REGISTERED CHARITY NUMBER.. 209407 ort ofthe Trust FlnAnciil Siit¢ments f he Year Endtd ember 202 ror The Fr#nk PRrkiTrson A rl¢ultur*l Trvst Farrie5 Kirk & Mcvean Dutnfri¢5 Eiiierprise Park Hcaihhall Dumfries DUMFRIESSHIRE DGI 3SI
The Frank arklnson A tur1 Trust CoteI FinanelAI Stxt ror the Yr Ended J15t D er 21125 PAgt Report of the Trustees Indeptthdent Eiamlner'5 Report Statemeknt of Fininclftl Aciiviie5 BAlinte Shect Notes to the FinAnciil stitemets 11 to 20 Detilled Sittment of FlnnclAI Attlvlties
The FrRnk PHrklnson A rlculturHI Tru$t ort f the TrusteES e Year Fnded 31 I DEiember 201 The (rusi¢e5 preserti Ih¢ir r¢port wilh tht financial stalemcnls of the charity lor th¢ y¢T cnd¢d 31si Dec¢mb¢T 2025. The Irusiees havc adoplcd the provisions of Accouniing and Reporting by chIlLe1.. SiaieTn¢ri of Recommended Practice applicable lo charities prepariDg their accounts accordance witli the Financial Reporting Standard appli¢able in th¢ UK and R¢public of Treland IFRS 1021 lefftclive l January 20191. OBJECTIVES AND AcfiviTIES Obl¢ctlvtS And jims The Tru51ee5 mlly. al their dis¢r¢iion, apply irust in¢ome or capi181 ioward5 any one of ihe following objects.. al The improvemtnr and welfllre of British agTiculture bl The undcrtakin8 of agricultutal research or Ihe provision of ¥rants in aid of a¥ri¢uliural research c) The e$iablishm¢nt of scliolarships buTsaries and Exhibitions ar any Univcrsiry, College or other lechnical instiiuiion or undot any s¢hcme of training in iny br4n¢h of Ihe 88ricultural industry dl The grdnting offirtanci81 asslstance in 9ny forni and under any ¢ondiiions to cnabl¢ youiB person5 of ability wlio are in n¢¢d of assistènce and are workin8 In thc agricultural industry to improve th¢ir ¢du¢alion and ¢xp¢Ti¢nce by workin& Training or orhcrwise ¢1 The establishment of ¢onvalesc¢ni homes. hospita15, h05t¢ls ind soci41 and welfarc ameniii¢$ of 811 kind5 for workp¢opl¢ in the agritultural indushy D Th¢ enwura8ein¢nl and I$si51an¢¢ ofihe social and cullurnl welfATe of worf¢p¢ople in the a8ri¢ulrurlll industy gl The making of granis any chllrily or organisaiion lch is carrying on any work in ¢onn¢clion wilh the prov15ion of any such bencfiis as aforeid In view of their limited r¢50urc¢s, The Truslres havc focused thcii ¥rani-maki118 ?CIiVilies on th05¢ projec15 which Ih¢y believe will have the 8realesl influence on the irnproveinefti and wclfare of Briti$h agriculiurc in the futur¢. Public benellt The Trusiees confirm thai they have had regard to the 8uidance Contained in Ihe Chariiy Commi55ion's general guidanc¢ on public ben¢fii when T¢vi¢wing Ihe Trust'5 airn5 and objcGlives and in planning futur¢ aciiviiies. GrhntrnAking The Tru51 ha5 esthblish¢d Tts grani making policy to achiev¢ it5 objects for th¢ public benefji. The prin¢ipal objectiv¢ of the Trust is to support the IProvement and welfare ofBrilish a8ri¢uliure. Th¢ Tru51ccs have d¢v¢loped a prtrgr¢551V¢ Strdiegy, infor1Med by the conclusions and Tecommendaiions of the Fortsi8ht Report 'The Futur¢ of Food &nd Fanning" and oilier 5Trategi¢ report5 addressing Elobal Issues. This slral¢8y is cenlrrd on enhancing the productivity of British agriculture io mcei Ihc challeng¢5 of a growing world populition and increa4d competiiion for r¢50urccs. This Inu5t be 8¢hievEd in partnership wth the wider wpulation and local ¢ommunilie5. Th¢ Triislees are keen to cncourage application5 for support from project5 and pro8rnmThes thai identify Arsd $pr¢ad besi PTaCIic¢ for the b¢n¢fii of British agriculture. Howev¢r, grarbts will only be made wh¢re Clear ben¢fit5 arc quanlificd together with dciails of how these will be communi¢3*d and applied lo the industry as a whole. Th¢ k¢y ¢l¢ment 1$ 'l¢adership' Trustees wish ¢0 see robust outcomes translatcd inio widcsprcad practical action. lh¢ Guidelines for grant appli¢aiions gre av)ilabl¢ from Ihe Trust Se¢rei&ry. P&ge I
