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2024-04-05-accounts

PARHAM PARK TRUST (1984) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

PARHAM PARK TRUST (1984)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

Page
Trustees' Annual Report 1 - 4
Independent Auditor's Report 5 - 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Schedule of Investments and Income 10
Notes to the Financial Statements 11 - 17

PARHAM PARK TRUST (1984)

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024

The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Objectives and activities

The Trustees may pay or apply the unrestricted capital and income of the Charity to or for such charitable institutions or purposes as the Trustees in their absolute discretion think fit.

The main objective of the trust is to provide sufficient funding on a sustainable basis to enable Parham Park Limited (a registered charity) to achieve its objectives of preserving, maintaining and improving the Trustees' property at Parham Park (which comprises an Elizabethan mansion with a garden, outbuildings and amenity land which are opened to members of the public). The trust also owns the Northwick Business Centre at Northwick, Blockley, Gloucestershire which provides low-cost industrial units.

The Charity aims to meet the running costs of these objectives from the investment income and rents received from the Northwick Business Centre. The Trustees carry out these objectives by regularly considering appeals from other charities and making policy and funding decisions whilst meeting annually to review strategy and performance of the Charity.

Public Benefit

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the donations policy for the year. The benefit that arises is the provision of funding to organisations that demonstrate charitable purpose.

The provision of funding to Parham Park Limited for the preservation and maintenance of the historic estate provides a benefit to the public in furthering the education and appreciation of our national heritage. The estate is open to the general public from Easter to October each year. It includes a grade 1 listed Elizabethan mansion which houses numerous rare portraits, items of furniture and needlework collections of national importance. The grounds and surrounding landscape are also recognised to be of significant heritage importance.

Achievements and performance

During the year the Trustees made grants totalling £626,587 [2023: £268,298] in furtherance of their objectives and continue to make grants to charitable organisations both on a one-off and recurring basis. The larger grants awarded during the year are stated in the notes to the financial statements.

The Trustees are pleased with the progress made in the financial year ended 5 April 2024 and look forward to expanding their work with many other charities in the years to come.

Financial review

The Trustees received £883,237 in investment income in the current year [2023: £749,548] and the Trustees have achieved their intention of spending the income on charitable activities.

The trustees have revalued the Investment Properties to a fair value at 5 April 2024. Unless the trustees deem there has been a material change in market value, the policy of revaluation is based on a five year period. The next revaluation of the Investment Properties is expected to be on 5 April 2029.

Net outgoing resources for the year were £178,240 [2023: outgoing £76,385]. In addition the Trust realised a gain on investments of £343,325 [2023: gain £132,199] and made an unrealised gain of £657,734 [2023: loss £732,963]. The net incoming movement on funds was £822,819 [2023: outgoing £677,149].

PARHAM PARK TRUST (1984)

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024

Investment policy

The Trustees have instructed the Investment Manager that the portfolio is to be invested to produce a suitable mixture of income in order that the level of grants may be maintained and capital growth to secure the future of the Charity over the coming years. The Trustees are confident that the future income stream is secure.

The investment policy is monitored by regular investment reports and meetings with the Investment Manager. A breakdown of the investments held during the financial year ended 5 April 2024 can be seen on page 10.

Risk Management

The major risks to which the Charity is exposed have been identified and steps taken to mitigate those risks.

The main risk to the Charity concerns the investments held. The Trustees have mitigated this risk by engaging Cazenove Capital to manage the investments and monitor the portfolio and financial risks to the Charity. The Trustees regularly review the valuation of investments and the income stream generated.

The Trustees have satisfied themselves that the trust is a going concern and has adequate resources to continue in operational existence for the foreseeable future. The charitable activities are funded by the investment portfolio and although Covid-19 did have a negative impact on this, the portfolio has recovered with sufficient value to support continued grant making.

Reserves policy

It is the intention of the Trustees to sustain the unrestricted funds at a level which will provide sufficient funds for the level of grants paid and to cover the Charity's management and administration costs.

At the Balance Sheet date the unrestricted reserves amounted to £36,501,328.

