REGISTERED CHARITY NUMBER: 1139619
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
THE VASEPPI TRUST
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
THE VASEPPI TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 13
Detailed Statement of Financial Activities 14
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THE VASEPPI TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2024. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trusteesconfirmthattheyhavereferredto the guidancecontainedin the CharityCommission’sgeneralguidance on
public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
The VaseppiTrust was establishedwith the intentionof makinggrantsfor charitablepurposesfor the benefitof the public
astheTrusteesmayfromtimetotimedecide.TheTrusteeshaveconsideredtheCharityCommission’sguidance on
"Charities and Public benefit" when making those grants.
ACHIEVEMENT AND PERFORMANCE
Overthecourseof2024,theTrusteesapprovedgrantstoatotalvalueof£405,061(2023:£352,161)toavariety of
charities and institutions operating in the arts, education and healthcare sectors, among others, as shown in note 3.
FINANCIAL REVIEW
Reserves policy
The Charity'sfundingis usuallyprimarilyderivedfrom the realisationof investmentassetsanddonationsfrom one of the
Trustees,RobertCope,althoughthisyearthemajorityofdonationsweresmallsumsreceivedfromotherdonors. Total
income recognised in 2024 was £173,924 (2023: £111,499).
Totalexpenditureintheyearwas£416,119(2023:£365,809)asshowninnote8.Furtherdetailsoftheapplication of
funds and movement in resourcesare given in the statementof financialactivities.All assets are held in furtheranceof the
objectives of the Charity.
Reserves and investment policy
The Trustees’intentionis to investthe majorityof the Charity’sreservesin equitiesor otherhigher-returning,liquid asset
classes (investments assets), and through most of 2024 more than 95% of the reserves were held in such assets.
TheTrustretaineditsinvestmentsintheEgertonCapitalGlobalEquityFund,theMundaneWorldLeadersFundand the
Fundsmith Equity Fund.
Thefundsdeliveredacombinedreturnof16%overthecourseoftheyear,whichcomparestoareturnof21%for the
MSCI WorldIndexin whatwas a challengingenvironmentfor active,fundamentalinvestors.The Trusteesbelievethat the
investment performance remains aligned with the Trust's long-term objectives.
The Trustees intend to continue to increase the Trust’s exposure to global equity assets through 2025.
Under the terms of the Charity'strustdeed dated3 December 2010, 'the Trusteesmay at theirabsolutediscretionfor the
periodof21yearsfromthedateofthedeed,insteadofapplyingtheincomeoftheTrustinanyyear,accumulateall or
anypartofsuchincomebyinvestingthesameandtheresultingincomeandholdthesameaspartofthecapitalof the
Charitywithoutprejudiceto their right to apply the whole or any part of such accumulatedincome in any subsequent year
as if the same were income of the Charity arising in the current year.
Page 1
THE VASEPPI TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
Inpracticaltermsthismeansthatinthefirst21yearsoftheCharity'sexistencetheaccumulatedreservesofthe Charity
areeffectivelyanexpendableendowmentfund,beingacapitalfundinwhichboththeincomearisingandthe capital
valuecanbespentatthediscretionoftheTrustees.ThismeansthatunderCharityCommissiondefinitionsthe Charity
doesnothaveanyfreereserves.Inpractice,thestrategyofthetrustistoaccumulatefundsuptotimesatwhich the
Trustees wish to utilisethe funds of the Charityin order to fulfilits charitablepurposes.Accordingly,from year to year the
Charity may either retain surplus funds or expend reserves according to its current requirements
TheCharity'sinvestmentsandreservespoliciesarecloselylinked.Inordertopreserveboththerealvalueof the
investmentassetsandthepurchasingpoweroftheCharity'scharitableexpenditure,theTrusteeshavesetan amount
availableforgrants,whichis determinedas a percentageof theinvestmentassetsof theCharityoverthepreceding four
quarters.The Trustees monitormarket conditionsin order to determinethe budget,which for the year 2023 was set at 4%
oftheaverageinvestmentassets.In2023,approximately3%oftheinvestmentsweremadeavailableforgrants. The
Trusteesrecognisethatinanyparticularyearexpenditurecouldbeaboveorbelowthebudget,andwilladjust future
budgetsto accommodateany such divergence.The Trustees considerthat the unrestrictedfunds of £7,636,301provide an
appropriatebase from whichcapitalappreciationshouldensurethatgrant-makingcan continuein line withthe Trustees'
objectives.