Th F nk PArklnson ritulturil Trust ort of Lht Trustees h Year Krtdcd 31 t Deetmber 2025 ACHIEVEMENTS AD PERFORMANCI Th¢ Trust 5UPPOrted tht following projects, which innuence. ¢ducote and pmmot¢ Britlsh agriculturc for th¢ public benefit.. The Oxford FBrrning Conference IOFCI The OFC is a re8151ei'¢d charity thai inv¢sis in agricultural education and Krrf)wl¢d¥e-yharits8 and has run its annuDI ccnferen¢e for over 70 years. 'fhe Ti'us12¢s continue 10 sponsored the Frank PArkinson Lecture. In 2023 the Trustees a8r¢¢d lo payments of £5.000 annually foi 2024-2026. For the 2026 OFC th¢ Trust agreed lo support the commi55ioning of ihe Tewrt UK Fanning- Grasping th¢ Opportuniiies by Prof Louise Manning with a grant of £25000. (paid in 20261 The A8riFood Charities P8rtnership IAFCP) The AFCP is 4 r¢gi51ered charity whose ov¢Tall aim is to prorwie education and re5carch in agriculiure And food pioduaion by supporting oh4riiies ill this sector. The Trusi has sub5cribcd io AFCP since its crealion in 2008 as AFCP give5 FPAT profile Ihou8h th¢ AFCP website. The Agr7-Lead¢rship AwaTd Since 2015 2 project burs8ry of up to £20.000 pa ha$ b¢¢n made avai18ble for pol¢ntial industry leader5. The projects will focus on improving the productivity of British aBrieultur¢ to meet the choll¢ng¢5 of B growing WQT5d popularion ind increased cotnpeti¢ion for Te$OU<s. ArdS were given in 2015- 2017 and will coniinue 10 be 8voilable in futUTe year5. Myomax Gene Rab Hod8kins has gifted rams io famer5 since 2018 for breeding 5h¢ep corying thc "Myomax" gene. When Ihe orilinal iargei and period 15 reached (he loan will be written off and ireal¢d as a 8rani. If, in Ihe opinion of the Tru5tee5, the gifts have i been Tn4de in a reasonable iiine. the loan Inusl be rep&id in fyll_ The Trustee5 wyll di58 Iliis at ihe 2026 AGM The Windjor L¢ad¢rshsp Trust IWLTI The WLT is o registered charity which provides leadET5hip dcveloprneni pro8rammcs for senior leaders of Private. publi and chariiable sector organisations. The Tru51ee5 gave a final grt in 2024. Awards 2025 AGM Th¢ Trustees awarded th¢ following grants al th¢ 2025 AGM.. Food for Healih A grani of £IOOOO lo David Rose for & fBnn gale piojecl that would focus on influ¢ncin8 the publi¢ on rhe iype of fo(xJ ihey selected with an initiBriv¢ in to help move ¢onsumer ¢hoicg5 away from llnh¢glihy f8St- food opiions th&1 may also bc havin a dclrimenial effect 00 fanning itsclf. ErnPoweTo8 A 8rani of £IOOOO for a proJ¢¢i 10 develop and deliver online Tailored courses for farmers 10 encourag¢ Ihe in¢orpDralion of social s¢i¢nce into 8gri¢ulture thereby fosl¢ring behavioural changcs in farrning by eqtsipping farrners with skills and knowled8¢ on more socially sustsinable pra¢tie¢& Conlinualion of the followin8 9)ntinuing projects was also endorsed.. Page 2
The Fr*thk PArklnson A ritultur41 Trust rt of the Tru$t¢cs for the I'efir Endtd 31$t December 2025 Nuffield R¢pulaiion Nnd Public Outr¢ach Group The Nuffield Diversity project1£143601 had progressed but work still remained to better explain the re8i$trAtion proeess And promotc the schcmc as a whole IfA Calf Action Network A Brant of £17800 was offered over in 2024 for o 2- year period to Coll1 data on a very neglected wpic. CoTnmunily Support¢d Agriculiure A second phll$¢ of ih¢ CSA project offered in 2024 with a finlll graDI of £104(K) ov¢r 2 years. The Trust is a 18s1in8 testimony to the g¢nerosiry of its feunder Frank PArkin50n. In the longer term ihe Trustees iniend io nlinue 5UPPOrtin8 ihosc EAu5¢5 thit will, in the opinion of the TTUStees. have gr¢a¢¢st b¢n¢fii on British agricullure. Page 3
rank Pxrkln ritulturAI Tru ort of the Trustee$ Year Endeit 31st DetembEr 202 FINANCIAL REVIEW Investment poll¢y objecllves Introdu¢tion 1.1 TIIE Frank Parkinson A8riculiurnl Trusi is a 8rnl making Chariry establishcd by Trust Decd, who$¢ PUTPOSts are de5crib¢d on Page l. 1.2 The Endowment &img balance th¢ n¢¢ds ofcurrenl and fulur¢ beneficiaries. Th¢ rapiial remains invesied to pJDvide for future bcn¢fJciarie$ and the Incom¢ received, after deduction of invesrmenl man8g¢men¢ fees, is dis¢ributed to current benefieiaries. l.J The Trust has approximately £1.8 million of inve51menl a$5¢ts at 31si Dccember 2025. Thesc finance the grant mlking activities. 14 The Trustees have appoinied an investment 5ub.committee 10 advis¢ ih¢m on Ihe Tru515 Inveslrn¢nls. 2 Investment ObJetllve$ 2.1 The Trusi seek5 to product the b¢si fin8nciBI reiurn wiihin an a£ceplabl¢ level ofrisk. 2.2 Th¢ inv¢srrn¢ni objeciivB 15 lo gco¢ratc an income received ofbciween £40,000 and £50,000 per annllm Illfter invesirnent mina8ers fees) over the long teym. whil¢ allowing the Twst lo maintain th¢ real value of its 8ssels. 