REGISTERED CHARITY NUMBER: 240915
Report of the Trustees and
Unaudited Financial Statements For The Year Ended 30 June 2021 for The Jephcott Charitable Trust
Bromhead Harscombe House 1 Darklake View Plymouth Devon PL6 7TL
The Jephcott Charitable Trust
Contents of the Financial Statements For The Year Ended 30 June 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 15 |
| Detailed Statement of Financial Activities | 16 |
The Jephcott Charitable Trust
Reference and Administrative Details
For The Year Ended 30 June 2021
| TRUSTEES | M L Jephcott (Chair) |
|---|---|
| K C W Morgan CBE (Deputy Chairman) | |
| Lady M F Jephcott | |
| J Parker | |
| Dr D Thomas | |
| C Parker | |
| S Lamdin | |
| PRINCIPAL ADDRESS | The Threshing Barn |
| Ford | |
| Kingsbridge | |
| Devon | |
| TQ7 2LN | |
| REGISTERED CHARITY NUMBER | 240915 |
| INDEPENDENT EXAMINER | Bromhead |
| Harscombe House | |
| 1 Darklake View | |
| Plymouth | |
| Devon | |
| PL6 7TL | |
| BANKERS | Handelsbanken |
| Ground Floor, | |
| Salt Quay House | |
| 4 North East Quay | |
| Sutton Harbour | |
| Plymouth | |
| PL4 0BN | |
| FUND MANAGERS | Royal Bank of Canada Investment |
| Management (U.K.) Limited | |
| Riverbank House | |
| 2 Swan Lane | |
| London | |
| EC4R 3BF |
Page 1
The Jephcott Charitable Trust
Report of the Trustees For The Year Ended 30 June 2021
The Trustees present their Annual Report and Accounts for the year ended 30th June 2021. The financial statements have been prepared in accordance with the accounting policies as set out in note 1 and comply with the charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Trust remain:
-
1 To apply income or capital for charitable purposes.
-
2 To advance funds for charitable purposes, be these general or specific; Trustees have particular interest in making grants to organisations requiring start up funds in both the United Kingdom and overseas.
-
3 The Mission Statement of the Trust states that the current priorities are directed towards population control, education, health and the environment.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting grant making policy for the year.
The Trust carries out these objects by funding projects of other charitable organisations that are running projects that meet the charitable objectives of the Trust. These organisations and the specific public benefit that their projects meet are shown below in note 5.
Delivery of public benefit through the Trust's grant making policy:
During this year the Trust supported 16 projects (2020: 19). Of these; 2 (2020:3) were for health, 4 (2020:8) were for education, 3 (2020:5) were for health and education, 2 (2020:2) were for environment and health, 3 (2020:0) were for environment, education and health, 2 (2020:1) were for environment and education. There were no projects for environment, education and health and population control. The projects under the various public benefit headings were funded to assist with:
| Health: | - | To provide a telephone support and counselling service to isolated people during Covid-19. |
|---|---|---|
| - | Collection, dismantling, delivering and recycling of prosthetic limbs for delivery to mobility | |
| centres. | ||
| Education: | - | To construct a girls hostel at a secondary school. |
| - | To construct a 4th classroom at a primary school. | |
| - | To facilitate a training and support programme for the new adopters and children in first 6 | |
| months of placement. | ||
| - | To provide a community internet hub for children's education and community access in | |
| remote areas. | ||
| Health & | ||
| Education: | - | Equipment for disabled children at school. |
| - | To improve health and attendance for orphans and vulnerable children at a Community | |
| School by installing a borehole and solar pump for water. | ||
| - | Provide a family planning programme to reach 6500 families through education and | |
| sensitisation, training, upskilling and contraceptive dissemination. | ||
| Health & | ||
| Environment | - | To provide a water supply, sanitation, training and tree planting. |
| - | To protect vulnerable families who are homeless or living in extremely harsh conditions by | |
| giving them a secure traditional home of their own | ||
| Environment & | ||
| Education | - | To install solar panels at a primary school. |
| - | Provide an outreach education programme and rewilding to address climate change. | |
| Health, Education | - | To train young people in self-sustainable farming to gain employment and reduce |
| & Environment | community level poverty. | |
| - | To maintain a plantation of 45,000 trees over 2 years in the rainforest and break the cycle of | |
| deforestation and poverty. | ||
| - | To build and install pit latrines for 600 households and training in the construction and | |
| maintenance of the latrines for sustainability. |
Page 2
The Jephcott Charitable Trust
Report of the Trustees For The Year Ended 30 June 2021
OBJECTIVES AND ACTIVITIES
Grantmaking
The Trust has established its grant making policy to achieve its objects for the public benefit of Health, Education, Population Control and the Environment. The Trustees review the grant making policy annually to ensure that it reflects the Trust's objectives and thereby advances public benefit.
