CHARITY COMMISSION I FOR ENGLANO AND WAIES Trustees, Annual Report for the period From To 1 January 2024 31 December 2024 Period stsrt date Period end dats Charity name: Tho James Capel Foundation Charity registratton number: 270031 Objectives and Activities SORP Parg 1.17 Summary of the purposes of the charity as set out in its govèming document Tho James Capel Foundation was established for the purposes of making payments: To 8uch18gally charltablo Institutions, bodios or funds, or for Such legally charitable purposes exclusively a8 the Trustees shall from tlme to time In thelr absolute dlscretion detennlne; and . To or for the benefit of parsons for th8 rellof of poverty: 1. Who are for the tlmo bolng or havé been employed by James Capel & Co, or its successor companies in business. or any company as8oclated therewlth or who are the wlves, widows, husbands, widowers, children, parents or other depèndants of any such persons. and 2. Are in the opinion of the Trustees necessitou8 and doserving. Summary of the main activities in ￿latIon to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. Pasa1.17and 1.19 The principal activity of the Charity is to act as a benevolent associatlon to fomier employees of James Capel & Co and its associated companies anfl their dependants, who need assi$tsnce with the ordinary necessities of life or who are otherwise in finanGial need. The Trustees becomo awarè of such clrcumstanc88 mainly through ongoing ¢ontact with fomier James Capel omployoes. Statement confinning whether the trustees have P8r8 1.18 The Trustees confim) that they have referred to and com with the uidance had regard to the guidance issued by the Charity Commission on public benefit contalned In the Charlty Commlssion's general guidance on public benefit when revlewing the Charlty'8 aims and objectives and in planning future activities and setting the grant making pollcy for the year. Additional inforniatlon loptional) You ma choose to include further statements where relevant about.. SORP fefer8nc8 It Is the policy of tho Trustees to seek appeals for grants which they consider qualify for payment and to dislrlbute income withln twelve months of it arlslng. Par$ 1.38 Policy on grant making Para 138 Policy on social investment including prthjram related investment Parn138 Contribution made by volunteers Other Achievements and Performance SORP mf8renc• During 2024 the charity distributed grants totalllng £125,672 to 166 individuals on wellar8 Issues including tho cost of personal alarms. contrlbutlons to boiler roplacèmen( household repairs and household appliances and a Contributlon towards the cost of Ilving. Summary of the main achievements of the ¢harity, identifying the difference the charity's work has made to the circumstances of its beneficiaries and any wider benefsts to society as whole. Para 1.20 Durlng 2024 the charlty made a donatlon of £500 to a registered charlty. Additional infomiation (optional) You may choose lo include further statements where relevant about- Achievements against objectives set Para 1.41 Perfomance of fundraising activities against objectives set nla Para 1.41 Investment performanc8 against obj-ectives Pgfa 1.41 Other Financial Review Review of the charily's financial position at the 6nd of the period Para 1.21 In the year endod 31 December 2024 expenses and grants exceeded income by £88,564. This excess of expenditure over Income was expected and in ompltanGe wlth the reserves poliGy in the medium terni. It is the policy of the Trustees to invest the brought forward reservès to genèrats a level of income each year Gonsislent wlth the expected level of expenditure. Stat8m8nt 8xplaining the policy for holding reserves stating why they are held P8r¥ 1.22 The Trustegs consider that cash held on dep¢)slt Is a class of Investmenl particularly in times of stock market volatlllty. It Is currentty the view of the Trusteos that the overall level of Investment required Iles betweon £lm and £2m. The level of reserves at 31 Docembef 2024 was £2,483k whlch remalns above this range. Amount of reserves held Reasons for holding zero reserves Details of fund materially in deficit Explanation of any uncertainties about th8 charity continuing as a going concem P#ra 1.22 £2,483,497 nla Palo 1.22 Pa¥8 1.24 Para 1.23 Additlonal inf0m￿tIon (optlonal) You ma choose to include further statements where relevant about. The investment portfolio is the only source of funds. The charity's principal sources of funds {inGluding any fundraising) Pofd 1,47 Investment policy and objectives including any social inveslrnent policy adopted Pars 1.48 A description of the principal risks facing the charity Pttw t.46 Other Structure, Governance and Management