REGISTERED CHARITY NUMBER: 240915
Report of the Trustees and Unaudited Financial Statements For The Year Ended 30 June 2023
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 2023
| 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 17 |
| Detailed Statement of Financial Activities | 18 |
The Jephcott Charitable Trust
Reference and Administrative Details
| Reference and Administrative Details | Reference and Administrative Details |
|---|---|
| For The Year Ended 30 June 2023 | |
| TRUSTEES | M L Jephcott (Chair) |
| Lady M F Jephcott (deceased 25.6.23) | |
| J Parker | |
| Dr D Thomas | |
| K C W Morgan CBE | |
| C Parker | |
| S Lamdin | |
| C v Drimmelen | |
| 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 2023
The Trustees present their Annual Report and Accounts for the year ended 30th June 2023. 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:
-
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.
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3 The Mission Statement of the Charity states that the current priorities are directed towards 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 14 projects (2022: 16). Of these; 1 (2022:5) was for health, 3 (2022: 2) were for education, 6 (2022:4) were for health and education, 3 (2022: 3) were for environment and health, 1 (2022: 3) was for environment, education and health. There were no projects for environment and education. The projects under the various public benefit headings were funded to assist with:
| Health: | - | To deliver cataract surgery on the ground via mobile surgical units to patients in a remote |
|---|---|---|
| mountain region of Nepal | ||
| Education: | - | To construct 6 classrooms on a safe, flood-free, high ground in the Democratic Republic of |
| the Congo | ||
| - | To design and run dedicated educational programme for girls in a refugee camp in Beirut | |
| - | To build a girls’ hostel and accommodation at a school in a remote mountain region of | |
| Nepal | ||
| Health & | - | To equip 4 recently built primary school classrooms with desks, chairs, materials, internet |
| Education: | and laptops in Ghana | |
| - | To repair the roof and classrooms of an education centre for the ‘untouchables’ in India | |
| - | To build a multi-functional hall for children and the community at a primary school and | |
| hostel in Nambia | ||
| - | To create a multi-use space for physiotherapy for disabled children at a primary school in | |
| Zambia, thus reducing the stigma of disabilities | ||
| - | To provide education and scholarships to support gifted girls in the Samburu, Kenya, to | |
| enable them to be ambassadors in their community to prevent FGM | ||
| - | To provide every girl aged 10-18 attending 16 schools in the Samburu region of Kenya with | |
| re-usable menstrual and sanitary kits | ||
| Health & | - | To improve sanitation, health and hygiene and reduce water-borne diseases in Malawi by |
| Environment | building latrines, using waste to fertilise their fields and planting trees, impacting 23,000 | |
| people and 4,000 families | ||
| - | To translate a mobile data App into Arabic for the monitoring of ground water to ensure | |
| water is fit to drink and sustainable and to populate the App with geographical/geological | ||
| data in Sierra Leone | ||
| - | To support female farmers, who are victims of war in Rwanda, to stock their farms with | |
| seeds, tools and livestock | ||
| Health, Education | - | To build 900 innovative cooking stoves which use 60% less wood, saving 30,000 trees in |
| & Environment | two years, to train women to use them and plant new trees, thus benefiting 4,500 people | |
| across 6 villages in Ethiopia |
Page 2
The Jephcott Charitable Trust
Report of the Trustees For The Year Ended 30 June 2023
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
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 worldwide 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 are rare. However, Trustees will visit projects where it is practicable and feasible to do so. Risk is further minimised because the Trust prefers to support UK charities that are delivering benefit overseas rather than supporting overseas charities themselves. The Trustees feel this enhances the quality of project monitoring.
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 £313,549 (2022: £350,885) and the unrealised gains were £15,156 (2022: Unrealised loss £416,383). The total return (including unrealised gains) was therefore £338,705 (2022; loss £65,498).
The income generated from the investment portfolio was £64,357 (2022: £47,139). From this income and the net gains from its investments, the Trust paid out grants of £120,392 (2022: £121,033). Governance costs (included within expenditure on charitable activities) are £12,477 (2022: £7,082) and investment management costs are £47,608 (2022: £47,920).
