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
tur*1 Trust
Co￿te￿I
FinanelAI Stxt
ror the Y￿r Ended J15t D
er 21125
PAgt
Report of the Trustees
Indeptthdent Eiamlner'5 Report
Statemeknt of Fininclftl Aciivi*ie5
BAlinte Shect
Notes to the FinAnciil stiteme￿ts
11 to 20
Detilled Si*ttment of Fln*nclAI Attlvlties

The FrRnk PHrklnson A rlculturHI Tru$t
ort f the TrusteES
e Year Fnded 31 I DEiember 201
The (rusi¢e5 preserti Ih¢ir r¢port wilh tht financial stalemcnls of the charity lor th¢ y¢￿T cnd¢d 31si Dec¢mb¢T 2025. The
Irusiees havc adoplcd the provisions of Accouniing and Reporting by ch￿IlLe1.. SiaieTn¢ri of Recommended Practice
applicable lo charities prepariDg their accounts accordance witli the Financial Reporting Standard appli¢able in th¢ UK
and R¢public of Treland IFRS 1021 lefftclive l January 20191.
OBJECTIVES AND AcfiviTIES
Obl¢ctlvtS And jims
The Tru51ee5 mlly. al their dis¢r¢iion, apply irust in¢ome or capi181 ioward5 any one of ihe following objects..
al The improvemtnr and welfllre of British agTiculture
bl The undcrtakin8 of agricultutal research or Ihe provision of ¥rants in aid of a¥ri¢uliural research
c) The e$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$si51an¢¢ ofihe social and cullurnl welfATe of worf¢p¢ople in the a8ri¢ulrurlll industy
gl The making of granis ￿ any chllrily or organisaiion ￿lch is carrying on any work in ¢onn¢clion wilh the
prov15ion of any such bencfiis as afore￿id
In view of their limited r¢50urc¢s, The Truslres havc focused thcii ¥rani-maki118 ?CIiVilies on th05¢ projec15 which Ih¢y
believe will have the 8realesl influence on the irnproveinefti and wclfare of Briti$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 I￿Provement 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 A￿D 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. A￿rdS 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 di￿￿58 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 gr￿t 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$trAtion proeess And
promotc the schcmc as a whole
IfA Calf Action Network
A Brant of £17800 was offered over in 2024 for o 2- year period to Coll￿1 data on a very neglected wpic.
CoTnmunily Support¢d Agriculiure
A second phll$¢ 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 8r*nl 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 $¢1 so
as lo achiev¢ lh¢ overall Trust investineni objeciives.
The invc5tin¢ni sub-committee have ngre¢d a iargei Slrnte8ir asser alloc81ion in ord¢r lo balance the
moint¢nanc¢ of the real value of thc Trtrsi's Capilal Bs well as lis sneome. li 15 Equili¢5 85%, Bonds IS* wilh
30Yo of each invesied in Or¢u￿ul￿110n unitsi$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 irJM1i￿lts￿$ 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 liq￿dity 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 $how5 gains *nd a net I￿r¢￿$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$tees
for th Year Frbded 3Jst Deeembtr 2023
STRUCTURE, COVERNANCE AND MANACEMENT
OrgAnis*tionAI stru¢ture
Th¢ Tru5tee5 have appoint¢d an investment sub.committee to advise ih¢m on the trust inve$¢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 adMinistrat￿n 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 II*iT 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-com￿111ee.
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 tXAmI￿Cr,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 resp￿1..
a¢￿￿￿11￿8 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 B￿￿Ch￿lApT21 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#nci*l 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 revaI￿AtiOn 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 e￿nOt￿lL 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$our¢es.
Granis offered subj¢Gt lo conditions which have not been Inct at tht year end dale aTe not¢d ps a commiimenl but not
ac¢rucd as cxpendilure.
T%x*tltsn
The Gharily ts cx¢mpi fiom tax on its thariiable a¢iivi(i¢5.
FuRd xccountlne
Unrestricted funds can be u5¢d in accordance with the ¢hariiable objecliv¢$ 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. R￿triCtIonS
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 & pre￿Yments
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 Fll￿d￿ Income Re¢tlved
Charifund Income Units IM&GI
Blackrock ChaTI11£5 UK Bond Fund IncDm<
1,638 1.560
IDvestmtrbts repr¢senttng Ge￿tru1 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

r￿lIk 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 He￿11￿
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￿$¥￿.MYo￿￿x
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
I￿veS¢ment incom¢
52,560
83.931
EXPENDITURE ON
Ch￿rit￿ble 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
ricultur*l Tru
Notes to I
e FI￿1￿ClAI 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 V*lue
31 Dec 2025
M*rk¢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 MAn*gers 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 un￿￿trICted 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
M*rke* 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 F￿nd 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 ￿l￿Vested)
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 EX￿MIner 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 rltvlttsr*l Trust
Not
e Fln*nciAI 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
r￿QU[ce5
Restrurc¢5
expend¢d
Gains and
losses
Movement
In funds
u11r￿trItitd fu￿￿5
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 r￿nson A rlcultur
Notes to the FinRnciil Statements
ontinued
foT tlie YeAr Ended 31st Dtccmber 2025
MOVEMENT IN FUNDS-tontlnued
cOm￿rAtIVeS 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$ourc
90.025
83.931
EXPEPIDITURE
Ch*rltAbl* actlvitles
GrJnts to instiiuiions
70.000
47,559
Support Costs
Mwnagtmtnt
Tru5T¢es' expenses
Poslagc jnd 51aiionery
Sundries
Secretarial
Tra¥el Expenses
.Meals & Accornirodaiion
Bank Charge5
287
72
255
4.200
212
225
60
1,406
55
700
4,000
87
326
60
6,634
Gowerth#nte c051$
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