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2024-06-30-accounts

REGISTERED CHARITY NUMBER: 240915

Report of the Trustees and

Unaudited Financial Statements For The Year Ended 30 June 2024

for The Jephcott Charitable Trust

TC 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 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 17
Detailed Statement of Financial Activities 18

The Jephcott Charitable Trust

Reference and Administrative Details For The Year Ended 30 June 2024

TRUSTEES M L Jephcott (Chair)
K C W Morgan CBE (Deputy Chair)
Dr D Thomas
J Parker
C Parker
S Lamdin
C v Drimmelen
PRINCIPAL ADDRESS The Threshing Barn
Ford
Kingsbridge
Devon
TQ7 2LN
REGISTERED CHARITY NUMBER 240915
INDEPENDENT EXAMINER TCBromhead
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 RBC Europe Limited
100 Bishopsgate
London
EC2N 4AA

Page 1

The Jephcott Charitable Trust

Report of the Trustees

For The Year Ended 30 June 2024

The Trustees present their Annual Report and Accounts for the year ended 30th June 2024. 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.

Page 2

The Jephcott Charitable Trust

Report of the Trustees For The Year Ended 30 June 2024

OBJECTIVES AND ACTIVITIES

Delivery of public benefit through the Trust's grant making policy:

During this year the Trust supported 10 projects (2023: 14). Of these; 3 (2023: 1) were for health, 3 (2023: 3) were for education, 1 (2023: 6) were for health and education, 1 (2023 :3) were for environment and health, 2 (2023:1) were for environment, education and health. There were no projects for enviroment and education. The projects under the various public benefit headings were funded to assist with:

Health: - To construct a borehole with mechanisation, plumbing and latrines at a primary school in
Ghana
- To construct 10 boreholes and create water points for a community of over 900 people in
Mozambique.
- To protect vulnerable families in Mongolia who are homeless, at risk of homelessness or
living in extremely harsh conditions, by providing them with a safe, secure Mongolian home,
called a Ger.
Education: - To provide education for refugees fleeing Myanmar at a refugee camp on the
Thai-Myanmar border.
- To build a girls' hostel and accommodation at a secondary school in a remote mountain
region in Nepal.
- To build a new classroom block at the Kilimanjaro Young Children in Need school in Kenya,
supporting over 900 children.
Health & - To provide a WASH programme by building sanitary blocks in 5 schools in Ghana alongside
Education: a health & hygiene training and education programme.
Health & - To construct and install biodigester toilets at a children's home for abandoned and at-risk
Environment children in the slums of Kampala Uganda, alongside a biogas system - this being an
innovative, cost-effective and environmentally friendly toilets that use anaerobic digestion to
break down human waste into biogas and organic fertiliser that can be sold to provide a
sustainable income for the home.
Health, Education - To address the challenges experienced by the people of the Rushebeya wetland Uganda,
& Environment which is a critical breeding ground for the endangered Grey Crowned Crane, a vital source
of food and water security for 50,000 people, and the primary means of flood prevention in
the region, to integrate environmental conservation, human health actions (including family
planning provision), and climate-smart agricultural livelihood provision to reduce pressures
on the wetlands and provide the support community members tell us they need.
- The project aims to transform community health and livelihoods for Karen communities,
leading to improvements in health and well-being and contributing to increased access to
education and gender equality. This is achieved through the construction of a gravity-fed
water system and household sanitation units in a Karen village, and by providing community
hygiene education in the village.

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 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.

Page 3

The Jephcott Charitable Trust

Report of the Trustees For The Year Ended 30 June 2024

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 £148,006 (2023: £313,549) and the unrealised gains were £ 647,323 (2023: £15,156). The total return (including unrealised gains) was therefore £795,315 (2023; £338,705).

The income generated from the investment portfolio was £97,368 (2023: £64,356) . From this income and the net gains from its investments, the Trust paid out grants of £87,939 (2023: £120,392). Governance costs (included within expenditure on charitable activities) are £4,281 (2023: £4,428) Support Costs are £7,251 (2023: £8,049), and investment management costs are £49,140 (2023: £47,608). Costs of raising funds (Thalassa expenses) are £3,049 (2023: NIL)

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 2024 was £8,488,796 (2023: £7,608,282). Full disclosure of the investments is available in Note 9. The capital value, as adjusted for additions and disposals, increased by 10% (2023: increase 3%). Investment income was approximately 1.15% (2023: 0.84%) 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.