Des¢ription of ¢harity'$ trusts: Type of governing document Par• 1.25 Trust Deed dated 15 July 1976 How is the charity constituted? Para 1.25 Unlncorporated Charlty Trustee selection melhods including delails of any onstilLrtional provisions e.g. election to post or name of any person or body entitled to appoint one or more truslees Paro 1.25 The ststutory power of appointing new or additional trustees is vested In HSBC Bank plc as the successor Gompany of James Capel & Co, the foundlng company. Addltlonal Infomiatlon (optlonal) You ma hoose to include further statements where relevant about.. Policies and procedures adopted for the induction and training of trustees Pafa 1.51 The charity's organisational struclure and any wider network with which the charity works Para 1.51 The Trustses ¢onslder the ultimato controlllng party of th8 Charlty to be HSBC Holdlngs plc. Rèlationship with any related parties Para 1.51 Other Reference and Adminlstrative details Char name Other name the chari uses istered charil number Charity's Principal address The James Ca none l Foundation 270031 8 Canada Square, London, E14 5HQ Names of the charlty trustees who manage the charity Date¥ ¥¢ted 51 not tor whole ear Tru•tse name Office Irf any) Name of per¥on lor body) entit to3 oint tn￿tse Sfan Peter Richard Marsh Chairman lan Collier John Martln Latham Brlan John Marshall Michael Wllfred Penney Ro￿rt Paul Jarvls John Summers Rèsigned on November 2024 15 Frances MGKeith Richard D W Haas Gregor McNle Ray O'Brlèn Appointed 11 July 2024 Appointed 11 July 2024 Appointed 11 July 2024 10 12 13 14 15 16 17 18 19 20 Cor orate truslees- names of the directors at the date the re Director name ortwasa roved none Name of trustees holding title to property belonging to the charity Tru$tso rwn• none Datss actsd If not for who]e oar Funds held as custodian trustees on behalf of others Description of the assels held in this capacity none Name and objects of the charity on whose behalf the assets are held and how this falls wrthin the custodian charity's objects Details of arrangements for safe custody and segregation of such assets from the charity's own assets Addltlonal Infomiatlon {optlonal) Names and addresses of advisers (Optional inforniatlon Type of Narne Addrèss advlser Invèstm8nt Manager HSBC Global Asset Management 8 Canada Square, London, E14 5HQ Nama of chl8f oxecutivè or names of Senior staff members (optional Infomiation) none Exemptions from disclosure Reason for non-disdosure of ke rsonnel details Other o tional information Declarations The trusteès declaro that they have appfoved the trustsos, report above. Signed on bèhalf of tho charity's U8tees Slgnaturèls) Full name(s) Positlon leg S•crntary, Chalr, etcl John Wa s811 Secretary Date 21 October 2025 The James Capel Foundation Trustees, report and financial statements Registered charity number 270031 31 December 2024 RESTRICTED Tbe Jam&% Ca￿1 Foundatiott Tnjstees. Tepon and fin3nc5al S￿lementS 31 D¥cembeT 2024 Trustees, report and financlal statements Contenti Pxgels) Trustees and professional advisers TTUSte¥s' r¢port Statcmajt of Tyustees, Re8ponssbitities in re￿e¢t of T￿￿tee6, report and the finthJ¢ie41 ststements Statement of financial activities 24 Balance sheet Notes Independent ouditor8' report ro th¢ TnLStces of The Jatnes Capel Foundation 12-14 The Jttmets Capel Fouidation Trnslees, r¢port and rtrsaAcial 8Va*m¢nts 31 Deeember 2024 Trnstees and professional advisers Trnstee P R Marsb I Cvllier J M L41ham B J Marshall M W Penney R P Jarvi J Surnmers IResigntd 15 Nov¢rnbEr 2024) F M A McKeith R D W IApp02nted I l July 20241 G McNJe (Appointed I l July 2024) R O'BIi¢Tr {Appoin*d I l July 20241 Ichairniaiil Secretsry J W8ssell Found*tloD dote 15 July 1975 Reglstered th*￿ty ￿￿￿be￿ 27(X)31 Prlll¢lp#l *ddras 8 Canada Square London E14514Q United Kingdorn Indtpendefjt wuditors Priicwai¢rhouseCoopers LLP Ch8rteTed Aecountgnts UT￿ SIthLtoty Audito Onc Chamberlain Squate BiED]ingha B3 3AX Ullitsd Kingdom Bankers HSBC IJK Bank plc I Cellt¢nary Square Btrniingham BI IHQ United Kin8dom IBvestment rn•nY4ger HSBC Global AS￿ anagemtnt ltrading narne of HSBC Pyivate Ballk IUKI Limited) 8 Canado Square E14 5HQ Unii¢d Kingdum RESTRICTED Th¢ JBw¢s Cap¢l Foulldatiou Tru8tee5' fcpDrt and financilll statements 31 Dccember 2024 Trnstees, report for the year ended 31 December 2024 The finan¢ial $tatem¢nis havebeen pr¢pated in accordance with the Stsiem¢nt ofRwoTkun¢nde(J Pructi¢e: AccouDtiTtg and Reporting by ChaTilies preparing their finan¢ial Slatewnents in ac¢ordat)¢e with the Financial Reportiri8 Stai?dard applicable in the LIK and Republic of Irelajd IFRS 1021 issued in October 2019 tl)¢ Fin8rt¢iJl Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and