CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the perlod From To 1 January 2023 31 D•comr 2023 Porlod •tart dats Porlod •nd dats Charlty name: Th• Jamu Capol Foundatlon Charlty rngl8trafjon numbor. 270031 Objectlvos and Actlvities SORP rnhr•fK• Summary of Ihe purp058s of the charity as set out in its goveming document P$rB 1.17 Th• Jam•• Capel Foundatlon wa• •st•bll8h•d for th• purpo•e• ol maklng p•ym•nt•: To such legalty Gharltabl• In•titutlon•, bodie• or fund8, or for uch hgally charltsblo purpow exclu•lv•ly a$ the Trus# hall from Ilmo to Ilm• In th•lr absoluts dl$cr•tion d•t6rmlno; •nd . To or for th• b•n•fft of p•rnon8 for the rolief of poverty: 1. Who are for th• tlme hlng or have been Omployod by Jam•A Capol & Co, or it •u¢c••8or companle• In bu51n& or any ompany assoclated th?rewlth or who ar• the wlves, wIdo, hu8band$, wldowgr¥, ¢hlldren, parents or oth•r d•p•ndants of •ny •u¢h p¢r•on; and 2. Are In the oplnlon olthe TrustaO8 n•It0u• and d••wvlng. Summary of the main actlvities in relation to those purpose8 for the public tenefit, in partIlar, the activitTrtis, projects or services idgntffied in the accounts. Pgrn 1.17 fid 1.19 Th• prlnclpal acllvlty of th• Ch•rlty Is to act a• • b•nevol•nt 08soclatlon to lonhor nployw¥ of J•me4 Capol & Co and It• auoclat•d companleg and thelr d•pendants, who ne•d as•i•tance wfth tho ordinary nac•s$ltlo8 of Ilts orwho arn oth•Tw? In flnanclal nod. The TrustM• b•come awarn of such clrcumstances malnty through a network of fomi•r Jam•s Capol employees.
ststement confirming whether the trustees have had regard to the guidance issued by tht Charity Commission on publi¢ ben8r Pw 1.18 Th• Trustso8 ¢onflrn) that thoy ha rnferrod to and complywlth t guldonc• contalned In th• Charfty CommlMlon'8 g•n•rnl guldanco on publ1¢ b•n¢fit whon r•viewlng th• Charfty's aims and objoclfves and In plannlng futur• actlvlllèJ nd Mttlng grant maklng poNcy for th• y•ar. Additional Infommtlon loptlonal) You ma chc4)86 to include further statements wh8re r818vant about. SORP r¥l•wt It l• tho policy of tho Tru•t•O8 to seek •pp8418 lor or•nts whl¢h th•y consldor quallfy for paymonl and to dlstrlbutè Incom• wlthin tw•lvo month• of It arf•l P•rn 1.38 Policy on grant makirvJ Pw 1.38 Policy on social investment including program related inveslment Pr 1.38 Contribution made by voluntoern Cxher Achievements and Perfonnance Durlng 2023 th• chrfty dlstrllxrt•d grants totslllng £105,204 to 171 Indlvldual8 on welfar• l$ues Includlng tho ¢Mt of prsonal alarn, boll r•plac•m•nC htsu••hold rnp•lr•, ¢ontributlon toward$ th• cost of hlp Tepl•c•ment and a grant towards Ilvlng eXn4 •nd a contrlbudon tow•rd• h•allng co•ts durlng wlntsr month Summary of main achievem1$ of the charity, dentifying the difference the charity'3 work has made to the circumstances of its b8neficiarlès and sny wider beneffts to 8OCtety as a whole. Parn 1.20 No don•tlons were made to reqlstsrod ch•rltlM durlng 2023.
