢u]ar restricted purposes. ruriher cxpltsnaiion of the nJiur¢ ijnd purpnse nfcRch fiind 1% included in the nrjies ith the financinl.4ialcm¢niq. Debiors & yrtpyymcnts Debior$ are r¢¢ogniscd al dic 5¢tt1cm¢ni amounr diie. Pr¢paymcnts ar¢ Val￿ed at Ihc amount pr¢paid nci of anv di5coull15 due. Tridt creditors Trade creditors are obliEDiions to poy for goods or service5 Ihal have been aequir¢d in Ihc ordinary course of business from Accourls payablt are clas￿111ed A5 curreni li*biliiie5 ifihe coinp8ny does noi lia￿¢ un¢ondiiionul righ4 Ji Ihe ¢nd of the r¢porting period, 10 dbfer st111￿1￿L.TrI of Ihe ircdilor lor Iii ICLEI Iwclvc ITK)nihs nvittr the r¥portin¥ dai¢. Ir Ih¢ir 15 an un¢ondilional ri8hi io d¢fgr xiilemcnl for al IcEisr tw¢lv¢ months aflii the reporting dai¢ Ihey arc PTcsenlcd ft$ non curr¢nl Page 9 The Fr*nk Pnrkin5Oll for tlie Yexr Ended 31st Dec Jnber 2024 INVE￿MENT INCOME 2024 2D23 Investm¢nts repro$entlkl8 Expendthble Endowmeiit5 Fund$-Inttsm¢ Rtcoiwed Charih)nd lrtcome UniTS IM&Crl Bla¢krock chariti￿ UK Bond fund Income 45.128 42.872 3.781 4,228 lllvt5tinents repr¢s¢thtinE Ge￿traI Unr¢51ri¢¢¢d Inco￿¢ Fund3• Incomo R¢¢¢ivtd Charifund Incoine Uniis IM&GI Bldck'rook Chariiies UK 13ond funJ Incoine 1,560 1.482 146 Jnvestrnents roi)r¢5¢nting GeTrerHI Unrestricted Im¢omt Funds. Income Reinv¢sl*d Charifund Aceumulatii)11 lJnils IM&GI Blackrock Chariiio5 UK tjond Fund Arcumulaiior 901 72 67 Totxl In¢orne Roceivtd Reinvt5ted ps CJeTrtral Ilnrcslrieted Incnme VunJx 51,685 49.701 Investments ReprE$¢￿tIll8 Expendable Endowmeni Fund$.IncomE Reinvested Chaiifund Accutnulalioii Uniis IM&GI Bla¢kTock Charilic5 UK Bond A¢¢uTnulaiion Z9,437 26,050 1.934 2,086 TotHI JNcome Rtinvesrtd as Exii¢iJdablt E￿d0￿Me]￿l Funds 31,371 28.136 Total iiive5tmenl incomt xftcr defjuction of fee$ 83,056 77,837 llie Trustees have invesied in colleciive invesiin¢iil 5chemt5. 'Ilie InVe￿Ment TnAna8ement f¢rs for Ih¢5¢ schemes are l¢vi¢d th¢irfor¢ shown net of aiiy fees. M&G's fc¢s foi. Clinrifund unit5 arc currently 0.47% w M.liilB BlaekMock'5 fecs for Chorinto are 0.46%. Th¢ Frank PArkinsoTr A rlcultur l Trust ntintstd Isi DEcernber 2024 ie Yexi. En(led GRANTS PAYABL Gr4iits- Commltments m#dt ITh yeAr 2024 2023 Tli¢ Oxford Fnrmin8 Ctsnfertnce CoTnnitted in 2014 10 £5.0￿ for ¢onferen¢c in January 2019. Paid £5.OOQ in 2018. £5,000 in 2019. £5,000 in 2020.f5000 in 20?1 ,£5.000 in 2022. £5.000 in 2023 and £5,000 in 2024 Dovelop¢n8 Cftrboii Coinmillcd £ l O,O(M) in 2023. £7.000 paid in 2023 CultivHte Succe55 CornmirE¢d £20.000 in 2023, Paid £18.000 in 2U23 £2.QOO in 2024 CommuJiSly Supported Agriculture Cominiti¢d £10.000 in 2023. CoTntniltcd £10.400 in 2024 and paid £5.200 P*$iure Pod Commiitcd £20,OOQ in 2022, ljaid £IO.000 iii ?0?2, £10,OOQ in 2023, commirted £5,750 in 2023 &iid P4lid £200 in 2024 Nuffield Proj¢rt Commitied £14,360 and paid £6.462 in 2024 Innovatiott for A81'icultur¢ Conitniit¢d £17.800 and pdid £10.620 in 2024 5.000 5,000 10,000 20,￿0 10,40V 10.000 5,7JO 14,360 17.800 47.560 50,750 ReeoDcIIiAtlon of GrgDt$ Pnyible 2024 2023 Outstwidiiig Grants al 1st Janujry 2024 24,067 33,878 Conuniliwnt5 11iad¢ in the ytlr 20?4 47.560 50,750 71,627 84,628 Gran15 paid during Ihe y¢ur 2024.. Pasiure Pod Nuffi¢ld Culiivaie Success 200 6,462 2,OLN) 5,200 5.000 CSA Oxfoi'd Farming Confer¢nce Innovation tQT Agriculiurt 30.548 60,561 OuisiHnding Grants at 3181 O¢¢cmbei' 2024 41.079 24,067 Pag¢ 11 lje Frgnk Plrkinson A Ticultural Trwt Notes to tli¢ Finnncinl Stntenients contlnut r tlbt Yellr ETr￿ed 31 t Dec#mb¢r 2024 SUPPORT COSTS 2024 Z023 Govtrhnnce Costs Indepehd¢nt ExDminer's Fet rarries, Kirk & Mcvenn 900 840 900 M*nAgement & Adminisfrgtltrn S¢cr¢tarial Bank Charges Siationery Travel Expenses Is￿￿18ryI AGM Accommodalion Retirement Gifts 10-frusiees Sub5cription¥ AgriFood ChaTili¢s Partneiship Civil Society MEdia Zoom Tru5tce5' Eipon5¢5 Triivtl Eipeiises CP BourLhi¢r 14 Bcckcii D Gardner P web￿Lr 4,000 6Q 55 3.600 60 80 77 1.236 •32 3?6 300 99 144 300 99 144 1.406 761 185 260 36 fj.523 7,070 TRUSTEES, REMUNERATION AND BENEFI'rs Th¢re wtrc no tyusie¢s' rcmuncraiion or oiher bcncfits for lh¢ year ¢nd¢d 3 Isl D￿emb￿r 2024 nor for the year end¢d 3151 Dccembcr 2023. Trust¢ts' expenses 1024 2023 Tr￿$¢¢t$' Expense$ Trivel LApt115e5 CP Bour¢hFer Fl Beckett A Morri50D D Gai'dncr P Wcbsicr 1,406 761 260 36 1,406 .242 Pagc 11 The Parkinson A rlculiur Al Trii frr the YeAr 31$1 Dtcember 2024 COMPARATIVES FOR THE STAI-EMENT OF FINANCIAL ACTIVITIES Unresirictcd fund Rcsiritted fund Total Ojnds INCOML AND ENDOWMENTS FROM Inwesirn¢nt income 49,871 28.136 78,007 EXPENDI-fuREON ChArithble ntti¥iti¢s GTanls Payabl¢ Gov¢rnancL Managemeni & adinillislraiion of the charity 50.750 840 7,046 50.750 840 7.046 Toial 58.036 58.63fj N¢1 gainslllossesl on inveameois 1808) 123.3631 IYCT INCOMEIIEXPENDITUREI 19.5731 4,773 14.8(KJl RECONCILIATION OF FUNDS Toial fund5 broughl forwBrd 55.644 1.382.199 1,437.843 TOTAL fuNDSCARRIED FORWARD 46.071 1.386.972 1.433,043 FIXED ASSET INVESTNfENTS Li51cd MARKET VALUE Ai 151 Jaiiualy 2024 Revaluaiions Cil.058 Al 31st D¢c¢mb¢r 2024 1,482,359 NET BOOK VALUE Al 315t December 2024 1.482,359 Al 31st Detember 2023 Thcre were no inv¢51ment aS5eis ouiside rh¢ UK. a) Inv¢$tments RcprcsctitiTrg Expo¥dable Ei ndown)L￿1il Funds The perlonnin¢¢ of ihc Tru.