the Chariliei Act 2011 and UK (jener￿lY Accepted Practice as IE applies from l January 201Y. The financial statem¢nts haye been prepared to give a 'trn¢ aTEd fair, view and have dLyarted from Ihe Charities (Accounts and Reports) Rcgulation5 2008 only to the extent re4uired kn provide a 'tntc and fair view.. This dcparture I￿S involved followill8 Accounting and Reporting by Charities.. Statement of Re¢omm¢nL1ed Prnciice applicable i(Tr charities pr¢paring their fll]anLial sta￿Ments in accordance with ihe Fin8n¢Èal Reporting Staii(Jard 4ppli¢able in the UK and Republic of Ireland IFRS 102) issued in October 2019 ratherthan theAccowitiIl8 ￿ld ReportiD8 by Charities.. Staiemenl of Recomrnended P¥actice effective from l April 2005 which hd% $in¢e been Withdrath￿. Referen¢e and •dmlnlytrntive information The Charity is known as The Jame& C8pel FourLdatii)n is registered with the Charity Commission &8 8n unincorp¢)rated cbarity wtth numbei 270031. Th¢ TTUStee$ attd prioeipal addre55 of th¢ Ch￿lty are listed on page l. Strn£turt, g&T¥ern*llee #nd mana%emeni The Janies c.apel Foundation was established by James Capel & Co under a Trust D¢ed dated 15 July 1975 and is ¥overned by thal Trusi D¢¢d. Since 1986, Jamt5 Capel & Coand its associated companies have been owned by the HSBC Group and tht businesse5 formerly co1￿Ucted by the James Lapel eompanies. and their ernployees, haw¢ b¢en iiitegrated into the HSBL (iroup. The ¢omp8ny Jatne$ Capel & Co rh3nged jts name to 14SBC Investment Bank pl¢ in 1996. The lights and oblsgations of HSBC InN'esttn¢nt Bank plc under the Trust De¢d tr*nsfttr¢d ￿ HSBC Bank plc on 30 Novr¥nber •(K)2. No part of the Tn￿t Fund, or incom¢ Ebereof, may bc paid as a loalh or othcrwis¢ lo HSBC BaDk pl¢. The Charity's Twtees are appoinied by HSBC Bank pl¢ on the basis of nornirtations received troTn the cxistTrn8 Trustees. having regard to peTson81 eompetehce, the fteres5ary rangt of specialist skills and knowledge, atjd availability. The TTUStees meet formally three times a year, and oth¢rwi&e a5 rquired, to consider applicaiions fo¥ grdnts in accordance with the charitable aimq sei oyi below. w monitor inv¢s(ment perfomiance and to Consider Sueh other matters as deemed appropriate. An a￿dit ¢ommittee, Comprising P R Marbh IChdirm8nl, R D W Haas, R P Jarvis, J M L8tham and J Wassell, Jntt annually. overs#s the iniem31 f￿anCial controls within th¢ Chariiy and r¢vi¢ws the audit. The Trusiee5 have considered the principal risks facing the Charity and are Satisfied that the controls miti8atln8 the risks are adequaie. Obj¢¢tive$ aod a£tlvhle$ The James Cdpel Foundation was ¢sthblished f(Trr the Purposes of makin8 paytnents.. (#} io such legally clmrithble institutions. IK)dies or funds, or foi such legally chariiable purposes exclusively as the Trustees shall from tim¢ to time in their absolute discretion deiermine., and to or for the benefLt of persons for the reli¢f of poverty.. who are forthe time bciTJ8 or havc employed by J&me5 Capel & Co. or its &icccssorLOT¥Lpanies in bustness. or any ¢ompany as50ciatcd therewith or who are th¢ wiv¢s, widows. husbands. widowers. children, p8r¢nts or other d¢pendants' of any stsch p¢tson$; an e LH the opinion of the Trustees ne¢essitOU8 and deserYiAg. The principal Activity of Ihe Charity is to &¢t as 8 benevolent association to fornier employe¢s of James Capel & Co a￿d its aSSOLiaied eotDpanie5 and their depvndart￿. who need assistsnce with the oidinary n￿¥S511￿¢S of life or who are oth¢rwtse in financia] lleed. The Trustee5 become aw#te of sucb ¢ir¢umslgnccs mainly thiough ongoillg Gont#¢is wilb fornier James Capel ¢mploye¢s. (b) REsTRI￿ED Th¢ Jam¢s Capel Foundatioll Trustees, teport and fiDan¢ial stai¢m¢Dts 31 Decemb￿ 2024 Trustees, report for the year ended 31 Deeember 2024 (conlinued) Objeetives l￿d actl￿tIeS (tontlNM¢d) The Trustees eonfimi that thcy havc referred io and comply with the guidanee CQDtained in the Charity Commission's general ￿lidance publi¢ benefit when r￿'lewing the Charity's aims and obje¢(iv¢s and in pl￿}ning fu￿re acthvities Bnd setting the grani making ptslicy for the year. Achlevemetkts *nd perfomitt¢t During 2024 the Charity di81ributed grants totalling £125.672 12023..£105.204) to 166 individu215 12023..J71 iiidividuals) on welfare issue5 kncludin8 the cosi of personal alarrns, contrlbllttons to boiler replacemeni, hou%ehold Tepairs and hoth8ehold appliaDc¢s And a contributiontoward5 Ihe cost of living. The Trusiees intend io conl>nue makin8 granls for similar welfare purposes tn the future. Durin8 2024 the Charity made a donatiort of lo a r¢gis¢ered charity (2023.. nil). The financial results for the year are 5¢t out in the S¢A*ment of financial activities on pag¢ 6. Income sftcreased froTh £47.884 in 2023 to £51,4.