CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the perlod From To 1 January 2023 31 D•com￿r 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 partI￿lar, 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$ltlo8 of Ilts orwho arn oth•Tw￿? In flnanclal no*d. The TrustM• b•come awarn of such clrcumstances malnty through a network of fomi•r Jam•s Capol employees. ststement confirming whether the trustees have had regard to the guidance issued by tht Charity Commission on publi¢ ben8r Pw 1.18 Th• Trustso8 ¢onflrn) that thoy ha rnferrod to and complywlth t￿ guldonc• contalned In th• Charfty CommlMlon'8 g•n•rnl guldanco on publ1¢ b•n¢fit whon r•viewlng th• Charfty's aims and objoclfves and In plannlng futur• actlvlllèJ *nd Mttlng grant maklng poNcy for th• y•ar. Additional Infommtlon loptlonal) You ma chc4)86 to include further statements wh8re r818vant about. SORP r¥l•wt It l• tho policy of tho Tru•t•O8 to seek •pp8418 lor or•nts whl¢h th•y consldor quallfy for paymonl and to dlstrlbutè Incom• wlthin tw•lvo month• of It arf•l P•rn 1.38 Policy on grant makirvJ Pw* 1.38 Policy on social investment including program related inveslment P*r* 1.38 Contribution made by voluntoern Cxher Achievements and Perfonnance Durlng 2023 th• ch*rfty dlstrllxrt•d grants totslllng £105,204 to 171 Indlvldual8 on welfar• l$*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 eX￿n￿4 •nd a contrlbudon tow•rd• h•allng co•ts durlng wlntsr month Summary of main achievem￿1$ 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 Inf0M￿lI0n (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• 9xp￿t•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 0￿mber 2023 vms £2,349k whlch r8maln8 above th18 rang•. Am¢)unt of r858rrfes held Reasons for hokling zero re￿rYeS 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 s￿￿ements 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 Tr￿1 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 J*m•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 Chalffl￿n 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) N*n•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 tr￿te08 d•claf• that they hwe approved th• trusto•9' rnport above. Slgn•d on bghall of the ch#rW• trust••• QftfvwaL Full namo1$) Po8ltJon log Socrotsry, Chair, atc) P•t•r RS c￿lM18n Data The James Capel Foundation Trnstees, report and financial statements Registered charity number 270031 31 December 2023 RESTRicfED Th¢ 18m¢s Lapel FoundallLTrn TTUStees' report artd fininLitsI blal¢ment4 31 DLY¢tnbei" 2023 Trustees, report and financial statements Contents PAgels) Tru%tccs and prufessional 8dvi$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$te P R Marsh Ichaiftnanl I C.ollieT V L4nimiD Iresi¥nthl 18 O¢iober 20231 J M Lathtsm B J Marshall M W Pi'Aney R P Jan'is J Summerg F McKeith {aP￿illed 6 July 20231 Setrtt*ry J W￿￿&11 l$July1975 Registertd ch&rit> 27(M)31 Principal #ddro5S % (."aiwta Sqtsar¢ Londo 145HQ nited KingdL) Imdeptndent •udliors PrtLcwateth*useCoopets LLP ChartLred A￿￿untantS BnJ Ststotory AuditOT8 Ont C:hambttl&in Square B3 .BAX U]Jited Ktnbldo B*nkerg HStIC UK pli I Ceiiienary Squarf Birniin&trh#m BI IHQ Uttiied Kingdoiii Inve5tmtnt m*nagtr 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 RepOn1￿￿T 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 Stalei￿e￿IS 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 ACLo￿ntIng 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¢ Inform*tloD The Charity is Js Thc Jarllcs C&pel Foundation and is ￿e￿*s1t[¢d with the ChaTtty