3Rhk The Trust relies en the inyesimont reruyn 10 fund Er&nt making. However, gran15 arc gen¢rally onc Dff awards nd ihc nuThbcr and value of ihe5e may vary depending on circiimslan¢es. The key risk lo the long term susiainabiliiy tsf Il)e tndowmeni is inflation. and th¢ 8s5ets should be inveslcd io miiigaie this risk uver the long icmi. 3.2 A$$ei$ The Trust's ay5eis aTe invested in Common investment funds. wsth cash fund$ used 85 necessary. The invc51menl svb-WTllnlTltec are chJr8cd with advising on a suiiable asset alloc3tion stTaiegy, which is $¢1 so as lo achiev¢ lh¢ overall Trust investineni objeciives. The invc5tin¢ni sub-committee have ngre¢d a iargei Slrnte8ir asser alloc81ion in ord¢r lo balance the moint¢nanc¢ of the real value of thc Trtrsi's Capilal Bs well as lis sneome. li 15 Equili¢5 85%, Bonds IS wilh 30Yo of each invesied in Or¢uul110n unitsi$hare5. A5sel allocation will vary from rhis target. due lo Inark¢t movemenis. Fonnal reviewof the portfolio osset 211o¢aiion OGcurs on an anrtu81 bBsis. 3.3 Curreney The base ctsrreney ()f th¢ inY¢51menl portfolio 15 Sierling. Inveslm¢nts may be made in nDn-Sierling assets. but should not cx¢¢ed 40Yo of ih¢ iotal invesirnent portfolio volue. J 4 Credit Thc TNsi's cash b&lanc¢5 should be deposited with irJM1ilts$ with a minimum Aiins of A, or inv¢sied in 8 di¥¢rsified money tnark¢l fvnd. Deposits should be 5ubjecT to B ¥n#ximum exposure of £60,000 per instiruiion. Bond eXpD$rC should be focused on investment grade i$5UVS. 4 Llquldlry Requlrement$ 4.1 The Endowmenl aims to balanc¢ ihe needs of current and future benefi£iiri¢s and 8$ such airns ID 5¢¢ a sustainable income largei. whilst ensuring the capital is exp¢¢icd to grow ill line with inllatien over th¢ long term. The current iarEet for incem¢ re¢eivcJ from Ihe cndownent is sel al between £30,000 and £40.000 per annum (after investtnent managels fees). growing with inflAIioD. 4.2 The Tru$i¢¢s of the Endowrnent 4rr unwillin8 to draw down capital attd as 5u¢h there is no r¢quir¢ment fc short iertn £apital liqdity within th¢ invesimeni portf¢Jlio. 5 Tlme Horlzon S. l The Trust is ¢xpeeted 10 exisi in perpeiuily 2nd inve51ments slx)uld be managed to m¢¢t the invcstmenl objectives and ensure thi5 SU5tsinability. 5.2 The Trust adopt 8 long t¢rn iftvesimtni iitne horizN. Pa8¢ 4
rjnk PArkinson rRI Trust ort of the Trustees ror the Ye*r End d 315t December 2025 6 Etbicil Investmejjt Policy 6.1 Tlie Trusiees of the Endo%4ryneni do noi wish lo imp05e any specific ethical investment policy.. howrver ih¢ Jnve5rmeni Sub-Corniniii¢e is required its con$id¢r th¢ ¢ongruence of pienlial inyesiments with the obj¢¢riv¢5 listed in Ihe Trust DeEd. 7 MAiia8¢ment, Roptsr¢ing MonltorlnE 7.1 Th¢ Trustees have appaint¢d an iovesimeni subvrommitt¢e io advise them on lh¢ Trust's investments ind to monitor th¢ perlomiance of th¢ inv¢51ments. The Trust ha5 nominaied a Iisi of auihoriscd signaiories, Iwo of which arc required 10 sign instructions lo the inv¢strn¢nl manager. 7.2 The inv¢slment committe< is lo i¢port foTmally to the full iru5tee board on at leR$l an annual bas1S. 8 Approval Ind Revltw 8.1 This Inve51m¢nt Policy Siaietnenl was pr¢pared by (he investmeni sub-commiit¢e of th¢ Frank Parkinson AgricultuAI Trus¢ to provide a frotnework for the mHnagenLent of i¢5 invesimeni. It will be reviewed on an anrtual b8515 10 ensur¢ coniinuin8 appropriiien¢ss, RestrYe8 PDIICY The Tru5t¢e5 have decided tli¥l il is not necessary to hold 5ub5tsniial ¢8$h serveS. because they do not havc any long term corntnilmcnts and, if n¢¢¢554ry, the investments in th¢ Endowmethi Fund can be made availRbl¢ to meei any lutur¢
xpendilure.
The TTusiee$ do noi have the power lo accumulate income. Accordingly. il is the Trllsie¢s' policy to dislribui¢ all of the income they recBive within a reawnable timc, taking on¢ year wilh tlip nexi and 8fter h2vin£ regard lo any appliGalions Ihar tnay be under conslderation from lime io tin)¢. As ai 31 D¢c¢mber 2025 the balan¢¢ sheei show& R balgnce of General UnrE5tri¢ted Trjcome Funds of £44,319 12024 £57,657). In Ihe opinion of the Trusiee5, th¢ reserves are adequatc for the Trust to fulfil it5 8rani-makin8 actiYiti¢S. The Staieinenl of Financial Activilie5 for the year to 31st Dccember 2025 $how5 gains *nd a net Ir¢$t in fund$ of £252.25812024- Increase £57,440). The funds 813 1st Decemb¢r 2025 wtalled £1.742,741 12024 - £1.490.413). The Tru$iee5 consider the finallGial PDsiiion lo be 8aiisfa¢iory and are of th¢ opinion thai the Trust can continue as a ¥oing concern for Ihe foreseeHble fiIDJre. STRUCTURE. GOVERNANCE AND MANACEhlENT Gov¢rnlne document The ¢hariiy is eoniroll¢d by lis goveming documenL 8 deed of Irust and con51ilut¢s art uD¢ncorporaied Gh4rity. Th¢ Trusi w¥ in¢oTporaled und¢T a Trust Deed dated 4 May 1943, hAvin8 15 It5 principal obj¢ct the improvemeni and w¢lf8Ie of Bi ilish agriculiure. The Trust was c5tablished by d gift from Frank P4rkinsoTr. who died in 1946. and 1$ a lasting Iribuie to him. Th¢ Trust doe5 not actively fundrai5¢ and seeks lo Goniinue Ihe charitable work desired by Frank Parkinson through ¢Br¢ful stewardship of ils existing r¢gource5. The names of lh¢ Trustees who have served during lh¢ y¢nr and sin¢¢ the year-end are sel out on Page 5. Recruitment hnd ippoinimenf Dr trujtets rru5te¢s are appoinled by Ihe board of Trustees. Th¢y ar¢ c1105eth for their knowl¢d8e of Brili$li 48ri¢uliuFe or th¢ skills and expert15¢ they can eontribut¢ to ihe mana8em¢ni of Ihe Trust. On b¢in&) appoint¢d 4$ new Trustets Ih¢y aTe given COPIES of the Trust Deed. Trust A¢¢ouTris and minutes of Trustees, meetings and are mad¢ aware of the Charity Commis$ion publi¢ation "The e55¢ntial Irusiee.. what you need to know. what you n¢¢d io do" They arr 50 made aware Df Ihe 8dmini5traiive proccdurcs of the Tru51, it5 history and phiIosophi¢al apptoach. From Itmc to lime the Trusi Secretsry m4k Ihe Trust¢¢s aware ofoih¢r Charity Commission publica120n5. to h¢lp keep the]n up to dale. Page 5
The Frank Parklns• ulturAI Trust oi ofthe Tru$tees for th Year Frbded 3Jst Deeembtr 2023 STRUCTURE, COVERNANCE AND MANACEMENT OrgAnistionAI stru¢ture Th¢ Tru5tee5 have appoint¢d an investment sub.committee to advise ih¢m on the trust inve$¢rn¢nis and to monitor th¢ p¢rfornian¢e of the inv¢slrnenls. All of the Trust¢es receive valu&tions dir¢eily hom the invcslrncnt managers every thTCC months. 10 enèble them to monitor the Trust portfolio. The Tru5t¢es hAve dtle8atcd Ih¢ day lo day adMinistratn ofihe Trusi 10 the Trust Secretary, Mr M Steele, who is a150 Ib¢ Trust correspondent. Howevcr, all applic&iTons rcctivcd duriftg Ihe year arc forwarded kn the A8rsculiural Trustee for his COll5ideralion and incorpoTaiion in a separat¢ Rewrt given io hirn at the TTllSt¢es' Aonual General Mcctit)g. The Report Contains hi5 re¢ommendaiion5 for Consideration by the other Tru$iee$. One or mor¢ applicants MEY b¢ inviied 10 attend th¢ Trustees, meeting and explttin IIiT T¢quirements. Occasionally. application5 rcc¢ived at other times u¢ di5¢USsed by tht Trusices by mcans of email. The Trustees hold their Annual General Meeting IAGM} in Aprtl ¢#¢h year, to approve ond $ign the Annual Report and Fin8nci21 Stst¢m¢nrs. to receive submi55ions from applic3nls for majoi fvnding and lo rr¢¢tve the annuil reports of the Chairman. the Se¢retsry, the A8ri¢uliural Tru51ee and the inv¢$tm¢nt Sub-com111ee. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 209407 Prin£ipAI ddrtS1 The Barn House CoTnb¢ Witney OxfoTdshire OX28 9NY Trustees C P BourEhieT Bsc (Honsl ChiirTnin D Gardner A Morrison NDee Professcr L A Sincljir V S Robinson AgricultUTJI Truste¢ Independent Examlncr Mr Rodney Palmer BA CA FHrries Kirk & M¢Ve&n Dumfries Enterprise Park Heaihhall DuThfriBs DUMFRIESSHIRE DGI 3SJ Banker5 CAF Bank Ltd Kings Hill West M&lling Kent ME19 4JQ Pag¢ 6
The Fr nk Parklnsoll A ulturnl Trust ori of thc Trustee$ ror tho Yeffir End¢d 31st Deeember 2025 REFERKNCE AND ADMINISTRATIVE DETAIts Seerti*ry to ¢he Trustte$ Mr M Sieele Au¢h¢ncairn CottaK¢ Clo$¢burn Thonihill Dumfrie5shsre Approved by order of th¢ board of tru$¢¢ on 21si ApIil 2026 and Signed on its bEh&lf by.. Chni BDUth (Aw21. 292¢ 1529 13 GMT•l1 C P Bour¢hi¢r BS¢ IHon$l- Trusiee Page 7
