``` 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`** **----- Start of picture text -----**
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 ```