Ctynmission as an unincorporated rh8rity with Dumber 27￿31. Tbe T￿￿let5 and ptitickpal adthcss of the c.harity are lisied on page l. Structure. goveTDgn¢e And m4ftagoment The J￿￿e5 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 obligses of mak5ng pa}ments: lal ro Such le¥ally tharitsble instithttons. bodi¢b or fiJnd5, or for such legally ch#rit8blc Pu￿0$¢$ exclusively as the Trustres shjll from time 10 time in their absoluie dis¢retion detemjiiie,. and to or for the benefit of persons for the relief Lbf pov¢ty'. who ar¢ t()r Lh¢ tim¢ being or have bttll employed by Jarnes Capel & Cu. OT Its SULCCSSOF Lompaiiies in business. OT anv company associai¢d th¢rewiih or wlio are tlic wii'¥s, w'idO￿.s, hii&hands, wldowers. children, paTent8 or other depcndants of an). such perwns: and ar¢ in the opinion of th¢ TnLSte¢s nece5Sitous and dcserving. The principal ¢lCtiNitv of the Charity is to act a% # bcnei'olent a8¥o¢iati(?r to former LYnployee% ofJame% C'apel & Co and tis a%￿cialId compttn%es and their depL'ndants. Ivho nccd tts%i5taiJcc with the OTdinary necessities of lifL or ￿'hO are OthL￿lS¢ in financial need. The Trustees bccoThe awarc o1.5u¢h CiTLUtnstAnces maiRly through a network of fom)er James Capel employees. O)) RESTRicfED 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 di*tributtd grdnts totalling £105,21H (2n72..£75.753) 10 171 individuals {202?.]65 individuol.sj on welfar¢ issue% ineludin¥ the ¢osi of personal al re&TisLerLd charitlLS12022.- ￿7]) The financial rcbults for ihe J¢ai ar¢ sei out in the Staieniefjt of financial &¢li%'iiies page 9. Income incrcased from £35.555 in 2022 to £47,884. The cost of raising fund5 amounied to £6,61M (2022 £8. 1.16). Chariiable grants of LIOS,21)4 (2022.. £75, 753) were m8de. Ilie nei expen5L befoTC moi"¢I￿L'mt on invesiment asset5. i £71.274 (?V22.. £54.6571. Net gain on inv¢slmenis atn(Jynl¢d lo Ll 56,758 (2022." Aei Ios.¥ f)f £235. ?1 f} r¢%ulring in A irtLre35e in funds ot'£XS,484 (20?2.' éleLPYa.¥tr ()]"£'289,87?I leaving funds at the end of Ihc ycar of £2.348:93012(122.. £? ?6J,446). FinAncial review IAVeStmentJ lThe >nveslinentsS ¢ompiising tli¢ Trust fund are managTcd at discretion by a protc&%ional Independent tiind managcr undLr a mandaie ti) secure a balartee ot incomc und ¢apital growth. There are invcgtinrnt resirt¢itons placed on ihe Trustees by the Trusi D¢¢d and the Trus*es havc not placed any investment resiriciions on th¥ fund rnanager. The Fc)undaiion's portfolio is invested in thc PIMS B￿1￿Ced modcl porfolio with FISBC Global A%8ct Managemelli. whiLh had a posit2vc rctum forthe y¢& of 9.150/0 {202!: 8.3°/u negative return) compared to the re5PtyLlive Assei Ri%k onsultaot8 I'ARC.) index which bhoAred # gain of 7.3 /•12022". 10.2 /010%5}. Re$erve$ polley 11 is the policy of the Trusiees to seek appeals for 8rattts which they consider quality foT pa¥Jttent and to distribute illcom¢ within iweli'e mo￿th8 of it ￿]511)g. In the year endid I l D¢L'ember 2023, expenses and k)ranis ¢x¢LYd¢d incoille by £71274. This excess of ¢xpenditLkre oF¢r income was expcLtcd and in complsJnc¢ with the poli¥y sn the medium t¢rm. li ib also the policy gf the to invest the brought forward rtseThe5 to generate & leiel of income each yea eonsisteni w'ith the expected level of Expendiiure. The Trustees consideT ilial ¢a5h htyld on dLPOSii i5 a class of investEneJiC partyL￿￿O[lY in limes of stock marker volatility. It is Currently IhL I'jLW ol'the Tru51ec5 that the o¥er811 level ol- In%JeS￿tnt re4uired lies betWLen £l,(K)O.000 and £2,0(M).IK)(J. The level of resmcs at 31 Dcccmber 2021 w'as £*.348,930 {20?2.. £2,263.4461 which r¢maitlS Rbol'e this range. The Trusiees aTe continiiing to monitor the le￿¢{ of global investm¢nl market values in ih¢ Lolltext ofihe amount of income generated aDd are satisfJ¢d ￿1th the preseni P051tion ihL mcdiwn t¢mi. The level of investment income in ?O?.I Wd5 LonsfderL￿ adequate. 