Addltlonal Inf0MlI0n (optlon41) You ma choose to include further statements where relevanl about:. Achievements against obieGtive$ Bet Para 1.41 Perfonnanc• of fundraising adivities against obj'ectives et r*l.41 Investmeth perfom)8n againsl obJe¢ttve$ Paro 1.47
Flnancial Revlew Review of the charity's financial posrtion at the end of the penod Parn 1.21 In tho ygar •nd•d 31 Decembgr 2023 expenses and grants èxce Income by £71,274. Th18 ol oxp•ndfturn over In¢om• was •xpoct•d and In Compllance wlth tho reserve• poll¢y In the m•dlum t•rni. It IS tho pollcy of th• TTu•tso8 to Invost the brought fon¥ard to genorato a l•v•l of Income each year ¢on$l•t•nt wllh th• 9xpt•d l•v•l of •xpondlturn. Statement explaining the policy for holding reseThes stating Y Ihey are hold P•t• 122 Tho Trustees ¢onJld•r th•t ¢a8h held on d•po•it l• a ¢la8• of invostm•nl partlcularfy In tlmes of 8to¢k markot volatility. ft kn ¢urrnnUy the vlow of th• Tru8tee0 that th• overall l•vel ol Invo8tm•nt rnqulred lies betw8•n £1m and £2m. Th• level of ro8grvos at 31 0mber 2023 vms £2,349k whlch r8maln8 above th18 rang•. Am¢)unt of r858rrfes held Reasons for hokling zero rerYeS Details of fund mal8rially in deficit Explanatlon of any uncertainties about the ¢harty contlnulng as a g¢Jng Concern Pai• 1.22 P•rn 1.22 P•rn 1.24 PArn 1.23 Addltlonal Inforn)atlon (optlonal You ma thoose trj include further sements where relevant aboLrt'. The charity's principal sources of funds (induding any fundraising) Th• Inva8kngnt portlollo h th• onty sourc• ol lund•. P*r• 1.47 Inv8stmèrrt policy arKI otyectives including any Social investrnent policy adopted Porn 1.46 A description of the princapal risk8 facing the charity Porn 1.46
Structure, Governance and Management De8cripts'on of charity's tfU8t8.' Type of goveming document P•T 1.25 Tr1 DO dat 16 July 1975 How Is the charity constituted? 1.25 Unlncoryborated Charlty Trustee sel8Ction methods including detai18 of any constitutional provssions e. election to p)st or name of any rson or t()dy entFtled to appoirrt one or mor• trustees P•rn 1.29 Th• statutory Powor of appolnllng n or addltlonal trusteO81s yest In HSBC Bank plc as th• •u¢cgwir company of Jm•s fAp•I & Co, th• foundlng company. Additlonal infomiatlon {optlon•l) You ma choose to include further statements where relevant about: Policies and procedufes adopted for the indudion and training of trustees P•r# 1.51 The charity'8 organisational strudure and any vfider network with which the charlty works P¥8 1,51 Th• Trust•e• ¢on8lder tho ultlmate controlllng rtY of the Charlty to be HSBC Holdlng• plc. Relationship with any related parties l*r• 1.51 Reference and Adminigtratlve detsils Charit name other name the charit use$ istered thari numter Charty's principal address Th Jam88 Ca none 270031 8 Canada Squaro. London, E14 6HQ l Foundatlon
Nan of tho charfty tru8te•• who man•go tho charlty Oat•• 1•411 not lof whol• Offlc• Ill any) Namo of p•rnon lor body) Mtltlwj Int tnrn f•n P•t•r Rlchard iaarsh Chalffln lan Colll•r John Alartln Latham Brf•n John Marshall Ml¢ha•l WIMf•d P•nn•y Robert Paul Jarv1• John Summor¥ Franc•s McK•lth 10 11 12 13 14 15 16 17 18 19 20 rate trustees- name8 of the dlreclors at the date the wasa roved Mono Name of tru8te68 hs)kling trtle to property belongirvj to the ch8rty Dttt•* Ad•d If Mt lorT•hoh •r Non•
Fund8 held as custodian trustees on behalf of others De8GriPtion of the asse18 held in this capacity Name and objoGts of the ¢harity on vthose behalf the assets are held and how this fa118 Within the custodian charity's objects Detai58 of arrangements for safe cu8ttsJy and segregation of such assets from the charlty's own 88sel8 Addltional Inforn)atlon loptlonal) Nn•s and addw•B of advlsern IOptlon•l Infomullon> Typ• of Nam• Addr••• adv180r Inv8•tsn•nl M•n¥g•r HSBC Global A8••t Manag•mènt 8 Canada Squaro, London. E14 SHQ N•m• of chlef •x•cutlv• or n•m•s ol senlor taff members Iopdonal Snfommtlon) Exemption8 from dlsclosure Reason for non4i8dosure of ke onnel details Other o tlonal Informatlon
