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 nUm￿r.
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
SChr￿ler & Co. Limi*d
l London Wall Place
London
EC2Y SAU
Independent examiner=
Morgan James Rigby
MJR trusts
Inglenook, 509 New Mill Road
Brockholes
Holmf￿h
HD9 7EG
Page I

THE JOYCE FLETCHER cHAR￿ABLE 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 p￿Sent. 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 t￿￿tee 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 El￿ED 5 APIUL 2021
Procedures and poli¢y for grant-making
The trust is entirely a grant-making tn￿l 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.
Co￿espOndenCe h&s increased to knut a dO￿n 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 CHAR￿ABLE 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 [e￿rts-back from recipients" those from whom no reports are received
are unlikely to receive ￿rther grants.
The only eX￿nSeS 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, s￿CIalIsing 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
Ch￿lty 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..
ex￿nine 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 t￿5 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 unde￿tanding
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 CHAR￿ABLE 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 CllAR￿ABLE TRUST
BALANCE SHEET AT 5 APRIL 2021
Note
2021
2020
FÉxed assets
Investments
3287,059.IMI
2.472.166.00
TOthlf￿ed 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 V￿Ue.
lllcome
Envestmenl income is recorded when receivable.
Legacy income is recognised when it can be M￿SU[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¢n￿lS 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 SIr￿s
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 yO￿h Orchestra
Natural Theatre Company
Next Stage Theatre Company
Quartet Community Foundalion
Re-work
ROSL Arts
RUH Arts fund, Bath
Saint And￿W'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, Bri5￿1
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 pury￿scS 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:
2￿21
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 In￿rE$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 re￿nd
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 inde￿ndent 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 capi￿1.]
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￿$)
on dispos￿5
Gain/lLossl
T¢valuation
Mark¢1 v￿U
S April 2021
Hi%l(*iLal cust
CJTOSI /nei
IrKorne
Nominal
Addiiior
Di$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. Cili￿ll1 111vL￿t0rS 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 V￿￿e
5 Aptil 2021
Hisiori¢Ai ¢4)Sl
5 April 2021
In¢1
I￿Om¥
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, litte￿ne) (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¢kR￿k 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 m￿agerS
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 ￿v￿￿all0￿
M*rkei vsjue
5 April 2021
Hi&turicBI cost
Gros& IT
Twome
NoTninal
Additions
Disposals
5 April 2021
fonv*rd
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' inc￿n￿¥ ¥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 lbru￿Y 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 maj￿1¥ 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 I￿1)uLE OF INVF.STM￿NIs ANI) INCOML REeEIVb.D
arkct value
5 April 2020
Ga￿lI￿s)
disposajs
GainllLos$
011 reV￿￿allOn
Maykd v￿ue
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'¥bru￿Y 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 ￿l￿￿ANcIAI..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
Gain11￿91
on iNaluation
MtsTkel vaue
5 April 2021
Historical cosi
5 April 2021
Grikn Inet
IKome
Nominal
Addsiions
Disposuis
forW￿d
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 rev￿U￿li0n
Mark(% v¥Jue
5 April 2021
His1{￿(￿ cost
Gros% In
Ira￿1¢
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-1f5￿BP 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 rev￿U*ll￿n
Mwket y￿Ut
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'.1￿11 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 j￿Uthry 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 disp￿al$
GdinliLossl
on revaluAiion
M4rk¢l v￿u¢
5 April 2021
Hi4torieal c￿1
S April 2021
GI￿1 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
VtsnT0￿1 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
11￿M
N(￿inal
A¢Jdiiions
Disp05tt18
on revalu￿1(
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