THE JOYCE FLETCHER CHARITABLE TRUST AccouNrs FOR THE YEAR ENDING 5 APRIL 2021
THE JOYCE FLETCHER CHARrfABLE TRUST CONTENrs PAGE LEGAL AND ADMINISTRATIVE DETAILS REPORT OF THE TRUSTEES REPORT OF THE INDEPENDENT EXAMINER STATEMENT OF FINANCIAL ArfiviTIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS I PRINCIPAL ACCOUNTING POLICIES 10 2 TAXATION 10 3 DONATIONS AND LEGACIES 10 4 tNVESTMENT tNCOME 5 CHARITABLE ACTIVITIES 6 RELATED PARTY TRANSACTIONS 13 7 CHAIUTABLE EXPENDITURE 13 8 COSTS OF RAlStNG FUNDS 13 9 tNVESTMENTS 13 I O BANK AND DEPOSIT BALANCES 14 I I CONTINGENT ASSETS 14 12 DEBTORS 14 13 CREDITORS 15 14 FUND ASSETS AND LIABILITIES 15 SCHEDUI.E TO THE FtNANCIAL STATEMENTS I SCHEDULE OF NVESTMENTS AND COmE RECEIVED 16_27
THE JOYCE FLETCHER CHARrrABLE TRUST LEGAL AM> AMINISTRATIVE DETAILS Charity name and registration nUmr. The Joyce Fletcher Charitable Trust Registered CharTty Nurnber 297901 Correspondence address: 68 Circus Mews Bath BAI 2PW Governing document: Trusi Deed dated 3 April 1987 Trustees: Robert Andrew Fletcher OBE (Chair of Trustees) William David Reddihough Fletcher Stephen Peter Fletcher Susan Carol ShaTP Bankels: Coutts & Co 440 Strand tAbndon WC2R OQS Investment advisors and managers: Cazenove Capital Management SChrler & Co. Limi*d l London Wall Place London EC2Y SAU Independent examiner= Morgan James Rigby MJR trusts Inglenook, 509 New Mill Road Brockholes Holmfh HD9 7EG Page I
THE JOYCE FLETCHER cHARABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 History? objectives and aetivities of the Trustees Joyce Irene Fletcher w&s born in 1911 and married William Kenn¢th Fletcher in 1935. They had two sons William David Reddihough Flctcher and Robert Andrew Fletcher. The Charitable Trust was established on 3rd April 1987 by Mr W K Fletcher in consultation with his sons, as a way of directing some of the family s wealth to a variety of g'ood causes largely in the fields of the Arts and other charitabl¢ Causes. Additional sums have been added to the trust funds, such as on the death of Mr W K fletcher, the assignment of Mr R A Fletcher s interest in the FJ Reddihough 1942 Setilement{father of Mrs J I Fletcher) and by life-time gifts from Mr R A Fl¢tcher. Both the initial donation and the additional amounts donated since then have been undcr temis which allow the tnjstces eitheT Io Tetain the amounts as capital or to spend them. The trust deed gives the trustees the p)wer to apply the funds lo specific charitable objectives or for general charitable purposes. The trust¢es ¢urr¢ntly have a wlicy of supporting festivals. institutiotL8 and organisations specialising in music and arts performance education in a social or therapeutic context and in organisations involved in young people's welfare, a particular interest being the role of music in the lives of disabled and talented able children and young people. This is achieved through the making of annual grants from the income accumulated each year. However. the trust deed does allow the trustees to make grdnts outside these immediate objectives and in these cases it is applications from the South West Twhich tend to considered OT w.here the trustees have local links. A dialogue with some of the recipient charities has been mainlained for son]e years. Management and governance arrangements There are four trustees at pSent. Mr R A Fletcher OBE(Chair) and Mr W D R Fletcherfsons of Joycc Fletcher) have been trustees since the trust was created. and Mr S P Fletcher and Mrs S C Sharp(gJrand- children of Joyce Fletcher) were apwinted trustecs in 2004. Any new trus.tees would b¢ identified and appointed by the remaining trustees. The chair of trustees is responsible for the induction of any new trustees. which would involve awareness of a truslee's reswnsibilities. the gov¢rnÉng do¢utnent, administrative procedures and the history and procedures of the Charity. A new ttee would receive copies ol.the previous year's annual report and a copy of the Charity Commission document-The Essential Trustee.. What You Need to Know'"'(CC3). The trust has considered its Safeguarding reswnsibilities with regard to recent legislation and public concerns, and it has concluded that it does not fall within the registration requirements of the DBS Code of Practice, as the iole of the trust is purely to make grants. When trustee visits are mad¢ to rccipienl organisations. these are always hosted or escorted by their personnel. The trustees annually review the risks that the charity faces. To date, these have been mainly related to investment m2magcment. A policy of wide diversification is maintained with a view to creating income and reasonable asset growth. Bi-annual meetings are held with the investment manager, and regular contact is maintained through the year. Page 2