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.

Page 4

The Jephcott Charitable Trust

Report of the Trustees For The Year Ended 30 June 2024

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 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 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

All trustees take responsibility for the recruitment of new trustees. Any current trustee can recommend a new trustee who is then invited to join a meeting after being introduced to at least one other trustee. If all trustees think this person would benefit the trust and the person still wishes to join, then the appointment takes place. New trustees join for an initial period of 5 years and then their continuing appointment becomes a rolling 2 year notice by either party. 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.

Sub-Committee of Independent Trustees

In the Will of Sir N W Jephcott (past Chairman), he left his 50% ownership of the property Thalassa, East Portlemouth, Salcombe to the Jephcott Charitable Trust with Mary, Lady Jephcott (his wife) having a life tenure. Following her demise in June 2023, the house was placed on the market in March 2024.

As four trustees are either directly or indirectly conflicted due to being family members, or beneficiaries, it was deemed necessary to form a sub-committee, made up of independent trustees. Chaired by the deputy chairman, Keith Morgan; it considers all matters relating to the sale of this property and the receipt of the proceeds.

This committee maintained detailed minutes of all matters considered and reported to the main committee of trustees as appropriate (see note on post balance sheet event).

Page 5

The Jephcott Charitable Trust

Report of the Trustees For The Year Ended 30 June 2024

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.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ M L Jephcott (Chair) - Trustee

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 2024.

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

TC Bromhead Harscombe House 1 Darklake View Plymouth Devon PL6 7TL

Date: .............................................

Page 7

The Jephcott Charitable Trust

Statement of Financial Activities For The Year Ended 30 June 2024

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		 30.6.24
Unrestricted
funds
£
97,368
52,189
99,471
151,660
795,329
741,037
8,026,468
8,767,505		 30.6.23
Total
funds
£
64,356
47,608
132,869
180,477
338,705
222,584
7,803,884
8,026,468

The notes form part of these financial statements

Page 8

The Jephcott Charitable Trust

Balance Sheet

30 June 2024

Notes
FIXED ASSETS
Heritage assets
8
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
TOTAL FUNDS		 30.6.24
30.6.23
Unrestricted
Total
funds
funds
£
£
90,000
90,000
8,488,796
7,608,282
8,578,796
7,698,282
3,049
-
203,717
342,604
206,766
342,604
(18,057)
(14,418)
188,709
328,186
8,767,505
8,026,468
8,767,505
8,026,468
8,767,505
8,026,468
8,767,505
8,026,468

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

The Jephcott Charitable Trust

Notes to the Financial Statements For The Year Ended 30 June 2024

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.

Legacy income: This is accounted for when the receipt of the income is probable and the amount can be accurately determined.

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 10

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2024

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
Interest received		 2024
£
-
68,547
26,267
2,553
97,367		 2023
£
245
33,962
24,702
5,447
64,356

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 of
activities
(see note
5)
£
Grant funding activities
87,939
5.
GRANTS PAYABLE
Grant funding activities		 30.6.24
£
49,140
Support
costs (see
note 6)
£
11,532
30.6.24
£
87,939		 30.6.23
£
47,608
Totals
£
99,471
30.6.23
£
120,392

Page 11

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued

For The Year Ended 30 June 2024

5. GRANTS PAYABLE - continued

Health
One Child Ghana
Village Water
Chistina Noble Children's Foundation
Ridley eye Foundation
Educational
Mobile Education Partnerships
Goodwill and Growth
Stay at School
Comfort International
Future Academy
Health & Educational
African Adventure
Porridge and Pens
SAFE
Reaching and Unreached
Zambia Orphans Aid
Catherine Bullen Foundation
Wamba Community Trust
Environmental and Health
Kids Club Kampala
Legacy of War
Waterworks
Environmental, Education and Health
Karen HillTribes
Margaret Pyke Trust
Vita
Total Grants
All of the above are institutional grants.		 2024
£
10,000
8,000
9,120
-
27,120
5,000
3,372.50
20,000
-
-
28,373
8,000
-
-
-
-
-
-
8,000
4,651
-
-
4,651
10,000
9,795
-
19,795
87,939
Number of
Grants paid
10		 2023
£
-
-
-
15,000
15,000
-
-
20,000
7,800
6,285
34,085
-
5,125
8,664
4,750
10,000
3,000
5,000
36,539
-
10,000
9,768
24,768
-
-
10,000
10,000
120,392
Number of
Grants paid
14

