2022-12-31-accounts - The James Capel Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

					SORP rafaranca
Summary		ofthe purposes of			Para 1.17	The James Capel Foundation was
the charity		as set out		in its		established for the purposes ofmaking
governing		document				paymenhs:
						A. Tosuch legally charitable
						institutions, bodies or funds, or
						for such legally charitable
						purposes exclusively as the
						Trustees shall from time to time
						ln their absoiute discretion
						determine; and
						8.Toorfor the benefit ofpersons for
						the relief ofpoverty: 1. Who are for the time being or
						have been employed by James Caps!4 Co, or its successor
						companies in business, or any
						corn pany associated therewith or
						who are the wives, widows,
						husbands, widowers, children,
						parents or other dependants of
						any such persons; and
						2. Are in the oplnlon ofthe Trustees
						necessitous and deserving.
Summary ofthe main activities in relation tothose					Para 1.17and ara	The principal activity of the Charity is to actas abenevolent association toformer
purposes		for the public				employees of James Capel 4 Co and its
benefit,	in	particular,		the		associated companies and their
activities,		pfoiects	of			dependents, who need assistance with
services	identified		in	the		the ordinary necessities ofNe orwho are
accounts.						otherwise in financial need. The Trustees
						become aware of such circumstances
						mainly through a network of former
						James Capel employees.
Statement		conf~rming			Para 1.18	The Trustees confirm that they have
whether	the trustees			have		referred to and corn I with the uidance

had regard	had regard	to the guidance	to the guidance	to the guidance		contained	in the	Charity	Charity	Charity	Comm)ssion's	Comm)ssion's	Comm)ssion's
issued by	the Charity					general guidance		on public benefit					when
Commission on public						reviewing	the	Charity's			aims		and
benefit						obiectlves	and		in	planning			future
						activities	and setting			the	grant	making
						policy for	the year.
1
Additional		information		(optionati
You ma choose to			include		fudher statements	where reievant about:
						lt is the policy ofofthe Trustees						to	seek
					Para 1.38	appeals for granbi			which they consider
Policy on	grant making					qualify for	payment		and to		distribute
						income within twelve months of						it
						arisln .
					Para 1.38
Policy on	social investment
including	program		related
investment
					Para 1.38
Contribution		made	by
volunteers
Other

chievements	and Per	formence
		SORP rsfsrsncs
			During 2022 the charity		distributed
			grants totalling f75,7&3			to	'l65
			individuals on welfare issues		including
Summary ofthe main achievements ofthe charity,		Pars 120	the cost of personal replacement, household	alarms, repairs, a			boiler grant
identifying the difference the			towards living expenses			and a
charity'8 work has made to			contribution towards	heating			costs
the circumstances	of its		during winter months.
beneficiaries and	any wider
benefits to society as a			No grants were made	to	registered
whole.			char(bee during 2022.

Achievements against
objectives set
Performance offundraising
activities against objectives
set
Investment performance
against objectives
Other

inanc	ial Review	ial Review	ial Review	ial Review	ial Review
Review	ofthe charity's						Pars 1.21	In the year ended 3f December 2022
financial position at ofthe period					the end			expenses and grants exceeded Income byf54,857.This ecess ofexpenditure
								over Income was expected and in compliance with ths reserves policy in
								the medium term.
Statement		explaining			the			lt is the policy of the Trustees to invest
policy for holding reserves								the brought forward reserves togenerate
stating	why	they are			held			a level of income each year consistent
								with the expected level ofexpenditure.
								The Trustees consider that cash held on
								deposit is a class of investment,
								particularly in times of stock market
								volatility.
								It is currently the view of ths Trustees
								that the overall level of investment
								required lies between Dm and 52m. The
								level of reserves at 3f December 2022
								was 82,283k which remains above this
								range.
Amount	of	reserves			heki		Pars 1.22	52 253K
Reasons for holding					zero		Para 1.22
reserves
Details	of fund materially					in	Pars 1.24
deficit
Explanation			ofany				Pars 1.23
uncertainties			about		the
charity	continuing			as a going
concern

The charity's principal sources offunds (including	Para 1.47	The only source offunds isthe investment portfolio.	The only source offunds isthe investment portfolio.
any fundraising)
lnvestmenl policy and
objectives including any	Pars 1,46
social investment policy
adopted
A description ofthe principal	Pars 1.4ri
risks facing the charity

Description ofcharity's
trusts:
Type ofgoverning document	Pars	1.25	Trust Deed dated 15			July 19?5
How is the charity constituted?	Pars	1.25	Unincorporated		Chary
assi r'2
Trustee selection methods	Para	'I 25
including details ofany			The statutory		power	ofappointing	new
constitutional provisions e.g.			or additional	trustees		is vested in	HSBC
election to post or name of			Bank pic as	the successor company of
any person or body entitled			James Capel	aCo, the founding
to appoint one or more			company.
trustees

Policies	and		procedures
adopted	for the induction			Pars 1.51
and training		oftrustees
The charity's			organisational
structure	and		any wider	Para 1,51
network	with		which the
charity works
					The Trustees consider the ultimate
					controlling	patty	ofthe Charity to be
Relationship			with any	Para 1,51	HSBC Holdings		pic.
related	parties
Other