Declarats'ons Tho trte08 d•claf• that they hwe approved th• trusto•9' rnport above. Slgn•d on bghall of the ch#rW• trust••• QftfvwaL Full namo1$) Po8ltJon log Socrotsry, Chair, atc) P•t•r RS clM18n Data
The James Capel Foundation Trnstees, report and financial statements Registered charity number 270031 31 December 2023 RESTRicfED
Th¢ 18m¢s Lapel FoundallLTrn TTUStees' report artd fininLitsI blal¢ment4 31 DLY¢tnbei" 2023 Trustees, report and financial statements Contents PAgels) Tru%tccs and prufessional 8dvi$ers TnJ51CC5' rety)rt Statement ofTTUStees' RespoTs8ibilit¥¢% in rtspeLI L)f 'l'TUStee.%' report and the financial statCTncnis Independent auditors, Teport to the Tnisiets Of Th¢ Janics Capel FouTJdation Statement of financial actii'itie 24 Balance shect 10 Notes
Jam# (.'aPLI Fvundliion Tw%tees' reFOtt and finanLiuI st8ienients 31 Dclcmber 20•3 Trustees and professional advisers Trv$te P R Marsh Ichaiftnanl I C.ollieT V L4nimiD Iresi¥nthl 18 O¢iober 20231 J M Lathtsm B J Marshall M W Pi'Aney R P Jan'is J Summerg F McKeith {aPilled 6 July 20231 Setrttry J W&11 l$July1975 Registertd ch&rit> 27(M)31 Principal #ddro5S % (."aiwta Sqtsar¢ Londo 145HQ nited KingdL) Imdeptndent •udliors PrtLcwatethuseCoopets LLP ChartLred AuntantS BnJ Ststotory AuditOT8 Ont C:hambttl&in Square B3 .BAX U]Jited Ktnbldo Bnkerg HStIC UK pli I Ceiiienary Squarf Birniin&trh#m BI IHQ Uttiied Kingdoiii Inve5tmtnt mnagtr 14SBC Globul A&set Mtsuagemertl (trading name of HSBQ Pr>vat¢ Ballk (UK) Limiledi 8 Canada Square London 145HQ iled Ku]gdorn RESTRicfED
Thc Jallles C'apcl Foundaiicin
Tru5t¢t.4' repox and financial 81¢M¢nLs
31 DeLL'niber 9ts23
Trustees, report for the year ended 31 December 2023
The finai)cidl bialement% have b¢¢n prepar¢'d in acconlance '1th the Statement Rtcoinmertded Prdctice.. Aceouniin8
and Reporting Ch8riiies preparing their financial stsiejnenls in accordance with the Finan¢ial Reporting Stgndard
hpplicablt in the UL aiid Republic of IrL.land {FRS 1021 issued sn October 2019 and the Financial RepOn1T Standard
appliLabl iii the lJlni¢Ld Kiiigdom and RepubliL of Ireltind IFRS 1021 and the Chariti¢% Act •OI l and UK Cjenerdlly
Accepted PTac11ce a it applies (Tom l January 2(119.
The fjjsancial StaleieIS hav¢ b¢ea pr¢wed to givc a 'true and fair. view and have departed froim the Cliarilie5
IAccvJots aiid R¢p¢irisl R¢¥ulatyons 2(X)% only lo th¢ cxl¢ni required iL¥ provide a 'lTue aiid t3ir view, This departiir¢
has iiii'(>lved lollowing ACLontIng and Reporting by ChantlC5'. Statcineni of ReLoniniended Prttciicc appliLablc to
tyharilies pr¢p8ring th¢ir financial %t#iemenis in aecordancc willi the Finaiicial Rcp(>lling 8landud applicable in the
UK and Republic of Ireland IFRS 1021 issued in O¢tol)er ?019 ¥diherihan the Accouniing thnd R¢poning by Chariii¢8'.
Sratement of RcLommendLd PraetiLc cffectivL froTh l ApTiI 2(K)5 whiLh has 5illLe bccn 'thdra.
Referen¢¢ •nd admlnlstratlv¢ InformtloD
The Charity is Js Thc Jarllcs C&pel Foundation and is es1t[¢d with the ChaTtty Ctynmission as an
unincorporated rh8rity with Dumber 2731. Tbe Tlet5 and ptitickpal adthcss of the c.harity are lisied on page l.
Structure. goveTDgn¢e And m4ftagoment
The Je5 Capel Foundation was e5tabltshed by James Capel & Co urtder a Deed dated 15 July 1975 and is
governed by that Trust Deed.
Since 1986, James Capel & Co and its asso¢iated Companies have been owned by the HSBC Group a[ the businesses
folyncrly conductcd by the James Capel Coinpanies. 3nd theii employees. ha%'e been integTdted the HSBC Gwup.
The Loiiipany Jatnes Cdpcl & Co LI[L Its name lo HSBC, Jni'estrncnt Bai)k plL 1996. The riglils (ind oblig
The Jthmi$ Cap¢1 FowidHriov
Trusiees. rcport wjd finaiicial slaietnenl>
Trustees, report for the year ended 31 December 2023 (continued)
Objecrfves ¢tlvitlts (eoNtinuedl
Th¢ TNstee% confirm thal ihey have referred tu and tomplv wilh ilie guidance contained in the Ch211ty C.omnii$5iOll S
¥eneral guid#nce public benelil when reviLwing Ihe C'lv4rity s aims and objecliv¢s and in pl&nning luiurc activiti¢$
aDd s¢tlin¥ the 8ranl niaking polic), Ivr tli¢ ycar.