Future Plans

The Charity's objective is to ensure funds are available for grants to be made to Parham Park Limited to ensure that the Estate is adequately preserved and maintained. It is envisaged that funding requirements will remain the same.

The Trustees do not envisage any material change to the operation of the Charity in the long-term and the investments will continue to be managed on a similar basis as they are now. Notwithstanding this, the Trustees remain flexible in terms of the type of organisations they support.

During the financial year, the Trustees commenced the purchase of property known as 1-2 New Town Cottages in Storrington, West Sussex for an agreed price of £300,000. At the Balance Sheet date, these funds were held with the Trustees' Solicitor with completion taking place on 14 May 2024.

Structure, governance and management

The Trust has charitable status and was set up by Mrs V M Tritton by Deed dated 16 February 1984.

The management of the Charity is vested in the Trustees and they actively review the perceived major risks which the Charity faces and the Trustees are satisfied that the systems are in place to mitigate those risks.

The Trustees have received appropriate briefing on their responsibilities under the law relating to charities and their duty to ensure that their charitable activities are for the public benefit. The appointment of new trustees is vested in the Settlor during their life. The selection of future trustees will have regard to the skills, knowledge and experience needed for the effective administration of the Charity. Induction and training for trustees is provided where relevant.

PARHAM PARK TRUST (1984)

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024

Reference and administrative information

A registered charity, registered with the Charity Commissioners for England and Wales as number 288828.

Principal Office: 4th Floor, 7 Swallow Street London W1B 4DE

The Trustees are Dickinson Trust Limited and James Barnard.

The Directors of Dickinson Trust Limited are: The Hon H M T Gibson (Chairman) The Viscount Cowdray The Hon C A Pearson The Hon P N Gibson The Hon B C Gurdon Mr J R E Smith Mr R C P Troughton (Retired 13 June 2024) Mrs S J Burrell Mr S J Atkinson Mrs F A Rice Mr M P Harris Mr K Wright The Hon C S L Pearson (Appointed 30 August 2024) Solicitors: Currey & Co LLP 33 Queen Anne Street London W1G 9HY

Auditors: Shaw Gibbs (Audit) Limited (previously known as Martin and Company Audit Limited) 25 St Thomas Street Winchester Hampshire SO23 9HJ Banker: Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA

Banker: Schroder & Co 1 London Wall Place London EC2Y 5AU Investment Manager: Cazenove Capital 1 London Wall Place London EC2Y 5AU

PARHAM PARK TRUST (1984)

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements the trustees are required to:

The Trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

30/01/2025 Approved by the Trustees on ____ and signed on their behalf by:

Dickinson Trust Limited

James Barnard

Director

PARHAM PARK TRUST (1984)

INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 5 APRIL 2024

Opinion

We have audited the financial statements of Parham Park Trust (1984) (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees are with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation where the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

PARHAM PARK TRUST (1984)

INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 5 APRIL 2024

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the charity via discussions with the trusteesand our previous knowledge of the charity. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the Charities Act 2011, the Charities SORP (FRS 102) and Financial Reporting Standard 102. The charity complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the charity's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Parham Park Trust (1984) are revenue recognition and eligibility of charitable giving. The trustees confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing the income and gains on the investments, the income on investment property and the charitable donations made.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 25 St Thomas Street Winchester Hampshire SO23 9HJ

Date:

03/02/2025

PARHAM PARK TRUST (1984)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

2024
Note
Unrestricted
funds
£
Income from:
Investments
4
883,237
Total
883,237
Expenditure on:
Raising funds
5
381,775
Charitable activities
6
679,702
Total
1,061,477
Net income/(expenditure)
(178,240)
Other recognised gains/(losses):
Gains/(losses) on revaluation of investment property
12
106,888
Gains/(losses) on investment assets
10
1,001,059
Net movement in funds
929,707
Reconciliation of funds:
Total funds brought forward
18
35,571,621
Total funds carried forward
36,501,328		 2024
Total
funds
£
883,237
883,237
381,775
679,702
1,061,477
(178,240)
106,888
1,001,059
929,707
35,571,621
36,501,328		 2023
Prior year
total funds
£
749,548
749,548
510,006
315,927
825,933
(76,385)
-
(600,764)
(677,149)
36,248,770
35,571,621