FUTURE PLANS
The trusteeswill continueto lookfor new opportunitiesto make grantsavailableto organisationswhose objectivesare in
linewiththeaimsofthecharity.NewgrantsarelikelytobeinsimilarsectorstotheCharity’scurrentrecipients,such as
environment, healthcare, arts/culture and education-based organisations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Principle Risks and Uncertainties
TheCharity’sTrusteeshaveidentifiedthekeyrisktobethatoflossesoninvestmentsduetovolatilestock market
conditionswhich wouldimpactthe Charity’sabilityto awardgrantsand thus its abilityto sufficientlydeliverits objectives.
Theyhavealsoidentifiedtheriskofineffectivegrantmakingwherebyactivitiesoftheorganisationsreceivingthe grants
do not continueto benefit the public.The Trustees monitorthe performanceof the recipientcharitiesand believe that the
Charity’sfundshavebeenwelldeployed.TheprincipalrisksfacingtheCharity,andtheprocessestomanagethem, are
kept under review by the Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1139619
Principal address
9 Norland Square
London
W11 4PX
Trustees
R C B Cope
Mrs S A P Cope
T C Fussell
Page 2
THE VASEPPI TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..........................................................................
R C B Cope - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE VASEPPI TRUST
Independent examiner's report to the trustees of The Vaseppi Trust
IreporttothecharitytrusteesonmyexaminationoftheaccountsofTheVaseppiTrust(theTrust)fortheyear ended
31 December 2024.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutunderSection145 of the Act andin carrying out
myexaminationI havefollowedallapplicableDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the
Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnectionwith the
examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concernsand have come acrossno othermattersin connectionwith the examinationto whichattention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Palmer
The Institute of Chartered Accountants in England and Wales
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
Date: .............................................
Page 4
THE VASEPPI TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Other income
Total
EXPENDITURE ON
Raising funds
2
Charitable activities
Support of arts and educational organisations
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2024
Unrestricted
fund
£
10,070
163,854
173,924
6,258
409,861
416,119
611,102
368,907
7,267,394
7,636,301 |
2023
Total
funds
£
8,060
103,439 |
|
|
111,499 |
|
|
1,768
364,041 |
|
|
365,809 |
|
|
375,628 |
|
|
121,318
7,146,076 |
|
|
7,267,394 |
The notes form part of these financial statements
Page 5
THE VASEPPI TRUST
BALANCE SHEET 31 DECEMBER 2024
Notes
FIXED ASSETS
Investments
6
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
8
Unrestricted funds
TOTAL FUNDS |
2024
Unrestricted
fund
£
4,261,632
3,505,853
(131,184)
3,374,669
7,636,301
7,636,301
7,636,301
7,636,301 |
2023
Total
funds
£
3,650,530
3,667,414
(50,550) |
|
|
3,616,864 |
|
|
7,267,394 |
|
|
7,267,394 |
|
|
7,267,394 |
|
|
7,267,394 |
The financialstatementswere approvedby the Boardof Trusteesandauthorisedfor issueon .............................................
and were signed on its behalf by:
.............................................
R C B Cope - Trustee
The notes form part of these financial statements
Page 6
THE VASEPPI TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewith the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicablein the UK and Republicof Ireland(FRS 102) (effective 1 January2019)', FinancialReportingStandard 102
'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andtheCharitiesAct2011. The
financialstatementshavebeenpreparedunderthehistoricalcostconvention,withtheexceptionof investments
which are included at market value, as modified by the revaluation of certain assets.
Income
All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds,it is
probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
the amountof the obligationcanbe measuredreliably.Expenditureis accountedforon an accrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybe usedforparticularrestrictedpurposeswithinthe objectsof the charity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesonastraightline basis
over the period of the lease.
continued...
Page 7
THE VASEPPI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
2. RAISING FUNDS
Raising donations and legacies
Raising donations and legacies |
|
|
Support costs
3.