AthAevement5 and performance
Durin8 2023 the Charity ditributtd grdnts totalling £105,21H (2n72..£75.753) 10 171 individuals {202?.]65
individuol.sj on welfar¢ issue% ineludin¥ the ¢osi of personal al
The Jsmes Ca] Fou]>dson Trustees. repon and fiDan¢ial staleJ2]en15 311)¢Lember 2023 Trnstees, report for the yegr ended 31 December 2023 (continued) Fulure developmeDts Duriag 2023. the UK economy ha¥ conlittucd io face chall¢nge$ from higher inflation 8nd interesi rates alongside lower levels of expeeled growth. AlthO8h cnergy PTi¢es h&ve reduced. sigmificant cost of living Lh2llenges bave rem¥in¢d impacting both consumer confidencc busiJ]es.% Lo$ts. Forecasts remain unceri&iTr bul iDtere4t and nfl8tiOt) 8r¢ cxpccted to grad]lY decline thiritig 2024 with a moderate recovery itt grOh for 2025. Ilowever, due to the naiore of the Cbarity's transa¢tiorLS. li is not CON5idered that these events will hav¢ a significant impact on its pnnLipdl rsks. Geopolitical rÈ*k% ftvrn the ongoing RuEsia-Ukrai#eand 18rael-Hamas w$ cofitlnuet0 Ttjonjtoredclosely including the impact of %anciiorts Iradt rc8trictions and di.srllptson to 8loba] supply Qbains. However, du¢ tu the nalure of the .harity's transactions. it is nol considered that these evertts. will have a sl¥ttiticant ilnpact on its Principal riqks. th¢ fi1 8 rnonths of 2V24. Ihe Charity's Trustees further irttreased the h¢&tin¥ Eub%idies paid to le.4s well-off eligible pernsioners tn response to thr ongoing energy crisis, withdrawing £123,000 from the invesuneni porttolio to cover the5¢ and other grants. The Charity's other expcnscs remained stable. Cilobal markets advaDc¥d slightly during tbe fE15t half of 2024. The market value ofthe Chsnty's investment portfolio ai 31 August2024 was £2,351,520, being 1.92/0 mvre than the markci value #t 31 DeLember 2023. As at 22 August 2024. the Charity h¢ld a Lash balancc of £25,980. an increasc of £22223 from the cash balallce held at 31 D¢¢¢mber 2023. Dts¢losuTe of InforEnatltsn to #udltors The Tnjstecs who held vffjce at the date of approval of thts Trnsttts, rew>rt confinn that. scTr f8r&sthry are 8ww¢, there is no relevant audit irOMation of which th¢ Charsty's auilitors are UTAawaTe,' and eatb Tn]stee h85 taken 211 the steps that he or 5h¢ ought to have taken a5 a tTusice to makt himself or hetIf 8war¢ of any relevaTJt audil inlomtio 2nd to &stsblish that the C.hariry'8 auditors are await of thot inforniaiion. Approved by the TNsiees ol'the James Capel Foundation OD 17 Septetnbu 2024 atsd signed on thtir behalf by.. P R Marsh
Th¢ James Capel Founiknwn Tnislees. rwrt and fijwicial staiemTrL 31 Detbe[ 2023 Statement of Trustees, ResponsSbllitits in respect of the Trustees, report Dd the financi41 t#t¢ment4 The Irust¢e$ are respo%]blE for preparin8 the TTUStees' report and thc financial $ts1emellts in a¢Loid8nce wilh appliLable law and re8ulalLOIi5. The law applic8bl¢ lo chaTities in England and Walos rcquire8 the Tru%teo8 to prepare ftllanci81 statements for each linancial year. Under that law the TrusÈecs have prq)8r¢d the financial statements in accordanc¢ uryth Untied Kingdom CJenerally Accepted A¢¢oun¢ing Practice (UTr11 Kirtgdojn Accounting St3ttddrds and applicablc law). Undcr that law, the Trustees must not Approve the fuwicial ststemenis unless they ar¢ yti%fted that they give a ttue and fair view of the statL of the affoits vf the Charity and of the inLoming resources and application of resources of the Charity for that period. In preping th¢s¢ financial statements. th¢ Truskes are requ%Ted io.. 5¢1¢ct suitabl¢ tsctounting polscics and theD apply them con5iStenily: obseTV¢ the mLkthods 2nd pnnciplcs in the Chantikn SORP,. EJ]&ke Judgements and L5timates that are re&sonable and prudent: state whcther applttable UK Aecounting Stdra$ have been followed. subje¢1 to at]y mateTi81 departwes disclosed and explained in the financial st8tcmcnts- and pieparc th¢ financial 51utetncnt8 on the gDing concern ba"S unless it is Illapprop8 io presume that th¢ Charity will COtInUe aciivities. The TNst£¢s are Te5tK)nsibl¢ for ktepiDg accounting r¢co¥ds tha¢ ale sufficient to show and explain the Charity'5 tra[?Ltions and disclose with Te&snnablc aLcuracy &t any tbrne the financi21 position of th¢ Charlry and ¢nabl¢ the to ensure thai th¢ fJn8ncig1518temefjts compty with the Charities Aci 2011. The Charities IA¢couJts' and Reponsl R¢gul&tions 2008 and the PTOViSiOnS of ihe Trust Decd. They #r¢ 4lso responsible lor 5af¢guarding the assets of the Chariry and heniy for takiD¥ re8sonabl¢ steps for the preveThtion detectiot) of fraud and other irregularities. The fjnaneial 51atefft¢nts on p)8¢& 9 to 14 wcre approved by the Trustees on 17 Sq)tcrnbEr 2024 and $18t)ed is behalf by. Trnstee
The James Capel Foundation
TrU51c. r¢wn Djid financial siat¢inent.