PARHAM PARK TRUST (1984)

BALANCE SHEET AS AT 5 APRIL 2024

Note
Fixed Assets:
Heritage assets
11
Investment property
12
Investments
10
Total Fixed Assets
Current Assets:
Debtors
14
Cash at bank
15
Total Current Assets
Liabilities:
Creditors: Amounts falling due within one year
16
Net Current Assets or Liabilities
Total Net Assets or Liabilities
The Funds of the Charity:
Unrestricted funds
18
Total Charity Funds		 2024
Total
funds
£
17,348,254
6,575,000
12,075,297
35,998,551
122,368
1,090,873
1,213,241
(710,464)
502,777
36,501,328
36,501,328
36,501,328		 2023
Prior year
funds
£
17,348,254
6,441,435
11,691,225
35,480,914
100,736
558,626
659,362
(568,655)
90,707
35,571,621
35,571,621
35,571,621

Approved by the Trustees on ____ and signed on their behalf by: 30 January 2025

Dickinson Trust Limited

James Barnard

Director

PARHAM PARK TRUST (1984)

CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2024

Note
Cash generate from operating activities:
Net cash provided by (used in) operating activities
19
Cash flows from other sources:
Dividends, interest and rents from investments
Proceeds from sale of property, chattels, plant and equipment
Proceeds from sale of investment
Application of cash:
Purchase of property, plant and equipment
Purchase of investments
Net increase/(decrease) in cash
Cash at bank and in hand less overdrafts at the beginning
of the year
Cash at bank and in hand less overdrafts at year end
20		 2024
2023
Total
Prior year
funds
funds
£
£
(941,300)
(1,009,156)
883,237
749,548
-
917,037
235,438
1,800,274
984,986
(26,677)
(69,342)
(300,050)
-
(326,727)
(69,342)
532,247
(93,512)
558,626
652,138
1,090,873
558,626

z Zt

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

PARHAM PARK TRUST (1984)

1 Statutory Information

Parham Park Trust (1984) is a registered charity. The registered number and principal office address can be found in the Report of the Trustees.

2 Accounting Policies

a) Basis of financial statements preparation

The financial statements of the charity, which is a public benefit entity, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been removed.

The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

b) Nature of funds

All funds held are unrestricted and the Trustees are free to use them in accordance with the charitable objects.

c) Fixed asset investments

Investments are stated at market value at the Balance Sheet date. Overseas investments are translated into sterling at the rates ruling at the year end. The Statement of Financial Activities (SOFA) includes the net gains and losses on revaluation and disposals throughout the year.

d) Income

Income is recognised in the SOFA once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

e) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

f) Charitable grants

Grants payable are recognised in the SOFA when they are approved by the Trustees and the recipient has been informed of the amount to be paid.

PARHAM PARK TRUST (1984)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

(Continued)

g) Foreign currencies

Transactions denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the date of the transaction. At the Balance Sheet date monetary assets and liabilities denominated in a foreign currency are translated at the rate ruling at that date. All exchange differences are dealt with in the SOFA.

h) Heritage Assets

Property known as Parham Park, Pulborough, West Sussex is subject to a 99 year lease to Parham Park Limited which commenced on 16 July 2013. It is carried at cost less any provision for diminution of value. No depreciation is charged. It is considered by the Trustees that any depreciation charged would not be material in the context of these financial statements.

The chattels included in the balance sheet are shown at the fair value applicable at the date of donation, with adjustments for subsequent additions and disposals made. In addition the Executors of the Estate of Mrs V M Tritton by Deed of Appointment dated 6 July 1995 appointed various chattels to the charity. These have been included at nil value because they were exempted from IHT on the death of Mrs Tritton. Values will be obtained on any sale of these chattels.

i) Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in 'net gains/(losses) on investments' in the SOFA.

j) Irrecoverable VAT

Irrecoverable VAT is written off to the same expense category in which the actual expenditure was incurred.