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 2023 was £7,608,282 (2022: £6,803,086). Full disclosure of the investments is available in Note 9. The capital value, as adjusted for additions and disposals, increased by 3% (2022: decrease 3%). Investment income was approximately 0.84% (2022: 0.53%) 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 4 Page 3
The Jephcott Charitable Trust
Report of the Trustees For The Year Ended 30 June 2023
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, a switch may ultimately prove Unnecessary.
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 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.
Page 4
The Jephcott Charitable Trust
Report of the Trustees For The Year Ended 30 June 2023
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 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.
Recruitment and appointment of new trustees
New Trustees are appointed by the Board of Trustees. Trustees serve for a minimum term of five years and then continue on a rolling three 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.
Page 5Page 4
The Jephcott Charitable Trust
Report of the Trustees For The Year Ended 30 June 2023
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 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.
Dedication and Remembrance
On 25 June 2023, one of our trustees and former chair of the charity, Mary, Lady Jephcott, sadly passed away.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ M L Jephcott (Chair) - Trustee
Page 5 Page 6
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 2023.
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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: .............................................
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The Jephcott Charitable Trust
Statement of Financial Activities For The Year Ended 30 June 2023
| 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 |
30.6.23 Unrestricted funds £ 64,357 47,608 132,869 180,477 338,704 222,584 7,803,884 8,026,468 |
30.6.22 Total funds £ 47,139 47,920 128,115 176,035 (65,498) (194,394) 7,998,278 7,803,884 |
|---|---|---|
The notes form part of these financial statements
Page 7 Page 8
The Jephcott Charitable Trust
Balance Sheet
30 June 2023
| 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 |
30.6.23 30.6.22 Unrestricted Total funds funds £ £ 90,000 80,000 7,608,282 6,803,086 7,698,282 6,883,086 342,604 934,785 (14,418) (13,987) 328,186 920,798 8,026,468 7,803,884 8,026,468 7,803,884 8,026,468 7,803,884 8,026,468 7,803,884 |
|---|---|
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 9 Page 8
The Jephcott Charitable Trust
Notes to the Financial Statements For The Year Ended 30 June 2023
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. This asset was revalued during this financial year and the financial statements adjusted accordingly.
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.
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 10
Page 9
continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued
For The Year Ended 30 June 2023
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 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 Interest received |
2023 £ 245 33,962 24,702 5,447 64,356 |
2022 £ 400 21,604 25,135 - |
|---|---|---|
| 47,139 |
Unless where stated, all investment income has been generated from investment assets in the United Kingdom.
3. RAISING FUNDS
Investment management costs
Portfolio management
| 30.6.23 | 30.6.22 |
|---|---|
| £ | £ |
| 47,608 | 47,920 |
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continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2023
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant funding activities GRANTS PAYABLE Grant funding activities |
Grant funding of activities (see note 5) £ 120,392 |
Support costs (see note 6) £ 12,417 30.6.23 £ 120,392 |
Totals £ 132,809 |
| 30.6.22 £ 121,033 |
5. GRANTS PAYABLE
Page 12
Page 13
continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued
For The Year Ended 30 June 2023
5. GRANTS PAYABLE - continued
| Health Ridley Eye Foundation Nick Webber Trust Comfort International Winchester Hospice St Peter’s Life-Line Child Action Nepal Educational Comfort International Stay at School Future Academy Eduspots Health & Educational Porridge and Pens SAFE Reaching the unreached Zambia Orphans Aid Catherine Bullen Foundation Wamba Community Trust Globalteer Village Water Environmental and Health Groundwater Relief Legacy of War Waterworks Karen Hill Tribes Dig Deep Child of Hope Education & Environment Chora Chori / Pipal Tree Environmental, Education and Health Vita Prodigal Bikes Awaken Love for Africa Prodigal Bikes |
2023 £ 15,000 - - - - - 15,000 7,800 20,000 6,285 - 34,085 5,125 8,664 4,750 10,000 3,000 5,000 - - 36,539 5,000 10,000 9,768 - - - 24,768 - - 10,000 - - - 10,000 |
2022 £ - 10,000 6,331 8,400 4,564 1,800 31,095 - - 5,920 7,000 12,920 - - - - - - 8,798 10,000 18,798 - - - 5,000 10,000 9,420 24,420 10,000 10,000 - 5,800 10,000 8,000 23,800 |
|---|---|---|
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continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued
For The Year Ended 30 June 2023
5. GRANTS PAYABLE - continued
| Total Grants All of the above are institutional grants. 6. 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 |
120,392 Number of Grants paid 14 30.6.23 Grant funding activities £ 3,712 324 3,213 1,968 720 2,460 80 12,477 |
121,033 Number of Grants paid 16 Governance costs £ 12,477 12,477 30.6.22 Total activities £ 3,059 311 285 925 18 2,340 144 7,082 |
|
|---|---|---|---|
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continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2023
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 (2022: £NIL)
8. HERITAGE ASSETS
| Balance brought forward at valuation Uplift in valuation per professional valuation Balance carried forward at valuation |
"Aurora Australis" £ 80,000 10,000 |
|---|---|
| 90,000 |
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 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 £90,000 by Bonhams Limited on 4th April 2023. 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.