31 December ?093
Independent audltors, report to the Trustees of The James Capel Foundation
Report on the audit of the flnanciAI slatements
Oplnio
In our Opinion, 'fhe JamL% Copel Foundation's financEal statements Ithe"fLnaDcJal slattments'l..
81C a Iwe 2nd fair i'iew of ihe 5tat¢ of ihe Chariiv's aftaiis as at 31 D¢¢¢mber 2023 and of its inrc?ming
re50ur¢¢5 and application of rebources. foT the yar then ended;
liai'e been pwpeTI} prepared in acLoid&ice with l.,nited Kingdom Generally Accepied Accoiiniiiig PraLiice
ILlniled Kingd<)In .4cLtsunting Standards. cumprisiiig FRS 102 'The Financial Rtportinbi sianddrd applicable
in the UK aDd RLpubli¢ ol-lreland". and applicablL lawl., and
havc bcen piepare(J in accordanLe with the iequiremen¢s i)f the c.harities Act 2011 and Kegulati(In 8 of Tbe
charite5 IALcount% Reponsl Re¥ulations ?0081.
We have audited the fintin¢ial statements, in¢lded within ihe Twste¢s' repoit financial stat¢inents Iihe"Annual
Reprt.). whiLh Lomprise.. the balance sheet As 31 Lk'LembLr 2023., tht statLTnent of aLtiV5ties for Ihe
yeiir then endeLI atld the Dole5 to the fJnanLial slat¥m¢nis, w'hiLh in¢lude a desc]3Ption of the sigllifilani aL¢tsUlltitt
poliLies.
BASIS f•r oplnlo
We Londu¢ted oiir audii in au¢ordan¢e with ltttemational gtandards on Audinn¥ ILIKI I"ISA8 IVK}"} and applicablt
law. OUT responsibiliiies under ISAS ILTKI are lunhcr d¢sLribed in the Audilors, responsibilities IOT the audit of the
rinancial statements 3iciton of our report. We bllicve thai Ibe aiidit evidettLe we have ob¢ain¢d is suffi¢ietJi and
appropriate lo pioiide & b3Sss for our opinion.
Jndep¥ndeneff
Ve remained indepcnd¢nl of ihe Chaiity in uccordance with the ethical reqiiirement% ihat relevant lo our audit of
tlie finaiicial sialements in Ihe L'K. llich includes the FRC'5 Ethical StaDdard and we haFe f121tslled our other ethical
responsibilitie% in aLLordance H'ith These requityments..
Con
Thv JATAes Qapel Troundation
TnceS, report firtanLial hltmL'nl
31 De¢enib¢r 2023
Independent Auditors, report to the Trustees of The James Capel Foundation
(continued)
Based on our work Underfake in thc course of Ihe audit, th¢ c.hariti A¢t 2011 requirr8 us alw to itport ¢¢rtai
opillIons and matters as describLd below.
Trts.Yrees' Repn
Under the Chariiies Aci 2011 'e are required 10 Teport its you if, in our opinioii th¢ ijilorniation gEven in the Trust¢L'S'
Annual Repon is inconsisieni in atty iDai¢rial respeci wilh the fit)an¢ial sial¢menis. We hav¢ no exceptions to iepo
OSit>g fmm this resportsib>lilV.
