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2021-12-31-accounts

The Vaseppi Trust

Annual Report and Financial Statements

31 December 2021

Charity Registration Number 1139619

Contents

Reports
Reference and administrative information 1
Annual report of the Trustees 3
Independent
report		 7
Accounts
Statement of financial activities 12
Balance sheet 13
Principal accounting policies 14
Notes to the financial statements 17

The Vaseppi Trust

Reference and administrative information Year to 31 December 2021

Trustees Robert Cope Siri Cope Thomas Fussell Secretary Robert Cope Principal office 9 Norland Square London W11 4PX Charity registration number 1139619 Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers HSBC 25 Notting Hill Gate London W11 3JJ Investment Managers Columbus Point LLP 4 Albemarle Street London W1S 4GA Mundane Asset Management Ltd 3[rd] Floor London WC2N 4EA

The Vaseppi Trust 1

Reference and administrative information Year to 31 December 2021

Investment Administrators Inbhear Fund Services Limited Malahide County Dublin Ireland Maitland Administration (Guernsey) Limited 3[rd] Floor 1 Le Truchot St Peter Port GY1 1WD Guernsey

The Vaseppi Trust 2

Annual report of the Trustees Year to 31 December 2021

The Trustees present their annual report together with the audited financial statements of The the year ended 31 December 2021. The Trustees have nd the Charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity was constituted as a charitable trust under its Trust Deed and was registered as a charity on 31 December 2010. Details of the Trustees who served during the year and since are given on page 1. New Trustees are recruited and appointed by the existing Trustees subject to their total number not exceeding seven. The Charity has no staff, the work being the Trustees give their time freely. No remuneration is paid, nor expenses claimed by any Trustees.

The Trustees are responsible for approving all grants and donations. They are also responsible for the management of day to day operations.

OBJECTIVES AND ACTIVITIES

The Trustees confirm that they have referred to the guidance contained in the Charity objectives and in planning future activities.

The Vaseppi Trust was established with the intention of making grants for charitable purposes for the benefit of the public as the Trustees may from time to time decide. The Trustees have those grants.

ACHIEVEMENTS AND PERFORMANCE

Over the course of 2021, the Trustees approved grants to a total value of £193,597 (2020: £199,900) to a variety of charities and institutions operating in the arts, education and healthcare sectors, among others, as shown in note 4.

COVID-19

As in 2020, the activities were largely unaffected by the Covid-19 pandemic. However, certain charities supported by the Vaseppi Trust faced some disruption and sought additional funding. Following discussions with representatives of the organisations, we supported the Borne Foundation, Ellen MacArthur Cancer Trust, Medical Aid Films and the Royal College of Music with additional funding during the year.

The Vaseppi Trust 3

Annual report of the Trustees Year to 31 December 2021

FINANCIAL REVIEW

the realisation of investments assets and donations from one of the Trustees, Robert Cope, although this year the majority of donations were small sums received from other donors. Total income recognised in 2020 was £5,549 (2020: £11,873), which was comprised of donations of £5,334 (2020: £8,939) and exchange gains of £nil (2020: £2,934).

Expenditure in the year was £206,019 (2020: £214,381) as shown in note 3. Further details of the application of funds and movement in resources are given in the statement of financial activities. All assets are held in furtherance of the objectives of the Charity.

Reserves and investments policy

higherthan 95% of the reserves were held in such assets.

the Columbus Point Global Equity Fund and the Mundane World Leaders Fund. In December 2021, Columbus Point LLP resolved to liquidate the Columbus point Global Equity Fund and returned its assets to investors. As a result, the appropriate ways of reinvesting the cash.

assets were invested, delivered an 2021, and the smaller investment in the Mundane World Leaders Fund delivered a gain of 20.2% over the year. These returns compared to the total returns for the S&P 500 and FTSE 100 indices of 28.7% and 18.4% for the year. Although the investment performance lagged key benchmark indices, the Trustees consider that, in the context of significant outperformance over the most prior periods, the investment strategy has continued to meet expectations.

their absolute discretion for the period of 21 years from the date of the deed, instead of applying the income of the Trust in any year, accumulate all or any part of such income by investing the same and the resulting income and hold the same as part of the capital of the Charity without prejudice to their right to apply the whole or any part of such accumulated income in any subsequent year as if the same were income of the Charity arising in the current

accumulated reserves of the Charity are effectively an expendable endowment fund, being a capital fund in which both the income arising and the capital value can be spent at the discretion of the Trustees. This means that under Charity Commission definitions the Charity does not have any free reserves. In practice, the strategy of the trust is to accumulate funds up to times at which the Trustees wish to utilise the funds of the Charity in order to fulfil its charitable purposes. Accordingly, from year to year the Charity may either retain surplus funds or expend reserves according to its current requirements.

