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2022-06-30-accounts

REGISTERED CHARITY NUMBER: 240915

Report of the Trustees and

Unaudited Financial Statements For The Year Ended 30 June 2022

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 2022

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 16
Detailed Statement of Financial Activities 17

The Jephcott Charitable Trust

Reference and Administrative Details

For The Year Ended 30 June 2022

TRUSTEES M L Jephcott (Chair)
Lady M F Jephcott
J Parker
Dr D Thomas
K C W Morgan CBE
C Parker
S Lamdin
C v Drimmelen (appointed 8.4.22)
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 2022

The Trustees present their Annual Report and Accounts for the year ended 30th June 2022. 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 Charity remain:

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 (2021: 16). Of these; 5 (2021:2) were for health, 2 (2021:4) were for education, 1 was for environment (2021:0), 2 (2021:3) were for health and education, 3 (2021:2) were for environment and health, 3 (2021:3) were for environment, education and health, 0 (2021:2) were for environment and education. The projects under the various public benefit headings were funded to assist with:

Health: - To build a hostel for women of domestic abuse.
- To install solar panels at a hospital for a sustainable power supply.
- To construct and plant a gold medal winning garden at the hospice, gifted from the Chelsea
Flower Show.
- To provide a milling machine & building for the machine to make flour at a cricket farm as a
source of food & revenue-generation for the community.
- To replace solar panels at the CAN orphanage.
Education: - To set up a library and after-school club at a school in a refugee camp in Beirut.
- To set up a library and educational facility for the school and community, owned and led by the
community.
Health & Education: - To buy and construct portable school classrooms for sustainability, should the school need to
move location again.
- To provide safe water via solar-powered pumps, improved sanitation, hygiene awareness and
production of re-usable sanitary towels at a school.
- To construct a hostel for 50 children & 5-6 teachers at a secondary school to prevent children
walking 3-4 hours/day to school and prevent them dropping out of school
Health &
Environment - To construct a water supply for a number of villages and to plant trees.
- To construct a community-led total sanitation project with toilets and handwashing facilities.
- To create an agricultural site and garden in a Ugandan slum.
Health, Education &
Environment - To refurbish and send donated bikes and spares to Kenya to help people in rural areas attend
health, education or employment.
- To buy and plant maize and empower the community to use their land to increase food
production and reduce malnutrition.
- To improve access to sanitation & sexual reproductive health education for 450 girls, train 300
women from the community to create social enterprises to make eco-friendly, reusable
sanitary products, increase the income of their households and provide education and support
to boys.
Environment: - Rewilding to address climate change.

Page 2

The Jephcott Charitable Trust

Report of the Trustees

For The Year Ended 30 June 2022

OBJECTIVES AND ACTIVITIES

Grantmaking

The Trust has established its grant making policy to achieve its objects for the public benefit of Health, Education and the Environment. The Trustees review the grant making policy annually to ensure that it reflects the charity'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. Communication is maintained throughout the duration of the Trust’s funding with the charitable organisation through which a project is funded. The Trustees receive reports on each project on at least an annual basis, including photographs and updates on progress versus objectives. 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. However, Trustees will visit projects where it is practicable and feasible to do so. Any monitoring 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 enhances the quality of project monitoring.

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 performance

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 £350,885 (2021: £173,801) and the unrealised loss was £416,383 (2021: gain £754,608). The total loss (including unrealised losses) was therefore £65,498 (2021; £928,409 return).

The income generated from the investment portfolio was £47,139 (2021: £41,179). From this income and the net losses from its investments, the Trust paid out grants of £121,033 (2021: £129,418). Governance costs (included within expenditure on charitable activities) are £7,082 (2021: £5,641) and investment management costs are £47,920 (2021: £44,911).