THE JOYCE FLETCHER CHARrrABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ElED 5 APIUL 2021 Procedures and poli¢y for grant-making The trust is entirely a grant-making tnl and has no property or HR responsibilities. Applications are considered in September to Nov¢mbeT each ycar, and grants ar¢ tnade carly in December. Grants usually range from £500 to £5000. The major purpose of the trust is to supryjrt Music and thc Arts in a Therapeutic or Social Context. A good proportion of grants are repeats but some new one5 are added each year as others fall away. The trustees try each year to apportion the grants to cover both high abilily and disadvantage/disability in th¢ p¢rfomiing arts as well as cover the age ranges of children and young people. Geographic spread in the South West and a representative range of perfonning arts activities are also strong criteria for the choices. Feed-back is expected and visits are made to &ssess the impact of grants. Only very rarely will a grant be made to an individual, usually already known to the Irustees. Applications are accepted throughout the year by letter. There is no fornial application fonn. Evidence of past viability and records, including fllwlcial. is required. Successful applicants are usually registered charities. The deadline for applications is I st November. UmIng fimds are still available. New applicants are strongty 2dvis¢d to write before this? preferably in September. Telephone enquiries are accepted. An information web-site was set up in August 2010 to &ssist enquirers- wwTr4'. ovcetletchercharitsbletrust.co.uk.. Emiiiling is only used ai the consideration stage of grants. Rejection lett¢TS are sent only if a statnped addressed envelope is provided by the appli&4nt or if the application was only narrowly rejected. Email resrx)nses may also be made. CoespOndenCe h&s increased to knut a dOn applications a month. there being an increase in hopeful applications from outside the South West or the trust's CO objectives. Acknowledgements are sent to those which enclose a stamped addressed ¢nvelopc or CEnail address. About 60-70 rej¢ction letters or emails were sent out in December to applications which were closely considered but could not be funded. Support is only very rarely given to individuals, students or non-gistered charities. The trust is not able to arrange auditions for graduate or post-graduate applicants and they are not encouraged to apply. There continues to be an ÈncreasiThg emphasis on grants to arts IKKlies which are working with children Imd young people in the South West. Support is untkkely to be given tor areas which are the responsibility of slatulory authority fimding. Support is unlikely to be given to purely professional music or arts promotions. Page 3
THE JOYCE FLETCItER CHARABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2021 Achievement and performanee of the Trust The distribution of grants took place in th¢ middl¢ of November 2020 to a total of £61.5001£70,500 in December 2019). Becaus¢ of the Covid-19 pandemic the gTant date was brought forward to avoid the Christmas peak period; the trustees decided largely to continue support to existing recipients. although two new ones were introduced which were produLing on-line programmes lor young audiences. The largest grant was £5,000 to the Hall for Cornwall. a major capital pmjecl which the Trust has supported already and which is now nearing compl¢tion. Grants were made to 29 ¢hariti¢s(33 in 2019). Grants were made to 5 new recipients this year(4 in 2019). There were overlaps between the objective categories but the distribution between these w&s 370/0 Music and Arts education 300/0 Music in a social & therapeutic context 13 % Children and young people 200/0 Other objectives £23.000 £18,500 £8,000 £12.0(M) The geographical distribution of the 29 grants was as follows:_ South West National charities 23 All grants except one were made to registered cl)arities or CICS. One individual's grant w&8 made this year'.- a drama student in her second year at th¢ Rose Bruford School. The trustees have reviewed their'trublic nefit. responsibilities and believe that these have been carried out to the best of their abililies. Letters of receipt from successful applicants have been filed. Selection for grants is necessarily arbitrary and subjective, given the availability of funds, and some applicants will sadly have beeTh disappointed. Some new applicants are successful each year. Assessment of the effectiveness of the grants is obtained via visits and [erts-back from recipients" those from whom no reports are received are unlikely to receive rther grants. The only eXnSeS incurred by the trusi have been those for the annual accounts. the independent examination and th¢ inv¢stment management. All other expenses hav¢ been borne personally by the ttust¢¢s. Page 4