%3 in 2024. The cost of rgising fund5 amounied to £6.419 (2023 £tS.604). Charitsble grants aJMI donation5 of £126.172 (2073.. £105,2n4) w¢re madc. The nct expense before movemeni on investment assets is £88.564 (2023. £71.274). Nel gain on inv¢stmetsts amoLmied 10 £223,131 {2023.' netgL7in of £150, 758) resultin8 in an incrcasc ID funds of £134.567 (2t723.' iKcrE(Lve o]'£I5,484) leaving funds ai the end of the yC4W of £2.483,497 (2023.- £2,348,930J. Flnanelal revlew Jnv¢strnents The invLstments comprising th¢ Tnjst Yund are managed at discretion by a professional indcpendeni fulld rnatvager under a mandat¢ io secure a balan¢¢ of in¢orne and LapLtsI wwth. There 8r¢ #o inv¢stment restrict10115 placed on the Trustees by the Tn]st Deed and the Trustees hove not placed any investment restiictioiis on the fund manager. The Fowthtion's portfolio is invested in the PIMS Balanced modcl portfolio with HSBC Global Asset ManageTnent. which had a positive return for the year of I1.97•/o (2023.. 9.15 % positive retun]I compared to the respe¢tive Asset RJ"&k Consulianls {'ARC'I index wbich sbowed a gain of7.V/o (2023.. 7.3 /9 gain). Reserves pollcy It is the poliqy ofthe T￿s￿5 to seek gppeals for grants which they COTJsider Qualify for payment and to dislribute in¢()me within hvelve mot)ihs of it arising. In the yeot e]thd 31 De¢emb¢r 2024, expense5 alld grants exceeded in¢ome by £88,564. Thi5 excess of expcrM]ituie ov¢r income was expected aTrd in compliance with the p)liey In the medium term. It is also the poli¢y of th¢ Trustees to iDvest the brought fonyard reser¥es io generdte a level of illCOTne each year ¢onsist¢nt with the ¢xpe¢ted l¢vel of expenditure. 'fhe Trust¢es cothsider that cash held on dep051t is a cla55 of investtnenl, particularly irj lime$ of stock mark¢i N'olatility. It 18 cu￿entIYthc view of the Trusiees rhai the overaltrJevel of investment required lies bchl'cen £l,000,IX)O and £2,000,000. The l¢vel of res¢rv¢s at 31 December 2024 was £2,483,49712023.. £2,348.9301 which remains above this rangc. The Trustees ￿ Loniitiuing to Moni￿r the level of global investment market V81u¢$ in th¢ context of the amount of in¢om¢ g¢o¢raiid and satisfied with th¢ present posilion in the medium m. The level of InveSt￿£nI income in 2024 was LOnSi4¢r¢d adequale. There are no other 4)ecifi¢ requir¢tnertts for holding reserv¢s. The Trustee5 will keep ihe level of investments held and other eomponents of ￿serveS und¢r review against the projected calJ5 upon the Charity for a5SI$tan¢e. RESTRICT£D Th¢ JHm¢8 C8p¢I Foulld&tio Tru51eeg' reptrn and fiJ)ancsal statement8 3 I D¢¢ewb¢r 2024 Trustees, report for the year ended 31 December 2024 (¢ontinu¢d) Future developments During 2024. the UK election d¢liv¢Ted a de¢tsive re5uli. which has reduced un¢¢rt&inry but has also led tu 8 shift tn domestic and foreign policypriorities. The UK e¢ot)omy continues io face a nutnber of challenges. Though the interest rate5 have started lo fall, inflation Still remains ele￿ated and economic growth remains at a low level. Con&umer confidence r¢m2ins relatively subdued. Forec&8ts remain uncertain as the new US 2dministralion intends to enact a signlficant change in economic and foreign policie5 that could have an uncertain irnpact on global growth, iTtflatLori and interest rate5. It 15 expected that centr&l banks across the ￿'Orld will adopt a more uuiious approach to lowering policy int¢rest rates durin8 ?025. However, thie io the nature of the Charity'5 tTan5acliolls, Lt j5 not considered That these cvents will h8v¢ a significanl impaci on its ptincipal rtsks. G¥opoliti¢al Tisk8 from the ongoing Russia-Ukrain¢ and Israel-Hama8 w8rs and tensions in the Middle East continue to be monitored ¢l(b*ly including the impact of sanctions, trade restri¢tionb and disruption to global supply chain5. However, due to the notw¢ of th¢ C:harity'$ tran5aclions, il is not Considered ¢hat these events will h8ve a 6ignificani Impd¢¢ on its prin¢ipal risks. During the first 8 months of 2025, th¢ Charity'y Trnsiees fJrther increased the paym¢nts r¢lating to the cost of12ving p&id to 1¢ss well-off elsgible pension¢rs in r¢$poiise to the on8oins eT]ergy crisis. withitrawing £225,(N)O from the itsvestmenl portfolio to cover these and other grants. The Charity's other expenses Temained stable. Global matkets adv8need slightly durin8 Ihe fkrsi half of 2025. The market %'alu¢ of the Charity's inv¢biEJJent portfolio al 31 Au8U8t 2025 was £2,3(X).634 being 2, 160/0 le$$ than the rnarket value at 31 Deceniber 2024. As at 22 August 2025, the Chkrity held a cash balance of £21,159. a dccrea5e of £4.821 from the cash balance hLld di 31 Deccmber 2024. Disclosure of information