THE JOYCE FLETCHER CHARrrABLE TRUST ACCOUNTS FOR THE YEAR ENDING S APRIL 2022
THE JOYCE TCHER CHARrrABLE TRUST CONTENTS PAGE LEGAI, AND ADMtNISTrATtVE DETAILS REPORT OF THE TRUSTEES REPORT OF THE INDEPENDENT EXAMINER STATEMENT OF FINANCIAL Acr1vIS BALANCE SHEET NOTES TO THE FtNANCIAL STATEMENTS I PRtNCIPAL ACCOUNTING POLICIES 10 2 TAXATION io 3 DONATIONS AND LEGACIES io 4 INVES'I'MF.NT TrJCOML S CHAIUTABLE AC'fiviTIES 11- 12 6 RELATED PARTY TRANSACIIONS 13 7 CHARITABLE EXPENDITURE 13 8 COSTS OF RAlStNG FUNDS 13 9 INVESTMENTS 13 I O BANK AND DEP()SIT BAI.ANCES 14 I I CONTINGwf ASSETS 14 12 DEBTORS 14 13 CREDITORS 15 14 FtrND ASSETS AND LIABILrrtES 15 SCHEDULE TO THE FINANCIAL STATEMENrs I SCHEDULE OF INVEsTmErs AND INCOME RECEtVED 16
JOYCE FLETCHER CHARABLE TRUST LEGAL Al AMINISTRATIVE DETAILS Charity name and regisiT8tion numEr: The Joyce Fletcher Charitable Trnst Registered Clwity Number 297901 Correswndence addres5: 68 Circus Mews Bath BAI 2PW Govcrning dUMellt: Trust Deed dated 3 April 1987 Trustses: Robert Andrew FIcher OBF. (Chair of Truslces) Williarn David Reddihough Fletsher Sphen Peter Fletcher Susan Carol ShaTP Bankers: Coutts & Co 440 Strand tA)ndon WC2R OQS Investsnent advisors and mAna8¢rs'. Cen0Ve Capilal Management hrimjer & Co. Limited I IA)ndon Wall Plac¢ London EC2Y SAU Independent ex8miner: Morgan James Ri8by MJR trusts Inglenook, 509 New Mill Road Brockholes Holmftrth HD9 7EG Page I
THE JOYCF. FLETCHER CHARrrABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ELYDED 5 APRIL 2022 History9 obje¢tiV¢8 and aetivities of the Trustee$ Joyce Irene Fletcher was born in 1911 and mwTi¢d William Kenneth Fletcher in 1935. Thcy had two sons William David Reddihough Fletcher and Robert Andrew Fletcher. The Charitable Trust was established on 3rd April 1987 by Mr W K Fletcher in consultsiion Hqth his sons, as a way of directing some of the family's wealth to a variety of good causes largely in the fields of the Arts and other Charitable causes. Additional sums have been added io the tnt funds, such as on the death of Mr W K Fletcher, the assignment of Mr R A Fl¢tcher's interest in the FJ Reddihough 1942 Settlemenrffather of Mrs J l Fletcher) and by life-time gifts from Mr R A FletcheT. Both the initial donation and the additional amounts donated since then have been under terms which allow the trustees either to relain the amounts &s capital or to spend them. The trust deed gives the trustees the power to apply the funds lo specific ¢haritable objectives or for general charitable purposes. The trustees cuentlY have a policy of supportingy festivals. institutions and organisations specialising in musi¢ and arts perfonnance education in a social or therapeutic context and in organisations involved in young people's welfare, a particular interest being tbe role of music in the lives of disabled and talentd able children ld young people. This is achieved through the making of &Tmual grants from the income accumulated each year. However, the trust deed docs allow the tnJ8tees to make grants outside these immediate objectives and in these cases it is applications from the South West which tend to be considered or where the trustees have local links. A dialogue with some of the recipient ¢haTities has been maintained for some years. Management and governance arrangements There four trustees at present. Mr R A Fl¢t¢h¢r OBE(Chair) and MI W D R Fletcherfsons of Joyce Fletcher) have been trustees since the trust w&$ created. and Mr S P Fletcher and Mrs S C Sharp(grand- Children of Joyce Fletcher) were appointed trustees in 2004. Any new trustees would be identified and appointed by the remaining trnstees. The chair of trustees is responsible for the induction of any new trustees, which would involve awareness of a trustee's responsibilities, the governing document, administrative procedures and the history and procedures of the charity. A new trnstee would r¢ecive copies of the pTeviou% yeaT'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 responsibilities 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 role of the trust is purely to make grallts. When trustee visits are made to r¢¢ipi¢nt organisations, these are always hosted or escorted by their