The Vaseppi Trust 4

Annual report of the Trustees Year to 31 December 2021

FINANCIAL REVIEW (continued)

Reserves and investments policy (continued)

the real value of the investment assets and the purchasing power expenditure, the Trustees have set an amount available for grants, which is determined as a percentage of the investment assets of the Charity over the preceding four quarters. The Trustees monitor market conditions in order to determine the budget, which for the year 2021 was set at 4% of the average investment assets. In 2021, approximately 3% of the investments were made available for grants. The Trustees recognise that in any particular year expenditure could be above or below the budget, and will adjust future budgets to accommodate any such divergence.. The Trustees consider that the unrestricted funds of £7,445,494 provide an appropriate base from which capital appreciation should ensure that grant-making can continue in li

PRINCIPAL RISKS AND UNCERTAINTIES

thus its ability to sufficiently deliver its objectives. They have also identified the risk of ineffective grant making whereby activities of the organisations receiving the grants do not continue to benefit the public. The Trustees monitor the performance of the recipient charities, Charity, and the processes to manage them, are kept under review by the Trustees.

PLANS FOR THE FUTURE

The trustees will continue to look for new opportunities to make grants available to organisations whose objectives are in line with the aims of the charity. New grants are likely and education-based organisations.

The

in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the income and expenditure of the Charity for that period. In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimate that are reasonable and prudent;

The Vaseppi Trust 5

Annual report of the Trustees Year to 31 December 2021

(continued)

prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that 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 detection and prevention of fraud and other irregularities.

This report was approved and authorised by the Trustees on and signed on their behalf by:

Robert Cope Trustee

The Vaseppi Trust 6

Year to 31 December 2021

Independent auditor

Indep

rustees of The Vaseppi Trust

Opinion

We have audited the the year ended 31 December 2021, which comprise the statement of financial activities, the balance sheet, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Practice).

In our opinion, the financial statements:

have been prepared in accordance with the requirements of the Charities Act 2011.

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 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 United Kingdom

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

of accounting in the preparation of the accounts 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 or a period of at least twelve months from when the accounts are authorised for issue.

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

The Vaseppi Trust 7

Year to 31 December 2021

Independent auditor

Other information

The Trustees are responsible for the other information. The other information comprises the report thereon. Our opinion on the financial statements does not cover the other information and 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the T responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 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.

The Vaseppi Trust 8

Year to 31 December 2021

Independent auditor

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an report 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 accounts.

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 to irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

including obtaining an understanding of how fraud might occur, by:

The Vaseppi Trust 9

Year to 31 December 2021

Independent auditor

Audi

(continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required

to identify non-compliance with laws and regulations to enquiry of the trustees and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located description forms p

The Vaseppi Trust 10

Year to 31 December 2021

Independent auditor

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Biscoe

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL Dated: 16 May 2022

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Vaseppi Trust 11

Statement of financial activities Year to 31 December 2021

Notes Unrestricted Unrestricted
Total
funds
2021
£		 Total
funds
2020
£
Income from:
Donations
1
Exchange rate gains
Total income
Expenditure on:
Raising funds: investment manager fees
Raising funds: Other
Charitable activities
Total expenditure
3
Net expenditure before investment gains
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 5,334 8,939
2,934
5,334 11,873
3,915
227
201,877		 3,150
291
210,940
206,019 214,381
(200,685)
609,552		 (202,508)
1,028,710
408,867
7,036,627		 826,202
6,210,425
7,445,494 7,036,627

The notes on pages 17 to 19 form part of these financial statements.

All income recognised during the above two financial periods related to unrestricted funds.

The Vaseppi Trust 12

Balance sheet 31 December 2021

Notes 2021
£		 2021
£		 2020
£		 2020
£
Fixed assets:
Investments
6
Current assets:
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due
within one year
7
Net current assets
Total net assets
Charity funds
Unrestricted funds
Total Charity funds		 7,103,920 350,069
7,095,425
7,445,494
7,445,494		 103,012 6,966,655
69,972
7,036,627
7,036,627
7,103,920
(8,495)		 103,012
(33,040)
7,445,494 7,036,627

The financial statements were approved by the Trustees on and signed on their behalf by:

Robert Cope Trustee

The Vaseppi Trust 13

Principal accounting policies 31 December 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 December 2021 with comparative information given in respect to the year to 31 December 2020.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The financial statements have been prepared in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

A statement of cash flow has not been included in accordance with the Statement of Recommended Practice.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

There are no restricted funds.

The Vaseppi Trust 14

Principal accounting policies 31 December 2021

Income recognition

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the date of the submission of the claim.

Expenditure recognition

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs which are included within support costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Investments

recognised at their transaction cost and subsequently measured at fair value at the balance sheet date.

The net asset value per share is deemed to be the fair value for the purposes of these accounts. The statement of financial activities includes net gains and losses arising on revaluations and disposals throughout the year. As investments are revalued throughout the year, no realised gains or losses arise on disposal.

The Vaseppi Trust 15

Principal accounting policies 31 December 2021

Foreign currencies

Assets and liabilities are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Debtors receivable and creditors payable within one year

Debtors are recognised when the Charity is legally entitled to the income after any performance conditions have been met, the amount can measured reliably and it is probable that the income will be received.

Creditors are recognised when the Charity has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic benefits.