to ayditOTS Th¢ Trn$te¢$ who held ofti¢¢ al the dale ot-approval of this Trnste¢s' report confjrn) that, go f3r as th¢y are cach awore, there is no relevant audit infomlation of which the Charity's auditors are unaware- and Truste¢ lus. taken all the slep5 that he or she ought to have taken as & trustee to ntske himself or bersglf aware of smy relevant audit information and to ¢stablislJ thai the Chority's auéitors ar¢ 8waT¢ of that irLforniation. Approved by the Trustees of the James Capel FouT¥lation on 17 October 2025 and sigJ)ed on their behalf by= P R Marsh Trnstee RESTRI￿E0 The J￿5 Cop¢1 Foundation TnLslees' rcport and flnancial 5takm them ¢otisistently' observe the merhods and priiiciples in Ihe Charities SORP: tnake jud8ements and e5tRmates that are reasonable and p￿dent. stste wherher applicable UK Aecouniing Stattdards have been followed. subject to ony material departures disclosed and Explained in the financial statemertts.,. 8ftd prepare the financial statement8 on th¢ gioin8 concern basis unless li ss inappropriate to pr¢8umt that the Charity will continue its activities. The Tn]5tee5 ate responsible for kttpLn8 a¢counting records that are suffi¢ieni to show and explatn the Charity's transa¢tions and disclose with reasonable accuracy at any time the financial positivn of the Charity and enable thej to ensure that the fJnanci&l ststcments Comply with the Charilies Act 2011, The Charities IAc¢ounis and Reports) Re8ulations 2008 and the provisions of the Trust Deed. The). are a150 re5poTrsible for safegl￿Eding the assets of th¢ Charity and hence for taking reasonable sops for the prevention and detection offraud athd oth¢r 4rre8ularities. The financial ststemenis onp4e% 6 10 1 I wcre approved by th¢ Trll5tees on 17, Ociober 2025 atkd sisntd ott its behalf by. P R Marsh pom Trustec RESTRicfED The Jame$ Cap¢1 Foundatio Th]stees' ￿port and fintsncial 5tateTnents 31 D￿eMber 2024 Statement of flnanclal actlvltles ft>r ihey¢4r eKded 31 Dec¢mb¢r 2024 2024 2023 Unrt¥tricted Funds unrestrict￿ burtds Illeome InwuttDent Ihcome INwme from inVtsts)￿ts- equiiie5 . fixed itstetest securitie8 27,180 23.753 30.593 16.64 Itiie*v%t ittiome 520 650 T¢Jtsl lJ¢ome 51A53 47,884 peAditure Cost•frAtslng funds InVc8t[r￿t managetnent cost5 (@419) 16,6041 Ch*rlt*bk fitdvldes Grants paid ill fi21*￿rance of the Cha]ity's obje¢iives tk)n8tions ro r¢ws¢er¢d ch8ritt¢s Adniu]istrativ¢ expenses 1125.672) 1105,204) 17820) 17.3501 Tot*1 expendtl¥re 1140.017) Netgain on inve8mwits 223,131 156.758 Net lorome #nd D¢t move¥nents In fvDdi lJ4J67 15,484 Re￿ncIliatio￿ of funds Total fi]nds broughl forward 2J48,930 2263.446 Totsl futtd5 C*TrJtd lorward 2,483,497 2,348,930 The result5 Shown above Telale to eontinuing a¢tivitie5. All incoming and outgoing resources and fijnds bn)ught fotward &r¢ unrestrid¢d income funds. The Charity has no recogni5ed gains i)r losses other than rhe net mov¢ment in funds for the year. Th¢ notes pages 8 to I I fomi an integrttl part of ihese financial $￿tinents. RESTRICTED Th¢ Jatryes Capel Foundatto Trustees, re￿tt and rtnartcial btatsmettts JI Dec¢mber 2024 Balance sheet t31 D£tember 2024 2024 202.3 Ftsed aslel IttWeSbJ￿jjts 2,435A02 2.307,228 CuYreJt assets Ca8h ar bank.. Current &ccount Cath held by Infvestr￿(ma￿&Ser 15.100 36JOlb 3,757 41,309 Currut U*bliltles CreditOZ8'. amounts due withinoney¢ar IJJO5) 13,3641 eurrentgsxts . 4&095 41.702 Net ￿ets 2,483,497 2.348,930 The futtd5 ofthtCh*rhy UTrtStii¢ied fimds io 2.483A97 2.348,930 These finAncial statements were approved by the Tn￿tte$ of The James Capel Foundation on 17th October 202$ snd were signea on iheir behalf by.. P R Marsh Tbe ll0tr8 on pages 8 to I I fonn an Énte8T81 part of these fmancial btaiemeut5. RESTRICTED The James Foundatio Trnstees. retmlrt gnd finllnci81 statement& 31 December 2024 Notes (forntivgpart ofihefirtapRciuI,ttoiÈmenl.YJ A£¢ouDtlng polici¢5 The following accounting policies have been applied ¢tsnsistenily in dealiTkg with items whi¢h are considered m*erial in rclation to the C.harity's finatk¢ial statements. Bgsis of prep&r8llon The finavcial statements have been pr¢paTed in acCOrd￿¢t with the Stdiement of Recommended PT3CtL¢¢.' Accountill and Reporting by Charities preparing their financial staiements in accoTdance with the Fitsancial Reporting Stsndard applicable ID the UK and Republic of Ireland IFRS 102) issued in October 2019 and the Finan¢ial Reporting Standard applicable in the United Kingdom Jnd Republic of Ireland IFRS 102} and the Chariti¢5 Act 2011)nd UK (ienerdlly Acccptrd Practice as it applies from l January 2019. The fitJ#n¢ial stat¢in¢nts have been prepared to grive a 'true and fair, viNv and hove d¢part¢d from the Charitics (Accouats and Reports) Regulations 