The James Capel Foundation
Yrustees, report and financial statements
Registered charity number 270031
31 December 2021

|Trustees<br>and professional<br>advisers|Trustees<br>and professional<br>advisers||||
|---|---|---|---|---|
|Trustees'<br>report|||||
|Statement ofTrustees'|Responsibilities|in respect ofTrustees' report and the financial|statements||
|Independent<br>Auditors'|report to the Trustees ofThe James Capel Foundation||||
|Statement offinancial|activities||||
|Balance sheet|||||
|Notes||||11-14|





||||P R Marsh<br>(Chairman)|P R Marsh<br>(Chairman)|P R Marsh<br>(Chairman)|||
|---|---|---|---|---|---|---|---|
||||ICollier|||||
||||V Lammm|||||
||||J M Lathatn|||||
||||BJ Marshall|||||
||||M %Penney|||||
||||R P Jarvis (appointed||20|October 2021)||
||||J Summers<br>(appointed||20 October 2021)|||
||||J Wassell|||||
|Foundation||date|1SJuly 1975|||||
|Registered||charity number|270031|||||
|Principal|address||g Canada Square|||||
||||London|||||
||||EI4 SHQ|||||
||||United Kingdom|||||
|Independent||auditors|PricevvaterhouseCoopers|||LLP||
||||Chartered<br>Accountants||and Statutory||Auditors|
||||One Chamberlain|Square||||
||||Birmingham|||||
||||833AX|||||
||||United Kingdom|||||
||||HSBC UK Bank|pic||||
||||1 Centenary<br>Square|||||
||||Birmingham|||||
||||Bl 1HQ|||||
||||United Kingdom|||||
||||HSBC Globa! Asset Management|||||
||||(trading<br>name of|HSBC Private Bank|||(UK) Linuted)|
||||8 Canada<br>Square|||||
||||London|||||
||||EI4SHQ|||||
||||United Kingdom|||||





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||||||||The James Capel|The James Capel|Foundation|Foundation|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Trustees'|report and|financial|statements||
|||||||||31 December 2021|||
||||||Notes||2021|||2020|
|||||||Unrestricted|Funds|Unrestricted||Funds|
|Investment<br>income|||||||||||
|Income &om investments||- equities|||||40,129|||39,921|
|||—fixed interest securities|||||10,967|||18,334|
|Interest income|||||||||||
|Total income||||||||||58,321|
|Expettditttre|||||||||||
|Cost of raising funds|||||||||||
|Investment<br>management||costs||||||||(9„187)|
|Charitable<br>activdties|||||||||||
|Grants payable<br>in furtherance|||ofthe Charity's|objectives|||(55,602)|||(69,921)|
|Donations to registered||charities||||||||{2,000)|
|Administrative<br>expenses|||||||(5,879)|||(5,904)|
|Total expenditure|||||||(73,400)|||(87,012)|
|!4etgain'(loss)<br>on investments||||||||||(66,222)|
|Ivtet incomet{expense)|and net movements|||in funds||||||(94,913)|
|Reconciliiatiion<br>offunds|||||||||||
|Total funds brought<br>forward|||||||||||
|Total funds carried forward|||||||||2,329,528||





|||||||The iamcs Capel Foundation|The iamcs Capel Foundation|
|---|---|---|---|---|---|---|---|
||||||Trustees'|report and financial|statements|
|||||||31 Dccctnbcr 2021||
|||||||2020||
|lnvesttnents||||||||
|Cash at|bank:|||||||
|Current|accourtt|||||||
|('ash held by utvesnnent|||manager|||||
|Current|habBtttcs|||||||
|Creditors: amounts||falling|due within|one year||||
||||||||150,553|
||||||||2,329,528|





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|dministrative|expens|es represent<br>governance<br>costs and co|mprise:||
|---|---|---|---|---|
||||2021|2020|
|Honorarium|(Note 7)|||5,500|
|Reimbursed|expenses||||
|Total admimstrative||expenses|||





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|||||||||2021||2020||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Market|Cost|Market|
||||||||||value||Value|
||||||||||g|||
|Fixed interest||||||||557,220|552,0'70|514,S09|527,644|
|Equities||||||||847,549|909,769|1002,678|1.075,190|
|Alternative||||||||987,063||548,339|576,141|
|Total Investments|||||||||2,515,695|2.,065,526|2.178,975|
|Investments<br>are|held|primarily||to provide||an investment|return|for the Charity.||||
|The investments|can|be further||analysed||into:||||||
|||||||||2021||2020||
|||||||||Cost||Cost|Market|
||||||||||||value|
|Investment<br>assets|in the|UK||||||||744,345|802,S92|
|Investtnent<br>assets|outside the||UK|||||||1,321.181|1.376,383|
|Total Investments||||||||2.391,832|2,515,695|2,065.526|2,178,975|
|Investments<br>representing|||more|than|5%ofthe portfolio||are detailed below:|||||
|Description ofholdings||- 2021||||||Holding/||||
|||||||||Units||||
|HSBC Global Funds ICAV|||Global|Govt|Bond Index Fund ZQHGBP|||24,181|258,321||257,281|
|HSBC American|Index|Inst Inc||||||45,678|403,165||441,207|
|HSBC Global Investment<br>Funds Global|||||Real|Estate Equity ZQ I||14,746|112,972||139,741|
|HSBC Global Funds ICAV Multi-Factor|||||Worldwide<br>Equity ZQHSBC|||28,782|287,110||317,749|
|Description ofholdings||- 2020||||||HoldingI|Cost||Market|
|||||||||Units|||value|
|HSBC GIFGlobal Emerging|||Market Local Debt ZQI USD|||||27,850|185,537||190,698|
|HSBC FTSEAll|Share|Index Inst||Inc||||111,296|321,292||351,807|
|HSBC American|Index|Inst Inc||||||29,484|215.608||219,835|
|HSBC US Multi-Factor||Equity Fund Inst|||Inc|||27,921|114,534||117,829|





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|The movement<br>durin|g|the ye|ar in the portfolio ofinvestments<br>vvas:|||
|---|---|---|---|---|---|
||||||2020|
|Carrying<br>value (market|value) at||1 January||2,367,427|
|Add:||||||
|Investments<br>acquired||during|the year (at cost)||1,433,205|
|Less:||||||
|Invcstmcnts<br>disposed||ofduring the year (proceeds)||(2,587,920)|(1,555,435)|
|Yet gain/(loss)<br>on|investments|||246,090|(66,222)|
|Carrying<br>value (market||value)|at 31 December||2.178,975|
||||||2020|
|JWassc)1 Honorarium|||||2,750|
|Grant pending<br>payment|||||2,000|
|JWassell expenses|||||85|
|Due to Hank|||||197|
|Total Creditors (Accruals)||||||
||||||2020|
|8alance at I January||||||
|Net income/(expense)|and|net movement<br>in funds|||(94,913)|