Re5poTrsibllities for the fiTran
The Capel fv'ound&tion Truste¢¥' wort wid fiii4ncig1 siat¢ments 31 Decetnber 2023 Independent Auditors, report to the Trustee5 of The James C8pel Foundation (continued) Use ofthiy ieport This report, includÈiig the opinions, has been Prepared for only for ili¢ C'harity's Trustees as a body itj accordancc wilh sectiot) 144 of the ('horiti¢¥ A¢1 20112nd ri'gulutioiis made iindLr %ccli(IrJ 154 01 that Act IP¥Jrt 4 of l-he Charilie.s {Accoursts and Report.%) Regulatiojis 20081 and for other PUryM15e. Wc do nor. in giving thcsc opinions. occept or ossuine r¢%potsqibility for ony oihby purpose or io any other person io whom this repon Js shown or into whi)8e haniL8 it may Corne sae wliere cxpre%sly agrccd by ou¥ prior consent in wriling. Other required reporting Ch#rithe¥ Act 2011 exception reporting Under the Ch8riti¢s A¢i 2011 we are requÈTrxl 10 r¢port to you if, in our opinion-. we have not r¢c¢ifv'¢d all th¢ inforniation and expla]iations we require for our aud2t.' or sufficient accounting records hol'e not been kept by Ihe Charity; or Ihe fittan¢ial st2l¢¥Bcnts arr not in agrt¢ment 1th the a¢¢ounting tecord5. Il"'e have no exLLPtions to rcport ¥risitJ8 trom this SPonsibl11ty. Pri¢cwatcrhous¢C.oopeTh LLP Chartercd AccOtallts &nd Staiutory Auditors 18 S¢ptember 2024 RESTRicfED
The Jamiy Ca1 bvundatio Trus¢5, and financial siai¢menis 31 L¢m]ber 20?3 Staten)ent of financi818ctivities flir iheyear eN4¢d 31 December 21123 otes 2023 Unrestri¢t¢d Funds un$trILled Funds Ihcome Inv¢5tsncmt Ih£oTn¢ InLuimt invL%tments- equilits - fLKed intt seiuritits 30.593 24,676 10,793 IDILTesi inL4)nie 656 86 Totsl income 47884 Expenditure Cost of rlsing fuxds Ihvestrneni nianagement costs 16,604) Charlt#bte ttJvltltt% GranL¥ payable in tiffiberanee of the LJ]arity's tsbjL¥iives )nJiion% to T¢gIcrL Lharii1¢4 175,7531 16,1231 Totsl expendltsr¢ {119,A581 {902121 N¢1 yin 1110$8} OD inv*tm¢nts rf itscomel(expem¥el net mvvpmellis in fupsjs 85,4PA {289.8721 Rewllclliatiou of fuDd5 Ti>tsl fiind% b[ig17£ foN'a 2,263.446 2.553.318 Totgi fundy ¢rrled forv4#rd 2J4&930 263,446 I'hL rcsult5.%howm relate to continuing activiliLs. All tncoming and outgoing r¢wuw¢s and tund% broughi foThard are unr¢.%tricted intomc fi]nds. The Charils h8s no re¢ognis1'd gain% or Iu$4¢s oihLr ihan th¢ ftet m(>v¢mciii in lun&% for th¢ year. Th¢ ntsl¢s on pag¢s I I to 14 for integrAI part of th¥8c financial stat¢menL%. RESTRICTED
Thc Jam&% Capel Foull¢Jation Truyees. pOrt and financial Stssements 31 D¢ccmb¢r 2()23 Balance sheet s &131 December 21123 2023 2022 Flxed sBtts 2J07328 2,21 I,D05 C¥rrent 951$ Cash at tth.. Currettt WeOW]t Cssh h¢ld inve5tsnent m&nag¢r 3,757 41 J09 49,494 Crrent PJAbllltles Cr¢diloFS'. fallill due withiD olle y 13J64) 52,441 N¢t c¥mt A 41,702 2.348,930 2263,446 r4et Jsets ThefuAd8of the Cblrk URrtstiicltd lullds 2.2&3,446 Thes¢ inanLial ststemenL8 were approved by thL TTUStees of The James Capel Foundatitsn 17 Sepiember 2024 znd were signcd ott their behalf by.. PRh TnA)te Th¢ notes page& I I to 14 f(Fm an int¢8ral part of these fJ]llncial statements. io