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continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued
For The Year Ended 30 June 2023
9. FIXED ASSET INVESTMENTS
Held to provide an investment return for the Charity:
| Held to provide an investment return for the Charity: | |||||
|---|---|---|---|---|---|
| Units | Cost | Market Value | |||
| £ | £ | ||||
| Bluebay Funds Capital Bound | 2,150 | 271,500 | 234,862 | ||
| RBC – Biotech Opportunities | 235,000 | 205,240 | 192,448 | ||
| RBC – US Quality VL Note | 263,000 | 215,662 | 214,074 | ||
| Bluebay EM Unconstrained Class S | 1,816 | 186,128 | 204,249 | ||
| BNY Mellion Global Funds | 282,479 | 189,313 | 199,844 | ||
| Royal Bank of Canada – Carbon Transition | 72,000 | 55,278 | 58,085 | ||
| Note | |||||
| Blackrock AM US Equity | 2,227 | 208,948 | 292,727 | ||
| Brown Advisory Funds | 39,619 | 312,473 | 484,288 | ||
| Nomura Asset Mgt – Japan Strategic Value | 1,105 | 98,192 | 111,896 | ||
| Vanguard Funds PLC | 9,899 | 506,652 | 656,432 | ||
| Blackrock (lux) SA BGF - European Flex | 12,029 | 181,202 | 280,693 | ||
| IShares Core FTSE | 7,219 | 49,649 | 53,002 | ||
| Neuberger Berman Investment | 15,530 | 116,813 | 110,917 | ||
| First Sentier - Asian Growth | 8,883 | 82,965 | 103,057 | ||
| Fullerton China | 9,443 | 87,713 | 65,930 | ||
| Aurelian Global Resources | 96 | 98,879 | 421,989 | ||
| RBC Funds (Lux) Emerging | 2,626 | 213,506 | 248,512 | ||
| Bluebay Investment Diversified | 4,327 | 402,567 | 614,930 | ||
| Titan Saguenay Fund | 3,793 | 407,000 | 417,810 | ||
| Vanguard Funds PLC – Global aggregate | 15,452 | 352,914 | 340,330 | ||
| Legg Mason Global Funds PLC | 2,861 | 261,700 | 260,069 | ||
| Multi Units Luxembourg – Lyxor Core US | 1,273 | 130,579 | 130,508 | ||
| Multi Units Luxembourg – Amundi US | 3,846 | 347,915 | 344,213 | ||
| Vanguard Investment Series – Global credit | 3,397 | 307,600 | 304,155 | ||
| Royal Bank Canada – Fixed rate note | 237,000 | 237,000 | 235,957 | ||
| Ishares II PLC – USD Treas 7-10 yr | 96,544 | 766,629 | 428,781 | ||
| Ishares II PLC – Core UK Gilts | 15,848 | 157,279 | 158,520 | ||
| TT International Funds PLC – UK Equity | 9,106 | 91,300 | 96,185 | ||
| J P Morgan – Booster SPC300UP | 130,000 | 104,042 | 88,146 | ||
| RBC – Booster Topix | 171,000 | 136,222 | 144,273 | ||
| Institutional Cash Series – BR ICS STG | 1,072 | 111,100 | 111,400 | ||
| Total investments | 6,558,923 | 7,608,282 | |||
| Cash held by fund managers for investment | 323,329 | 323,329 | |||
| As at 30th June 2023 | 6,882,258 | 7,931,611 | |||
| As at 30th June 2022 | 6,669,378 | 7,733,665 | |||
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continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2023
9. FIXED ASSET INVESTMENTS - continued
Investments
Held to provide an investment return for the Charity:
Reconciliation of Investments:
| Market value as at 30th June 2022 Additions Disposals Realised gains Unrealised loss Market value as at 30th June 2023 Investments held within the United Kingdom Investments held outside the United Kingdom 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Investment management costs Accountancy and Independent Examination 11. MOVEMENT IN FUNDS Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS |
At 1.7.22 £ 7,763,884 40,000 7,803,884 7,803,884 |
6,803,087 5,817,846 (5,322,681) 313,549 (3,519) 7,608,282 3,590,758 4,017,523 7,608,282 30.6.23 £ 11,898 2,520 14,418 Net movement in funds £ 212,584 10,000 222,584 222,584 |
30.6.22 £ 11,587 2,400 13,987 At 30.6.23 £ 7,976,468 50,000 8,026,468 8,026,468 |
|