2008 otjly to the extent requircd to provide 8.true and fair vicw.. This departure has involi'ed following Awounling and Rcporting by Charities.. Statement of ReLtsmmcnded PrA¢iice applicable to charities wep8ring iheir finan¢i81 staremen15 in ac¢ordan¢e with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102} issued in Ociober 2019 Taiher thaTJ the Acwunting and Reporting by Charities.. Statern￿t of R¢¢ommended Pwtice effective fron) l April 2005 which has since been withdraw). The ChaTity constiftltes a public benefit entity as defsned by FRS 102. The Trustees consider the ultimate ¢ontrolltng paty of the CTrarily to be HSBC Holdings plc. Going Concern The Trustees eonsideT that the valuation of investments, cornbined with oiigoin8 levels of ¢￿h and reserves, yupport Lhe C.haritg5 ability to continue as a goitsg ¢on¢em. AdopdoD of FRS 102 The financial sraiements for the Curren( and Prior year reflect the adopts0￿ of the Chariiies SORP IFRS 102} and the L'pdate Bulletin l io thffts SORP. The Trustees have taken tho ex£mptions under Upda1¢ Bulletin l from the re4uirement to prepare a cash now stal¢meni. GraDt$ *ttd dott*tlonu PayAble Gr8nts and donations payable by the Charity are ￿tOgnISed when ¢OTDmitled io be paid. Ftsed as5ets- Investments Investments are me25ured iiiitially al Cost and subsequently at fair i'alue (their ￿￿k¢t value). Reali5ed gains or losses on ini'esttnent% 8rising during the year are calculated 45 the differente between the disposal proceeds and the market value as ai the begillning of the year (or ¢051 if purchased within the year). Uur¢alis¢d gains or losses arising during Ihe Jear dr¢ derived from the rnoNemeni in market ialueb during the year (or $knce date of acqui51tion if purchased within the yearl. Inve5tmeii¢s are h¢ld pur¢ly for cbaritablt activitie5. Vund g£COUDtlag Unre8tri¢ted funds are fillmls which are 8vailablr for use ai the discr¢tion of the Trnstees in furtherance of the generdl objectives of the Charity. Income froTD knvestmtnts Dividend coupon investment inrome is re¢ognised on receipt Iwhich is llot considered ￿￿terIall￿ different from an a¢¢m8ls basis). RESTRicfED The Jame5 Capel Foutthiio Trnsitts. repon fm8n¢sal suiemen16 31 DeffmbcT 20?4 Notes (continued) i Ac¢ouDting po]icle$ (cuiilinmed) lknterest Income lnierest in¢orn¢ is from bank a¢¢ounts and ￿8￿ depostts and is re¢ognised on a receipi basis. which is noi consideftyj ma¢eri4lly different from an accNal's basis. Taxation The James Capel Foundation is considered to pa$5 tht tests set out in Paragraph I Schedule 6 Finance Aci 2010 and therefore it mttts the definition of a charit8blE ¢nist for UK i))¢ome tax purposes. Accordillgly, the Ch4Lrity is potentially exempt from taxation in r¢spe¢t of income or capttal gaius received within categori¢s ¢oYered by Pan 10 It)¢ome Tax Act 2007 or Section 256 of tb¢ Taxation of Chargeabl¢ Gait*s Act 1992. 10 the ¢xtent that such income or 8ain5 &re applied exclusively to chartiable PUTP(kkS. Cost of r*islng fund# Cost of raisin8 funds uomprises those costs directly artributabl¢ to managing the investment portfolio. Grants pAy4ble th furthernnce of tht C.h#rlty's objectlves Grants totallin8 £125.672 (2023.. £105.204J were tnade to 166 individuals (2023.. 17J indiiidiiols) iii accordance witb the Charity's PUTPOSe. Don4tioTrs to registered Charitt5 A donation of £5(K) (2023.- nil) was paid to onc registe¥ed Charity in ac¢ord8ait with Iht Charity's purptsse. Admlnl$tratlve expenses AdEninistrntive expenses represent 8overn&nce costs and £ompri8¢'. 2024 2023 Hortornrium INote 7} 6.3(X) Reimbursed expmses 703 Bank charges IJ7 147 Total admi1jistr￿lVe expenses 7,426 7.350 Certaitt adminisirdiive expetises of the Charity are paid by HSBC Bank plc. The value of tbis is not known but is rtLIt Ltsnsidered material. The Charity has no Lmployces. Audlt fees The audtt is earried out by Pricewattrhousecoopers LLP #s p4rt of their audit of the HSBC Group. The audit fee of £2,000 (2Q23.. £2,000) is noi charged 10 thL Charity. M&teri*l related party tran5actioLs £6.51M) (2023.- 1'6..50O} wtts p2id to J Wasscll bcin8 an honorarium in respeet of duti¢5 perforn)ed a5 5ecret&ry to the Charity durlng th¢ y¢ar. Reimbursed expenses of £789 in¢lude £86120?3.' nTII of travil ¢osts reimburs¢d to a Thsi¢¢. The Jèmes Capel Foutjdation. the TnJs*es and its otYiLers ar¢ covered uniter the HSBC Group's Crirn¢, Civil and Cyber liability and Directors and Offjters insuran¢e policies. RESTRicf£D Th¢ Jg]J]es CBp¢l FowthtioD TnJ51tes' report and fin#ncial hiaitmcnt8 3 I De¢emb¢r 2024 Notes (conlinued) InvestmeMt8 The market value of investrnents as 2t 31 December 2024 w&5 £2.435,402 (?023.. ll,307228). The investments a$ at 31 December comprise.. 