The Trustees receive applications from institutions requesting grant assistance. The Board of Trustees then considers these applications and decides whether to make the grant. The Trustees also receive follow up reports on the projects for which the grant was made. If these reports are not satisfactory any grant balance may be withheld or the Trustees may request repayment of the grant.
Each year the Trustees strive to distribute funds to those applications which meet the criteria. All applications are considered in detail and, provided they are acceptable, and meet the Trust's guidelines, the Trustees make grants subject to there being sufficient funds available for distribution.
Details of how to apply for grants are available on the Trust's website.
ACHIEVEMENT AND PERFORMANCE
Monitoring achievement
The Trustees receive reports on each project. Due to the world wide nature of our projects and the often remote areas in which the work is undertaken visits by Trustees to check on the progress of these programmes is rare. Where practicable and feasible projects are visited by a Trustee. The risk is further minimised because the Trust prefers to support UK charities that are delivering benefit overseas rather than supporting overseas charities. The Trustees feel this assists the monitoring of projects.
Photographs and progress reports are the main source of monitoring. Communication is maintained throughout with the charitable organisation through which the project is funded.
Financial review:
The Trust is reliant on capital growth and income generated by its investments because it does not undertake any fundraising.
The annual realised gains were £173,801 (2020: realised loss £67,018) and the unrealised gains were £754,608 (2020: £374,921). The total return (including unrealised gains) was therefore £928,409 (2020; £307,903).
The income generated from the investment portfolio was £41,179 (2020: £49,819) .From this income and the net gains from its investments, the Trust paid out grants of £129,418 (2019: £130,314). Governance costs (included within expenditure on charitable activities) are £5,641 (2020: £6,053) and investment management costs are £44,911 (2020: £42,023).
Fundraising statement
The Trust does not raise funds from the public and does not employ fund raising agencies, street fundraisers or undertake telephone fund raising programs.
FINANCIAL REVIEW
Investment policy and Performance
The Trustee's Investment Policy has been to preserve the real value of the fund. The discretionary investment managers mainly invest in managed pooled funds, which have mitigated the risks inherent in direct investment. Performance of the discretionary managers is regularly monitored by the Trustees against independent performance measurement. The Trust Deed gives the Trustees unrestricted investment powers. All investments held have been acquired in accordance with the powers available to the Trustees.
The total market value of the investments at 30 June 2021 was £7,316,211 (2020: £6,846,035). Full disclosure of the investments is available in Note 9. The capital value, as adjusted for additions and disposals, increased by 12% (2020: 3%). Investment income was approximately 0.56% (2020: 0.73%) of capital value.
The trustees acknowledge that the value of investments may rise and fall and in the application of the policy to maintain the real value of the fund, they may apply a long term view. This policy was adapted in 2013 and after allowing for inflation, at the date of approval of these accounts, the real value of the funds had been maintained.
Following the Trustees' decision to appoint investment managers with full discretionary investments management powers, the Trustees receive quarterly reports and monitor the performance against benchmarks. Should the Trustees be consistently disappointed with the performance, then consideration would be given to changing investment managers.
Page 3
The Jephcott Charitable Trust
Report of the Trustees For The Year Ended 30 June 2021
FINANCIAL REVIEW
Reserves policy
It is the Trust's policy to maintain the real value of its investment funds over the long-term. It measures the total return on its investments, both from income and capital gains or losses, and any surplus above the real value can be expended in furtherance of the charitable objects of the Trust.
The Trustees review the level of funds at each Trustee meeting, together with known and likely future demands on those funds. If in any one year the total return is insufficient to meet the budgeted grant making expenditure, the trustees will consider whether to reduce the budgeted expenditure in the year or to make adjustments over the longer period with the intention of preserving the long term real value of the Trust in accordance with the investment objective above.
The Trustees manage the Trust's investments so as to achieve the maximum rate of return consistent with the normal level of prudence which should govern the management of charitable funds and with the goal of maintaining sufficient liquidity to meet grant applications likely to be approved.