personnel. The trStee$ annllally review the risks that the charity faces. To date, these have been mainly related to investment management. A policy of wide diversificatiorA is Maintaied 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 CHARABLE TRUST REPORT OF THE TRusfEES FOR THE YEAR ENDED 5 APRIL 2022 Procedures and policy for grant-making The trust is entirely a grant-making trust and has no property or HR rcsp)nsibilities. Applications are considered in 8eptembeT to Nov¢mber each year, and grdnts are made wly in December. Grants usually range from £500 to £5000. The major purwse of the tru is to support Music and the Arts in a Therapeutic or Social Context. A good proportion of grants are repcaL8 but some new ones arc added each year as others fall away. The trustees try each year to ap)rtIOn the grants to cover both high ability and disadvantageldisability in the perfonning arts well &$ wver 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 criteri(t for th¢ choices. Feed-back is expected and visits are made to assess the impact of grants. Only very rarely will a graut be made lo an individual. usually already known to the tru8t¢es. Applications are accepted throughout the year by letter. There is no fomial application forn]. Evidence of past viability and records, including financial. is required. Successful applicants are usually registered charities. The deadline for applications is I st November, assuming funds are still available. New applicants are $tron£ty advised to write before Ihis? preferably in September. Telephone enquiries are accepted. An infom]ation WesIte was set up in August 2010 to assist enquirers - www. ceflelchercharitablelrust.co.uk. Emailing is only used at the consideration stage of grants. Rejection letters are sent only if a stamped addressed envelope is Provided by the applicant or if the application was only narrowly rejected. Email restK)nses may also be made. Correspondence has increased io about a dozen applications a montlL there being an increase in hopeful applications from outside the South West or the trusi's core objectives. Acknowledgements are sent to those which enclose a Starnd addressed envelope or email address. AIK)ui 60 rejection letters or emails were sent out in November to applications which were closely considered but could not be fjjnded. Support is only very Tarely given to individuals, students or non-regislered charities. The trust is not able lo arrange auditions for graduate or post-grdduate applicants, and they are not encouraged to apply. There continues to b¢ an increasing emphasis on grants to 8rts bodies which are working with children and young people in th¢ South West. Support is unlikely to be given for areas which are the responsibility of statutory authority funding. Support is unlikely to be given to purely professional music or arts promotions. Page 3
THE JOYCE FLETCHER CHARrfABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022 Aebievement and perfornianee of the Trust The distribution of grants took place in the middle of November 2021 to a total of £85,500 (£61,500 in November 2021). Because of the Covid-19 pandemic the grdni date was again brought fonvard to avoid the Christmas peak period for wsting. the trustees decided largely io continue supwrt to existing recipients, while incre&sing the number of new or revival recipients to 10. There was an increased emphasis on caring and therapeutic services. The largest grants was £5,000 to Welsh National OpeTa(for Programmes and Engagement projects) and Drake Music(music therapy for disabled musicians). Grants were made to 40 charities(29 in 2021). There were overlaps between the objective categories but the distribution be¢¢ll these was 33 % Music and Arts education £29,000 400/0 Music in a social & therapeutic context £39,500 17 % Children and young people £12,000 10 % Other objectives £5.000 The geographical distribution of the 40 grants w&s as follows:. South West 32 National charities 8 All grants except one were made to registered chariiies or CIC8. One individual's grant was made this year:. a drama sludent in her third year at the Rose Bruford School. The trustees have reviewed their"public benefit- responsibilities