GRANTS PAYABLE
Support of arts and educational organisations
The total grants paid to institutions during the year was as follows:
Comune di San Casciano dei bagni
Seaview Sailing Trust
Borne Foundation
Ellen McArthur Cancer Trust
Medical Aid Films
The Wildfowl and Wetlands Trust
Tuscany Environment Foundation
British Museum
The European Nature Trust
National Gallery Trust
Royal College of Music
Little Bamboo Foundation
The Ashmolean Museum
The V&A Museum
Santa Maria della Scala |
2024
£
6,258
2024
£
405,061
2024
£
80,550
10,000
25,000
10,000
20,000
20,000
40,000
-
8,423
150,000
25,000
-
7,500
-
-
396,473 |
2023
£
1,768
2023
£
352,161 |
|
|
2023
£
43,936
10,000
25,000
10,000
20,000
20,000
10,000
20,000
8,670
50,000
25,000
20,000
7,500
20,000
44,292 |
|
|
334,398 |
TheTrusteeshavemadegrantsastheyhavedeemedfittoothercharitiesandinstitutionswithinthe arts,
education, cultural and healthcare sectors. All grants are made at the discretion of the Trustees.
In2023thetrusteesmadeinformalcommitmentstofundComunediSanCascianodeibagni(forthe Grande
Bagnoarchaeologicalexcavation)with at least 25,000 euros per annumfor the next two years and The Ashmolean
Museumwith£7,500perannumforthenexttwoyears.Therearenocontractsandthefundinghasnot been
accrued as payable.
The total grants paid to individuals during the year was as follows:
The total grants paid to individuals during the year was as follows: |
|
|
|
2024 |
2023 |
|
£ |
£ |
San Casciano dei Bagni post-graduate bursaries |
8,588 |
17,763 |
continued...
Page 8
THE VASEPPI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
4. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2024norforthe year
ended 31 December 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2024norfortheyear ended
31 December 2023.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Support of arts and educational organisations
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
8,060
103,439 |
|
111,499 |
|
1,768
364,041 |
|
365,809 |
|
375,628 |
|
121,318
7,146,076 |
|
7,267,394 |
continued...
Page 9
THE VASEPPI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
6. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2024
Revaluations
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
There were no investment assets outside the UK.
Cost or valuation at 31 December 2024 is represented by:
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Cost |
Listed
investments
£
3,650,530
611,102
4,261,632
4,261,632
3,650,530
Listed
investments
£
55,526
(57,061)
375,628
611,102
3,276,437
4,261,632 |
|
|
continued...
Page 10
THE VASEPPI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
173,924
TOTAL FUNDS
173,924
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.24
£
7,267,394
7,267,394
Resources
expended
£
(416,119)
(416,119)
At 1.1.23
£
7,146,076
7,146,076 |
|
2024
£
131,184
Net
movement
in funds
£
368,907
368,907
Gains and
losses
£
611,102
611,102
Net
movement
in funds
£
121,318
121,318 |
2023
£
50,550
At
31.12.24
£
7,636,301
7,636,301
Movement
in funds
£
368,907
368,907
At
31.12.23
£
7,267,394
7,267,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. MOVEMENT IN FUNDS
continued...
Page 11
THE VASEPPI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
111,499
111,499 |
Resources
expended
£
(365,809)
(365,809) |
Gains and
Movement
losses
in funds
£
£
375,628
121,318
375,628
121,318 |
Gains and
Movement
losses
in funds
£
£
375,628
121,318
375,628
121,318 |
|
|
|
|
121,318 |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.1.23
£
7,146,076
7,146,076 |
Net
movement
in funds
£
490,225
490,225 |
At
31.12.24
£
7,636,301 |
|
|
|
7,636,301 |
A currentyear12 monthsandprioryear12 monthscombinednetmovementinfunds,includedintheabove are
as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
285,423
285,423 |
Resources
expended
£
(781,928)
(781,928) |
Gains and
Movement
losses
in funds
£
£
986,730
490,225
986,730
490,225 |
Gains and
Movement
losses
in funds
£
£
986,730
490,225
986,730
490,225 |
|
|
|
|
490,225 |
continued...
Page 12
THE VASEPPI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 13
THE VASEPPI TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other income
Interest Received
Total incoming resources
EXPENDITURE
Charitable activities
Grants to institutions
Grants to individuals
Support costs
Finance
Bank charges
Investment Management Fees
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Accountancy Fees
Independent Examiners Fees
Total resources expended
Net expenditure |
2024
£
10,070
163,854
173,924
396,473
8,588
405,061
550
5,708
6,258
-
-
1,800
3,000
4,800
416,119
(242,195) |
2023
£
8,060
103,439
111,499
334,398
17,763
352,161
439
1,329
1,768
9,111
2,769
-
-
11,880
365,809
(254,310) |
|
|
|
This page does not form part of the statutory financial statements
Page 14