Page 12

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2024

6. SUPPORT COSTS

SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Grant funding activities 7,251 4,281 11,532
Support costs, included in the above, are as follows:
Management
30.6.24 30.6.23
Grant
funding Total
activities activities
£ £
Insurance 324 324
Professional Fees - 720
Internet Costs 93 -
Sundries 27 -
Administration expenses 6,419 3,712
Website Costs 320 3,213
Bank Charges 68 80
**7,251 ** 8,049
Governance costs
30.6.24 30.6.23
Grant
funding Total
activities activities
£ £
Auditors' remuneration 1,600 1,200
Auditors' remuneration for non audit work 1,730 1,260
Meeting expenses 951 1,968
**4,281 ** 4,428

7. TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

One trustee received repayment of expenses incurred on behalf of the charity. These totalled £1,969 (2023: £Nil) and were in respect of trustee meeting expenses and costs in relation to Thalassa.

8. HERITAGE ASSETS

Balance brought forward at valuation
Balance carried forward at valuation		 "Aurora Australis"
£
90,000
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.

Page 13

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2024

8. HERITAGE ASSETS - continued

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.

Page 1 6 4

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements – continued

For The Year Ended 30 June 2024

9. FIXED ASSET INVESTMENTS

Held to provide an investment return for the Charity:

Units
Bluebay Funds EMG MKT
2,289
Bluebay Funds Capital Bound
2,150
Franklin Templeton Global Funds
5,786
Vanguard Funds PLC Global Aggregate
15,542
Vanguard Investment Series PLC Global
3,397
Ishares II PLC USD
156,933
Multi Units Luxembourg
1,273
Ishares II PLC Core
15,848
BNY Mellon Global Funds
102,644
JPM MAN MSCI
5,746
Blackrock AM Sustainable
2,112
Brown Advisory Funds US Equity
17,280
JP Morgan FI IC
90,000
Royal Bank of Canada Biotech
87,000
Royal Bank of Canada Put Warrant
1,473
Royal Bank of Canada SemiConductor
133,000
Royal Bank of Canada US Quality
215,000
Vanguard Funds PLC
13,106
Blackrock Global Funds
14,487
TT International Funds PLC
8,365
Nomura Funds Ireland
656
JP Morgan Booster
91,000
Royal Bank of Canada FI Booster
130,000
Royal Bank of Canada FI Topix
86,000
RBC Funds (Lux) Emerging Markets
2,428
Bluebay Investment Diversified
4,537
Titan Masters International Fund
4,639
Aurelian Global Resources
49
Aurelian Global Resourc
96
Neuberger Berman Investment
15,529
Institutional Cash Series
794
Total investments
Cash held by fund managers for investment
As at 30th June 2024
As at 30th June 2023
Investments
Held to provide an investment return for the Charity:
Reconciliation of Investments:
Market value as at 30th June 2023
Additions
Disposals
Realised gains
Unrealised gains
FX
Market value as at 30th June 2024
Investments held within the United Kingdom
Investments held outside the United Kingdom		 Cost
Market Value
£
£
242,528
280,504
271,500
279,070
537,000
541,747
352,914
341,644
307,600
309,911
692,239
672,693
130,579
132,589
157,279
161,095
68,791
74,258
471,971
488,329
198,183
356,425
136,291
253,554
72,446
76,183
75,983
91,585
15,044
9,637
112,033
174,090
176,302
197,689
729,218
1,071,546
237,608
383,615
84,551
95,315
58,330
79,115
72,829
55,760
103,561
163,373
69,226
83,883
197,462
259,383
433,267
726,435
440,100
500,834
40,497
38,701
98,879
383,443
116,813
119,515
85,200
86,875
6,786,223
8,488,796
183,469
183,469
6,969,692
8,672,265
6,882,258
7,931,611
7,608,282
2,778,117
(2,698,824)
148,006
647,323
5,892
8,488,796
4,128,712
4,360,084
8,488,796