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 is to preserve the real value of the fund, measured over the long term. The discretionary investment managers mainly invest in managed pooled funds, which mitigate 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 2022 was £6,803,086 (2021: £7,316,211). Full disclosure of the investments is available in Note 9. The capital value, as adjusted for additions and disposals, decreased by 3% (2021: increase 12%). Investment income was approximately 0.53% (2021: 0.56%) 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 investment 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 34

The Jephcott Charitable Trust

Report of the Trustees

For The Year Ended 30 June 2022

Environmental, Social and Governance (ESG)

The JCT Finance Committee has in recent years been reviewing the current investment portfolio and the role ESG considerations should increasingly play to help meet the Trust’s objectives going forward.

Since 2020 the Finance Committee has had several meetings with our retained discretionary asset manager, Royal Bank of Canada (RBC), on the topic of ESG. On investigation in 2021, it was concluded by the trustees that, whilst RBC have in recent years launched credible ESG dedicated funds, JCT’s existing fund was far more diversified, and incorporated a high quality ‘alternatives’ portfolio that at the time did not feature in the dedicated ESG fund. As such, it was decided to maintain investment in our existing fund and: 1) Closely monitor the relative performance of RBC’s dedicated ESG fund, and 2) Understand how ESG was increasingly being incorporated into JCT’s existing portfolio.

Chris Parker from the Finance Committee conducted an update meeting with RBC in August 2022 on the topic of ESG. The volatility witnessed in markets in the 2022 year to date has caused significant under performance in certain asset classes, such as equities and bonds, and strong performance from exposures such as alternatives and commodities. As a result, whilst the JCT portfolio has been somewhat insulated from the negative performance in 2022, the ESG equivalent strategies have fared significantly worse. At the same time, RBC have been making good progress to incorporate further ESG-orientated content into JCT’s portfolio. RBC also continue to be a thought-leader on ESG. The Finance Committee will continue to monitor the relative performance of RBC and their peers’ ESG-dedicated funds. The Trustees are cognisant that the existing portfolio is becoming increasingly ESG-aware, and a switch may ultimately prove unnecessary.

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 on a long term basis 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.

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, 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 Charity 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 Charity including the nature of projects supported as well as the financial controls, under which the Charity 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 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 Board 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.

Page 4

The Jephcott Charitable Trust

Report of the Trustees

For The Year Ended 30 June 2022

Recruitment and appointment of new trustees

New Trustees are appointed by the Board of Trustees. Trustees serve for a minimum term of 5 years and then continue on a rolling 3 years notice period thereafter. New appointments are made after taking into consideration the specific skills and knowledge of appointees and the requirements of the Board as a whole. New Trustees attend a Trustees' meeting as an introduction, and only become appointed if the potential new trustee and All trustees approve the appointment., Once appointed the new trustee receives 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.

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 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 averse 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 Trust’s guidelines, research, and evaluation of all projects 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 principles 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 54

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 charity trustees on my examination of the accounts of The Jephcott Charitable Trust (the Trust) for the year ended 30 June 2022.

Responsibilities and basis of report

As the charity 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:

  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 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 Page 5

The Jephcott Charitable Trust

Statement of Financial Activities For The Year Ended 30 June 2022

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
4
Grant funding activities
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 30.6.22
Unrestricted
funds
£
47,139
47,920
128,115
176,035
(65,498)
(194,394)
7,998,278
7,803,884		 30.6.21
Total
funds
£
41,180
44,911
135,059
179,970
928,409
789,619
7,208,659
7,998,278

The notes form part of these financial statements

Page 7

The Jephcott Charitable Trust

Balance Sheet

30 June 2022

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		 30.6.22
30.6.21
Unrestricted
Total
funds
funds
£
£
80,000
80,000
6,803,086
7,316,211
6,883,086
7,396,211
934,785
615,919
(13,987)
(13,852)
920,798
602,067
7,803,884
7,998,278
7,803,884
7,998,278
7,803,884
7,998,278
7,803,884
7,998,278

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 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, 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 Trustee's are certain there are no material uncertainties about the charity'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 charity 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 charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all 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 charity 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 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.