and believe that these have been carried out to the best of their abiliti¢s. Letters of receipt from successful applicants have been filed. Selcction for rants is necessarily arbitrary and subjective, given the availability offund8. and some applicants will sadly have been disappointed. Some new applicants are successful each year. Assessment of the effectiveness of the grants 15 obtained via visits and reports-back from recipients. those from whom no reports are received are utilikely to receive further grants. The only expenses incurred by the trust have been those for thc annual accounts, the independent examination, banking and the investment rnanagement. All other expenses have been borne personally by the trustees. Page 4
THE JOYCE FLETCHER CHARTTABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022 Financial review, investment policy and reserves Under the tem of the trust deed the trustees hav¢ full and u1]restric powers of investment. The trnstees are satisfied tbat the trust's assets are available and adequate to fulfil its objectives. The tsuste¢$ have set an investment policy with a medium level of risk. The trustees have expressed their considerable appreciation of th¢ services they receive trom their investment manager. The bulk of the income is to be distributed each year, though a modest sum retained to cover a likely decline in income as a result of the pandemic. Th¢ income from investments for the year was £129,757 (£50,569 last year). The rise in grant activity this year occurred partly IKcause some income had been retained from the PTevious year &s a precaution. Although the tStee$ have the power to gift the capital, the investments from capital are the main source of ongoing income, so the fund is invested with the objective that it increases or at leasl retains its real Vdlue in the medium terni. The portfolio is now largely invested in the Cazenov¢ Charity Multi-Asset Fund. for ease of adrninistration. The trustees endeavour to make charitable distributiong and professional payments each yeaT to use up the income in any one year but retain a small percentage in the the event of a sudden fall in income in a subsequent ycar, thus protecting obligations to regular recipients. The trust employs Cazenove Capital Management as investtnent advisor and manager. Bi-annual meetings are held with them. and contact is maintained between these occasions. They charge a percentage fee of £8,819.53. The trnste¢s have chosen not to adopi fomial ethical investment policies. After grants and operational expenses of £96,414 (£81,469 last year), the net surplus for the year was £33,343 (net deficit of £30,900 last year). After taking account of other gains(losses), there w&s a net increase in funds of £144,222. Also, there was a net increase in unrestricted funds of £42.757 (last year there was a decre&8e of £13,326). At the end of the financial year. reserves were £97,762. Th¢ adeqU4Y of the reserves polRcy is reviewed annually. Future plans 'rhe trustees intend to continue providing grants in a similar way to the recent past continuing the emphasis on supporting festivals, institutions and organisations, specialising in music perfornjance education in a social and therapeutic context and of organisations involved in children's welfare, with particular interest in the role of music in the lives of the disabled and the disadvantaged, but Tctsining flexibility as to the scal¢ of grant making. Page 5
THE JOYCE FLETCHER CHARrrABLF TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRtL 2022 Statement of truste¢s' responsibilities Charity law requires the Iru8lees to prepare financial statements for each financial y¢ar whicb show a tTU¢ and fair view of the state of affairs of the Charity and its. financial activities for thai period. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. 2. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the fmancial statements; 4. prepare the financial stutetnents on the going concern basis unless it is inappropriate to presume that the charity will continue in operdtional existence. The trustees are responsible for keeping proper accounting records vlhich disclose wÈth reasonable accuracy at any time the financial position of the charity and to enable them to ensure thai tbe financial stafrrnents comply with the Charities Act 2011. They are atso responsible for safeguarding the assets of the charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregulariti¢s. Independent Examiner The trust has appreciated the services of its independent examiner who also prepares the annual accounts, noting a savings in wsts as well as a more responsive service than the predecessors. Signed on behalf of the trustees R A FLETCHER DATE Page 6