THE JOYCE FLETCHER CHARTTABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRtL 2021 Finaneial review investment policy and reserves Under the ternis of the trust deed the trustees have full and unrestricied powers of inv¢stm¢nt. The trustees are satisfied that the trust's assets are available and adequate to lfil its objcctives. The trnstees have set an investment policy with a medium level of risk. The trustees have expressed their consider4ible appreciation of the services they receive from their investment manager. In January 2021 a further £543,146.81 was remitted to the tn as &ssigned by Mr R A Fletcher from his interest in the F J Reddihough Settlement 1942. The bulk of the incoTne is to be distributed trach year, though a modest sum w&s retained to cover a likely deLline in income as a result of the pandemi¢. The income from investments for the year was £50,569 (£78.014 last year). Although the trustees have the wwer to gift the capital, the investments from capital are the main source of ongoing income, so the fund is invested with the objectivc that it incr&eS or at least retains its real value in the medium lerni. The portlolio is now invested in the 'Charity Multi-Asset Fund-. run by Cazenove. 'L'he trust¢es ¢ndeavour to mak¢ charitabl¢ distributions and professional payments each year to use up the incom¢ in any on¢ year but retain a small percentage in the event of a sudden fall in income in a subsequent year, thus protecting obligations lo regular recipients. Th¢ trust employs Cazenove Capital Management &s investment advisor and manager. Bi-annual meelings are held with them, and contact is maintained between these occasions. They charge a peTcentagFe fee of £17,574 (£18,012 last year). The trustees have chosen not to adopt formal ethical inv¢stm¢nt poli¢i¢s. After grants and operational expenses of £81,469 (£90.907 last year), the net deficit for the year was £30,900 (£12,893 last year) before taking a¢¢ount of legacy receipts. but there was a net credit of £512,247 after taking account of legacy receipls. After laking ac¢nunt ofother gains(losses), there was a nel increas¢ in funds of £983,654. However. there was a net decreas¢ in unrestricted funds of £13,326 (last year there was an increase of £5,119). At the end of the fillancixI year. reserves were £55,005. The adequacy of the reserves policy is reviewed annually. Future plans The trustees int¢nd to Continu¢ providing grants in a similar way to the recent past continuing the emphasis on supporting festivals, institutions and organisations, sCIalIsing in music perfomiarfce education in a social and therapeulic context and of organisations involved in children's welfare. with particular interest in the role of music tn th¢ lives of the disabl¢d and ihe disadvantaged, bul retaining flexibility as to the scale of granl making. Page 5
THE JOYCE FLETCHER CHARrrABLE TRUST REPORT OF THE TRusfEES FOR THE YEAR ENDED 5 APRIL 2021 Statement of trustees. responsibilities Chlty law requires the trustees to prepare financial statements for each financial yeaT which show a true and fair view of the state of affairs of the charity and its flllancial activities for that period. In preparing those financial slatements. the tnlstees are required to: select suilable accounting policies and then apply them consistently" make jud&?cments and estiTnates that are reasonable and pnjdent. state whether applicable accounting standards and statements of 0MMended prnctice have been followed, subject to any departures disclosed and explained in the finanetal statements. 4. prepaTe the financial statelnents on the going concern basis unless it is inappropria* lo presume ihat the charity will Continue in operational existence. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and io enable them to ensure that the financial statements comply with the Charities Act 2011. They are also reswnsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Independent Examiner The trust has appreciated the services of its independent examiner who also pffpares the annual accounts, noting a savings in costs as well &s a more responsive service than the Predecessors. Signed on behalf of the trustees R A FLETCHER DATE Page 6