COVID-19
The Covid-19 pandemic has, to date, had a limited operational impact on the running of the Trust, requiring only bi-annual in-person meetings of the Trustees to be held by video conference instead. As the Trust already operates on the basis of remote working, other aspects of the administration of the Trust have continued uninterrupted. The Trust has supported projects in a number of countries which have been particularly badly effected by COVID-19, and therefore the trustees are expecting certain projects to have not been implemented, either at all or not in the way originally intended. Until the 12 months reports are received from each of these projects, full details of the impact of COVID-19 are not known, but it is inevitable that there will be adverse impact
FUTURE PLANS
The Trustees plan to continue work to retain the real value of the Trust's investments over the long term and, on this basis, only then to fund as many charitable organisations as the Trust is able.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is a registered charity, number 240915, and is constituted under a trust deed dated 7th January 1965 and the trustees are incorporated as a body. The Trust was established by Sir Harry Jephcott in 1965. Sir Harry was a pharmaceutical chemist and industrialist and in 1919 he joined Joseph Nathan, an Anglo-New Zealand company which marketed dried milk under the trade name Glaxo. He became the architect of what is now one of the world's major pharmaceutical companies, being largely responsible for providing Glaxo with the scientific base on which its prosperity depended. He retired as Managing Director in 1956, subsequently becoming non-executive Chairman and later honorary Life President. He endowed several charities including The Jephcott Charitable Trust. The Jephcott family continue to be actively involved in the Trust where they seek to continue the charitable work desired by the donor through careful stewardship of its resources.
The Trustees, who are listed on page 1, formulate the policies of the Trust including the nature of projects supported as well as the financial controls, under which the Trust operates.
The Trustees meet twice a year to agree the Trustee strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications is delegated to a Secretary.
The Trustees have in place a finance sub-committee that reviews the investments held. The Finance Committee meet the Fund Managers at least once a year to review performance against benchmarks and review the risk profile of the investment portfolio. Where applicable it takes advice from various professional quarters. The sub-committee then reports to the main committee of Trustees, highlighting its recommendations. The recommendations of the sub committee cover such areas as level of liquidity to be maintained and the amount available for distribution. The appointment of investment managers is the responsibility of all Trustees.
Recruitment and appointment of new trustees
New Trustees are appointed on the recommendation of the Chairman, and serve for five years with option to renew and are invited to put themselves forward for re-appointment for a further five years. The appointment is made after taking into consideration the specific skills and knowledge of the appointee and the requirements of the Board as a whole. New Trustees attend a Trustees' meeting before they are appointed, receive a full briefing from the Chairman and written guidelines.
All trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses are disclosed in note 7 to the accounts. Trustees are required to disclose all relevant interests and register them with the Secretary and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises.
Page 4
The Jephcott Charitable Trust
Report of the Trustees
For The Year Ended 30 June 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The major risks to which the Trust is exposed, as identified by the Trustees, continue to be reviewed and systems have been established to mitigate those risks.
The major risks that the Trust is subject to are the loss of capital value of the Trust's investments or the loss of funds through fraudulent grant applications.
As referred to above a finance sub-committee regularly reviews the investments of the Trust to ensure the capital funds are invested prudently. The trustees have appointed a Discretionary Fund Manager and instructed them to manage their funds in a risk adverse and cautious manner whilst still providing a positive return to allow the Trust to achieve its aim of giving donations.
The loss of funds through fraudulent grant application is mitigated through the diligent application of the guidelines, research and evaluation of the project together with direct communication with the applicant applying for funds.
The trustees continue to purchase indemnity insurance for the protection of both the Trust and the Trustees.
Governance statement
The Board of Trustees have had due regard to principals of recommended practices as set out by the "Charity Governance Code" and have applied these wherever practical and in decision making.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ M L Jephcott (Chair) - Trustee
Page 5
Independent Examiner's Report to the Trustees of The Jephcott Charitable Trust
Independent examiner's report to the trustees of The Jephcott Charitable Trust
I report to the Trust’s Trustees on my examination of the accounts of The Jephcott Charitable Trust (the Trust) for the year ended 30 June 2021.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Neil Stevens ACA FCCA Bromhead Chartered Accountants Statutory Auditors Harscombe House 1 Darklake View Plymouth Devon PL6 7TL
Date: .............................................