%1 portfolio for IhE year t(> 31 Lkcembrr 2024 may be summarised as follows.. H¢storic CD5t 31 Det 2020 Mnrket VThlue 31 Def 2024 MArket Value 31 Dec 2023 M & G In1'E$t￿￿Trt Charifund Income Unil Charifuiid A¢curn￿lation Units 731.731 738.295 542,297 719,537 497.481 Blackrock Fund MhnAgers Limite BlackTo¢k chari11￿ UK Bond Fund Incorne Blackrock Cliarilies UK Bond Funil Arrutniilalion 136,915 58,678 100.o¥i 32,153 104,530 52.261 Page 13 The FrAnk PArkiiison A rliul rAI Tru Nott5 t¥ Iht fin￿￿(1￿1 stntemc￿t for h¢ YeAI- Eiiiltil 3151 December Z024 FIXED ASSET INVISTIIIENTS. coiitinued £1.245.685 £1,432,826 £1.373.809 The Flistoric Cost shoivn above r¢pTes¢n15 the original cosi of Ihe invcslments in 2014 & 2019, without regard 10 reinvesi¢d in¢om¢. Th¢ incorne for thc year 2024 laftcr iiivestThent Inanag¢meni fee51 lotalled 180,28012023 £75.2361 of which £48,909 Ivas reccived in cash ond £J1.371 was i¢jnvc5ted by M&G Dnd Bla¢kro¢k in a¢ruTnulDtion unit5 or sh r¢]nvC&￿d by M&0 in ac¢uniuldlion units or sharcs ¢1 ITrves¢ments in Lloth funTJs. The change in tli¢ valuc ol'ilie Trusi's invcstm¢nls 2024, cotllP8red with the r¢levani FTSE index, 1$ as folloiys.. 2024 2023 M & G InYo¥tn7ent Charifund InGotne Units Charifund Accumulation UDIIS {wiih income r¢inv¢51¢dl FrsE All-sliare Index Blickiock Fund FwlatLHgers Limited BlackroLk Cha¢-Ilie% UK Bond fund Incoinc Blacki'ock Chai'iii¢s UK Bond F￿lid Arcumulaiion FfsE UK Gills All.Stwk4 Indcs +2.61VD 9.01•/4 +5.57Yo -Z.35Yo +3.63Q/o +3.85% -4.26Vo -0.21Q/o +0.80/ts +1.05Vo +6.0?01 +1.02Yo Pu¥¢ 14 The Frllnk Pnrkin ricultural Trust taten)eTrts- eoDtiTrued tllr Ended DEBTORS: AMOUIYTS FALLING DUE IVITHTN ONE YLAR 2024 2023 Con¢essionJry Lo8n 2Q,000 20,000 Conce$5ionary Lo9￿ to R Flodgkins- unseciired. ln1crc5t-fi￿ and reptyablc in full if h¢ does not Bilt fiv¢ rams pcr y¢Br for five yellr5 to selccied bLn¢fTrt13ric5. CREDITORS.. AMOUNTS FALLINC DUEWITJIIN ONE YLAR 2024 20ZJ Independent Eximiner's Fte rarries, Kirk & Mcvean Granr5 PAyAble t)evelnping C.ai"ho Nuffield Projeci Sevein Rivers Trust Pgsiurc Pod Coinmunily SupFN)ried A￿lcUltur¢ CuliivBlc Su¢ccss Innovaiion foT Agii¢ul¢urc 840 3.000 7,898 3,000 4.8QO 14.160 3.000 3.000 5.000 10.ooo 2,000 1.067 7.180 40.938 24,907 10. CREDITORS.. AMOUNTS FALLING DUE AFTKR MORE THAN ONE YEAR 1024 2023 Gramts Piy*ble Cofflmunity Supportcd A8i&cuItuic 1.040 1.040 MOVEMENT IN FUNDS Net movemeni in fund% Transfers between fuiids Ai 31.12.24 Ai 1.1.24 unre¥tri¢t￿ furJd$ General Unrc%trici¢d locome Funds 46,071 13.163 57,657 Re5trieted Exp¢ndabl# Eiidowmcnl Fund5 1.386.972 59.Q18 ,432,827 TOTAL FUNDS 1.433.043 57,441 1.490,484 Page 15 The FrAnk P kiDsoTh