Restricted funds can only be used for particular restricted purposes within the objects of 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.

Page 9

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2022

1. ACCOUNTING POLICIES - continued

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.

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 Charity, 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
Deposit account interest		 2022
£
400
21,604
25,135
-
47,139		 2021
£
400
20,469
20,310
1
41,180

Unless where stated, all investment income has been generated from investment assets in the United Kingdom.

3. RAISING FUNDS

Investment management costs

Portfolio management
CHARITABLE ACTIVITIES COSTS
Grant funding activities
GRANTS PAYABLE
Grant funding activities		 Grant
funding of
activities
(see note
5)
£
121,033		 30.6.22
£
47,920
Support
costs (see
note 6)
£
7,082		 30.6.21
£
44,911
Totals
£
128,115
30.6.21
£
129,418
30.6.22
£
121,033

4. CHARITABLE ACTIVITIES COSTS

5.

Page 10

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued

For The Year Ended 30 June 2022

5. GRANTS PAYABLE - continued

Health
Nick Webber Trust
Comfort International
Winchester Hospice
St Peter’s Life-Line
Child Action Nepal
St Peter & St James Hospice
Legs for Africa
Educational
Future Academy
Eduspots
Norwich-Dedza Partnership
Strawberry Hill Overseas Community Concern
Families for Children
Hello World
Health & Educational
Globalteer
Village Water
Lotus Flower Trust
Zambia Orphan Aid
Baynards Zambia Trust
Environmental and Health
Karen Hill Tribes
Dig Deep
Child of Hope
Waterworks
Christina Noble Children's Foundation
Education & Environment
Malaika Kida
Chora Chori
Environmental, Education and Health
Prodigal Bikes
Awaken Love for Africa
Baynards Zambia Trust
Bumba Foundation
International Refugee Trust
Plant Your Future		 2022
£
10,000
6,331
8,400
4,564
1,800
-
-		 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
31,095
5,920
7,000
-
-
-
-
12,920
8,798
10,000
-
-
-
18,798
5,000
10,000
9,420
-
-
24,420
-
-
-
5,800
10,000
8,000
-
-
-
23,800

Page 11

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2022

5. GRANTS PAYABLE - continued

Environment

Chora Chori / Pipal Tree
Total Grants		 10,000
10,000
121,033		 -
-
129,418
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
Professional fees
Accountancy and Independent Examination
Bank charges		 Number of
Grants paid
16
30.6.22
Grant
funding
activities
£
3,059
311
285
925
18
2,340
144
7,082		 Number of
Grants paid
16
Governance
costs
£
7,082
30.6.21
Total
activities
£
2,957
306
93
-
-
2,232
53
5,641

6. SUPPORT COSTS

7. TRUSTEES' REMUNERATION AND BENEFITS

Trustees receive no remuneration for the work they undertake on behalf of the charity.

Trustees' expenses

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

Page 12 Page 11

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2022

8. HERITAGE ASSETS - continued

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 Charity on condition it is not sold in the donor's lifetime. Although it has no particular relevance to the work that the Charity 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.

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 charity.

Page 1 31

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2022

9. FIXED ASSET INVESTMENTS

Held to provide an investment return for the Charity:

Units
Cost
Market Value
£
£
Glaxo SmithKline 25p Ord
500
1,438
8,828
Bluebay Funds Capital Bond
1,834
236,800
201,265
Bluebay Structured Credit Class G GBP
1,298
136,217
137,703
Pimco Global Advisors HGD
21,948
302,990
250,209
Pimco Global – Climate Bond
7,184
73,200
63,430
Bluebay EM Unconstrained Class S
1,541
155,728
157,418
Royal bank Canada – Collared FRN Sonia
238,000
237,748
236,881
iShares IV PLC – USD trsry BD 20+yrs
31,332
119,417
110,809
iShares IV PLC – China CNY Bond
59,292
302,208
298,524
BNY Mellion Global Funds
282,479
189,313
206,224
IMPAX AM Environmental Leaders
112,806
84,514
116,587
KBI Funds – Developed Equity
10,821
96,340
99,435
RBC MSCI World Quality
80,000
61,705
68,497
Blackrock AM US Equity
2,227
208,948
259,331
Brown Advisory Funds
48,284
380,819
515,330
RBC Funds (Lux) Equity Focus
888
101,718
112,828
SSGA SPDR ETFS Europe II
3,610
98,746
104,970
Vanguard Funds PLC
6,641
263,173
392,220
Blackrock (lux) SA BGF – European Flex
18,405
258,373
340,923
Ishares Core FTSE
15,565
107,049
109,095
Ninety One Luxembourg
3,859
90,000
83,979
First Sentier – Asian Growth
8,883
82,965
102,844
Fullerton China
6,225
56,446
62,109
Royal Bank of Canada – Carbon Transition Note
72,000
55,278
48,798
Multi Units – Lux NET ZEO
14,500
210,083
195,033
Blackrock AM Ireland
3,296
27,988
30,568
RBC Funds (Lux) Emerging
2,551
203,512
221,576
Nomura Asset Mgt – Japan Strategic Value
1,105
98,192
96,450
Coupland Cardiff Funds – Japan Alpha
17,437
168,657
182,028
Bluebay Investment Diversified
4,324
402,567
592,497
Titan Saguenay Fund
3,793
407,000
448,488
Aurelian Global Resources
96
98,879
362,299
Neuberger Berman Investment
15,530
116,813
124,947
RBC – EUA Emissions
214,000
151,752
274,413
RBC – Volatility Carry
215,000
152,223
186,547
Total investments
5,738,799
6,803,083
Cash held by fund managers for investment
930,579
930,579
As at 30thJune 2022
6,669,378
7,733,662
As at 30thJune 2021
6,403,791
7,925,986
Investments
Held to provide an investment return for the Charity:
Reconciliation of Investments:
Market value as at 30thJune 2021
7,316,211
Additions
2,028,528
Disposals
(2,434,189)
Realised gains
350,885
Unrealised loss
(458,349)		 Units
Cost
Market Value
£
£
Glaxo SmithKline 25p Ord
500
1,438
8,828
Bluebay Funds Capital Bond
1,834
236,800
201,265
Bluebay Structured Credit Class G GBP
1,298
136,217
137,703
Pimco Global Advisors HGD
21,948
302,990
250,209
Pimco Global – Climate Bond
7,184
73,200
63,430
Bluebay EM Unconstrained Class S
1,541
155,728
157,418
Royal bank Canada – Collared FRN Sonia
238,000
237,748
236,881
iShares IV PLC – USD trsry BD 20+yrs
31,332
119,417
110,809
iShares IV PLC – China CNY Bond
59,292
302,208
298,524
BNY Mellion Global Funds
282,479
189,313
206,224
IMPAX AM Environmental Leaders
112,806
84,514
116,587
KBI Funds – Developed Equity
10,821
96,340
99,435
RBC MSCI World Quality
80,000
61,705
68,497
Blackrock AM US Equity
2,227
208,948
259,331
Brown Advisory Funds
48,284
380,819
515,330
RBC Funds (Lux) Equity Focus
888
101,718
112,828
SSGA SPDR ETFS Europe II
3,610
98,746
104,970
Vanguard Funds PLC
6,641
263,173
392,220
Blackrock (lux) SA BGF – European Flex
18,405
258,373
340,923
Ishares Core FTSE
15,565
107,049
109,095
Ninety One Luxembourg
3,859
90,000
83,979
First Sentier – Asian Growth
8,883
82,965
102,844
Fullerton China
6,225