2024 Cosi MArk¢t Matk¢t Valuv Fixed interort 76@937 817,247 617294 740,947 I,IW,963 684,492 807.511 780.184 910.359 Equities Alt¢mativ¢ 823.847 587.819 616,685 Tot*1 23lbl.478 2,434802 2219,177 2.307228 IEJvesim¢nts ar¢ held primarily to provide an investment retum for the Chariiy. The investments can be further analysed into: 2024 Colt 2023 Cost Mirket v4lue MaTk¢i value Investment￿8￿5 tn the UK 10i963 10(752 82,421 85.663 Invtstrnent&8sets outside thei 2,094JJS 2.3280 1136,756 2.221J65 Total Inveslments 2,201,478 2.435A02 2219.177 2.307228 Invc51mertts repFe5erttin8 niore than 50/0 of the portfolio are detailed below-. Deserlpdoo of holdlngs-21124 Holdkngl C{￿1 Market value HSBC Globlll Futllls ICAV GlobAI CK)vt 8(￿d In(kx Fut￿ ZQHGBP HSHC Cylobal Inv¢stmLYt FU￿]5 Gjobal Corpofatt BondZQHGBP HSBC ArtMiLan Index Ins1 Inc HSBC Glob￿ Fun(ts ICAV Multi-Fa¢tOT Wwldwide Equiry ZQ 13.173 14,922 47.3 23.327 5,640 147,223 438.337 235.209 123.558 141,205 607,340 303,970 Desaiplion of holdings- 2023 Holdin81 Units Cost MaTk¢t V8Iue HSBC Global Fwids ICAV Global Govl Bond Index F￿d ZQHGIIP H%BL ATnerican Index Inst lfic HSBC Gltsb￿ Invetstrtttnt Fund4 (ylobal QorpoTatr Bottd ZQHGBP HSJJC CJIo￿ Funds ICAV Mulii-F*tor Worldwide t4uity ZQ 21,753 48,657 15,765 25J84 207.843 433,335 155,433 254.778 206,218 497,767 149231 287.329 10 RESTRI￿ED The J¥￿¢$ Cop¢1 Foundati4) TTu#ees' Teport and financial %*aleTnent8 31 Dec¢mb¢r 2024 Notes (corttinued) lttwestment5 (coEklthued} All stocks are re8lStered in the nome of or held to the order of J8rnes C8pel {Nominees} Limited. The movement durit)g the year in the portfolio of illvestments was.. 2024 2023 C￿￿#v￿uC (]n8FKet walucl at l January 2J07,228 2.211.005 Investments a¢quired durÈng the yeaT{at th5t) 833.190 )5,975 Investments of during tbeyear (pmceeds} {928.1471 1966JlOI Netgain on 223.131 156,758 C4rrylDgv8lDe (m4rket￿lUtI 1131 Dtttrnber 2,43SA02 2,307.228 Crcdltors: Amount$ faulng due wlthln ont year 2024 2023 Jwassell Honorarium 3.250 3250 J Wt49ell ex 5S Tot*1 Cmjliors (AttntAIs1 3JOS 3,364 111 Unrestrlcted f￿ndS 2024 2023 Balall¢e &1 l Jattts 2J48930 2.263.446 Nrf income and nd MOVeD￿lI in fim¢Js 134,567 85,484 atstÈ&t31 Dotemb¢r 2,483,497 2.348,93Q RESTRICTED Th¢ james C&p¥l Foundati￿7 Ttust¢ts' rtyort fina￿LIa1 sthterncii 31 De%eJnber 2024 Independent auditors, report to the trustees of The James Capel Foundation Report on the audit of the financial statements In IwropinioB, The Jamts Capel Foundation's financial Statements (the financi81 ststements-}: a trTe and f3iriTrew ofthe state o¥the dxÈrity'$ affair5 as at 31 Deeembtr 2024 and of its ineomitt8 resotsrces and appli¢4ti00 ¢)f tes(kurix. lortheyear then ended. have been PToperly prepared in accordanee United Kingdom General]y Acopted Ateounting Pra¢rLi* (unit￿ KIngdOmA(￿￿￿ti￿g Standards, comprising FRS 109 The Finanekn] ReportAn&Standard appll¢able in the UK and Rep#blic of Ireland-, aiid appli¢•blr law)- and have prepared ID accordance with thtrrequirements of the Charitie$ Act 2011 and liegulation 8 of The Chariti&s (Aecounis and Re￿¢ts) Reylations 20011). We hgvt audited the financial *at¢ment$, included within the Thsiees. rewrt and financial statements {the 'Annu&l Report"), whicb cotnprxse.. the balance sheet a$ Èt 31 D¢eemb¢r 29¥. the statement of fJnan¢ia] ctiviiies for theyear thell endd and the notes to the financial state]nents, whlch include a de￿r>￿ttI)n of the sigllific8nt accoutJtingwliei& We conducted our audit in acc4)rdAn¢e hith Internttivnal 8tan¢Jard$ on Auditin% (UK) ["ISAs (LTKIJ attd applitAblt law. (h3T Tesponsibilities undeT ISAS IUKI are fvrther destnl*d in the Auditors, respoilsibil1ti￿ for the audit of the fiwdncial statements seetion of ()ur report. We believe that the audit evidenc¢ have obtained is $ufficÉent and appropriate to provide a ba515 for ouri)pinion. We remaiNed independent of the charit), in )teordat*ee with the ethxeol reqttiremettts that are relevant to our audit irf the £ItLancial stalernen15 in the UK whieh Includes ihe FRC?? Ethid st￿￿&¥d and we have fulfQleO oui. other ethical re$ponsibilities in aecordance hith these requirements. B&sed onthe workwe have ¥YrforrnrtThE haveT2Otidentified anymaterial tineertaintie5 relatingtoeventsorconthtions thgt. Indi>idU￿1IY oi. cA)UÉ￿tivel}, tast signifitAttt do￿bI on the ¢h&rkty'8 Jbility to continue 2$ a soingcoucern for period of at kast twelve months fmm the date on whieh the financi&l statement5 are a￿th￿rised for issue. In auditin8 the financial statel￿entS. we have concluded that the truste49' useof th¢ go?ng co¥K*rn boSi5 of aecounting xrt the prePA￿tIon of the finana81 statements is appropriate. However. because not all ￿tilTe eve*)ts or conditions cap be prediete6. this conelu￿￿￿ Trs not a guardntee as to the charitJ/sability to ci)nsinue as a goin8coA¢em. Our r*wJL*ibilitiès And the re¥p)n8ibilities of the tNstee8 Mth respect to going C￿ncern are d&qciibed io the relth•nt s¢ctiots$ of this report. 