. MJR trusts REPORT OF THE INDEPENDENf EXAMtNER TO THE TRUSTEES OF THE JOYCE FLETCHER CHARITABLE TRUST I report on the accounts of th¢ Trust for the year end1 5 April 2022. which are set out on pages 8 to 16. Reypective responsibilities of trustees examiner The ¢harity's trustees ar¢ responsible for th¢ preparation of the accounts. The ehaTitys truslees consider that an audit is nol requircd for this year undcr section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is neede41. It is my responsibility to.. examine th¢ accounts under $tIOn 145 of the Charities Act. - to follow th¢ procedures laid down in the general Dire¢tions given by the Charity Commission under section 145(5Xb) of the Charities Act- and - to State whether particular matters have com¢ to my attention. Basi$ of independent examiners yert My examination was carried out in Accordance with the Genernl Dirertions given by the Charity Commission. An examination includes a revi¢w of the accounting records kept by the charity and a comparison of th¢ accounts presented with those records. It also in¢ludes consideration of any unusual items or dIlOSUre5 in the accounls, and seeking explanations from you trustees conc¢ming any such matlers. The proccdures undLrtaken do not provide all th¢ evidcnce that would be requircd in an audit. and consequently no opinion is given as to whether the ac¢ounts present a 'true and fair view, and the rep)rt is limited to those matters sel out in the stst¢ment below. Indepelldent examiner8 ststemenl In connection wilh my examination, no matter has come to my attention.. (l ) which gives me reasonable cause to believe that in any material respect the requir¢menlS to keep accounting records in acrdanC¢ with s¢ction 130 of th¢ CharitA¢s ACL and - to pr¢pare accounts which accord with the accounting records and comply with the accountin8 requirements of the Charities Act have not been met- or (2) to which. in my opinion, attention should be drawn in order to ¢nabl¢ a Proper understanding of the accounts to be reached. Nam¢'. Morgan Jamcs Rigby Relevant professional qualtfication or body: Address: InglenooL 509 New Mill Road Brockholes, Holmfuth. HD9 7EG. Dats.. 20 2022 Page 7
THE JOYCK FLETCHER CHAIUTABLE TRusr sTATElENT OF FINANCIAL AcfIviTIES FOR THE YEAR ENDED 5 APRIL 2022 Unrestricted Funds Endowment Funds Totsl Fwnds Total Funds Nots 2022 2021 Ineome and expenditure Income and F.ndowments from: Donations and legacies Investments Oth¢rs- tax repayment 543.146.81 50,569.20 129,757.39 129,757J9 Total income andendowments 129,757.39 0.00 129.757J9 593,716.01 Expenditure on: Charitsblc activiti¢s Rai8ing funds -87.0(Xi.(Kl 47,1)IMI.00 -9,414J6 -63.895.00 -17.573.86 -9.414.36 Net galnsl(losses) on invejtments: Realised Unrealised 567,762.80 -96,355.72 110,879.40 110079.40 Trall8fers between funds: Nei movemenls infunds 42,757.39 101.465.04 144222.43 983,654.23 Reeonelllatlon of funds Total funds brought forward 55.004.77 3,496,941.79 3J51.946.56 2,568,292.33 Totalfvth ci7rrledf0rwd 97 762.16 3 598 406.83 3 696 168.99 3 551946.56 The accompanying notes forni an inte8rn1 part of these financial ststements. Page 8
THE JOYCE FLETCHER cllARABLF TRusr BALANCE SHEET AT 5 APRtL 2022 Note 2022 2021 Fixed assets Investments 3.287.059.00 To¢alfixed afsets 3J88JKI.00 3,287.059.00 Current &4ets Bank and deposit balances Debtors io 12 109.16&99 267.282.56 109,16&99 267.282.56 Current Ilabllltles Creditors due within one year 13 -1 -2,395.00 Nei currenl afsets 107,668.99 264.887.56 Nel as.feLI 3 696 168.99 3 551946.56 The funds of the ebrity: Unrestricted funds Endowment funds 14 97.762.16 3J98,411&83 55,004.77 3,496,941.79 Total charityfvdf 3 696 16&99 3 551946.56 The financial statements w¢r¢ approved by the tntee$ oft R A Fletcher S C Sharp W D R Fletcher S P Fletcher The accompanying notes fiTrrm an integrdl rArt of these fanCIal st2tem¢nts. Page 9