ertdEnt Examlner's Re The FrAnk rkinsoth A ort lo Ihe Tiustees ur$1 Tru81 Indep¢ndeni eXAmlfjer's report 10 the tru$tees of The Frink PHrkinyon AgrlculturAI Trust I report to iht ¢haTity truste¢$ on my exarninglion of the 4c¢ouni5 of The Frank Parkinson Agricultural Trusi Ith¢ TTusi} for the year end¢d 31st DeceThb¢r 2025. Responsibllltles bAyis of report A5 the Charity frustees of the Trust you are responsibl¢ for the preparation of the 8c¢oun15 in accordan¢e with th¢ requirements of thE Charities Aci 2011 I'th¢ A¢i'l. I report in re5peci of my exllminaiion ef the Trusvs a¢count$ C9rried out undcr S¢¢tion 145 ofihe Act and in carryillB oui my examin&iion I have followed all applicablc Directions given by rhe Charity CottUlli55ion under Se¢¢ion 14515Kbl ofthe Act. Jndtpendcnt tXAmICr,s Statement I have completed my exomin91ion. l confirm Ih4t no maieriol matter5 have rome lo my a¢tt#tion in wnneciion wilh ihe examinarion giving Ine catrse 10 believe ihai in ony rn4i¢rial resp1.. a¢118 records were not kcpl in respect of the Trust rcquir¢d by Seeiion IJO of the Aci.. or Iht a¢¢ounls do not Accord with Ih05¢ r¢cords' or Ihe ac¢ouniS do noi cemply with rhe 8pplic8ble r¢quircments concerning the form and ¢onieni of account5 sei out in Ihe Charities (Accounts and Repor151 Re8ulation5 2008 oiher than any requirement Ihat th¢ Account5 give a true and fair view which is Mt a mAtter considered a5 part of an tttdependenl ¢xaminaiion. I hav¢ no concerns and have come acr055 no other matter5 in connection with the ex8min21ion which attention Should br drawn in Ihis report in order 10 enable a proper undtrstandin¥ of the accounts to 6¢ fea¢hed. Mr RodD¢y Palmer BA CA FRrri¢s Kirk & Mcvean Dumfricg Enierprise Park Heathhall Durnfries DUMFRTESSHJRE DGI 3SJ 21st April 2026 Pa8e 8
Tht Frxnk Pirkin$on A ricultur*l Ttust StHtcmont of FinantiHI Activitie5 for Lhe YEAr Ended 31si Decem er 2025 2025 Total fiJJid$ 2024 Total funds Unr¢stricted fuTrd R¢5tri¢led fund Notes INCOME AND ENDOWMENTS FROM Investment incom¢ 54.964 35.061 90.025 83,931 EXPENDITURE OIY Chxritxblt lttivlties Gran15 Pjyable Gtrvernance ManA8emenl & adininistralion of ihe charity 70,000 960 70,00 960 47,559 840 6.694 Totil 76.271 76.271 55,093 Nrt gain5 on investment5 7,969 230.535 238.504 28,602 NET INCOMEIIE.XPENDITURE) 113,3381 265,596 252,258 57.440 RECONCILIATION OF FUNDS Total funds brought forward 57.657 1,432.826 1.490,483 1,433.043 TOTAL FUNDS CARRIED FORWARD 44.319 1.698,422 1.742,741 ,490,483 Th¢ noie5 form part of these finaJKial Statements Page 9
The nk PJrklnsDn A ricultur#l Trust Balance Sheet Igt Dtccmbcr 2025 2025 Tolal funds 2024 Total fvnds Unrestrici¢d fund Restricted fund Note$ FIXED ASSETS Invesimenls 58.714 1,698,422 1.757,136 1,482,359 CURKENT ASSETS Debtors CHsh ai bank 20,000 30,103 44,084 44,084 44.084 44.084 50,103 CREDITORS Amounts fallirjg dtse within one year 158,4791 158.4791 140,9391 NET CURRENT ASSETS 114,395) (14,3951 9,164 TOTAL A&SETS LESS CURRENT LIABILITILS 44.319 1.698.422 l.742.741 1,491.523 CREDITORS Amount$ f•lling du¢ 8fter rnor¢ than one year 10 {1,0401 NET ASSETS 44,319 1.698,422 .742,741 1.490,483 FUNDS Unrcslricled funds Restri¢ted funds 44J19 1.698.422 57,657 1,432.826 TOTAL FUNDS ,742.741 1.490.483 The financTal staiement5 w¢rc approved by the Board of Tru51¢¢% and authoris¢d for issu¢ on 21st April 2026 and were signed on 21$ behalf by.. Chn5 BChlApT21 202e 15-20 13GklT*l) C P Bourchier Bsr IHonsl- Trllst¢¢ Th¢ notes forn part of these financial 51atem¢nts Page 10
The Frink Pirkln$on A ritultur41 Trust Notos to Ihe FIIiAnciRI StAtemenl$ for tlio Year Ended J15t December 2025 ACCOUNTING POLICIES BASIS of pr¢pRring the fin#ncil stRlem¢nt$ The financial stat¢m¢ni$ of the Gharity. whicli is a publi¢ bcnefil Cniity under FRS 102, have been prepared in accordance with Ihe Charities SORP IFRS 1021 'A¢¢ouniing and Reporting by Chorilics.. Statement of Recommended Pra¢ii¢¢ applicable tts ch)rili¢s prcpaTin8 theTr accoun15 in accordance with the Financial Reportin8 Stsndard applicabl¢ in th¢ UK and Republic of Ireland IFRS 1021 l¢ff¢ciiv¢ l January 20191,, Financial Rrportins Standard 102 'The Financial Rcporting Standard applicabl¢ in ihe UK and Republi¢ of Ireland, and the Charities Aci 2011. The financial Slaiemenls hgve ken pr¢por¢d under the hisioriGal cosi Convtnrion. with the exception or investments which are included ai market value. as Inodified by the revaIAtiOn of certain assets. Income All income T$ Tewgnised in the Staicnienl of Financial Activit1¢5 once Ihe charity ha$ ¢Dlitlemen( to the funds. it is probable that th¢ incoine will be r#¢iv¢d aiid the amourtl ¢Hn be measured reliably. Kxptndllure Liabilitle5 are T¢wBni5ed as expenditure os soon as there 15 a legal or con51rurlivc obligaiion committing