Th¢ c.apel Foundaiion Ttusiees. r¢p)n and financial %iam¢nts i l DecembeT ?0?3 (fornjingpuri ofihe finunci1 siaiements) The following accounliRg liCIt$ have been applied consi8tL'ntl} in dealIg wilh item8 IvhiLII 2TC con¥ider¢d rnaierial in Tclafioii io the Chariry's fiDanLldl st&iemenis. BA85$ of prep&ratlon The financiul staiements haTr'e been prepared in a¢corddo¢e with the Stalement of Recomineiided Practire.. Accounting and ReportingF bj Chariiieb preparing tb¢ir linancial slatcrnents in accordance w'ith ihe Finan¢ial Reporling Standard appli¢able in the UK and Republi¢ of Ireland IFEiS 1021 issued ill Ociober 2019 ]d the Pinaticial Reporting Siandard dpplicable ill the United lQngdom and R¢piibliL of Ireland IFRS 1021 and Ehe Lharities Act 2U I l ani5 UK Generally Accepied Practice a5 il appliE$ from l J&niJAry 2019. ThL fitMnLial %tatLmenls have been prepared io ¥ivc a 'tnJ¢ and fair, wicw and hake dLparted from IhL Cbarili¢s (ALL0nts. aijd Rcport51 R¢gul2tions 2008 (Inly fo the cxtcnt Tcquired to p¥ovide d 'tru¢ an(J fair view Thi5 dep2rturL' hab ini'i?liy¢d li)11()M'ing ALcounling and Reporting bv Charli¢>.. SiatLllJent of R#¢0mM¢ndL PrJLlirè applicable io ch&iritlLS PfeparingT ihcir fEnan¢ial siaiemenlb Ln aLcordani¢ with the Financial R¥w)riing Siandard appliLalilL ia Ihc UK and Republic of Irelanit IFRS 1021 issutd in OLtob¢r 2019 raiher 1112D th¢ A£Lounling and Reporiin¥ by Lliarili¢s'. Statement of RccotniThendLMI Pradi¢e ¢ffective from l April 2tN)5 which ha% bjnct been witlidrawi. The (-hatily Constiiuies a public btntfii entity as d¢find by FRS 102. The Trustees consid¢r tlie ultimaie controlling party of the Chari¢y to be FISBL Holdings pl¢. Going conLern ThL TrustCLS ¢onsid¢r that the valuation of ir¢vest]n¢nts: combin¢d wilh ongoing ILvel% of sh and re%Lr¥£%, %upport thc Cliarity's ability IV LOlStinue as a Lotttern. AdoptloTr of FRS 102 Thc finuTrLial SLalemcn15 for the curreni and priL)r yeai refl¢cl the adoption of the Ch3rili¢s SORP (FRS 1021 and the Updat¢ Bullttin l io ihi¥ SORP. The Trustces hdve taken thl exemptions un4LY Updatc Ilulletin l from Iht Tcqultcment to prare a cash flow staÈemeni. Grant5 atsd dontlon$ pavsble Granis aiid don411ioOb pajable by the Charity ar¢ r¢cust2ised whcn ¢ommiiied to be paid. Flxed ais¢ts- lJvestmettt¥ TnNestsncnTS lire measwed initially at Cost and subsequenil!. at fair i'alue Iiheii. niarket value). Rtalised gain8 or losse oil tnvestments arising during Ihe y¥&r arL calculatLd a% thc differencf between the disposal proceeds and the mark¢t v&lue as ai tjie beginninx of Ihe year (or Ltssl if Pu1)4$td within the ycarl. UT)realised gains or los$Lq arising durin Iht vear are deraved Irotn the moveinent in mark¢i N'aliics during Ihc )car {or 5inL¢ dale of a¢quisilioD ifpur¢hdN¢d ithin the yearl. Ini'cstments are held pur¢ly for Lhariiable aciivilics. UreStriCted funds are fuods Which ar¢ availabl¢ foruse at the discretion of ihe Trustees in fw1herance of ihe senerdl objc¢tives (>f the ChaTIty. kncome from Investment5 Dii'ideiid and Loupon investment ill¢ome is r¢cogtJised on receipt (whiL.h is nut L()TraidLfLJd materially differcnt fro7 n aLcnuls ba5]51. RESTRICTED
Thc James Cap¢1 Foundaiion Trust¢e$'tcpoN and fillancial %ratv'tncnts 31 DeLÉtI]b[ ?023 Iyotes (conlinued) i Accounting policles {conlinuEd) IDttre5t in&•mt Interest income is froni bank accounts and cash dep(iits aiid is reco8TJised on a recespi basis, which 15 not con5idLred materially differcni from ao ac¢ruals ba5ig. The Jarnes Capel Foundation is considered tu Pa55 the test.% Set Oul in PaiagTaph I Schedule 6 Finance Act 21110 and therefore ii meets tli¥ delinitiop of a rharitable Irusl tor UK incoine tax pury)oseg. Accordtngly, the L'harily 18 potentially exempt from Iation in Spect ot incottle 01 L4tp%tal gains T¢¢eived within categorie5 coYer¢d bi Patt 10 Incorne Tax Act 2007 or Se¢iiun 256 of the Taxation of Chargc&l)Ic C2a2n8 klci 1992, 14) Iht exteni that such inconie 01 gains are applied exclusively to ¢hAritable pury)oseq. Cost of rl$tng funds Cost of Taisin¥ funds ¢otnpriscs those costs directly atttibvi8bl¢ io managin¥ th¢ investsnent wrtftslAo. Grants payable in furtherance of the Ch8rlty'$ objective5 Grants totalling £1 (J5.204 (2022.. £75, 753) were m8d¢ to 171 individual.s {.'Q2?. 