Charit name		The James Ca
Other name the char' uses		none
Re istered charit	number	2?0031
Charity's principal	address	tf Canada Square, London, E14SHQ

mes	ofthe charity tru	stees who manage	the charity
	Trustee name	Office (ifany)	Dates acted ifnot for whole ear	Name ofperson (or body) entttted toa nt trustee ifan
	Peter Richard	chairman		HSBC Bank pic
	Marsh
2	lan Collier
	Robert Paul
	Jarvis
4	John ttitarttn Latham
	Brian John
	Nlarshall
6	Valerle Lammin
	Iitichael Wtlfred
	Penney
	John Summers
9
10
11
12
13
14
15
16
'l7
18
18
20

Trustee	name	Dates	acted	ffnot	forwhats	ear
none

Description ofthe assets
held in this capacity
Name and objects ofthe
charity on whose behalf	the
assets are held and how	this
falls within the custodian
charity's objects
Details of arrangements	for
safe custody and
segregation of such assets
from the charity's own
assets

Names an	d addresses ofadvisers	{Optional information)
Type of	Name	Address
adviser
tnvsetment	HSBC Global Asset	1 Canada Square, London,	E14SHQ
manager	taanagement
Name of	chief executive or names	ofsenlor staff members	(Optional	information)

Contents				Patte(s)
Trustees and professional advisers
Trllstees teport
Statement ofTrustees'	Responsibilities	in respect ofTrustees' report and the financia	statements
independent Auditors'	report to the Trustees ofThe lames Capel Foundation
Statement offinancial	activities
Balance sheet				10
Notes				11-14

					2022		2021
					8		f
				Unrestricted	Funds	Unrestricted	Funds
Income
investruent income
Income from investments		- equities			244176		40,129
		-dxed interest securities			10,793		10,967
Interest mcome
Total income					35si55		51,100
Expenditure
Cost ofraising funds
Investment nuuugemcnt		costs			(8,136)		(11,919)
Charitable actlvittes
Grants payable in 6utherance ofthe Charity's			objecuves		(75,753)		(55,602)
Donstwns to registered		charities
Administrative expenses					(M23)		{5,879)
Tetal expenditure					(90412)		(73,400}
Net ilosspgain on investments					(235415)		246,090
Net (expense)/Income	and aet mevenuutts		la fund»		(289,872)		223,790
ReceucSanoa efftmds
Toad funds brought Reward				2453318		2,329,528
Total funds carrieil forsvsrd				2&3s(46		2,553,318

Administrative exp	enses represent governance costs and co	mprise:
		2022	2021
Honorarium iNote 7}			5,500
Reimbursed expenses			379
Bank char ger		13B
Total admhtkstrative	expenses		5,879

									2021
								Market	Cost	Market
								valuef		Value f,
Ftxed interest							859,911	779,699	557y20	352,070
Equities							763«09	759,7&7	847,549
Alternative							6&6,611	671419	987,063	1,053,856
Total Iavestmcnts							2310dt31	2,211,005	2391,832	2,515,695
Investments are	held primarily		to provide an investment			return for the Charity.
The invesunents	can be	further	analysed into:
							2011		2021
							Cost	Market	Cost	Market
								value		value
										f.
investmcnt assets	in dte UK						53,820
Investment sauna	outside dm IJK						2~,2II	2,156,922	2,391,832	2,515,695
Total Invesnneats							2310,031	2411,005	2,391,832	2,515,695
Investments representing		more than		5'ys ofthe	portfolio are detailed below:
Descrlpdoa ofhemlugs -		2022					Holding/			Market
							Ilatts			valsef
HSBC Global Funds ICAV Global Govt				Bond index Fund ZQHGBP			24,412	252,269		223,617
HSBCAmerican	Index Inst Iuc						49,388	434,950		429,725
BSBCGlobal Investment		Funds Cdobal		Corporate Bond ZQHGBP			17,005	173,234		153,234
BSBCGlobal Funds ICAV Multi-Factor				Woddaqdc	Equity ZQ		27,916	278,490		279,418
Descnption ofholdings - 2021							Holdingt	Cost		Market
							IJuits			value
										f
HSBC Global Funds ICAV Global Govt				Bond Index Fund ZQHGBP			24,181	258,321		257281
HSBCAtnerican	Index Inst Inc						45.678	403,165		441,207
HSBC Global Invmtment		Funds Global		Real Estate Equity ZQ I			!4,746	112,972		139,741
HSBC Global Funds ICAV Multi-Factor				Worldwide	Equity ZQ		28,782	287.110		317,749

The movement during	the	year	year	in the	portfolio ofinvesnnenm
						2022	2021
						8	J.
Canymg value (market value) at			I January			2415,695	2,178,975
Add:
Investtnents acquired	during		the year (st cost)			ld 34,130	2,678$50
Less:
Investmenn disposed	ofdunng			the year (pmceeds)		(1403,605)	(2,587,920)
Net (loss)/gain on investmeats						(235315)	246,090
Carrytag valse (market	value)		st	31 December		2411&005	2,515,695
9 Creditors: amounts		falBng due wltldn one year
						2022	2021
I Wassail Honorarium						2,750	2,750
JWassail~							141
Total Credttors(Accrasts)						3,113	2,891
10 Vtnestrlcted funds
						2022	2021
Balance at I January						2,553318	2.329,528
Net (expense)/income and aet movement					in funds	(2S9,872)	223,790
Balance at31December						2v763,446	2,553,318