. AUR trusts REPORT OF THE tNDEPENDENT EXAMENER TO THE TRUSTEES OF THE JOYCE FLETCHER CHARITABLE TRUST I report on the accounts of the Trust for th¢ year ended 5 April 2021. which are set out on pages 8 to 27. Respeetive responsibilities of trust% and examiner The charity's trustees are restK)nsible for the prepardtion of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that Mn independent examination is needed. It is my resw)nsibility to.. exnine ihe accounts under section 145 of the Charities ACL to follow Ihc priKedur¢s laid down in the gencral Dircctiolls given by the Charity Commission und¢T S¢Ction 145{5Kb) of th¢ Charities ACL and to state whether particular matters have come to my attention. Basis of independent exarnine report My examination was ¢arri¢d out in a¢¢ordan¢e with the G¢nerdl Directtons given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or dis¢losur¢s in th¢ a¢¢ounts. and seeking explanations from you as trustees concerning any such matters. The procedures und¢rtak¢n do not provide all the evidence that would be required in an audiL and consequently no opinion is given as to whether the accounts present a 'true and fair view and the rewrt is limited to those matters set out in the stateTnent below. IDdepelldent examiners Stalement Irft connection with my examinatio no matter t5 come to my attention: (l) which gives me reasonable Cause to klieve that in any material respect the requirements to keep a¢counting records in accordance with section 130 of the Charities Act. and to prepar¢ a¢counts which accord with the accowiting records and comply with the accounting requirements of the Charities Act have not Ixen m¢L or (2) to which, in my opinion, attelltion should drawn in order to enable a proper undetanding of the accounts to be reached. Name: Morgan James Rigby Relevant professional qualification or body: Address: Ingl¢nook. 509 New Mill Road Brockhole& Holmfirth. HD9 7EG. Date: 19 July 2021 Page 7
TEtE JOYCE FLETCHER CHARABLE TRUST STATEMEwf OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 5 APIUL 2021 Unrestricted Funds Endowmenl Funds Total Funds 2021 Total Funds 2020 Note Illcome alld expellditure Income and Endowments from: Donations and legacies Invcstmethts Others - tax repayment 543.146.81 543.146.81 50569.20 50,569.20 78,013.85 Tolal income and endowmen15 50.569.20 543.146.81 593.716.01 78.013.85 Expenditure on: Charitable activities Raising thnds -63,895.IKI -63*95.00 -17573.86 -72.895.00 -18.011.62 -17.573.86 Net gain(lO$seS) on tnvestmellts: Realised Unrealised 567.762.80 -96,355.72 567,762.80 -96J55.72 16.713.86 423,415.63 Transfers between funds: Net movepnenls infvnds -13J25.80 996.980.03 983,654.23 419.594.54 Reconciliation of funds Total fund5 brought forward 68,330.57 2.499.961.76 2568,292J3 2.987.886.87 Totalfvnds carriedforward 55.004.77 3.496.941.79 3551,946.56 2.568.292.33 The accompanying notes fonn an integral part of these fmancial ststem¢nts. Pag¢ 8
THE JOYCE FLETCHER CllARABLE TRUST BALANCE SHEET AT 5 APRIL 2021 Note 2021 2020 FÉxed assets Investments 3287,059.IMI 2.472.166.00 TOthlfed assets 3287.059.00 2.472,166.00 Current a&sets Bank and deposit balances Debtors 10 12 267282.56 98,521.33 26728256 98,521.33 Current liabilities Creditors due within one year 13 -2J95.(Kl -2,395.00 Net current assets 2,887.56 96,126.33 Net assets 3 551,946.56 2.568.292.33 The funds of the eharity: Unrestricted funds Endowinent ndS 14 55,004.77 3,496,941.79 68,330.57 2.499.961.76 Total charityfvnds 35il,946.56 2,568,292.33 The financial slatements were approved by the trustees on R A Fletcher S C Sharp W D R Fletcher S P Fletcher The accompanytng notes forni an integral part of th¢s¢ financial statements. Page 9