Page 6
The Jephcott Charitable Trust
Statement of Financial Activities
For The Year Ended 30 June 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Grant funding activities Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.6.21 Unrestricted funds £ 41,180 44,911 135,059 179,970 928,409 789,619 7,208,659 7,998,278 |
30.6.20 Total funds £ 49,847 42,023 136,367 178,390 307,903 179,360 7,029,299 7,208,659 |
|---|---|---|
The notes form part of these financial statements
Page 7
The Jephcott Charitable Trust
Balance Sheet
30 June 2021
| Notes FIXED ASSETS Heritage assets 8 Investments 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
30.6.21 30.6.20 Unrestricted Total funds funds £ £ 80,000 80,000 7,316,211 6,846,035 7,396,211 6,926,035 615,919 295,195 (13,852) (12,571) 602,067 282,624 7,998,278 7,208,659 7,998,278 7,208,659 7,998,278 7,208,659 7,998,278 7,208,659 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
M L Jephcott (Chair) - Trustee
The notes form part of these financial statements
Page 8
The Jephcott Charitable Trust
Notes to the Financial Statements For The Year Ended 30 June 2021
1.
Basis of preparing the financial statements
The financial statements of the Trust, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements are prepared as a going concern and the Trustees are certain there are no material uncertainties about the Trust’s ability to continue.
Incoming resources
Investment income: This is accounted for in the year during which it is received. Expenses incurred in relation to this income are not separately identified and therefore are netted off income.
Dividends: Dividends are recognised in the period the monies are physically received.
All other incoming resources are recognised once the Trust has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust 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 cost related to the 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.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Trust. No accrual for grants are made when the intention to make the grant has been communicated to the recipient but there is uncertainty about either the timing of the grant of the amount of the grant payable.
Charitable activities
Costs of charitable activities represent the grants made in the financial year.
Governance costs
Governance costs comprise all costs involving public accountability of the Trust and its compliance with regulations and good practice. These costs include costs related to the independent examiner's fee and legal fees together with the administration costs of the Trust.
Heritage assets
Heritage assets comprise solely of a book "Aurora Australis " which has been held for more than five years. This is held at retail replacement value with no provision for depreciation as the valuation is reviewed with sufficient regularity.
Taxation
The Trust 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.
Restricted funds can only be used for particular restricted purposes within the objects of the Trust. 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.
Investments
Investments are stated at market value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Page 9
continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2021
1. ACCOUNTING POLICIES - continued
Investments
Realised and Unrealised Gains and Losses:
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains or losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
Fund Structure:
There is one fund within the Trust, which is the unrestricted fund. The movement on this fund is shown on the Statement of Financial Activities.
2. INVESTMENT INCOME
Investment Income
| Investments listed on the Stock Exchange Open-Ended Investment Companies/Unit Trusts: UK Foreign Interest received Deposit account interest |
2021 £ 400 20,469 20,310 - 1 41,180 |
2020 £ 400 32,885 15,960 574 28 49,847 |
|---|---|---|
Unless where stated, all investment income has been generated from investment assets in the United Kingdom.
3. RAISING FUNDS
Investment management costs
| Portfolio management 4. CHARITABLE ACTIVITIES COSTS Grant funding activities 5. GRANTS PAYABLE Grant funding activities |
Grant funding of activities (see note 5) £ 129,418 |
30.6.21 £ 44,911 Support costs (see note 6) £ 5,641 30.6.21 £ 129,418 |
30.6.20 £ 42,023 Totals £ 135,059 30.6.20 £ 130,314 |
|---|---|---|---|
Page 10
continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued
For The Year Ended 30 June 2021
5. GRANTS PAYABLE - continued