A riculturnl Trust NDtes to the FiThnn¢i11 I St4llement5- cOntin￿ed r•T tht Y nr Enilcd 31st December Z 24 MOVEMENT IN FUNDS- tomiinu¢d Net movement in fvnd& incliided in the abov¢ ai'¢ folloivs.. Incorning rcsources Rc50urccs expended Gains and lo55eS Movem¢nt in funds Unrestricted funds General UnTe51riclcd Jnconie funds 52,560 155,0931 956 Restricted (unds fxpendable Endowm¢iit Furwjs 31.J72 27.646 59.018 TOTAL FUTriDS 83.932 155.0931 28,602 57,441 CornpArAtiv¢$ for niovtmtnt In funds Nei n?ov¢m¢ni in fund5 Ai 1.1.23 UnrtStrict¢d General Unrc¥tri¢lcd Income funds 55.CA4 19.573) 46,071 Rtslri¢ted fund5 Expendabl¢ Lndowmcni Fund5 .J82.199 4,773 1.386,972 TOTAL FUTr4DS 1,437,843 14,8001 ,433.043 CompJraliv¢ net Inovcjncni in bjiids. ineludcd in Ihc above are a5 follows. Incoming rc$ourcrs REsourEes ¢xpcnd¢d Gains and los&es Movcincnl in funds VThre$tricled fuiids General Unrestrid¢d Incorn¢ trunds 49.871 158,6361 18081 19,5731 Reslricted funds Exp¢ndabl¢ Endowmcnt Funds 23,136 123,3631 4.773 TOTAL FUNDS 78,007 158.6301 14,80DI A current ycoi. 12 monihs hnd piioi yeaT 12 months CombinL￿ Posilion is ¥ follows.. Nei movemcnt in funds Traftsfers betwccn funds Al 31.1?.24 At l.1_23 Unre$tricttd funds Gcneral Unrestricicd Incomc Funds 55.644 57,657 Restricted fund$ Expcndablc Cndowmeiit Funds 1.382.199 63,791 1,432,827 TOTAL FUNDS 1.437,843 52.641 1.490.484 Pag¢ 16 t FrAiik PATkinJ Itvr%l Trujt continuEd lor th YeAr Ell(Itd 31st Decem MOVEMENT IN FUNDS- ¢oliti￿￿e A ¢urr¢ni >ear 12 monlh5 gnd prior yea¥ 12 Inoniiis combined nei movement in funds, includcd in Ihe above are as lollow5'. Incoming resourc¢5 Rc50urc¢s ¢Kpendcd Gains and loss¢s Moverncnt in funds Vnrc5tritf¢d funds G¢n¢ial Unie51ri¢i¢d Incorne Funds 102,431 1113,7291 Restrltted luttd5 Exp¢ndable Endowm¢nl Fllnds 59.508 4.283 63.791 TOTAL Fu￿Ds 161,939 4,431 52,641 12. RELATED PARTY D15CLOSVRES Thcic werc no rclaicd party Iransaciions foi the yc)r ¢nded 315t D¢ccmbcr 2024. Page 17 The FrnTrk PArklnson A Dl'tsiilod 18i¢mtnt of Finan for the YeAr End¢d 31st Dectmber 2 24 2ts24 2023 IIVCOMEAND ENDOWMENTS nvestThent ineome Investmerjl income Deposil account iniere 83,518 77,836 83.932 ?8,OU? Tot*l inttrming r¢sour¢es 83.932 78.OQ7 EXPENDJTURE Grants to insiituiions 47.559 50.750 Support C&5t5 MpnAgemtnt Truste￿, expcn5¢5 Postage and slaiioncry Sundrics 1.406 55 700 4,000 87 326 60 1.242 80 775 3,600 53 ,236 60 Travel fxpen5es Meals & Aictsn￿Ud￿lIon ank Charg¢5 0.634 7.046 Gov¢Ynancc tost5 Ae¢ountancy and lttgal ftes 900 840 Totnl Te8ources &¥p¢nd¢d 55,093 58.636 N¢t itt¢Dme 28.839 19.371 This p8Ec doc5 nol foi'in parr tsf Ihc htalulory financiÈl staiemciits Pagc 18