THE JOYCE FLETCHER CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 5 APIUL 2021 I. PRINCIPAL ACCOUNTIIYG POLICIES Basis of preparation The accounts are in accordance with applicable accounting standard& The Charities SORP 2015 {FRS 102) and eompl> with the Charities (Accounts and RetKbrts) Regulations issued under the Charities Act 2011. The accounts have been prepared on the hisiorical cost conventiorE with the exception that investments arc staled at market VUe. lllcome Envestmenl income is recorded when receivable. Legacy income is recognised when it can be MSU[ed or esiimated with sufficienl reliability. Expenditure Expenditure on grants is recorded once the Trust has made an un¢onditiona] commitment to pay the grant and this is comm(Jni¢ated Eo the beneficiary or the grdnt has bcen paid, whichever is the earlier. The tnjst has not made any grant commiim¢nts of more than one year. Other expenditure is included in the a¢counts on an aC¢nlS basis. Irrecoverable VAT is charged lo the SOFA as incurred. Any costs associaled with the sale or purchase of investments are accounted for as part of the sale or pwchase price of the investments. Inve$lments Quoted investments hav¢ kcn vatu¢d at Inarkd value the balanee sheei date. Realised and unrealiscd investment gain.% and losses are shown nel in th¢ SOFA. 2. TAXATION The Trust is a registered charity and according]y is excmpt from taxation on its income and gains where they are applied for charitable purpos¢s. 3. DONATIONS AIW LEGACIES 2021 2020 Source of donations and legacies F J Reddihough 1942 Settlement- cash F J Reddihough 1942 Settlement - investments 543,146.81 543,146.81 Pag¢ 10
THE JOYCE FLETCHER CHARITABLE TRUST OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 4. INVESTMENT tNCOME 2021 2020 Source of invesiment income Jnvestmeffls Cash ai bank 50,569.20 0.00 50,469.20 77,784.85 229.00 78,013.85 5. CHAIUTABLF. ACTIVITIES 2021 2020 GRANTS PAtr): Bath Area Play Project Bath Fringe Festival Bath Philharnionia Bath Strings Academy Children's H05pice South West Christmas for Kids Combat SIrs Create Art Crcative Youth Network Drake Musi¢ Drama Expres% Cornwall Duke of Edinburgh's Award Edingtnn Music F'estival Association English Tourin(F Opera Friends of Canterbury Cathedrnl ("Palimpsest') Hall for Cornwall I rust Holburne Museum Hope and Homes lor Children l.ast Baguette, Maim¢sbury 2,OIM).00 3,000.00 3,000.00 2,000.00 3.000.00 3,000.00 2,000.00 2,000.00 2.000.00 I,0.00 2,0(KTr.00 2,000.00 2,(M)O.00 5,1)00.00 1,000.00 2,000.00 2,000.00 2,000.00 1,000.00 2.000.00 1,000.00 3.000.00 3,000.00 1,000.00 5,000.00 2,000.(KI 2,000.(N) 1,500.00 S,000.(K) 2,000.00 2,000.00 1,500.00 39,500.00 33,500.00 Page 11
THE JOYCE FLETCHER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APIUL 2021 S. CHARITABLE AcfiviTIES (continued) 2021 2020 Brought forward 39JOO.00 33,500.00 GRANTS PAID (coniinued) Magdalcn Farni Strings Melboume, John (student) Mentoring Plus Ltd Mid-somerset Festival Music Works, Cheltcnham National yOh Orchestra Natural Theatre Company Next Stage Theatre Company Quartet Community Foundalion Re-work ROSL Arts RUH Arts fund, Bath Saint AndW'S Church School. Bath Soundwell Music Therdpy Trust Travelling Light Theatre Company Welsh National Opera Wiltshire Music Centre Winchester, Nanouri (dtwna student) Young and Free, Bri51 Young Classical Artisis Trust Zenith Youth Theatre Co 1,500.00 1,000.00 2,(100. 2,000.1)O 4.000.00 2,000.00 2,000.00 2,000.00 2.000.110 1,000.00 i.000.( 2,000.00 1,000.00 1,000.00 l.O(K).00 2,000.00 3,(K)O.00 1,500.00 2,000.00 2,000.00 lo.00 2,OlJO.00 I,(wo.00 I,ow.00 6,000.00 4,000.00 1,000.00 1,000.00 2.000.00 1,000.00 61500.IJO 70,500.00 GOVERNANCE COSTS Accountancy charges Independeni examination chargcs Tax repayment claim Charity Commission compliance 1,895.00 380.00 380.00 120.00 120.00 2.395.00 2 J95.00 63.895.00 7? 895.00 Page 12
THE JOYCE FLETCHER CHARITABLE TRUST TrIOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 5 APRtL 2021 6. RELATED PARTY TRANSACTIONS None of the trustees were paid any remuneration or expenses by the Charity during the year (2020 none). 7. CHARITABLE EXPENDITURE The charity did not undertake any a¢tivity directly but rnct its charitable puryscS by making grants. & COSTS OF RAISING FUNDS 2021 2020 Inveslment advisor5 1 managers charges Cazenove'legal entily identifier, charges Cazenove debit interesi charged 17.461.86 75.19 36.81 18,006.84 4.78 17 $73.86 18011.6? The charity did not have any staff costs (2020 none). 9. INVESTMEf4TS All investments were held in the UK and listed on a recognissj stock exchange: 221 2020 IJK list¢d investments Carryin&J value (market value) at 6 April 2020 Add.. additsons at cost Less= disposals Addldedu¢l.' nel L>aitV(loss) on Disposals Addldeduct: nct gain/(loss) on revaluatio Carrying value (market value) ai .5 April 2021 2,472,166.00 3,828,594.33 -3,485,108.41 567,762.80 -96J55.72 3287,059.00 2,877,401.00 931,443.21 -929,976.44 16.713.86 423,415.63 2,47? 166.00 Historical cost 3 J82,606 2,536.538 Distributions received {gr05s) Distributions re¢¢ived {net) 50,569.20 77.784.85 50.569.20 77,784.85 Full detail of ihe investments and income received are set out on the schedules attached io these accounis. Page 13