THE JOYCE FLETCHER CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMElYts FOR THE YEAR ENDED S AP]UL 2022 I. PRINCIPAL ACCOUNTING POLlCtES Basis of preparation The accounts are in accordance with applicable accounting standard& The Charities SORP 2015 {FRS 102) and cornply with the Charities (Accounts and Reports) Regulation8 issueil under the Charities Act 2011. The accounts have been prepared on the historical rA>St convention with the exception that investments are ststed ai market valuc. Ineome Investment income is Corded when receivable. Leg&¢y income is reCotSed when il can bc measured or &stimat¢d with sufficient reliability. Eipendlturfr Expenditure on grants is recorded once the Tnst ha5 made an unconditional committnent lo pay the grant and this is communicated lo the beneficiary or the grani has been paid, whichever is th¢ earlier. The trust has not made any grdnt commilments of more than one year. Other expenditure is included in the accounts on an accruals b&sis. trrecoverable VAT is ¢harged to the SOFA as incurred. Any Costs associated with the sale or pur¢hase of inve3lments are accounted for as part of the sale or purchase price of the investments. Investments Quoted inv¢stm¢nts have been valued at market valu¢ at the balance sheet date. Realised and L)realIsed investsnent gains and losses are shown net in the SOFA. 2. TAXATION The Trust is a registered charity and accordingly is exempt from tsxation on its income and gains where they are applied for chari&ble purposes. 3. DONATIONS AND LEGACIES 2022 2021 SOue of donations and legacies F J Reddihough 1942 Settlemeni - c&8h F J Reddihough 1942 Settlement- investments 543.146.81 Page 10
THE JOYCE FLETCHER CHARITABLE TRusr OTES TO THE FINAI¥CIAL STATEMEKrs FOR THE YEAR ENDED S APIUL 2022 4. INVESTMENf INCOME 2022 2021 Source of investment income Investments Ch at bank 129,746.21 11.18 129,757.39 50.569.20 50.569.20 . CHARITABLE ACTIVITIES 2022 2021 GIL4NTS PAID: Bath Area Play Project Bath City Farni Bath Fringe Festival Bath Philhamonia Bath Radio Batheaston New Village Hall Bristol Children's Hospitsl - Grand Appeal ChAnging Tunes Children's H05pice South West Christmas for Kids. Combat Stress Cre&te Art Creative Youth Network Dorothy House Hospice Drake Music Drama Express, Cornwall Duk¢ of Edinburgh's Award Edington Music Festival Association English Touring Opern Friends of Cantcrbury Cathedral ("Palimpsest') Hall for Comwa]l Trust Holburne meum Hope and Homes for Chtldren Jessie's Fund Kandu Arts Last Baguette, Maimesbury 2,000.00 I,{M.00 10(M).00 2.000.00 3,000.00 3,000.00 1,000.00 1000.00 2,0(Ki.00 2.IMIO.00 2,1).00 2,000.00 i.000.00 2,000.00 2,000.00 2,000.00 lo.00 2,000.00 2,000.00 5,000.(KI I.).00 5,000.00 1,000.00 2,000.00 10(K).00 000.00 3,000.00 1,000.00 5,000.00 2.000.00 2,000.00 2,(MKI.00 3WO.(N) 2,IMMI.00 2,0(M).00 1000.00 i00.00 1.500.00 4&000.00 39.500.00 Page 11
THE JOYCE FLETCHER CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMElYfS FOR THE YEAR ENDED 5 APIUL 2022 5. CHAIUTABLE ACTIVtTIES (¢oDtinued) 2022 2021 Brought forward 4&0W.00 39.500.00 GRANTS PAID (continued) Magdalen Fami Strings Mentoring Plus Ltd Mid-somerset Festival Music for Miniatures Natwa] Theatre Company Next Stage Theatre Company Plymouth Music Zone Quartet Community Foundation Resolve West Re-work ROSL Arts RUH Arts(RUFI Charitable Foundation) Sound Waves South West Soundwell Music Therapy Trust ThLartr¢ Royal Plymouth Travelling Light Thcatre Company Voices for Life Welsh National Opera Wiltshire Music Centre Trust Ltd Winchester, Nanouri(drama student) Young and Free, Bristol I().00 2,000.00 2,000.1)O 1,500.(M) 2,000.00 2,000.00 2,000.00 2,000.00 2,(M)O.00 2,000.00 i.000.( I,0.00 I,(M)O.(M) 2.0.00 3,000.(M> 3.1)00.IK) 3,000.00 3,0.00 2.(KiO.00 I,(M)O.00 5,000.00 3,000.00 I,soo. 1,000.00 1,000.110 2,000.00 2,000.00 4,000.00 2.000.00 1,000.00 1,000.00 85.500.(M) 61,500.00 GOVERNANCE COSTS Accountancy charges Independcnt examination charges Tax repayment claim Charity Commission compliance i.000.00 380.(KI 1,895.00 380.00 120.IKI 120.00 2,395.00 IJOO.IM) 87,000.00 63,895.00 Page 12