|---|---|---|---|---|
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continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2023
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS |
Incoming resources £ 64,357 - 64,357 64,357 |
Resources expended £ (180,477) - (180,477) (180,477) |
Gains and Movement losses in funds £ £ 328,704 212,584 10,000 10,000 338,704 222,584 338,704 222,584 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS |
At 1.7.21 £ 7,958,278 40,000 7,998,278 7,998,278 |
Net movement in funds £ (194,394) - (194,394) (194,394) |
At 30.6.22 £ 7,763,884 40,000 7,803,884 7,803,884 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 47,139 47,139 |
Resources expended £ (176,035) (176,035) |
Gains and Movement losses in funds £ £ (65,498) (194,394) (65,498) (194,394) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS |
At 1.7.21 £ 7,958,278 40,000 7,998,278 7,998,278 |
Net movement in funds £ 18,190 10,000 28,190 28,190 |
At 30.6.23 £ 7,976,468 50,000 8,026,468 8,026,468 |
|---|---|---|---|
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continued...
The Jephcott Charitable Trust
Notes to the Financial Statements - continued For The Year Ended 30 June 2023
11. MOVEMENT IN FUNDS - continued
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 Revaluation Reserve TOTAL FUNDS |
Incoming resources £ 111,496 - 111,496 111,496 |
Resources expended £ (356,512) - (356,512) (356,512) |
Gains and Movement losses in funds £ £ 263,206 18,190 10,000 10,000 273,206 28,190 273,206 28,190 |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
13. TRUST OTHER INTERESTS
In the will of N W Jephcott (deceased), a past President of the Trust, he left his 50% interest in the property, Thalassa, at East Portlemouth, Salcombe to a property trust. The property trust held the 50% interest in the property for the benefit of the late trustee Mary, Lady Jephcott, who retained a life tenancy to occupy the property. Following the death of Mary, Lady Jephcott, the property trust now holds the 50% interest in the property for the benefit of the Jephcott Charitable Trust. The Jephcott Charitable Trust will expect to receive the benefit of the 50% interest in the property once the property is sold.
This page does not form part of the statutory financial statements
Page 18 Page 19
The Jephcott Charitable Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| For The Year Ended 30 June 2023 | ||
| 30.6.23 | 30.6.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Other fixed asset invest - FII | 58,910 | 47,139 |
| Portfolio interest income | 5,447 | - |
| 64,357 | 47,139 | |
| Total incoming resources | 64,357 | 47,139 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 47,608 | 47,920 |
| Charitable activities | ||
| Grants to institutions | 120,392 | 121,033 |
| Support costs | ||
| Governance costs | ||
| Administration expenses | 3,712 | 3,059 |
| Insurance | 324 | 311 |
| Website costs | 3,213 | 285 |
| Meeting expenses | 1,968 | 925 |
| Professional fees | 720 | 18 |
| Accountancy and Independent Examination | 2,460 | 2,340 |
| Bank charges | 80 | 144 |
| 12,477 | 7,082 | |
| Total resources expended | 180,477 | 176,035 |
| Net expenditure before gains and losses | (116,120) | (128,896) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 313,549 | 350,885 |
| Total | 197,429 | 221,989 |
| Unrealised gains/(losses) on fixed asset investments | 25,155 | (416,383) |
| Net Income/(Expenditure) | 222,584 | (194,394) |
This page does not form part of the statutory financial statements
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