3 Remuneration of Trustees

In the financial year to 5 April 2024 the Trustees did not receive any remuneration or have their expenses reimbursed by the Charity. Dickinson Trust Limited charged administration expenses of £44,102 [2023: £40,870].

4
Investment income
Income from investments
Gross interest
Rent from Business Centre
Rent from 22 Cootham Green
5
Expenditure on raising funds
Expenditure at Business Centre
Investment management fees
Expenditure at 22 Cootham Green		 2024
£
209,656
18,200
654,276
1,105
883,237
2024
£
372,769
4,498
4,508
381,775		 2023
£
117,685
8,399
610,305
13,159
749,548
2023
£
504,297
4,622
1,087
510,006

4

PARHAM PARK TRUST (1984)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

(Continued)
Charitable activities
Direct costs Support costs 2024 2023
(see note 7) (see note 8) Total Total
£ £ £ £
Charitable expenditure 626,587 53,115 679,702 315,927

6 Charitable activities

7 Direct costs

The Charity undertook no direct charitable activities but awarded grants to Parham Park Limited of £626,587 in furtherance of its charitable objectives.

Analysis of grants made

Grants to
institutions
£
Advancement of the arts, culture, heritage or science
626,587
626,587
8
Support costs
Administration expenses
Bank charges
Gifts
Legal fees
Portfolio Stewardship fees		 Grants to
individuals
£
-
-
2024
£
44,102
225
-
2,916
5,872
53,115		 Total
£
626,587
626,587
2023
£
40,870
22
250
-
6,487
47,629

During the year administration expenses of £44,102 were charged by Dickinson Trust Limited (trustee). The amount of £2,875 plus VAT was charged by Shaw Gibbs (Audit) Limited for their Independent Audit of these Financial Statements.

9 Staff costs

There are no employees so consequently no staff costs have been incurred.

10
Fixed asset investments
Market value brought forward
Additions
Less disposal proceeds
Net gains/(losses) on investments
Market value carried forward		 2024
£
11,691,225
300,050
(917,037)
1,001,059
12,075,297		 2023
£
12,527,427
-
(235,438)
(600,764
11,691,225

PARHAM PARK TRUST (1984)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

Fixed asset investments (continued)
Geographical analysis
United Kingdom investments
Overseas investments		 (Continued)
2024
2023
£
£
12,044,765
11,639,655
30,532
51,570
12,075,297
11,691,225		 (Continued)
2024
2023
£
£
12,044,765
11,639,655
30,532
51,570
12,075,297
11,691,225
11,691,225

10 Fixed asset investments (continued)

The investments were revalued each year up to 5 April 1999. Therefore, there is no historic cost figure available. The book value of the investments at 5 April 2024 was £5,148,880.

Net gains/(losses) on investments includes realised gains for the year of £343,325 [2023: gain £132,199] and unrealised gains on revaluation to market value of £657,734 [2023: loss £732,963].

11
Heritage Assets
Cost or valuation at 6 April 2023
Additions
Less disposal proceeds
Cost or valuation at 5 April 2024		 Parham
Estate
£
4,618,453
-
-
4,618,453		 Parham
Chattels
£
12,729,801
-
-
12,729,801		 2024
£
17,348,254
-
-
17,348,254		 2023
£
17,337,004
11,250
-
17,348,254

The Parham Estate comprises a Grade 1 listed Elizabethan House, its surrounding parkland, woodlands and farmland. The Parham chattels were donated in June 1984 and relate to the Works of Art including numerous rare portraits, items of furniture and needlework collections that are held within the House. The chattels are accounted for at the fair value applicable at the date of donation as made by Thomas Agnew and Sons Limited and Sotheby & Co, with an adjustment for new acquisitions at cost.

The Parham Estate is leased to Parham Park Limited (a registered charity) who is responsible for preserving, maintaining and improving the property. Parham Park and its grounds are opened to the general public from Easter to October each year.