THE JOYCE FLETCHER CHARITABLE TRUST NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 5 APREL 2021 10. BANK AND DEPOSIT BALANCES Interest received 2021 2020 Coutts & Co Cazenove income account Ca7Enove capital account 927.36 46,657.08 219,698.12 267,282.56 927.36 58,841.56 38,752.41 98,521.33 0.00 I I. CONTINGENT ASSETS Mr R A Fletcher has assigned all of his InrE$l in The Frederic John Reddihough 1942 8ettlement to this Settlement. Payments on account of £367.957.46 cash and £68,932.32 investments were receiv in 2U16 - 2017 and the balance of £54J,146.81 cash was received Ihis y&qr. According io the Distribution Stafrments supplied by Lloyds BanL the full amount due has now been received. 12. DEBTORS 2021 2020 Income Tax rend Invesiment Income 0.00 0.00 Page 14
THE JOYCE FLETCHER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APIUL 2021 13. CREDITORS 2021 2020 Accountancy and indendent examination charges Tax repayment claim charge Charity Commission compliance charge 2275.IKI 2,275.00 120.00 120.00 95.00 2 395.00 14. FUND ASSETS AND LIABILITIES Ullrestrleted Funds Endowmeot Funds Totsl Funds Fixed Assei Inve51ments Current Asscts Current Liabiliiies 3.287.059.(M) 209.882.79 3287.059.00 267,282.56 -2,395.00 57.399_77 -2,395.00 Total 55,004.77 3,496,941.79 3 551946.56 The unrestricted funds (income) of the charity may be applied for any charitable purpose at the discretion of the trustees. Iuntil 3 April 2008. the trustees had the wwer to accumulate income and hold the same as an accreiion io capi1.] The expendable cndowmcnt {capital) and additions thcrcto arc invcsted and the incomc used for any charitable purpose at the discreiion ot the trustees. I'll]e expendable endoibM)eni may also be spent at the absolute discretion of the tTUStees.] Pagt 15
THE JOYCE FLLTCHER CHARITABLE TRIIST SC14EDIILE TO THE FINANCTAL STATEMENTS FOR THE YEAR ENDED 5 IIPRIL 2021 I. SCI ILDULb. 01-. INVESTMENTS AND INCOMI. RF.CEIVCD Markci Value 5 April 2020 Gainl(l$) on dispos5 Gain/lLossl T¢valuation Mark¢1 vU S April 2021 Hi%l(*iLal cust CJTOSI /nei IrKorne Nominal Addiiior Di$posa15 5 April 2021 UTI. Ca/.Liii)ve C.hllriiy NIIRS Fund Lhwily Mulii-A$8¢11.uiid purchMsLd 25 Jllnuar) 2021 purthascd 09 1.ebniJry 2021 pur¢h&yL'd 31 Mur¢h 2021 599,007 4.735,000 261.142 5,595,149 350,000 2.780.866 150.000 -95,547 3.280,860 Aberdeen l)iVLYSilied Iiicome & Growth Tru51 Pl 72.000 .72.ooa 62,928 $old 27 May 2020 .62.323 .605 AlliunA. Cilill1 111vLt0rS l.und SICAV 338.46 'W'l' l(i131?I diLuinulatithii shdre% ¢¥CL'Sb reportin¥ in¢(xne aLLun)ul&led 36 42,050 338 36 .30 snld 091.cbruary 2UZI -75.756 33,J67 104,978 3,281.204 -138,079 32,763 -95.547 3.2MO.1166 JJ¥.46 Page 16
TIIF..IOYC.E FLETC.'HCR CIIARI'fAIII.*:'I'RiIST SCHEDLILE TO THE FINANCIAL STA TENIENTS Y)R'fiiF. YfAR F.NDEU S APRIL 2021 I. SCHEDULE Ob INVESTMBNfs AND INCOME RECEIVÈD MaTkei valu¢ 5 April 2020 G&iiiliLossI on disposals CJain/ll oss) on r¢valuaiM MaTkei Ve 5 Aptil 2021 Hisiori¢Ai ¢4)Sl 5 April 2021 In¢1 IOm¥ Nomin Addilions Di8poqaJ5 forward 104.978 3,281.204 -138.079 32.763 -95.547 3,185,319 3.280.866 538,46 Ashmore SICA V Ashtncirr I m¢r¥in8 MJLrk¢15'foi¥l Rrfurn l.'und /.2, littene) (i131> ,ge disiribuiion shir¢3 convcrttd 2¥ April 2Q20 from.. /.2, lincoitsel (il}Ib dislribuiioii shhr¢s onv¢rt¢d 28 April 2020 10.. /.J' lincoinLI (Illl) di%lribuiiiin shares ¢X¢¢bS rcponing Jnwm¢ ruMulaIed 103 35 138.82 187.67 180.35 45.47 i46.42 92,948 947 45 214.47 212.67 947 -447 500 -500 Id 18 SLpiember 2020 -53,167 9,253 1fi7.43 199.89 Id 09 l.'¢bruthy 2U21 -61,800 12,78() 177.52 l.M6.61 purchascd 1.1 May 2020 snld 091.ebruiW) 2021 Roo -800 85,485 -92,832 7,367 197,926 3.366,734 -345,958 62,163 -95.547 3,280,806 6,146.28 P8g¢ 17
TIIE JOYCE FLETC.HF,R CHARITABLL I'RUST SCHLDliLE TO TIIE FINANCL4L S'I'A TTr.'MkN'I'S OR THF. I'FAR ENDED 5,*PRIL 2021 I. SCHEDULE or NVESTMENTS AND INCOME RECEIVED Market Vdlu¢ 5 April 2020 GE11{L¢)SsI ort di5POsals GainllLossl n revalualion Markd vAIt 5 April 2021 Hi5tori¢a] c /nEt Iicome N(xnixal Additions Disposals 5 ApTiI 2021 forwqrd 197.926 3,366,734 -345.958 62.163 -95,547 3.185,319 3.280,866 6146.28 Illa¢kRk Global Funds SICA V laLkR5Kk Asian t)ra8un b'und 352.62 43.368 y¥ rcpoTiing incom¢ fj¢¢umiilatrd $old 09 Tr¢bruury 2021 .64,825 21,453 1)14¢klloLk Invesim¢ni magerS F.Iiro l)yn ¥-,iind 33,0(Xl 56,199 iold 09 Trcbruary 2021 .84,942 28,743 ¢luss'W' (JBP Inconw %harL's ¢quJlisaiic)n 20 July 2020 sold 01) I'lbruury 2021 80,Q68 137,397 428.76 -367 -164,299 -80,068 27,269 378.691 3.422,936 60.391 139.629 -95,547 3.185.319 3.2x0.1166 10,683 99 Page 18