th¢ charity to Ihat expenditure, il is probable Ihal a Iran5fcr of enOtlL ben¢fits will be required in 5¢tilemeni And the amtsuni of th¢ obligaiion ¢an be m¢asured reliably. Exp¢nditure is accounted for on an accruals ba515 and ha5 becn classified undEr lieadings that abgre8ate ull ¢05t r¢laied 10 the calegoiy. Where costs canrot be directly aitribut¢d to p4rii¢ulJr headings they have been allocated to o¢1iviiie5 on a basis con5151¢nl with th¢ usc of re$our¢es. Granis offered subj¢Gt lo conditions which have not been Inct at tht year end dale aTe not¢d ps a commiimenl but not ac¢rucd as cxpendilure. T%xtltsn The Gharily ts cx¢mpi fiom tax on its thariiable a¢iivi(i¢5. FuRd xccountlne Unrestricted funds can be u5¢d in accordance with the ¢hariiable objecliv¢$ ai lh¢ di$cretlQD of the irusiees. Resirictvd funds Can only be used for particular re$trirt¢d purposes within the objects of the charity. RtriCtIonS arise wher $p¢rifi¢d by the donor or when funds are rai5¢d for panicular restri¢ted purposes. FurtheT expl8naiion of the naiure Dnd purpose of each fund 15 included in the Not¢s w the financial $iai¢m¢nls. Finih¢ial in5lruments Debior5 & preYments Debiots are r<cognised ai the s¢lll¢m¢ni amount due. Piepaytnents are valued al the 4rnQUllt prepaid nei of Hny discounts due. TrAdE croditors Trade ¢r¢ditors are obligations to pay foT goody or seivices th41 have been a¢quired in the QTdin4ry course of busin¢$5 from suppliers. Ae¢ounls payable art clB55ifi¢d a5 Current liBbilities if rh¢ Gompany does ntrt have an uncondilional light. al the end of tlie reportln8 p¢riod. io defer seiilerneni of the creditor for ai letsl Iw¢lv¢ months 8ft¢r lh¢ reporting dai¢. If Ihue 15 an uncondilionol righr to defer s¢ttl¢meni foT at iew twelve tnonths after the reportiDg date they are present<d as non ¢urreni liabilili¢s. Page 11
FrAttk Parkloson A rl¢ult l Trust otes to the FlnAnci%l Stattments. c ntlnued for the Year iided 315t Decem er 2025 INVESTMENT 1Tr4COME 2025 2014 Investments representing ExpendAble Endowmenis Punds-lncomt Receiveir Charifund Income Units IM&GI Blackrock ChaTiiie$ UK Bond Fund Inwme 47.384 45,128 4.133 3.781 Investments representing GenerRI Unrestrlcted Income Flld Income Re¢tlved Charifund Income Units IM&GI Blackrock ChaTI11£5 UK Bond Fund IncDm< 1,638 1.560 IDvestmtrbts repr¢senttng Getru1 Unr¢5trlcted ltheom¢ Funds- Jntomt Réinvested Charifund Accumulation Units IM&GI Blackrock ChaTilie5 UK Bond Fund Atcvrnulaiion 91 67 Total Intome Received or Relnv¢$ted ws General Unrestrirted Income Fuhd$ 54,510 51.685 InYestmeni$ Rtprosenting ExpendAble Endoviment FundJ.Incorne R¢Snve5ted Charifund Ac¢urnulation Units IM&GI 8lackro¢k Charities UK Bond Fund Accumulotion 32.431 29,437 2,630 1.934 Total In¢omt Rtinv¢¥t¢d as ExpendAbl¢ EndDwmefii Fund8 35.061 31.371 TotBI inve$imeni intom¢ •fter deduetlon of f¢e$ 89.571 83,056 The TTUSle¢s have invested in toll¢¢rive invesimcnt 5¢hemes. The inv¢5tm¢ni mana8emenl fre5 for these schemes are levied centrally 4t fijnd level, from capiial er intornt and are reflected in the published priccs of the units. Jnveslmcnl incom¢ is therefore sknwn of any fees, M&Gs fees for Charifvnd units ¢urrenily 0.4P/. po, while BlackRock'5 fees for Chorinco are 0.46%. Page 12
rlIk Parklh$on A ri£ultur•l Trust o ilie Financial StAtom nt$- Continued for the YeAr Endcd 31st Docomber 1025 GRANTS PAYABLE Grants- Ctsmmitments mAdt in year 2025 2024 Tht Oxford Firming Conferente Cotnmitt¢d in 2Q14 10 £5.000 for tonf¢r¢n¢e in January 2019. Paid £5,000 in 2018, .000 in 2019. £5.000 in 2020 ,£5.000 in 2021 ,£5,000 in 2022. £5.000 in 2023, £5,000 in 2024 4nd ¢ommilled £25000 in 2025 Community Supporttd Agrieulture Cotniniiicd £IO.000 in 2023, Conimitied £10.400 in 2024. Paid £5,200 in 2024 and £4,160 in 2025 Nutrield Projttl Commiucd £14.360 and paid £6,462 in 2024 Innovatlon for Aerl¢ulture Commilled £17.800 and paid £10.620 in 2024. Paid £5,400 in 2025 FArmor¥ Club Chfsrit*blt Truyt Cotnmitt¢d £5.000 and paid £5,000 in 2025 Food For He11 Comniitted £1 0,000 amd paid £10,000 Fn 2025 EmPovserng Online SociAI Scien¢e CoTnmilled £10,000 and pttid £9.000 in 2025 Robert Hodgk1$¥.MYox Committ¢d £20,000 and paid £?O.000 in 2025 25,QOO 5,000 10,400 14,360 17,800 5.000 10,000 10,000 20.000 70,000 47.560 Recon¢lllatlon ofGrAnts P#yxble 2025 2024 Ou151B Thding Grants ai 1st Janu•ry 2025 41.079 24.067 Commitment5 rn4de in the year 2025 70.000 47,560 111,079 71.627 Grnnts pa¢d duTing th¢ y¢ar 2025.. Farmers Club Chariuble Food for Health CSA 5,000 10.000 4,16 9,000 5,400 20,000 EmPowera8 Online Social Scienc£ Innovation for Agriculture Robert Hodgkinson.Myomgx 53.560 30,548 Outstanditt8 Gr4nts ai 3 1st Deeemb¢r 2025 57.519 41,079 Pag¢ 13