Financial instruments

The Charity holds basic financial instruments. The financial assets and financial liabilities of the Charity are as follows:

Financial assets accrued income is a basic financial instrument and debt instrument measured at amortised cost.

Cash at bank is classified as a basic financial instrument and is measured at face value.

Investments all investments are classified as basic financial instruments and held at their face value.

Financial liabilities accruals and grants payable are classified as basic financial instruments, and are measured at amortised cost.

The Vaseppi Trust 16

Notes to the financial statements 31 December 2021

----- Start of picture text -----
1 Income from: donations
Total Total
2021 2020
£ £
Donations 5,549 8,939
Total funds 5,549 8,939
2 Governance costs
Total Total
2021 2020
£ £
. current year 8,280 8,040
. prior year 3,000
Total funds 8,280 11,040
3 Expenditure
2021 2020
£ £
Grants to institutions (note 4) 193,597 199,900
Support costs Governance costs (note 2) 8,280 11,040
Support costs Bank and other charges 227 291
Cost of raising funds investment management fees 3,915 3,150
206,019 214,381
----- End of picture text -----

4 Grants to institutions

----- Start of picture text -----
2021 2020
£ £
National Gallery Trust 25,000
Royal College of Music 45,000 64,900
Little Bamboo Foundation 20,000 20,000
Medical Aid Films 30,000 30,000
Borne Foundation 55,000 30,000
Ellen MacArthur Cancer Trust 20,000 20,000
Ebony Horse Club 10,000 10,000
Montepulciano Project 3,597
Tuscany Environment Foundation 10,000
Total 193,597 199,900
----- End of picture text -----

The Trustees have made grants as they have deemed fit to other charities within the arts, education and healthcare sectors. All grants are made at the discretion of the Trustees.

Little Bamboo Foundation, a charity registered in France, funds a preschool for disadvantaged children in the Philippines.

There were no grants to individuals in the year.

The Vaseppi Trust 17

Notes to the financial statements 31 December 2021

4 Grants to institutions (continued)

In 2019 the trustees made an informal commitment to fund the Royal College of Music with at least £20,000 per annum for the foreseeable future. There is no contract and the funding has not been accrued as payable.

5 Net expenditure

This is stated after charging:

Total
2021
£		 Total
2020
£
audit services
accounts compilation and other services
prior year		 6,350
1,930		 6,200
1,840
3,000

6 Fixed asset investments

Fixed asset investments
Listed
securities
2021
£		 Listed
securities
2020
£
Market value
At 1 January
Disposals (proceeds: £7,222,233 gains: £549,396)
Revaluations
At 31 December
Investments comprise shares held in:		 6,966,655
(6,672,837)
56,251
350,069
2021
£		 5,941,095
1,025,560
6,966,655
2020
£
Columbus Point Global Equity ICAV
Mundane World Leaders Fund
Total
Cost of investments at 31 December 2021		 350,069 6,672,837
293,818
350,069
223,604		 6,966,655
4,471,060

At 31 December 2021 listed investments included the following individual holdings which were material when compared to the total portfolio valuation as at that date:

Holding
Columbus Point Global Equity ICAV
Mundane World Leaders Fund		 2021 2021 2020
Market
value of
holding
£
Percentage
of
portfolio
%
6,672,837
95.78
Market
value of
holding
£
350,069		 Percentage
of
portfolio
%
100.00		 Market
value of
holding
£
6,672,837

All the fixed asset investments are held in Ireland.

The Vaseppi Trust 18

Notes to the financial statements 31 December 2021

7 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021
£
8,280
215
8,495		 2020
£
8,040
25,000
33,040
Accruals
Grants payable
Other creditors

8 Fund reconciliation

Statement of funds current year

Balance at
1 January
2021
£		 Income
£		 Expenditure
£
(206,019)		 Gains
£
609,552
Gains
£
1,028,710		 Balance at
31
December
2021
£
Unrestricted funds
General funds		 7,036,627 5,334 7,445,494
Statement of funds
prior year
Balance at
1 January
2020
£
Unrestricted funds
General funds
6,210,425		 Income
£		 Expenditure
£
(214,381)		 Balance at 31
December
2020
£
Unrestricted funds
General funds		 6,210,425 11,873 7,036,627

9 Related party transactions

The Key Management Personnel (KMP) of the Charity are the Trustees. There are no staff. The Trustees are not remunerated, nor do they claim expenses. Therefore the remuneration of the KMP is £nil in both years.

Robert Cope is a director of Columbus Point LLP, which manages the majority of the re were no management fees paid to Columbus Point LLP in 2021 and 2020. Robert Cope was also portfolio manager of the Columbus Point Global Equity Fund. During 2021 the Columbus Point Global Equity Fund was liquidated and at 31 December 2021 there were no holdings with Columbus Point LLP (see note 6). His voluntary time for overseeing the management of the investments has not been included in the financial statements.

In 2021, the total donations received from Trustees was £nil (2020: £nil).

During the year Robert Cope incurred expenditure of £215 which was reimbursed to him. At 31 December 2021 £215 was due to Robert Cope.

The Vaseppi Trust 19