11aLrc are no otheT 5pecEfic rLquirtments for holdin¥ rcserves. The TnL8t¢¢s M'ill kecp the level of ini'estmeDts beld and other componcnts of TeseEves under review against the piojecteo calls upon the Cbariry for Wi51418nL¢. RESTRICTED The Jsmes Ca￿] Fou]>d*son 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. AlthO￿8h cnergy PTi¢es h&ve reduced. sigmificant cost of living Lh2llenges bave rem¥in¢d impacting both consumer confidencc busiJ]es.% Lo$ts. Forecasts remain unceri&iTr bul iDtere4t and nfl8tiOt) 8r¢ cxpccted to grad￿]lY decline thiritig 2024 with a moderate recovery itt grO￿￿h for 2025. Ilowever, due to the naiore of the Cbarity's transa¢tiorLS. li is not CON5idered that these events will hav¢ a significant impact on its pnnLipdl r*sks. Geopolitical rÈ*k% ftvrn the ongoing RuEsia-Ukrai#eand 18rael-Hamas w￿$ 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¢ fi￿1 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 i￿rOM￿ation 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 he￿tIf 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 D￿et￿be[ 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 $ts1emellts in a¢Loid8nce wilh appliLable law and re8ulalLOIi5. The law applic8bl¢ lo chaTities in England and Walos rcquire8 the Tru%teo8 to prepare ftllanci81 statements for each linancial year. Under that law the TrusÈecs have prq)8r¢d the financial statements in accordanc¢ uryth Untied Kingdom CJenerally Accepted A¢¢oun¢ing Practice (UTr1￿1 Kirtgdojn Accounting St3ttddrds and applicablc law). Undcr that law, the Trustees must not Approve the fuwicial ststemenis unless they ar¢ yti%fted that they give a ttue and fair view of the statL of the affoits vf the Charity and of the inLoming resources and application of resources of the Charity for that period. In prep￿ing th¢s¢ financial statements. th¢ Truskes are requ%Ted io.. 5¢1¢ct suitabl¢ tsctounting polscics and theD apply them con5iStenily: obseTV¢ the mLkthods 2nd pnnciplcs in the Chantikn* SORP,. EJ]&ke Judgements and L5timates that are re&sonable and prudent: state whcther applttable UK Aecounting St￿d￿ra$ 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 Illapprop￿8￿ io presume that th¢ Charity will CO￿tInUe 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.. 81￿C 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 charit￿e5 IALcount% Reponsl Re¥ulations ?0081. We have audited the fintin¢ial statements, in¢l￿ded within ihe Twste¢s' repoit financial stat¢inents Iihe"Annual Rep￿rt.). 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.. Conrmalion. Oilr upÈJiioll on the fi￿n￿rial Statcments docs not covcr thc other inforn)alion and. aLcordingly, we do 2Jot exprc%% an audit Dpinion or any forn] of assurancc thereon. In eonneetion witji our aiidit of the finanLial 8tate￿¢llts, our resptsTisibility is tts read the oihcr inforniaiion and, in doing 80. ¢1)nsider w.heiher ihe other infornvtion 1$ materially IllLonsistent with ihe finaiicial sldtemenis or our knowl¢db7L' obtaill¢d I￿ the #iJdiL or Llth¢rwise appe£￿5 11> b¢ iiia1eriall￿ Jiii55taicd. Il. we iaL'nlJfJ" •1 dpparent ni&ieridl it)LonsisienLv orinaieL'idl missÉaiemLllt. we are