12 RESTRicfED TN*tts' ￿porta￿d financial stsicm¢Dis 31 Decemb¢r 2024 The other infomtion coTnpri￿ all of the inforinitioo itj the Annual Rep)rt (rther than the fiDa￿tI&l statements knd our auditor5. reptsrt thereoD. The trustees are Teswn$ible for the other inforTnAtion. Our opinion on the fin¥ncial 5tOtements doE$ cover the other infomution aud, Acwrdingly. we do not express an Audit opinion or ¢lPy form of assuraDce ther&>tJ. I# eonnection with aydit of the fit)ancial statement& our rwnsibllity i$ to read the other ioformation and. in doing so, tOn8ider wthether the other infoTmatiot3 is matèriallv infoDsi5teiit with the financial srattments or (jur knowledse obtained in the audil. or Istherwise appears to be materi8lly misstaied. If we identify an app&￿￿t materigl inconsistencyor ETraterial n})￿tateMe￿, we are required toperfonn PTOLedurcsto conclude whdher there is a mat£rio1 mi&*atement of thefinlncial statements or a material mi8StatemeDt of the otherinforniRtkOll. If, basedoll the work we have perfortned. eonelyde that thereis a mateTial mi85tste]netti olthis otheT informatit)n, we are required to re.port that fatt. Wehave nothingto wK>rt base&on these responsibilities. Based on our work undertaketl in the etsuw of the audit, the Charitie¥ Act 2011 requires u$ atso t4> rep)rt opiuion5 atml m8tter$as described below. Under the charl￿e$ Art 2012 we ate r￿uired to repDrt to You if. in our opinion the information given in the ThtsteeE' Annual Report is itt¢on6i5tent in 8ny rnaterial re5pett the financial ststements. M'e h8ve tto exceptions to report arising from this respons￿] ility. As expl2iDed ￿Ore in the Ttu*ees' Responsibilities Statelltent. the tru8teeJ #re respoTr*ble for the preparation of the financial stalements in acctsidance the *pplitable framework 2nd for bein& satisfied that the).gI￿ a t￿￿ and fair Yiew. The trustees &re dso res￿nsIble for Such internal eonlrol a5 they deterniiThe is neces8W_ to ejable ibe PTeparation of financial $tatemeRls thai att free from rn8ierio1 misstateThent. whether due to fraud or error. tTr prep4Tin% the fiT5an¢ial staiellientb. the Th￿tee8 are respoiisible ftsT the eh*riW8 ability to tontinue 80ing c(mcern, dI￿Osing as applicable, mitters rel8trd to 803ng ¢oncern and ttsing the going eo))cern b#$is ol accoupting unles$ the trustees either intend to liquidate the eh&rity or to cwe 9￿ratio￿, or have no Ttalkstit ahernative but ￿ do$0. We are eligible to ad and have beeo appointsd as auditors under 5eetiOn 144 of the Charities Aet 2011 and report in accordaucemryththe Art aTrd releNant regulatiolls m￿de orbaving effect thereuTrder. Our objtrtii'es are to obtsin re&8vttable assurdnte aiK>Ut whether the finantial Statements 4$ A whole are free from material Mi￿teMent, whether due to fraud or error, and to issue atx auditors, rwrt that includes our opinion. Re4$onable assurance is a high level of assurance, but 28 not a gtwraniee thai an audit Loiidurted in 3cetsrdatJee hryth ISAS IUKI will alwsys detecr & [￿aterial misstaternetst whvn it exists. Misstat¢ment8 arise from fraud or erroryd aTeconsidered material if, iodi%ryduallyoriD the agSregate,theyco￿Id reaxsEJably￿eKp￿ted io iThfluenee theeconomic deci5i0ts8of u9e.ts taken on bAsisof these fihancial state*nent$. Irregularfti¢& i*cluding fr•ud, are %nstance8 of non-conlp1iat￿e with ￿g￿latIonS. We de￿8ft procedures in ]Ine with our rebw)nsibilitie5, QUtliTJed aix)v¢. to det¢¢t o￿terial misstatemepts in T￿pect of irre8u5aritits, lttduding fraud. The £xtelltto our procedure$ are capabte of detecbng irregularlties. ineludlngfraud. is dttaild below. Bèsed on oor understandI￿orthe chaiity/induslry,we identified thattheprintipal risks of Don-compliance with law5 and regulations rtlated to alry act thAt ￿d$ not in accordance Mith the Deed. and we Co￿5]dered the extent to .hicb nOn￿mPlIan￿ might haiy u material effect QD the fJnanLial statements. We also eonsidered those law5 find regulations thathavea dir&1 impact onthe firtancial 8tatements.suth asthe CharitiesAct 2011 and relevantregulation5 made OT li8￿ng￿n effect thereuttder, including TheCh#ritie5 (Accottnts and keportsl Regulations 2008. We e￿llatert the Incentives opportunities forfrguduknt manipu12tioTJ of th¢ financial btatemenl5 lincludi3]gthe risk of override of ¢ontrolsl by the trnstees and those responsible foT, Or involvd iN the preparation of the finai)cia] Ststements, and deterniined that the principal risk8 We￿ relotd to tke posting of inapprtrpri&teJounia]s. Audlt pr