56,446
62,109
Royal Bank of Canada – Carbon Transition Note
72,000
55,278
48,798
Multi Units – Lux NET ZEO
14,500
210,083
195,033
Blackrock AM Ireland
3,296
27,988
30,568
RBC Funds (Lux) Emerging
2,551
203,512
221,576
Nomura Asset Mgt – Japan Strategic Value
1,105
98,192
96,450
Coupland Cardiff Funds – Japan Alpha
17,437
168,657
182,028
Bluebay Investment Diversified
4,324
402,567
592,497
Titan Saguenay Fund
3,793
407,000
448,488
Aurelian Global Resources
96
98,879
362,299
Neuberger Berman Investment
15,530
116,813
124,947
RBC – EUA Emissions
214,000
151,752
274,413
RBC – Volatility Carry
215,000
152,223
186,547
Total investments
5,738,799
6,803,083
Cash held by fund managers for investment
930,579
930,579
As at 30thJune 2022
6,669,378
7,733,662
As at 30thJune 2021
6,403,791
7,925,986
Investments
Held to provide an investment return for the Charity:
Reconciliation of Investments:
Market value as at 30thJune 2021
7,316,211
Additions
2,028,528
Disposals
(2,434,189)
Realised gains
350,885
Unrealised loss
(458,349)		 Units
Cost
Market Value
£
£
Glaxo SmithKline 25p Ord
500
1,438
8,828
Bluebay Funds Capital Bond
1,834
236,800
201,265
Bluebay Structured Credit Class G GBP
1,298
136,217
137,703
Pimco Global Advisors HGD
21,948
302,990
250,209
Pimco Global – Climate Bond
7,184
73,200
63,430
Bluebay EM Unconstrained Class S
1,541
155,728
157,418
Royal bank Canada – Collared FRN Sonia
238,000
237,748
236,881
iShares IV PLC – USD trsry BD 20+yrs
31,332
119,417
110,809
iShares IV PLC – China CNY Bond
59,292
302,208
298,524
BNY Mellion Global Funds
282,479
189,313
206,224
IMPAX AM Environmental Leaders
112,806
84,514
116,587
KBI Funds – Developed Equity
10,821
96,340
99,435
RBC MSCI World Quality
80,000
61,705
68,497
Blackrock AM US Equity
2,227
208,948
259,331
Brown Advisory Funds
48,284
380,819
515,330
RBC Funds (Lux) Equity Focus
888
101,718
112,828
SSGA SPDR ETFS Europe II
3,610
98,746
104,970
Vanguard Funds PLC
6,641
263,173
392,220
Blackrock (lux) SA BGF – European Flex
18,405
258,373
340,923
Ishares Core FTSE
15,565
107,049
109,095
Ninety One Luxembourg
3,859
90,000
83,979
First Sentier – Asian Growth
8,883
82,965
102,844
Fullerton China
6,225
56,446
62,109
Royal Bank of Canada – Carbon Transition Note
72,000
55,278
48,798
Multi Units – Lux NET ZEO
14,500
210,083
195,033
Blackrock AM Ireland
3,296
27,988
30,568
RBC Funds (Lux) Emerging
2,551
203,512
221,576
Nomura Asset Mgt – Japan Strategic Value
1,105
98,192
96,450
Coupland Cardiff Funds – Japan Alpha
17,437
168,657
182,028
Bluebay Investment Diversified
4,324
402,567
592,497
Titan Saguenay Fund
3,793
407,000
448,488
Aurelian Global Resources
96
98,879
362,299
Neuberger Berman Investment
15,530
116,813
124,947
RBC – EUA Emissions
214,000
151,752
274,413
RBC – Volatility Carry
215,000
152,223
186,547
Total investments
5,738,799
6,803,083
Cash held by fund managers for investment
930,579
930,579
As at 30thJune 2022
6,669,378
7,733,662
As at 30thJune 2021
6,403,791
7,925,986
Investments
Held to provide an investment return for the Charity:
Reconciliation of Investments:
Market value as at 30thJune 2021
7,316,211
Additions
2,028,528
Disposals
(2,434,189)
Realised gains
350,885
Unrealised loss
(458,349)
5,738,799
6,803,083
930,579
930,579
6,669,378
7,733,662
6,403,791
7,925,986
7,316,211
2,028,528
(2,434,189)
350,885
(458,349)