12
Investment Property
Fair value at 6 April 2023
Additions
Revaluation
Fair value at 5 April 2024
Cost or valuation at 5 April 2024		 Northwick
Business
22 Cootham
Centre
Green
£
£
6,161,435
280,000
26,677
-
61,888
45,000
6,250,000
325,000
891,803
294,375		 2024
£
6,441,435
26,677
106,888
6,575,000
1,186,178		 2023
£
6,373,692
67,743
-
6,441,435
1,159,501

PARHAM PARK TRUST (1984)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

(Continued)

12 Investment Property (continued)

Investment Property is stated at open market value as made by by Perdix Partnership and Guy Leonard & Co. Estate Agents in 2024.

13 Gains/(losses) on revaluation of Investment Property

The gains on the revaluation of fixed assets comprise a gain of £106,888 relating to the investment properties known as 22 Cootham Green, Storrington, West Sussex, RH20 4JW and The Northwick Business Centre.

14 Debtors

14
Debtors
Trade debtors
Provision for bad debts
Tenants deposit held
Prepayments and accrued income
Northwick Business Centre
15
Cash at bank
Royal Bank of Scotland
Schroder & Co
Perdix
Northwick Business Centre
Currey & Co client account
16
Creditors: Amounts falling due within one year
Administration Expenses
Trade creditors
Tenants deposit due
Accruals and deferred income
Investment management fees
Grants to Institutions		 2024
£
111,271
(38,648)
11,217
3,540
34,988
122,368
2024
£
69,765
680,135
40,973
-
300,000
1,090,873
2024
£
122
34,878
11,217
27,253
6,994
630,000
710,464		 2023
£
93,815
(28,910)
7,473
3,370
24,988
100,736
2023
£
47,048
472,794
38,292
492
-
558,626
2023
£
406
25,016
7,473
18,148
7,612
510,000
568,655

PARHAM PARK TRUST (1984)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

17
Commitments made
Annual value
£
No conditions attached:
Parham Park Limited
n/a
18
Movement in funds
Unrestricted funds:
Balance brought forward
Net movement in funds
Balance carried forward
Net movement in funds included in the above are as follows:
Income
Outgoings
£
£
Unrestricted Funds
878,729
(1,056,969)
19
Reconciliation of net income/(expenditure) to net cash flow from Operating Activities
Net income/(expenditure) (as per the Statement of Financial Activities)
Adjustments for:
Dividends, interest and rent from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) Operating Activities
20
Analysis of cash at bank and in hand less overdrafts
Cash at bank and in hand
Overdrafts included in bank loans and overdrafts due within one year		 (Continued)
Number
Total
of years
£
n/a
630,000
630,000
2024
2023
£
£
35,571,621
36,248,770
929,707
(677,149)
36,501,328
35,571,621
Gains and
Movement
losses
in funds
£
£
1,001,059
929,707
2024
2023
£
£
(178,240)
(76,385)
(883,237)
(749,548)
(21,632)
107,094
141,809
(280,666)
(941,300)
(999,505)
2024
2023
£
£
1,090,873
558,626
-
-
1,090,873
558,626

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

PARHAM PARK TRUST (1984)

(Continued)

21 Related Party Transactions

Donations totalling £630,000 were committed to be made to Parham Park Limited (Registered Charity Number 276676), a charity financially dependent on the Charity. A total of £630,000 remained outstanding at 5 April 2024.

During the year Millbank Financial Services Limited ('MFS') charged fees of £5,872 [2023: £6,487] for their Portfolio Stewardship service and Dickinson Trust Limited charged administration expenses of £44,102 [2023: £40,870]. The Hon H M T Gibson, The Hon C A Pearson and Mr M P Harris (Directors of Dickinson Trust Limited) are Directors of MFS. It should be noted that a sibling of The Hon H M T Gibson and the mother of Mr R C P Troughton (Director of Dickinson Trust Limited) are Directors of MFS, namely The Hon W K Gibson and Mrs S H Troughton respectively.

Mr R C P Troughton retired as Director of Dickinson Trust Limited on 13 June 2024.

22 Capital Commitments

Capital Commitments
2024 2023
£ £
Contracted but not provided for in the financial statements 300,000 -