requtred to pei'fornj pi'oLedure5 to ionLlucle wheih¢r thLr¢ 15 a maleFial mitsstElltment of ihe finan¢ial slat¢nienis or a mateMAI mibsldltmeiii ot. the oilicr inftsniiÉ?iion. If, l)Ascd on ihL work w¢ have pLrfomicd. wc COJlLlude thai thcre is a maicrial missiai¢¥nLnt of this 4)iher infomiaiiou, we ar¢. rLquir¢d 16) repon that fact. Wc have nothing ¢0 f¥VOrt basld oli thesc rc5pons1biliti￿. Thv JATAes Qapel Troundation Tn￿ceS, report firtanLial hl*tmL'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 O*Sit>g fmm this resportsib>lilV. Re5poTrsibllities for the fiTran taken on the b?sis of these f￿ancial sthtements. Jrregularities. including fraud. instances of non-cornpliat]ce with laivs alld regulations. Il'e design procedures i line with our responsibilitie%. ouilitsed above, tL) deie¢t m&t¢rial misstaiements in respe¢¢ ol. irregulariiith, iiiLlu(SinÈ fraud. The txtent to wbieh our procedures are capable ofdeteciiIi8 irregulwities. including fraud. is detailed below. B￿ca ott our und¢rsLandiftg (>l'lhi ¢haritylindiislry Wt iJttJiiti¢d thai the priRLipal riskb ofo()ii-LomplJattc¥ with laws and regulations related to an), aLt rhat was not in acc()rdancL with thc Trus1 Deed, and we considered the extent lo wliich tton-compliance mikht h2i'1 a malc'rial L,ffi¢¢t on the financial slal¢rnLnls. Wt also coosider¢d thts￿¢ laws an regulaiions that have a dircct smpitLI vii the financial statemenrs such as the c.harities ALt 2QI l relekanr Icgulatiun5 made or h8vin£ an Lfteci ihereunder. includsng The Charities (Accounts and Reports) Rc¥ulations ?OOiI. We Liall￿ted the inc¢nli¥Ls dod opportunitie8 *or fTaudulent RI￿11pUlatIon of th¥ f)J￿n￿la[ statemeDlS (including the risk of ov¢rride of cotktrolsl by ihe Tru51ees and those rL'%ponsiblt foi, oi. invi>li'Ld in. IhL piep4rdliv# of ihe financi SLaleEnents. and dei¢rn)ined that ihe principal risks. wer¢ relat¢d 10 the posting of inappropriate journals. Au(tii prvLedure5 perfvmied 5ncluded.. Testin¥ journols Usillb? a nsk-b&sed approwh and eva]uattn8 whether there was evidence of bias.. and Tesiing Ih¢ ittN'¢&inie￿l mdiiagem¢nt ¢o¥ts. Th¢r¢ ar¢ inher¢nt liniitalivTJS in Ihe pro¢¢dur¢s de￿rlbcd above. We art lis¥ likely tob¢¢om¢ awarL of Instan¢¢s of non-compliun¢¢ with law4 xnd regulations that ar¢ noi closely relat¢d to ev¢￿t$ and transactions rL,flectL'd in tli¢ finat]cial 5t1tlt5ll¥n￿. Also, the risk of noi ddcLting a material ￿￿5St¥ll￿¢￿t due to fraud 15 higher than the TSSk of noi dL*ie¢tingT tsn¢ ri'%ulting fr()m errtsr, as fraud may 1Dvo1￿¢ deliberat¢ (A)ncealn)¢nt by. for exanwle, forbery or inteDlional misrepresentAIlOlJS, (Fr through collusio￿. A further de%criplion of our resrx)n5ibilitics for the audit of the finartcial 51atEmentS 15 locatcd the FRC'5 websitc at., ww.fr¢.org.uklauditOTsrc8ponsibiliiie%. This dcwTlPtion fomis part of aur auditors, r¢rM)rt. RESTRicfED 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 sa￿e 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 AccO￿￿tallts &nd Staiutory Auditors 18 S¢ptember 2024 RESTRicfED The Jamiy Ca￿1 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 int￿t seiuritits 30.593 24,676 10,793 IDILTesi inL4)nie 656 86 Totsl income 47884 Expenditure Cost of r*lsing fuxds Ihvestrneni nianagement costs 16,604) Charlt#bte *ttJvltltt% GranL¥ payable in tiffiberanee of the LJ]arity's tsbjL¥iives )nJiion% to T¢gI￿crL￿ 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$4¢s oihLr ihan th¢ ftet m(>v¢mciii in lun&% for th¢ year. Th¢ ntsl¢s on pag¢s I I to 14 for￿ integrAI part of th¥8c financial