| Health St Peter & St James Hospice Legs for Africa Sports Forum for the Disabled Grow Peace Second Sight Educational Norwich-Dedza Partnership Strawberry Hill Overseas Community Concern Families for Children Hello World Friends of Potosi Shine Trust Enlighten Education Trust Northwood African Education Foundation Practical Tools Initiative Child of Hope International Refugee Trust Stay at School Health & Educational Lotus Flower Trust Zambia Orphan Aid Baynards Zambia Trust Catherine Bullen Foundation Malaika Kida Henry Von Straubenzee Memorial Fund Kids Aid Tanzania CHECK Environmental and Health Waterworks Christina Noble Children's Foundation Cambridge Mongolia Development Appeal (CAMDA) Child Action Nepal Education & Environment Malaika Kida Chora Chori Environmental, Education and Health Bumba Foundation International Refugee Trust Plant Your Future |
2021 £ 6,000 5,000 - - - 11,000 10,000 6,687 12,500 10,000 - - - - - - - - 39,187 14,000 7,211 7,326 - - - - - 28,537 6,274 9,920 - - 16,194 4,000 10,000 14,000 5,500 5,000 10,000 20,500 |
2020 £ - - 6,000 5,000 5,000 16,000 - - - - 4,569 8,007 2,148 10,000 10,000 9,450 5,000 5,000 54,174 - - - 5,000 10,500 5,500 10,000 11,440 42,440 - - 6,000 1,700 7,700 - - - - - 10,000 10,000 |
|---|---|---|
Page 11
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2021
5. GRANTS PAYABLE - continued
| Total Grants All of the above are institutional grants. SUPPORT COSTS Grant funding activities Support costs, included in the above, are as follows: Governance costs Administration expenses Insurance Website costs Meeting expenses Accountancy and Independent Examination Bank charges |
129,418 Number of Grants paid 16 30.6.21 Grant funding activities £ 2,957 306 93 - 2,232 53 5,641 |
130,314 Number of Grants paid 19 Governance costs £ 5,641 30.6.20 Total activities £ 2,825 266 93 632 2,166 71 6,053 |
|
|---|---|---|---|
6. SUPPORT COSTS
7. TRUSTEES' REMUNERATION AND BENEFITS
Trustees receive no remuneration for the work they undertake on behalf of the Trust. Included in the accounts are trustee expenses totalling £NIL this year (2020: £NIL).
8. HERITAGE ASSETS
| Balance brought forward at valuation Balance carried forward at valuation |
"Aurora Australis" £ 80,000 80,000 |
|---|---|
The book "Aurora Australis" is one of approximately 100 that were published at the winter quarters of the British Antarctic expedition in 1907, illustrated with lithographs and etchings by George Marston and edited by Ernest Shackleton. This book is one of 60 that are known to still exist. The asset is separately insured.
The book was donated to the Trust on condition it is not sold in the donor's lifetime. Although it has no particular relevance to the work that the Trust undertakes, it is reasonable to retain it within the Heritage Asset heading.
The asset was re-valued to £80,000 by Bonhams Limited on 7th December 2015. The accounts reflect this retail replacement valuation and the asset will be held at valuation moving forwards.
Page 12
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2021
8. HERITAGE ASSETS - continued
The Trustees have entered into a formal Loan Agreement with the Cadbury Research Library of the University of Birmingham for the book to be placed at the disposal of the University to be used for research and educational purposes. The University is responsible for the conservation, repair and maintenance of the book, but the book remains the ownership of the Trust.
9. FIXED ASSET INVESTMENTS
Held to provide an investment return for the Trust:
| Units Glaxo SmithKline 25p Ord 500 Bluebay Funds Capital Bound 1,834 Bluebay Structured Credit Class G GBP 2,212 Pimco Global Advisors HGD 27,747 Pimco Global Advisors High Yield Bond 15,971 Bluebay EM Unconstrained Class S 1,541 Lyxor Asset Management 1,043 Blackrock Asset Management Index D 10,802 Blackrock Asset Management China CNY 51,073 BNY Mellion Global Funds 188,785 IMPAX AM Environmental Leaders 112,806 IShares III PLC 616 KBI Funds - Developed Equity 10,821 RBC MSCI World Quality 80,000 Blackrock AM US Equity 1454 Brown Advisory Funds 52,602 RBC Funds (Lux) Equity Focus 888 SSGA SPDR ETFS Europe II 6,147 Vanguard Funds PLC 15,143 Blackrock (lux) SA BGF - European Flex 22,386 IShares Core FTSE 15,565 Ninety One Luxembourg 3,859 First Sentier - Asian Growth 8,883 Fullerton China 6,225 Xtrackers PLC 16,712 Blackrock AM Ireland 3,296 RBC Funds (Lux) Emerging 2,551 Bluebay Investment Diversified 4,787 Titan Saguenay Fund 3,793 Aurelian Global Resources 125 RBC - EUA Emissions 214,000 RBC - Volatility Carry 215,000 Total investments Cash held by fund managers for investment As at 30th June 2021 As at 30th June 2020 |