I'IILJ0'CE FLETCIIERCHARifABLL TRI;.ST ScH,DI1,F, TO THE FINANCIAI, STATFIIF.NTS FOR T14E YEAR ENDED 5 APRIL 2021 I. SCHEDULE OF INVESTMF.NTS AND tNCOME RECEIVED Markel walue 5 Apnl 2020 GainllLossl on di5posu15 Cyainlllffjgsl 011 vall0 Mrkei vsjue 5 April 2021 Hi&turicBI cost Gros& IT Twome NoTninal Additions Disposals 5 April 2021 fonvrd 378,691 3,422.936 -660.391 139,629 .95.547 3.185J19 3,280.866 10.683.99 Findlay Purk funds PLC iiidliiy Pdrk Aniei'ican I wid USI) iiiu)JMc shurcs exce%¥ reporting in¢omc occumul&t¢d LonvLifiLd 24 bL'PIL'inbL'r 2020 from.. 20.57 1.986 183,497 .1,986 L(Jnveried 24 8epieinber 2020 10.. (IllP'llli' incn¥ ¥lIa Id 09 1,cbTiiiiry 21121 1,984 -1,984 -23J,556 i%hnri% IV C'liiii# C'NY Iloiid FTF 557,93 purLhLsL'd 21 .Si'piLmber 2020 sold 09 l lbruY 2021 11,042 -11.042 44.970 -43,142 -1.828 iSliare8 Ph>¥ical M¥lul4 PLC i-.-rc on Giild Coiiiilliidity R¢¥ S S¢c. wilhoul IIxL'd nicilurily r¢¥d sold 08 1)clob¢r 2020 6,035 -3.QQl) 3.035 -3,035 155,824 -84,997 7,S37 Sold 09 Febru¥4 2021 -79.294 718,012 3,467,927 196.306 -95.547 3.185.319 3,280,866 1 ?62.49 Pa8e 19
THE JOYCE FLETCHER C.HARITABLE TRI'ST S<.'lJbl)IILE TO'fHL blNANCIAL s'fA TF.MENTS FOR'fME YLAR ENDED 5 APRIL 1011 I. SCIIEDULE OF INVESTMLN'fs AND INCOME RECEIVED MaTk¢i value 5 Apnl 2020 GaiTUILossl on disposals GainllLossl on r¢valuaiion Markeivalue 5 April 2021 Flistonc81 co81 5 April 2021 Gws$/n Incom¢ N¢minul Adoiiior DiswbAIs forwaTd 718,012 J.467.927 196,306 .95,547 3,280.866 11.26249 JP MtsTgdn fiind ICVC JP Miirgiill) us r.4iiiiy Income Fund LIMss'C' Cil?P sharl, Id 111 July 21)20 408.(K) 185.2.3 18,977 -18,977 53,059 -58,479 5,420 26.83 23.47 'l.' diylributithn 101.740 101.740 13.66 6.1 2.23 0.57 Lf Mlljedie Asset Mgnusemeni Iny. fund Co. l.F maj1¥ IIK Fqiiily fund ¢lass'X' (jlll) inciinic qh %vld 111 May 2021) sold 10.luly 2020 e4iialisuiii>n 01 Sepieinber 2020 537.68 142.780 -48.582 -94.198 -57,426 6,226 16,023 432 1,024.558 3,467,927 -1,333,855 223.975 -95,547 3,287,059 3,382,606 12.686.38 Pag¢ 20
'riiE JOYCE FLE'feHER CHARITABLE TRUST SeHEDIII.F, TO TIIF, Fif4ANCIAL STATETWIENTS FOR THF. Tr'FAR FNDF.D S APRII. 2021 I. SLI I1)uLE OF INVF.STMNIs ANI) INCOML REeEIVb.D arkct value 5 April 2020 GalIs) disposajs GainllLos$ 011 reVallOn Maykd vue 5 April 2021 Hisii)ricai co 5 April 2021 Gross In Tn¢om¥ Nominal Addiiions Di%yoy8ls forward 1.024,558 3,467,927 ,333,855 223,975 -95,547 3.287.059 3,382.600 12.680.38 Man l-.unds Pl.C Gl.(i Jnp&n C.'or¢Alpha I,A4Uity bund cl&ss'l' G131) 4ciumiilaliuii shures FIB. e¥L¢ss repuriin8 inGuiii¢ 4rciiiiilila¢j 137.74 738 .738 Multi Ilnits LuxL'inb<)urb SICAV MLI L.yxi?r C(sy¢ Il%'l'll)%11)RI UCITS FTF 508.48 908 -908 97,474 snld IIY I'¥bruY 2021 -102.752 5.278 Nll l)riviilL l..quily l)HrtnEFS i.ld 1,190.83 piir¢huscd 12 NvvL'inbET 2019 sold 09 Februwy 2021 3,4LK) -5.4(K) 39,852 4)6,386 26,534 Ocean Diaj Inve5tn*ni Funds PLC Oaii'wdy To India fund '(i' liBP qliarcs Pl8 ¢XC¢S5 ICPOrting ill(x)me urcuinulalcd 71.48 1,161,884 3,468,736 -1.502,993 255,788 -96,356 3,287,059 3.3¥2.606 16382.26 Page21
THE JOYCE FLETCHER CHARITABLF TRIIST I.'FITr'DIILb TO'I'IIL lANcIAI..STATF.MF.NTs bOR THE TrEAR ENDED S APRIL2021 I. SCHLDULEof INVESTMENTS AND INCOME RECEIVED MarkLX value 5 April 2020 Gai[VIL<s) on disp Gain1191 on iNaluation MtsTkel vaue 5 April 2021 Historical cosi 5 April 2021 Grikn Inet IKome Nominal Addsiions Disposuis forWd 3,468.736 -1,502,993 255.7¥8 -96.356 1,287,059 3.382,6U6 16.J82.26 PIMCQ l.'und$.' tilobal Invcgtur% PLC PIMCO Gli)bal l.ibor Plu% Ili)nd Tr insiilLlliiinal heil¥i(t CJtlP disiributiDn sold 04 I'Lbruary 2021 36.82 356 47 305.18 7,570 .7,57U 71.919 -77,219 S,300 (ilohul In%uTon£i l.und 524.72 64159 298.14 23.851 -23.851 110,373 uld 09 l.L'bruury 2U21 .133.222 22.849 Polar bmirJ4i118 mark¢ Income .d .903.31 66,897 sold 09 FcbTUUry 2U21 -87,619 20,722 RIT QHpiikJl P#rtrkrs Pl¢ 768.25 768.25 69,099 sold Ug I'ibTU8ry 2021 4,390 -95,653 26,554 1.480,172 3,468,736 -1,896,706 331,212 -96.356 3.287.059 3.382.606 24.582 52 Pa8e 22