stat¢menL%. RESTRICTED Thc Jam&% Capel Foull¢Jation Truyees. ￿pOrt and financial Stssements 31 D¢ccmb¢r 2()23 Balance sheet s &131 December 21123 2023 2022 Flxed *sBtts 2J07328 2,21 I,D05 C¥rrent 95￿1$ Cash at tth.. Currettt WeOW]t Cssh h¢ld ￿ inve5tsnent m&nag¢r 3,757 41 J09 49,494 C￿rrent 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.. PR￿￿￿h TnA)t*e 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 %ia*m¢nts i l DecembeT ?0?3 (fornjingpuri ofihe finunci￿1 siaiements) The following accounliRg ￿liCIt$ have been applied consi8tL'ntl} in dealI￿g 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 (ALL0￿nts. 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 pr￿are a cash flow staÈemeni. Grant5 atsd don*tlon$ 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 Pu￿1)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. Ur￿eStriCted 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 fro￿7 n aLcnuls ba5]51. RESTRICTED Thc James Cap¢1 Foundaiion Trust¢e$'tcpoN and fillancial %ratv'tncnts 31 DeLÉ￿tI]b￿[ ?023 Iyotes (conlinued) i Accounting policles {conlinuEd) IDttre5t in&•mt Interest income is froni bank accounts and cash dep(i*its aiid is reco8TJised on a recespi basis, which 15 not con5idLred materially differcni from ao ac¢ruals ba5ig. The Jarnes Capel Foundation is considered tu Pa55 the test.% Set Oul in PaiagTaph I Schedule 6 Finance Act 21110 and therefore ii meets tli¥ delinitiop of a rharitable Irusl tor UK incoine tax pury)oseg. Accordtngly, the L'harily 18 potentially exempt from I￿ation in ￿Spect ot incottle 01 L4tp%tal gains T¢¢eived within categorie5 coYer¢d bi Patt 10 Incorne Tax Act 2007 or Se¢iiun 256 of the Taxation of Chargc&l)Ic C2a2n8 klci 1992, 14) Iht exteni that such inconie 01 gains are applied exclusively to ¢hAritable pury)oseq. Cost of r*l$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 re￿I&l£red etwities weie made {20?2.- nil). AdmlnlstrAtive eIpenses Administratii'e expenses repre5eni g0VeThw￿ce 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 lDVe*tments 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#1￿C Cost Mark¢l value InN'tt*tmeni 8S5¢ts in th¢UK 82.421 53,820 54.083 Ini"estmi ￿tt￿oUtside 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$4 207,843 433.335 155,433 254.778 206,218 497,767 149.231 287,329 Descriwion 0fholdit>￿I- 2022 Hiildingl Units Cosi Mark¢l value IISBC Ciliibal FunJ% I(.A￿ Global fjovi Bond Ind¢x Fiind ZQACJBP HSIIC knneriisn Index Irtst lllc HSTJC. Cilobgl Ini'¢strn6nt Triinds Glob81 CoTPOrnte ZQ14(iBP HSBC GlIkn] Funds ICA V Mulii-F&xor Wi)ridwi(k. F.4#iiy ZQ 24,412 49.388 17.UU5 27.916 252.269 4.B4.050 173.134 278.490 223,&17 4)9.72 143 ?34 279.418 13 RE￿RICTED The James Cdp¥l Foundaiion TN81￿5'ye￿rt and finan¢i415tat¢m¢n 31 DvLclli￿r ?023 Notes (c'onlinuvd) Investments (co4tlnued} All *I￿kS are rEgi8t¢red in zhe name of or held to the order ot Jamcg Ca￿7 INomincesl Lirnitcd. The movLYncnt during the ycar in the ponfoli(i of iDv¢stmenis was.. 2112J 2022 Caryin¥ ImllTk¢t VA1￿) at l J4nuRry 2,211,005 2.515.695 In¥esunc￿s aCgi*lrtd durin8 they￿￿ I￿1 c0511 90&975 1.134,130 Inve*ty17¢llts disp95ed of dwing Eh¢ycarlpweds'l (966 JIOI {1,203,6051 1235,2151 C￿r￿4￿g Y*lue Im*rket v*l*e) at 311)e£¢mber ZJ07.228 2,21 I,fj05 Credltors: falling due wlthln one year 2022 J Was%ell J.250 2.750 J Wassell expenses 114 -363 Totsl Credltorn IAtcru¥lsl 3J64 10 bDre$trided fiJnd$ 2023 2022 Ilalance at l January 2,263J46 2,55.3 J18 Nei irtcom&'ltxp*￿eI and movement in funds ,484 {289,8721 2,263,446 14 RESTRICTED