The Frank P4rklnJon A ri¢ulturAI Trust NotES to the FiJ19ttciAI SIAtemeDts- continutd for tht Ye•r Tr.niled 315t DoetmbeT 2025 SUPPORT COSTS 2025 2024 Goverjjanee Co$t$ Independent Exrtmintr's V¢e Farries. Kirk & Mcvea 960 900 960 900 ManAEement & AdminlstrAtion 4,200 60 72 212 223 Bfink Charges Siaiionery Travel Expcnses ISe¢relaryl AGM A¢commodAtion Sundry Svbstrlp¢rDll5 AgTiFood Charities Partnership Civil Society Media Zoom Trustee5' ExpeTr¥es Trivel Expenstj CP Bourchier 4.000 60 55 87 326 45 400 99 99 156 233 54 1.406 6.614 TRUSTEES, REMUNERATION AND BENEFITS There were w irusiees, remuntrntion or oth¢T benefits fer the ycar ended 31st DeKmber 2025 for ihe year ended 3 1st Deccmbcr 2024. Tru5te¢¥ expensts 2025 2024 Trustee5' Expensej TrAvcI Expenses CP Bourchi¢r 233 54 1.406 287 1.406 PaE¢ 14
Tht Fr¥nk Pirkinson A rl ust Note o the Finnnclll Statem ts- continued for the Yelr Ehded 315t December 20ZS COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIKS Unrestri¢led Restricted rurtd Totsl funds Ir4coME AND EIYDOWMLNTS FROM IveS¢ment incom¢ 52,560 83.931 EXPENDITURE ON Chritble activtties Granis Payabl¢ Geyernance Managetneni & administr8tion ofthc ch&rity 47.559 840 6.694 47.559 840 6.694 Totil 55,093 55.093 Net gain$ on investments 956 27.646 28,602 NET INCOMEIIEXPKNDITUREI 59,017 57.440 TrAnsfer5 betwe¢D fund8 Net movEmtnt ITr funds 45,854 57,440 RECONCILIATION OF FUNDS Total fvnds brou8hi forward 46.071 1,386,972 1.433.043 TOTAL FUNDS CARRIED FORWARD 57,657 .432,826 1.490,483 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Ai 1st Illnuary 2025 Revaluations .482.359 274.777 Ai 315t D¢cember2025 1.757.136 NKT BOOK VALUE Al 31 si D¢¢ember 2025 1.757.136 Al 31st D¢¢¢mber 2024 .482.359 Th¢r¢ were no inV¢$¢m¢nt se¢S Outsid¢ the UK. Page 15
Tht FrA Parklnson A riculturl Tru Notes to I e FI1ClAI StAtemenis- continued for th? Yeftr &nded 31 t D¢cember 202 FIXED ASSET INVESTMENTS- tontlThued •) Invegiments Representlng Exp¢ndAble Endowrnent Funds The PETformllnce of The Trust portfolio forthE year 10 3 l Dec¢mbei 2025 may bc 5vmmariscd a5 follows.. Hlsttrrii Cost 31 De¢ 2020 Mirket Vlue 31 Dec 2025 Mrk¢t Vfvluc JI Dec 2024 M & G Inves¢ment Charifund Income Unil Charifund Ac¢umu18tion Units 731.731 318,361 866,228 675.665 738.295 542.297 BIAckrotk Fund MAngers Limiied Blackro¢k Ch&riiies UK Bond Fund Incom¢ Blackrook Chariiies UK Bond Fund Ac¢umulaiion 136,915 58.678 101,440 55.089 100.081 52.153 £1,245.685 £1,698.422 £1.432,826 The Historic C051 shown above represents the ori¥inal ros¢ of ihe invcslmtnis in 2014 & 2019. withou¢ regB to reinvested Income. The Trn£ome for the y¢ar 2025 (after inve51meni management fee51 t01all £86.571 12024 - £RO,2801 of which £51,517 was recEiv¢d ITr cash ind £35,061 was reinv¢sied by M&G and Blackro¢k in accumulatith units or shares. bl Investments RepresenilnE GÈnerAI untrICted Ineome Fundi During 2012 the Tru$te¢5 retDve¥ted pan of Ihc income ihai wa$ awwting disiribvlion. This ineoJD¢ is Still available The p¢rformaJJ¢e ofthe Trust portfolio for the yur 10 31 December 2025 rnay be summori5¢d as follows.. Hi51orlc C05t 31 De£ 2020 Mrke Vwlue 31 Dec 2025 MRrkel Vxlut 3J Dec 2024 M & G Investmenl Charifund Incomt Llnit Charifund Accumulation Unils 25,293 29,945 23,358 25.522 18,747 BIAckrock Ftrnd ManA8trs Limlted Blackrock Chariii¢s UK Bond Fund Income Blackrock Charities UK Bond Fnd Acoumulation 4.733 2.029 3,507 .904 3,460 1.803 £43,061 £5B.714 £49,532 Page 16