TVIF. JOYCF. FLETC.IIER C.HARITAIILE'I'RIISI' 5CIIEDIILE TO THE FINANCIAL STATENIFNTS FOR THF. I'EAR F.YDED £ APItIL 2021 I. SCHEDULE OF INVESTMENTS AND INCOMB RECEIVED Mark¢i i'alue 5 April 2020 QwiVILos51 n disposals Ciainlll.th%l oji revUli0n Mark(% v¥Jue 5 April 2021 His1{( cost Gros% In Ira1¢ NominHI Addiiiotl Disposals 5 April 2021 forward 1,480,172 3.468.736 -1,896.706 -96.356 3.287.059 3,382.606 24,582.52 Robeeo BP 01 PrL'ni b.q-1f5BP distribulion wits piirLhu 23 NovL'mbL'r 2020 sold Ug I,'cbrnary 2021 617.65 125,574 -133,5 7.931 LwKiiov¢ C'hariiy IICI'I'% I,und ChtsTily l..iiuiiy VuluL fund 'S' GIIP inLCllllL uniL% yold 1% Miiy 2U20 951.34 351.566 -78,.37.S 271.192 -273.192 138,693 1184.uv -32,182 1,263 sold 0g1'ibruary 2021 -144.IU9 36,334 S¢hrnd¢rg Ini. SLl¥ciian l-.und STCAV Schrodcr Agi8n lotul ketum Fund 'S-AV' disli.ibulion gharL'S sold 091'Lbiuary 2U21 146.44 41,129 -66,443 25,314 1,659.994 3.594.310 -2.272,944 402.054 -96.356 3,257.059 3.382.606 P8g¢ 23
TIIL JOTr'CE bLL"fcHKR CFL4RJTABLE TRI.'ST SCTrIF.DIILE TO THF, FINANCIAL STA TF.MENTS FOR TH£ YEAR LNDF.D 5 APRII, 2021 I. SCHLDULC OF INVF.S'IMb.'N'l'S AND INCOME RLCLIVED Mark¢i v4lue 5 April 2020 GHinllLossl on disposals CainllLoss) on revUlln Mwket yUt S ApTII 2ts21 Historical ¢ost S April 2021 GroÉs I n Iicome Nominal AddiiioDS Disposals forward 1.659,994 3,594.310 -2,272.944 402,054 -96,356 3,287,059 3.382,606 chrodirs Invc%tsnLni fuiid Comp¥ny chrodcr I,'.uropcoii Alplia IncDin¥ Fund Iws's, CBP incom¢ shaffjs 3uld 15 April 2020 129.878 -129.878 55,237 -57,124 1,887 Sihroik,r% Ini. 8¢lrLlion l.Iitt¢l SICAV SLhrii(r Siraittgii C'.111 l.'ut '%.SV' (li%trihuii() sTrld 23 No¥imk'r 2D20 SD55. 3J69.35 2,438 -638 .800 -1.8ao 210.912 -62,156 6.943 (>ld 09 F¢bru8ry 2021 -176.468 20.769 4Lhroders Ini. Selecliort fund 8ICAV .SLhrodLr.4ILrliiig Lorpordle Bond Fund 359.77 606.25 purch4?%cd IQ Jiily ?02U equalisaiion 27 NoveinbeT 2020 97,IXX) 57.834 -205 97.IK)O -97,000 sold 091-'ebTUllry 2021 -62,361 4,732 ,926,143 3,652.144 -2.631,259 436.386 -96.356 3.287.059 3,382,606 40BW.91 Pgge 24
TIIE JOYCE FLETCHER CHARITABLE TRI'ST SCHLDIILE I'O 1'HL TrINANCIAL SI'AI'EMENTS FI)R TIIF. I'EAR F,NDF,D I APRIL 2021 I. SCHEDULE OP INVESI'M£.NTS AND INCOME RECEIVED Mark¢t v#luc S April 2020 GainllLossl on disposa15 GainllLo$81 on r¢valuation Market v811 5 April 2021 Hi51uriL*il c( GTOSS Inet Nominal AdditTons Di8wsal8 5 April 2021 l(yrwllrd 1,926.143 3,652,144 -2,631259 436.386 -96,356 3.287.059 3.382,6( 40.190.91 Svncona (IT) I. 26,244 -26,244 53.931 sold J91.ebtvary 2021 -67,281 13,350 'I'rojth Invtsiin¢rt I".unds 'I'rojtui Inculi I'und ¢l&$s'X' inLomL' purch¥. 20 jUthry 2020 old ofj f¥bi'uw'y 2021 3.I09.1)2 197,YO -IY7.540 167.692 -183.199 15,507 UTI Cioidfiiich Fundg Pl.C 7,296 -7.296 44.178 501d 0411 ebruory 2V21 .77,834 33.656 Van8uard l.unds IJLC.. Vanguard Fl'SF. Japan UCI'15 L.Tr USD. in CJBP. F Shares Pi8. 401d 09 Febtuary 2021 110.30 184.24 74.5U 626.40 3.780 -3,780 76,120 -102,462 26,342 2,268.064 3,652.144 -3.062.035 525.241 -96,356 3,287,059 3,382,6 48.207 29 Pa8e 25
THE JOYCE FLETCHER CHARITABLE TRIIST SCHEDIILLI0'fHb FINANCiAL STA'I'kMLYT5 FOR THF. YF.AR FNDF.D 4APRII, 2021 I. SCHEDULE OF INVESTMEN'fs AND INCOME RECEIVED Market valu 5 April 2020 Gainlll.ossl Im dispal$ GdinliLossl on revaluAiion M4rk¢l vu¢ 5 April 2021 Hi4torieal c1 S April 2021 GI1 I nei I)me Nominal Additions Disp05a15 fonvard 2.268,0&1 3,652,144 .3,062,035 525.241 -96.356 3,287,059 3,382,606 48,207.29 ViriL&$ CIF SGf4 CTlb JR'K, (illP disiribution uiiiL pur¢has¢d 22 8epw'inbeT 2020 old119 FLbru4ry 21121 88,Sg .¢>6,388 7.798 VtsnT01 I'und %IC'AV- I WL'ntyFwr Ab&'olul¥ Ilctiini Cr¢dii I'und 'AQN(i' Gl311 di.%iribiiiii)n siwe$ sol¢J 09 I'i'bruiiry 2UZI 534.10 640.92 11¥,983 -123,056 4,071 W¢lliii¥ii)ii ManuBLniciil Fuiids (Irclandl PLC W¢lli11giiin CJliibJl I[lIh C# l&*%'N' unhcdgcd (JEIP distrihutir)n qhar cvnvirted 211 Janullry 2021 from". cla55'N' uiihLd¥LLI (iI3P di¥lributinn shar converted 20.laniidry 202110.. I1&,1}N' tsnhL'II¥Ld (T141J distribution 5harL %old 09 Ftbruary 2U21 8.610 85,117 .8.610 11,849 -11.849 33.964 2,472,1(0 3.740.734 -3,4.561 571,075 -96.356 3,287.059 3,382.61 50,569.20 Pw26
'J"HE JOYCL FLL'I'CHKR CHARITABLb'l'RIIS"I SC.IILDIILE I'O TIIF. FIliANC.IAI. STATF.MF,ITS FOR THE YEAR EYDEDS APRIL 2021 I. SCHEDULE OF INVESTMENTS AND tNCOME RECEIVED mark vali 5 April 2020 GaiiVILos%1 on disposa15 Hisiorical cosi Grw I nei 11M N(inal A¢Jdiiions Disp05tt18 on revalu1( 5 April 2021 S April 2021 forwaid 2.472,166 3.740.734 -3,400.561 571,075 -96,350 3,287.059 3.382,606 SO,$69.20 isdoir Trcc (JEIP h¢d¥¢d MS Lon8 tiold yhar¢s purchu%¢d IIX ()ciob¢r 21120 8,41KJ .41M) 87,860 -84,548 -3,312 2.472.16(? 3.828.$94 -3,485.108 507,763 -96.356 3.287.0f9 3,382,606 50.5611.20 Page 27