Page 16 Page 15

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2024

10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other Debtors
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Investment management costs
Accountancy and Independent Examination
12.
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
97,368
TOTAL FUNDS
97,368		 At 1.7.23
£
7,976,468
50,000
8,026,468
8,026,468
Resources
expended
£
(151,660)
(151,660)		 30.6.24
£
3,049
30.6.24
£
14,667
3,390
18,057
Net
movement
in funds
£
741,037
-
741,037
741,037
Gains and
losses
£
795,329
795,329		 30.6.23
£
-
30.6.23
£
11,898
2,520
14,418
At
30.6.24
£
8,717,505
50,000
8,767,505
8,767,505
Movement
in funds
£
741,037
741,037

Page 17 Page 16

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2024

12. MOVEMENT IN FUNDS - continued

Comparatives for 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		 Net
movement
in funds
£
212,584
10,000
222,584
222,584		 At
30.6.23
£
7,976,468
50,000
8,026,468
8,026,468

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Revaluation Reserve
TOTAL FUNDS		 Incoming
resources
£
64,356
-
64,356
64,356		 Resources
expended
£
(180,477)
-
(180,477)
(180,477)		 Gains and
Movement
losses
in funds
£
£
328,705
212,584
10,000
10,000
338,705
222,584
338,705
222,584

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

Unrestricted funds
General fund
Revaluation Reserve
TOTAL FUNDS		 At 1.7.22
£
7,763,884
40,000
7,803,884
7,803,884		 Net
movement
in funds
£
953,621
10,000
963,621
963,621		 At
30.6.24
£
8,717,505
50,000
8,767,505
8,767,505

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
£
161,724
-
161,724
161,724		 Resources
Gains and
Movement
expended
losses
in funds
£
£
£
(332,137)
1,124,034
953,621
-
10,000
10,000
(332,137)
1,134,034
963,621
(332,137)
1,134,034
963,621

Page 18 Page 17

continued...

The Jephcott Charitable Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2024

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 June 2024.

14. POST BALANCE SHEET EVENTS

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. Following the death of Mary, Lady Jephcott, the property trust hold the 50% interest in the property for the benefit of the Jephcott Charitable Trust. The Jephcott Charitable Trust will receive the benefit of the 50% interest in the Property. The completion of the sale of this property took place 25th October 2024 for a sale price of £5.25m. The Jephcott Charitable Trust will therefore receive approximately £2.5m after costs of sale. This transaction will be reflected in the June 2025 Year End accounts.

Page 1 9 8

The Jephcott Charitable Trust

Detailed Statement of Financial Activities

For The Year Ended 30 June 2024

30.6.24 30.6.23
£ £
INCOME AND ENDOWMENTS
Investment income
Other fixed asset invest - FII 94,815 58,909
Portfolio interest income 2,553 5,447
97,368 64,356
Total incoming resources 97,368 64,356
EXPENDITURE
Raising donations and legacies
Thalassa Property Expenses 3,049 -
Investment management costs
Portfolio management 49,140 47,608
Charitable activities
Grants to institutions 87,939 120,392
Support costs
Management
Insurance 324 324
Professional Fees - 720
Internet Costs 93 -
Sundries 27 -
Administration expenses 6,419 3,712
Website Costs 320 3,213
Bank Charges 68 80
7,251 8,049
Governance costs
Independent Examiner’s remuneration 1,600 1,200
Independent Examiner’s remuneration for non audit work 1,730 1,260
Meeting expenses 951 1,968
**4,281 ** 4,428
Total resources expended 151,660 180,477
Net expenditure before gains and losses (54,292) (116,121)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments 148,006 313,549
Total 93,714 197,429
Unrealised gains/(losses) on fixed asset investments 647,323 25,155
Net income 741,037 222,584

This page does not form part of the statutory financial statements

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