Page 14

Page 11

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2022

9. FIXED ASSET INVESTMENTS - continued

Market value as at 30th June 2022
Investments held within the United Kingdom
Investments held outside the United Kingdom
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN
Investment management costs
Accountancy and Independent Examination
11.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Revaluation Reserve
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Revaluation Reserve
TOTAL FUNDS		 ONE YEAR
s follows:
Incoming
resources
£
47,139
47,139		 At 1.7.21
£
7,958,278
40,000
7,998,278
7,998,278
Resources
expended
£
(176,035)
(176,035)
At 1.7.20
£
7,168,659
40,000
7,208,659		 6,803,086
2,588,320
4,214,768
6,803,086
30.6.22
£
11,587
2,400
13,987
Net
movement
in funds
£
(194,394)
-
(194,394)
(194,394)
Gains and
losses
£
(65,498)
(65,498)
Net
movement
in funds
£
789,619
-
789,619		 6,803,086
2,588,320
4,214,768
6,803,086
30.6.22
£
11,587
2,400
13,987
Net
movement
in funds
£
(194,394)
-
(194,394)
(194,394)
Gains and
losses
£
(65,498)
(65,498)
Net
movement
in funds
£
789,619
-
789,619		 30.6.21
£
11,620
2,232
13,852
At
30.6.22
£
7,763,884
40,000
7,803,884
7,803,884
Movement
in funds
£
(194,394)
(194,394)
At
30.6.21
£
7,958,278
40,000
7,998,278
7,998,278
7,208,659 789,619

Page 15

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2022

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
£
41,180
41,180		 Resources
expended
£
(179,970)
(179,970)		 Gains and
Movement
losses
in funds
£
£
928,409
789,619
928,409
789,619

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Revaluation Reserve
TOTAL FUNDS		 At 1.7.20
£
7,168,659
40,000
7,208,659
7,208,659		 Net
movement
in funds
£
595,225
-
595,225
595,225		 At
30.6.22
£
7,763,884
40,000
7,803,884
7,803,884

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
£
88,319
88,319		 Resources
expended
£
(356,005)
(356,005)		 Gains and
Movement
losses
in funds
£
£
862,911
595,225
862,911
595,225

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 June 2022.

13. TRUST OTHER INTERESTS

In the will of N W Jephcott (deceased), a past President of the Trust, left his 50% interest in the property, Thalassa, at East Portlemouth, Salcombe 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 16

The Jephcott Charitable Trust

Detailed Statement of Financial Activities
For The Year Ended 30 June 2022
30.6.22 30.6.21
£ £
INCOME AND ENDOWMENTS
Investment income
Other fixed asset invest - FII 47,139 41,179
Deposit account interest - 1
47,139 41,180
Total incoming resources 47,139 41,180
EXPENDITURE
Investment management costs
Portfolio management 47,920 44,911
Charitable activities
Grants to institutions 121,033 129,418
Support costs
Governance costs
Administration expenses 3,059 2,957
Insurance 311 306
Website costs 285 93
Meeting expenses 925 -
Professional fees 18 -
Accountancy and Independent Examination 2,340 2,232
Bank charges 144 53
7,082 5,641
Total resources expended 176,035 179,970
Net expenditure before gains and losses (128,896) (138,790)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments 350,885 173,801
Unrealised gains/(losses) on fixed asset
investments (458,349) 776,503
Foreign exchange gains/(losses) 41,966 (21,895)
Net income/(expenditure) (194,394) 789,619

This page does not form part of the statutory financial statements

Page 17