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|Trustees<br>and professional<br>adk isers|Trustees<br>and professional<br>adk isers|||||
|---|---|---|---|---|---|
|Trustees'<br>report|||||2-4|
|Statement ofTrustees'|Responsibilities|in respect ofTrtrstees'|report and thc financial|statements||
|Independent<br>Auditors'|report to the Trustees ofThe James Capel Foundation|||||
|Siatement offinancial|activities|||||
|Balance sheet|||||10|
|Notes|||||11-14|





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|P R Marsh<br>(Chairiiusn)|P R Marsh<br>(Chairiiusn)|||
|---|---|---|---|
|I Colher||||
|V Lammm||||
|J M Latham||||
|BJ Marshall||||
|M W Penney||||
|JWassell||||
|15July 1975||||
|270031||||
|g Canada Square||||
|London||||
|EIA 5HQ||||
|United Kmgdom||||
|PncewaterhouseCoopers||LLP||
|Clmrtered<br>Accountants||and Statutory|Auihtors|
|One Chamber)am|Square|||
|Bimimgham||||
|B33AX||||
|United Kmgdom||||
|HSBC UK Bank|pic|||
|I Cenienan<br>Square||||
|Birmmgham||||
|B 1<br>IHQ||||
|Uinited Kingdom||||
|HSBC (ilobsl Asset Management||||
|(tradmg<br>name of|HSBC|Pnvate Bank|(VK) Limited)|
|g Canada<br>Square||||
|London||||
|Ei4 5HQ||||
|United Kmgdom||||





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|||||Nates||2020||2019|
|---|---|---|---|---|---|---|---|---|
|||||||f||f|
||||||Uarestrkted|Funds|Unrestricted|Funds|
|Income|||||||||
|Investment<br>income|||||||||
|Income from mvestments|- equlnes|||||39.921||52.506|
||- fned mterest securities|||||1gn34||16,993|
|Interest income||||||66||140|
|Total income||||||58a21||69,639|
|Expenditure|||||||||
|Cost ofraising funds|||||||||
|Investment<br>management|costs|||||(9,187)||(11,451)|
|Charitable<br>acuvttles|||||||||
|Grants payable<br>m furtherance||ofthe Cbanty's|ob)ectives|||(69.921)||(59,884)|
|Donations<br>to registered|cbanties|||||(2,000)||(1,000)|
|Administrative<br>evpenses||||||(5.904)||(5,457)|
|Total expenditure||||||(87,012)||(7,7921|
|Net (loss) gain on investmenu||||||(66.222)||265,82(|
|iVet (expense)/lncorue<br>and net movements|||ln funds|||(94,913)||257,672|
|Reconciliation<br>of funds|||||||||
|Total funds brought<br>fonvard|||||2,424,441||2|166,769|
|Toml funds carried forvvard|||||2,329,528||2,4 4,441||









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## 

## 

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## 

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|dministrative|expens|es represent<br>governance<br>costs and c|omprise:||
|---|---|---|---|---|
||||2020|2019|
|Honoranum|i Note 71||5400|5,000|
|Reimbursed|expenses|||457|
|Total administrative||expenses|||



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|The market value of|The market value of|investments||as at 31December 2020 was|as at 31December 2020 was|f2,178,975(20/9|f2,367,427), The|investments|as at|
|---|---|---|---|---|---|---|---|---|---|
|31 December 2020 comprise:||||||||||
|||||||2020||2019||
|||||||Cost|Market|Cost|Iviarkci|
||||||||value||Value|
||||||||||6|
|Fixed mtcrest||||||514,509|527,644|413,844|417,537|
|Equities||||||1002.678|1,075,190|1191,396|1.053,744|
|Altcmative||||||548 139|576,141|839,020|896,146|
|Total Investments||||||2,065,526|2,178,975|2,144,260|2.367.427|
|Investments<br>are held||primarily|to|provide<br>an investment|return|for the Charity.||||
|The investments|can|be further|analysed<br>into:|||||||
|||||||2020||2019||
|||||||Cost|Market|Cost|Market|
||||||||value||value|
||||||||||f|
|investment<br>assets|in the|UK||||744G45|802.592|884,963|1.011844|
|lnvesunent<br>assets|outside the UK|||||1321,180|1,376/83|1,259.297|I 351,583|
|Total Investments||||||2,065,525|2,178,975|2,144.260|'2,367,427|
|Investments<br>representing<br>more|||than 5%ofthc portfolio||are detailed below:|||||
|Description<br>of holdings||- 2020||||Holdiag/|Cost||Market|
|||||||I!nits|||value|
||||||||f|||
|HSBC GIF Global Emerging<br>Market||||Local Debt ZQI USD||27,850|185.517||190,698|
|HSBC FTSEAll|Share|Index Inst lnc||||111,296|321,292||3cl 80,|
|HSBC American|Index|inst fnc||||29,484|215.608||219835|
|HSBC US Mulu-Factor||Equity Fund Inst Inc||||27.921|114,534||11,829|
|Description ofhold mgs||- 2019||||Holding/|Cost||Market|
|||||||Umts|||value|
|HSBC GIF Global Emerging<br>Market||||Local Debt ZQ I USD||23.781|163,187||168,29|
|HSBC FTSE All|Share|Index Inst Inc||||95,481|301,587||344,017|
|ISHAKES III PLC Core||MSCI IVorld||UCITS ETFUSD ACC|GBP|50 3|238.009||39,748|
|HSBC American|Index|Inst Inc||||19,736|85,425||131,109|





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|The movemen|t<br>during|the|ye|ar in the|p|ortfolio|ofinvestments<br>was.|||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2020|a019|
|||||||||f||
|Canymg<br>value|(market value)||at|I lanuary||||2,367,427|2,13',263|
|Add||||||||||
|Invesnnents|acqtured|during||the year|Iat|cost)||1,433205|845,443|
|Ltus||||||||||
|Invmtmenus|disposed|ofdun||ng the scar||Iproc cede)||(1,555,435)|(876,104)|
|Net (loss)|gam on mtestments|||||||(66,222)|265025|
|Carry(ng<br>value (market||value)||st 31 December||||2,178,975|2,367,427|
|9<br>Creditors:<br>smnunts|||falling due|||within|one year|||
|||||||||2020|2019|
|JWaste)I Honoranum||||||||2,750|2.500|
|Grant pending|payment|||||||2,000|2,982|
|J IVassell expenses||||||||85||
|Due to Bent:||||||||197||
|Total Creditors (Accrue)a)||||||||5,032|5,482|
|10<br>Unrestr(cted<br>funds||||||||||
|||||||||2020|2019|
|Balance at I Jantuty||||||||2,424,441|2 166,769|
|Nei (expense)|income and|nct movcmcnt|||in|funds||(94,913)|257,672|
|Balance at 31|December|||||||2,329,528|2,424,441|