THE JOYCE FLETCHER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2022 RELATED PARTY TRANSACTIONS None of the trttee$ were paid any remuneration or expenses by the charity during the year (2021 none). 7. CHARITABLE EXPENDITURE The charity did not undertake any activity direcily met its charitsble purFM)ses by making grants. . COSTS OF RAISING FUNDS 2022 2021 Investment advisors I managers charges Cazenove 'legal entity identifiel ch8rges Cazenove debit interest ¢harged Coutts bank charges 17,461.86 75.19 36.81 70.48 524.35 9 414.36 17 573.86 The charity did not have any staff costs (2020 none). 9. INVESTMENTS All investments were held in ihe UK and listed on a recwised stock ex¢h8ng¢: 2022 2021 UK listed investmenls Carrying value (market value) al 6 April 2021 Add: additions at cost Less.- disposals AddedUCt.. net gainl(loss) on DisFrf)sa]s Addld¢duct'. net gain/(loss) on revaluation Carrying va]ue (maTket va]ue) at 5 April 2022 3387,059.00 301,503.73 -110,942.13 2,472.166.00 3,828.594.33 -3,485,108.41 567,762.80 -96,355.72 3,287,059.00 110,879.40 3,588,500.00 Historical cost 3.572,663 3,382,606 Dislributions received (gross) Distributions received (n¢t) 129.746.21 50,569.20 129.746.21 50,569.20 Full detail of the investments and income receiveil 8R set out on the schedules 8itached to these accounts. Page 13
THE JOYCE FLETCHER CHAIUTABLE TRUST NOTES TO THE FENANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 10. BANK AND DEposfT BALANCES Interest reeeived gross 2022 2021 Coutts & Co Ca£enuYe in¢ome account Cazenove capita] a¢count 403.01 ,410.74 1&355.24 109,168.99 927.36 46,657.08 219.698.12 267.282.56 9.29 11.18 11. CONTINGENT ASSETS Mr R A Flfflcher has &8signed all of his iTrter&8t in The Frederic John Reddihou8h 1942 Setilemcnl to this Settlement. Payments on account were reeeiv¢d in 2016 - 2017 and the balance was received l&si year. According to the Distribution Statements supplied by Lloyds B8nK the filll amount due now be e1ved. 12. DEBTORS 2022 2021 Income Tax refund Inve3lment Income 0.00 Page 14
THE JOYCE FLETCHER CHARITABLE TRUST NOTES TO THE WINAI¥CIAL STATEMEiYrs FOR THE YEAR ENDED 5 APRIL 2022 13. CREDITORS 2022 2021 Accountancy and independent examination charges repayment claim charge Charity Commission compliance charge IJ80.(M) 2.275.00 120.110 120.00 2 395.00 14. FUND ASSETS AND LIABILITIES Unrestricted Funds EDdowmellt FuDds Tolal Funds Fixed Asset Investments Current Assets Curtnt Liabilities 3,588.500.IKJ 9,906.83 3,588,500.00 109,J6¥.99 -1,500.00 99,262.16 -1.500. Total 97 762.16 3 598 406.83 3 696 168.99 The urtrestr1ed fimds (income) of the eharity may be applied for any charitsbl¢ puwe at the discretion of the trustees. tuntil 3 April 2008, the trusttts had the power to aUMUlate income and hold the same as an accretion to eapitsl.] The expendable endovmienl (capital) and additiorLS thereto are invested and the income wed for ny charitsble purpose at the dis¢r¢tion of th¢ trustces. tTht exndabl¢ cndowmcnt may $0 be spent at the absolute discretion of the trustees.] Page 15
'J'HE JOYCE FLETCHER CtL4RITABLE TRUST CHEDULE TO TIIE FIYANCIAL sfATEME.YTS I,'OR THE YEAR EP4DED S APRJL 2022 I. SCHEDULE OF INVESTMs AND INCOME RECEIVF N1[1 5 1221 AthJit* OllTeVdIrn 5 Apnl 2022 5 April 2022 %IJTL caz¢nO thHrity NURS Fund L'hoTIty MuJts.As5¢t Fund '%' CJLIP Distribution uniL8 'gu11$all0 27 May 2021 purchayed 03 June 211 purChd 03 Auwi 2021 (luolltIOn 27 Auwi 2021 LqUalltioll 29 November 2021 5,595,149 3.185J19 23,874.50 33,541.44 35,44101 36.383.53 t71,740 337.041 ioi.( -149 426 6.103,93 111,383 3.58&5C 3.J72,663 Allianz Globd Investtts Fund SICAV Allianz China Equity Fund 'WT' IGBPI umUl10n $hJTes xce5s reptIn8 Gl)ta 147.34 147 -147 Jl? Mor8Bn Liqwdity Funds SICAV JP Morgen GBP Liquidj'ry LVNAV Fund ' disiribullon thares J(Fld 02 Jun¢ 2021 101.740 -101,740 101.740 -101.740 N4ulii Units Luxembourg SICAV MU l.yxor Cor¢ US TIPS IDRI UCtTS E1F Monthly hedged'D' GBP distributi shwes eXCC5s reportin8 income aUmUlad ¢x¢ess rcp¢xtin8 iD¢omÈ Wunat¢d 299.55 56.84 57 -356 ,287.059 301.504 -J10,942 110.879 3.588,500 3,572,663 129,740.21 P4e 16