165 indii'idual.¥l in ae¢ordance wilh the Charity's PUTPO%¢. Donatlons to reglstored eharltle$ During ?023 no donations to reI&l£red etwities weie made {20?2.- nil). AdmlnlstrAtive eIpenses Administratii'e expenses repre5eni g0VeThwce COSL and cornprise.. 2023 IlIFniir4riuin jNoi¢ 71 5.5(>0 ReÈiuburs¢d eKp¢D£e% 703 685 Bank L'hargcs 147 138 Total adminislralive exp¢nse 7JS 6.523 CLrtain admit)i$liative exp¢n of the Charity are paid by HSBC Bank plc. The valuc of this 15 not known but 15 tiot LUnbidLIL'd Tr]Jt¥rial. ThE ChaTAly has ¢mpl(>yL¥S. Audit fee5 The audit 1% csrriid oknt by Pri¢ewAterhouseCoopers LLP as part of rtieir audii of the HSBC Group. I'hc audit fee of £2,000 (2022.. £,'.013OJ 18 not charged to the Chariiy. M4¢erl¥l relattd party tran$a¢tlon5 £6,500 12022." £5.500) paid to J W&s¥ell bein¥? honorarillm in respcLt of duties perfoiJned as Secretary io tht Cbarity during the yedr. I'he Jaines c.apel Foundation, the Trustees and its officers are covered under the HSBC tiroup's C rime. Cikil and Cybef liubility and Direct¢)rs and Offjcers insurance ]1¢7¢5. 12 RESTRICTE
Thc Jatllts Capel FuuThdaiio Ttusi&.%,rt and fill¢141 ¥taiemtn 31 DeLernbeF 2023 Notes (£'onlin¥dJ Inve6tmellts The mllrkei i'aliie of investm¢nis as &131 Decemk.r ?023 wa5 £2,307.228 (2022. £2.211,0051. The invesmicnts as at 31 DeLemb¢r comprise.. Z023 C05t MArl¢l Market Value Fixe41 interL 8117,£Jl 112J,847 780,184 910J59 616,685 859.911 7th1,509 779,699 759,787 f.quiiic% Alternative 5¥7,819 686,C711 671.51Y Total lDVetments 2219,177 2.307228 •,310,031 2211,(K>S Investsnents ale hLld primarily io provid¢ invesiment return for tlie Chari1y. The investmenis can be further analysed into: 2023 2022 Cust MArket Y#1C Cost Mark¢l value InN'tttmeni 8S5¢ts in th¢UK 82.421 53,820 54.083 Ini"estmi ttoUtside ihL' UK 2,136.756 2,221,565 2.256,211 2.156.922 Total Investment> 2,219.177 2,1073211 2.211,(K)5 Investmeiits repTeseTJting more 5Q/o of the wrtfolio are dLtailed below.. Des¢rlpflott of holdlttgs- 2023 H(bldin i orktt IISB£' Global Funds ICAV Glob31 vI Bond Index Trtsnd LQHGIIP HSBC American Index Inst Iiic HSBC Glvbal InvesUllEnl Funds Glubdl Corporate BuTxI ZQHCJIIP HSBC CJ10b Futtds ICA Mulii-Faaor WortdwiLk Equity ZQ 21,753 48,657 15,765 25.31$4 207,843 433.335 155,433 254.778 206,218 497,767 149.231 287,329 Descriwion 0fholdit>I- 2022 Hiildingl Units Cosi Mark¢l value IISBC Ciliibal FunJ% I(.A Global fjovi Bond Ind¢x Fiind ZQACJBP HSIIC knneriisn Index Irtst lllc HSTJC. Cilobgl Ini'¢strn6nt Triinds Glob81 CoTPOrnte ZQ14(iBP HSBC GlIkn] Funds ICA V Mulii-F&xor Wi)ridwi(k. F.4#iiy ZQ 24,412 49.388 17.UU5 27.916 252.269 4.B4.050 173.134 278.490 223,&17 4)9.72 143 ?34 279.418 13 RERICTED
The James Cdp¥l Foundaiion TN815'yert and finan¢i415tat¢m¢n 31 DvLcllir ?023 Notes (c'onlinuvd) Investments (co4tlnued} All IkS are rEgi8t¢red in zhe name of or held to the order ot Jamcg Ca7 INomincesl Lirnitcd. The movLYncnt during the ycar in the ponfoli(i of iDv¢stmenis was.. 2112J 2022 Caryin¥ ImllTk¢t VA1) at l J4nuRry 2,211,005 2.515.695 In¥esuncs aCgilrtd durin8 they I1 c0511 90&975 1.134,130 Invety17¢llts disp95ed of dwing Eh¢ycarlpweds'l (966 JIOI {1,203,6051 1235,2151 Cr4g Ylue Imrket vle) at 311)e£¢mber ZJ07.228 2,21 I,fj05 Credltors: falling due wlthln one year 2022 J Was%ell J.250 2.750 J Wassell expenses 114 -363 Totsl Credltorn IAtcru¥lsl 3J64 10 bDre$trided fiJnd$ 2023 2022 Ilalance at l January 2,263J46 2,55.3 J18 Nei irtcom&'ltxpeI and movement in funds ,484 {289,8721 2,263,446 14 RESTRICTED