he Frllnk Parkin onA riculiurAI Tru$t ot¢$ to the Fin&neiAI Slxiements. coijtiiiued for tlit Year Ended 31st Deco 2025 FIXED ASSET INVEsfMENTS- eontinued Thc income for the ycar 2025 laftcr inveslnJ¢nl managetnenl f¢¢51 iotalled £2.99312024- £17761 of which £1,711 Wa5 Teceived in cash and £1,212 was reinvested by M&G in ac¢umuiBiion units or share5 ¢1 Inve$trnent5 in Boih Funds. The Gliunge in the valuE of the Trusi's inv¢5tmcn15 duting 2025, ¢ompar¢d with ihe rel¢vODI FfsE index. is 4$ follows.. 2025 2024 M & G liivestmeni Charifund Incomr Units Charifund Ac¢umul&lion Unit5 (with income lVested) rsE All-share Index Blackrock Fund Nlanag¢r5 Limlied Blackrock Charities UK Bond Fund Tncome BlaGkrock Charities UK Bond Fund Accumulation FTSE UK Gilts All.Stocks Index +17.3J% +24.59% +19.75% +2.61% +9.OIYo +5.57% .+1.361 +5.63% -0. io% -4.264A -0.210/ +0.80% DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Concessionary Loan 20.QOO Conce55i0n&ry Lein 10 R Flodgkins- terms ofioan were met in y¢ar and the Ittsstees hav¢ reed to providv th¢ Sum &8 8 grant. CREDJTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Indopendent EXMIner s Fee Farries. Kirk & M¢VEan Grants PAyAble Dev¢lopin8 Carbo Nuffield Project Sevcir Riveis Tryst Pasture Pod Community Suprrf)rt¢d Agriculture Innovation for Agriculture Etnpowerag Social Sciences Oxford Farming Conference 960 9QQ 3,000 7,898 3,000 4,800 11,040 1.710 1,000 25.000 3.000 7,898 3,000 4.800 7.180 58.478 40.938 17
nk PArkinson A rltvlttsrl Trust Not e FlnnciAI Sl•lement$- coTrtlnue for th YeAr Ended 3Jst De¢tmbeT 201 io. CREDITORS.. AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2025 2024 Grnnts PAyible Community Support¢¢J Agricultur¢ 1.040 1.040 MOVEMEliT IN FUP4DS Net movement in fvnd5 Al 31.12.25 Ai 1.1.25 Unr¢$tricted funds GBnernl Unicsrricicd Incom¢ Funds 57.657 113.3381 44,319 Restricted funds ExpBndabl¢ Endowment Fund5 1,432,826 265,596 1.698,422 TOTAL FUNDS 1,490,483 252,258 ,742.741 Nei mov¢ment in funds, included in the alKive ue as follows.. Ineomin8 rQU[ce5 Restrurc¢5 expend¢d Gains and losses Movement In funds u11rtrItitd fu5 O¢n¢ral UnrestTIEled Inwme Funds 54,964 176,271) 7,969 (13.338) ReJrrlcted funds Expendable Endowment Fund$ 35.061 230.535 265,596 TOTAL FUNDS 90,025 176,2711 238,504 252.?58 P4ge 18
The Frfink P rnson A rlcultur Notes to the FinRnciil Statements ontinued foT tlie YeAr Ended 31st Dtccmber 2025 MOVEMENT IN FUNDS-tontlnued cOmrAtIVeS for mov¢meDt In funds Nei movement in funds Tran5fer5 bdwecn funds At 1.1.24 31.12.24 Unr¢$tri¢ted fvnds General Unrestri¢ied Incom¢ Funds 46,071 {1,577} 13.163 57.657 Restricted Ivnds Exp¢ndablt Endowmcnt Fund5 1.386.972 59.017 1.432.826 TOTAL FUNDS .433.043 57,440 .490.483 Comparative net mov¢m¢nt in fund5. in¢lud¢d in the above ar¢ as follows.. IncoTning resources Resoiirces expended Gains and losses Mov¢mtnt in funds Unrt$tritted fund$ QerJ¢ral Unr¢51ricled Jncoine Fund5 52.560 155,0931 956 Re$trlcted fund$ Expendable EndowmcN Funds 27.646 59,017 TOTAL FUNDS 83.931 155.093} 28.602 57.440 A Gurreni year 12 months 8nd prior year 12 months combined p051tion is as follows.. Net movem¢nl in fvnds Transfers beiwe¢n fvnds At Ai 1.1.24 Unr¢¥lrl¢itd fund5 G¢neral Unrestricl¢d Incotne Funds 46.071 13.163 44,319 Restricted fund$ Expendabl¢ EJ)dowTn¢nt Fund$ 1.386.972 324.613 1.698.422 TOTAL FUNDS 1.433,043 309,698 .742,741 Page 19
The Fi'8nk Prstkln5on A rlculttsrAI Trn5t Notes to the FlnHrbciAI Stiltllten15- conilnut r r the Y¢*r Elld d 31st Decemb r 2025 MOVEMENT IN FUNDS- ¢ontlntse(I A current yeaT 12 monihs And prior year 12 months comblned nti movement in funds. includcd in the alx)v¢ are as follows.. Incoining resource5 ¢50urces xp¢nded ains and losses Movement ia funds UDr¢strStled fund$ G¢n¢ral UnresiTicl¢d Income Funds 107.524 8.925 {14.9151 Restrlcttd fund5 Expcndable Endowment Fund5 66,432 258,181 324,613 TOTAL FUNDS 173,956 267,106 309,698 RELATED PARTY DISCLOSURES There wer¢ no reltttc(J party Iran$action5 foT the year ended 31$¢ D¢G¢mber 2025. Pa8e 20
Thc Fr•nk Pfvrkin90n A rlculturAI Trust DetAiled Staiemeni of FIIiAnei81 A¢tivltl ror the Vt#r Knded 31st De¢ember 2025 2025 2024 INCOME AND ENDOWMENTS Inv¢Jtment Ineome InvesTtn¢ni income DEP05iI COUnt interest 89,573 452 83,517 414 90.025 83,931 Tolgl incomliiE re$ourc 90.025 83.931 EXPEPIDITURE ChrltAbl actlvitles GrJnts to instiiuiions 70.000 47,559 Support Costs Mwnagtmtnt Tru5T¢es' expenses Poslagc jnd 51aiionery Sundries Secretarial Tra¥el Expenses .Meals & Accornirodaiion Bank Charge5 287 72 255 4.200 212 225 60 1,406 55 700 4,000 87 326 60 6,634 Gowerth#nte c051$ Attountancy ynd legal rtts 960 900 Ti)¢al resources exp¢nded 76.271 55.093 Net income 13,754 28,838 This page d¢¢$ noi form pxrt of ihe ststutory fiManci81 slaiements Page21