Cost £ 1,438 236,800 230,169 383,036 218,000 155,728 112,826 119,303 201,397 121,504 84,514 23,953 96,340 61,705 119,645 414,870 101,718 168,142 600,094 314,259 107,049 90,000 82,965 56,446 175,153 27,988 203,512 445,877 407,000 128,610 151,752 152,223 5,794,016 609,775 6,403,791 6,389,347 |
Market Value £ 7,095 240,898 239,974 387,342 261,919 189,133 119,590 121,636 199,906 126,791 132,182 36,803 102,236 64,892 170,107 682,745 113,943 179,936 889,516 536,973 107,212 93,937 110,361 71,195 197,060 35,884 253,006 606,065 428,935 287,076 162,799 159,064 7,316,211 609,775 7,925,986 7,126,852 |
|---|---|---|
Investments Held to provide an investment return for the Trust:
Reconciliation of Investments:
| Market value as at 30th June 2020 Additions Disposals Realised gains Unrealised gains |
6,846,035 2,529,959 (3,010,087) 173,801 776,503 |
|---|---|
Page 13
continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2021
9. FIXED ASSET INVESTMENTS - continued
| Market value as at 30th June 2021 Investments held within the United Kingdom Investments held outside the United Kingdom CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Investment management costs Accountancy and Independent Examination |
7,316,211 2,803,736 4,512,475 7,316,211 30.6.21 30.6.20 £ £ 11,620 10,405 2,232 2,166 13,852 12,571 |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 41,180 TOTAL FUNDS 41,180 |
At 1.7.20 £ 7,168,659 40,000 7,208,659 7,208,659 Resources expended £ (179,970) (179,970) |
Net movement in funds £ 789,619 - 789,619 789,619 Gains and losses £ 928,409 928,409 |
At 30.6.21 £ 7,958,278 40,000 7,998,278 7,998,278 Movement in funds £ 789,619 789,619 |
|
|---|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS |
At 1.7.19 £ 6,989,299 40,000 7,029,299 7,029,299 |
Net movement in funds £ 179,360 - 179,360 179,360 |
At 30.6.20 £ 7,168,659 40,000 7,208,659 7,208,659 |
|---|---|---|---|
Page 14
continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 49,847 49,847 |
Resources expended £ (178,390) (178,390) |
Gains and Movement losses in funds £ £ 307,903 179,360 307,903 179,360 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS |
At 1.7.19 £ 6,989,299 40,000 7,029,299 7,029,299 |
Net movement in funds £ 968,979 - 968,979 968,979 |
At 30.6.21 £ 7,958,278 40,000 7,998,278 7,998,278 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 91,027 91,027 |
Resources Gains and Movement expended losses in funds £ £ £ (358,360) 1,236,312 968,979 (358,360) 1,236,312 968,979 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2021.
13. TRUST OTHER INTERESTS
In the will of N W Jephcott (deceased), a past President of the Trust, his 50% interest in the property, Thalassa, at East Portlemouth, Salcombe is left to a property trust. The property trust holds the 50% interest in the property for the benefit of the trustee Mary, Lady Jephcott, who retains a life tenancy to occupy the property. On the death of Mary, Lady Jephcott, the property trust will hold the 50% interest in the property for the benefit of the Jephcott Charitable Trust. Although the Jephcott Charitable Trust expects to receive the benefit of the 50% interest in the property in the future, at the present time under UK Trust law the 'interest in possession' in the property is held for Mary, Lady Jephcott.
Page 15
The Jephcott Charitable Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| For The Year Ended 30 June 2021 | ||
| 30.6.21 | 30.6.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Other fixed asset invest - FII | 41,179 | 49,819 |
| Deposit account interest | 1 | 28 |
| 41,180 | 49,847 | |
| Total incoming resources | 41,180 | 49,847 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 44,911 | 42,023 |
| Charitable activities | ||
| Grants to institutions | 129,418 | 130,314 |
| Support costs | ||
| Governance costs | ||
| Administration expenses | 2,957 | 2,825 |
| Insurance | 306 | 266 |
| Website costs | 93 | 93 |
| Meeting expenses | - | 632 |
| Accountancy and Independent Examination | 2,232 | 2,166 |
| Bank charges | 53 | 71 |
| 5,641 | 6,053 | |
| Total resources expended | 179,970 | 178,390 |
| Net expenditure before gains and losses | (138,790) | (128,543) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 173,801 | (67,018) |
| Unrealised gains/(losses) on fixed asset | ||
| investments | 754,608 | 374,921 |
| Net income/(expenditure) | 789,619 | 179,360 |
This page does not form part of the statutory financial statements
Page 16